Chesapeake Energy 2012 Annual Report Download - page 175
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
165
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
AS OF DECEMBER 31, 2011
($ in millions)
Parent
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
REVENUES:
Natural gas, oil and NGL ...................... $—$ 5,886 $ 84 $ 54 $ 6,024
Marketing, gathering and compression — 5,050 171 (131) 5,090
Oilfield services .................................... — — 1,260 (739) 521
Total Revenues............................ —10,936 1,515 (816) 11,635
OPERATING EXPENSES:
Natural gas, oil and NGL production .... —1,073 — — 1,073
Production taxes .................................. — 190 2 — 192
Marketing, gathering and compression — 4,946 113 (92) 4,967
Oilfield services .................................... —1976 (575) 402
General and administrative .................. — 477 71 — 548
Natural gas, oil and NGL depreciation,
depletion and amortization................ —1,625 7 — 1,632
Depreciation and amortization of other
assets ............................................... — 169 217 (95) 291
Net gains on sales of fixed assets........ — (2) (435) — (437)
Impairments of fixed assets and other .— — 46 — 46
Total Operating Expenses ........... —8,479 997 (762) 8,714
INCOME (LOSS) FROM OPERATIONS —2,457 518 (54) 2,921
OTHER INCOME (EXPENSE):
Interest expense................................... (640) (12) (50) 658 (44)
Earnings (losses) on investments ........ — 61 95 — 156
Losses on purchases or exchanges of
debt ................................................... (176) — — — (176)
Other income ....................................... 646 620 (649) 23
Equity in net earnings of subsidiary...... 1,845 276 — (2,121) —
Total Other Income (Expense)..... 1,675 331 65 (2,112) (41)
INCOME (LOSS) BEFORE INCOME
TAXES .................................................. 1,675 2,788 583 (2,166) 2,880
INCOME TAX EXPENSE (BENEFIT)....... (67) 980 227 (17) 1,123
NET INCOME (LOSS).............................. 1,742 1,808 356 (2,149) 1,757
Net income attributable to
noncontrolling interests ..................... — — — (15) (15)
NET INCOME (LOSS) ATTRIBUTABLE
TO CHESAPEAKE ............................... 1,742 1,808 356 (2,164) 1,742
Other comprehensive income (loss)..... 9(7) — — 2
COMPREHENSIVE INCOME (LOSS)
ATTRIBUTABLE TO CHESAPEAKE ... $1,751 $1,801 $ 356 $ (2,164) $ 1,744