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Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp

Chesapeake Energy Corp · May 9, 2019 · 11 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 1
    Successful Efforts Accounting Conversion Overview MAY 2019
  2. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 2
    WHY WE ARE IMPLEMENTING Better comparability Greater transparency Our peer group and all major integrated oil and gas Our operating decision making will be better companies use the Successful Efforts method. reflected in our…
  3. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 3
    Summary of Effect on Retained Earnings Successful Efforts Method: Conversion Overview 3
  4. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 4
    SUMMARY OF EFFECT ON RETAINED EARNINGS Retained Earnings change as of 3/31/2019: Accumulated Deficit under FC 3/31/19 (15,697) Cumulative Effect of Differences on earnings under SE 1,551 Accumulated Deficit under SE 3/31/19*…
  5. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 5
    SUMMARY OF EFFECT ON RETAINED EARNINGS Under successful efforts, all costs associated with exploration activities are expensed with the exception of leasehold and well costs of Exploration Expense successful exploratory wells, which…
  6. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 6
    SUMMARY OF EFFECT ON RETAINED EARNINGS DD&A and Impairment Expense Under successful efforts, depletion is calculated at a depletable unit (DU) level, which is an aggregation of properties with common geological or stratigraphic…
  7. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 7
    SUMMARY OF EFFECT ON RETAINED EARNINGS Volumetric Production Payment Under successful efforts, the sale of VPPs is treated as an increase in deferred revenue, which is recognized over time in accordance with the delivery of those…
  8. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 8
    SUMMARY OF EFFECT ON RETAINED EARNINGS Under successful efforts, gains or losses are realized upon the sale of oil and gas property calculated as the difference between the consideration received and the net book value of the asset…
  9. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 9
    SUMMARY OF EFFECT ON RETAINED EARNINGS Under full cost, internal costs that can be directly identified with acquisition, exploration and development activities are capitalized. On the other G&A Expense hand, under successful efforts,…
  10. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 10
    SUMMARY OF EFFECT ON RETAINED EARNINGS Under full cost, investments in unproved properties and major development projects that are not being currently depreciated, depleted, or amortized and on which exploration or development…
  11. Successful Efforts Accounting Conversion Overview – Chesapeake Energy Corp – slide 11
    SUMMARY OF EFFECT ON RETAINED EARNINGS NCI Change in the Non-controlling interest (NCI) equity of Chesapeake Granite Wash Royalty Trust resulting from the conversion to successful efforts. NCI Adjustments 140 120 100…

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