Chesapeake Energy misses by $0.04, beats on revs :
- Reports Q2 (Jun) loss of $0.14 per share, $0.04 worse than the Capital IQ Consensus of ($0.10); revenues fell 53.9% year/year to $1.62 bln vs the $970.48 mln Capital IQ Consensus.
- 2016 second quarter production averaged ~657,100 boe per day; company increases full-year 2016 production guidance by 3% while maintaining capital expenditure guidance.
- Company increases target of 2016 total gross proceeds from asset divestitures by year-end to more than $2.0 billion from $1.2 to $1.7 billion; selected Haynesville Shale acreage expected to be sold.
- "In 2016, we have made substantial progress on many fronts, including the reduction of more than $1 billion of debt, the reduction of complexity in our portfolio through the purchase of oil and natural gas interests previously conveyed in certain volumetric production payment transactions (VPPs), the continued improvement in our cash cost structure and the optimization of our current portfolio through non-core asset sales."
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