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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2013 Second Quarter

Key Financial and Operational Results

The table below summarizes Chesapeake’s key financial and operational results during the 2013 second quarter and compares them to results during the 2013 first quarter and the 2012 second quarter.

Three Months Ended
6/30/13   3/31/13   6/30/12
Natural gas equivalent production (in bcfe) 369 358 347
Natural gas equivalent realized price ($/mcfe) (a) 4.96 4.46 3.77
Oil production (in mbbls) 10,539 9,283 7,325
Average realized oil price ($/bbl) (a) 93.81 94.85 91.58
Oil as % of total production 17 16 13
NGL production (in mbbls) 4,751 4,882 4,525
Average realized NGL price ($/bbl) (a) 24.22 28.25 25.94
NGL as % of total production 8 8 8
Liquids as % of realized revenue (b) 60 64 60
Liquids as % of unhedged revenue (b) 58 64 70
Natural gas production (in bcf) 278 273 275
Average realized natural gas price ($/mcf) (a) 2.62 2.13 1.88
Natural gas as % of total production 75 76 79
Natural gas as % of realized revenue 40 36 40
Natural gas as % of unhedged revenue 42 36 30
Production expenses ($/mcfe) (0.78 ) (0.86 ) (0.97 )
Production taxes ($/mcfe) (0.16 ) (0.15 ) (0.12 )
General and administrative costs ($/mcfe) (c) (0.25 ) (0.25 ) (0.39 )
Stock-based compensation ($/mcfe) (0.04 ) (0.06 ) (0.06 )
DD&A of natural gas and liquids properties ($/mcfe) (1.75 ) (1.81 ) (1.70 )
D&A of other assets ($/mcfe) (0.21 ) (0.22 ) (0.24 )
Interest expense ($/mcfe) (a) (0.14 ) (0.04 ) (0.06 )
Marketing, gathering and compression net margin ($ in millions) (d) 29 36 17
Oilfield services net margin ($ in millions) (d) 35 35 50
Operating cash flow ($ in millions) (e) 1,370 1,176 895
Operating cash flow ($/mcfe) 3.71 3.28 2.58
Adjusted ebitda ($ in millions) (f) 1,424 1,134 803
Adjusted ebitda ($/mcfe) 3.86 3.17 2.32
Net income available to common stockholders ($ in millions) 457 15 929
Earnings per share – diluted ($) 0.66 0.02 1.29
Adjusted net income available to common stockholders ($ in millions) (g) 334 183 3
Adjusted earnings per share – diluted ($) 0.51 0.30 0.06

(a) Includes the effects of realized gains (losses) from hedging, but excludes the effects of unrealized gains (losses) from hedging.

(b) “Liquids” includes both oil and NGL.

(c) Excludes expenses associated with noncash stock-based compensation.

(d) Includes revenue and operating costs and excludes depreciation and amortization of other assets.

(e) Defined as cash flow provided by operating activities before changes in assets and liabilities.

(f) Defined as net income before interest expense, income taxes and depreciation, depletion and amortization expense, as adjusted to remove the effects of certain items detailed on Page 16.

(g) Defined as net income available to common stockholders, as adjusted to remove the effects of certain items detailed on Page 12.


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