CHESAPEAKE ENERGY CORPORATION REPORTS 2023 FIRST QUARTER RESULTS

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[{"type":"text","content":"OKLAHOMA CITY, May 2, 2023 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported 2023 first quarter financial and operating results.\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $889 millionNet income totaled $1,389 million, or $9.60 per diluted share; adjusted net income(1) totaling $270 million, or $1.87 per diluted shareDelivered adjusted EBITDAX(1) of $774 million and $241 million in adjusted free cash flow(1)Announced total quarterly dividend of $1.18 per common share to be paid in June 2023Returned more than $250 million to shareholders YTD in the form of dividends and share repurchasesClosed more than $2.8 billion in Eagle Ford asset sales YTD; company remains actively engaged with other parties regarding the rest of its Eagle Ford positionCash on hand of approximately $1.2 billion as of April 30, 2023Produced approximately 4,069 mmcfe per day netEntered into HOA with Gunvor on long-term LNG supply indexed to the Japan Korea Marker (\"JKM\")Upgraded to BB+ credit rating with Positive Outlook by Fitch Ratings(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, \"We delivered another strong quarter as we remain focused on executing our disciplined capital program, maximizing returns, delivering sustainable free cash flow, and returning cash to shareholders through our peer-leading dividend and buyback programs. We were built to thrive through commodity price cycles enhanced by the added financial flexibility provided by the closing of our recent Eagle Ford sales. Behind the premium rock, returns and runway of our Marcellus and Haynesville positions our confidence in our long-term outlook remains unchanged.\"\nFinancial and Shareholder Return Update\nDuring the first quarter of 2023, Chesapeake generated $889 million of operating cash flow and had $130 million of cash on hand with zero dollars drawn on its credit facility at quarter-end. Chesapeake plans to pay its base and variable dividend on June 6, 2023, to shareholders of record at the close of business on May 18, 2023. The total common stock dividend, including the variable and base components, is calculated as follows:\n($ and shares in millions, except per share amounts)\n1Q ...

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