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

This excerpt taken from the CHK 10-K filed Mar 14, 2006.

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

Chesapeake’s results of operations from oil and gas producing activities are presented below for 2005, 2004 and 2003. The following table includes revenues and expenses associated directly with our oil and gas 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 oil and gas operations.

 

     Years Ended December 31,  
     2005     2004     2003  
     ($ in thousands)  

Oil and gas sales (a)

    $ 3,272,585     $ 1,936,176     $ 1,296,822  

Production expenses

      (316,956 )     (204,821 )     (137,583 )

Production taxes

      (207,898 )     (103,931 )     (77,893 )

Depletion and depreciation

      (894,035 )     (582,137 )     (369,465 )

Imputed income tax provision (b)

      (676,599 )     (376,303 )     (270,515 )
                        

Results of operations from oil and gas producing activities

    $ 1,177,097     $ 668,984     $ 441,366  
                        

 

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Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

(a) Includes $41.1 million, $40.9 million and $10.5 million of unrealized gains (losses) on oil and gas derivatives for the years ended December 31, 2005, 2004 and 2003, 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.
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