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Dec 31, 2021
Chesapeake Q4 2021 Earnings Report
Reported fourth quarter and full-year 2021 financial and operating results and updated 2022 guidance.
Key Takeaways
Chesapeake Energy Corporation reported strong fourth quarter 2021 results, with a net income of $1.4 billion and adjusted EBITDAX of $687 million. The company generated $372 million in adjusted free cash flow and will pay a quarterly dividend of $1.7675 per common share. They also increased their 2022 adjusted EBITDAX guidance to $3.8 – $4.0 billion.
Net cash provided by operating activities of $563 million; unrestricted cash balance of $905 million
Net income of approximately $1.4 billion, or $11.13 per diluted share; adjusted net income of $308 million, or $2.39 per diluted share
Adjusted EBITDAX of $687 million; adjusted free cash flow of $372 million
Quarterly dividend of $1.7675 per common share, consisting of the first variable dividend of $1.33 per common share and a quarterly base dividend of $0.4375 per common share
Forward Guidance
Chesapeake Energy anticipates strong financial performance in 2022, with adjusted EBITDAX guidance increased to $3.8 - $4.0 billion and expected adjusted free cash flow of $1.9 - $2.1 billion. The company plans to return significant cash to shareholders through dividends and a share repurchase program.
Positive Outlook
- Increased 2022 adjusted EBITDAX guidance to $3.8 – $4.0 billion with no change in capital spending
- Expected to generate approximately $1.9 – $2.1 billion in adjusted free cash flow in 2022 and greater than $9 billion in adjusted free cash flow over the next five years
- Anticipate paying between $900 million – $1.1 billion in total dividends in 2022 and greater than $5 billion over the next five years
- Strong balance sheet with net debt-to-2022E EBITDAX ratio of approximately 0.7x, pro forma for Chief and Powder River Basin cash consideration
- On target to achieve its forecasted $50 million in initial synergies by the end of 2022.
Historical Earnings Impact
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