CHESAPEAKE ENERGY CORPORATION REPORTS 2022 FIRST QUARTER RESULTS

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[{"type":"text","content":"OKLAHOMA CITY, May 4, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported 2022 first quarter financial and operating results. Highlights include:\nNet cash provided by operating activities of $853 millionDelivered $532 million in adjusted free cash flow(1), the highest quarterly amount in company historyNet loss totaled $764 million, or $6.32 per diluted share; adjusted net income(1) of $436 million, or $3.09 per diluted shareAdjusted EBITDAX(1) of $913 millionQuarterly dividend of $2.34 per common share, consisting of a variable dividend of $1.84 per common share and a quarterly base dividend of $0.50 per common share, payable June 2, 2022 to shareholders of record at the close of business on May 19, 2022Initiated share repurchase program, retiring $83 million of common shares in the first quarter; anticipate pursuing additional repurchases in the second quarter and beyondIncreased 2022 adjusted EBITDAX guidance to $4.6 – $4.8 billion (previous range $3.8 – $4.0 billion)Increased 2022 adjusted free cash flow to $2.6 – $2.8 billion (previous range $1.9 – $2.1 billion)(1) A Non-GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com.\nNick Dell'Osso, Chesapeake's President and Chief Executive Officer, commented, \"Momentum continues to build for Chesapeake as we execute our returns-focused strategy. We delivered record quarterly adjusted free cash flow, initiated our $1 billion share and warrant repurchase program and continued realizing the synergies anticipated from the Vine transaction, which we look forward to replicating with our recently closed Chief assets. We have updated our annual guidance, increasing the midpoint of our adjusted free cash flow projection, and further enhancing our ability to execute our capital return framework. Importantly, as recent events bring the focus of energy security back to the forefront of policy discussions across the globe, Chesapeake remains uniquely positioned to deliver reliable, affordable and lower carbon energy the world desperately needs.\"\nDividend UpdateDuring the first quarter of 2022, Chesapeake generated $853 million of operating cash flow and had $19 million of cash on hand at quarter-end. Consistent with the company's cash return framework, Chesapeake plans to pay its base and variable dividend...

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