Chesapeake Energy Corp. on Monday reported that its net income to common stockholders in the second quarter was $929 million, or $1.29 per fully diluted share.
That was up from $467 million, or 68 cents per fully diluted share, that Chesapeake (NYSE: CHK) reported for the second quarter of 2011.
Adjusted net income clocked in at $3 million, or 6 cents per fully diluted share.
The company also reported $3.4 billion in revenue, which was up from $3.3 billion in the second quarter of 2011.
Chesapeake said that total daily production was up 25 percent year over year. Of that, liquid production was up 65 percent to 130,200 barrels of oils per day.
The company said that average second-quarter production on the Mississippian Lime play was 20,000 barrels of oil equivalent per day ? a 198 percent increase year over year.
Chesapeake has about 2 million acres of leaseholds on the Mississippian in northern Oklahoma and southern Kansas.
However, the company said in its earnings report that it is still pursuing ?a joint venture and/or sale of its Mississippian Lime leasehold and expects to announce a transaction in the next few months.?
In all, the company said it expects to conduct sales worth a total of about $7 billion in the third quarter.
Here is Chesapeake?s full statement on its second-quarter results.
Daniel McCoy covers aviation, manufacturing, energy and automotive.
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Source: http://feeds.bizjournals.com/~r/bizj_national/~3/b92wZyqN-hU/chesapeake-energys-earnings-rise.html
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