Chesapeake Energy 1997 Annual Report Download - page 2

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Chesapeake Energy Corporation is an independent oil and gas exploration company headquartered in Oklahoma City.
The company utilizes advanced drilling and completion techniques to develop significant new oil and natural gas dis-
coveries in major onshore producing areas of the United States. Chesapeake is traded on the New York Stock
Exchange under the symbol CHK.
SELECTED
Year Ended June 30, 1997
FINANCIAL
1996 1995
DATA
1994 1993 1992
Income Data ($ in thousands, except per share dsta)
Oil and gas sales $192,920 $110,849 $56,983 $22,404 $11,602 $10,520
Oil and gas marketing sales 76,172 28,428
Service operations and other 11,223 10,145 10,360 7,420 6,406 8,198
Total revenues 280,315 149,422 67,343 29,824 18,008 18,718
Production expenses and taxes 15,107 8,303 4,256 3,647 2,890 2,103
Oil and gas marketing expenses 75,140 27,452
Service operations 4,895 7,747 5,199 3,653 4,113
Impairment of oil and gas properties 236,000
Oil and gas depreciation,
depletion and amortization 103,264 50,899 25,410 8,141 4,184 2,910
Other depreciation and amortization 3,782 3,157 1,765 1,871 557 974
General and administrative 8,802 4,828 3,578 3,135 4,906 3,314
Interest and other 18,550 13,679 6,627 2,676 2,282 2,577
Total expenses 460,645 113,213 49,383 24,669 18,472 15,991
Income (loss) before income taxes
and extraordinary item (180,330) 36,209 17,960 5,155 (464) 2,727
Income tax expense (benefit) (3,573) 12,854 6,299 1,250 (99) 1,337
Income (loss) before extraordinary item (176,757) 23,355 11,661 3,905 (365) 1,390
Extraordinary item, net of applicable
income tax (6,620)
Net income (loss) $(183,377) $23,355 $11,661 $3,905 $(365) $1,390
Earnings (loss) per share $(2.79) $0.40 $0.21 $0.08 $(0.02) $0.05
Weighted average shares outstanding 65,767 58,342 55,872 48,240 33,552 27,910
Property Data ($ in thousands)
Oil reserves (MBbls) 17,373 12,258 5,116 4,154 9,622 11,147
Gas reserves (MMcf) 298,766 351,224 211,808 117,066 79,763 68,618
Reserves in equivalent thousand barrels 67,167 70,795 40,417 23,665 22,915 22,583
Reserves in equivalent million cubic feet 403,004 424,775 242,505 141,992 137,495 135,500
Future net revenues discounted
at 10% (before tax) $437,386 $547,016 $188,137 $141,249 $141,665 $162,713
Oil production (MBbls) 2,770 1,413 1,139 537 276 374
Gas production (MMcf) 62,005 51,710 25,114 6,927 2,677 1,252
Production in equivalent thousand barrels 13,104 10,031 5,325 1,692 722 583
Production in equivalent million cubic feet 78,625 60,190 31,947 10,152 4,333 3,496
Average oil price (per Bbl) $20.93 $17.85 $17.36 $15.09 $20.20 $21.85
Average gas price (per Mcf) $2.18 $1.66 $1.48 $2.06 $2.25 $1.88
Average gas equivalent price (per Mcfe) $2.45 $1.84 $1.78 $2.21 $2.68 $3.01