Press release
CHESAPEAKE REPORTS FOURTH QUARTER AND FULL-YEAR 2022 FINANCIAL AND OPERATING RESULTS AND ISSUES 2023 OUTLOOK
OKLAHOMA CITY, Feb. 21, 2023 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported fourth quarter and full-year 2022 results and issued
About this update from Expand Energy Corporation
[{"type":"text","content":"OKLAHOMA CITY, Feb. 21, 2023 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported fourth quarter and full-year 2022 results and issued 2023 guidance.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Highlights:\nNet cash provided by operating activities of $1,050 millionNet income totaled $3,513 million, or $24.00 per fully diluted share; adjusted net income(1) totaled $618 million, or $4.22 per shareAdjusted EBITDAX(1) of $1,032 million; free cash flow(1) of $526 million; adjusted free cash flow(1) of $273 million, inclusive of the effect of asset salesQuarterly dividend of $1.29 per common share to be paid in March 2023; repurchased approximately 4.1 million shares for approximately $406 millionProduced approximately 4.05 bcfe/d net (90% natural gas)Full-Year 2022 Highlights:\nNet cash provided by operating activities of $4,125 millionGenerated company-record $2.1 billion of adjusted free cash flow(1) and returned $2.3 billion to shareholders in dividends and share repurchasesSimplified capital structure with exchange of approximately two-thirds of outstanding warrants and completed approximately $1.1 billion of authorized $2.0 billion share repurchase program Proved reserves of approximately 13.0 tcfe at year end 2022; standardized measure of discounted future net cash flows of approximately $26.3 billion Secured independent Responsibly Sourced Gas (RSG) certification for 100% of approximately 6 bcf per day of gross operated produced natural gas volumes2023 Outlook Highlights:\nOptimized capital allocation with reduced activity levels; production expected to modestly decline year-over-year; remain LNG readyTotal expected capital expenditures of $1.765 – $1.835 billionEquity investment in Momentum Midstream $285 – $315 million for the year; project remains on budget and scheduleLowered interim targets to less than 3.0 mt CO2e/boe GHG intensity and 0.02% methane intensity by 2025(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, \"The premium rock, returns, and runway of our outstanding assets delivered strong results in 2022, allowing us to return an industry-leading $2.3 billion to shareholders through dividends and buybacks. While we continue to see strong long-te...