Chesapeake Energy 1998 Annual Report Download - page 60

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
40
The accompanying notes are an integral part of these consolidated financial statements.
December 31, June30
1998 1997 1997
($ in thousands)
CURRENT ASSETS:
Cash and cash equivalents $29,520 $123,860 $124,017
Restricted cash 5,754
Short-term investments 12,570 104,485
Accounts receivable:
Oil and gas sales 13,835 10,654 10,906
Oil and gas marketing sales 19,636 20,493 19,939
Joint interest and other, net of allowances of $3,209,000, $691,000
and $387,000, respectively 27,373 38,781 25,311
Related parties 15,455 4,246 7,401
Inventory 5,325 5,493 4,854
Other 1,101 1624 692
Total Current Assets 117,999 217,721 297,605
PROPERTY AND EQUIPMENT:
Oil and gas properties, at cost based on full-cost accounting:
Evaluated oil and gas properties 2,142,943 1,095,363 865,516
Unevaluated properties 52,687 125,155 128,505
Less: accumulated depreciation, depletion and
amortization (1,574,282) (602,391) (431,983)
621,348 618,127 562,038
Other property and equipment 79,718 67,633 50,379
Less: accumulated depreciation and amortization (37,075) (6,573) (5,051)
Total Property and Equipment 663,991 679,187 607,366
OThER ASSETS 30,625 55,876 44,097
TOTAL ASSETS $812,615 $952,784 $ .949,068
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Notes payable and current maturities of long-term debt $25,000 $$1,380
Accounts payable 36,854 81,775 86,817
Accrued liabilities and other 46,572 42,733 28,701
Revenues and royalties due others 22,858 28,972 29,428
Total Current Liabilities 131,284 153,480 146,326
LONG-TERM DEBT, NET 919,076 508,992 508,950
REVENUES AND ROYALTIES DUE OTHERS 10,823 10,106 .6,903
CONTINGENCIES AND COMMITMENTS (Note 4)
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred Stock, $01 par value, 10,000,000 shares
authorized; 4,600,000, 0 and 0 shares of 7% cumulative convertible
stock issued and outstanding at December 31, 1998 and 1997, and
June 30, 1997, respectively, entitled in liquidation to $230 million 230,000
Common Stock, par value of $01, 250,000,000 shares authorized;
105,213,750, 74,298,061 and 70,276,975 shares issued and outstanding
at December 31, 1998 and 1997, and June 30, 1997, respectively 1,052 743 703
Paid-in capital 682,263 460,770 432,991
Accumulated earnings (deficit) (1,127,195) (181,270) (146,805)
Accumulated other comprehensive income (loss) (4,726) (37)
Less: treasury stock, at cost; 8,503,300, 0 and 0 shares at
December 31, 1998 and 1997, and June 30, 1997, respectively (29,962)
Total Stockholders' Equity (Deficit) (248,568) 280,206 286,889
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $812,615 $952,784 $949,068