Chesapeake Energy 2000 Annual Report Download - page 37
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Year
Ended
June 30, Six Months Ended
December 31, Years Ended December 31,
1997 1996 1997 1997 1998 1999 2000
(unaudited) (unaudited)
($ in thousands, except per share data)
Statement of Operations Data:
Revenues:
Oil and gas sales $ 192,920 $90,167 $95,657 $ 198,410 $256,887 $ 280,445 $ 470,170
Oil and gas marketing sales 76,172 30,019 58,241 104,394 121,059 74,501 157,782
Total revenues 269,092 120,186 153,898 302,804 377,946 354,946 627,952
Operating costs:
Production expenses 11,445 4,268 7,560 14,737 51,202 46,298 50,085
Production taxes 3,662 1,606 2,534 4,590 8,295 13,264 24,840
General and administrative 8,802 3,739 5,847 10,910 19,918 13,477 13,177
Oil and gas marketing expenses 75,140 29,548 58,227 103,819 119,008 71,533 152,309
Oil and gas depreciation, depletion and amortization 103,264 36,243 60,408 127,429 146,644 95,044 101,291
Depreciation and amortization of other assets 3,782 1,836 2,414 4,360 8,076 7,810 7,481
Impairment of oil and gas properties 236,000 110,000 346,000 826,000
Impairment of other assets 55,000
Total operating costs 442,095 77,240 246,990 611,845 1,234,143 247,426 349,183
Income (loss) from operations (173,003) 42,946 (93,092) (309,041) (856,197) 107,520 278,769
Other income (expense):
Interest and other income 11,223 2,516 78,966 87,673 3,926 8,562 3,649
Interest expense (18,550) (6,216) (17,448) (29,782) (68,249) (81,052) (86,256)
Total other income (expense) (7,327) (3,700) 61,518 57,891 (64,323) (72,490) (82,607)
Income (loss) before income taxes and extraordinary
item (180,330) 39,246 (31,574) (251,150) (920,520) 35,030 196,162
Provision (benefit) for income taxes (3,573) 14,325 (17,898) 1,764 (259,408)
Income (loss) before extraordinary item (176,757) 24,921 (31,574) (233,252) (920,520) 33,266 455,570
Extraordinary item:
Loss on early extinguishment of debt, net of applicable
income taxes (6,620) (6,443) (177) (13,334)
Net income (loss) (183,377) 18,478 (31,574) (233,429) (933,854) 33,266 455,570
Preferred stock dividends (12,077) (16,711) (8,484)
Gain on redemption of preferred stock 6,574
Net income (loss) available to common shareholders . .$(183,377) $18,478 $ (31,574) $(233,429) $ (945,931) $ 16,555 $ 453,660
Earnings (loss) per common share basic:
Income (loss) before extraordinary item $(2.69) $0.40 $(0.45) $(3.30) $(9.83) $ 0.17 $3.52
Extraordinary item (0.10) (0.10) (0.14)
Net income (loss) $(2.79) $0.30 $(0.45) $(3.30) $(9.97) $ 0.17 $3.52
Earnings (loss) per common share - assuming dilution:
Income (loss) before extraordinary item $(2.69) $0.38 $(0.45) $(3.30) $(9.83) $ 0.16 $ 3.01
Extraordinary item (0.10) (0.10) (0.14)
Net income (loss) $(2.79) $0.28 $(0.45) $(3.30) $(9.97) $ 0.16 $ 3.01
Cash dividends declared per common share $0.02 $$0.04 $0.06 $0.04 $$
Cash Flow Data:
Cash provided by operating activities before changes in
working capital $ 161,140 $76,816 $67,872 $ 152,196 $117,500 $ 138,727 $ 305,804
Cash provided by operating activities 84,089 41,901 139,157 181,345 94,639 145,022 314,640
Cash used in investing activities 523,854 184,149 136,504 476,209 548,050 159,773 330,036
Cash provided by (used in) financing activities 512,144 231,349 (2,810) 277,985 363,797 18,967 (22,933)
Effect of exchange rate changes on cash (4,726) 4,922 (329)
Balance Sheet Data (at end of period):
Total assets $ 949,068 $860,597 $ 952,784 $ 952,784 $812,615 $ 850,533 $1,440,426
Long-term debt, net of current maturities 508,950 220,149 508,992 508,992 919,076 964,097 944,845
Stockholders' equity (deficit) 286,889 484,062 280,206 280,206 (248,568) (217,544) 313,232