Company Quick10K Filing
Chesapeake Energy
Price1.41 EPS0
Shares1,698 P/E150
MCap2,394 P/FCF2
Net Debt9,510 EBIT523
TEV11,904 TEV/EBIT23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-10-08
8-K 2020-09-15
8-K 2020-06-29
8-K 2020-06-28
8-K 2020-06-12
8-K 2020-05-05
8-K 2020-04-23
8-K 2020-04-13
8-K 2020-02-26
8-K 2020-01-29
8-K 2020-01-29
8-K 2019-12-26
8-K 2019-12-19
8-K 2019-12-10
8-K 2019-12-03
8-K 2019-11-15
8-K 2019-11-12
8-K 2019-11-05
8-K 2019-09-16
8-K 2019-09-09
8-K 2019-08-06
8-K 2019-05-17
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-04-18
8-K 2019-04-03
8-K 2019-02-27
8-K 2019-01-31
8-K 2019-01-09
8-K 2018-12-31
8-K 2018-12-06
8-K 2018-10-30
8-K 2018-10-30
8-K 2018-10-29
8-K 2018-10-03
8-K 2018-09-26
8-K 2018-09-25
8-K 2018-09-12
8-K 2018-08-20
8-K 2018-08-01
8-K 2018-07-26
8-K 2018-05-18
8-K 2018-05-16
8-K 2018-05-02
8-K 2018-03-27
8-K 2018-02-22
8-K 2018-02-21
8-K 2018-02-13
8-K 2018-02-06

CHK 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 chk-ex3112020093010q.htm
EX-31.2 chk-ex3122020093010q.htm
EX-32.1 chk-ex3212020093010q.htm
EX-32.2 chk-ex3222020093010q.htm
EX-95.1 ex951minesafetydisclos.htm

Chesapeake Energy Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
453526177-12012201420172020
Assets, Equity
10.07.65.12.70.2-2.22012201420172020
Rev, G Profit, Net Income
3.42.41.50.5-0.4-1.42012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 1-13726
CHESAPEAKE ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Oklahoma
73-1395733
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
6100 North Western Avenue,
Oklahoma City,
Oklahoma
73118
(Address of principal executive offices)
(Zip Code)
 
 
(405)
 848-8000
 
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(1)
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.01
 
CHKAQ
 
N/A
6.625% Senior Notes due 2020
 
*
 
N/A
6.875% Senior Notes due 2020
 
*
 
N/A
6.125% Senior Notes due 2021
 
*
 
N/A
5.375% Senior Notes due 2021
 
*
 
N/A
4.875% Senior Notes due 2022
 
*
 
N/A
5.75% Senior Notes due 2023
 
*
 
N/A
4.5% Cumulative Convertible Preferred Stock
 
*
 
N/A
 
(1) On June 29, 2020, our common stock was suspended from trading on the New York Stock Exchange (the “NYSE”). On June 30, 2020, our common stock began trading on the OTC Pink Marketplace maintained by the OTC Markets Group, Inc. under the symbol “CHKAQ.” On July 20, 2020, the NYSE filed a Form 25 delisting our common stock, senior notes and cumulative convertible preferred stock from trading on the NYSE, which delisting became effective 10 days after the filing of the Form 25. In accordance with Rule 12d2-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the de-registration of our common stock, senior notes and cumulative convertible preferred stock under Section 12(b) of the Exchange Act became effective on October 18, 2020.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer   Accelerated Filer   Non-accelerated Filer  
Smaller Reporting Company   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.




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  
As of November 5, 2020, there were 9,780,371 shares of our $0.01 par value common stock outstanding.




CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
INDEX TO FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020


 
PART I. FINANCIAL INFORMATION
Page
Item 1.
 
 
Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019
 
for the Three and Nine Months Ended September 30, 2020 and 2019
 
for the Three and Nine Months Ended September 30, 2020 and 2019
 
for the Nine Months Ended September 30, 2020 and 2019
 
for the Three and Nine Months Ended September 30, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
Item 3.
Item 4.
 
PART II. OTHER INFORMATION
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


PART I. FINANCIAL INFORMATION



ITEM 1.
Condensed Consolidated Financial Statements

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
September 30,
2020
 
December 31,
2019
ASSETS
 
($ in millions)
CURRENT ASSETS:
 
 
 
 
Cash and cash equivalents ($2 and $2 attributable to our VIE)
 
$
306

 
$
6

Accounts receivable, net
 
676

 
990

Short-term derivative assets
 

 
134

Other current assets
 
90

 
121

Total Current Assets
 
1,072

 
1,251

PROPERTY AND EQUIPMENT:
 
 
 
 
Oil and natural gas properties, at cost based on successful efforts accounting:
 
 
 
 
Proved oil and natural gas properties
($755 and $755 attributable to our VIE)
 
31,511

 
30,765

Unproved properties
 
1,738

 
2,173

Other property and equipment
 
1,786

 
1,810

Total Property and Equipment, at Cost
 
35,035

 
34,748

Less: accumulated depreciation, depletion and amortization
(($748) and ($713) attributable to our VIE)
 
(29,399
)
 
(20,002
)
Property and equipment held for sale, net
 
10

 
10

Total Property and Equipment, Net
 
5,646

 
14,756

Other long-term assets
 
185

 
186

TOTAL ASSETS
 
$
6,903

 
$
16,193

 
 
 
 
 


The accompanying notes are an integral part of these condensed consolidated financial statements.
4

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)
(Unaudited)

 
 
September 30,
2020
 
December 31,
2019
LIABILITIES AND EQUITY (DEFICIT)
 
($ in millions)
CURRENT LIABILITIES:
 
 
 
 
Accounts payable
 
$
316

 
$
498

Current maturities of long-term debt, net
 
1,929

 
385

Accrued interest
 
2

 
75

Short-term derivative liabilities
 
105

 
2

Other current liabilities (nominal and $1 attributable to our VIE)
 
753

 
1,432

Total Current Liabilities
 
3,105

 
2,392

Long-term debt, net
 

 
9,073

Long-term derivative liabilities
 
61

 
2

Asset retirement obligations, net of current portion
 
212

 
200

Other long-term liabilities
 
16

 
125

Liabilities subject to compromise
 
8,428

 

Total Liabilities
 
11,822

 
11,792

CONTINGENCIES AND COMMITMENTS (Note 5)
 

 

EQUITY (DEFICIT):
 
 
 
 
Chesapeake Stockholders’ Equity (Deficit):
 
 
 
 
Preferred stock, $0.01 par value, 20,000,000 shares authorized: 5,563,458 shares outstanding
 
1,631

 
1,631

Common stock, $0.01 par value, 22,500,000 and 15,000,000 shares authorized: 9,780,371 and 9,772,793 shares issued(a)
 

 

Additional paid-in capital(a)
 
16,931

 
16,973

Accumulated deficit
 
(23,538
)
 
(14,220
)
Accumulated other comprehensive income
 
36

 
12

Less: treasury stock, at cost; 0 and 26,224 common shares(a)
 

 
(32
)
Total Chesapeake Stockholders’ Equity (Deficit)
 
(4,940
)
 
4,364

Noncontrolling interests
 
21

 
37

Total Equity (Deficit)
 
(4,919
)
 
4,401

TOTAL LIABILITIES AND EQUITY (DEFICIT)
 
$
6,903

 
$
16,193


____________________________________________
(a)
Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 9 for additional information.


The accompanying notes are an integral part of these condensed consolidated financial statements.
5

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2020
 
2019
 
2020
 
2019
  
($ in millions except per share data)
REVENUES AND OTHER:
 
 
 
 
 
 
 
Oil, natural gas and NGL
$
511

 
$
1,170

 
$
2,579

 
$
3,553

Marketing
448

 
889

 
1,412

 
3,038

Total Revenues
959

 
2,059

 
3,991

 
6,591

Other
15

 
15

 
45

 
45

Gains on sales of assets
1

 
13

 
1

 
33

Total Revenues and Other
975

 
2,087

 
4,037

 
6,669

OPERATING EXPENSES:
 
 
 
 
 
 
 
Oil, natural gas and NGL production
82

 
135

 
295

 
394

Oil, natural gas and NGL gathering, processing and transportation
258

 
270

 
813

 
815

Severance and ad valorem taxes
37

 
55

 
116

 
168

Exploration
5

 
17

 
417

 
56

Marketing
450

 
901

 
1,438

 
3,071

General and administrative
52

 
66

 
229

 
258

Separation and other termination costs
16

 

 
43

 

Provision for legal contingencies, net
12

 

 
20

 
3

Depreciation, depletion and amortization
170

 
573

 
931

 
1,672

Impairments

 
9

 
8,522

 
11

Other operating expense
4

 
15

 
92

 
79

Total Operating Expenses
1,086

 
2,041

 
12,916

 
6,527

INCOME (LOSS) FROM OPERATIONS
(111
)
 
46

 
(8,879
)
 
142

OTHER INCOME (EXPENSE):

 
 
 

 
 
Interest expense
(25
)
 
(177
)
 
(307
)
 
(513
)
Losses on investments

 
(4
)
 
(23
)
 
(28
)
Gains on purchases or exchanges of debt

 
70

 
65

 
70

Other income
2

 
3

 
14

 
30

Reorganization items, net
(611
)
 

 
(217
)
 

Total Other Expense
(634
)
 
(108
)
 
(468
)
 
(441
)
LOSS BEFORE INCOME TAXES
(745
)
 
(62
)
 
(9,347
)
 
(299
)
Income tax benefit

 
(1
)
 
(13
)
 
(315
)
NET INCOME (LOSS)
(745
)
 
(61
)
 
(9,334
)
 
16

Net loss attributable to noncontrolling interests

 

 
16

 

NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE
(745
)
 
(61
)
 
(9,318
)
 
16

Preferred stock dividends

 
(23
)
 
(22
)
 
(69
)
Loss on exchange of preferred stock

 
(17
)
 

 
(17
)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS
$
(745
)
 
$
(101
)
 
$
(9,340
)
 
$
(70
)
LOSS PER COMMON SHARE:(a)
 
 
 
 
 
 
 
Basic
$
(76.18
)
 
$
(11.89
)
 
$
(955.99
)
 
$
(8.92
)
Diluted
$
(76.18
)
 
$
(11.89
)
 
$
(955.99
)
 
$
(8.92
)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in thousands):(a)
Basic
9,780

 
8,492

 
9,770

 
7,848

Diluted
9,780

 
8,492

 
9,770

 
7,848


____________________________________________
(a)
All share and per share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 9 for additional information.

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)



 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
($ in millions)
NET INCOME (LOSS)
 
$
(745
)
 
$
(61
)
 
$
(9,334
)
 
$
16

OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
 
 
 
 
 
 
 
 
Reclassification of losses on settled derivative instruments(a)
 
7

 
8

 
24

 
26

Other Comprehensive Income
 
7

 
8

 
24

 
26

COMPREHENSIVE INCOME (LOSS)
 
(738
)
 
(53
)
 
(9,310
)
 
42

COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 

 

 
16

 

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE
 
$
(738
)
 
$
(53
)
 
$
(9,294
)
 
$
42


___________________________________________
(a)
Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
 
Nine Months Ended
September 30,
 
 
2020
 
2019
 
 
($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
NET INCOME (LOSS)
 
$
(9,334
)
 
$
16

ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
 
 
 
 
Depreciation, depletion and amortization
 
931

 
1,672

Deferred income tax benefit
 
(10
)
 
(314
)
Derivative gains, net
 
(573
)
 
(137
)
Cash receipts on derivative settlements, net
 
890

 
129

Stock-based compensation
 
16

 
24

Gains on sales of assets
 
(1
)
 
(33
)
Impairments
 
8,522

 
11

Non-cash reorganization items, net
 
(300
)
 

Exploration
 
409

 
35

Losses on investments
 
23

 
21

Gains on purchases or exchanges of debt
 
(65
)
 
(70
)
Other
 
(46
)
 
42

Changes in assets and liabilities
 
693

 
(214
)
Net Cash Provided By Operating Activities
 
1,155

 
1,182

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
Drilling and completion costs
 
(946
)
 
(1,640
)
Business combination, net
 

 
(353
)
Acquisitions of proved and unproved properties
 
(9
)
 
(31
)
Proceeds from divestitures of proved and unproved properties
 
10

 
110

Additions to other property and equipment
 
(18
)
 
(27
)
Proceeds from sales of other property and equipment
 
5

 
6

Net Cash Used In Investing Activities
 
(958
)
 
(1,935
)
CASH FLOWS FROM FINANCING ACTIVITIES: