Chesapeake Energy 2013 Annual Report Download - page 104

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
96
Future operating lease commitments related to rigs, compressors and other equipment or property are not recorded
in the accompanying consolidated balance sheets. The aggregate undiscounted minimum future lease payments are
presented below.
December 31, 2013
Rigs Compressors Other Total
($ in millions)
2014 .......................................................... $ 51 $ 53 $ 13 $ 117
2015 .......................................................... 11 50 11 72
2016 .......................................................... 6104 9 119
2017 .......................................................... 723 3 33
2018 .......................................................... 129 2 32
After 2018 ................................................. — 1 1 2
Total.................................................... $ 76 $ 260 $ 39 $ 375
Rent expense for rigs, compressors and other equipment, including short-term rentals, for the years ended
December 31, 2013, 2012 and 2011 was $158 million, $185 million and $184 million, respectively.
Gathering, Processing and Transportation Agreements
We have contractual commitments with midstream service companies and pipeline carriers for future gathering,
processing and transportation of natural gas and liquids to move certain of our production to market. Working interest
owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs.
Commitments related to gathering, processing and transportation agreements are not recorded in the accompanying
consolidated balance sheets; however, they are reflected as adjustments to natural gas, oil and NGL sales prices used
in our proved reserves estimates.
The aggregate undiscounted commitments under our gathering, processing and transportation agreements,
excluding any reimbursement from working interest and royalty interest owners, are presented below.
December 31,
2013
($ in millions)
2014 ............................................................................................................................................. $ 2,002
2015 ............................................................................................................................................. 1,829
2016 ............................................................................................................................................. 1,921
2017 ............................................................................................................................................. 1,948
2018 ............................................................................................................................................. 1,762
2019 - 2099 .................................................................................................................................. 7,728
Total ....................................................................................................................................... $ 17,190
Drilling Contracts
Chesapeake has contracts with various drilling contractors to utilize approximately eight rigs with terms ranging
from six months to three years. These commitments are not recorded in the accompanying consolidated balance
sheets. As of December 31, 2013, the aggregate undiscounted minimum future payments under these drilling rig
commitments are presented below:
December 31,
2013
($ in millions)
2014 ............................................................................................................................................. $ 36
2015 ............................................................................................................................................. 5
Total ....................................................................................................................................... $ 41