Chesapeake Energy 2013 Annual Report Download - page 81
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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.
73
Years Ended December 31,
2013 2012 2011
($ in millions except per share data)
REVENUES:
Natural gas, oil and NGL ................................................................ $ 7,052 $ 6,278 $ 6,024
Marketing, gathering and compression........................................... 9,559 5,431 5,090
Oilfield services .............................................................................. 895 607 521
Total Revenues ........................................................................ 17,506 12,316 11,635
OPERATING EXPENSES:
Natural gas, oil and NGL production............................................... 1,159 1,304 1,073
Production taxes ............................................................................. 229 188 192
Marketing, gathering and compression........................................... 9,461 5,312 4,967
Oilfield services .............................................................................. 736 465 402
General and administrative ............................................................. 457 535 548
Restructuring and other termination costs ...................................... 248 7 —
Natural gas, oil and NGL depreciation, depletion and
amortization ................................................................................. 2,589 2,507 1,632
Depreciation and amortization of other assets................................ 314 304 291
Impairment of natural gas and oil properties................................... — 3,315 —
Impairments of fixed assets and other ............................................ 546 340 46
Net gains on sales of fixed assets .................................................. (302) (267) (437)
Total Operating Expenses ........................................................ 15,437 14,010 8,714
INCOME (LOSS) FROM OPERATIONS ............................................ 2,069 (1,694) 2,921
OTHER INCOME (EXPENSE):
Interest expense ............................................................................. (227) (77) (44)
Earnings (losses) on investments ................................................... (226) (103) 156
Gains (losses) on sales of investments .......................................... (7) 1,092 —
Losses on purchases of debt and extinguishment of other
financing ...................................................................................... (193) (200) (176)
Other income .................................................................................. 26 8 23
Total Other Income (Expense).................................................. (627) 720 (41)
INCOME (LOSS) BEFORE INCOME TAXES..................................... 1,442 (974) 2,880
INCOME TAX EXPENSE (BENEFIT):
Current income taxes ..................................................................... 22 47 13
Deferred income taxes ................................................................... 526 (427) 1,110
Total Income Tax Expense (Benefit)......................................... 548 (380) 1,123
NET INCOME (LOSS) ........................................................................ 894 (594) 1,757
Net income attributable to noncontrolling interests ......................... (170) (175) (15)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE............. 724 (769) 1,742
Preferred stock dividends ............................................................... (171) (171) (172)
Premium on purchase of preferred shares of a subsidiary ............. (69) — —
Earnings allocated to participating securities.................................. (10) — —
NET INCOME (LOSS) AVAILABLE TO COMMON
STOCKHOLDERS........................................................................... $ 474 $ (940) $ 1,570
EARNINGS (LOSS) PER COMMON SHARE:
Basic ............................................................................................... $ 0.73 $ (1.46) $ 2.47
Diluted ............................................................................................ $ 0.73 $ (1.46) $ 2.32
CASH DIVIDEND DECLARED PER COMMON SHARE ................... $ 0.35 $ 0.35 $ 0.3375
WEIGHTED AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING (in millions):
Basic ............................................................................................... 653 643 637
Diluted ............................................................................................ 653 643 752