Chesapeake Energy reports higher profit on soaring crude prices

Reuters

– Shale oil and gas producer Chesapeake Energy Corp said on Wednesday its quarterly adjusted profit rose 14.5% in the fourth quarter from the third, helped by a surge in energy prices on record demand and supply concerns.

Chesapeake, which emerged from bankruptcy at the start of 2021, said its adjusted profit increased to $308 million, or $2.39 per share, in the quarter ended Dec. 31, from $269 million, or $2.38 per share, in the third quarter.

(Reporting by Shariq Khan; Editing by Maju Samuel)

tagreuters.com2022binary_LYNXMPEI1M120-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.