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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
164
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AS OF DECEMBER 31, 2012
($ in millions)
Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
REVENUES
Natural gas, oil and NGL ....................... $—$5,858 $ 348 $ 72 $ 6,278
Marketing, gathering and compression.. —5,371 211 (151) 5,431
Oilfield services ..................................... — — 1,940 (1,333) 607
Total Revenues ............................. —11,229 2,499 (1,412) 12,316
OPERATING EXPENSES
Natural gas, oil and NGL production...... —1,280 24 — 1,304
Production taxes .................................... — 182 6 — 188
Marketing, gathering and compression.. —5,285 114 (87) 5,312
Oilfield services ..................................... —31,598 (1,136) 465
General and administrative.................... — 419 122 (6) 535
Natural gas, oil and NGL depreciation,
depletion and amortization ................. —2,361 146 — 2,507
Depreciation and amortization of other
assets ................................................. — 176 272 (144) 304
Impairment of natural gas and oil
properties ........................................... —3,174 141 — 3,315
Net (gains) losses on sales of fixed
assets ................................................. —(269) 2 — (267)
Impairments of fixed assets and other... — 275 65 — 340
Employee retirement and other
termination benefits ............................ —52— 7
Total Operating Expenses............. —12,891 2,492 (1,373) 14,010
INCOME (LOSS) FROM OPERATIONS ... — (1,662) 7 (39) (1,694)
OTHER INCOME (EXPENSE)
Interest expense .................................... (858) (50) (84) 915 (77)
Earnings (losses) on investments.......... —(167) 55 9 (103)
Gains on sales of investments............... —1,030 62 — 1,092
Losses on purchases or exchanges of
debt .................................................... (200) — — — (200)
Other income (expense) ........................ 891 (116) 15 (782) 8
Equity in net earnings of subsidiary ....... (667)(211) — 878 —
Total Other Income (Expense) ...... (834) 486 48 1,020 720
INCOME (LOSS) BEFORE INCOME
TAXES .................................................... (834) (1,176) 55 981 (974)
INCOME TAX EXPENSE (BENEFIT)........ (65)(376) 21 40 (380)
NET INCOME (LOSS) ............................... (769)(800) 34 941 (594)
Net income attributable to
noncontrolling interests .................... — — — (175) (175)
NET INCOME (LOSS) ATTRIBUTABLE
TO CHESAPEAKE................................. (769)(800) 34 766 (769)
Other comprehensive income (loss) ...... 6(22) — — (16)
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO CHESAPEAKE..... $(763)$ (822) $ 34 $ 766 $ (785)