Whenever a company reports quarterly earnings, those on Wall Street seem to fixate on the bottom line. While net income is extremely important, you also need to dig a little deeper to see how those numbers came to be. Those who decided to walk away from Chesapeake Energy (NYSE:CHK) after a less than desirable net income result and a decline in production should go back and look at it again, because they might find they were a bit hasty to sell.

For those who read deeper into the results, they would have found that the overall decline in production was by design, and there are signs that Chesapeake is starting down the path that other successful independent oil and gas producers like Devon Energy (NYSE:DVN) and EOG Resources (NYSE:EOG). To find out what Will Street may have overlooked this quarter and how Chesapeake is following Devon and EOG, tune in to the following video.

Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +, or on Twitter, @TylerCroweFool.

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