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Jun 30, 2022
Chesapeake Q2 2022 Earnings Report
Reported 2022 second quarter results and announced strategic focus on core Marcellus and Haynesville positions.
Key Takeaways
Chesapeake Energy Corporation reported strong second-quarter results, highlighted by net income of $1,237 million and adjusted EBITDAX of $1,269 million. The company is solidifying its strategic focus on its core Marcellus and Haynesville positions and increasing its capital allocation to the Haynesville.
Net cash provided by operating activities was $909 million.
Adjusted EBITDAX was $1,269 million, with adjusted free cash flow of $494 million.
Net income totaled $1,237 million, or $8.27 per diluted share; adjusted net income of $729 million, or $4.87 per diluted share.
Increased annual base dividend by 10% to $2.20 per share; total quarterly dividend of $2.32 per common share.
Forward Guidance
Chesapeake is reallocating capital to the Haynesville and increasing its capital investment program by 15% to $1.75–$1.95 billion. The company expects to drill 60 to 70 wells and place 40 to 50 wells on production in the third quarter of 2022.
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