Chesapeake Energy Corporation (NYSE:CHK) reported a significant year-over-year drop in profit as its bottom line was negatively impacted by lower commodity prices.
Its third quarter profit fell from $883 million, or $6.12 per share, in the year-ago quarter to $70 million, or $0.49 per share.
Its adjusted earnings per share (EPS) were $1.09, higher than the Street estimate of $0.57.
Revenue fell from $3.16 billion in 3Q 2022 to $1.51 billion.
During 3Q, Chesapeake’s net production was approximately 3,495 million cubic feet of gas equivalent (mmcfe) per day, comprised of 97% natural gas and 3% total liquids, a decline from net production of 4,108 mmcfe in the year-ago quarter.
It drilled 35 wells, down from 53 in 2Q, and placed 34 wells on production, including 16 wells in the South Texas Rich Eagle Ford Asset.
For the fourth quarter, it said it expects to drill 35 to 45 wells and place 50 to 60 wells on production.
Chesapeake’s shares traded modestly higher following its results, up 0.3% at US$86.35.
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