Chesapeake Energy 2000 Annual Report Download - page 52

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOUDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
-41-
REVENUES:
Years Ended December 31,
1998 1999 2000
in thousands, except per share data)
Oil and gas sales $256,887 $280,445 $ 470,170
Oil and gas marketing sales 121,059 74,501 157,782
Total Revenues 377,946 354,946 627,952
OPERATING COSTS:
Production expenses 51,202 46,298 50,085
Production taxes 8,295 13,264 24,840
General and administrative 19,918 13,477 13,177
Oil and gas marketing expenses 119,008 71,533 152,309
Oil and gas depreciation, depletion and amortization 146,644 95,044 101,291
Depreciation and amortization of other assets 8,076 7,810 7,481
Impairment of oil and gas properties 826,000
Impairment of other assets 55,000
Total Operating Costs 1,234,143 247,426 349,183
INCOME (LOSS) FROM OPERATIONS (856,197) 107,520 278,769
OThER INCOME (EXPENSE):
Interest and other income 3,926 8,562 3,649
Interest expense (68,249) (81,052) (86,256)
(64,323) (72,490) (82,607)
INCOME (LOSS) BEFORE INCOME TAXES AND EXTRAORDINARY ITEM (920,520) 35,030 196,162
PROVISION (BENEFIT) FOR INCOME TAXES 1,764 (259,408)
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (920,520) 33,266 455,570
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt, net of applicable income tax of $0 (13,334)
NET INCOME (LOSS) (933,854) 33,266 455,570
PREFERRED STOCK DIVIDENDS (12,077) (16,711) (8,484)
GAIN ON REDEMPTION OF PREFERRED STOCK 6,574
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $(945,931) $ 16,555 $ 453,660
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE - BASIC:
Income (loss) before extraordinary item $(9.83) $0.17 $3.52
Extraordinary item (0.14)
Net income (loss) $(9.97) $0.17 $3.52
EARNINGS (LOSS) PER COMMON SHARE-ASSUMNG DILUTION:
Income (loss) before extraordinary item $(9.83) $0.16 $3.01
Extraordinary item (0.14)
Net income (loss) $(9.97) $0.16 $3.01
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES
OUTSTANDING (in thousands):
Basic 94,911 97,077 128,993
Assuming dilution 94,911 102,038 151,564