Chesapeake Energy 1998 Annual Report Download - page 61

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated Imancial statements.
41
REVENUES:
Year Ended
December 31,
1998
Six Months Ended
December 31,
1997 Year Ended June 30,
1997 1996
($ in thousands, except per share data)
Oil and gas sales $256,887 $95,657 $192,920 $ 110,849
Oil and gas marketing sales 121,059 58,241 76,172 28,428
Oil and gas service operations - - 6,314
Total Revenues 377,946 153,898 269,092 145,591
OPERATING COSTS:
Production expenses 51,202 7,560 11,445 6,340
Production taxes 8,295 2,534 3,662 1,963
Oil and gas marketing expenses 119,008 58,227 75,140 27,452
Oil and gas service operations --4,895
Impairment of oil and gas properties 826,000 110,000 236,000 -
Impairment of other assets 55,000
Oil and gas depreciation, depletion and amortization 146,644 60,408 103,264 50,899
Depreciation and amortization of other assets 8,076 2,414 3,782 3,157
General and administrative 19,918 5,847 8,802 4,828
Total Operating Costs 1,234,143 246,990 442,095 99,534
INCOME (LOSS) FROM OPERATIONS (856,197) (93,092) (173,003) 46,057
OTHER INCOME (EXPENSE):
Interest and other income 3,926 78,966 11,223 3,831
Interest expense (68,249) (17,448) (18,550) (13,679)
(64,323) 61,518 (7,327) (9,848)
INCOME (LOSS) BEFORE INCOME TAXES AND EXTRAORDINARY
ITEM (920,520) (31,574) (180,330) 36,209
PROVISION (BENEFIT) FOR INCOME TAXES -(3,573) 12,854
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (920,520) (31,574) (176,757) 23,355
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt,
net of applicable income tax of $0 and $3,804,000, respectively (13,334) (6,620)
NET INCOME (LOSS) (933,854) (31,574) (183,377) 23,355
PREFERRED STOCK DIVIDENDS (12,077)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $(945,931) $(31,574) $ (183,377) $23,355
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE-BASIC:
Income (loss) before extraordinary item $(9.83) $(0.45) $(2.69) $0.43
Extraordinary item (0.14) -(0.10)
Net income (loss) $(9.97) $(0.45) $(2.79) $0.43
EARNINGS (LOSS) PER COMMON SHARE-ASSUMING DILUTION:
Income (loss) before extraordinary item $(9.83) $(0.45) $(2.69) $0.40
Extraordinary item (0.14) -(0.10)
Net income (loss) $(9.97) $(0.45) $(2.79) $0.40
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING (in 000's):
Basic 94,911 70,835 65,767 54,564
Assuming Dilution 94,911 70,835 65,767 58,342