Chesapeake Energy 2013 Annual Report Download - page 150
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
142
21. Condensed Consolidating Financial Information
Chesapeake Energy Corporation is a holding company, owns no operating assets, and has no significant
operations independent of its subsidiaries. Our obligations under our outstanding senior notes and contingent
convertible senior notes listed in Note 3 are fully and unconditionally guaranteed, jointly and severally, by certain of
our 100% owned subsidiaries on a senior unsecured basis. Our oilfield services subsidiary, COS, and its subsidiaries
are separately capitalized and are not guarantors of our senior notes or our other debt obligations, but are subject to
the covenants and guarantees in the oilfield services revolving bank credit facility agreement referred to in Note 3 that
limit their ability to pay dividends or distributions or make loans to Chesapeake. In addition, subsidiaries with
noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors.
Set forth below are condensed consolidating financial statements for Chesapeake Energy Corporation (parent)
on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries as of
December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. Such financial information
may not necessarily be indicative of our results of operations, cash flows or financial position had these subsidiaries
operated as independent entities. Certain prior year information has been restated for subsidiaries that have changed
between guarantor and non-guarantor during 2013.