CHESAPEAKE ENERGY CORPORATION REPORTS THIRD QUARTER 2023 RESULTS

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[{"type":"text","content":"OKLAHOMA CITY, Oct. 31, 2023 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported third quarter 2023 financial and operating results.\n\n \n \n \n \n \n \n\n \nNet cash provided by operating activities of $506 millionNet income of $70 million, or $0.49 per diluted share (all per share amounts stated on a diluted basis); adjusted net income(1) of $155 million, or $1.09 per shareDelivered total net production of 3,495 mmcfe per day and adjusted EBITDAX(1) of $580 millionReturned more than $200 million to shareholders through base dividend and share buybacks; announced total quarterly dividend of $0.575 per common share to be paid in December 2023 Cash on hand of approximately $713 million as of September 30, 2023Upgraded to positive watch while maintaining BB at S&P Global Ratings; advancing path toward Investment Grade credit status Entered into new heads of agreements (HOA) with Vitol to provide gas sufficient to produce up to 1 mtpa of LNG with net back indexed to the Japan Korea Marker (JKM) for 15 yearsJoined the Oil & Gas Methane Partnership (OGMP) 2.0(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 is operating at the highest and safest levels, and delivered another strong quarter. We continue to show the resilience of this organization and assets in the midst of lower commodity prices. Our strong balance sheet and deep liquidity underpin the leading rock, returns and runway of our portfolio and have allowed us to maintain our repurchase program in the midst of the trough of the commodity cycle. 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\nThird quarter net production was approximately 3,495 mmcfe per day (97% natural gas and 3% total liquids). This production was delivered despite the elective deferral of 60% of the planned third quarter Marcellus turn in lines and the extension of elective curtailments. The company used an average of nine rigs to drill 35 wells, down from 53 in the second quarter, an...

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