Chesapeake energy corporation reports 2021 first quarter results, initiates common stock dividend and announces updated guidance

Oklahoma city, may 11, 2021 /prnewswire/ -- chesapeake energy corporation (nasdaq: chk) today reported 2021 first quarter results, launched a cash dividend program based on strong operating cash flow performance and announced its updated 2021 guidance. highlights include: successor net income totaled $295 million, or $2.75 per diluted share generated adjusted ebitdax (a non-gaap measure) of $510 million for the combined 2021 successor and predecessor periods (january 1, 2021 - march 31, 2021) march 31, 2021 unrestricted cash balance of $340 million; reducing march 31, 2021 net debt (a non-gaap measure) to adjusted 2021e ebitdax ratio to 0.6x launched sustainable dividend at an initial annual rate of $1.375 per share to be paid quarterly beginning in the 2021 second quarter; base dividend built to withstand commodity price volatility with incremental cash return strategy to be defined by year end 2021 increased five-year cumulative free cash flow (a non-gaap measure) outlook to ~$3 billion mike wichterich, chesapeake's board chairman and interim chief executive officer, commented, "our strong first quarter results demonstrate the significant value creating opportunities that lie ahead for chesapeake.
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