Chesapeake Q4 2023 Earnings Report
Key Takeaways
Chesapeake Energy Corporation reported strong operational performance for 2023, returning approximately $840 million to shareholders despite a challenging commodity price environment. The company's 2024 operating plan focuses on capital discipline, operational efficiency, and free cash flow generation. A strategic combination with Southwestern Energy is targeted to close in the second quarter.
Net cash provided by operating activities of $470 million.
Net income totaled $569 million, or $4.02 per fully diluted share; adjusted net income totaled $185 million, or $1.31 per share.
Adjusted EBITDAX of $635 million; free cash flow of $91 million.
Produced approximately 3.43 bcfe/d net (98% natural gas).
Chesapeake
Chesapeake
Forward Guidance
Chesapeake is lowering prior capital expenditure guidance approximately 20% to $1.25 – $1.35 billion through rig count reductions and deferring completions and turn-in-lines. Capital plan generates a baseline guide of 2.65 – 2.75 bcf/d.