(Reuters) -U.S. shale producers Chesapeake Energy Corp and Coterra Energy Inc reported strong second-quarter profits on Tuesday on the back of multi-year high crude and gas 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.
(Reporting by Ruhi Soni in Bengaluru; Editing by Maju Samuel)
