Chesapeake Energy 2000 Annual Report Download - page 98

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GOTHIC ENERGY CORPORATION AND SUBSIDIARY
CONSOUDATED STATEMENT OF CASH FLOWS
See accompanying notes to consolidated financial statements.
-87-
CASH FLOWS FROM OPERATING ACTIVITIES:
Years Ended December 31,
1998 1999 2000
($ in thousands)
Net income (loss) $(129,689) $(17,309) $6,082
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH PROVIDED BY OPERATING
ACTIVITIES:
Depreciation, depletion and amortization 24,001 20,969 22,621
Amortization of discount and loan costs 1,994 1,769 1,828
Provision for impairment of natural gas and oil properties 76,000
Accretion of interest on discount notes 6,023 9,678 10,819
Loss on early extinguishment of debt 31,459 -
Other -179
CHANGES IN ASSETS AND UABIIJTIES:
Increase in accounts receivable (4,009) (949) (11,797)
(Increase) decrease in other current assets (143) (403) 432
Increase (decrease) in accounts and revenues payable 5,605 1,438 (4,125)
Increase (decrease) iii gas imbalance and other liabilities 65 (2,532) (813)
Increase (decrease) in accrued liabilities 411 639 (593)
(Increase) decrease in other assets (150) 228 202
NET CASH PROVIDED BY OPERATING ACTIVITIES 11,567 13,707 24,656
NET CASH USED BY INVESTING ACTIVITIES:
Collection of note receivable from officer and director 167
Purchase of available-for-sale investments (462)
Proceeds from sale of investments 1,359
Proceeds from sale of property and equipment 44,678 2,228 1,877
Purchase of property and equipment (218,738) (3,413) (939)
Property development costs (18,379) (21,056) (19,066)
NET CASH USED BY INVESTING ACTIVITIES (191,375) (22,241) (18,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term borrowings 60,000
Payments of short-term borrowings (60,000)
Proceeds from long-term borrowings 431,290 31,000 13,473
Payments of long-term borrowings (259,884) (22,000) (22,473)
Redemption of preferred stock, net (40,809)
Proceeds from sale of preferred stock, net 73,475
Proceeds from exercise of stock options -1,739
Proceeds from exercise of stock warrants 150
Payment of loan and offering fees (38,535) (172)
Other (162)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 165,375 8,828 (7,111)
NET CHANGE IN CASH AND CASH EQUIVALENTS (14,433) 294 (583)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 16,722 2,289 2,583
CASH AND CASH EQUIVALENTS, END OF PERIOD $2,289 $2,583 $2,000
SUPPLEMENTAL DISCLOSURE OF INTEREST PAID $23,063 $ 26,541 $ 27,104