Chesapeake Energy Corporation Reports 2021 Third Quarter Results

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[{"type":"text","content":"OKLAHOMA CITY, Nov. 2, 2021 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported 2021 third quarter results. Highlights include:\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $443 million, resulting in unrestricted cash balance of $849 million Net loss totaled $345 million, or $3.51 per diluted share; adjusted net income(1) of $269 million, or $2.38 per diluted share Adjusted EBITDAX(1) of $519 million; free cash flow(1) of $265 million; net debt(1) at September 30 to 2021E adjusted EBITDAX ratio of 0.2x Increased base dividend by 27%, as previously announced, to $1.75 per share annually and payable beginning in December 2021 Increased 2021 guidance for adjusted EBITDAX and total production with no change in capital spending; increased preliminary 2022 guidance for adjusted EBITDAX significantly Intends to invest over $30 million in ESG initiatives by year end 2022, including retrofitting over 19,000 pneumatic devices, reducing reported GHG emissions(2) by approximately 40% and methane emissions by approximately 80%(1)\nA Non-GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com. \n(2)\nAs reported under 40 CFR 98 Subpart W \nNick Dell'Osso, Chesapeake's President and Chief Executive Officer, commented, \"Chesapeake has built significant momentum throughout this year as our employees continue to deliver outstanding results by maintaining their focus on the execution of our strategy – maximizing sustainable cash flow through our high return drilling program, building inventory by reducing our breakeven levels in all assets and reducing operating costs. We look forward to integrating the outstanding assets in the Vine acquisition and expect our strong performance will continue into 2022. Additionally, we are very pleased to be making rapid progress on certifying 100% of our dry gas production as Responsibly Sourced Gas by mid-year 2022 as well as significantly reducing our emissions in our oil assets as we highlight the very low methane emissions profile of our modern, responsibly operated oil and gas operations.\" \nIncrease in Base Dividend; Incremental Variable Dividend Payable Beginning March 2022\nDuring the 2021 third quarter, Chesapeake generated $443 million of operating cash flow and ended the quarter with $849 million o...

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