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2015-11-09 19:45:00

CHESAPEAKE NET LOSS $12.5 BLN

CHESAPEAKE NET LOSS $12.5 BLN

 

CHESAPEAKE ENERGY CORPORATION

       

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

       

($ in millions, except per share data)

       

(unaudited)

       
                 
   

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

   

2015

 

2014

 

2015

 

2014

REVENUES:

               

Oil, natural gas and NGL

 

$

880

 

$

2,341

 

$

2,693

   

$

5,812

 

Marketing, gathering and compression

 

2,013

 

3,362

 

5,993

   

9,543

 

Oilfield services

 

 

 

   

546

 

Total Revenues

 

2,893

 

5,703

 

8,686

   

15,901

 

OPERATING EXPENSES:

               

Oil, natural gas and NGL production

 

251

 

298

 

826

   

868

 

Production taxes

 

25

 

62

 

87

   

185

 

Marketing, gathering and compression

 

1,955

 

3,369

 

5,751

   

9,515

 

Oilfield services

 

 

 

   

431

 

General and administrative

 

49

 

60

 

174

   

229

 

Restructuring and other termination costs

 

53

 

(14)

 

39

   

12

 

Provision for legal contingencies

 

 

100

 

359

   

100

 

Oil, natural gas and NGL depreciation, depletion and amortization

 

488

 

688

 

1,773

   

1,977

 

Depreciation and amortization of other assets

 

31

 

37

 

100

   

194

 

Impairment of oil and natural gas properties

 

5,416

 

 

15,407

   

 

Impairments of fixed assets and other

 

79

 

15

 

167

   

75

 

Net (gains) losses on sales of fixed assets

 

(1)

 

(86)

 

3

   

(201)

 

Total Operating Expenses

 

8,346

 

4,529

 

24,686

   

13,385

 

INCOME (LOSS) FROM OPERATIONS

 

(5,453)

 

1,174

 

(16,000)

   

2,516

 

OTHER INCOME (EXPENSE):

               

Interest expense

 

(88)

 

(17)

 

(210)

   

(82)

 

Losses on investments

 

(33)

 

(27)

 

(57)

   

(72)

 

Net gain on sales of investments

 

 

 

   

67

 

Losses on purchases of debt

 

 

 

   

(195)

 

Other income (expense)

 

(2)

 

(1)

 

3

   

12

 

Total Other Expense

 

(123)

 

(45)

 

(264)

   

(270)

 

INCOME (LOSS) BEFORE INCOME TAXES

 

(5,576)

 

1,129

 

(16,264)

   

2,246

 

INCOME TAX EXPENSE (BENEFIT):

               

Current income taxes

 

 

2

 

(6)

   

10

 

Deferred income taxes

 

(937)

 

435

 

(3,808)

   

849

 

Total Income Tax Expense (Benefit)

 

(937)

 

437

 

(3,814)

   

859

 

NET INCOME (LOSS)

 

(4,639)

 

692

 

(12,450)

   

1,387

 

Net income attributable to noncontrolling interests

 

(13)

 

(30)

 

(50)

   

(110)

 

NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE

 

(4,652)

 

662

 

(12,500)

   

1,277

 

Preferred stock dividends

 

(43)

 

(43)

 

(128)

   

(128)

 

Repurchase of preferred shares of CHK Utica

 

 

(447)

 

   

(447)

 

Earnings allocated to participating securities

 

 

(3)

 

   

(15)

 

NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS

 

$

(4,695)

 

$

169

 

$

(12,628)

   

$

687

 

 

Chesapeake Energy Corporation (NYSE: CHK) today reported financial and operational results for the 2015 third quarter. Highlights include:

  • Production averaged approximately 667,000 boe per day, an increase of 3% year over year, adjusted for asset sales
  • Adjusted net loss of $0.05 per fully diluted share and adjusted ebitda of $560 million
  • 2015 total production guidance increased to 670 – 680 mboe per day
  • 2015 production expense and general and administrative expense guidance lowered significantly
  • 2015 capital guidance reduced to $3.4 – $3.9 billion

Doug Lawler, Chesapeake's Chief Executive Officer, commented, "The many actions that we have taken this quarter, including executing new gas gathering agreements, amending our revolving credit facility, reducing complexity and commitments and lowering our business costs, have significantly increased Chesapeake's ability to create additional value. Our focus on optimizing base production and continuing to generate efficiencies in the field drove a 3% increase in production compared to last year, adjusted for asset sales. In addition, the elimination of $200 million of annualized, controllable production and general and administrative expenses represents another step in our commitment to financial discipline."

Lawler continued, "We lowered our 2015 capital guidance to $3.4 to $3.9 billion and are prepared to execute on a significantly lower capital program in 2016. While the current price environment presents many challenges for our industry, we will continue focusing on our capital and operating cost efficiency, enhancing our cash flow and financial flexibility and optimizing our base production. The power of our people, the strength of our portfolio and our operational leadership will continue to create value for Chesapeake for the long term."

2015 Third Quarter Financial Results

For the 2015 third quarter, Chesapeake reported a net loss available to common stockholders of $4.695 billion, or $7.08 per fully diluted share, which compares to net income available to common stockholders of $169 million, or $0.26 per fully diluted share, in the 2014 third quarter. Items typically excluded by securities analysts in their earnings estimates reduced 2015 third quarter net income by approximately $4.612 billion on an after-tax basis and are presented on Page 12 of this release. The primary source of this reduction was a noncash impairment of the carrying value of Chesapeake's oil and natural gas properties largely resulting from significant decreases in the trailing 12-month average first-day-of-the-month oil and natural gas prices as of September 30, 2015, compared to June 30, 2015. Adjusting for this and other items, the 2015 third quarter net loss available to common stockholders was $83 million, or $0.05 per fully diluted share, which compares to adjusted net income available to common stockholders of $251 million, or $0.38 per fully diluted share, in the 2014 third quarter.

Adjusted ebitda was $560 million in the 2015 third quarter, compared to $1.236 billion in the 2014 third quarter. Operating cash flow was $476 million in the 2015 third quarter, compared to $1.293 billion in the 2014 third quarter. The year-over-year decreases in adjusted ebitda and operating cash flow were primarily the result of lower realized oil, natural gas and natural gas liquid (NGL) prices, partially offset by higher realized hedging gains and lower production expenses, general and administrative (G&A) expenses and production taxes.

chk.com

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More: 

HUSKY NET LOSS C$4.1 BLN 

CONOCO LOSS $1.1 BLN 

NABORS LOSS $296 MLN 

ANADARKO PETROLEUM LOSS $2.2 BLN 

SUNCOR ENERGY LOSS $376 MLN 

SHELL LOSS $6.12 BLN

 

Tags: CHESAPEAKE, OIL, PRICES

Chronicle:

CHESAPEAKE NET LOSS $12.5 BLN
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

CHESAPEAKE NET LOSS $12.5 BLN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

CHESAPEAKE NET LOSS $12.5 BLN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

CHESAPEAKE NET LOSS $12.5 BLN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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