CHESAPEAKE ENERGY CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
EXE$87.94+2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Successor · Predecessor | |||||||
|---|---|---|---|---|---|---|---|
| ($ in millions) · Year Ended December 31, 2023 · Year Ended December 31, 2022 · Period from February 10, 2021 through December 31, 2021 · Period from January 1, 2021 through February 9, 2021 | |||||||
| Cash flows from operating activities: | |||||||
| Net income | $2,419 | $4,936 | $945 | $5,383 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
| Depreciation, depletion and amortization | 1,527 | 1,753 | 919 | 72 | |||
| Deferred income tax expense (benefit) | 428 | (1,332) | (49) | (57) | |||
| Derivative (gains) losses, net | (1,728) | 2,680 | 1,127 | 382 | |||
| Cash receipts (payments) on derivative settlements, net | 354 | (3,561) | (1,142) | (17) | |||
| Share-based compensation | 33 | 22 | 9 | 3 | |||
| Gains on sales of assets | (946) | (300) | (12) | (5) | |||
| Impairments | — | — | 1 | — | |||
| Non-cash reorganization items, net | — | — | — | (6,680) | |||
| Exploration | 12 | 14 | 2 | 2 | |||
| Losses on purchases, exchanges or extinguishments of debt | — | 5 | — | — | |||
| Other | 6 | 31 | 46 | 45 | |||
| Changes in assets and liabilities | 275 | (123) | (37) | 851 | |||
| Net cash provided by (used in) operating activities | 2,380 | 4,125 | 1,809 | (21) | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (1,829) | (1,823) | (669) | (66) | |||
| Business combination, net | — | (1,967) | (194) | — | |||
| Contributions to investments | (231) | (18) | — | — | |||
| Proceeds from divestitures of property and equipment | 2,533 | 407 | 13 | — | |||
| Net cash provided by (used in) investing activities | 473 | (3,401) | (850) | (66) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from New Credit Facility | 1,125 | 1,600 | — | — | |||
| Payments on New Credit Facility | (2,175) | (550) | — | — | |||
| Proceeds from Exit Credit Facility | — | 9,583 | 30 | — | |||
| Payments on Exit Credit Facility | — | (9,804) | (80) | (479) | |||
| Payments on DIP Facility borrowings | — | — | — | (1,179) | |||
| Proceeds from issuance of senior notes, net | — | — | — | 1,000 | |||
| Proceeds from issuance of common stock | — | — | — | 600 | |||
| Proceeds from warrant exercise | — | 27 | 2 | — | |||
| Debt issuance and other financing costs | — | (17) | (3) | (8) | |||
| Cash paid to repurchase and retire common stock | (355) | (1,073) | — | — | |||
| Cash paid for common stock dividends | (487) | (1,212) | (119) | — | |||
| Other | — | — | (1) | — | |||
| Net cash used in financing activities | (1,892) | (1,446) | (171) | (66) | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 961 | (722) | 788 | (153) | |||
| Cash, cash equivalents and restricted cash, beginning of period | 192 | 914 | 126 | 279 | |||
| Cash, cash equivalents and restricted cash, end of period | $1,153 | $192 | $914 | $126 | |||
| Successor · Predecessor | ||||
|---|---|---|---|---|
| ($ in millions) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period from February 10, 2021 through December 31, 2021 | Period from January 1, 2021 through February 9, 2021 |
| Cash and cash equivalents | $1,079 | $130 | $905 | $40 |
| Restricted cash | 74 | 62 | 9 | 86 |
| Total cash, cash equivalents and restricted cash | $1,153 | $192 | $914 | $126 |
| Supplemental disclosures to the consolidated statements of cash flows are presented below: | ||||
| Successor · Predecessor | ||||
| ($ in millions) | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Period from February 10, 2021 through December 31, 2021 | Period from January 1, 2021 through February 9, 2021 |
| Supplemental cash flow information: | ||||
| Cash paid for reorganization items, net | $— | $— | $65 | $66 |
| Interest paid, net of capitalized interest | $117 | $146 | $34 | $13 |
| Income taxes paid (refunds received), net | $132 | $193 | $(9) | $— |
| Supplemental disclosure of significant non-cash investing and financing activities: | ||||
| Change in accrued drilling and completion costs | $(31) | $148 | $30 | $(5) |
| Put option premium on equity backstop agreement | $— | $— | $— | $60 |
| Common stock issued for business combination | $— | $764 | $1,232 | $— |
| Operating lease obligations recognized | $96 | $120 | $— | $— |
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