Chesapeake Energy 1998 Annual Report Download - page 63

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
The Company had a financing arrangement with a vendor to supply certain oil and gas equipment inventory,
which was terminated during the Transition Period. The total amounts owed at June 30, 1997 and 1996 were
$1,380,000 and $3,156,000, respectively. No cash consideration is exchanged for inventory under this fmancing
arrangement until actual draws on the inventory are made.
In fiscal 1997 and 1996, the Company recognized income tax benefits of $4,808,000 and $7,950,000,
respectively, related to the disposition of stock options by directors and employees of the Company. The tax
benefits were recorded as an adjustment to deferred income taxes and paid-in capital.
Proceeds from the issuance of $500 million of 9.625% senior notes in April 1998, $300 million of senior notes
($150 million of 7.875% senior notes and $150 million of 8.5% senior notes) in March 1997, and $120 million of
9.125% senior notes in April 1996 are net of $11.7 million, $6.4 million and $3.9 million, respectively, in offering
fees and expenses which were deducted from the actual cash received.
On December 22, 1997, the Company declared a dividend of $0.02 per common share, or $1,486,000, which
was paid on January 15, 1998. On June 13, 1997 the Company declared a dividend of $0.02 per common share, or
$1,405,000, which was paid on July 15, 1997.
The accompany notes are an integral part of these consolidated financial statements.
43
Year Ended
December 31,
1998
Six Months Ended
December 31, Year Ended June 30.
1997 1997 1996
(5 in thousands)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
CASH PAYMENTS FOR:
Interest, net of capitalized interest $59,881 $17,367 $12,919 $10,751
Income taxes S$500 $$
DETAILS OF ACQUISITION OF ANSON PRODUCTION
CORPORATION:
Fair value of assets acquired $$43,000 $$
Accrued liability for estimated cash consideration $$(15,500) S$
Stock issued (3,792,724 shares) $$(27,500) $$
DETAILS OF ACQUISITION OF DLB OIL & GAS, INC.:
Fair value of assets acquired $136,500 $$$
Cash consideration $(17,500) $$$
Stock issued (5,000,000shares) $(30,000) 5 $ $
Debt assumed 5(85,000) $$$
Acquisition costs paid $(4,000) $$$
DETAILS OF ACQUISITION OF HUGOTON ENERGY CORPORATION:
Fair value of assets acquired $343,371 $ $ $
Stock options granted $(2,050) $SS
Stock issued (25,790,146 shares) $(206,321) $$$
Debt assumed $(120,000) $$$
Acquisition costs paid $(15,000) $$$