Chesapeake Energy 1997 Annual Report Download - page 60

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
($ in thousands)
43
For the Year Ended June 30, 1997:
REVENUES:
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Company
(Parent) Eliminations Consolidated
Oil and gas sales $ 191,303 $$$1,617 $ 192,920
Oil and gas marketing sales 145,942 (69,770) 76,172
Interest and other 778 749 49,224 (39,528) 11,223
Total Revenues 192,081 146,691 49,224 (107,681) 280,315
COSTS AND EXPENSES:
Production expenses and taxes 15,107 15,107
Oil and gas marketing expenses 143,293 (68,153) 75,140
Impairment of oil and gas properties 236,000 --236,000
Oil and gas depreciation, depletion and amortization 103,264 --103,264
Other depreciation and amortization 2,152 80 1,550 3,782
General and administrative 6,313 921 1,568 8,802
Interest 37,644 10 20,424 (39,528) 18,550
Total Costs & Expenses 400,480 144,304 23,542 (107,681) 460,645
INCOME (LOSS) BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM (208,399) 2,387 25,682 (180,330)
INCOME TAX EXPENSE (BENEFIT) (4,129) 47 509 (3,573)
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (204,270) 2,340 25,173 (176,757)
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt, net of applicable income tax (769) (5,851) (6,620)
NET INCOME (LOSS) $(205,039) $2,340 $ 19,322 $$(183,377)
For the Year Ended June 30, 1996:
REVENUES:
Oil and gas sales $ 103,712 $6,884 $$253 $ 110,849
Gas marketing sales 34,973 (6,545) 28,428
Oil and gas service operations 6,314 -6,314
Interest and other 1,917 238 1,676 3,831
111,943 42,095 1,676 (6,292) 149,422
COSTS AND EXPENSES:
Production expenses and taxes 7,557 746 -8,303
Gas marketing expenses -33,744 (6,292) 27,452
Oil and gas service operations 4,895 4,895
Oil and gas depreciation, depletion and amortization 48,333 2,566 50,899
Other depreciation and amortization 1,924 73 1,160 3,157
General and administrative 3,683 496 649 4,828
Interest and other 508 711 12,460 13,679
66,900 38,336 14,269 (6,292) 113,213
Income (loss) before income taxes 45,043 3,759 (12,593) 36,209
Income tax expense (benefit) 15,990 1,335 (4,471) -12,854
Net income (loss) $29,053 $2,424 $ (8,122) $$23,355
For the Year Ended June 30, 1995:
REVENUES:
Oil and gas sales $55,417 $1,566 $$$56,983
Oil and gas service operations 8,836 8,836
Interest and other 1,394 130 1,524
65,647 1,566 130 67,343
COSTS AND EXPENSES:
Production expenses and taxes 4,045 211 4,256
Oil and gas service operations 7,747 7,747
Oil and gas depreciation, depletion and amortization 24,775 635 25,410
Other depreciation and amortization 1,245 5515 1,765
General and administrative 2,620 58 900 3,578
Interest and other 570 184 5,873 6,627
41,002 1,093 7,288 49,383
Income (loss) before income taxes 24,645 473 (7,15 8) 17,960
Income tax expense (benefit) 8,639 165 (2,505) 6,299
Net Income (loss) $16,006 $308 $ (4,653) $$11,661