3 Impressive Numbers From Chesapeake Energy's Q2 Report
Chesapeake Energy (NYSE: CHK) stunned its investors late last year when it made a bold move to buy the oil-focused WildHorse Resource Development. That $4 billion deal, however, has quickly paid dividends, which was evident in the company's second-quarter report. Here are three numbers from that report showing that Chesapeake continues to head in the right direction.
One reason Chesapeake bought WildHorse (which it has since renamed Brazos Valley) is that it would accelerate the company's pivot toward oil. That's exactly what has happened this year as the company produced record oil volumes during the second quarter. Overall, its oil production surged 36% versus the year-ago period (and 10% after adjusting for asset sales), which pushed crude up to a record 25% of Chesapeake Energy's total production.
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