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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
The accompanying notes are an integral part of these consolidated financial statements.
75
Years Ended December 31,
2013 2012 2011
($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) ................................................................................................. $ 894 $ (594) $ 1,757
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED
BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization .............................................................. 2,903 2,811 1,923
Deferred income tax expense (benefit) ................................................................. 526 (427) 1,110
Derivative gains, net .............................................................................................. (71) (926) (751)
Cash (payments) receipts on derivative settlements, net...................................... (106) 226 725
Stock-based compensation ................................................................................... 98 120 153
Net gains on sales of fixed assets ......................................................................... (302) (267) (437)
Impairment of natural gas and oil properties ......................................................... — 3,315 —
Impairments of fixed assets and other .................................................................. 483 316 46
(Gains) losses on investments .............................................................................. 229 164 (41)
(Gains) losses on sales of investments ................................................................. 7 (1,092) —
Losses on purchases of debt and extinguishment of other financing.................... 40 200 5
Restructuring and other termination costs............................................................. 175 2 —
Other ..................................................................................................................... 80 72 (3)
(Increase) decrease in accounts receivable and other assets .............................. 5 (68) (530)
Increase (decrease) in accounts payable, accrued liabilities and other ................ (347) (1,015) 1,946
Net Cash Provided By Operating Activities....................................................... 4,614 2,837 5,903
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs................................................................................. (5,604) (8,930) (7,467)
Acquisitions of proved and unproved properties ................................................... (1,032) (3,161) (4,974)
Proceeds from divestitures of proved and unproved properties ............................ 3,467 5,884 7,651
Additions to other property and equipment............................................................ (972) (2,651) (2,009)
Proceeds from sales of other assets ..................................................................... 922 2,492 1,312
Proceeds from (additions to) investments ............................................................. (44) (395) 101
Proceeds from sales of investments ..................................................................... 115 2,000 —
Acquisition of drilling company .............................................................................. — — (339)
(Increase) decrease in restricted cash .................................................................. 177 (222) (44)
Other ..................................................................................................................... 4 (1) (43)
Net Cash Used In Investing Activities ............................................................... (2,967) (4,984) (5,812)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities borrowings ............................................................. 7,669 20,318 15,509
Payments on credit facilities borrowings ............................................................... (7,682) (21,650) (17,466)
Proceeds from issuance of senior notes, net of discount and offering costs......... 2,274 1,263 1,614
Proceeds from issuance of term loans, net of discount and offering costs............ — 5,722 —
Cash paid to purchase debt .................................................................................. (2,141) (4,000) (2,015)
Cash paid for common stock dividends................................................................. (233) (227) (207)
Cash paid for preferred stock dividends ................................................................ (171) (171) (172)
Cash paid on financing derivatives........................................................................ (91) (37) 1,043
Cash paid to extinguish other financing ................................................................ (141) — —
Cash paid for prepayment of mortgage ................................................................. (55) — —
Proceeds from sales of noncontrolling interests.................................................... 6 1,077 1,348
Proceeds from other financings............................................................................. — 257 300
Cash paid to purchase preferred shares of a subsidiary ....................................... (212) — —
Distributions to noncontrolling interest owners ...................................................... (215) (218) (9)
Other ..................................................................................................................... (105) (251) 213
Net Cash Provided By (Used In) Financing Activities ....................................... (1,097) 2,083 158
Net increase (decrease) in cash and cash equivalents................................................ 550 (64) 249
Cash and cash equivalents, beginning of period.......................................................... 287 351 102
Cash and cash equivalents, end of period ................................................................... $ 837 $ 287 $ 351