Chesapeake Granite Wash Trust :CHKR-US: Earnings Analysis: 2015 By the Numbers

Chesapeake Granite Wash Trust reports financial results for the year ended December 31, 2015.

We analyze the earnings along side the following peers of Chesapeake Granite Wash Trust – Freeport-McMoRan, Inc. (FCX-US) that have also reported for this period.

Highlights

  • Narrowing of operating (EBIT) margins contributed to decline in earnings, despite some positive contribution from one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2011 2012 2013 2014 2015
Relevant Numbers (Annual)
Revenues 29.34 127.34 114.01 96 36.38
Revenue Growth (YOY) N/A N/A N/A N/A N/A
Earnings 27.12 116.51 104.87 83.98 53.32
Earnings Growth (YOY) N/A 329.69 -9.99 -19.91 -36.52
Net Margin 92.43 91.5 91.98 87.49 146.56
EPS 0.58 2.49 2.24 1.8 1.14
Return on Equity 5.86 26.35 28.66 29.63 33.34
Return on Assets 5.61 25.51 28.04 29.22 33.32

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Margins

The company’s earnings fell, largely because of the narrowing in operating margins, which decreased from 96.57% to 94.10%. The decline in earnings probably would have been worse, were it not for some one-time items that improved pretax margins from 87.49% to 146.56%.

EBIT Margin Versus PreTax Margin
EBIT Margin History
PreTax Margin History

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Company Profile

Chesapeake Granite Wash Trust engages in the ownership of royalty interests. It owns royalty interests in oil, natural gas liquids and natural gas properties located in Washita County, Oklahoma producing from the colony granite wash play within the broader granite wash formation of the anadarko basin. The company was founded on June 29, 2011 and is headquartered in Austin, TX.

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