Chesapeake Energy 2013 Annual Report Download - page 46

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38
Years Ended December 31,
2013 2012 2011
Expenses ($ per boe):
Natural gas, oil and NGL production .............................................................. $ 4.74 $ 5.50 $ 5.39
Production taxes ............................................................................................ $ 0.94 $ 0.79 $ 0.96
General and administrative expenses(c) ............................................................... $ 1.86 $ 2.26 $ 2.75
Natural gas, oil and NGL depreciation, depletion and amortization ............... $ 10.59 $ 10.58 $ 8.20
Depreciation and amortization of other assets............................................... $ 1.28 $ 1.28 $ 1.46
Interest expense(d) .................................................................................................. $ 0.65 $ 0.35 $ 0.18
Interest Expense ($ in millions):
Interest expense ............................................................................................ $ 169 $ 84 $ 30
Interest rate derivatives – realized (gains) losses(e) ....................................... (9) (1) 7
Interest rate derivatives – unrealized (gains) losses(f) .................................... 67 (6) 7
Total interest expense ........................................................................... $ 227 $ 77 $ 44
___________________________________________
(a) Oil equivalent is based on six mcf of natural gas to one barrel of oil or one barrel of NGL. This ratio reflects an
energy content equivalency and not a price or revenue equivalency. In recent years, the price for a bbl of oil and
NGL has been significantly higher than the price for six mcf of natural gas.
(b) Includes revenue and operating costs and excludes depreciation and amortization, general and administrative
expenses, impairments of fixed assets and other, net gains or losses on sales of fixed assets and interest expense.
See Depreciation and Amortization of Other Assets, Impairments of Fixed Assets and Other and Net (Gains)
Losses on Sales of Fixed Assets under Results of Operations for details of the depreciation and amortization and
impairments of assets and net gains or losses on sales of fixed assets associated with our marketing, gathering
and compression and oilfield services operating segments.
(c) Includes stock-based compensation and excludes restructuring and other termination costs.
(d) Includes the effects of realized (gains) losses from interest rate derivatives, but excludes the effects of unrealized
(gains) losses from interest rate derivatives; amount is shown net of amounts capitalized.
(e) Realized (gains) losses include settlements related to the current period interest accrual and the effect of (gains)
losses on early terminated trades. Settlements of early-terminated trades are reflected in realized (gains) losses
over the original life of the hedged item.
(f) Unrealized (gains) losses include changes in the fair value of open interest rate derivatives offset by amounts
reclassified to realized (gains) losses during the period.