Key Financial and Operational ResultsThe 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|
|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.