Photo: The Lost Ogle
Chesapeake announced earnings per share of $0.19 cents for Q1.Analysts had estimated $0.28.
The company also announced revenue of $2.42 billion, topping estimates of $2.35 billion.
The company reported liquids now comprise more than half its revenues — 52% compared with 48% for natural gas.
Natural gas comprised 63% of revenues last quarter.
The company announced it was projecting a decline in natural gas productive capacity in 2013 of approximately 12%.
Q1 EBITDA declined 36% from Q4, to $838 million from $1.31 billion. Production expenses increased 19%.
“This year’s capital expenditures will be front-end loaded, and for the remainder of the year we expect a significant decrease from the first quarter’s peak capital expenditure levels as we further reduce drilling activity in dry natural gas plays and reduce spending on new leasehold,” CEO Aubrey McClendon said in a statement.
Shares were down as much as 4 per cent after hours.
The company’s keenly anticipated earnings call occurs Wednesday 9 a.m. Eastern.