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Chesapeake, like other shale producers including
Devon Energy Corp, has slashed budgets in response to the crude
oil price collapse, but a focus on making the drilling process
more efficient and lower costs are enabling the companies to
pump more oil.
Chesapeake said it now expects oil and gas output of 640,000 to
650,000 barrels oil equivalent per day (boed). Previously, the
company forecast output of 635,000 to 645,000 boepd.
Chesapeake had a first-quarter net loss of $3.78 billion or
$5.72 per share, compared with a year-earlier profit of $374
million or 54 cents per share.
Excluding one-time items that reduced the company's net income
by $3.8 billion, Chesapeake had a profit of 11 cents per share.
Analysts on average had expected a profit of 4 cents per share,
according to Thomson Reuters I/B/E/S.
Oil and gas output was 686,000 barrels oil equivalent per day,
up 14 percent from a year earlier after adjusting for asset
sales.
(Reporting by Anna Driver, Editing by Franklin Paul)
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