Chesapeake Energy 2012 Annual Report Download - page 93

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
The accompanying notes are an integral part of these consolidated financial statements.
83
December 31,
2012 2011
($ in millions)
CURRENT ASSETS:
Cash and cash equivalents ($1 and $1 attributable to our VIEs) ............................................ $ 287 $ 351
Restricted cash ...................................................................................................................... 111 44
Accounts receivable .............................................................................................................. 2,245 2,505
Short-term derivative assets .................................................................................................. 5813
Deferred income tax asset ..................................................................................................... 90 139
Other current assets .............................................................................................................. 153 125
Current assets held for sale ................................................................................................... 4—
Total Current Assets ..................................................................................................... 2,948 3,177
PROPERTY AND EQUIPMENT:
Natural gas and oil properties, at cost based on full cost accounting:
Evaluated natural gas and oil properties ($488 and $498 attributable to our VIEs) ........... 50,172 41,723
Unevaluated properties ..................................................................................................... 14,755 16,685
Natural gas gathering systems and treating plants ................................................................ — 1,455
Oilfield services equipment .................................................................................................... 2,130 1,632
Other property and equipment ............................................................................................... 3,778 3,555
Total Property and Equipment, at Cost ......................................................................... 70,835 65,050
Less: accumulated depreciation, depletion and amortization (($58) and ($6) attributable to
our VIEs) ............................................................................................................................ (34,302) (28,290)
Property and equipment held for sale, net ............................................................................. 634 —
Total Property and Equipment, Net .............................................................................. 37,167 36,760
LONG-TERM ASSETS:
Investments ........................................................................................................................... 728 1,531
Long-term derivative assets .................................................................................................. 2 —
Other long-term assets .......................................................................................................... 766 367
TOTAL ASSETS $ 41,611 $ 41,835
CURRENT LIABILITIES:
Accounts payable .................................................................................................................. $ 1,710 $ 3,311
Short-term derivative liabilities ($4 and $9 attributable to our VIEs) ....................................... 105 191
Accrued interest .................................................................................................................... 226 183
Current maturities of long-term debt, net ............................................................................... 463 —
Other current liabilities ($21 and $23 attributable to our VIEs) ............................................... 3,741 3,397
Current liabilities held for sale ................................................................................................ 21 —
Total Current Liabilities ................................................................................................. 6,266 7,082
LONG-TERM LIABILITIES:
Long-term debt, net ............................................................................................................... 12,157 10,626
Deferred income tax liabilities ................................................................................................ 2,807 3,484
Long-term derivative liabilities ($3 and $10 attributable to our VIEs) ..................................... 934 1,541
Asset retirement obligations .................................................................................................. 375 323
Other long-term liabilities ....................................................................................................... 1,176 818
Total Long-Term Liabilities ............................................................................................ 17,449 16,792
CONTINGENCIES AND COMMITMENTS (Note 4)
EQUITY:
Chesapeake Stockholders’ Equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized:
7,251,515 shares outstanding ...................................................................................... 3,062 3,062
Common stock, $0.01 par value, 1,000,000,000 shares authorized: .................................
666,467,664 and 660,888,159 shares issued ............................................................... 7 7
Paid-in capital ................................................................................................................... 12,293 12,146
Retained earnings ............................................................................................................ 437 1,608
Accumulated other comprehensive income (loss) ............................................................. (182) (166)
Less: treasury stock, at cost; 2,147,724 and 1,552,533 common shares .......................... (48) (33)
Total Chesapeake Stockholders’ Equity ..................................................................... 15,569 16,624
Noncontrolling interests ......................................................................................................... 2,327 1,337
Total Equity ................................................................................................................ 17,896 17,961
TOTAL LIABILITIES AND EQUITY ........................................................................................... $ 41,611 $ 41,835