Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
CURRENT ASSETS: | ||
Cash and cash equivalents | $554 | $1,749 |
Accounts receivable | 1,122 | 1,324 |
Short-term derivative instruments | 1,133 | 1,082 |
Other | 139 | 137 |
Total Current Assets | 2,948 | 4,292 |
Natural gas and oil properties, at cost based on full-cost accounting: | ||
Evaluated natural gas and oil properties | 33,886 | 28,965 |
Unevaluated properties | 9,465 | 11,379 |
Less: accumulated depreciation, depletion and amortization of natural gas and oil properties | (22,199) | (11,866) |
Total natural gas and oil properties, at cost based on full-cost accounting | 21,152 | 28,478 |
Other property and equipment: | ||
Natural gas gathering systems and treating plants | 3,256 | 2,717 |
Buildings and land | 1,618 | 1,513 |
Drilling rigs and equipment | 556 | 430 |
Natural gas compressors | 248 | 184 |
Other | 522 | 482 |
Less: accumulated depreciation and amortization of other property and equipment | (616) | (496) |
Total Other Property and Equipment | 5,584 | 4,830 |
Total Property and Equipment | 26,736 | 33,308 |
OTHER ASSETS: | ||
Investments | 394 | 444 |
Long-term derivative instruments | 88 | 261 |
Other assets | 303 | 288 |
Total Other Assets | 785 | 993 |
TOTAL ASSETS | 30,469 | 38,593 |
CURRENT LIABILITIES: | ||
Accounts payable | 971 | 1,611 |
Short-term derivative instruments | 28 | 66 |
Accrued liabilities | 983 | 880 |
Deferred income taxes | 401 | 358 |
Income taxes payable | 0 | 108 |
Revenues and royalties due others | 371 | 431 |
Accrued interest | 220 | 167 |
Total Current Liabilities | 2,974 | 3,621 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 13,568 | 13,175 |
Deferred income tax liabilities | 906 | 4,200 |
Asset retirement obligations | 279 | 269 |
Long-term derivative instruments | 322 | 111 |
Other liabilities | 418 | 200 |
Total Long-Term Liabilities | 15,493 | 17,955 |
CONTINGENCIES AND COMMITMENTS (Note 3) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Common Stock, $0.01 par value, 1,000,000,000 and 750,000,000 shares authorized, 630,251,782 and 607,953,437 shares issued at June 30, 2009 and December 31, 2008, respectively | 6 | 6 |
Paid-in capital | 12,032 | 11,680 |
Retained earnings (deficit) | (929) | 4,569 |
Accumulated other comprehensive income (loss), net of tax of ($267) million and ($163) million, respectively | 438 | 267 |
Less: treasury stock, at cost; 718,800 and 657,276 common shares as of June 30, 2009 and December 31, 2008, respectively | (11) | (10) |
Total Stockholders' Equity | 12,002 | 17,017 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 30,469 | 38,593 |
4.50% cumulative convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | 256 | 256 |
5.00% cumulative convertible preferred stock (series 2005B) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | 209 | 209 |
5.00% cumulative convertible preferred stock (series 2005) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | 1 | 1 |
6.25% mandatory convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | 0 | 36 |
4.125% cumulative convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | $0 | $3 |
1_Statement Of Financial Positi
Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
In Millions, except Share data | Jun. 30, 2009
| Dec. 31, 2008
|
Common Stock, par value | 0.01 | 0.01 |
Common Stock, shares authorized | 1,000,000,000 | 750,000,000 |
Common Stock, shares issued | 630,251,782 | 607,953,437 |
Accumulated other comprehensive income (loss), tax | ($267) | ($163) |
Treasury stock shares | 718,800 | 657,276 |
4.50% cumulative convertible preferred stock | ||
Preferred Stock, shares issued | 2,558,900 | 2,558,900 |
Preferred Stock, shares outstanding | 2,558,900 | 2,558,900 |
Preferred Stock amount entitled in liquidation | 256 | 256 |
5.00% cumulative convertible preferred stock (series 2005B) | ||
Preferred Stock, shares issued | 2,095,615 | 2,095,615 |
Preferred Stock, shares outstanding | 2,095,615 | 2,095,615 |
Preferred Stock amount entitled in liquidation | 209 | 209 |
5.00% cumulative convertible preferred stock (series 2005) | ||
Preferred Stock, shares issued | 5,000 | 5,000 |
Preferred Stock, shares outstanding | 5,000 | 5,000 |
Preferred Stock amount entitled in liquidation | 1 | 1 |
6.25% mandatory convertible preferred stock | ||
Preferred Stock, shares issued | 0 | 143,768 |
Preferred Stock, shares outstanding | 0 | 143,768 |
Preferred Stock amount entitled in liquidation | 0 | 36 |
4.125% cumulative convertible preferred stock | ||
Preferred Stock, shares issued | 0 | 3,033 |
Preferred Stock, shares outstanding | 0 | 3,033 |
Preferred Stock amount entitled in liquidation | $0 | $3 |
Statement Of Income Alternative
Statement Of Income Alternative (USD $) | ||||
In Millions, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
REVENUES: | ||||
Natural gas and oil sales | $1,097 | ($1,594) | $2,494 | ($821) |
Natural gas and oil marketing sales | 532 | 1,099 | 1,084 | 1,895 |
Service operations revenue | 44 | 40 | 90 | 82 |
Total Revenues | 1,673 | (455) | 3,668 | 1,156 |
OPERATING COSTS: | ||||
Production expenses | 213 | 219 | 451 | 419 |
Production taxes | 24 | 88 | 46 | 163 |
General and administrative expenses | 74 | 101 | 164 | 180 |
Natural gas and oil marketing expenses | 500 | 1,075 | 1,023 | 1,849 |
Service operations expense | 46 | 32 | 87 | 67 |
Natural gas and oil depreciation, depletion and amortization | 295 | 523 | 742 | 1,038 |
Depreciation and amortization of other assets | 58 | 40 | 115 | 76 |
Impairment of natural gas and oil properties and other assets | 5 | 0 | 9,635 | 0 |
Restructuring costs | 34 | 0 | 34 | 0 |
Total Operating Costs | 1,249 | 2,078 | 12,297 | 3,792 |
INCOME (LOSS) FROM OPERATIONS | 424 | (2,533) | (8,629) | (2,636) |
OTHER INCOME (EXPENSE): | ||||
Other income (expense) | (2) | (1) | 5 | (11) |
Interest expense | (22) | (54) | (8) | (153) |
Impairment of investments | (10) | 0 | (162) | 0 |
Loss on exchanges of Chesapeake debt | (2) | 0 | (2) | 0 |
Total Other Income (Expense) | (36) | (55) | (167) | (164) |
INCOME (LOSS) BEFORE INCOME TAXES | 388 | (2,588) | (8,796) | (2,800) |
INCOME TAX EXPENSE (BENEFIT): | ||||
Current income taxes | 1 | 3 | 1 | 3 |
Deferred income taxes | 144 | (999) | (3,299) | (1,081) |
Total Income Tax Expense (Benefit) | 145 | (996) | (3,298) | (1,078) |
NET INCOME (LOSS) | 243 | (1,592) | (5,498) | (1,722) |
PREFERRED STOCK DIVIDENDS | (6) | (9) | (12) | (21) |
LOSS ON CONVERSION/EXCHANGE OF PREFERRED STOCK | 0 | (42) | 0 | (42) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $237 | ($1,643) | ($5,510) | ($1,785) |
EARNINGS (LOSS) PER COMMON SHARE: | ||||
Basic | 0.39 | -3.16 | -9.18 | -3.52 |
Assuming dilution | 0.39 | -3.16 | -9.18 | -3.52 |
CASH DIVIDEND DECLARED PER COMMON SHARE | 0.075 | 0.075 | 0.15 | 0.1425 |
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): | ||||
Basic | 603 | 521 | 600 | 507 |
Assuming dilution | 610 | 521 | 600 | 507 |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME (LOSS) | ($5,498) | ($1,722) |
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Depreciation, depletion and amortization | 857 | 1,119 |
Deferred income taxes | (3,299) | (1,081) |
Impairments | 9,792 | 0 |
Unrealized (gains) losses on derivatives | 29 | 4,538 |
Realized (gains) losses on financing derivatives | (35) | 32 |
Stock-based compensation | 68 | 61 |
Interest expense on contingent convertible notes | 40 | 33 |
Restructuring costs | 29 | 0 |
Loss from equity investments | 8 | 0 |
Loss on exchanges of Chesapeake debt | 2 | 0 |
Other | 12 | 20 |
Change in assets and liabilities | (7) | (202) |
Cash provided by operating activities | 1,998 | 2,798 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Exploration and development of natural gas and oil properties | (2,092) | (2,935) |
Acquisitions of natural gas and oil companies, proved and unproved properties and leasehold, net of cash acquired | (412) | (2,815) |
Interest capitalized on unproved properties | (314) | (244) |
Proceeds from sale of volumetric production payments | 41 | 616 |
Divestitures of proved and unproved properties and leasehold | 187 | 247 |
Additions to other property and equipment | (980) | (1,229) |
Proceeds from (additions to) investments | 2 | (81) |
Proceeds from sale of drilling rigs and equipment | 0 | 34 |
Proceeds from sale of compressors | 68 | 51 |
Deposits made for acquisitions | (9) | (19) |
Deposits received for divestitures | 8 | 0 |
Proceeds from sale of other assets | 36 | 2 |
Cash used in investing activities | (3,465) | (6,373) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from credit facility borrowings | 3,363 | 6,758 |
Payments on credit facility borrowings | (4,166) | (6,195) |
Proceeds from issuance of senior notes, net of offering costs | 1,346 | 2,136 |
Proceeds from issuance of common stock, net of offering costs | 0 | 1,011 |
Cash paid for common stock dividends | (89) | (66) |
Cash paid for preferred stock dividends | (12) | (22) |
Derivative settlements | 9 | (93) |
Net increase (decrease) in outstanding payments in excess of cash balance | (350) | 47 |
Proceeds from mortgage of building | 54 | 0 |
Proceeds from sale/leaseback of surface land | 145 | 0 |
Excess tax benefit from stock-based compensation | 0 | 21 |
Other | (28) | (23) |
Cash provided by financing activities | 272 | 3,574 |
Net decrease in cash and cash equivalents | (1,195) | (1) |
Cash and cash equivalents, beginning of period | 1,749 | 1 |
Cash and cash equivalents, end of period | 554 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION OF CASH PAYMENTS FOR: | ||
Interest, net of $314 million and $244 million of capitalized interest, respectively | 2 | 96 |
Income taxes, net of refunds received | $176 | $5 |
2_Statement Of Cash Flows Indir
Statement Of Cash Flows Indirect (Parenthetical) (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Interest amount capitalized | $314 | $244 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | |||||||
In Millions |
|
|
|
| Preferred Stock [Member]
|
| Total
|
Balance, beginning of period at Dec. 31, 2007 | $5 | $7,532 | $4,145 | ($11) | $960 | ($6) | |
Issuance of 15,823,838 and 0 shares of common stock for the purchase of proved and unproved properties and leasehold | 0 | 0 | |||||
NET INCOME (LOSS) | (1,722) | (1,722) | |||||
Exchange of common stock for 143,768 and 0 shares of 6.25% preferred stock | 0 | ||||||
Purchase of 64,242 and 0 shares for company benefit plans | 0 | ||||||
Hedging activity | (1,191) | ||||||
Issuance of 0 and 23,000,000 shares of common stock | 0 | 1,052 | |||||
Exchange of common stock for 3,033 and 0 shares of 4.125% preferred stock | 0 | ||||||
Release of 2,718 and 1,098 shares for company benefit plans | 0 | ||||||
Investment activity | 28 | ||||||
Issuance of 2.25% contingent convertible senior notes due 2038 | 345 | ||||||
Exchange of common stock for 0 and 2,718,500 shares of 5.00% preferred stock (series 2005B) | (272) | ||||||
Exchange of 2,530,650 and 0 shares of common stock for convertible notes | 0 | 0 | |||||
Exchange of 1,422,425 and 7,780,883 shares of common stock for preferred stock | 0 | 272 | |||||
Stock-based compensation | 82 | ||||||
Exercise of stock options | 7 | ||||||
Offering expenses | (53) | ||||||
Dividends on common stock | 0 | (73) | |||||
Dividends on preferred stock | 0 | (10) | |||||
Tax benefit (reduction in tax benefit) from exercise of stock options and restricted stock | 21 | ||||||
Balance, end of period at Jun. 30, 2008 | 5 | 9,258 | 2,340 | (1,174) | 688 | (6) | 11,111 |
Balance, beginning of period at Dec. 31, 2008 | 6 | 11,680 | 4,569 | 267 | 505 | (10) | 17,017 |
Issuance of 15,823,838 and 0 shares of common stock for the purchase of proved and unproved properties and leasehold | 0 | 254 | |||||
NET INCOME (LOSS) | (5,498) | (5,498) | |||||
Exchange of common stock for 143,768 and 0 shares of 6.25% preferred stock | (36) | ||||||
Purchase of 64,242 and 0 shares for company benefit plans | (1) | ||||||
Hedging activity | 110 | ||||||
Issuance of 0 and 23,000,000 shares of common stock | 0 | 0 | |||||
Exchange of common stock for 3,033 and 0 shares of 4.125% preferred stock | (3) | ||||||
Release of 2,718 and 1,098 shares for company benefit plans | 0 | ||||||
Investment activity | 61 | ||||||
Issuance of 2.25% contingent convertible senior notes due 2038 | 0 | ||||||
Exchange of common stock for 0 and 2,718,500 shares of 5.00% preferred stock (series 2005B) | 0 | ||||||
Exchange of 2,530,650 and 0 shares of common stock for convertible notes | 0 | 54 | |||||
Exchange of 1,422,425 and 7,780,883 shares of common stock for preferred stock | 0 | 39 | |||||
Stock-based compensation | 119 | ||||||
Exercise of stock options | 1 | ||||||
Offering expenses | 0 | ||||||
Dividends on common stock | (91) | 0 | |||||
Dividends on preferred stock | (12) | 0 | |||||
Tax benefit (reduction in tax benefit) from exercise of stock options and restricted stock | (12) | ||||||
Balance, end of period at Jun. 30, 2009 | $6 | $12,032 | ($929) | $438 | $466 | ($11) | $12,002 |
3_Statement Of Shareholders Equ
Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) | ||||
|
| Preferred Stock [Member]
|
| |
Shares of 6.25% preferred stock exchanged | 0 | |||
Shares of 4.125% preferred stock exchanged | 0 | |||
Shares of 5.00% preferred stock (Series 2005B) exchanged | 2,718,500 | |||
Shares of common stock issued for the purchase of proved and unproved properties and leasehold | 0 | 0 | ||
Shares of common stock issued | 23,000,000 | 23,000,000 | ||
Shares of common stock for convertible notes | 0 | 0 | ||
Shares of common stock for preferred stock | 7,780,883 | 7,780,883 | ||
Shares of treasury stock purchased for company benefit plans | 0 | |||
Shares of treasury stock released for company benefit plans | 1,098 | |||
Shares of 6.25% preferred stock exchanged | 143,768 | |||
Shares of 4.125% preferred stock exchanged | 3,033 | |||
Shares of 5.00% preferred stock (Series 2005B) exchanged | 0 | |||
Shares of common stock issued for the purchase of proved and unproved properties and leasehold | 15,823,838 | 15,823,838 | ||
Shares of common stock issued | 0 | 0 | ||
Shares of common stock for convertible notes | 2,530,650 | 2,530,650 | ||
Shares of common stock for preferred stock | 1,422,425 | 1,422,425 | ||
Shares of treasury stock purchased for company benefit plans | 64,242 | |||
Shares of treasury stock released for company benefit plans | 2,718 |
Statement Of Other Comprehensiv
Statement Of Other Comprehensive Income (USD $) | ||||
In Millions | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
NET INCOME (LOSS) | $243 | ($1,592) | ($5,498) | ($1,722) |
Other comprehensive income (loss), net of income tax: | ||||
Change in fair value of derivative instruments, net of income taxes of $37 million, ($530) million, $333 million and ($833) million | 63 | (865) | 547 | (1,357) |
Reclassification of (gain) loss on settled contracts, net of income taxes of ($120) million, $103 million, ($232) million, and $52 million | (197) | 167 | (381) | 85 |
Ineffective portion of derivatives qualifying for cash flow hedge accounting, net of income taxes of ($13) million, $24 million, ($34) million and $49 million | (22) | 39 | (56) | 80 |
Unrealized (gain) loss on investments, net of income taxes of $7 million, $16 million, $11 million and $17 million | 12 | 27 | 18 | 28 |
Reclassification of loss on investments, net of income taxes of $0, $0, $26 million and $0 | 0 | 0 | 43 | 0 |
Comprehensive income (loss) | $99 | ($2,224) | ($5,327) | ($2,886) |
4_Statement Of Other Comprehens
Statement Of Other Comprehensive Income (Parenthetical) (USD $) | ||||
In Millions | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Change in fair value of derivative instruments, income taxes | $37 | ($530) | $333 | ($833) |
Reclassification of (gain) loss on settled contracts, income taxes | (120) | 103 | (232) | 52 |
Ineffective portion of derivatives qualifying for cash flow hedge accounting, income taxes | (13) | 24 | (34) | 49 |
Unrealized (gain) loss on investments, income taxes | 7 | 16 | 11 | 17 |
Reclassification of loss on investments, income taxes | $0 | $0 | $26 | $0 |
Notes to Financial Statements
Notes to Financial Statements | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Notes to Financial Statements [Abstract] | |
1.Basis of Presentation and Summary of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated financial statements of Chesapeake Energy Corporation and its subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission (SEC). Chesapeakes annual report on Form 10-K for the year ended December31, 2008 (2008 Form 10-K) includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Form 10-Q. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December31, 2008 contained in our Current Report on Form 8-K dated June25, 2009. All material adjustments (consisting solely of normal recurring adjustments) which, in the opinion of management, are necessary for a fair statement of the results for the interim periods have been reflected. The results for the three and six months ended June30, 2009 are not necessarily indicative of the results to be expected for the full year. This Form 10-Q relates to the three and six months ended June30, 2009 (the Current Quarter and the Current Period, respectively) and the three and six months ended June30, 2008 (the Prior Quarter and the Prior Period, respectively). Any material subsequent events have been considered for disclosure through August 10, 2009, the filing date of this Form 10-Q. Change in Accounting Principle On January1, 2009, we adopted and applied retrospectively Financial Accounting Standards Board (FASB) Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion. As a result, our prior year condensed consolidated financial statements have been retrospectively adjusted. See Note 6 for additional information on the application of this accounting principle. Oil and Natural Gas Properties Ceiling Test We review the carrying value of our natural gas and oil properties under the full-cost accounting rules of the SEC on a quarterly basis. This quarterly review is referred to as a ceiling test. Under the ceiling test, capitalized costs, less accumulated amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues (including the impact of cash flow hedges) less estimated future expenditures to be incurred in developing and producing the proved reserves, less any related income tax effects. Any excess of the net book value, less deferred income taxes, is written off as an expense. As of June30, 2009, the present value of our proved reserves was $11.076 billion which exceeded our net capitalized cost and no impairment was necessary. In calculating future net revenues, prices and costs used are those as of the end of the appropriate quarterly period except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts, including the effects of derivatives qualifying as cash flow hedges. Our quali |
2.Financial Instruments and Hedging Activities | 2. Financial Instruments and Hedging Activities Natural Gas and Oil Derivatives Our results of operations and operating cash flows are impacted by changes in market prices for natural gas and oil. To mitigate a portion of the exposure to adverse market changes, we have entered into various derivative instruments. These instruments allow us to predict with greater certainty the effective natural gas and oil prices to be received for our hedged production. Although derivatives often fail to achieve 100% effectiveness for accounting purposes, we believe our derivative instruments continue to be highly effective in achieving the risk management objectives for which they were intended. As of June30, 2009, our natural gas and oil derivative instruments were comprised of the following: For swap instruments, Chesapeake receives a fixed price for the hedged commodity and pays a floating market price to the counterparty. Collars contain a fixed floor price (put) and ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, Chesapeake receives the fixed price and pays the market price. If the market price is between the call and the put strike price, no payments are due from either party. On occasion, we sell an additional put option with the collar and receive a premium to make a three-way collar. This eliminates the counterpartys downside exposure below the second put option. For knockout swaps, Chesapeake receives a fixed price and pays a floating market price. The fixed price received by Chesapeake includes a premium in exchange for the possibility to reduce the counterpartys exposure to zero, in any given month, if the floating market price is lower than certain pre-determined knockout prices. For cap-swaps, Chesapeake receives a fixed price and pays a floating market price. The fixed price received by Chesapeake includes a premium in exchange for a cap limiting the counterpartys exposure. In other words, there is no limit to Chesapeakes exposure but there is a limit to the downside exposure of the counterparty. For call options, Chesapeake receives a premium from the counterparty in exchange for the sale of a call option. If the market price exceeds the fixed price of the call option, Chesapeake pays the counterparty such excess. If the market price settles below the fixed price of the call option, no payment is due from Chesapeake. For put options, Chesapeake receives a premium from the counterparty in exchange for the sale of a put option. If the market price falls below the fixed price of the put option, Chesapeake pays the counterparty such shortfall. If the market price settles above the fixed price of the put option, no payment is due from Chesapeake. Basis protection swaps are arrangements that guarantee a price differential to NYMEX for natural gas or oil from a specified delivery point. For non-Appalachian Basin basis protection swaps, which typically have negative differentials to NYMEX, Chesapeake receives a payment from the counterparty if the price differential is greater than the stat |
3.Contingencies and Commitments | 3. Contingencies and Commitments Litigation On February25, 2009, a putative class action was filed in the U.S. District Court for the Southern District of New York against the company and certain of its officers and directors along with certain underwriters of the companys July 2008 common stock offering. The complaint alleges that the registration statement for the offering contained material misstatements and omissions and seeks damages under Sections 11, 12 and 15 of the Securities Act of 1933 of an unspecified amount and rescission. A derivative action was also filed in the District Court of Oklahoma County, Oklahoma on March10, 2009 against the companys directors and certain of its officers alleging breaches of fiduciary duties relating to the disclosure matters alleged in the securities case. On March26, 2009, a shareholder filed a petition in the District Court of Oklahoma County, Oklahoma seeking to compel inspection of company books and records relating to compensation of the companys CEO. Chesapeake opposed the petition and a hearing is scheduled for August20, 2009. Three derivative actions were filed in the District Court of Oklahoma County, Oklahoma on April28,May7, and May20, 2009 against the companys directors alleging breaches of fiduciary duties relating to compensation of the companys CEO and alleged insider trading, among other things, and seeking unspecified damages, equitable relief and disgorgement. These three derivative actions were consolidated and a Consolidated Derivative Shareholder Petition was filed on June23, 2009. Chesapeake is named as a nominal defendant. It is inherently difficult to predict the outcome of litigation, and we are currently unable to estimate the amount of any potential liabilities associated with the foregoing cases, which are all in preliminary stages. Chesapeake is also involved in various other lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, claims for underpayment of royalties, property damage claims and contract actions. With regard to the latter, several mineral or leasehold owners have filed lawsuits against us seeking specific performance to require us to acquire their oil and natural gas interests and pay acreage bonus payments, damages based on breach of contract and/or, in certain cases, punitive damages based on alleged fraud. The company has satisfactorily resolved several of the suits but some remain pending. The remaining leasehold acquisition cases are in various stages of discovery. The company believes that it has substantial defenses to the claims made in all these cases. The company records an associated liability when a loss is probable and the amount is reasonably estimable. Although the outcome of litigation cannot be predicted with certainty, management is of the opinion that no pending or threatened lawsuit or dispute incidental to its business operations is likely to have a material adverse effect on thecompanys consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual result |
4.Net Income Per Share | 4. Net Income Per Share Statement of Financial Accounting Standards No.128, Earnings Per Share, requires presentation of basic and diluted earnings per share, as defined, on the face of the statements of operations for all entities with complex capital structures. SFAS 128 requires a reconciliation of the numerator and denominator of the basic and diluted EPS computations. The following securities were not included in the calculation of diluted earnings per share, as the effect was antidilutive: Shares Net Income Adjustments (inmillions) ($inmillions) Three Months Ended June 30, 2009: Common stock equivalent of our preferred stock outstanding: 5.00% (series 2005B) cumulative convertible preferred stock 5 $ 3 4.50% cumulative convertible preferred stock 6 $ 3 A reconciliation for the Current Quarter is as follows: Income (Numerator) Shares (Denominator) PerShare Amount (in millions, except per share data) Three Months Ended June30, 2009: Basic EPS: Income available to common shareholders $ 237 603 $ 0.39 Effect of Dilutive Securities Assumed conversion as of the beginning of the period of preferred shares outstanding during the period: Common shares assumed issued for 5.00% (Series 2005) cumulative convertible preferred stock Assumed conversion as of the beginning of the period of preferred shares outstanding prior to conversion: Common stock equivalent of preferred stock outstanding prior to conversion of 6.25% mandatory convertible preferred stock 1 Employee stock options 1 Restricted stock 5 Diluted EPS income available to common shareholders and assumed conversions $ 237 610 $ 0.39 For the Current Period, Prior Quarter and Prior Period, there was no difference between basic weighted average shares outstanding, which are used in computing basic EPS, and diluted weighted average shares, which are used in computing EPS assuming dilution. As a result, diluted shares do not include the effect of the following: Shares Net Income Adjustments (inmillions) ($inmillions) Six Months Ended June 30, 2009: Employee stock options 1 $ Restricted stock 4 $ Common stock equivalent of our preferred stock outstanding: 5.00% (series 2005) cumulative convertible preferred stock $ 5.00% (series 2005B) cumulative convertible preferred stock 5 $ 5 4.50% cumulative convertible preferred stock 6 $ 6 Common stock equivalent of our preferred stock outstanding prior to conversion: 4.125% cumulative convertible preferred stock $ 6.25% mandatory convertible preferred stock 1 $ 1 Three Months Ended June 30, 2008: Employee stock options 2 $ Restricted sto |
5.Stockholders' Equity, Restricted Stock and Stock Options | 5. Stockholders Equity, Restricted Stock and Stock Options Common Stock The following is a summary of the changes in our common shares issued for the six months ended June30, 2009 and 2008: 2009 2008 (in thousands) Shares issued at January1 607,953 511,648 Stock option exercises 157 1,213 Restricted stock issuances (net of forfeitures) 2,365 2,136 Convertible note exchanges 2,531 Preferred stock conversions/exchanges 1,422 7,781 Common stock issued for the purchase of proved and unproved properties and leasehold 15,824 Common stock issuance 23,000 Shares issued at June30 630,252 545,778 In June 2009, we privately exchanged approximately $85 million in aggregate principal amount of our 2.25% Contingent Convertible Senior Notes due 2038 for an aggregate of 2,530,650 shares of our common stock. In the Current Period, we issued 15,823,838 shares of common stock, valued at $269 million, for the purchase of proved and unproved properties and leasehold pursuant to an acquisition shelf registration statement. Preferred Shares The following is a summary of the changes in our preferred shares outstanding for the six months ended June30, 2009 and 2008: 4.125% 5.00% (2005) 4.50% 5.00% (2005B) 6.25% (in thousands) Shares outstanding at January1, 2009 3 5 2,559 2,096 144 Conversion/exchange of preferred for common stock (3 ) (144 ) Shares outstanding at June30, 2009 5 2,559 2,096 Shares outstanding at January1, 2008 3 5 3,450 5,750 144 Conversion/exchange of preferred for common stock (2,718 ) Shares outstanding at June30, 2008 3 5 3,450 3,032 144 On March31, 2009, we converted all of our outstanding 4.125% Cumulative Convertible Preferred Stock (3,033 shares) into 182,887 shares of common stock pursuant to the companys mandatory conversion rights. On June15, 2009, we converted all of our outstanding 6.25% Mandatory Convertible Preferred Stock (143,768 shares) into 1,239,538 shares of common stock pursuant to the companys mandatory conversion rights. For the six months ended June30, 2008, holders of our 5.0% (Series 2005B) Cumulative Convertible Preferred Stock exchanged 2,718,500 shares for 7,780,703 shares of common stock in privately negotiated exchanges. Dividends Dividends declared on our common stock and preferred stock are reflected as adjustments to retained earnings to the extent a surplus of retained earnings will exist after giving effect to the dividends. To the extent retained earnings are insufficient to fund the distributions, such payments constitute a return of contributed capital rather than earnings and are accounted for as a reduction to paid-in capital. Stock-Based Compensation Chesapeakes stock-based compensation programs consist of restricted stock and stock options issued to employees and non-employee directors |
6.Senior Notes and Revolving Bank Credit Facilities | 6. Senior Notes and Revolving Bank Credit Facilities Our total debt consisted of the following: June30, 2009 December31, 2008 (Adjusted) ($ in millions) 7.5% Senior Notes due 2013 $ 364 $ 364 7.625% Senior Notes due 2013 500 500 7.0% Senior Notes due 2014 300 300 7.5% Senior Notes due 2014 300 300 6.375% Senior Notes due 2015 600 600 9.5% Senior Notes due 2015 1,425 6.625% Senior Notes due 2016 600 600 6.875% Senior Notes due 2016 670 670 6.25% Euro-denominated Senior Notes due 2017(a) 841 835 6.5% Senior Notes due 2017 1,100 1,100 6.25% Senior Notes due 2018 600 600 7.25% Senior Notes due 2018 800 800 6.875% Senior Notes due 2020 500 500 2.75% Contingent Convertible Senior Notes due 2035(b) 451 451 2.5% Contingent Convertible Senior Notes due 2037(b) 1,378 1,378 2.25% Contingent Convertible Senior Notes due 2038(b) 1,041 1,126 Revolving bank credit facility 2,834 3,474 Midstream revolving bank credit facility 297 460 Discount on senior notes(c) (1,072 ) (1,094 ) Interest rate derivatives(d) 39 211 Total notes payable and long-term debt $ 13,568 $ 13,175 (a) The principal amount shown is based on the dollar/euro exchange rate of $1.4020 to 1.00 and $1.3919 to 1.00 as of June30, 2009 and December31, 2008, respectively.See Note 2 for information on our related cross currency swap. (b) The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty years before the maturity date. The notes are convertible, at the holders option, prior to maturity under certain circumstances into cash and, if applicable, shares of our common stock using a net share settlement process. One such triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarter by quarter. In the second quarter of 2009, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes during the specified period and, as a result, the holders do not have the option to convert their notes into cash and common stock in the third quarter of 2009 under this provision. The notes are also convertible, at the holders option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. In general, upon conversion of a contingent convertible senior note, the holder will receive cash equal to the principal amount of the note and common stock for the notes conversion value in excess of such principal amount. We will pay contingent interest on the convertible senior notes |
7.Segment Information | 7. Segment Information In accordance with Statement of Financial Accounting Standards No.131, Disclosures about Segments of an Enterprise and Related Information, we have two reportable operating segments. Our exploration and production operational segment and natural gas and oil midstream segment are managed separately because of the nature of their products and services. The exploration and production segment is responsible for finding and producing natural gas and oil. The midstream segment is responsible for gathering, processing, compressing, transporting and selling natural gas and oil primarily from Chesapeake-operated wells. We also have drilling rig and trucking operations which are responsible for providing drilling rigs primarily used on Chesapeake-operated wells and trucking services utilized in the transportation of drilling rigs on both Chesapeake-operated wells and wells operated by third parties. Management evaluates the performance of our segments based upon income (loss) before income taxes. Revenues from the midstream segments sale of natural gas and oil related to Chesapeakes ownership interests are reflected as exploration and production revenues. Such amounts totaled $622 million, $1.787 billion, $1.293 billion and $3.076 billion for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period. The following table presents selected financial information for Chesapeakes operating segments. Our drilling rig and trucking service operations are presented in Other Operations. Exploration andProduction Midstream Other Operations Intercompany Eliminations Consolidated Total ($ in millions) Three Months Ended June30, 2009: Revenues $ 1,097 $ 1,154 $ 115 $ (693 ) $ 1,673 Intersegment revenues (622 ) (71 ) 693 Total revenues $ 1,097 $ 532 $ 44 $ $ 1,673 Income (loss) before income taxes $ 408 $ 11 $ (14 ) $ (17 ) $ 388 Three Months Ended June30, 2008 (Adjusted): Revenues $ (1,594 ) $ 2,886 $ 154 $ (1,901 ) $ (455 ) Intersegment revenues (1,787 ) (114 ) 1,901 Total revenues $ (1,594 ) $ 1,099 $ 40 $ $ (455 ) Income (loss) before income taxes $ (2,605 ) $ 15 $ 27 $ (25 ) $ (2,588 ) Six Months Ended June30, 2009: Revenues $ 2,494 $ 2,377 $ 269 $ (1,472 ) $ 3,668 Intersegment revenues (1,293 ) (179 ) 1,472 Total revenues $ 2,494 $ 1,084 $ 90 $ $ 3,668 Income (loss) before income taxes $ (8,785 ) |
8.Restructuring | 8. Restructuring In the Current Period, we reorganized our Charleston, West Virginia-based Eastern Division from a regional corporate headquarters to a regional field office consistent with the business model the company uses elsewhere in the country. As a result, we consolidated the management of our Eastern Division land, legal, accounting, information technology, geoscience and engineering departments into our corporate offices in Oklahoma City. The costs of the reorganization include termination benefits, consolidating or closing facilities and relocating employees. In addition, we had certain other workforce reductions that resulted in termination benefits. We expect all costs associated with our reorganization to be paid by year-end 2009. A summary of Chesapeakes restructuring charges is presented below ($ in millions): Restructuring CostsThrough June30,2009 Restructuring Costs To Be Incurred Total Restructuring Costs Restructuring Costs: Termination and relocation costs $ 6 $ 16 $ 22 Acceleration of restricted stock awards 9 9 Other associated costs 3 3 Total Restructuring Costs $ 18 $ 16 $ 34 |
9.Investments | 9. Investments At June30, 2009, investments accounted for under the equity method totaled $379 million and investments accounted for under the cost method totaled $15 million. Following is a summary of our investments: Carrying Value Approximate %Owned Accounting Method June30, 2009 December31, 2008 ($ in millions) Frac Tech Services, Ltd.(a) 20% Equity $ 217 $ 223 Chaparral Energy, Inc.(b)(c) 32% Equity 126 152 DHS Drilling Company(b) 47% Equity 19 Sierra Mid-Con, L.P. 50% Equity 14 12 Gastar Exploration Ltd.(b) 17% Cost 14 11 Mountain Drilling Company(b) 49% Equity 9 Other Cost/Equity 23 18 $ 394 $ 444 (a) The carrying value of our investment in Frac Tech is in excess of our underlying equity in net assets by approximately $155 million as of June30, 2009. This excess amount is attributed to certain intangibles associated with the specialty services provided by Frac Tech and is being amortized over the estimated life of the intangibles. (b) Our investees have been impacted by the dramatic slowing of the worldwide economy and the tightening of the credit markets in the fourth quarter of 2008 and into 2009. The economic weakness has resulted in significantly reduced oil and natural gas prices leading to a meaningful decline in the overall level of activity in the markets served by our investees. Associated with the weakness in performance of certain of the investees, as well as an evaluation of their financial condition and near-term prospects, we recognized during the Current Period that an other than temporary impairment had occurred on March31, 2009 on the following investments: Chaparral Energy of $51 million, DHS Drilling Company of $19 million, Gastar Exploration Ltd. of $70 million and Mountain Drilling Company of $9 million. We will continue to monitor the performance of our investments and it is reasonably possible that we may experience additional impairments, although we do not believe that our exposure to future charges would be material to our condensed consolidated results of operations. (c) The carrying value of our investment in Chaparral is in excess of our underlying equity in net assets by approximately $53 million as of June30, 2009. This excess is attributed to the natural gas and oil reserves held by Chaparral and is being amortized over the estimated life of these reserves based on a unit of production rate. |
10.Fair Value Measurements | 10. Fair Value Measurements Effective January1, 2008, we adopted Statement of Financial Accounting Standards No.157, Fair Value Measurements for our financial assets and liabilities measured on a recurring basis. Our nonfinancial assets and liabilities became subject to the statement effective January1, 2009. This statement establishes a framework for measuring fair value of assets and liabilities and expands disclosures about fair value measurements. SFAS 157 defines fair value as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the financial asset or liability and have the lowest priority. Chesapeake uses appropriate valuation techniques based on available inputs, including counterparty quotes, to measure the fair values of its assets and liabilities. Counterparty quotes are generally assessed as a Level 3 input. The following table provides fair value measurement information for financial assets (liabilities) measured at fair value on a recurring basis as of June30, 2009: Quoted Pricesin Active Markets (Level1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total FairValue ($ in millions) Financial Assets (Liabilities): Cash equivalents $ 506 $ $ $ 506 Derivatives, net $ $ 743 $ 128 $ 871 Investments $ 14 $ $ $ 14 Other long-term assets $ 23 $ $ $ 23 Long-term debt $ $ $ (2,529 ) $ (2,529 ) Other long-term liabilities $ (23 ) $ $ $ (23 ) The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above. Level 1 Fair Value Measurements Cash Equivalents.The fair value of cash equivalents is based on quoted market prices. Investments.The fair value of Chesapeakes investment in Gastar Exploration Ltd. common stock is based on a quoted market price. Other Long-Term Assets and Liabilities.The fair value of other long-term assets and liabilities, consisting of obligations under our Deferred Compensation Plan, is based on quoted market prices. Level 2 Fair Value Measurements Derivatives.The fair values of our natural gas, oil and diesel swaps are measured internally using established index prices and other sources. These values are based upon, among other things, futures prices and time to maturity. Derivative transactions are also subject to the risk |
11.Condensed Consolidating Financial Information | 11. Condensed Consolidating Financial Information Chesapeake Energy Corporation is a holding company and owns no operating assets and has no significant operations independent of its subsidiaries. As of September30, 2008, our obligations under our outstanding senior notes and contingent convertible notes listed in Note 6 were fully and unconditionally guaranteed, jointly and severally, by all of our wholly-owned subsidiaries, other than minor subsidiaries, on a senior unsecured basis. Since October 2008, following the restructuring of our non-Appalachian midstream operations, certain of our wholly-owned subsidiaries having significant assets and operations have not guaranteed our outstanding notes. The midstream revolving credit facility referred to in Note 6 contains a covenant restricting Chesapeake Midstream Partners, L.P., the parent of our midstream subsidiaries, from paying dividends or distributions or making loans to Chesapeake. Set forth below are condensed consolidating financial statements for Chesapeake Energy Corporation (the parent) on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries as of June30, 2009 and December31, 2008 and for the three and six months ended June30, 2009 and 2008. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the subsidiaries operated as independent entities. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2009 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ $ 554 $ $ $ 554 Other current assets 9 2,247 175 (37 ) 2,394 Total Current Assets 9 2,801 175 (37 ) 2,948 PROPERTY AND EQUIPMENT: Total natural gas and oil properties, at cost based on full-cost accounting, net 21,147 5 21,152 Other property and equipment, net 2,717 2,867 5,584 Total Property and Equipment 23,864 2,872 26,736 Other assets 157 616 12 785 Investments in subsidiaries and intercompany advance 4,449 265 (4,714 ) TOTAL ASSETS $ 4,615 $ 27,546 $ 3,059 $ (4,751 ) $ 30,469 CURRENT LIABILITIES: Current liabilities $ 321 $ 2,509 $ 183 $ (39 ) $ 2,974 Intercompany payable (receivable) from parent (18,760 ) 16,475 2,184 101 Total Current Liabilities (18,439 ) 18,984 2,367 62 2,974 Long-term debt, net 10,436 |
12.Recently Issued and Proposed Accounting Standards | 12. Recently Issued and Proposed Accounting Standards The FASB recently issued the following standards which were reviewed by Chesapeake to determine the potential impact on our financial statements upon adoption. On December31, 2008, the Securities and Exchange Commission (SEC) adopted major revisions to its rules governing oil and gas company reporting requirements. These include provisions that permit the use of new technologies to determine proved reserves and that allow companies to disclose their probable and possible reserves to investors. The current rules limit disclosure to only proved reserves. The new disclosure requirements also require companies to report the independence and qualifications of the person primarily responsible for the preparation or audit of reserve estimates, and to file reports when a third party is relied upon to prepare or audit reserves estimates. The new rules also require that oil and gas reserves be reported and the full-cost ceiling value calculated using an average price based upon the prior 12-month period. The new oil and gas reporting requirements are effective for annual reports on Form 10-K for fiscal years ending on or after December31, 2009, with early adoption not permitted. We are in the process of assessing the impact of these new requirements on our financial position, results of operations and financial disclosures. In April 2009, the FASB issued Staff Position SFAS 107-1 and Accounting Principles Board (APB) Opinion No.28-1, Interim Disclosures about Fair Value of Financial Instruments (FSP 107-1 and APB 28-1).FSP 107-1 amends FASB Statement No.107, Disclosures about Fair Values of Financial Instruments, to require disclosures about fair value of financial instruments in interim financial statements as well as in annual financial statements.APB 28-1 amends APB Opinion No.28, Interim Financial Reporting, to require those disclosures in all interim financial statements.FSP 107-1 and APB 28-1 are effective for interim periods ending after June15, 2009 and we have adopted them in the Current Quarter. In April 2009, the FASB issued Staff Position SFAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FSP 157-4).FSP 157-4 provides additional guidance in estimating fair value under SFAS No.157, Fair Value Measurements, when the volume and level of transaction activity for an asset or liability have significantly decreased in relation to normal market activity for the asset or liability.FSP 157-4 also provides additional guidance on circumstances that may indicate a transaction is not orderly.FSP 157-4 is effective for interim periods ending after June15, 2009, and we have adopted its provisions in the Current Quarter.FSP 157-4 did not have a significant impact on our financial position, results of operations, cash flows or disclosures. In April 2009, the FASB issued Staff Position SFAS 115-2 and SFAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments (FSP 115-2).FSP 115-2 provides guidance in determining whether impairments in debt |
13.Subsequent Events | 13. Subsequent Events In December 2008, we filed a Registration Statement on Form S-4 to register 25,000,000 shares of common stock and on July14, 2009 we registered an additional 1,499,832 shares of common stock to offer and issue in connection with the acquisition of assets, businesses or securities of other companies. As of July15, 2009, we had issued all of the shares of common stock for proved and unproved properties and leasehold acquisitions. On August4, 2009, we sold certain Chesapeake operated long-lived producing assets in South Texas in our fifth volumetric production payment transaction for proceeds of approximately $370 million. On August6, 2009, we announced an amendment to our Haynesville Shale joint venture agreement with Plains Exploration Production Company (PXP). As part of the amendment, PXP has agreed to accelerate the payment of its remaining joint venture drilling carries as of September30, 2009 in exchange for an approximate 12% reduction in the total amount of drilling carry obligations due to Chesapeake. At the closing, scheduled to occur on September29, 2009, Chesapeake will receive cash of approximately $1.1 billion instead of an estimated $1.25 billion in remaining carried drilling costs that PXP would have paid over the next three years under the original agreement. In addition, Chesapeake and PXP have agreed to terminate a previous joint venture amendment that granted PXP a one-time option in June 2010 to avoid paying the last $800 million of the drilling carry obligations in exchange for the conveyance of 50% of its Haynesville Shale assets to Chesapeake. After closing the amendment, Chesapeake and PXP will each pay their proportionate working interest costs on future drilling. Furthermore, Chesapeake and PXP have agreed to make several other minor modifications to the agreement. |
Document Information
Document Information | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | N.A. |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | |||
6 Months Ended
Jun. 30, 2009 | Aug. 06, 2009
| Jun. 30, 2008
| |
Entity [Text Block] | |||
Trading Symbol | CHK | ||
Entity Registrant Name | CHESAPEAKE ENERGY CORP | ||
Entity Central Index Key | 0000895126 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 641,652,116 | ||
Entity Public Float | $29,500,000,000 |