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Chesapeake Energy EPS $0.24

Staff writer |
Chesapeake Energy Corporation reported financial and operational results for the 2013 third quarter. Chesapeake reported net income available to common stockholders of $156 million or $0.24 per fully diluted share.

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These results include the effects of the noncash unrealized mark-to-market losses of $118 million from the company's derivative instruments; a charge of $55 million for the impairment of certain of the company's property and equipment and other assets; a net gain of $82 million on sales of certain of the company's property and equipment, consisting primarily of midstream assets; and a $39 million charge for restructuring and other termination benefits.

Adjusting for these and other items not typically included in earnings estimates by securities analysts, Chesapeake reported adjusted net income available to common stockholders of $282 million, or $0.43 per fully diluted share, which compares to adjusted net income available to common stockholders of $35 million, or $0.10 per fully diluted share, in the 2012 third quarter.

The company reported adjusted ebitda of $1.325 billion, an increase of 29% year over year. Operating cash flow, which is cash flow provided by operating activities before changes in assets and liabilities, was $1.368 billion, an increase of 22% year over year.

Additional definitions and reconciliations to comparable financial measures calculated in accordance with generally accepted accounting principles of adjusted net income available to common stockholders, operating cash flow, ebitda and adjusted ebitda are provided on pages 12 – 16 of this release.


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