CHESAPEAKE ENERGY CORPORATION REPORTS SECOND QUARTER 2024 RESULTS

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[{"type":"text","content":"OKLAHOMA CITY, July 29, 2024 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported second quarter 2024 financial and operating results.\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $209 millionNet loss of $227 million, or $1.73 per fully diluted share; adjusted net income(1) of $1 million, or $0.01 per shareAdjusted EBITDAX(1) of $358 millionQuarterly base dividend of $0.575 per common share to be paid in September 2024, 14th straight quarter paying a dividendProduced approximately 2.75 bcf/d net (100% natural gas); building productive capacity with 75 combined DUCs and deferred TILs at the end of the quarterLowered 2024 Capital and Production Expense guidance ~4% and ~8% respectively, primarily due to improved operational efficiency and year-over-year deflation(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.\nNick Dell'Osso, Chesapeake's President and Chief Executive Officer, said, \"We continue to execute our business as we prudently manage current market conditions and prepare for our pending combination with Southwestern. We remain focused on operational improvements and enhancing capital efficiency. The efforts of our team have positioned us to lower our 2024 capital and production expense guidance by $50 million and approximately 8%, respectively. Importantly, we expect these improvements will be durable through cycles, positioning us to lower our breakeven costs while we build productive capacity to more efficiently reach consumers when demand recovers.\"\nShareholder Returns Update\nChesapeake plans to pay its base dividend of $0.575 per share on September 5, 2024 to stockholders of record at the close of business on August 15, 2024.\nInclusive of the dividend payable on September 5, 2024, Chesapeake has returned approximately $3.5 billion to shareholders since 2021 through dividends and share repurchases.\nOperations Update\nChesapeake's net production in the second quarter was approximately 2.75 bcfe per day (100% natural gas), utilizing an average of eight rigs to drill 30 wells and place four wells on production while building an inventory of five drilled but uncompleted (\"DUCs\") wells and 24 deferred turn in lines (\"...

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