American oil and natural gas firm Chesapeake Energy saw its net income increase in the fourth quarter of 2018, but this result did not help the company from posting a net income decline for the full year.
Chesapeake Energy's net income in the October-December period of 2018 soared by 54 percent to $514 million, from $334 million for the same period in 2017, according to the firm's financial results released on Wednesday.
Net income for the full year, however, decreased to $877 million, from $953 million in 2017 -- an 8 percent decline.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased both in the fourth quarter last year and the full year of 2018.
In the final quarter of last year, Chesapeake Energy's EBITDA rose 19 percent to $910 million, from $764 million for the same period of the previous year.
The firm's EBITDA for the full year of 2018 was $2.5 billion -- a 5 percent increase from $2.38 billion for the full year of 2017.
For the full year of 2018, Chesapeake Energy said it produced a total of 521,000 barrels of oil-equivalent.
While the firm produced 90,000 barrels of oil and 52,000 barrels of natural gas liquids, the company's natural gas production was 2.28 billion cubic feet (64.6 million cubic meters).
The company had a total capital expenditure of $2.37 billion in 2018, and said it is expecting this amount to be between $2.3 billion and $2.5 billion for 2019.
By Ovunc Kutlu