Chesapeake Energy 1996 Annual Report Download - page 41

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CHESAPEAKE ENERGY CORI'ORATION
The accompanying notes are an integral parc of these consolidatedfinancial statements.
FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS
June 30, 1996 1995
A s s e t s ($ in thousands)
Current Assets:
Cash and cash equivalents $51,638 $55,535
Accounts receivable:
Oil and gas sales 12,687 10,644
Gas marketing sales 6,982
Joint interest and other, net of allowances of $340,000 and $452,000, respectively 27,661 26,317
Related parties 2,884 4,386
Inventory 5,163 8,926
Other 2,158 633
Total Current Assets 109,173 106,441
Property and Equipment:
Oil and gas properties, at cost based on full cost accounting:
Evaluated oil and gas properties 363,213 165,302
Unevaluated properties 165,441 27,474
Less: accumulated depreciation, depletion and amortization (92,720) (41,821)
435,934 150,955
Other property and equipment 18,162 16,966
Less: accumulated depreciation and amortization (2,922) (4,120)
Total Property and Equipment 451,174 163,801
Other Assets 11,988 6,451
Total Assets $572,335 $ 276,693
Liabilities and Stockholders' Equity
Current Liabilities:
Notes payable and current maturities of long-term debt $6,755 $9,993
Accounts payable 54,514 33,438
Accrued liabilities and other 14,062 7,688
Revenues and royalties due others 33,503 23,786
Total Current Liabilities 108,834 74,905
Long-term debt, net 268,431 145,754
Revenues and royalties due others 5,118 3,779
Deferred income taxes 12,185 7,280
Contingencies and commitments (Note 4)
Stockholders' equity:
Preferred Stock, $.0l par value, 2,000,000 shares authorized;
zero shares issued and outstanding
Common Stock, 45,000,000 shares authorized; $.10 par value at June 30, 1996,
$.0022 par value at June 30, 1995; 30,079,913 and 26,311,248 shares issued
and outstanding at June 30, 1996 and 1995, respectively 3,008 58
Paid-in capital 136,782 30,295
Accumulated earnings 37,977 14,622
Total Stockholders' Equity 177,767 44,975
Total Liabilities and Stockholders' Equity $572,335 $ 276,693