Chesapeake Profits Soar - Second-Quarter Earnings Released

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From MarketWatch:
Chesapeake Energy Corp.'s CHK +2.77% second-quarter earnings rose 91% as the company benefited from an aftertax gain of $584 million related to its recent sale of its interests in Chesapeake Midstream Partners LP and $490 million in mark-to-market gains related to its hedging programs.
Shares were up 3.6% at $18.35 in recent after-hours trading as the company also raised its target for asset sales for the year. Through the close, the stock is down roughly 21% this year.
Chesapeake on Monday said it now expects to sell between $13 billion and $14 billion in assets during 2012, including $7 billion in asset sales during the current quarter.
The company had been aiming to raise up to $11.5 billion from the sale of assets this year to help pay down debt and run its expensive drive into oil-rich shale areas. The company has been aiming to divest itself of noncore assets in addition to the widely announced sale of its oil-rich land in the Permian Basin and the listing of a joint venture in the Mississippi Lime in the central U.S.
Chief Executive Aubrey McClendon said the company's increased plans for asset sales this year "will enable us to accomplish our planned 25% long-term debt reduction to $9.5 billion by year-end 2012."
Read the rest of the article here.

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