Chesapeake Energy back to profit as production, prices rise
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February 23, 2018
A boost in production and commodity prices pushed Chesapeake Energy Corp. back into a profitable fourth quarter.
The company also finished 2017 with its first annual profit in three years after years of cost-cutting. Shares jumped almost 13 percent at the open of trading Thursday.
The natural gas company swung to a fourth-quarter profit of $332 million, or 33 cents per share. Adjusted for non-recurring gains, its per-share earnings of 30 cents were a nickel better than Wall Street had expected, according to a survey by Zacks Investment Research
Revenue jumped 25 percent to $2.52 billion, also...
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