Chesapeake Energy Corp. on May 11 reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February.
Once the second-largest U.S. natural gas producer, Chesapeake filed for court protection in June 2020, saddled with more than $9 billion debt from overspending on assets along with a sudden decline in oil prices and demand from the pandemic.
Chesapeake on May 11 also declared an annual dividend on its common shares of $1.375 per share. The dividend will be paid quarterly, with the first on June 10.
The company said it achieved an average net production rate of about 436,000 barrels of oil equivalent per day during the first quarter.
Chesapeake is currently operating seven rigs across its portfolio, with three rigs in Appalachia, three rigs in Haynesville and one rig in South Texas.
Recommended Reading
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Benchmark Closes Anadarko Deal, Hunts for More M&A
2024-04-17 - Benchmark Energy II closed a $145 million acquisition of western Anadarko Basin assets—and the company is hunting for more low-decline, mature assets to acquire.
‘Monster’ Gas: Aethon’s 16,000-foot Dive in Haynesville West
2024-04-09 - Aethon Energy’s COO described challenges in the far western Haynesville stepout, while other operators opened their books on the latest in the legacy Haynesville at Hart Energy’s DUG GAS+ Conference and Expo in Shreveport, Louisiana.