Chesapeake Energy 1999 Annual Report Download - page 32

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-22-
Years Ended
December 31, Six Months Ended
December 31. Years Ended
June 30,
1999 1998 1997 1997 1996 1997 1996
(unaudited) (unaudited)
(S in thousands, except per share data)
Statement of Operations Data:
Revenues:
Oil and gas sales $ 280,445 $ 256,887 $ 198,410 $ 95,657 $ 90,167 $ 192,920 $ 110,849
Oil and gas marketing sales 74,501 121,059 104,394 58,241 30,019 76,172 28,428
Oil and gas service operations ---6 314
Total revenues 354,946 377,946 302,804 153,898 120,186 269,092 145.591
Operating costs:
Production expenses 46,298 51,202 14,737 7,560 4,268 11,445 6,340
Production taxes 13,264 8,295 4,590 2,534 1,606 3,662 1,963
General and administrative 13,477 19,918 10,910 5,847 3,739 8,802 4,828
Oil and gas marketing expenses 71,533 119,008 103,819 58,227 29,548 75,140 27,452
Oil and gas service operations -4,895
Oil and gas depreciation,
depletion and amortization 95,044 146,644 127,429 60,408 36,243 103,264 50,899
Depreciation and amortization of
other assets 7,810 8,076 4,360 2,414 1,836 3,782 3,157
Impairment of oil and gas properties 826,000 346,000 110,000 236,000 -
Impairment of other assets 55,000 - - -
Total operating costs 247.426 1.234.143 611.845 246 990 _jj,4Q 442.095 99.534
Income (loss) from operations 107.520 (856.197) (309.041) (93,092) 42,946 (173 003) 46,057
Other income (expense):
Interestandotherincome 8,562 3,926 87,673 78,966 2,516 11,223 3,831
Interest expense (81.052) (68.249) (29,782) (17,448) (6.216) (18 550) (13.679)
(72,490) (64,323) 57.891 61,518 (3,700) (7327) (9,848)
Income (loss) before income taxes
and extraordinary item 35,030 (920,520) (251,150) (31,574) 39,246 (180,330) 36,209
Provision (benefit) for income taxes 1,764 (17.898) 14.325 (3,573) 12 854
Income (loss) before extraordinary item 33,266 (920,520) (233,252) (31,574) 24,921 (176,757) 23,355
Extraordinary item:
Loss on early extinguishment of
debt, net of applicable income taxes (13.334) (177) (6,443) (6.620)
Net income (loss) 33,266 (933,854) (233,429) (31,574) 18,478 (183,377) 23,355
Preferredstockdividends (16,711) (12,077)
Net income (loss) available to
common shareholders 516.555 1(945.931) 5(233.429) S(31,574) $ 18.478 J33i7) $ 23,5j
Earnings (loss) per common share
basic:
Income (loss) before extraordinary
item $0.17 $(9.83) $(3.30) $(0.45) $0.40 $(2.69) $0.43
Extraordinary item -(0.14) --(0.10) (0.10)
Netincome(loss) 50.17 $(9.97) $(330) $(0.45) $0.30 $(2.79) $0.43
Earnings (loss) per common share -
assuming dilution:
Income (loss) before extraordinary item $0.16 $(9.83) $(3.30) $(0.45) $0.38 $(2.69) $0.40
Extraordinary item (0.14) -(0.10) (0.10) -
Net income (loss) S0.16 $(9.97) $(3.30) $_JO.4.) S0.28 $(2.79) $0.40
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 $ 138,727 $ 117,500 $ 152,196 $ 67,872 $ 76,816 $161,140 $ 88,431
Cash provided by
operating activities 145,022 94,639 181,345 139,157 41,901 84,089 120,972
Cash used in investing activities 159,773 548,050 476,209 136,504 184,149 523,854 344,389
Cash provided by (used in)
financing activities 18,967 363,797 277,985 (2,810) 231,349 512,144 219,520
Effect of exchange rate
changes on cash 4,922 (4,726)
Balance Sheet Data (at end of period):
Total assets $ 850,533 $ 812,615 $ 952,784 $952,784 $860,597 $949,068 $572,335
Long-term debt, net of current
maturities 964,097 919,076 508,992 508,992 220,149 508,950 268,431
Stockholders' equity (deficit) (217,544) (248,568) 280,206 280,206 484,062 286,889 177,767