Chesapeake Energy (NYSE:CHK) beat analysts' expectations for the first quarter, with earnings reaching $590 million, or 92 cents a share. Last year in the same quarter lost $5.7 billion, or $9.63 a share.
Revenue for the quarter increased to $2.8 billion, up from $2 billion last year.
Going forward, Chesapeake said they're going to shift capital expenditures to natural gas liquids and oil, and a glut of natural gas on the market has driven prices down.
Analysts had been looking for 70 cents a share after excluding one-time items, while Chesapeake's adjusted profit far exceeded that, ending the quarter at 82 cents a share.
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