Chesapeake Energy 1993 Annual Report Download - page 22

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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors, and Stockholders
of Chesapeake Energy Corporation
In our opinion; the consolidated financial statements listed jn the accompanying index present fairly,
in all material respects, the financial position of Chesapeake Energy Corporation and its subsidiaries (the
Company ) at June 30 1993 and 1992 and the results of their operations and their cash flows for each of
the three years in the period ended June 30 1993 in conformity with generally accepted accounting
principles These financial statements are the responsibility of the Company s management our responsi
bility is to express an opinion on these financial statements based on our audits We conducted our audits
of these statements in accordance with generally accepted auditing standards shich require that we plan
and perform the audits to obtain reasonable assurance about whether the financial statements are free of
material misstatement An audit includes examining on a test basis evidence supporting the amounts and
disclosures in the financial statements assessing the accounting principles used and significant estimates
made by management and evaluating the overall financial statement presentation We believe that our
audits provide a reasonable basis for the opinion expressed above
As discussed inNote 2 to the financial statements, the Company changed its method of accounting for
its investment in oil and gas properties in fiscal 1993
PRICE WATERHOUSE
Oklahoma City, Oklahoma
September 24, 1993
12