Chesapeake Energy 2014 Annual Report Download - page 18
Download and view the complete annual report
Please find page 18 of the 2014 Chesapeake Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
26 -
27 -
28 -
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
 |
 |
10
Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development
The following table sets forth historical costs incurred in oil and natural gas property acquisitions, exploration and
development activities during the periods indicated:
Years Ended December 31,
2014 2013 2012
($ in millions)
Acquisition of Properties:
Proved properties $ 214 $ 22 $ 332
Unproved properties 1,224 997 2,981
Exploratory costs 421 699 2,353
Development costs 4,204 4,888 6,733
Costs incurred(a)(b) $ 6,063 $ 6,606 $ 12,399
___________________________________________
(a) Exploratory and development costs are net of joint venture drilling and completion cost carries of $679 million,
$884 million and $784 million in 2014, 2013 and 2012, respectively.
(b) Includes capitalized interest and asset retirement obligations as follows:
Capitalized interest $ 604 $ 815 $ 976
Asset retirement obligations $ 39 $ 7 $ 32
A summary of our exploration and development, acquisition and divestiture activities in 2014 by operating division
is as follows:
Gross
Wells
Drilled
Net
Wells
Drilled
Exploration
and
Development
Acquisition
of Unproved
Properties
Acquisition
of Proved
Properties
Sales of
Unproved
Properties
Sales of
Proved
Properties Total(a)
($ in millions)
Southern 1,448 473 $ 3,180 $ 182 $ — $ (199) $ (289) $ 2,874
Northern 492 209 1,445 1,042 214 (902) (4,461) (2,662)
Total 1,940 682 $ 4,625 $ 1,224 $ 214 $ (1,101) $ (4,750) $ 212
___________________________________________
(a) Includes capitalized internal costs of $230 million and related capitalized interest of $604 million.
Acreage
The following table sets forth, as of December 31, 2014, our gross and net developed and undeveloped oil and
natural gas leasehold and fee mineral acreage. "Gross" acres are the total number of acres in which we own a working
interest. "Net" acres refer to gross acres multiplied by our fractional working interest. Acreage numbers do not include
our unexercised options to acquire additional acreage.
Developed
Leasehold Undeveloped
Leasehold Fee Minerals Total
Gross
Acres Net
Acres Gross
Acres Net
Acres Gross
Acres Net
Acres Gross
Acres Net
Acres
(in thousands)
Southern 6,095 2,996 2,103 1,068 154 28 8,352 4,092
Northern 1,840 1,381 5,844 3,646 687 437 8,371 5,464
Total 7,935 4,377 7,947 4,714 841 465 16,723 9,556