Chesapeake Energy 1998 Annual Report Download - page 42

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22
Year Ended
December 31, Six Months Ended
December 31. Year Ended June 30.
1998 1997 1997 1996 1997 1996 1995 1994
($ in thousands, except per share data)
Statement of Operations Data:
Revenues:
Oil and gas sales $ 256,887 $ 198,410 $ 95,657 $90,167 $ 192,920 $110,849 $ 56,983 $ 22,404
Oil and gas marketing sales 121,059 104,394 58,241 30,019 76,172 28,428
Oil and gas service operations -6,314 8,836 6,439
Total revenues 377,946 302,804 153,898 120,186 269,092 145,591 65.819 28,843
Operating costs:
Production expenses 51,202 14,737 7,560 4,268 11,445 6,340 3,379 2,141
Production taxes 8,295 4,590 2,534 1,606 3,662 1,963 877 1,506
Oil and gas marketing expenses 119,008 103,819 58,227 29,548 75,140 27,452 --
Oil and gas service operations 4,895 7,747 5,199
Impairment of oil and gas properties 826,00.0 346,000 110,000 236,000
Impairment of other assets 55,000 -
Oil and gas depreciation,
depletion and amortization 146,644 127,429 60,408 36,243 103,264 50,899 25,410 8,141
Depreciation and amortization of
other assets 8,076 4,360 2,414 1,836 3,782 3,157 1,765 1,871
General and administrative 19,918 10,910 5,847 3,739 8,802 4,828 3,578 3,135
Total operating costs 1,234,143 611,845 246,990 77,240 442,095 99,534 42,756 21,993
Income (loss) from operations (856,197) (309,041) (93,092) 42,946 (173,003) 46,057 23,063 6.850
Other income (expense)
Interest and other income 3,926 87,673 78,966 2,516 11,223 3,831 1,524 981
Interest expense (68,249) (29,782) (17,448) (6,216) (18,550) (13,679) (6,627) (2,676)
(64,323) 57,891 61,518 (3,700) (7,327) (9,848) (5,103) (1,695)
Income (loss) before income taxes
and extraordinary item (920,520) (251,150) (31,574) 39,246 (180,330) 36,209 17,960 5,155
Provision (benefit) for income taxes -(17,898) 14,325 (3,573) 12,854 1,250
Income (loss) before extraordinary item (920,520) (233,252) (31,574) 24,921 (176,757) 23,355 11,66 1 3,905
Extraordinary item:
Loss on early extinguishment of
debt, net of applicable income taxes (13,334) (177) (6,443) (6,620)
Net income (loss) (933,854) (233,429) (31,574) 18,478 (183,377) 23,355 11,661 3,905
Preferred stock dividends (12,077)
Net income (loss) available to
common shareholders $(945,931) $(233,429) $(31,574) $ 18,478 $(183,377) $ 23,355 $11,661 $.3,905
Earnings (loss) per common share
basic:
Income (loss) before extraordinary
item $(9.83) $(3.30) $(0.45) $0.40 $(2.69) $0.43 $0.22 $0.08
xtraordinary item (0.14) $(0.10) (0.10)
Net income (loss) $(9.97) $(3.30) $(0.45) $0.30 $(2.79) $0.43 $0.22 $0.08
Earnings (loss) per common share -
assuming dilution:
Income (loss) before extraordinary item $(9.83) $(3.30) $(0.45) $0.38 $(2.69) $0.40 $0.21 $0.08
Extraordinary item (0.14) (0.10) (0.10)
Net income (loss) $(9.97) $(3.30) $(0.45) $0.28 $(2.79) $0.40 $0.21 $0.08
Cash dividends declared
per common share 0.04 $0.06 $0.04 $$0.02 $$$
Cash Flow Data:
Cash provided by operating
activities before changes in
working capital $ 117,500 $152,196 $ 67,872 $ 76,816 $161,140 $ 88,431 $ 45,903 $ 15,527
Cash provided by
operating activities 94,639 181,345 139,157 41,901 84,089 120,972 54,731 19,423
Cash used in investing activities 548,050 476,209 136,504 184,149 523,854 344,389 112,703 29,211
Cash provided by (used in)
financing activities 363,797 277,985 (2,810) 231,349 512,144 219,520 97,282 21,162
Effect of exchange rate
changes on cash (4,726)
Balance Sheet Data (at end of period):
Total assets $ 812,615 $952,784 $952,784 $860,597 $949,068 $572,335 $276,693 $125,690
Long-term debt, net of current
maturities 919,076 508,992 508,992 220,149 508,950 268,431 145,754 47,878
Stockholders equity (deficit) (248,568) 280,206 280,206 484,062 286,889 177,767 44,975 31,260