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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.
76
Years Ended December 31,
2014 2013 2012
($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 2,056 $ 894 $ (594)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH
PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization 2,915 2,903 2,811
Deferred income tax expense (benefit) 1,097 526 (427)
Derivative gains, net (1,102) (71) (926)
Cash (payments) receipts on derivative settlements, net (253) (104) 226
Stock-based compensation 59 98 120
Impairment of oil and natural gas properties — — 3,315
Net gains on sales of fixed assets (199) (302) (267)
Impairment of fixed assets and other 58 483 316
Losses on investments 80 229 164
Net (gains) losses on sales of investments (67) 7 (1,092)
Restructuring and other termination costs (15) 175 2
Provision for legal contingencies 234 — —
Losses on purchases of debt 63 40 200
Other 100 80 72
(Increase) decrease in accounts receivable and other assets (21) 5 (68)
Decrease in accounts payable, accrued liabilities and other (371) (349) (1,015)
Net Cash Provided By Operating Activities 4,634 4,614 2,837
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs (4,581) (5,604) (8,930)
Acquisitions of proved and unproved properties (1,311) (1,032) (3,161)
Proceeds from divestitures of proved and unproved properties 5,813 3,467 5,884
Additions to other property and equipment (726) (972) (2,651)
Proceeds from sales of other property and equipment 1,003 922 2,492
Additions to investments (17) (44) (395)
Proceeds from sales of investments 239 115 2,000
Decrease (increase) in restricted cash 37 177 (222)
Other (3) 4 (1)
Net Cash Provided By (Used In) Investing Activities 454 (2,967) (4,984)