Chesapeake Energy 1997 Annual Report Download - page 48

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
The accompanying notes are an integral part of these consolidated financial statements.
31
June 30,
1997 1996
(S in thousands)
CURRENT ASSETS:
Cash and cash equivalents $ 124,017 $51,638
Short-term investments 104,485
Accounts receivable:
Oil and gas sales 10,906 12,687
Oil and gas marketing sales 19,939 6,982
Joint interest and other, net of allowances of $387,000 and $340,000, respectively 25,311 27,661
Related parties 7,401 2,884
Inventory 4,854 5,163
Other 692 2,158
Total Current Assets 297,605 109,173
PROPERTY AND EQUIPMENT:
Oil and gas properties, at cost based on full cost accounting:
Evaluated oil and gas properties 865,516 363,213
Unevaluated properties 128,505 165,441
Less: accumulated depreciation, depletion and amortization (431,983) (92,720)
562,038 435,934
Other property and equipment 50,379 18,162
Less: accumulated depreciation and amortization (5,051) (2,922)
Total Property and Equipment 607,366 451,174
OTHER ASSETS 44,097 11,988
TOTAL ASSETS $ 949,068 $572,335
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABIUTIES:
Notes payable and current maturities of long-term debt $1,380 $6,755
Accounts payable 86,817 54,514
Accrued liabilities and other 28,701 14,062
Revenues and royalties due others 29,428 33,503
Total Current Liabilities 146,326 108,834
LONG-TERM DEBT, NET 508,950 268,431
REVENUES AND ROYALTIES DUE OTHERS 6,903 5,118
DEFERRED INCOME TAXES 12,185
CONTINGENCIES AND COMMITMENTS (Note 4)
STOCKHOLDERS' EQUITY:
Preferred Stock, $.01 par value, 10,000,000 shares authorized; none issued
Common Stock, iOO,000,000 shares authorized; par value of $.01 and $05 at
June 30, 1997 and 1996, respectively; 70,276,975 and 60,159,826 shares issued
and outstanding at June 30, 1997 and 1996, respectively 703 3,008
Paid-in capital 432,991 136,782
Accumulated earnings (deficit) (146,805) 37,977
Total Stockholders' Equity 286,889 177,767
TOTAL UABILITIES AND STOCKHOLDERS' EQUITY $ 949,068 $572,335