Chesapeake Energy 2000 Annual Report Download - page 51

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CHESAPEAKE ENERGY CORPORATIONAND SUBSIDIARIES
CONSOUDATED BALANCE SHEETS
The accompanying notes are an integral part of these consolidated financial statements.
-40-
ASSETS
December 31,
1999 20(H)
($ in thousands)
CURRENT ASSETS:
Cash and cash equivalents $38,658 $
Restricted cash 192 3,500
Accounts receivable:
Oil and gas sales 17,045 50,109
Oil and gas marketing sales 18,199 46,953
Joint interest and other, net of allowances of $3,218,000 and $1,085,000, respectively 11,247 15,998
Related parties 4,574 4,383
Deferred income tax asset 40,819
Inventory 4,582 3,167
Other 3,049 1,997
Total Current Assets 97,546 166,926
PROPERTY AND EQUIPMENT:
Oil and gas properties, at cost based on full-cost accounting:
Evaluated oil and gas properties 2,315,348 2,590,512
Unevaluated properties 40,008 25,685
Less: accumulated depreciation, depletion and amortization (1,670,542) (1,770,827)
684,814 845,370
Other property and equipment 67,712 79,898
Less: accumulated depreciation and amortization (33,429) (37,034)
Total Property and Equipment 719,097 888,234
INVESTMENT IN GOTHIC ENERGY CORPORATION 10,000 126,434
DEFERRED INCOME TAX ASSET -229,823
OTHER ASSETS 23,890 29,009
TOTAL ASSETS $850,533 $ 1,440,426
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT UABIUTIES:
Notes payable and current maturities of long-term debt $763 $836
Accounts payable 24,822 62,940
Accrued property acquisitions 22,530
Accrued interest 17,807 17,537
Other accrued liabilities 16,906 21,637
Revenues and royalties due others 27,888 35,682
Income tax payable 1,539
Total Current Liabilities 88,186 162,701
LONG-TERM DEBT, NET 964,097 944,845
REVENUES AND ROYALTIES DUE OTHERS 9,310 7,798
DEFERRED INCOME TAX UABIIJTY 6,484 11,850
CONTINGENCIES AND COMMITMENTS (Note 4)
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred Stock, $01 par value, 10,000,000 shares authorized; 4,596,400 and 624,037 shares of 7% cumulative
convertible stock issued and outstanding at December 31, 1999 and 2000, respectively, entitled in liquidation to
$229.8 million and $31.2 million, respectively 229,820 31,202
Common Stock, par value of $01, 250,000,000 shares authorized; 105,858,580 and 157,819,171 shares issued at
December 31, 1999 and 2000, respectively 1,059 1,578
Paid-in capital 682,905 963,584
Accumulated deficit (1,093,929) (659,286)
Accumulated other comprehensive income (loss) 196 (3,901)
Less: treasury stock, at cost; 10,856,185 and 4,788,747 common shares at December 31, 1999 and 2000,
respectively (37,595) (19,945)
Total Stockholders' Equity (Deficit) (217,544) 313,232
TOTAL LIABIUTIES AND STOCKHOLDERS' EQUITY (DEFICIT) $850,533 $ 1,440,426