Chesapeake 2Q Profit Drops on Less Production, Lower Prices

Chesapeake Energy Corporation, the country's third largest publicly-traded natural gas producer, issued its second quarter 2023 update yesterday. The company reports a profit of $391 million in net income during 2Q23, down from $1.2 billion in 2Q22. The drop was due to lower gas prices and less production. Second quarter net production was 3,653 MMcfe per day (or 3.7 Bcfe/d, 96% natural gas, and 4% liquids), down 11% from 4,125 MMcfe per day in 2Q22. In the Marcellus, the company drilled three of the five fastest wells in company history, including the fastest well, a 10,383-foot lateral, to a total depth of 17,083 feet in less than eight days.

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