CHESAPEAKE ENERGY CORPORATION REPORTS 2023 SECOND QUARTER RESULTS

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[{"type":"text","content":"OKLAHOMA CITY, Aug. 1, 2023 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported 2023 second quarter financial and operating results.\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $515 millionNet income of $391 million, or $2.73 per diluted share (all per share amounts stated on a diluted basis); adjusted net income(1) of $92 million, or $0.64 per shareDelivered total net production of 3,653 mmcfe per day and adjusted EBITDAX(1) of $524 millionIncreased base dividend approximately 4.5%; announced total quarterly dividend of $0.575 per common share to be paid in September 2023 Completed approximately $125 million of share repurchases during second quarter; returned approximately $515 million YTD through second quarter via dividends and share repurchasesCash on hand of approximately $900 million as of June 30, 2023Received recent upgrades to Ba1 and BB+ from Moody's and Fitch Ratings, respectively; continued path towards Investment Grade credit status Entered into new heads of agreements (HOA) with Lake Charles LNG supporting previously announced Gunvor LNG HOA Achieved Grade \"A\" MiQ and Grade \"A-\" EO100TM Recertification for Marcellus Operations(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, said, \"Our team delivered another strong quarter, driven by outstanding operational results across our portfolio. We were purposefully built to deliver sustainable performance through commodity cycles. Our strong balance sheet and deep liquidity underpin the leading rock, returns and runway of our portfolio and have allowed us to repurchase shares at a compelling valuation and grow our base dividend. Our focus is clear — to Be LNG Ready and opportunistically capitalize on our strong financial position and leading operating performance. We remain confident in our ability to deliver affordable, reliable, lower carbon energy with peer-leading returns to shareholders.\"\nOperational Results\nSecond quarter net production was approximately 3,653 mmcfe per day (96% natural gas and 4% total liquids), utilizing an average of 12 rigs to drill 53 wells and place 27 wells on production.\nChesapeake is currently operating nine rigs including four in the Marcellus ...

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