Chesapeake Energy ends Q1 with $3.8 billion net loss, $2.9 billion cash

By Lisa Kerner

Charlotte, N.C., May 6 – Chesapeake Energy Corp. ended its 2015 first quarter with cash of about $2.9 billion and total debt, net of unrestricted cash, of $8.6 billion.

Acknowledging the challenging commodity price environment, chief executive officer Doug Lawler said Chesapeake remains “on target to balance our capital spending and our cash flow by year-end, and the capital efficiencies that we are seeing in each of our operating areas are helping to strengthen that cash flow.”

The company held its earnings conference call on Wednesday.

Chesapeake had a first-quarter net loss of $3.78 billion, or a loss of $5.72 per fully diluted share. This compares to net income of $374 million, or $0.54 per fully diluted share, for the prior-year period.

Adjusted EBITDA for the period was $928 million, down from $1.5 billion a year ago.

Chesapeake is an Oklahoma City-based developer of unconventional resources.

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