Chesapeake Energy 1998 Annual Report Download - page 74

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CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
($ in thousands)
54
For the Year Ended June 30, 1997:
REVENUES:
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Company Eliminations Consolidated
Oil and gas sales $191,303 $$$1,617 $192,920
Oil and gas marketing sales -145,942 (69,770) 76,172
Total Revenues 191,303 145,942 (68,153) 269,092
OPERATING COSTS:
Production expenses and taxes 15,107 15,107
Oil and gas marketing expenses -143,293 (68,153) 75,140
Impairment of oil and gas properties 236,000 236,000
Oil and gas depreciation, depletion and amortization 103,264 -103,264
Other depreciation and amortization 2,152 80 1,550 3,782
General and administrative 6,313 921 1,568 8,802
Total Operating Costs 362,836 144,294 3,118 (68,153) 442,095
INCOME (LOSS) FROM OPERATIONS (171,533) 1,648 (3,1 18) (173,003)
OTHER INCOME (EXPENSE):
Interest and other income 778 749 49,224 (39,528) 11,223
Interest expense (37,644) (10) (20,424) 39,528 (18,550)
(36,866) 739 28,800 (7,327)
INCOME (LOSS) BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM (208,399) 2,387 25,682 (180,330)
INCOME TAX EXPENSE (BENEFIT) (4,129) 47 509 (3,573)
NET INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM (204,270) 2,340 25,173 (176,757)
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt, net of applicable
income tax (769) (5,851) (6,620)
NET INCOME (LOSS) $ (205,039) $2,340 $19,322 $$ (183,377)
For the Year Ended June 30, 1996:
REVENUES:
Oil and gas sales $103,712 $6,884 $$253 $110,849
Gas marketing sales 34,973 (6,545) 28,428
Oil and gas service operations 6,314 -6,314
Total Revenues 110,026 41,857 (6,292) 145,591
OPERATING COSTS:
Production expenses and taxes 7,557 746 8,303
Gas marketing expenses 33,744 (6,292) 27,452
Oil and gas service operations 4,895 4,895
Oil and gas depreciation, depletion and amortization 48,333 2,566 50,899
Other depreciation and amortization 1,924 73 1,160 3,157
General and administrative 3,683 496 649 4,828
Total Operating Costs 66,392 37,625 1,809 (6,292) 99,534
INCOME (LOSS) FROM OPERATIONS 43,634 4,232 (1,809) 46,057
OTHER INCOME (EXPENSE):
Interest and other income 1,917 238 1,676 3,831
Interestexpense (508) (711) (12,460) (13,679)
1,409 (473) (10,784) (9,848)
INCOME (LOSS) BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 45,043 3,759 (12,593) 36,209
INCOME TAX EXPENSE (BENEFIT) 15,990 1,335 (4,471) 12,854
NET INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM 29,053 2,424 (8,122) 23,355
EXTRAORDINARY ITEM
NET INCOME (LOSS) $29,053 $2,424 $(8,122) $$23,355