Chesapeake reports net loss of $40M in second quarter
Tuesday, August 7, 2018
Chesapeake Energy recently reported a net loss of $40 million in the second quarter, compared to a year-ago profit of $470 million, according to Kallanish Energy.
The company reported second-quarter production of roughly 530,000 barrels oil-equivalent per day (Boe/d), up 8 percent from a year ago, adjusted for asset sales.
Oil production in the second quarter was 90,000 barrels per day, up 11 percent, again adjusted for asset sales.
The company received an average second-quarter price of $57.16 per barrel of oil and $2.64 per thousand cubic feet of natural gas. It also got $24.97/Bbl of natural gas liquids.
Revenue slipped from $2.28 billion in the second quarter last year, to $2.26 billion in the same period this year, despite higher commodity prices.
Learn more: Kallanish Energy > Chesapeake reports Q2 net loss of $40M
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.