(Exact name of Registrant as specified in its Charter) | |||||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) | |||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||
(Registrant’s telephone number, including area code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). | ||||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Document Description | |||||||
Chesapeake Energy Corporation press release dated May 2, 2023 | ||||||||
Supplemental Financial Information | ||||||||
104.0 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CHESAPEAKE ENERGY CORPORATION | |||||
By: | /s/ DOMENIC J. DELL’OSSO, JR. | ||||
Domenic J. Dell’Osso, Jr. | |||||
President and Chief Executive Officer |
Exhibit 99.1 | |||||
N E W S R E L E A S E | |||||
INVESTOR CONTACT: | MEDIA CONTACT: | CHESAPEAKE ENERGY CORPORATION | ||||||
Chris Ayres (405) 935-8870 ir@chk.com | Brooke Coe (405) 935-8878 media@chk.com | 6100 North Western Avenue P.O. Box 18496 Oklahoma City, OK 73154 |
($ and shares in millions, except per share amounts) | 1Q 2023 | ||||||||||
Net cash provided by operating activities (GAAP) | $ | 889 | |||||||||
Less cash capital expenditures | 497 | ||||||||||
Less cash contributions to investments | 39 | ||||||||||
Less free cash flow associated with divested assets | 112 | ||||||||||
Adjusted free cash flow (Non-GAAP) | 241 | ||||||||||
Less cash paid for common base dividends | 74 | ||||||||||
50% of adjusted free cash flow available for common variable dividends | $ | 84 | |||||||||
Common shares outstanding at 5/2/23(1) | 134 | ||||||||||
Variable dividend payable per common share in June 2023 | $ | 0.63 | |||||||||
Base dividend payable per common share in June 2023 | $ | 0.55 | |||||||||
Total dividend payable per common share in June 2023 | $ | 1.18 | |||||||||
(1) Basic common shares outstanding as of the declaration date of 05/02/2023. Assumes no exercise of warrants between dividend declaration date and dividend record date. |
CHESAPEAKE ENERGY CORPORATION - SUPPLEMENTAL TABLES |
Table of Contents: | Page | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
($ in millions, except per share data) | March 31, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 130 | $ | 130 | |||||||
Restricted cash | 67 | 62 | |||||||||
Accounts receivable, net | 864 | 1,438 | |||||||||
Short-term derivative assets | 464 | 34 | |||||||||
Assets held for sale | 862 | 819 | |||||||||
Other current assets | 242 | 215 | |||||||||
Total current assets | 2,629 | 2,698 | |||||||||
Property and equipment: | |||||||||||
Natural gas and oil properties, successful efforts method | |||||||||||
Proved natural gas and oil properties | 10,793 | 11,096 | |||||||||
Unproved properties | 2,002 | 2,022 | |||||||||
Other property and equipment | 498 | 500 | |||||||||
Total property and equipment | 13,293 | 13,618 | |||||||||
Less: accumulated depreciation, depletion and amortization | (2,770) | (2,431) | |||||||||
Total property and equipment, net | 10,523 | 11,187 | |||||||||
Long-term derivative assets | 122 | 47 | |||||||||
Deferred income tax assets | 973 | 1,351 | |||||||||
Other long-term assets | 344 | 185 | |||||||||
Total assets | $ | 14,591 | $ | 15,468 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 631 | $ | 603 | |||||||
Accrued interest | 40 | 42 | |||||||||
Short-term derivative liabilities | 25 | 432 | |||||||||
Other current liabilities | 1,202 | 1,627 | |||||||||
Total current liabilities | 1,898 | 2,704 | |||||||||
Long-term debt, net | 2,040 | 3,093 | |||||||||
Long-term derivative liabilities | 42 | 174 | |||||||||
Asset retirement obligations, net of current portion | 279 | 323 | |||||||||
Other long-term liabilities | 49 | 50 | |||||||||
Total liabilities | 4,308 | 6,344 | |||||||||
Contingencies and commitments | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.01 par value, 450,000,000 shares authorized: 134,019,253 and 134,715,094 shares issued | 1 | 1 | |||||||||
Additional paid-in capital | 5,729 | 5,724 | |||||||||
Retained earnings | 4,553 | 3,399 | |||||||||
Total stockholders' equity | 10,283 | 9,124 | |||||||||
Total liabilities and stockholders' equity | $ | 14,591 | $ | 15,468 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
($ in millions, except per share data) | ||||||||||||||
Revenues and other: | ||||||||||||||
Natural gas, oil and NGL | $ | 1,453 | $ | 1,914 | ||||||||||
Marketing | 652 | 867 | ||||||||||||
Natural gas and oil derivatives | 930 | (2,125) | ||||||||||||
Gains on sales of assets | 335 | 279 | ||||||||||||
Total revenues and other | 3,370 | 935 | ||||||||||||
Operating expenses: | ||||||||||||||
Production | 131 | 110 | ||||||||||||
Gathering, processing and transportation | 264 | 242 | ||||||||||||
Severance and ad valorem taxes | 69 | 63 | ||||||||||||
Exploration | 7 | 5 | ||||||||||||
Marketing | 651 | 851 | ||||||||||||
General and administrative | 35 | 26 | ||||||||||||
Depreciation, depletion and amortization | 390 | 409 | ||||||||||||
Other operating expense, net | 3 | 23 | ||||||||||||
Total operating expenses | 1,550 | 1,729 | ||||||||||||
Income (loss) from operations | 1,820 | (794) | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (37) | (32) | ||||||||||||
Other income | 10 | 16 | ||||||||||||
Total other income (expense) | (27) | (16) | ||||||||||||
Income (loss) before income taxes | 1,793 | (810) | ||||||||||||
Income tax expense (benefit) | 404 | (46) | ||||||||||||
Net income (loss) available to common stockholders | $ | 1,389 | $ | (764) | ||||||||||
Earnings (loss) per common share: | ||||||||||||||
Basic | $ | 10.31 | $ | (6.32) | ||||||||||
Diluted | $ | 9.60 | $ | (6.32) | ||||||||||
Weighted average common shares outstanding (in thousands): | ||||||||||||||
Basic | 134,742 | 120,805 | ||||||||||||
Diluted | 144,731 | 120,805 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
($ in millions) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | 1,389 | $ | (764) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation, depletion and amortization | 390 | 409 | ||||||||||||
Deferred income tax expense | 378 | — | ||||||||||||
Derivative (gains) losses, net | (930) | 2,125 | ||||||||||||
Cash payments on derivative settlements, net | (285) | (568) | ||||||||||||
Share-based compensation | 7 | 4 | ||||||||||||
Gains on sales of assets | (335) | (279) | ||||||||||||
Exploration | 3 | 4 | ||||||||||||
Other | 9 | (8) | ||||||||||||
Changes in assets and liabilities | 263 | (70) | ||||||||||||
Net cash provided by operating activities | 889 | 853 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (497) | (344) | ||||||||||||
Business combination, net | — | (2,006) | ||||||||||||
Contributions to investments | (39) | — | ||||||||||||
Proceeds from divestitures of property and equipment | 931 | 403 | ||||||||||||
Net cash provided by (used in) investing activities | 395 | (1,947) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from New Credit Facility | 1,000 | — | ||||||||||||
Payments on New Credit Facility | (2,050) | — | ||||||||||||
Proceeds from Exit Credit Facility | — | 1,565 | ||||||||||||
Payments on Exit Credit Facility | — | (1,065) | ||||||||||||
Proceeds from warrant exercise | — | 1 | ||||||||||||
Cash paid to repurchase and retire common stock | (54) | (83) | ||||||||||||
Cash paid for common stock dividends | (175) | (210) | ||||||||||||
Net cash provided by (used in) financing activities | (1,279) | 208 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 5 | (886) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 192 | 914 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 197 | $ | 28 | ||||||||||
Cash and cash equivalents | $ | 130 | $ | 19 | ||||||||||
Restricted cash | 67 | 9 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 197 | $ | 28 |
NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited) |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Oil | NGL | Total | |||||||||||||||||||||||||||||||||||||||||||||||
MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||||||||||||||||||||||||||||||||||||
Marcellus | 1,974 | 3.47 | — | — | — | — | 1,974 | 3.47 | ||||||||||||||||||||||||||||||||||||||||||
Haynesville | 1,549 | 2.88 | — | — | — | — | 1,549 | 2.88 | ||||||||||||||||||||||||||||||||||||||||||
Eagle Ford | 128 | 1.97 | 54 | 76.82 | 16 | 26.71 | 546 | 8.82 | ||||||||||||||||||||||||||||||||||||||||||
Total | 3,651 | 3.17 | 54 | 76.82 | 16 | 26.71 | 4,069 | 3.97 | ||||||||||||||||||||||||||||||||||||||||||
Average NYMEX Price | 3.42 | 76.13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price (including realized derivatives) | 2.74 | 66.79 | 26.71 | 3.45 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Oil | NGL | Total | |||||||||||||||||||||||||||||||||||||||||||||||
MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||||||||||||||||||||||||||||||||||||
Marcellus | 1,452 | 4.66 | — | — | — | — | 1,452 | 4.66 | ||||||||||||||||||||||||||||||||||||||||||
Haynesville | 1,625 | 4.46 | — | — | — | — | 1,625 | 4.46 | ||||||||||||||||||||||||||||||||||||||||||
Eagle Ford | 129 | 4.04 | 52 | 95.00 | 16 | 41.09 | 540 | 11.44 | ||||||||||||||||||||||||||||||||||||||||||
Powder River Basin | 41 | 5.45 | 8 | 95.18 | 3 | 53.96 | 102 | 10.66 | ||||||||||||||||||||||||||||||||||||||||||
Total | 3,247 | 4.54 | 60 | 95.02 | 19 | 43.05 | 3,719 | 5.72 | ||||||||||||||||||||||||||||||||||||||||||
Average NYMEX Price | 4.95 | 94.29 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price (including realized derivatives) | 3.08 | 65.64 | 43.05 | 3.96 | ||||||||||||||||||||||||||||||||||||||||||||||
ADJUSTED GROSS MARGIN (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||
($ in millions, except per unit) | $ | $/Mcfe | $ | $/Mcfe | |||||||||||||||||||
Marcellus | |||||||||||||||||||||||
Natural gas, oil and NGL sales | $ | 617 | 3.47 | $ | 609 | 4.66 | |||||||||||||||||
Production expenses | 24 | 0.13 | 13 | 0.10 | |||||||||||||||||||
Gathering, processing and transportation expenses | 111 | 0.62 | 71 | 0.54 | |||||||||||||||||||
Severance and ad valorem taxes | 5 | 0.03 | 4 | 0.03 | |||||||||||||||||||
Adjusted gross margin (Non-GAAP) | $ | 477 | 2.69 | $ | 521 | 3.99 | |||||||||||||||||
Haynesville | |||||||||||||||||||||||
Natural gas, oil and NGL sales | $ | 402 | 2.88 | $ | 652 | 4.46 | |||||||||||||||||
Production expenses | 47 | 0.34 | 32 | 0.22 | |||||||||||||||||||
Gathering, processing and transportation expenses | 68 | 0.49 | 65 | 0.45 | |||||||||||||||||||
Severance and ad valorem taxes | 34 | 0.24 | 12 | 0.09 | |||||||||||||||||||
Adjusted gross margin (Non-GAAP) | $ | 253 | 1.81 | $ | 543 | 3.70 | |||||||||||||||||
Eagle Ford | |||||||||||||||||||||||
Natural gas, oil and NGL sales | $ | 434 | 8.82 | $ | 554 | 11.44 | |||||||||||||||||
Production expenses | 60 | 1.23 | 55 | 1.15 | |||||||||||||||||||
Gathering, processing and transportation expenses | 85 | 1.73 | 84 | 1.73 | |||||||||||||||||||
Severance and ad valorem taxes | 30 | 0.60 | 36 | 0.75 | |||||||||||||||||||
Adjusted gross margin (Non-GAAP) | $ | 259 | 5.26 | $ | 379 | 7.81 | |||||||||||||||||
Powder River Basin | |||||||||||||||||||||||
Natural gas, oil and NGL sales | $ | — | — | $ | 99 | 10.66 | |||||||||||||||||
Production expenses | — | — | 10 | 0.94 | |||||||||||||||||||
Gathering, processing and transportation expenses | — | — | 22 | 2.32 | |||||||||||||||||||
Severance and ad valorem taxes | — | — | 11 | 1.09 | |||||||||||||||||||
Adjusted gross margin (Non-GAAP) | $ | — | — | $ | 56 | 6.31 |
CAPITAL EXPENDITURES ACCRUED (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
($ in millions) | ||||||||||||||
Drilling and completion capital expenditures: | ||||||||||||||
Marcellus | $ | 118 | $ | 57 | ||||||||||
Haynesville | 259 | 183 | ||||||||||||
Eagle Ford | 123 | 43 | ||||||||||||
Powder River Basin | — | 22 | ||||||||||||
Total drilling and completion capital expenditures | 500 | 305 | ||||||||||||
Non-drilling and completion - field | 24 | 12 | ||||||||||||
Non-drilling and completion - corporate | 20 | 22 | ||||||||||||
Total capital expenditures | $ | 544 | $ | 339 |
NON-GAAP FINANCIAL MEASURES |
RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO ADJUSTED NET INCOME (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||
($ in millions, except per share data) | $ | $/Share | $ | $/Share | ||||||||||||||||||||||
Net income (loss) available to common stockholders (GAAP) | $ | 1,389 | $ | 10.31 | $ | (764) | $ | (6.32) | ||||||||||||||||||
Effect of dilutive securities | — | (0.71) | — | — | ||||||||||||||||||||||
Diluted income (loss) available to common stockholders (GAAP) | $ | 1,389 | $ | 9.60 | $ | (764) | $ | (6.32) | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Unrealized (gains) losses on natural gas and oil derivatives | (1,119) | (7.73) | 1,538 | 12.73 | ||||||||||||||||||||||
Gains on sales of assets | (335) | (2.32) | (279) | (2.31) | ||||||||||||||||||||||
Other operating expense, net | 7 | 0.05 | 31 | 0.26 | ||||||||||||||||||||||
Other | (6) | (0.04) | (13) | (0.11) | ||||||||||||||||||||||
Tax effect of adjustments(a) | 334 | 2.31 | (77) | (0.64) | ||||||||||||||||||||||
Effect of dilutive securities | — | — | — | (0.52) | ||||||||||||||||||||||
Adjusted net income available to common stockholders (Non-GAAP) | $ | 270 | $ | 1.87 | $ | 436 | $ | 3.09 | ||||||||||||||||||
(a) | The 2023 First Quarter and 2022 First Quarter include a tax effect attributed to the reconciling adjustments using a statutory tax rate of 23% and an estimated annual effective tax rate of 6%, respectively. |
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
($ in millions) | ||||||||||||||
Net income (loss) (GAAP) | $ | 1,389 | $ | (764) | ||||||||||
Adjustments: | ||||||||||||||
Interest expense | 37 | 32 | ||||||||||||
Income tax expense (benefit) | 404 | (46) | ||||||||||||
Depreciation, depletion and amortization | 390 | 409 | ||||||||||||
Exploration | 7 | 5 | ||||||||||||
Unrealized (gains) losses on natural gas and oil derivatives | (1,119) | 1,538 | ||||||||||||
Gains on sales of assets | (335) | (279) | ||||||||||||
Other operating expense, net | 7 | 31 | ||||||||||||
Other | (6) | (13) | ||||||||||||
Adjusted EBITDAX (Non-GAAP) | $ | 774 | $ | 913 |
RECONCILIATION OF GROSS MARGIN TO ADJUSTED GROSS MARGIN (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
($ in millions) | ||||||||||||||
Gross margin (GAAP) | ||||||||||||||
Natural gas, oil and NGL sales | $ | 1,453 | $ | 1,914 | ||||||||||
Less: | ||||||||||||||
Production expenses | (131) | (110) | ||||||||||||
Gathering, processing and transportation expenses | (264) | (242) | ||||||||||||
Severance and ad valorem taxes | (69) | (63) | ||||||||||||
Depreciation, depletion and amortization | (390) | (409) | ||||||||||||
Gross margin (GAAP) | 599 | 1,090 | ||||||||||||
Add back: Depreciation, depletion and amortization | 390 | 409 | ||||||||||||
Adjusted gross margin (Non-GAAP) | $ | 989 | $ | 1,499 |
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||
($ in millions) | ||||||||||||||
Net cash provided by operating activities (GAAP) | $ | 889 | $ | 853 | ||||||||||
Cash capital expenditures | (497) | (344) | ||||||||||||
Free cash flow (Non-GAAP) | 392 | 509 | ||||||||||||
Cash paid for acquisition costs | — | 23 | ||||||||||||
Cash contributions to investments | (39) | — | ||||||||||||
Free cash flow associated with assets under contract and divested assets | (112) | — | ||||||||||||
Adjusted free cash flow (Non-GAAP) | $ | 241 | $ | 532 | ||||||||||
RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited) |
($ in millions) | March 31, 2023 | ||||
Total debt (GAAP) | $ | 2,040 | |||
Premiums and issuance costs on debt | (90) | ||||
Principal amount of debt | 1,950 | ||||
Cash and cash equivalents | (130) | ||||
Net debt (Non-GAAP) | $ | 1,820 |
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