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CHK » Topics » Results of Operations from Natural Gas and Oil Producing Activities (unaudited)

This excerpt taken from the CHK 8-K filed Jun 25, 2009.

Results of Operations from Natural Gas and Oil Producing Activities (unaudited)

Chesapeake’s results of operations from natural gas and oil producing activities are presented below for 2008, 2007 and 2006. The following table includes revenues and expenses associated directly with our natural gas and oil producing activities. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of our natural gas and oil operations.

 

     Years Ended December 31,  
     2008     2007     2006  
     ($ in millions)  

Natural gas and oil sales(a)

    $ 7,858      $ 5,624      $ 5,619   

Production expenses

      (889 )      (640 )      (490 ) 

Production taxes

      (284 )      (216 )      (176 ) 

Impairment of natural gas and oil properties

      (2,800 )      —          —     

Depletion and depreciation

      (1,970 )      (1,835 )      (1,359 ) 

Imputed income tax provision(b)

      (747 )      (1,115 )      (1,383 ) 
                        

Results of operations from natural gas and oil producing activities

    $ 1,168      $ 1,818      $ 2,211   
                        

 

(a) Includes $797 million, ($374) million and $495 million of unrealized gains (losses) on natural gas and oil derivatives for the years ended December 31, 2008, 2007 and 2006, respectively.
(b) The imputed income tax provision is hypothetical (at the effective income tax rate) and determined without regard to our deduction for general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax provision will be payable.

 

84

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

 

These excerpts taken from the CHK 10-K filed Mar 2, 2009.

Results of Operations from Natural Gas and Oil Producing Activities (unaudited)

Chesapeake’s results of operations from natural gas and oil producing activities are presented below for 2008, 2007 and 2006. The following table includes revenues and expenses associated directly with our natural gas and oil producing activities. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of our natural gas and oil operations.

 

     Years Ended December 31,  
     2008     2007     2006  
     ($ in millions)  

Natural gas and oil sales (a)

    $ 7,858     $ 5,624     $ 5,619  

Production expenses

      (889 )     (640 )     (490 )

Production taxes

      (284 )     (216 )     (176 )

Impairment of natural gas and oil properties

      (2,800 )     —       —  

Depletion and depreciation

      (1,970 )     (1,835 )     (1,359 )

Imputed income tax provision (b)

      (747 )     (1,115 )     (1,383 )
                        

Results of operations from natural gas and oil producing activities

    $ 1,168     $ 1,818     $ 2,211  
                        

 

(a) Includes $797 million, ($374) million and $495 million of unrealized gains (losses) on natural gas and oil derivatives for the years ended December 31, 2008, 2007 and 2006, respectively.
(b) The imputed income tax provision is hypothetical (at the effective income tax rate) and determined without regard to our deduction for general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax provision will be payable.

Results of Operations from Natural Gas and Oil Producing Activities (unaudited)

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Chesapeake’s results of operations from natural gas and oil producing activities are presented below for 2008, 2007 and 2006. The following table
includes revenues and expenses associated directly with our natural gas and oil producing activities. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to
consolidated net operating results of our natural gas and oil operations.

 





































































































































































   Years Ended December 31, 
   2008  2007  2006 
   ($ in millions) 

Natural gas and oil sales (a)

  $7,858  $5,624  $5,619 

Production expenses

   (889)  (640)  (490)

Production taxes

   (284)  (216)  (176)

Impairment of natural gas and oil properties

   (2,800)  —   — 

Depletion and depreciation

   (1,970)  (1,835)  (1,359)

Imputed income tax provision (b)

   (747)  (1,115)  (1,383)
             

Results of operations from natural gas and oil producing activities

  $1,168  $1,818  $2,211 
             

 





(a)Includes $797 million, ($374) million and $495 million of unrealized gains (losses) on natural gas and oil derivatives for the years ended December 31, 2008, 2007 and 2006,
respectively.




(b)The imputed income tax provision is hypothetical (at the effective income tax rate) and determined without regard to our deduction for general and administrative expenses, interest
costs and other income tax credits and deductions, nor whether the hypothetical tax provision will be payable.

EXCERPTS ON THIS PAGE:

8-K
Jun 25, 2009
10-K (2 sections)
Mar 2, 2009

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