Chesapeake Energy Posts Higher 1Q Profit
biz.yahoo.com
Monday May 2, 4:17 pm ET
Chesapeake Energy Posts 14.5 Percent Rise in First-Quarter Earnings on Higher Pricing
OKLAHOMA CITY (AP) -- Independent exploration and production company Chesapeake Energy Corp. said Monday that first-quarter earnings rose 14.5 percent year-over-year due to increased oil and natural gas pricing.
Net income after paying preferred dividends totaled $119.5 million, or 36 cents per share, up from $104.4 million, or 38 cents per share, a year ago. Excluding items, the company posted net income available to common stockholders of $192.6 million, or 56 cents per share, in the latest quarter.
Per-share results are based on 351.4 million average shares outstanding in the latest period, up from 299.6 million shares the year before.
Total revenue jumped to $783.5 million from $563.1 million last year.
Analysts surveyed by Thomson Financial were looking for the company to post earnings of 50 cents per share on sales of $771.3 million in the latest quarter.
Daily production for the 2005 first quarter averaged 1,162 million cubic feet of natural gas equivalent, an increase of 295 mmcfe or 34 percent, over the 867 mmcfe produced per day in the year-ago period. |
