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Chesapeake posts fourth-quarter profit

Chesapeake Energy Corp. expects to have its new CEO in place by April 1, when co-founder Aubrey McClendon leaves the company.
by Adam Wilmoth Modified: February 22, 2013 at 9:04 am •  Published: February 21, 2013

Chesapeake said its average daily crude oil and natural gas liquids production improved to 147,500 barrels in the fourth quarter, up 39 percent from the year-ago period.

Oil production jumped 69 percent to 8.9 million barrels in the fourth quarter of 2012, up from nearly 5.3 million barrels in the year-ago period.

Despite the improvements, Chesapeake said it still needs to raise at least $4 billion in 2013 to meet its budgeted expenses.

The company plans to sell $5 billion to $7 billion in assets to cover the shortfall, said Nick Dell'Osso, Chesapeake's chief financial officer and executive vice president.

Mobley began Thursday's conference call with praise for the company's outgoing leader.

“The culture and capabilities of the company Aubrey created and the standards of excellence he championed had been distinctive and inspiring, resulting in a company with extraordinary potential,” Mobley said. “But his legacy will ultimately be the realization of that potential through the success and value that we all helped deliver after his tenure as CEO concludes.

“With those thoughts in mind and in behalf of nearly 12,000 employees at Chesapeake, we want to sincerely thank Aubrey for his visionary leadership and for his 24 years of tireless service to the company, to shareholders, to employees, and to the industry.”

CONTRIBUTING: Business Writer Jay F. Marks

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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