Companies & Finance

Chesapeake sees net income rise to $294 mln for Q1 2018

Chesapeake reported net income of $294 million in Q1 2018, up from $141 million in Q1 2017.
By Staff reporter 3 May 2018 0 30721

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.