Chesapeake Energy Corp. shares rose 3.9% in premarket trade Thursday, after the company topped profit and revenue estimates for the second quarter. Chesapeake said it had net income of $470 million, or 47 cents a share, in the quarter, up from $75 million, or 8 cents a share, in the year-earlier period. Adjusted per-share earnings came to 18 cents, ahead of the FactSet consensus of 14 cents. Revenue rose to $2.281 billion from $1.622 billion, as oil and gas revenue rose to $1.279 billion from $440 million, and marketing revenue came to $1.002 billion, down from $1.182 billion. The FactSet consensus was for oil and gas revenue of $1.057 billion, and marketing revenue of $1.241 billion. "Our assets continue to deliver improving well results due to longer laterals and enhanced completion techniques, with a new record operated well in the Marcellus being a prime example of this," Chief Executive Doug Lawler said in a statement. "We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas." Shares have fallen 37% in 2017, while the S&P 500 has gained 10.7%.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.