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This excerpt taken from the CHK 8-K filed Jun 25, 2009. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding the impact of interest rate derivatives, at December 31, 2008 and 2007 were $14.0 billion and $10.9 billion, respectively, compared to approximate fair values of $10.5 billion and $11.1 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2008 and 2007 were $505 million and $960 million, respectively, compared to approximate fair values of $294 million and $1.0 billion, respectively. These excerpts taken from the CHK 10-K filed Mar 2, 2009. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding the impact of interest rate derivatives, at December 31, 2008 and 2007 were $14.0 billion and $10.9 billion, respectively, compared to approximate fair values of $10.5 billion and $11.1 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2008 and 2007 were $505 million and $960 million, respectively, compared to approximate fair values of $294 million and $1.0 billion, respectively. Fair Value of Financial Instruments Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. of these instruments. We estimate the fair value of our long-term debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding the impact of interest rate derivatives, at December 31, 2008 and 2007 were $14.0 billion and $10.9 billion, respectively, compared to approximate fair values of $10.5 billion and $11.1 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2008 and 2007 were $505 million and $960 million, respectively, compared to approximate fair values of $294 million and $1.0 billion, respectively. A significant portion of our liquidity is concentrated in both cash and SIZE="2">On September 15, 2008, Lehman Brothers Holdings Inc. (“Lehman”) filed for protection under Chapter 11 of the federal Bankruptcy Code in the United States Bankruptcy Court in the Southern District of New York.
106 Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
SIZE="2">Lehman Brothers Commercial Bank (“LBCB”), a subsidiary of Lehman, had $75 million of the $3.5 billion in commitments under our revolving bank credit facility. Although LBCB, to date, has not filed for bankruptcy (to our Chesapeake was a counterparty with Lehman Brothers Commodity Services Inc. Chesapeake sells natural gas to Eagle Energy Partners 1, LP (“Eagle Energy”), previously an Chesapeake will continue to closely monitor the Lehman bankruptcy situation and will accounts receivable. Our accounts receivable are primarily from purchasers of natural gas and oil and exploration and production companies which own interests in properties we operate. This industry concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic, industry or other conditions. We generally require letters of credit for receivables from customers which are judged to have sub-standard credit, unless the credit risk can otherwise be mitigated.
107 Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES These excerpts taken from the CHK 10-K filed Feb 29, 2008. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding the impact of interest rate derivatives, at December 31, 2007 and 2006 were $8.9 billion and $7.2 billion, respectively, compared to approximate fair values of $9.2 billion and $7.3 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2007 and 2006 were $960 million and $2.0 billion, respectively, compared to approximate fair values of $1.0 billion and $1.9 billion, respectively. Fair Value of Financial Instruments Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding the impact of interest rate derivatives, at December 31, 2007 and 2006 were $8.9 billion and $7.2 billion, respectively, compared to approximate fair values of $9.2 billion and $7.3 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2007 and 2006 were $960 million and $2.0 billion, respectively, compared to approximate fair values of $1.0 billion and $1.9 billion, respectively. SIZE="2">Concentration of Credit Risk A significant portion of our liquidity is concentrated in derivative instruments that enable
103 Table of ContentsIndex to Financial StatementsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
This excerpt taken from the CHK 10-Q filed Nov 9, 2007. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate the fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at September 30, 2007 and December 31, 2006 were $8.920 billion and $7.215 billion, respectively, compared to approximate fair values of $9.068 billion and $7.336 billion, respectively. The carrying amount for our convertible preferred stock as of September 30, 2007 and December 31, 2006 was $1.958 billion, compared to approximate fair values of $2.040 billion and $1.949 billion, respectively.
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Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
This excerpt taken from the CHK 10-Q filed Aug 8, 2007. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate the fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at June 30, 2007 and December 31, 2006 were $8.388 billion and $7.215 billion, respectively, compared to approximate fair values of $8.417 billion and $7.336 billion, respectively. The carrying amount for our convertible preferred stock as of June 30, 2007 and December 31, 2006 was $1.958 billion, compared to approximate fair values of $2.045 billion and $1.949 billion, respectively. This excerpt taken from the CHK 10-Q filed May 8, 2007. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate the fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at March 31, 2007 and December 31, 2006 were $7.227 billion and $7.215 billion, respectively, compared to approximate fair values of $7.444 billion and $7.336 billion, respectively. The carrying amount for our convertible preferred stock as of March 31, 2007 and December 31, 2006 was $1.958 billion, compared to approximate fair values of $1.986 billion and $1.949 billion, respectively. This excerpt taken from the CHK 10-K filed Mar 1, 2007. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of financial instruments comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at December 31, 2006 and 2005 were $7.215 billion and $5.429 billion, respectively, compared to approximate fair values of $7.336 billion and $5.582 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2006 and 2005 were $1.958 billion and $1.577 billion, respectively, compared to approximate fair values of $1.949 billion and $1.686 billion, respectively. This excerpt taken from the CHK 10-Q filed Nov 7, 2006. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
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Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The carrying values of financial instruments comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at September 30, 2006 and December 31, 2005 were $6.421 billion and $5.429 billion, respectively, compared to approximate fair values of $6.317 billion and $5.582 billion, respectively. The carrying amounts for our convertible preferred stock as of September 30, 2006 and December 31, 2005 were $1.962 billion and $1.577 billion, respectively, compared to approximate fair values of $1.950 billion and $1.686 billion, respectively. This excerpt taken from the CHK 10-Q filed Aug 9, 2006. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of items comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at June 30, 2006 and December 31, 2005 were $6.419 billion and $5.429 billion, respectively, compared to approximate fair values of $6.242 billion and $5.582 billion, respectively. The carrying amounts for our convertible preferred stock as of June 30, 2006 and December 31, 2005 were $1.887 billion and $1.577 billion, respectively, compared to approximate fair values of $1.885 billion and $1.686 billion, respectively.
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Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
This excerpt taken from the CHK 10-Q filed May 10, 2006. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of items comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt and our convertible preferred stock using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at March 31, 2006 and December 31, 2005 were $5.926 billion and $5.429 billion, respectively, compared to approximate fair values of $6.100 billion and $5.582 billion, respectively. The carrying amounts for our convertible preferred stock as of March 31, 2006 and December 31, 2005 were $1.551 billion and $1.577 billion, respectively, compared to approximate fair values of $1.618 billion and $1.686 billion, respectively. This excerpt taken from the CHK 10-K filed Mar 14, 2006. Fair Value of Financial Instruments The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. The carrying values of items comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at December 31, 2005 and 2004 were $5.429 billion and $3.014 billion, respectively, compared to approximate fair values of $5.582 billion and $3.281 billion, respectively. The carrying amounts for our convertible preferred stock as of December 31, 2005 and 2004 were $1.577 billion and $490.9 million, respectively, compared to approximate fair values of $1.686 billion and $533.7 million, respectively.
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Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
This excerpt taken from the CHK 10-Q filed Nov 1, 2005. Fair Value of Financial Instruments
The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments. We have determined the estimated fair values by using available market information and valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
The carrying values of items comprising current assets and current liabilities approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our long-term fixed-rate debt using primarily quoted market prices. Our carrying amounts for such debt, excluding discounts or premiums related to interest rate derivatives, at September 30, 2005 and December 31, 2004 were $4.251 billion and $3.014 billion, respectively, compared to approximate fair values of $4.444 billion and $3.281 billion, respectively. The carrying amounts for our convertible preferred stock as of September 30, 2005 and December 31, 2004 were $1.047 billion and $490.9 million, respectively, compared to approximate fair values of $1.197 billion and $533.7 million, respectively.
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Table of ContentsCHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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