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Chesapeake Energy Reports Q1 Profit in First Post- Bankruptcy Quarter; Declares Quarterly Dividend

05/11/2021 12:59

04:55 PM EDT, 05/11/2021 (MT Newswires) -- Chesapeake Energy (CHK), which emerging from bankruptcy protection on Feb. 9, said late Tuesday successor net income totaled $295 million, or $2.75 per share, in Q1.

When combined with the results for its predecessor company from the start of the year through Feb. 9, the company said it generated a $5.68 billion Q1 profit, reversing an $8.32 billion net loss during the first three months of 2020.

Successor revenue totaled $880 million.

The company achieved an average net production rate of approximately 436,000 barrels of oil equivalent per day during Q1, consisting of about 77% natural gas and the remaining liquids.

Looking forward, the company is projecting a total FY21 daily rate of 410,000 to 420,000 barrels of oil equivalent per day.

Chesapeake said it was declaring a quarterly dividend of $1.375 per share, payable June 10 to investors of record on May 24.

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