Chesapeake Energy Corporation (NYSE:CHK) stock dropped -3.92% in today’s pre market session with the price of $4.78. Over the last one month and over the past three months, Chesapeake Energy shares gained 21.22% and 7.34%, respectively. Furthermore, the stock has plummeted -2.53% since the start of this year. The company’s shares are trading 2.03% above their 50-day moving average. Additionally, Chesapeake Energy has an RSI of 60.18 and beta of 1.69.
Chesapeake Energy Corporation (CHK) May 5, 2015 reported financial and operational results for the 2016 first quarter. Highlights include:
Signed agreement to sell approximately 42,000 net acres prospective for the STACK play in Oklahoma for approximately $470 million; includes current production of 3,800 boe per day
2016 first quarter production averaged approximately 672,400 boe per day, an increase of 1% year over year, adjusted for asset sales
Improved 2016 first quarter cost performance leads to lower full-year 2016 production expense and GP&T expense guidance
Financial strategy remains focused on maximizing liquidity and liability management; company reiterates target of $1.2 to $1.7 billion total gross proceeds from asset divestitures by year-end
Doug Lawler, Chesapeake’s Chief Executive Officer, commented, “Chesapeake is delivering on all four of the focus points for 2016 that we stated in February: maximizing liquidity, optimizing our portfolio, increasing cash flow and reducing debt. We are pleased this morning to announce approximately $500 million of incremental asset sales above the $700 million we announced in late February. The STACK acreage sale we are announcing today accelerates value from a portion of our undeveloped acreage that currently generates very little cash flow, giving us the ability to enhance current liquidity. This transaction contributes substantially to achieving our previously announced target of an incremental $500 million to $1 billion of asset sales by year-end. We anticipate subsequent divestitures during the second and third quarters.
“Our cash costs continue to decline, and we remain sharply focused on improving our margins through continued progress with our midstream and downstream partners. As a result, we have recognized incremental improvements in both our production expense and our total gathering, processing and transportation expenses and revised our 2016 guidance accordingly. Additionally, since January 1, 2016, we have reduced debt that matures or can be put to us in 2017 by approximately $282 million. Our recently amended revolving credit facility agreement gives us sufficient liquidity and capacity to pursue additional reductions of our near-term maturities as opportunities arise.”
2016 First Quarter Results
For the 2016 first quarter, Chesapeake reported a net loss available to common stockholders of $964 million, or $1.44 per fully diluted share. The primary driver of the net loss was a noncash impairment of the carrying value of Chesapeake’s oil and natural gas properties of approximately $853 million, largely resulting from decreases in the trailing 12-month average first-day-of-the-month oil and natural gas prices as of March 31, 2016, compared to December 31, 2015. Adjusting for items that are typically excluded by securities analysts, including the impairment discussed above, the 2016 first quarter adjusted net loss available to common stockholders was $120 million, or $0.10 per fully diluted share. Reconciliations of financial measures calculated in accordance with generally accepted accounting principles to adjusted measures that are typically calculated by securities analysts are provided on pages 10 – 12 of this release.
SolarCity Corp(NASDAQ:SCTY) stock on Friday’s pre market session gained 3.60% at price of $23.90. Over the last one month and the previous three months, SolarCity Inc’s shares gained 2.49% and ticked down -11.95%, respectively. Additionally, the stock has dropped -54.78% since the beginning of 2016. The company’s shares are trading below their 50-day and 200-day moving averages by -9.25% and -31.30%, respectively.
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