United States-based oil and gas company Chesapeake reported net income of $294 million in Q1 2018, up from $141 million in Q1 2017, the company announced on Wednesday.
Greater production and higher prices of oil and gas, combined wih lower costs, contributed to the boost in earnings, Chesapeake said.
Gas production increased by 5.3%, to 69.84 million cubic metres per day, while the average realised natural gas price was 15% higher, at $3.49/MMBtu, according to the company’s results.
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