Chesapeake Energy Corporation Reports 2021 Second Quarter Results

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[{"type":"text","content":"OKLAHOMA CITY, Aug. 10, 2021 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported 2021 second quarter results. Highlights include:\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $394 million, resulting in unrestricted cash balance of $612 million Net loss totaled $439 million, or $4.48 per diluted share; adjusted net income(1) of $181 million, or $1.64 per diluted share Adjusted EBITDAX(1) of $429 million; free cash flow of $292 million; net debt(1) at June 30 to 2021E adjusted EBITDAX ratio of 0.3x Initiating variable return program to deliver 50% of free cash flow(1) to shareholders on a quarterly basis, payable in the 2022 first quarter Announced responsibly sourced gas (RSG) partnership; first company seeking to certify and continuously monitor production across two major shale gas basins Positive 2021 guidance adjustments include increasing adjusted EBITDAX, raising oil and gas production estimates due to lower base decline rates, lower general and administrative (G&A) expenses, and no change in capital spending(1) A Non-GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com.\nMike Wichterich, Chesapeake's Board Chairman and Interim Chief Executive Officer, commented, \"Behind our talented employees, Chesapeake executed another quarter of strong results, improving our guidance outlook for the rest of the year as our base production decline rates continue to improve and general and administrative (G&A) expenses continue to fall. In addition, Chesapeake is pleased to launch a variable return program designed to deliver 50% of free cash flow to shareholders in cash on a quarterly basis. Chesapeake remains well positioned to responsibly deliver sustainable returns and cash flow through consistent quarterly performance.\" \nBase Dividend Information and Establishing Variable Return Program\nDuring the 2021 second quarter, Chesapeake generated $394 million of operating cash flow and ended the quarter with $612 million of cash on hand. Consistent with the company's strong liquidity and free cash flow generation, Chesapeake's Board of Directors declared a quarterly dividend on its common shares of $0.34375 per share. The dividend will be payable on September 9, 2021 to shareholders of record at the close of business on August 24, 20...

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