($ in 000s, except per share amounts) for Chesapeake

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Chesapeake Energy (CHK)

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CHK » Topics » ($ in 000s, except per share amounts)

This excerpt taken from the CHK 8-K filed Jul 28, 2006.

($ in 000’s, except per share amounts)

(unaudited)


SIX MONTHS ENDED:	June 30, 2006			June 30, 2005
Net income available to common shareholders	$	936,030		$	298,724

Adjustments:
Loss on conversion/exchange of preferred stock		10,556			4,743
Unrealized (gains) losses on derivatives, net of tax		(131,619	)		18,985
Cumulative impact of new Texas margin tax		15,000			—
Reversal of severance tax accrual, net of tax		(7,192	)		—
Gain on sale of investment, net of tax		(72,786	)		—
Employee retirement expense, net of tax		33,947			—
Loss on repurchases or exchanges of debt, net of tax		—			44,006

Adjusted net income available to common shareholders*		783,936			366,458
Preferred dividends		37,040			15,322

Total adjusted net income	$	820,976		$	381,780

Weighted average fully diluted shares outstanding**		433,414			359,136

Adjusted earnings per share assuming dilution	$	1.89		$	1.06

*	Adjusted net income available to common and adjusted earnings per share assuming dilution exclude certain items that management believes affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings because:

Management uses adjusted net income available to common to evaluate the company’s operational trends and performance relative to other oil and natural gas producing companies.

Adjusted net income available to common is more comparable to earnings estimates provided by securities analysts.

Items excluded generally are one-time items, or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

**	Weighted average fully diluted shares outstanding includes shares that were considered antidilutive for calculating earnings per share in accordance with GAAP.

CHESAPEAKE ENERGY CORPORATION

This excerpt taken from the CHK 8-K filed May 2, 2006.

($ in 000’s, except per share amounts)

(unaudited)


THREE MONTHS ENDED:	March 31, 2006			December 31, 2005			March 31, 2005
Net income available to common shareholders	$	603,902		$	431,832		$	119,547

Adjustments:
Loss on conversion/exchange of preferred stock		1,009			4,406			—

Net Income	$	604,911		$	436,238		$	119,547

Adjustments, net of tax:
Unrealized (gains) losses on derivatives		(121,899	)		(112,965	)		72,443
Loss on repurchases or exchanges of debt		—			236			572
Early retirement expense		33,947			—			—
Gain on sale of investment		(72,786	)		—			—

Adjusted net income available to common shareholders*	$	444,173		$	323,509		$	192,562

Adjusted earnings per share assuming dilution**	$	1.07		$	0.84		$	0.56

*	Adjusted net income available to common and adjusted earnings per share assuming dilution exclude certain items that management believes affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings because:

a.	Management uses adjusted net income available to common to evaluate the company’s operational trends and performance relative to other oil and natural gas producing companies.

b.	Adjusted net income available to common are more comparable to earnings estimates provided by securities analysts.

c.	Items excluded generally are one-time items, or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

For purposes of calculating fully diluted shares and earnings per share assuming dilution for the three months ended March 31, 2006 and December 31, 2005, accounting rules prohibit the company from assuming the conversion of the 5.0% (Series 2003) and the 4.125% preferred stock for common shares prior to conversion or exchange since the effect would have been anti-dilutive. In determining adjusted earnings per share, we have reflected the converted shares as though they were converted at the beginning of the period (fully diluted share count of 431.7 million and 404.8 million for the three months ended March 31, 2006 and December 31, 2005, respectively).

CHESAPEAKE ENERGY CORPORATION

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

($ in 000’s, except per share amounts)

(unaudited)


	Three Months Ended September 30, 2005		Nine Months Ended September 30, 2005
Net income available to common shareholders	$	149,059	$	447,783

Adjustments:
Loss on conversion/exchange of preferred stock		17,725		22,468

Net Income	$	166,784	$	470,251

Adjustments, net of tax:
Unrealized (gains) losses on derivatives		66,851		85,836
Loss on repurchases or exchanges of debt		474		44,480


Adjusted net income available to common*	$	234,109	$	600,567


Adjusted earnings per share assuming dilution**	$	0.65	$	1.71


EBITDA	$	581,362	$	1,592,652

Adjustments, before tax:
Unrealized (gains) losses on oil and gas derivatives		104,049		137,122
Loss on repurchases or exchanges of debt		747		70,047


Adjusted EBITDA*	$	686,158	$	1,799,821

*Adjusted net income available to common and adjusted earnings per share assuming dilution and adjusted EBITDA exclude certain items that management believes affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP earnings and EBITDA because:

a.	Management uses adjusted net income available to common and adjusted EBITDA to evaluate the company’s operational trends and performance relative to other oil and gas producing companies.

b.	Adjusted net income available to common and adjusted EBITDA are more comparable to earnings and EBITDA estimates provided by securities analysts.

c.	Items excluded generally are one-time items, or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

**For purposes of calculating fully diluted shares and earnings per share assuming dilution for the three and nine months ended September 30, 2005, accounting rules prohibit the company from assuming the conversion of the 4.125% preferred stock, 4.50% preferred stock and 5.00% (Series 2003) preferred stock for common shares prior to conversion or exchange for either period since the effect would have been anti-dilutive. In determining adjusted earnings per share, we have reflected these shares as though they were converted at the beginning of the period which increases the fully diluted share count to 376.6 million and 365.1 million for the three and nine months ended September 30, 2005, respectively.

EXCERPTS ON THIS PAGE:

8-K	Jul 28, 2006

8-K	May 2, 2006

8-K	Nov 1, 2005

Chesapeake Energy (CHK)

CHK » Topics » ($ in 000s, except per share amounts)

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