Chesapeake Energy's profits fall due to low natural gas prices, plans to cut production

From Investing.com: 2024-04-30 16:47:09

Chesapeake Energy Corp reported lower-than-expected first-quarter profits due to low natural gas prices. The company plans to reduce rig count in the Marcellus and lower gas production for Q2. It is delaying well activation to wait for market improvements. Chesapeake, along with other companies, is cutting spending amid oversupply concerns. Analysts had predicted earnings of 60 cents per share, but the actual adjusted profit was 56 cents per share. The company, soon to merge with Southwestern Energy, reported quarterly net production of 3.20 bcfepd.



Read more at Investing.com: Chesapeake Energy misses quarterly profit estimates as natgas prices remain low By Reuters