Chesapeake Swings to Profit in 2Q, Investors Still Punish Stock

Chesapeake stock performance last 5 yrs (click for larger version)

Chesapeake Energy released its second quarter 2019 update yesterday. The company continues its mission to transform itself from a natural gas producer into an oil producer. The company is on track to produce 250,000 barrels per day (bpd) of oil in 2019 (averaging 122,000 bpd in 2Q). CEO Doug Lawler said Chessy will dial back spending on natgas in 2020 and allocate more money to oil drilling in Texas and Wyoming. The Marcellus Shale continues to be a natural gas cash cow for the company, helping fund drilling in other plays.

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