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Dec 31, 2019
Chesapeake Q4 2019 Earnings Report
Chesapeake reported a net loss and adjusted EBITDAX was up 19% year over year.
Key Takeaways
Chesapeake Energy Corporation reported a net loss of $324 million for Q4 2019. However, the adjusted EBITDAX increased by 19% year over year. The company is targeting free cash flow and reducing capital expenditure budget by approximately 30% in 2020.
Delivered fourth quarter oil production of 126,000 barrels (bbls) of oil per day and increasing our oil mix to 26% of total production, the highest percentage in company history.
Adjusted EBITDAX growth of 19%, or 15% per barrel of oil equivalent (boe), compared to the 2018 fourth quarter, when we had significantly higher commodity prices.
Eliminated approximately $900 million in debt through capital markets transactions, and consolidating our $1.5 billion Brazos Valley unrestricted subsidiary.
Plan to allocate approximately 80% of our projected 2020 capital expenditure program of $1.3 to $1.6 billion to our highest-margin oil opportunities.
Revenue by Segment
Forward Guidance
Chesapeake provided guidance for the year ending December 31, 2020, including absolute production, estimated realized hedging effects, estimated basis to NYMEX prices and operating costs per boe of projected production.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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