Chesapeake Energy $CHK+1.1% beat earnings expectations.
U.S. oil and gas company Chesapeake Energy Corp $CHK+1.1% beat first-quarter earnings expectations on Tuesday, May 2, thanks to higher natural gas production.
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The United States has become the world's largest LNG exporter following Western sanctions on major supplier Russia, which has boosted demand for U.S. natural gas.
According to UBS, 70% of US LNG cargoes went to Europe in the first quarter.
Chesapeake's net production in the first quarter was about 4.1 billion cubic feet equivalent per day and consisted of about 90% natural gas and 10% liquids.
The Oklahoma City-based company reported adjusted earnings of $1.87 per share, while analysts were expecting $1.72 per share, according to data from Refinitiv.