(Reuters) -Chesapeake Energy Corp on Tuesday reported a quarterly profit of $295 million in its first earnings after emerging from bankruptcy in February.<\/p>\n
Once the second-largest U.S. natural gas producer, the company filed for court protection last June, saddled with more than $9 billion debt from overspending on assets and a sudden decline in oil prices and demand from the pandemic.<\/p>\n
Chesapeake on Tuesday also declared an annual dividend on its common shares of $1.375 per share. The first quarterly dividend will be paid on June 10.<\/p>\n
Shares of the company were up about 5% at $51.50 in extended trade.<\/p>\n
The company expects 2021 production to be between 410,000 barrels of oil equivalent per day (boepd) and 420,00 boepd, with total capital expenditure ranging between $670 million and $740 million.<\/p>\n
Chesapeake said it achieved an average net production rate of about 436,000 boepd during the first quarter.<\/p>\n
Total production levels in 2022 is expected to remain flat to 2021, the company added, with natural gas increasing to about 85% of the total production mix for 2022.<\/p>\n
Chesapeake is currently operating seven rigs across its portfolio, with three rigs in Appalachia, three rigs in Haynesville and one rig in South Texas.<\/p>\n