Chesapeake Energy reports 4th quarter earnings - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Chesapeake Energy reports 4th quarter earnings

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Chesapeake Energy on Feb. 21 reported fourth-quarter net income of $563 million, down from $799 million in the same quarter of 2011, and a net loss of $594 million for calendar year 2012 as opposed to net income of $1.6 billion the year before.

"The company's 2012 fourth quarter and full year results include various items that are generally not included in published estimates of the company's financial results by securities analysts," the company said in its earnings release.

"Excluding such items, Chesapeake reported adjusted net income available to common stockholders of $153 million, or $0.26 per fully diluted common share, and adjusted ebitda of $1.089 billion for the 2012 fourth quarter and adjusted net income available to common stockholders of $285 million, or $0.61 per fully diluted common share, and adjusted ebitda of $3.754 billion for the 2012 full year."

The company also released information on its operations in the Marcellus Shale. In the fourth quarter, Chesapeake's average daily net production in the southern wet gas portion of the play, which includes much of its West Virginia operations, was approximately 155 million cubic feet equivalent (mmcfe) per day (260 gross operated mmcfe per day).

"Management expects production from the southern Marcellus will remain relatively flat until the ATEX pipeline, which will carry processed ethane to the Gulf Coast, comes online in late 2013," the earnings release said.

"Chesapeake is currently drilling with three operated rigs in the southern wet gas portion of the Marcellus and anticipates maintaining that level of activity for the remainder of 2013."