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CHK » Topics » Costs Incurred in Oil and Natural Gas Acquisition, Exploration and Development

This excerpt taken from the CHK 10-K filed Feb 29, 2008.

Costs Incurred in Oil and Natural Gas Acquisition, Exploration and Development

Costs incurred in oil and natural gas property acquisition, exploration and development activities which have been capitalized are summarized as follows:

 

     December 31,
     2007    2006    2005
     ($ in millions)

Development and exploration costs:

         

Development drilling (a)

    $ 4,402    $ 2,772    $ 1,567

Exploratory drilling

      653      349      253

Geological and geophysical costs (b)

      343      154      71

Asset retirement obligation and other

      29      23      52
                    

Total

      5,427      3,298      1,943

Acquisition costs:

         

Proved properties

      671      1,175      3,554

Unproved properties (c)

      2,465      3,473      1,667

Deferred income taxes

      131      180      252
                    

Total

      3,267      4,828      5,473
                    

Total

    $ 8,694    $ 8,126    $ 7,416
                    

 

(a) Includes capitalized internal cost of $243 million, $147 million and $94 million, respectively.
(b) Includes capitalized internal cost of $19 million, $13 million and $8 million, respectively.
(c) Includes costs to acquire new leasehold, unproved properties and related capitalized interest.
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