Chesapeake Energy 2014 Annual Report Download - page 53
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45
In April 2014, we issued $3.0 billion in aggregate principal amount of senior notes at par. The offering included
two series of notes: $1.5 billion in aggregate principal amount of Floating Rate Senior Notes due 2019 and $1.5 billion
in aggregate principal amount of 4.875% Senior Notes due 2022. We used a portion of the net proceeds of $2.966
billion to repay the borrowings under, and terminate, our $2.0 billion term loan credit facility. We used the remaining
proceeds along with cash on hand to redeem the $97 million principal amount of 6.875% Senior Notes due 2018 and
to purchase and redeem the $1.265 billion principal amount of the 9.5% Senior Notes due 2015 for $1.454 billion.
Sources of Funds
The following table presents the sources of our cash and cash equivalents for each of the years ended December
31, 2014, 2013 and 2012. See 2014 Strategic Transactions above and Notes 12, 14 and 16 of the notes to our
consolidated financial statements included in Item 8 of this report for further discussion of sales of oil and natural gas
assets, investments and other assets, respectively.
Years Ended December 31,
2014 2013 2012
($ in millions)
Cash Provided by Operating Activities $ 4,634 $ 4,614 $ 2,837
Sales of Oil and Natural Gas Assets:
Southern Marcellus and Utica 4,970 — —
South Texas 110 — —
East Texas and Louisiana 58 — —
Marcellus 231 490 —
Eagle Ford — 636 —
Haynesville — 304 —
SIPC (Mississippian Lime joint venture) — 1,025 —
Permian Basin — — 3,130
Texoma — — 572
Chitwood Knox — — 540
Volumetric production payments — — 744
Joint venture leasehold 33 58 272
Other oil and natural gas properties 411 954 626
Total Sales of Oil and Natural Gas Assets 5,813 3,467 5,884
Sales of Other Assets:
Sale of compressors to Exterran 495 — —
Sale of compressors to ACMP 159 — —
Sale of Chesapeake Midstream Operating, L.L.C. — — 2,160
Sale of Mid-America Midstream Gas Services, L.L.C. — 306 —
Sale of Granite Wash Midstream Gas Services, L.L.C. — 252 —
Sales of other property and equipment 349 364 332
Total Sales of Other Assets 1,003 922 2,492
Other Sources of Cash and Cash Equivalents:
Proceeds from sales of investments 239 115 2,000
Proceeds from long-term debt, net 2,966 2,274 6,985
Proceeds from oilfield services long-term debt, net 888 — —
Sale of preferred interest and ORRI in CHK C-T — — 1,250
Other 37 187 84
Total Other Sources of Cash and Cash Equivalents 4,130 2,576 10,319
Total Sources of Cash and Cash Equivalents $ 15,580 $ 11,579 $ 21,532