Chesapeake Energy 2012 Annual Report Download - page 173
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
163
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2011
($ in millions)
Parent(a)
Guarantor
Subsidiaries(a)
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CURRENT ASSETS:
Cash and cash equivalents ............... $—$2$ 349 $ — $ 351
Restricted cash ................................. ——44— 44
Other ................................................. 1 2,647 344 (210) 2,782
Total Current Assets.................. 1 2,649 737 (210) 3,177
PROPERTY AND EQUIPMENT:
Natural gas and oil properties, at
cost, based on full cost
accounting, net............................... — 29,284 2,017 (101) 31,200
Other property and equipment, net ... — 2,828 2,732 — 5,560
Total Property and Equipment,
Net ......................................... — 32,112 4,749 (101) 36,760
LONG-TERM ASSETS:
Other assets ...................................... 162 865 1,248 (377) 1,898
Investments in subsidiaries and
intercompany advances ................. 3,553 1,764 — (5,317) —
TOTAL ASSETS $3,716 $37,390 $ 6,734 $ (6,005) $ 41,835
CURRENT LIABILITIES:
Current liabilities................................ $ 288 $ 6,431 $ 497 $ (134) $ 7,082
Intercompany payable to (receivable
from) parent ................................... (21,850) 20,633 1,356 (139) —
Total Current Liabilities ............. (21,562) 27,064 1,853 (273) 7,082
LONG-TERM LIABILITIES:
Long-term debt, net ........................... 8,226 1,720 680 — 10,626
Deferred income tax liabilities ........... 390 2,767 365 (38) 3,484
Other liabilities................................... 38 2,286 735 (377) 2,682
Total Long-Term Liabilities ........ 8,654 6,773 1,780 (415) 16,792
EQUITY:
Chesapeake stockholders’ equity...... 16,624 3,553 3,101 (6,654) 16,624
Noncontrolling interests..................... —— — 1,337 1,337
Total Equity ............................... 16,624 3,553 3,101 (5,317) 17,961
TOTAL LIABILITIES AND EQUITY....... $3,716 $37,390 $ 6,734 $ (6,005) $ 41,835
___________________________________________
(a) We have revised the amounts presented as long-term debt in the Guarantor Subsidiaries and Parent columns to
properly reflect the long-term debt issued by the Parent of $8.2 billion, which was incorrectly presented as long-
term debt attributable to the Guarantor Subsidiaries as of December 31, 2011. The impact of this error was not
material to our December 31, 2011 financial statements.