Chesapeake Energy Corp. (CHK) reported that its fourth-quarter net income to common stockholders was $429 million or $0.63 per share, up from $180 million or $0.28 per share in the same quarter last year.
Excluding the items, for the 2011 fourth quarter, Chesapeake reported adjusted net income to common stockholders of $394 million or $0.58 per share.
Total revenues for the quarter rose to $2.73 billion from $1.98 billion in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share on revenues of $3.05 billion. Analysts' estimates typically exclude special items.
Chesapeake's operated dry gas drilling capital expenditures in 2012, net of drilling carries, are expected to decrease to $0.9 billion, a decrease of approximately 70% from similar expenditures of $3.1 billion in 2011 and the company's lowest expenditures on dry gas plays since 2005.
Chesapeake said that it has increased its current liquids production to more than 110,000 bbls per day. The company projects that its 2012 net liquids production will increase by approximately 63,000 bbls per day, or more than 70% year over year, to an average of approximately 150,000 bbls per day.
by RTT Staff Writer
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