Chesapeake Energy 2015 Annual Report Download - page 51
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47
Sources of Funds
The following table presents the sources of our cash and cash equivalents for the years ended December 31,
2015, 2014 and 2013. See Notes 12, 14 and 16 of the notes to our consolidated financial statements included in Item
8 of this report for further discussion of divestitures of oil and natural gas assets, investments and other assets,
respectively.
Years Ended December 31,
2015 2014 2013
($ in millions)
Cash Provided by Operating Activities ................................................ $ 1,234 $ 4,634 $ 4,614
Divestitures of Oil and Natural Gas Assets:
Joint venture leasehold ........................................................................ 33 33 58
Other oil and natural gas properties ..................................................... 156 5,780 3,409
Total divestitures of oil and natural gas assets............................ 189 5,813 3,467
Sales of Other Assets:
Compressors sold to ACMP............................................................... — 159 —
Compressors sold to Exterran ........................................................... — 495 —
Sale of Mid-America Midstream Gas Services, L.L.C. ....................... — — 306
Sale of Granite Wash Midstream Gas Services, L.L.C. ..................... — — 252
Other property and equipment ........................................................... 89 349 364
Total sales of other assets........................................................... 89 1,003 922
Other Sources of Cash and Cash Equivalents:
Proceeds from sales of investments .................................................... — 239 115
Proceeds from long-term debt, net....................................................... — 2,966 2,274
Proceeds from oilfield services long-term debt, net ............................. — 888 —
Other .................................................................................................... 52 37 187
Total other sources of cash and cash equivalents....................... 52 4,130 2,576
Total sources of cash and cash equivalents........................ $ 1,564 $ 15,580 $ 11,579
Cash provided by operating activities was $1.234 billion in 2015 compared to $4.634 billion in 2014 and $4.614
billion in 2013. The decrease in cash provided by operating activities from 2015 to 2014 is primarily the result of lower
realized prices for the oil, natural gas and NGL we sold, partially offset by realized gains on our derivative instruments
and decreases in certain of our operating expenses. Changes in cash flow from operations are largely due to the same
factors that affect our net income, excluding various non-cash items such as depreciation, depletion and amortization,
impairments, gains or losses on sales of fixed assets, deferred income taxes and mark-to-market changes in our
derivative instruments. See further discussion below under Results of Operations.