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

Stocks in this article: CHK

The company’s natural gas hedging positions as of July 31, 2013 were as follows:

                       

Open Natural Gas Swaps; Gains (Losses) from Closed

Natural Gas Trades and Call Option Premiums

 
      Open

Swaps

(bcf)

    Avg. NYMEX

Price of

Open Swaps

    Forecasted

Natural Gas

Production

(bcf)

    Open Swap

Positions as

a % of

Forecasted

Natural Gas

Production

    Total Gains

(Losses) from

Closed Trades

and Premiums

for Call Options

($ in millions)

    Total Gains

(Losses) from

Closed Trades

and Premiums for

Call Options per

mcf of Forecasted

Natural Gas

Production

Q3 2013 197 $ 3.73 $ 7
Q4 2013     190       3.71                   (3)      
Total Q3-Q4 2013     387     $ 3.72     539     72%     $ 4     $ 0.01
Total 2014     133     $ 4.39                 $ (74)      
Total 2015     0       -                 $ (131)      
Total 2016 – 2022     0       -                 $ (187)      
                       

Purchased Natural Gas Three-Way Collars

 
      Open

Collars

(bcf)

    Avg. NYMEX

Sold Put Price

    Avg. NYMEX

Bought Put Price

    Avg. NYMEX

Ceiling Price

    Forecasted

Natural Gas

Production

(bcf)

    Open Collars as a % of

Forecasted

Natural Gas

Production

 
Q3 2013 18 $ 3.03 $ 3.55 $ 4.03
Q4 2013     18         3.03         3.55         4.03                  
Total Q3-Q4 2013     36       $ 3.03       $ 3.55       $ 4.03       539       7 %
Total 2014     18       $ 3.50       $ 4.00       $ 4.70                  
       

Natural Gas Swaptions

 
    Swaptions

(bcf)

  Avg. NYMEX

Strike Price

  Forecasted

Natural Gas

Production

(bcf)

  Swaptions

as a % of

Forecasted Natural

Gas

Production

 
Total Q3-Q4 2013   0     $ -     539     0 %
Total 2014   12     $ 4.80              
       

Natural Gas Written Call Options

 
    Call Options

(bcf)

  Avg. NYMEX

Strike Price

  Forecasted

Natural Gas

Production

(bcf)

  Call Options

as a % of

Forecasted Natural

Gas

Production

 
Total Q3-Q4 2013   0     $ -     539     0 %
Total 2016 – 2020   193     $ 9.92              
 

Natural Gas Basis Protection Swaps

 
 
    Volume (bcf)   Avg. NYMEX less
 
Q3 2013 11 $ 0.21
Q4 2013   11       0.21
Total Q3-Q4 2013   22     $ 0.21
Total 2014   28     $ 0.32
Total 2015   31     $ 0.34
Total 2016 - 2022   8     $ 1.02
 

The company’s crude oil hedging positions as of July 31, 2013 were as follows:

Open Crude Oil Swaps; Gains (Losses) from Closed

Crude Oil Trades and Call Option Premiums

           
    Open

Swaps

(mbbls)

  Avg. NYMEX

Price of

Open Swaps

  Forecasted

Oil

Production

(mbbls)

  Open Swap

Positions as

a % of

Forecasted

Oil

Production

  Total Gains

(Losses) from

Closed Trades

and Premiums

for Call Options

($ in millions)

  Total Gains

(Losses) from

Closed Trades

and Premiums for

Call Options per

bbl of Forecasted

Oil

Production

 
Q3 2013 8,834 $ 95.68 $ 2
Q4 2013   9,181       95.59                   2        
Total Q3-Q4 2013   18,015     $ 95.64     19,178     94 %   $ 4     $ $0.18
Total 2014   21,358     $ 93.76                 $ (151 )      
Total 2015   693     $ 89.48                 $ 265        
Total 2016 – 2022   0     $ -                 $ 117        
       

Crude Oil Swaptions

 
    Swaptions

(mbbls)

  Avg. NYMEX

Strike Price

  Forecasted

Natural Gas

Production

(mbbls)

  Swaptions

as a % of

Forecasted Natural

Gas

Production

 
Total Q3-Q4 2013   0     $ -     19,178     0 %
Total 2014   2,920     $ 106.69              
Total 2015   2,368     $ 106.61              
       

Crude Oil Written Call Options

 
    Call Options

(mbbls)

  Avg. NYMEX

Strike Price

  Forecasted

Oil

Production

(mbbls)

  Call Options

as a % of

Forecasted Oil

Production

 
Q3 2013 1,975 $ 97.90
Q4 2013   1,975       97.90              
Total Q3-Q4 2013   3,950     $ 97.90     19,178     21 %
Total 2014   14,692     $ 97.22              
Total 2015   24,680     $ 100.45              
Total 2016 – 2017   24,220     $ 100.07              
   

Crude Oil Basis Protection Swaps

 
    Volume (mbbls)   Avg. NYMEX plus
 
Q3 2013 736 $ 10.07
Q4 2013   0       -
Total Q3-Q4 2013   736     $ 10.07




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