Coterra, Chesapeake post strong second quarter on higher energy prices

Oil and gas prices surged as demand rebounded to pre-pandemic levels and as sanctions on major energy producer Russia dented global supply.

U.S. crude prices gained about 41% during the first half of this year, while natural gas gained about 45%. Both hovered at levels not seen since 2008.

Chesapeake, which shifted its focus to natural gas after it emerged from bankruptcy last year, posted net profit of $1.24 billion, or $8.27 a share, for the second quarter, compared with a net loss of $439 million, or $4.48 per share, a year ago.

Coterra’s net profit came in at $1.23 billion, or $1.53 a share, in the quarter ended June 30, compared with earnings of $30 million, or 8 cents per share, a year ago.