S&P 500 (NYSE:SPY) component Chesapeake Energy Corporation (NYSE:CHK) reported higher profit for the second quarter as revenue showed growth. Chesapeake Energy Corp. is a company that explores and develops properties for the production of crude oil and natural gas from underground reservoirs.
Chesapeake Energy Earnings Cheat Sheet for the Second Quarter
Results: Net income for the independent oil and gas company rose to $510 million (68 cents per share) vs. $255 million (37 cents per share) in the same quarter a year earlier. This is a twofold rise from the year earlier quarter.
Revenue: Rose 64.9% to $3.32 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: CHK reported adjusted net income of 76 cents per share. By that measure, it beat mean analyst estimate of 72 cents per share. It beat the average revenue estimate of $2.76 billion.
A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 42.4% in the first quarter and fell 11.1% in the fourth quarter of the last fiscal year.
Competitors to Watch: Gastar Exploration Ltd. (AMEX:GST), Anadarko Petroleum Corp. (NYSE:APC), Devon Energy Corporation (NYSE:DVN), Bronco Drilling Co., Inc. (NASDAQ:BRNC), EOG Resources, Inc. (NYSE:EOG), Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), Crusader Energy Group Inc. (CKGRQ), Apache Corporation (NYSE:APA), and US Natural Gas Corp. (UNGS).
(Source: Xignite Financials)