Chesapeake Energy 1998 Annual Report Download - page 96

Download and view the complete annual report

Please find page 96 of the 1998 Chesapeake Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 105

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105

30.8 million shares of Company common stock, the assumption of $205 million of debt, and the incurrence of
approximately $20 million of other acquisition related costs.
In March 1998, the Company acquired Hugoton Energy Corporation ("Hugoton") pursuant to a merger by
issuing 25 8 million shares of the Company's common stock in exchange for 100% of Hugoton's common stock.
The acquisition of Hugoton was accounted for using the purchase method as of March 1, 1998, and the results of
operations of Hugoton have been included since that date.
The following unaudited pro forma information has been prepared assuming Hugoton had been acquired as of
the beginning of the periods presented. The pro forma information is presented for informational purposes only and
is not necessarily indicative of what would have occurred if the acquisition had been made as of those dates. In
addition, the pro forma information is not intended to be a projection of future results and does not reflect the
efficiencies expected to result from the integration of Hugoton.
Pro Forma Information (Unaudited)
The Company acquired other businesses and oil and gas properties during the twelve months ended December
31, 1998. The results of operations of each of these businesses and properties, taken individually, were not material
in relation to the Company's consolidated results of operations.
76
Year Ended December 31,
1998 1997
(S in thousands, except per share data)
Revenues $ 387,638 $ 379,546
Loss before extraordinary item (921,969) (215,350)
Net loss (935,303) (215,527)
Loss before extraordinary item per common share (9.41) (2.23)
Net loss per common share (9.55) (2.23)