Chesapeake Energy 2000 Annual Report Download - page 53

Download and view the complete annual report

Please find page 53 of the 2000 Chesapeake Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 122

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
The accompanying notes are an integral part of these consolidated financial statements.
-42-
Years Ended December 31,
1998 1999 2000
(S in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $(933,854) $ 33,266 $ 455,570
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY
OPERATING ACTIVITIES:
Depreciation, depletion and amortization 152,204 99,516 105,103
Provision (benefit) for deferred income taxes -1,764 (259,408)
Impairment of oil and gas assets 826,000 -
Impairment of other assets 55,000
Amortization of loan costs 2,516 3,338 3,669
Amortization of bond discount 98 84 84
Bad debt expense 1,589 9256
Gain (loss) on sale of fixed assets (90) (459) 8
Extraordinary loss 13,334
Equity in (earnings) losses from investments 703 1,209 131
Other 391
Cash provided by operating activities before changes in current assets and liabilities 117,500 138,727 305,804
CHANGES IN ASSETS AND UABILITIES:
(Increase) decrease in short-term investments 12,027
(Increase) decrease in accounts receivable 12,191 17,592 (66,706)
(Increase) decrease in inventory 168 743 1,415
(Increase) decrease in other current assets 7,637 3,614 2,884
Increase (decrease) in accounts payable, accrued liabilities and other (46,785) (23,891) 64,955
Increase (decrease) in current and non-current revenues and royalties due others (8,099) 3,517 6,282
Increase (decrease) in deferred income taxes -4,720 6
Changes in assets and liabilities (22,861) 6,295 8,836
Cash provided by operating activities 94,639 145,022 314,640
CASH FLOWS FROM INVESTING ACTIVITIES:
Exploration and development of oil and gas properties (259,710) (153,268) (188,778)
Acquisitions of oil and gas companies, proved properties and unproved properties, net of cash
acquired (279,924) (49,893) (78,910)
Divestitures of oil and gas properties 15,712 45,635 1,529
Investment in preferred stock of Gothic Energy Corporation (39,500)
Investment in Gothic (notes and other costs) --(36,693)
Repayment of note receivable 2,000 -
Proceeds from sale of investment in PanEast 21,245
Other proceeds from sales 3,600 5,530 1,069
Increase in deferred charges (5,865) (4,807)
Other investments -(730) (10,019)
Other property and equipment additions (11,473) (1,182) (13,427)
Cash used in investing activities (548,050) (159,773) (330,036)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings 658,750 116,500 244,000
Payments on long-term borrowings (474,166) (98,000) (262,500)
Dividends paid on common stock (5,592)
Dividends paid on preferred stock (8,050) (4,645)
Proceeds from issuance of preferred stock 222,663
Purchase of treasury stock and preferred stock (29,962) (53)
Cash paid in connection with issuance of common stock for preferred stock (8,269)
Cash received from previous Gothic noteholders in settlement of make-whole provision -7,083
Cash received from exercise of stock options 154 520 1,398
Cash provided by (used in) financing activities 363,797 18,967 (22,933)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (4,726) 4,922 (329)
Net increase (decrease) in cash and cash equivalents (94,340) 9,138 (38,658)
Cash and cash equivalents, beginning of period 123,860 29,520 38,658
Cash and cash equivalents, end of period $29,520 $38,658 $