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Tuesday, May 13, 2014

In Wake of Massive Job Cuts, Chesapeake CEO Celebrates Company's Progress

From SNL:
Chesapeake Energy Corp.'s turnaround gained momentum in the first quarter, with the company reporting an 11% increase in production while cutting capital expenditures 50%. 
Describing "an excellent growth quarter," CEO Doug Lawler said during Chesapeake's first-quarter earnings call that he was pleased with the progress the company made during the three-month period. 
"We reported year-over-year adjusted net production growth of 11%, adjusted EBITDA growth of 34% and adjusted earnings per share growth of 97%," he said. "I'm particularly proud that we've achieved this growth while running a disciplined capital expenditure program that is approximately 50% less than a year ago." 
Lawler said that as result of the strong performance, Chesapeake raised its full-year operating cash flow guidance by $700 million to between $5.8 billion and $6 billion. The company also increased its production growth guidance to 9% to 12%, from 8% to 10%. 
"The ability to provide this growth and capital efficiency demonstrates the power of the Chesapeake portfolio as the industry is beginning emerge from a prolonged period of depressed natural gas prices and as we focus our efforts on generating incremental shareholder value out of every dollar spent," he said.
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