Chesapeake Energy 1999 Annual Report Download - page 43

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
-33-
REVENUES:
Years Ended
December 31, Six Months Ended
December 31,
1997
Year Ended
June 30,
1997
1999 1998
(S in thousands, except per share data)
Oil and gas sales $ 280,445 $ 256,887 $95,657 $192,920
Oil and gas marketing sales 74,501 121,059 58,241 76,172
Total Revenues 354,946 377.946 153,898 269,092
OPERATING COSTS:
Production expenses 46,298 51,202 7,560 11,445
Production taxes 13,264 8,295 2,534 3,662
General and administrative 13,477 19,918 5,847 8,802
Oil and gas marketing expenses 71,533 119,008 58,227 75,140
Oil and gas depreciation, depletion and amortization 95,044 146,644 60,408 103,264
Depreciation and amortization of other assets 7,810 8,076 2,414 3,782
Impairment of oil and gas properties 826,000 110,000 236,000
Impairment of other assets 55,000
Total Operating Costs 247.426 1.234,143 246,990 442,095
INCOME (LOSS) FROM OPERATIONS 107.520 (856,197) (93.092) (173.003)
OTHER INCOME (EXPENSE):
Interest and other income 8,562 3,926 78,966 11,223
Interest expense (81.052) (68.249) (17,448) (18,550)
(72.490) (64,323) 61,518 (7.327)
INCOME (LOSS) BEFORE INCOME TAXES AND EXTRAORDINARY
ITEM 35,030 (920,520) (31,574) (180,330)
PROVISION (BENEFIT) FOR INCOME TAXES 1,764 -(3.573)
INCOME (LOSS) BEFORE EXTRAORDINARY ITEM 33,266 (920,520) (31,574) (176,757)
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt,
net of applicable income tax of $0 and $3,804,000, respectively (13,334) (6.620)
NET INCOME (LOSS) 33,266 (933,854) (31,574) (183,377)
PREFERRED STOCK DIVIDENDS (16.711) (12.077)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $16555 $ (945 931) $(31 574) $(183.377)
EARNINGS (LOSS) PER COMMON SHARE:
EARNINGS (LOSS) PER COMMON SHARE-BASIC:
Income (loss) before extraordinary item $0.17 $(9.83) $(0.45) $(2.69)
Extraordinary item -(0.14) (0.10)
Net income (loss) $0.17 $99i) $(0.45) 8(229)
EARNINGS (LOSS) PER COMMON SHARE-ASSUMING DILUTION:
Income (loss) before extraordinary item $0.16 $(9.83) $(0.45) $(2.69)
Extraordinary item -(0.14) (0.10)
Net income (loss) .8 016 S(99i) $(fl45) $(2.79)
WEIGHTED AVERAGE COMMON AND COMMON EQUiVALENT
SHARES OUTSTANDING (in 000s):
Basic 97.077 94,911 __29835 65,767
Assuming dilution 102 038 94.911 70 835 652.67