Chesapeake Energy 1999 Annual Report Download - page 70

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Year Ended June 30, 1997
Results of Operations from Oil and Gas Producing Activities (unaudited)
The Company's results of operations from oil and gas producing activities are presented below for 1999, 1998,
the Transition Period and fiscal 1997. The following table includes revenues and expenses associated directly with
the Company's oil and gas producing activities. It does not include any allocation of the Company's interest costs
and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of the Company's
oil and gas operations.
-60-
(a) The imputed income tax provision is hypothetical (at the statutory rate) and determined without regard to the Company's deduction for
general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax benefits
will be realized.
Year Ended December 31, 1999
U.S. Canada Combined
(S in thousands)
Oil and gas sales $266,468 $13,977 $ 280,445
Production expenses (44,165) (2,133) (46,298)
Production taxes (13,264) (13.264)
Depletion and depreciation (88,901) (6,143) (95,044)
Imputed income tax (provision) benefit (a) (45,052) (2,565) (47,617)
Results of operations from oil and gas producing activities $75.086 $3.13.6 $78222
Year Ended December 31, 1998
U.S. Canada Combined
(S in thousands)
Oil and gas sales $248,909 $7,978 $ 256,887
Production expenses
Production taxes
Impairment of oil and gas properties
(49,368)
(8,295)
(810,610)
(1,834)
(15,390)
(51,202)
(8,295)
(826,000)
Depletion and depreciation (143,283) (3,361) (146,644)
Imputed income tax (provision) benefit (a) 285.981 5,673 291 654
Results of operations from oil and gas producing activities $(476.666) 5(6.934) $ (483600)
Six Months Ended December 31, 1997
U.S. Canada Combined
(S in thousands)
Oil and gas sales $95,657 $$95,657
Production expenses (7,560) (7,560)
Production taxes (2,534) (2,534)
Impairment of oil and gas properties (110,000) (110,000)
Depletion and depreciation (60,408) (60,408)
Imputed income tax (provision) benefit (a) 31.817 31.817
Results of operations from oil and gas producing activities 5(53.028) $$(53.028)
Year Ended June 30, 1997
U.S. Canada Combined
(S in thousands)
Oil and gas sales $192,920 $$ 192,920
Production expenses (11,445) (11,445)
Production taxes (3,662) (3,662)
Impairment of oil and gas properties (236,000) (236,000)
Depletion and depreciation (103,264) (103,264)
Imputed income tax (provision) benefit (a) 60,544 60,544
Results of operations from oil and gas producing activities $(100.907) 5$ (100.907)
U.S. Canada Combined
(S in thousands)
Development and leasehold costs $324,989 $$ 324,989
Exploration costs 136,473 136,473
Capitalized internal costs 3,905 3.905
Total $465.367 $5 465.367