Coterra, Chesapeake post strong second quarter on higher energy prices
Aug 2 (Reuters) - U.S. shale producers Chesapeake Energy Corpand Coterra Energy Increported strong second-quarter profits on Tuesday on the back of multi-year high crude and gas prices.
Aug 2 (Reuters) - U.S. shale producers Chesapeake Energy Corp (CHK.O) and Coterra Energy Inc (CTRA.N) reported strong second-quarter profits on Tuesday on the back of multi-year high crude and gas prices.
Oil and gas prices surged as demand rebounded to pre-pandemic levels and as sanctions on major energy producer Russia dented global supply.
U.S. crude prices (CLc1) gained about 41% during the first half of this year, while natural gas (NGc1) gained about 45%. Both hovered at levels not seen since 2008.
Chesapeake, which shifted its focus to natural gas after it emerged from bankruptcy last year, posted net profit of $1.24 billion, or $8.27 a share, for the second quarter, compared with a net loss of $439 million, or $4.48 per share, a year ago.
Coterra’s net profit came in at $1.23 billion, or $1.53 a share, in the quarter ended June 30, compared with earnings of $30 million, or 8 cents per share, a year ago.