Chesapeake Energy 1997 Annual Report Download - page 50

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
The accompanying notes are an integral part of these consolidated financial statements.
33
CASH FLOWS FROM OPERATING ACTIVITIES:
Year Ended June 30,
1997 1996 1995
($ in thousands)
NET INCOME (LOSS) $(183,377) $23,355 $11,661
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization 105,591 52,768 26,628
Deferred taxes (3,573) 12,854 6,299
Amortization of loan costs 1,455 1,288 548
Amortization of bond discount 217 563 567
Bad debt expense 299 114 308
Gain on sale of fixed assets (1,593) (2,511) (108)
Impairment of oil and gas assets 236,000
Extraordinary loss 6,620
Equity in earnings of oil field service company (499) -
CHANGES IN ASSETS AND LIABILITIES:
(Increase) decrease in short-term investments (102,858) 622
(Increase) decrease in accounts receivable (19,987) (3,524) (22,510)
(Increase) decrease in inventory (1,467) 78 (1,203)
(Increase) decrease in other current assets 1,466 (1,525) 614
Increase (decrease) in accounts payable, accrued liabilities and other .48,085 25,834 19,387
Increase (decrease) in current and non-current revenues and royalties due
others (2,290) 11,056 12,540
Cash provided by operating activities 84,089 120,972 54,731
CASH FLOWS FROM INVESTING ACTIVITIES:
Exploration, development and acquisition of oil and gas properties (468,462) (342,045) (117,831)
Proceeds from sale of oil and gas equipment, leasehold and other 3,095 6,167 11,953
Other proceeds from sales 6,428 698 1,104
Long term loans made to third parties (20,000)
Investment in oil field service company (3,048)
Investment in gas marketing company, net of cash acquired (363)
Other investments (8,000)
Other property and equipment additions (33,867) (8,846) (7,929)
Cash used in investing activities (523,854) (344,389) (112,703)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Common Stock 288,091 99,498
Proceeds from long-term borrowings 342,626 166,667 128,834
Payments on long-term borrowings (119,581) (48,634) (32,370)
Cash received from exercise of stock options 1,387 1,989 818
Other financing (379)
Cash provided by financing activities 512,144 219,520 97,282
Net increase (decrease) in cash and cash equivalents 72,379 (3,897) 39,310
Cash and cash equivalents, beginning of period 51,638 55,535 16,225
Cash and cash equivalents, end of period $ 124,017 $51,638 $55,535
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
CASH PAYMENTS FOR:
Interest $25,854 $17,179 $6,488
Income taxes $$$