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CHESAPEAKE ENERGY CORPORATION
LJ E
The principal sources of change in the standardized measure of discounted future net cash flows are as follows:
12. QUARTERLY FINANCIAL DATA (unaudited)
Summarized unaudired quarterly financial data for fiscal 1996 and 1995 are as follows ($ in thousands except per
share data):
(a) Total revenue excluding interest and other income, less total costs and expenses excluding interest and other
expense.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
june 30, 1996 1995 1994
($ in thousands)
Standardized measure, beginning of year $159,011 $118,608 $119,744
Sales of oil and gas produced, net of production costs (102,546) (52,727) (18,757)
Net changes in prices and production costs 87,736 (25,574) (10,795)
Extensions and discoveries, net of production
and development costs 292,255 93,969 99,175
Changes in future development costs (11,201) 3,406 (2,855)
Development costs incurred during the period that reduced
future development costs 43,409 23,678 9,855
Revisions of previous quantity estimates (10,505) (11,204) (13,107)
Purchase of undeveloped reserves-in-place 29,641 -
Sales of reserves in-place (66,372)
Accretion of discount 18,814 14,126 14,166
Net change in income taxes (67,705) (6,486) (720)
Changes in production rates and other 11,279 1,215 (11,726)
Standardized measure, end ofyear $450,188 $159,011 $118,608
Quarter Ended
September 30,
1995
December 31, March 31,
1995 1996
june30,
1996
Net sales $ 21,988 $ 31,766 $ 44,145 $ 47,692
Gross profit (a) 6,368 11,368 14,741 13,580
Net income 2,915 5,459 7,623 7,358
Net income per share:
Primary .10 .19 .26 .23
Fully-diluted .10 .19 .26 .23
Quarter Ended
September 30,
1994
December31, March 31,
1994 1995
june 30,
1995
Net sales $13,042 $14,186 $15,788 $ 22,803
Gross profit (a) 4,559 5,805 4,997 7,702
Net income 2,336 3,248 2,305 3,772
Net income per share:
Primary .09 .12 .08 .13
Fully-diluted .09 .12 .08 .13