Chesapeake Energy 2015 Annual Report Download - page 81

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
The accompanying notes are an integral part of these consolidated financial statements.
77
Years Ended December 31,
2015 2014 2013
($ in millions except per share data)
REVENUES:
Oil, natural gas and NGL ........................................................................... $ 5,391 $ 10,354 $ 8,626
Marketing, gathering and compression ..................................................... 7,373 12,225 9,559
Oilfield services ......................................................................................... — 546 895
Total Revenues ................................................................................... 12,764 23,125 19,080
OPERATING EXPENSES:
Oil, natural gas and NGL production ......................................................... 1,046 1,208 1,159
Oil, natural gas and NGL gathering, processing and transportation.......... 2,119 2,174 1,574
Production taxes ........................................................................................ 99 232 229
Marketing, gathering and compression ..................................................... 7,130 12,236 9,461
Oilfield services ......................................................................................... — 431 736
General and administrative ....................................................................... 235 322 457
Restructuring and other termination costs ................................................. 36 7 248
Provision for legal contingencies ............................................................... 353 234 —
Oil, natural gas and NGL depreciation, depletion and amortization........... 2,099 2,683 2,589
Depreciation and amortization of other assets .......................................... 130 232 314
Impairment of oil and natural gas properties ............................................. 18,238 — —
Impairments of fixed assets and other....................................................... 194 88 546
Net (gains) losses on sales of fixed assets ............................................... 4 (199) (302)
Total Operating Expenses................................................................... 31,683 19,648 17,011
INCOME (LOSS) FROM OPERATIONS .................................................................... (18,919) 3,477 2,069
OTHER INCOME (EXPENSE):
Interest expense ........................................................................................ (317) (89) (227)
Losses on investments .............................................................................. (96) (75) (216)
Impairments of investments ...................................................................... (53) (5) (10)
Net gain (loss) on sales of investments ..................................................... — 67 (7)
Gains (losses) on purchases or exchanges of debt................................... 279 (197) (193)
Other income ............................................................................................. 8 22 26
Total Other Expense ........................................................................... (179) (277) (627)
INCOME (LOSS) BEFORE INCOME TAXES ............................................... (19,098) 3,200 1,442
INCOME TAX EXPENSE (BENEFIT):
Current income taxes ................................................................................ (36) 47 22
Deferred income taxes .............................................................................. (4,427) 1,097 526
Total Income Tax Expense (Benefit).................................................... (4,463) 1,144 548
NET INCOME (LOSS) ................................................................................... (14,635) 2,056 894
Net income attributable to noncontrolling interests.................................... (50) (139) (170)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE.................................... (14,685) 1,917 724
Preferred stock dividends .......................................................................... (171) (171) (171)
Repurchase of preferred shares of CHK Utica .......................................... — (447) (69)
Earnings allocated to participating securities ............................................ — (26) (10)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS........ $ (14,856) $ 1,273 $ 474
EARNINGS (LOSS) PER COMMON SHARE:
Basic ......................................................................................................... $ (22.43) $ 1.93 $ 0.73
Diluted ....................................................................................................... $ (22.43) $ 1.87 $ 0.73
CASH DIVIDEND DECLARED PER COMMON SHARE .............................. $ 0.0875 $ 0.35 $ 0.35
WEIGHTED AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING (in millions):
Basic ......................................................................................................... 662 659 653
Diluted ....................................................................................................... 662 772 653