Chesapeake Energy Corporation announced its 2011 second quarter financial and operational results.
For the quarter, Chesapeake reported net income to common stockholders of $467 million ($0.68 per fully diluted common share), operating cash flow of $1.207 billion (defined as cash flow from operating activities before changes in assets and liabilities) and ebitda of $1.289 billion (defined as net income before income taxes, interest expense, and depreciation, depletion and amortization) on revenue of $3.318 billion and production of 277 billion cubic feet of natural gas equivalent (bcfe).
The company’s 2011 second quarter results include various items that are typically not included in published estimates of the company’s financial results by certain securities analysts. Excluding the items detailed below, for the 2011 second quarter, Chesapeake reported adjusted net income to common stockholders of $528 million ($0.76 per fully diluted common share) and adjusted ebitda of $1.365 billion. The excluded items and their effects on the 2011 second quarter reported results are detailed as follows:
* a net unrealized after-tax mark-to-market gain of $61 million resulting from the company’s natural gas, liquids and interest rate hedging programs; and
* an after-tax loss of $122 million related to purchases of certain of the company’s senior notes, a loss on foreign currency derivatives and other items.
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Source: Chesapeake Energy, August 1, 2011;