Chesapeake Energy 2012 Annual Report Download - page 94
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
84
Years Ended December 31,
2012 2011 2010
($ in millions, except per share data)
REVENUES:
Natural gas, oil and NGL ........................................................................... $ 6,278 $ 6,024 $ 5,647
Marketing, gathering and compression ..................................................... 5,431 5,090 3,479
Oilfield services ......................................................................................... 607 521 240
Total Revenues ................................................................................... 12,316 11,635 9,366
OPERATING EXPENSES:
Natural gas, oil and NGL production ......................................................... 1,304 1,073 893
Production taxes ....................................................................................... 188 192 157
Marketing, gathering and compression ..................................................... 5,312 4,967 3,352
Oilfield services ......................................................................................... 465 402 208
General and administrative ....................................................................... 535 548 453
Natural gas, oil and NGL depreciation, depletion and amortization .......... 2,507 1,632 1,394
Depreciation and amortization of other assets .......................................... 304 291 220
Impairment of natural gas and oil properties ............................................. 3,315 — —
Net gains on sales of fixed assets ............................................................. (267) (437) (137)
Impairments of fixed assets and other ...................................................... 340 46 21
Employee retirement and other termination benefits................................. 7 — —
Total Operating Expenses .................................................................. 14,010 8,714 6,561
INCOME (LOSS) FROM OPERATIONS (1,694) 2,921 2,805
OTHER INCOME (EXPENSE):
Interest expense ....................................................................................... (77) (44) (19)
Earnings (losses) on investments ............................................................. (103) 156 227
Gains on sales of investments .................................................................. 1,092 — —
Losses on purchases or exchanges of debt .............................................. (200) (176) (129)
Impairments of investments ...................................................................... — — (16)
Other income ............................................................................................ 8 23 16
Total Other Income (Expense) ............................................................ 720 (41) 79
INCOME (LOSS) BEFORE INCOME TAXES (974) 2,880 2,884
INCOME TAX EXPENSE (BENEFIT):
Current income taxes ................................................................................ 47 13 —
Deferred income taxes .............................................................................. (427) 1,110 1,110
Total Income Tax Expense (Benefit) ................................................... (380) 1,123 1,110
NET INCOME (LOSS) ................................................................................... (594) 1,757 1,774
Net income attributable to noncontrolling interests ................................... (175) (15) —
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE ....................... (769) 1,742 1,774
Preferred stock dividends ......................................................................... (171) (172) (111)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS ....... $ (940) $ 1,570 $ 1,663
EARNINGS (LOSS) PER COMMON SHARE:
Basic ......................................................................................................... $ (1.46) $ 2.47 $ 2.63
Diluted ....................................................................................................... $ (1.46) $ 2.32 $ 2.51
CASH DIVIDEND DECLARED PER COMMON SHARE $ 0.35 $ 0.3375 $ 0.30
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING (in millions):
Basic ......................................................................................................... 643 637 631
Diluted ....................................................................................................... 643 752 706