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

This excerpt taken from the CHK 10-K filed Feb 29, 2008.

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

Chesapeake’s results of operations from oil and natural gas producing activities are presented below for 2007, 2006 and 2005. The following table includes revenues and expenses associated directly with our oil and natural 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 natural gas operations.

 

     Years Ended December 31,  
     2007     2006     2005  
     ($ in millions)  

Oil and natural gas sales (a)

    $ 5,624     $ 5,619     $ 3,273  

Production expenses

      (640 )     (490 )     (317 )

Production taxesf

      (216 )     (176 )     (208 )

Depletion and depreciation

      (1,835 )     (1,359 )     (894 )

Imputed income tax provision (b)

      (1,115 )     (1,383 )     (677 )
                        

Results of operations from oil and natural gas producing activities

    $ 1,818     $ 2,211     $ 1,177  
                        

 

(a) Includes ($374) million, $495 million and $41 million of unrealized gains (losses) on oil and natural gas derivatives for the years ended December 31, 2007, 2006 and 2005, 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.

 

105

Table of Contents
Index to Financial Statements

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the CHK 10-K filed Mar 1, 2007.

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

Chesapeake’s results of operations from oil and natural gas producing activities are presented below for 2006, 2005 and 2004. The following table includes revenues and expenses associated directly with our oil and natural 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 natural gas operations.

 

     Years Ended December 31,  
     2006     2005     2004  
     ($ in thousands)  

Oil and natural gas sales (a)

    $ 5,618,894     $ 3,272,585     $ 1,936,176  

Production expenses

      (489,499 )     (316,956 )     (204,821 )

Production taxes

      (176,440 )     (207,898 )     (103,931 )

Depletion and depreciation

      (1,358,519 )     (894,035 )     (582,137 )

Imputed income tax provision (b)

      (1,383,858 )     (676,599 )     (376,303 )
                        

Results of operations from oil and natural gas producing activities

    $ 2,210,578     $ 1,177,097     $ 668,984  
                        
(a) Includes $495.5 million, $41.1 million and $40.9 million of unrealized gains on oil and natural gas derivatives for the years ended December 31, 2006, 2005 and 2004, respectively.

 

106

Table of Contents
Index to Financial Statements

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

(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:

10-K
Feb 29, 2008
10-K
Mar 1, 2007

RELATED TOPICS for CHK:

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