最大的天然气公司天然气产量开始下降，意味着天然气长期价格上涨成为定局。该公司石油和液化气的营收已经超过天然气营收，意味着这个公司已经从天然气公司转型为石油公司了。
Chesapeake Energy Corporation (CHK) today announced financial and operational results for the 2012 fourth quarter and full year. For the 2012 fourth quarter, Chesapeake reported net income available to common stockholders of $257 million ($0.39 per fully diluted common share), ebitda of $1.299 billion (defined as net income (loss) before income taxes, interest expense and depreciation, depletion and amortization), operating cash flow of $1.146 billion (defined as cash flow from operating activities before changes in assets and liabilities) and production of 362 billion cubic feet of natural gas equivalent (bcfe). For the 2012 full year, Chesapeake reported a net loss available to common stockholders of $940 million, or a loss of $1.46 per fully diluted common share, ebitda of $1.914 billion, operating cash flow of $4.069 billion and production of 1.422 trillion cubic feet of natural gas equivalent (tcfe). The company’s 2012 fourth quarter and full year results include various items that are generally not included in published estimates of the company’s financial results by securities analysts. Excluding such items, Chesapeake reported adjusted net income available to common stockholders of $153 million, or $0.26 per fully diluted common share, and adjusted ebitda of $1.089 billion for the 2012 fourth quarter and adjusted net income available to common stockholders of $285 million, or $0.61 per fully diluted common share, and adjusted ebitda of $3.754 billion for the 2012 full year. The primary excluded items from the 2012 fourth quarter and full year reported results are the following: - a noncash after-tax impairment charge of $2.022 billion for the full year related to the carrying value of natural gas and oil properties;
- an after-tax charge of $122 million related to the full repayment of the company’s May 2012 term loans for the fourth quarter and full year;
- net unrealized noncash after-tax mark-to-market gains of $78 million for the fourth quarter and $347 million for the full year resulting from the company’s natural gas, oil and natural gas liquids (NGL) and interest rate hedging programs;
- net after-tax gains of $166 million for the fourth quarter and $163 million for the full year related to gains and losses on sales, including a $176 million after-tax gain on the sale of the company’s midstream subsidiary for the fourth quarter and full year;
- noncash after-tax charges of $36 million for the fourth quarter and $208 million for the full year related to the impairment of certain fixed assets; and
- net after-tax gains of $19 million for the fourth quarter and $622 million for the full year related to certain investments, including a $629 million gain for the full year related to the sale of all of the company’s interests in Access Midstream Partners, L.P. (ACMP).
A reconciliation of operating cash flow, ebitda, adjusted ebitda and adjusted net income to comparable financial measures calculated in accordance with generally accepted accounting principles is provided on pages 18 - 21 of this release. Management Comments Steven C. Dixon, Chesapeake’s Chief Operating Officer, said, “We continue to deliver on our liquids growth targets, led by a year-over-year increase of nearly 40,000 barrels per day in oil production. We achieved this despite the sale of nearly 18,000 barrels per day of oil production associated with our exit from the Permian Basin during the 2012 third and fourth quarters. We believe this performance ranks Chesapeake among the top three organic oil growth stories in the industry for 2012. I am very proud of what our team has accomplished thus far and look forward to driving further liquids production growth and capital efficiencies in 2013.” Domenic J. Dell’Osso, Jr., Chesapeake’s Chief Financial Officer, added, “Chesapeake delivered strong results during the 2012 fourth quarter. I am pleased to reaffirm our 2013 guidance for liquids production growth and drilling and completion capital expenditures, while at the same time reducing our cost guidance for many significant categories. Additionally, we are reaffirming the commitment of management and the Board of Directors to reducing financial leverage of the company through asset sales. I would also like to note we have protected a substantial portion of our projected operating cash flows in 2013 through downside hedge protection on approximately 85% of our projected oil production at an average price of $95.45 per barrel and approximately 50% of our projected natural gas production at an average price of $3.62 per mcf. This equates to approximately 72% of our projected 2013 natural gas, oil and NGL revenue, after differentials.” Key Operational and Financial Statistics Summarized The table below summarizes Chesapeake’s key results during the 2012 fourth quarter and compares them to results during the 2012 third quarter and the 2011 fourth quarter and also compares the 2012 full year to the 2011 full year.
|
| | |
|
| |
|
|
|
|
|
| Three Months Ended |
|
| Full Year Ended |
|
|
|
| 12/31/12 |
| | 9/30/12 |
| | 12/31/11 |
|
| 12/31/12 | | 12/31/11 |
| Average daily production (in mmcfe) |
|
| 3,931 |
|
| 4,142 |
|
| 3,596 |
|
| 3,886 |
|
| 3,272 |
|
| Natural gas equivalent production (in bcfe) |
|
| 362 |
|
| 381 |
|
| 331 |
|
| 1,422 |
|
| 1,194 |
|
| Natural gas equivalent realized price ($/mcfe)(a) |
|
| 4.23 |
|
| 4.04 |
|
| 5.08 |
|
| 4.02 |
|
| 5.70 |
|
| Oil production (in mbbls) |
|
| 8,936 |
|
| 8,996 |
|
| 5,291 |
|
| 31,265 |
|
| 16,964 |
|
| Average realized oil price ($/bbl)(a) |
|
| 92.23 |
|
| 90.79 |
|
| 88.02 |
|
| 91.74 |
|
| 86.25 |
|
| Oil as % of total production |
|
| 15 |
|
| 14 |
|
| 10 |
|
| 13 |
|
| 9 |
|
| NGL production (in mbbls) |
|
| 4,634 |
|
| 4,130 |
|
| 4,476 |
|
| 17,615 |
|
| 14,712 |
|
| Average realized NGL price ($/bbl)(a) |
|
| 27.12 |
|
| 31.22 |
|
| 35.87 |
|
| 29.37 |
|
| 38.12 |
|
| NGL as % of total production |
|
| 8 |
|
| 7 |
|
| 8 |
|
| 7 |
|
| 7 |
|
| Liquids as % of total realized revenue(b) |
|
| 62 |
|
| 61 |
|
| 37 |
|
| 59 |
|
| 30 |
|
| Liquids as % of unhedged revenue(b) |
|
| 59 |
|
| 63 |
|
| 47 |
|
| 63 |
|
| 40 |
|
| Natural gas production (in bcf) |
|
| 280 |
|
| 302 |
|
| 272 |
|
| 1,129 |
|
| 1,004 |
|
| Average realized natural gas price ($/mcf)(a) |
|
| 2.07 |
|
| 1.97 |
|
| 3.87 |
|
| 2.07 |
|
| 4.77 |
|
| Natural gas as % of total production |
|
| 77 |
|
| 79 |
|
| 82 |
|
| 80 |
|
| 84 |
|
| Natural gas as % of realized revenue |
|
| 38 |
|
| 39 |
|
| 63 |
|
| 41 |
|
| 70 |
|
| Natural gas as % of unhedged revenue |
|
| 41 |
|
| 37 |
|
| 53 |
|
| 37 |
|
| 60 |
|
| Marketing, gathering and compression net margin ($/mcfe)(c) |
|
| 0.11 |
|
| 0.11 |
|
| 0.07 |
|
| 0.08 |
|
| 0.10 |
|
| Oilfield services net margin ($/mcfe) (c)(d) |
|
| 0.05 |
|
| 0.09 |
|
| 0.09 |
|
| 0.10 |
|
| 0.10 |
|
| Production expenses ($/mcfe) |
|
| (0.83 | ) |
| (0.84 | ) |
| (0.88 | ) |
| (0.92 | ) |
| (0.90 | ) |
| Production taxes ($/mcfe) |
|
| (0.13 | ) |
| (0.14 | ) |
| (0.15 | ) |
| (0.13 | ) |
| (0.16 | ) |
| General and administrative costs ($/mcfe)(e) |
|
| (0.23 | ) |
| (0.33 | ) |
| (0.35 | ) |
| (0.33 | ) |
| (0.38 | ) |
| Stock-based compensation ($/mcfe) |
|
| (0.04 | ) |
| (0.05 | ) |
| (0.06 | ) |
| (0.05 | ) |
| (0.08 | ) |
| DD&A of natural gas and liquids properties ($/mcfe) |
|
| (1.80 | ) |
| (2.00 | ) |
| (1.46 | ) |
| (1.76 | ) |
| (1.37 | ) |
| D&A of other assets ($/mcfe)(f) |
|
| (0.20 | ) |
| (0.17 | ) |
| (0.26 | ) |
| (0.21 | ) |
| (0.24 | ) |
| Interest expense ($/mcfe)(a) |
|
| (0.05 | ) |
| (0.10 | ) |
| (0.04 | ) |
| (0.06 | ) |
| (0.03 | ) |
| Operating cash flow ($ in millions)(g) |
|
| 1,146 |
|
| 1,118 |
|
| 1,311 |
|
| 4,069 |
|
| 5,309 |
|
| Operating cash flow ($/mcfe) |
|
| 3.17 |
|
| 2.93 |
|
| 3.96 |
|
| 2.86 |
|
| 4.45 |
|
| Adjusted ebitda ($ in millions)(h) |
|
| 1,089 |
|
| 1,021 |
|
| 1,308 |
|
| 3,754 |
|
| 5,406 |
|
| Adjusted ebitda ($/mcfe) |
|
| 3.01 |
|
| 2.68 |
|
| 3.95 |
|
| 2.64 |
|
| 4.53 |
|
| Net income (loss) to common stockholders ($ in millions) |
|
| 257 |
|
| (2,055 | ) |
| 429 |
|
| (940 | ) |
| 1,570 |
|
| Earnings (loss) per share – diluted ($) |
|
| 0.39 |
|
| (3.19 | ) |
| 0.63 |
|
| (1.46 | ) |
| 2.32 |
|
| Adjusted net income to common stockholders ($ in millions)(i) |
|
| 153 |
|
| 35 |
|
| 394 |
|
| 285 |
|
| 1,936 |
|
| Adjusted earnings per share – diluted ($) |
|
| 0.26 |
|
| 0.10 |
|
| 0.58 |
|
| 0.61 |
|
| 2.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | (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) | Includes revenue and operating costs and excludes depreciation and amortization of other assets. | | (d) | 2012 fourth quarter and full year include impact of certain consolidated investments along with results from Chesapeake Oilfield Services. | | (e) | Excludes expenses associated with noncash stock-based compensation. | | (f) | The decrease from 2011 to 2012 (year over year and quarter over quarter) is due to assets being classified as held for sale as of June 30, 2012 and not subject to depreciation thereafter. The assets were sold as part of the midstream sale to ACMP in December 2012. | | (g) | Defined as cash flow provided by operating activities before changes in assets and liabilities. | | (h) | Defined as net income (loss) before income taxes, interest expense, and depreciation, depletion and amortization expense, as adjusted to remove the effects of certain items detailed on page 20. | | (i) | Defined as net income (loss) available to common stockholders, as adjusted to remove the effects of certain items detailed on page 21. | |
