Condensed Consolidating Financial Information (Note) | 9 Months Ended |
Sep. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' |
Condensed Consolidating Financial Information |
Chesapeake Energy Corporation is a holding company, owns no operating assets and has no significant operations independent of its subsidiaries. Our obligations under our outstanding senior notes and contingent convertible senior notes listed in Note 4 are fully and unconditionally guaranteed, jointly and severally, by certain of our 100% owned subsidiaries on a senior unsecured basis. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors. Our former oilfield services subsidiaries were separately capitalized and were not guarantors of our debt obligations. |
Set forth below are condensed consolidating financial statements for Chesapeake Energy Corporation (parent) on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. Such financial information may not necessarily be indicative of our results of operations, cash flows or financial position had these subsidiaries operated as independent entities. |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF SEPTEMBER 30, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
CURRENT ASSETS: | | | | | | | | | | |
Cash and cash equivalents | | $ | 13 | | | $ | — | | | $ | 90 | | | $ | (13 | ) | | $ | 90 | |
|
Restricted cash | | — | | | — | | | 38 | | | — | | | 38 | |
|
Other | | 73 | | | 2,737 | | | 191 | | | — | | | 3,001 | |
|
Intercompany receivable, net | | 24,366 | | | — | | | — | | | (24,366 | ) | | — | |
|
Total Current Assets | | 24,452 | | | 2,737 | | | 319 | | | (24,379 | ) | | 3,129 | |
|
PROPERTY AND EQUIPMENT: | | | | | | | | | | |
Natural gas and oil properties, at cost based on full cost accounting, net | | — | | | 30,739 | | | 2,999 | | | 499 | | | 34,237 | |
|
Other property and equipment, net | | — | | | 2,309 | | | 5 | | | — | | | 2,314 | |
|
Property and equipment held for | | — | | | 101 | | | — | | | — | | | 101 | |
sale, net |
Total Property and Equipment, | | — | | | 33,149 | | | 3,004 | | | 499 | | | 36,652 | |
Net |
LONG-TERM ASSETS: | | | | | | | | | | |
Other assets | | 105 | | | 604 | | | 28 | | | — | | | 737 | |
|
Investments in subsidiaries and | | 3,805 | | | 686 | | | — | | | (4,491 | ) | | — | |
intercompany advances |
TOTAL ASSETS | | $ | 28,362 | | | $ | 37,176 | | | $ | 3,351 | | | $ | (28,371 | ) | | $ | 40,518 | |
|
CURRENT LIABILITIES: | | | | | | | | | | |
Current liabilities | | $ | 247 | | | $ | 5,308 | | | $ | 68 | | | $ | (21 | ) | | $ | 5,602 | |
|
Intercompany payable, net | | — | | | 23,807 | | | 703 | | | (24,510 | ) | | — | |
|
Total Current Liabilities | | 247 | | | 29,115 | | | 771 | | | (24,531 | ) | | 5,602 | |
|
LONG-TERM LIABILITIES: | | | | | | | | | | |
Long-term debt, net | | 11,533 | | | 59 | | | — | | | — | | | 11,592 | |
|
Deferred income tax liabilities | | 132 | | | 3,305 | | | 713 | | | 135 | | | 4,285 | |
|
Other long-term liabilities | | 130 | | | 892 | | | 386 | | | — | | | 1,408 | |
|
Total Long-Term Liabilities | | 11,795 | | | 4,256 | | | 1,099 | | | 135 | | | 17,285 | |
|
EQUITY: | | | | | | | | | | |
Chesapeake stockholders’ equity | | 16,320 | | | 3,805 | | | 1,481 | | | (5,286 | ) | | 16,320 | |
|
Noncontrolling interests | | — | | | — | | | — | | | 1,311 | | | 1,311 | |
|
Total Equity | | 16,320 | | | 3,805 | | | 1,481 | | | (3,975 | ) | | 17,631 | |
|
TOTAL LIABILITIES AND EQUITY | | $ | 28,362 | | | $ | 37,176 | | | $ | 3,351 | | | $ | (28,371 | ) | | $ | 40,518 | |
|
|
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2013 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Subsidiaries | Subsidiaries |
CURRENT ASSETS: | | | | | | | | | | |
Cash and cash equivalents | | $ | 799 | | | $ | — | | | $ | 39 | | | $ | (1 | ) | | $ | 837 | |
|
Restricted cash | | — | | | — | | | 82 | | | (7 | ) | | 75 | |
|
Other | | 103 | | | 2,411 | | | 578 | | | (348 | ) | | 2,744 | |
|
Intercompany receivable, net | | 25,357 | | | — | | | — | | | (25,357 | ) | | — | |
|
Total Current Assets | | 26,259 | | | 2,411 | | | 699 | | | (25,713 | ) | | 3,656 | |
|
PROPERTY AND EQUIPMENT: | | | | | | | | | | |
Natural gas and oil properties, at cost based on full cost accounting, net | | — | | | 29,295 | | | 3,113 | | | 185 | | | 32,593 | |
|
Other property and equipment, net | | — | | | 2,360 | | | 1,452 | | | (1 | ) | | 3,811 | |
|
Property and equipment held for | | — | | | 701 | | | 29 | | | — | | | 730 | |
sale, net |
Total Property and Equipment, | | — | | | 32,356 | | | 4,594 | | | 184 | | | 37,134 | |
Net |
LONG-TERM ASSETS: | | | | | | | | | | |
Other assets | | 111 | | | 1,161 | | | 96 | | | (376 | ) | | 992 | |
|
Investments in subsidiaries and | | 2,361 | | | (262 | ) | | — | | | (2,099 | ) | | — | |
intercompany advances |
TOTAL ASSETS | | $ | 28,731 | | | $ | 35,666 | | | $ | 5,389 | | | $ | (28,004 | ) | | $ | 41,782 | |
|
CURRENT LIABILITIES: | | | | | | | | | | |
Current liabilities | | $ | 300 | | | $ | 5,227 | | | $ | 344 | | | $ | (356 | ) | | $ | 5,515 | |
|
Intercompany payable, net | | — | | | 24,775 | | | 558 | | | (25,333 | ) | | — | |
|
Total Current Liabilities | | 300 | | | 30,002 | | | 902 | | | (25,689 | ) | | 5,515 | |
|
LONG-TERM LIABILITIES: | | | | | | | | | | |
Long-term debt, net | | 11,831 | | | — | | | 1,055 | | | — | | | 12,886 | |
|
Deferred income tax liabilities | | 209 | | | 2,281 | | | 830 | | | 87 | | | 3,407 | |
|
Other long-term liabilities | | 396 | | | 1,022 | | | 788 | | | (372 | ) | | 1,834 | |
|
Total Long-Term Liabilities | | 12,436 | | | 3,303 | | | 2,673 | | | (285 | ) | | 18,127 | |
|
EQUITY: | | | | | | | | | | |
Chesapeake stockholders’ equity | | 15,995 | | | 2,361 | | | 1,814 | | | (4,175 | ) | | 15,995 | |
|
Noncontrolling interests | | — | | | — | | | — | | | 2,145 | | | 2,145 | |
|
Total Equity | | 15,995 | | | 2,361 | | | 1,814 | | | (2,030 | ) | | 18,140 | |
|
TOTAL LIABILITIES AND EQUITY | | $ | 28,731 | | | $ | 35,666 | | | $ | 5,389 | | | $ | (28,004 | ) | | $ | 41,782 | |
|
|
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
REVENUES: | | | | | | | | | | |
Natural gas, oil and NGL | | $ | — | | | $ | 2,085 | | | $ | 256 | | | $ | — | | | $ | 2,341 | |
|
Marketing, gathering and compression | | — | | | 3,361 | | | 1 | | | — | | | 3,362 | |
|
Oilfield services | | — | | | — | | | — | | | — | | | — | |
|
Total Revenues | | — | | | 5,446 | | | 257 | | | — | | | 5,703 | |
|
OPERATING EXPENSES: | | | | | | | | | | |
Natural gas, oil and NGL production | | — | | | 284 | | | 14 | | | — | | | 298 | |
|
Production taxes | | — | | | 59 | | | 3 | | | — | | | 62 | |
|
Marketing, gathering and compression | | — | | | 3,368 | | | 1 | | | — | | | 3,369 | |
|
Oilfield services | | — | | | — | | | — | | | — | | | — | |
|
General and administrative | | — | | | 57 | | | 3 | | | — | | | 60 | |
|
Restructuring and other termination costs | | — | | | (14 | ) | | — | | | — | | | (14 | ) |
|
Provision for legal contingencies | | — | | | 100 | | | — | | | — | | | 100 | |
|
Natural gas, oil and NGL depreciation, | | — | | | 599 | | | 82 | | | 7 | | | 688 | |
depletion and amortization |
Depreciation and amortization of other | | — | | | 37 | | | — | | | — | | | 37 | |
assets |
Impairment of natural gas and oil properties | | — | | | — | | | 104 | | | (104 | ) | | — | |
|
Impairments of fixed assets and other | | — | | | 15 | | | — | | | — | | | 15 | |
|
Net gains on sales of fixed assets | | — | | | (86 | ) | | — | | | — | | | (86 | ) |
|
Total Operating Expenses | | — | | | 4,419 | | | 207 | | | (97 | ) | | 4,529 | |
|
INCOME FROM OPERATIONS | | — | | | 1,027 | | | 50 | | | 97 | | | 1,174 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | | |
Interest expense | | (178 | ) | | (11 | ) | | — | | | 172 | | | (17 | ) |
|
Losses on investments | | — | | | (27 | ) | | — | | | — | | | (27 | ) |
|
Other income (expense) | | 56 | | | 120 | | | (4 | ) | | (173 | ) | | (1 | ) |
|
Equity in net earnings of subsidiary | | 737 | | | (2 | ) | | — | | | (735 | ) | | — | |
|
Total Other Income (Expense) | | 615 | | | 80 | | | (4 | ) | | (736 | ) | | (45 | ) |
|
INCOME BEFORE INCOME TAXES | | 615 | | | 1,107 | | | 46 | | | (639 | ) | | 1,129 | |
|
INCOME TAX EXPENSE (BENEFIT) | | (47 | ) | | 429 | | | 18 | | | 37 | | | 437 | |
|
NET INCOME | | 662 | | | 678 | | | 28 | | | (676 | ) | | 692 | |
|
Net income attributable to | | — | | | — | | | — | | | (30 | ) | | (30 | ) |
noncontrolling interests |
NET INCOME ATTRIBUTABLE | | 662 | | | 678 | | | 28 | | | (706 | ) | | 662 | |
TO CHESAPEAKE |
Other comprehensive income | | — | | | 3 | | | — | | | — | | | 3 | |
|
COMPREHENSIVE INCOME | | $ | 662 | | | $ | 681 | | | $ | 28 | | | $ | (706 | ) | | $ | 665 | |
ATTRIBUTABLE TO CHESAPEAKE |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
REVENUES: | | | | | | | | | | |
Natural gas, oil and NGL | | $ | — | | | $ | 1,340 | | | $ | 245 | | | $ | 1 | | | $ | 1,586 | |
|
Marketing, gathering and compression | | — | | | 3,031 | | | 1 | | | — | | | 3,032 | |
|
Oilfield services | | — | | | 57 | | | 464 | | | (272 | ) | | 249 | |
|
Total Revenues | | — | | | 4,428 | | | 710 | | | (271 | ) | | 4,867 | |
|
OPERATING EXPENSES: | | | | | | | | | | |
Natural gas, oil and NGL production | | — | | | 262 | | | 20 | | | — | | | 282 | |
|
Production taxes | | — | | | 60 | | | 2 | | | — | | | 62 | |
|
Marketing, gathering and compression | | — | | | 3,009 | | | — | | | — | | | 3,009 | |
|
Oilfield services | | — | | | 70 | | | 385 | | | (244 | ) | | 211 | |
|
General and administrative | | — | | | 97 | | | 24 | | | (1 | ) | | 120 | |
|
Restructuring and other termination costs | | — | | | 63 | | | — | | | — | | | 63 | |
|
Natural gas, oil and NGL depreciation, | | — | | | 549 | | | 103 | | | — | | | 652 | |
depletion and amortization |
Depreciation and amortization of other | | — | | | 45 | | | 71 | | | (37 | ) | | 79 | |
assets |
Impairment of natural gas and oil | | — | | | — | | | 99 | | | (99 | ) | | — | |
properties |
Impairments of fixed assets and other | | — | | | 31 | | | 54 | | | — | | | 85 | |
|
Net gains on sales of fixed assets | | — | | | (133 | ) | | — | | | 1 | | | (132 | ) |
|
Total Operating Expenses | | — | | | 4,053 | | | 758 | | | (380 | ) | | 4,431 | |
|
INCOME FROM OPERATIONS | | — | | | 375 | | | (48 | ) | | 109 | | | 436 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | | |
Interest expense | | (207 | ) | | (27 | ) | | (21 | ) | | 215 | | | (40 | ) |
|
Losses on investments | | — | | | (22 | ) | | — | | | — | | | (22 | ) |
|
Net gain on sales of investments | | — | | | 3 | | | — | | | — | | | 3 | |
|
Other income | | 208 | | | 44 | | | 2 | | | (244 | ) | | 10 | |
|
Equity in net earnings (losses) of | | 201 | | | (87 | ) | | — | | | (114 | ) | | — | |
subsidiary |
Total Other Income (Expense) | | 202 | | | (89 | ) | | (19 | ) | | (143 | ) | | (49 | ) |
|
INCOME BEFORE INCOME TAXES | | 202 | | | 286 | | | (67 | ) | | (34 | ) | | 387 | |
|
INCOME TAX EXPENSE (BENEFIT) | | — | | | 142 | | | (25 | ) | | 30 | | | 147 | |
|
NET INCOME (LOSS) | | 202 | | | 144 | | | (42 | ) | | (64 | ) | | 240 | |
|
Net income attributable to | | — | | | — | | | — | | | (38 | ) | | (38 | ) |
noncontrolling interests |
NET INCOME ATTRIBUTABLE | | 202 | | | 144 | | | (42 | ) | | (102 | ) | | 202 | |
TO CHESAPEAKE (LOSS) |
Other comprehensive income (loss) | | 2 | | | 1 | | | (2 | ) | | — | | | 1 | |
|
COMPREHENSIVE INCOME | | $ | 204 | | | $ | 145 | | | $ | (44 | ) | | $ | (102 | ) | | $ | 203 | |
ATTRIBUTABLE TO CHESAPEAKE |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
REVENUES: | | | | | | | | | | |
Natural gas, oil and NGL | | $ | — | | | $ | 5,100 | | | $ | 715 | | | $ | (3 | ) | | $ | 5,812 | |
|
Marketing, gathering and compression | | — | | | 9,539 | | | 4 | | | — | | | 9,543 | |
|
Oilfield services | | — | | | 40 | | | 984 | | | (478 | ) | | 546 | |
|
Total Revenues | | — | | | 14,679 | | | 1,703 | | | (481 | ) | | 15,901 | |
|
OPERATING EXPENSES: | | | | | | | | | | |
Natural gas, oil and NGL production | | — | | | 818 | | | 50 | | | — | | | 868 | |
|
Production taxes | | — | | | 177 | | | 8 | | | — | | | 185 | |
|
Marketing, gathering and compression | | — | | | 9,512 | | | 3 | | | — | | | 9,515 | |
|
Oilfield services | | — | | | 54 | | | 769 | | | (392 | ) | | 431 | |
|
General and administrative | | — | | | 176 | | | 53 | | | — | | | 229 | |
|
Restructuring and other termination costs | | — | | | 9 | | | 3 | | | — | | | 12 | |
|
Provision for legal contingencies | | — | | | 100 | | | — | | | — | | | 100 | |
|
Natural gas, oil and NGL depreciation, | | — | | | 1,750 | | | 211 | | | 16 | | | 1,977 | |
depletion and amortization |
Depreciation and amortization of other | | — | | | 116 | | | 142 | | | (64 | ) | | 194 | |
assets |
Impairment of natural gas and oil properties | | — | | | — | | | 202 | | | (202 | ) | | — | |
|
Impairments of fixed assets and other | | — | | | 52 | | | 23 | | | — | | | 75 | |
|
Net gains on sales of fixed assets | | — | | | (194 | ) | | (7 | ) | | — | | | (201 | ) |
|
Total Operating Expenses | | — | | | 12,570 | | | 1,457 | | | (642 | ) | | 13,385 | |
|
INCOME FROM OPERATIONS | | — | | | 2,109 | | | 246 | | | 161 | | | 2,516 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | | |
Interest expense | | (524 | ) | | (14 | ) | | (42 | ) | | 498 | | | (82 | ) |
|
Losses on investments | | — | | | (69 | ) | | (5 | ) | | 2 | | | (72 | ) |
|
Net gain on sales of investments | | — | | | 67 | | | — | | | — | | | 67 | |
|
Losses on purchases of debt | | (195 | ) | | — | | | — | | | — | | | (195 | ) |
|
Other income (loss) | | 535 | | | 12 | | | (2 | ) | | (533 | ) | | 12 | |
|
Equity in net earnings of subsidiary | | 1,391 | | | 11 | | | — | | | (1,402 | ) | | — | |
|
Total Other Income (Expense) | | 1,207 | | | 7 | | | (49 | ) | | (1,435 | ) | | (270 | ) |
|
INCOME BEFORE INCOME TAXES | | 1,207 | | | 2,116 | | | 197 | | | (1,274 | ) | | 2,246 | |
|
INCOME TAX EXPENSE (BENEFIT) | | (70 | ) | | 804 | | | 76 | | | 49 | | | 859 | |
|
NET INCOME | | 1,277 | | | 1,312 | | | 121 | | | (1,323 | ) | | 1,387 | |
|
Net income attributable to | | — | | | — | | | — | | | (110 | ) | | (110 | ) |
noncontrolling interests |
NET INCOME ATTRIBUTABLE | | 1,277 | | | 1,312 | | | 121 | | | (1,433 | ) | | 1,277 | |
TO CHESAPEAKE |
Other comprehensive income | | 3 | | | 8 | | | — | | | — | | | 11 | |
|
COMPREHENSIVE INCOME | | $ | 1,280 | | | $ | 1,320 | | | $ | 121 | | | $ | (1,433 | ) | | $ | 1,288 | |
ATTRIBUTABLE TO CHESAPEAKE |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
REVENUES: | | | | | | | | | | |
Natural gas, oil and NGL | | $ | — | | | $ | 4,903 | | | $ | 532 | | | $ | 9 | | | $ | 5,444 | |
|
Marketing, gathering and compression | | — | | | 6,861 | | | 10 | | | — | | | 6,871 | |
|
Oilfield services | | — | | | 172 | | | 1,398 | | | (920 | ) | | 650 | |
|
Total Revenues | | — | | | 11,936 | | | 1,940 | | | (911 | ) | | 12,965 | |
|
OPERATING EXPENSES: | | | | | | | | | | |
Natural gas, oil and NGL production | | — | | | 833 | | | 44 | | | — | | | 877 | |
|
Production taxes | | — | | | 167 | | | 6 | | | — | | | 173 | |
|
Marketing, gathering and compression | | — | | | 6,776 | | | 5 | | | — | | | 6,781 | |
|
Oilfield services | | — | | | 216 | | | 1,101 | | | (774 | ) | | 543 | |
|
General and administrative | | — | | | 267 | | | 69 | | | — | | | 336 | |
|
Restructuring and other termination costs | | — | | | 200 | | | 3 | | | — | | | 203 | |
|
Natural gas, oil and NGL depreciation, | | — | | | 1,729 | | | 216 | | | — | | | 1,945 | |
depletion and amortization |
Depreciation and amortization of other | | — | | | 142 | | | 210 | | | (118 | ) | | 234 | |
assets |
Impairment of natural gas and oil | | — | | | — | | | 260 | | | (260 | ) | | — | |
properties |
Impairments of fixed assets and other | | — | | | 282 | | | 61 | | | — | | | 343 | |
|
Net gains on sales of fixed assets | | — | | | (291 | ) | | — | | | 1 | | | (290 | ) |
|
Total Operating Expenses | | — | | | 10,321 | | | 1,975 | | | (1,151 | ) | | 11,145 | |
|
INCOME (LOSS) FROM OPERATIONS | | — | | | 1,615 | | | (35 | ) | | 240 | | | 1,820 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | | |
Interest expense | | (703 | ) | | (70 | ) | | (63 | ) | | 672 | | | (164 | ) |
|
Losses on investments | | — | | | (36 | ) | | — | | | — | | | (36 | ) |
|
Net gain on sales of investments | | — | | | (7 | ) | | — | | | — | | | (7 | ) |
|
Losses on purchases of debt | | (70 | ) | | — | | | — | | | — | | | (70 | ) |
|
Other income | | 651 | | | 120 | | | 7 | | | (760 | ) | | 18 | |
|
Equity in net earnings (losses) of | | 916 | | | (241 | ) | | — | | | (675 | ) | | — | |
subsidiary |
Total Other Income (Expense) | | 794 | | | (234 | ) | | (56 | ) | | (763 | ) | | (259 | ) |
|
INCOME (LOSS) BEFORE INCOME TAXES | | 794 | | | 1,381 | | | (91 | ) | | (523 | ) | | 1,561 | |
|
INCOME TAX EXPENSE (BENEFIT) | | (46 | ) | | 617 | | | (35 | ) | | 58 | | | 594 | |
|
NET INCOME (LOSS) | | 840 | | | 764 | | | (56 | ) | | (581 | ) | | 967 | |
|
Net income attributable to | | — | | | — | | | — | | | (127 | ) | | (127 | ) |
noncontrolling interests |
NET INCOME ATTRIBUTABLE | | 840 | | | 764 | | | (56 | ) | | (708 | ) | | 840 | |
TO CHESAPEAKE |
Other comprehensive income (loss) | | 2 | | | 12 | | | (1 | ) | | — | | | 13 | |
|
COMPREHENSIVE INCOME | | $ | 842 | | | $ | 776 | | | $ | (57 | ) | | $ | (708 | ) | | $ | 853 | |
ATTRIBUTABLE TO CHESAPEAKE |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
CASH FLOWS FROM OPERATING | | $ | — | | | $ | 3,188 | | | $ | 617 | | | $ | — | | | $ | 3,805 | |
ACTIVITIES |
CASH FLOWS FROM INVESTING | | | | | | | | | | |
ACTIVITIES: |
Drilling and completion costs | | — | | | (2,847 | ) | | (338 | ) | | — | | | (3,185 | ) |
|
Acquisitions of proved and unproved properties | | — | | | (1,020 | ) | | (3 | ) | | — | | | (1,023 | ) |
|
Proceeds from divestitures of proved and unproved properties | | — | | | 726 | | | (3 | ) | | — | | | 723 | |
|
Additions to other property and equipment | | — | | | (423 | ) | | (252 | ) | | — | | | (675 | ) |
|
Other investing activities | | — | | | 1,143 | | | 60 | | | 19 | | | 1,222 | |
|
Net Cash Used In Investing | | — | | | (2,421 | ) | | (536 | ) | | 19 | | | (2,938 | ) |
Activities |
CASH FLOWS FROM FINANCING | | | | | | | | | | |
ACTIVITIES: |
Proceeds from credit facilities borrowings | | — | | | 2,856 | | | 717 | | | — | | | 3,573 | |
|
Payments on credit facilities borrowings | | — | | | (2,797 | ) | | (1,099 | ) | | — | | | (3,896 | ) |
|
Proceeds from issuance of senior notes, net of discount and offering costs | | 2,966 | | | — | | | 494 | | | — | | | 3,460 | |
|
Proceeds from issuance of oilfield services term loan, net of issuance costs | | — | | | — | | | 394 | | | — | | | 394 | |
|
Cash paid to purchase debt | | (3,362 | ) | | — | | | — | | | — | | | (3,362 | ) |
|
Other financing activities | | (293 | ) | | (1,300 | ) | | (159 | ) | | (31 | ) | | (1,783 | ) |
Intercompany advances, net | | (97 | ) | | 474 | | | (377 | ) | | — | | | — | |
|
Net Cash Provided By (Used In) | | (786 | ) | | (767 | ) | | (30 | ) | | (31 | ) | | (1,614 | ) |
Financing Activities |
Net increase (decrease) in cash and cash | | (786 | ) | | — | | | 51 | | | (12 | ) | | (747 | ) |
equivalents |
Cash and cash equivalents, beginning of | | 799 | | | — | | | 39 | | | (1 | ) | | 837 | |
period |
Cash and cash equivalents, end of period | | $ | 13 | | | $ | — | | | $ | 90 | | | $ | (13 | ) | | $ | 90 | |
|
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
($ in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent(a) | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries(a) | Guarantor |
| Subsidiaries |
CASH FLOWS FROM OPERATING | | $ | — | | | $ | 3,321 | | | $ | 298 | | | $ | (33 | ) | | $ | 3,586 | |
ACTIVITIES |
CASH FLOWS FROM INVESTING | | | | | | | | | | |
ACTIVITIES: |
Drilling and completion costs | | — | | | (3,826 | ) | | (644 | ) | | — | | | (4,470 | ) |
|
Acquisitions of proved and unproved properties | | — | | | (402 | ) | | (409 | ) | | — | | | (811 | ) |
|
Proceeds from divestitures of proved and unproved properties | | — | | | 2,736 | | | 53 | | | — | | | 2,789 | |
|
Additions to other property and equipment | | — | | | (418 | ) | | (221 | ) | | — | | | (639 | ) |
|
Other investing activities | | — | | | 67 | | | 757 | | | 260 | | | 1,084 | |
|
Net Cash Used In Investing | | — | | | (1,843 | ) | | (464 | ) | | 260 | | | (2,047 | ) |
Activities |
CASH FLOWS FROM FINANCING | | | | | | | | | | |
ACTIVITIES: |
Proceeds from credit facilities borrowings | | — | | | 6,311 | | | 825 | | | — | | | 7,136 | |
|
Payments on credit facilities borrowings | | — | | | (6,310 | ) | | (958 | ) | | — | | | (7,268 | ) |
|
Proceeds from issuance of senior notes, net of discount and offering costs | | 2,274 | | | — | | | — | | | — | | | 2,274 | |
|
Cash paid to purchase debt | | (2,141 | ) | | — | | | — | | | — | | | (2,141 | ) |
|
Proceeds from sales of noncontrolling interests | | — | | | 5 | | | — | | | — | | | 5 | |
|
Other financing activities | | (374 | ) | | (297 | ) | | 46 | | | (220 | ) | | (845 | ) |
|
Intercompany advances, net | | 979 | | | (1,187 | ) | | 208 | | | — | | | — | |
|
Net Cash Provided By (Used | | 738 | | | (1,478 | ) | | 121 | | | (220 | ) | | (839 | ) |
In) Financing Activities |
Net increase (decrease) in cash and cash | | 738 | | | — | | | (45 | ) | | 7 | | | 700 | |
equivalents |
Cash and cash equivalents, beginning of | | 228 | | | — | | | 59 | | | — | | | 287 | |
period |
Cash and cash equivalents, end of period | | $ | 966 | | | $ | — | | | $ | 14 | | | $ | 7 | | | $ | 987 | |
|
___________________________________________ |
| | | | | | | | | | | | | | | | | | | | |
(a) | We have revised the amounts presented as cash and cash equivalents in the Guarantor Subsidiaries and Parent columns to properly reflect the cash of the Parent. As of December 31, 2012 and September 30, 2013, $228 million and $966 million, respectively, were incorrectly presented in the Guarantor Subsidiaries column. The impact of this error was not material to any previously issued financial statements. | | | | | | | | | | | | | | | | | | | |