Send us Feedback

Chesapeake Energy (CHK)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

CHK » Topics » Equals 488% at Attractive Drilling and Acquisition Cost of $1.47 Per Mcfe

This excerpt taken from the CHK 8-K filed Nov 1, 2005.

Equals 488% at Attractive Drilling and Acquisition Cost of $1.47 Per Mcfe

 

OKLAHOMA CITY, OKLAHOMA, OCTOBER 31, 2005 – Chesapeake Energy Corporation (NYSE: CHK) today reported financial and operating results for the third quarter of 2005. For the quarter, Chesapeake generated net income available to common shareholders of $149.1 million ($0.43 per fully diluted common share), operating cash flow of $635.2 million (defined as cash flow from operating activities before changes in assets and liabilities) and ebitda of $581.4 million (defined as income before income taxes, interest expense, and depreciation, depletion and amortization expense) on revenue of $1.083 billion and production of 120.4 billion cubic feet of natural gas equivalent (bcfe).

 

The company’s 2005 third quarter net income available to common shareholders and ebitda include certain items that are not typically included in published estimates of the company’s financial results by many securities analysts. Such items and their after-tax effects on third quarter reported results are described as follows:

 

1

  •   an unrealized mark-to-market loss of $66.8 million resulting from the company’s oil, natural gas and interest rate hedging programs;

 

  •   a $0.5 million loss resulting from the early extinguishment of certain Chesapeake debt securities; and

 

  •   a reduction of net income available to common shareholders of $17.7 million resulting from a loss on the exchange of approximately $134 million of Chesapeake’s 4.125% cumulative convertible preferred stock into 8.5 million shares of the company’s common stock and $70 million of Chesapeake’s 5.0% (series 2003) cumulative convertible preferred stock into 4.4 million shares of the company’s common stock through unsolicited transactions with holders of the preferred stock.

 

Adjusted for the above-mentioned items, Chesapeake’s net income to common shareholders in the 2005 third quarter would have been $234.1 million ($0.65 per fully diluted common share) and ebitda would have been $686.2 million. The foregoing items do not affect the calculation of operating cash flow. A reconciliation of operating cash flow, ebitda, adjusted ebitda and adjusted net income available to common shareholders to comparable financial measures calculated in accordance with generally accepted accounting principles is presented on pages 13-15 of this release.

 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki