Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CHK | ' |
Entity Registrant Name | 'CHESAPEAKE ENERGY CORP | ' |
Entity Central Index Key | '0000895126 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 666,211,707 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents ($1 and $1 attributable to our VIE) | $1,004 | $837 |
Restricted cash | 75 | 75 |
Accounts receivable, net | 2,593 | 2,222 |
Short-term derivative assets | 2 | 0 |
Deferred income tax asset | 243 | 223 |
Other current assets | 358 | 299 |
Total Current Assets | 4,275 | 3,656 |
Natural gas and oil properties, at cost based on full cost accounting: | ' | ' |
Proved natural gas and oil properties ($488 and $488 attributable to our VIE) | 57,399 | 56,157 |
Unproved properties | 11,672 | 12,013 |
Oilfield services equipment | 2,239 | 2,192 |
Other property and equipment | 3,429 | 3,203 |
Total Property and Equipment, at Cost | 74,739 | 73,565 |
Less: accumulated depreciation, depletion and amortization (($190) and ($168) attributable to our VIE) | -37,844 | -37,161 |
Property and equipment held for sale, net | 627 | 730 |
Total Property and Equipment, Net | 37,522 | 37,134 |
LONG-TERM ASSETS: | ' | ' |
Investments | 288 | 477 |
Long-term derivative assets | 11 | 4 |
Other long-term assets | 509 | 511 |
TOTAL ASSETS | 42,605 | 41,782 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 1,786 | 1,596 |
Short-term derivative liabilities ($6 and $5 attributable to our VIE) | 417 | 208 |
Current maturities of long-term debt, net | 316 | 0 |
Accrued interest | 145 | 200 |
Other current liabilities ($19 and $22 attributable to our VIE) | 3,294 | 3,511 |
Total Current Liabilities | 5,958 | 5,515 |
LONG-TERM LIABILITIES: | ' | ' |
Long-term debt, net | 12,653 | 12,886 |
Deferred income tax liabilities | 3,828 | 3,407 |
Long-term derivative liabilities | 395 | 445 |
Asset retirement obligations | 443 | 405 |
Other long-term liabilities | 851 | 984 |
Total Long-Term Liabilities | 18,170 | 18,127 |
Chesapeake Stockholders’ Equity: | ' | ' |
Preferred stock, $0.01 par value, 20,000,000 shares authorized: 7,251,515 shares outstanding | 3,062 | 3,062 |
Common stock, $0.01 par value, 1,000,000,000 shares authorized: 665,214,625 and 666,192,371 shares issued | 7 | 7 |
Paid-in capital | 12,459 | 12,446 |
Retained earnings | 1,012 | 688 |
Accumulated other comprehensive loss | -153 | -162 |
Less: treasury stock, at cost; 1,986,178 and 2,002,029 common shares | -46 | -46 |
Total Chesapeake Stockholders’ Equity | 16,341 | 15,995 |
Noncontrolling interests | 2,136 | 2,145 |
Total Equity | 18,477 | 18,140 |
TOTAL LIABILITIES AND EQUITY | $42,605 | $41,782 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares outstanding (shares) | 7,251,515 | 7,251,515 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 665,214,625 | 666,192,371 |
Treasury stock, shares | 1,986,178 | 2,002,029 |
Variable Interest Entities | ' | ' |
Cash and cash equivalents ($1 and $1 attributable to our VIE) | $1 | $1 |
Proved natural gas and oil properties ($488 and $488 attributable to our VIE) | 488 | 488 |
Less: accumulated depreciation, depletion and amortization (($190) and ($168) attributable to our VIE) | -190 | -168 |
Short-term derivative liabilities ($6 and $5 attributable to our VIE) | 6 | 5 |
Other current liabilities ($19 and $22 attributable to our VIE) | $19 | $22 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES: | ' | ' |
Natural gas, oil and NGL | $1,766 | $1,453 |
Marketing, gathering and compression | 3,015 | 1,781 |
Oilfield services | 265 | 190 |
Total Revenues | 5,046 | 3,424 |
OPERATING EXPENSES: | ' | ' |
Natural gas, oil and NGL production | 288 | 307 |
Production taxes | 50 | 53 |
Marketing, gathering and compression | 2,980 | 1,745 |
Oilfield services | 220 | 155 |
General and administrative | 79 | 110 |
Restructuring and other termination costs | -7 | 133 |
Natural gas, oil and NGL depreciation, depletion and amortization | 628 | 648 |
Depreciation and amortization of other assets | 78 | 78 |
Impairments of fixed assets and other | 20 | 27 |
Net gains on sales of fixed assets | -23 | -49 |
Total Operating Expenses | 4,313 | 3,207 |
INCOME FROM OPERATIONS | 733 | 217 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -39 | -21 |
Losses on investments | -21 | -37 |
Net gain on sales of investments | 67 | 0 |
Other income | 6 | 6 |
Total Other Income (Expense) | 13 | -52 |
INCOME BEFORE INCOME TAXES | 746 | 165 |
INCOME TAX EXPENSE | ' | ' |
Current income taxes | 3 | 1 |
Deferred income taxes | 277 | 62 |
Total Income Tax Expense | 280 | 63 |
NET INCOME | 466 | 102 |
Net income attributable to noncontrolling interests | -41 | -44 |
NET INCOME ATTRIBUTABLE TO CHESAPEAKE | 425 | 58 |
Preferred stock dividends | -43 | -43 |
Earnings allocated to participating securities | -8 | 0 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $374 | $15 |
EARNINGS PER COMMON SHARE: | ' | ' |
Basic | $0.57 | $0.02 |
Diluted | $0.54 | $0.02 |
CASH DIVIDEND DECLARED PER COMMON SHARE | $0.09 | $0 |
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 658 | 651 |
Weighted Average Number of Shares Outstanding, Diluted | 765 | 651 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
NET INCOME | $466 | $102 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAX: | ' | ' |
Unrealized gain (loss) on derivative instruments, net of income tax expense (benefit) of $1 million and ($1) million | 3 | -1 |
Reclassification of loss on settled derivative instruments, net of income tax expense of $7 million and $7 million | 11 | 12 |
Unrealized loss on investments, net of income tax benefit of $0 and ($3) million | 0 | -5 |
Reclassification of (gain) loss on investment, net of income tax expense (benefit) of ($3) million and $4 million | -5 | 6 |
Other Comprehensive Income | 9 | 12 |
COMPREHENSIVE INCOME | 475 | 114 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -41 | -44 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | $434 | $70 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unrealized gain (loss) on derivative instruments, net of income tax expense (benefit) of $1 million and ($1) million | $1 | ($1) |
Reclassification of (gain) loss on settled derivative instruments, net of income tax expense (benefit) of $12 million, ($10) million and ($139) million | 7 | 7 |
Unrealized loss on investments, net of income tax benefit of $0 and ($3) million | 0 | -3 |
Reclassification of (gain) loss on investment, net of income tax expense (benefit) of $3 million, $0 and $0 | ($3) | $4 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME | $466 | $102 |
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: | ' | ' |
Depreciation, depletion and amortization | 706 | 726 |
Deferred income tax expense | 277 | 62 |
Derivative losses, net | 363 | 143 |
Cash (payments) receipts on derivative settlements, net | -157 | 12 |
Stock-based compensation | 20 | 32 |
Net gains on sales of fixed assets | -23 | -49 |
Impairments of fixed assets and other | 12 | 27 |
Losses on investments | 21 | 29 |
Net gain on sales of investments | -67 | 0 |
Restructuring and other termination costs | -9 | 105 |
Other | 5 | -10 |
Changes in assets and liabilities | -323 | -255 |
Net Cash Provided By Operating Activities | 1,291 | 924 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Drilling and completion costs | -897 | -1,579 |
Acquisitions of proved and unproved properties | -187 | -280 |
Proceeds from divestitures of proved and unproved properties | 49 | 190 |
Additions to other property and equipment | -437 | -330 |
Proceeds from sales of other assets | 239 | 201 |
Additions to investments | -3 | -3 |
Proceeds from sales of investments | 239 | 0 |
Decrease in restricted cash | 0 | 55 |
Other | -2 | 1 |
Net Cash Used In Investing Activities | -999 | -1,745 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 421 | 3,632 |
Payments on credit facilities borrowings | -362 | -2,811 |
Cash paid for common stock dividends | -58 | -58 |
Cash paid for preferred stock dividends | -43 | -43 |
Cash paid on financing derivatives | -15 | -11 |
Cash paid for prepayment of mortgage | 0 | -55 |
Distributions to noncontrolling interest owners | -53 | -57 |
Other | -15 | -30 |
Net Cash Provided By (Used In) Financing Activities | -125 | 567 |
Net increase (decrease) in cash and cash equivalents | 167 | -254 |
Cash and cash equivalents, beginning of period | 837 | 287 |
Cash and cash equivalents, end of period | 1,004 | 33 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Interest paid, net of capitalized interest | 75 | 60 |
Income taxes paid, net of refunds received | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Change in accrued drilling and completion costs | -168 | -79 |
Change in accrued acquisitions of proved and unproved properties | 7 | -3 |
Change in accrued additions to other property and equipment | ($2) | $11 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 |
In Millions, unless otherwise specified | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock - Common | Treasury Stock - Common | Treasury Stock - Common | Treasury Stock - Common | Treasury Stock - Common | Treasury Stock - Common | Parent | Parent | Non-Controlling Interest | Non-Controlling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Chesapeake stockholders’ equity, beginning of period | $3,062 | $3,062 | $7 | $7 | ' | ' | $12,459 | $12,446 | $12,355 | $12,293 | ' | ' | $1,012 | $688 | $495 | $437 | ' | ' | ($153) | ($162) | ($170) | ($182) | ' | ' | ($46) | ($46) | ($49) | ($48) | $16,341 | $15,700 | ' | ' |
Stock-based compensation | ' | ' | ' | ' | 5 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit (reduction in tax benefit) from stock-based compensation | ' | ' | ' | ' | 3 | -10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' | 5 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Chesapeake | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425 | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedging activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of 10,156 and 160,145 shares for company benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3 | ' | ' | ' | ' | ' | ' | ' | ' |
Release of 26,007 and 77,892 shares from company benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Chesapeake stockholders’ equity, end of period | 3,062 | 3,062 | 7 | 7 | ' | ' | 12,459 | 12,446 | 12,355 | 12,293 | ' | ' | 1,012 | 688 | 495 | 437 | ' | ' | -153 | -162 | -170 | -182 | ' | ' | -46 | -46 | -49 | -48 | 16,341 | 15,700 | ' | ' |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 44 |
Distributions to noncontrolling interest owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($50) | ($57) |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) (Treasury Stock - Common) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Treasury Stock - Common | ' | ' |
Purchase of shares for company benefit plans, shares | 10,156 | 160,145 |
Release of shares from company benefit plans, shares | 26,007 | 77,892 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies (Note) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Chesapeake Energy Corporation ("Chesapeake" or the "Company") and its subsidiaries are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. | |
This Form 10-Q relates to the three months ended March 31, 2014 (the “Current Quarter”) and the three months ended March 31, 2013 (the “Prior Quarter”). Chesapeake’s annual report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Form 10-Q. All material adjustments (consisting solely of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods have been reflected. The results for the Current Quarter are not necessarily indicative of the results to be expected for the full year. | |
Risks and Uncertainties | |
We recently conducted a company-wide review of our operations, assets and organizational structure to best position the Company to maximize shareholder value as we focus on our strategic priorities of financial discipline and profitable and efficient growth from captured resources. We intend to apply financial discipline through all aspects of our business, and we believe that the successful execution of this strategy will allow us to better balance capital expenditures with cash flow from operations as well as reduce financial leverage and complexity. While furthering our strategic priorities, certain actions that would reduce financial leverage and complexity could negatively impact our future results of operations and/or liquidity. We expect to incur various cash and noncash charges, including but not limited to impairments of fixed assets, lease termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity. |
Earnings_Per_Share_Note
Earnings Per Share (Note) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | |||||||||||
Earnings Per Share Disclosure [Text Block] | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share (EPS) is calculated using the weighted average number of common shares outstanding during the period and includes the effect of any participating securities as appropriate. Participating securities consist of unvested restricted stock issued to our employees and non-employee directors that provide dividend rights. | ||||||||||||
Diluted EPS is calculated assuming issuance of common shares for all potentially dilutive securities, provided the effect is not antidilutive. For the Current Quarter and the Prior Quarter, our contingent convertible senior notes did not have a dilutive effect and therefore were excluded from the calculation of diluted EPS. See Note 3 for further discussion of our contingent convertible senior notes. | ||||||||||||
For the Prior Quarter, our cumulative convertible preferred stock and participating securities and associated adjustments to net income, consisting of dividends on such shares, were excluded from the calculation of diluted EPS, as the effect was antidilutive. The impact of our stock options was immaterial in the calculation of diluted EPS for both the Current Quarter and the Prior Quarter. The following table sets forth the net income adjustments and shares of common stock related to our outstanding cumulative convertible preferred stock and participating securities in the Prior Quarter: | ||||||||||||
Net Income | Shares | |||||||||||
Adjustments | ||||||||||||
($ in millions) | (in millions) | |||||||||||
Three Months Ended March 31, 2013: | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 21 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 16 | 39 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 3 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 3 | 6 | |||||||||
Participating securities | $ | — | — | |||||||||
For the Current Quarter, all outstanding equity securities that were convertible into common stock were included in the calculation of diluted EPS. A reconciliation of basic EPS and diluted EPS for the Current Quarter is as follows: | ||||||||||||
Net Income | Weighted | Per | ||||||||||
Available to | Average | Share | ||||||||||
Common | Shares | Amount | ||||||||||
Stockholders | (Denominator) | |||||||||||
(Numerator) | ||||||||||||
(in millions, except per share data) | ||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||
Basic EPS | $ | 374 | 658 | $ | 0.57 | |||||||
Effect of Dilutive Securities: | ||||||||||||
Assumed conversion as of the beginning of the period | ||||||||||||
of preferred shares outstanding during the period: | ||||||||||||
Common shares assumed issued for 5.75% | 21 | 56 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
Common shares assumed issued for 5.75% | 16 | 39 | ||||||||||
cumulative convertible preferred stock (series A) | ||||||||||||
Common shares assumed issued for 5.00% | 3 | 5 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
(series 2005B) | ||||||||||||
Common shares assumed issued for 4.50% | 3 | 6 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
Outstanding stock options | — | 1 | ||||||||||
Diluted EPS | $ | 417 | 765 | $ | 0.54 | |||||||
Debt_Note
Debt (Note) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Debt | |||||||||||||||||
Our long-term debt consisted of the following as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Term loan due 2017(a) | $ | 2,000 | $ | 2,000 | |||||||||||||
9.5% senior notes due 2015(b) | 1,265 | 1,265 | |||||||||||||||
3.25% senior notes due 2016 | 500 | 500 | |||||||||||||||
6.25% euro-denominated senior notes due 2017(c) | 473 | 473 | |||||||||||||||
6.5% senior notes due 2017 | 660 | 660 | |||||||||||||||
6.875% senior notes due 2018(d) | 97 | 97 | |||||||||||||||
7.25% senior notes due 2018 | 669 | 669 | |||||||||||||||
6.625% senior notes due 2019(e) | 650 | 650 | |||||||||||||||
6.625% senior notes due 2020 | 1,300 | 1,300 | |||||||||||||||
6.875% senior notes due 2020 | 500 | 500 | |||||||||||||||
6.125% senior notes due 2021 | 1,000 | 1,000 | |||||||||||||||
5.375% senior notes due 2021 | 700 | 700 | |||||||||||||||
5.75% senior notes due 2023 | 1,100 | 1,100 | |||||||||||||||
2.75% contingent convertible senior notes due 2035(f) | 396 | 396 | |||||||||||||||
2.5% contingent convertible senior notes due 2037(f) | 1,168 | 1,168 | |||||||||||||||
2.25% contingent convertible senior notes due 2038(f) | 347 | 347 | |||||||||||||||
Corporate revolving bank credit facility | — | — | |||||||||||||||
Oilfield services revolving bank credit facility | 464 | 405 | |||||||||||||||
Discount on senior notes and term loan(g) | (333 | ) | (357 | ) | |||||||||||||
Interest rate derivatives(h) | 13 | 13 | |||||||||||||||
Total debt, net | 12,969 | 12,886 | |||||||||||||||
Less current maturities of long-term debt, net(b) | (316 | ) | — | ||||||||||||||
Total long-term debt, net | $ | 12,653 | $ | 12,886 | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | We repaid the borrowings outstanding under the term loan due 2017 on April 24, 2014 with a portion of the net proceeds from our offering of $3.0 billion in aggregate principal amount of senior notes issued on April 24, 2014. See Note 19 for further discussion of refinancing transactions subsequent to March 31, 2014. | ||||||||||||||||
(b) | On April 10, 2014, we commenced a tender offer for the 9.5% Senior Notes due 2015 concurrently with an offering of senior notes. On April 24, 2014, we purchased approximately $946 million aggregate principal amount of notes that were tendered by the early tender date. The tender offer will expire on May 7, 2014, unless extended. See Note 19 for further discussion of refinancing transactions subsequent to March 31, 2014. The remaining $319 million in aggregate principal amount not tendered by the early tender date and the associated $3 million of discount are reflected as a current liability on our March 31, 2014 condensed consolidated balance sheet. | ||||||||||||||||
(c) | The principal amount shown is based on the exchange rate of $1.3769 to €1.00 and $1.3743 to €1.00 as of March 31, 2014 and December 31, 2013, respectively. See Note 8 for information on our related foreign currency derivatives. | ||||||||||||||||
(d) | On April 10, 2014, we called the 6.875% Senior Notes due 2018 for redemption on May 12, 2014. See Note 19 for discussion of refinancing transactions subsequent to March 31, 2014. | ||||||||||||||||
(e) | Issuers are Chesapeake Oilfield Operating, L.L.C. (COO), an indirect wholly owned subsidiary of the Company, and Chesapeake Oilfield Finance, Inc. (COF), a wholly owned subsidiary of COO formed solely to facilitate the offering of the 6.625% Senior Notes due 2019. COF is nominally capitalized and has no operations or revenues. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent convertible senior notes. | ||||||||||||||||
(f) | The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty years before the maturity date. The notes are convertible, at the holder’s option, prior to maturity under certain circumstances into cash and, if applicable, shares of our common stock using a net share settlement process. One such triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. In the first quarter of 2014, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes during the specified period and, as a result, the holders do not have the option to convert their notes into cash and common stock in the second quarter of 2014 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. The notes were not convertible under this provision in the Current Quarter or the Prior Quarter. In general, upon conversion of a contingent convertible senior note, the holder will receive cash equal to the principal amount of the note and common stock for the note’s conversion value in excess of such principal amount. Under certain conditions, we will pay contingent interest on the convertible senior notes after they have been outstanding at least ten years. We may redeem the convertible senior notes once they have been outstanding for ten years at a redemption price of 100% of the principal amount of the notes, payable in cash. The optional repurchase dates, the common stock price conversion threshold amounts and the ending date of the first six-month period in which contingent interest may be payable for the contingent convertible senior notes are as follows: | ||||||||||||||||
Contingent | Repurchase Dates | Common Stock | Contingent Interest | ||||||||||||||
Convertible | Price Conversion | First Payable | |||||||||||||||
Senior Notes | Thresholds | (if applicable) | |||||||||||||||
2.75% due 2035 | November 15, 2015, 2020, 2025, 2030 | $ | 48.09 | May 14, 2016 | |||||||||||||
2.5% due 2037 | May 15, 2017, 2022, 2027, 2032 | $ | 63.62 | November 14, 2017 | |||||||||||||
2.25% due 2038 | December 15, 2018, 2023, 2028, 2033 | $ | 106.75 | June 14, 2019 | |||||||||||||
(g) | Discount as of March 31, 2014 and December 31, 2013 included $284 million and $303 million, respectively, associated with the equity component of our contingent convertible senior notes. This discount is amortized based on an effective yield method. Discount also included $30 million and $33 million as of March 31, 2014 and December 31, 2013, respectively, associated with our term loan discussed further below. | ||||||||||||||||
(h) | See Note 8 for further discussion related to these instruments. | ||||||||||||||||
Term Loan | |||||||||||||||||
In November 2012, we established an unsecured five-year term loan credit facility in an aggregate principal amount of $2.0 billion for net proceeds of $1.935 billion. The term loan provided that it could be voluntarily repaid before November 9, 2015 at par plus a specified premium and at any time thereafter at par. The maturity date of the term loan was December 2, 2017. On April 24, 2014, the Company used a portion of the net proceeds from its offering of $3.0 billion in aggregate principal amount of senior notes to repay the borrowings under, and terminate, the term loan. See Note 19 for further discussion related to the refinancing transactions subsequent to March 31, 2014. | |||||||||||||||||
Chesapeake Senior Notes and Contingent Convertible Senior Notes | |||||||||||||||||
The Chesapeake senior notes and the contingent convertible senior notes are unsecured senior obligations of Chesapeake and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and rank senior in right of payment to all of our future subordinated indebtedness. Chesapeake is a holding company and owns no operating assets and has no significant operations independent of its subsidiaries. Chesapeake’s obligations under the senior notes and the contingent convertible senior notes are jointly and severally, fully and unconditionally guaranteed by certain of our direct and indirect 100% owned subsidiaries. See Note 17 for condensed consolidating financial information regarding our guarantor and non-guarantor subsidiaries. | |||||||||||||||||
We may redeem the senior notes, other than the contingent convertible senior notes, at any time at specified make-whole or redemption prices. Our senior notes are governed by indentures containing covenants that may limit our ability and our subsidiaries’ ability to incur certain secured indebtedness, enter into sale/leaseback transactions, and consolidate, merge or transfer assets. The indentures governing the senior notes and the contingent convertible senior notes do not have any financial or restricted payment covenants. The senior notes and contingent convertible senior notes indentures have cross default provisions that apply to other indebtedness the Company or any guarantor subsidiary may have from time to time with an outstanding principal amount of at least $50 million, depending on the indenture. | |||||||||||||||||
We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.75% Contingent Convertible Senior Notes due 2035, our 2.5% Contingent Convertible Senior Notes due 2037 and our 2.25% Contingent Convertible Senior Notes due 2038 are 6.86%, 8.0% and 8.0%, respectively. | |||||||||||||||||
In March 2013, the Company brought suit in the U.S. District Court for the Southern District of New York (the “Court”) against The Bank of New York Mellon Trust Company, N.A. (“BNY Mellon”), the indenture trustee for the 2019 Notes. The Company sought a declaration that the notice it issued on March 15, 2013 to redeem all of the 2019 Notes at par (plus accrued interest through the redemption date) was timely and effective pursuant to the special early redemption provision of the supplemental indenture governing the 2019 Notes. BNY Mellon asserted that the March 15, 2013 notice was not effective to redeem the 2019 Notes at par because it was not timely for that purpose and because of the specific phrasing in the notice that provided it would not be effective unless the Court concluded it was timely. The Court conducted a trial on the matter in late April and on May 8, 2013 ruled in the Company’s favor. On May 11, 2013, BNY Mellon filed notice of an appeal of the decision with the United States Court of Appeals for the Second Circuit and the appeal is currently pending. | |||||||||||||||||
No scheduled principal payments are required on our senior notes until February 2015. See Note 19 for discussion of senior notes refinancing transactions subsequent to March 31, 2014. | |||||||||||||||||
COO Senior Notes | |||||||||||||||||
The COO senior notes are the unsecured senior obligations of COO and rank equally in right of payment with all of COO’s other existing and future senior unsecured indebtedness and rank senior in right of payment to all of its future subordinated indebtedness. The COO senior notes are jointly and severally, fully and unconditionally guaranteed by all of COO’s wholly owned subsidiaries, other than de minimis subsidiaries. The notes may be redeemed by COO at any time at specified make-whole or redemption prices and, prior to November 15, 2014, up to 35% of the aggregate principal amount may be redeemed in connection with certain equity offerings. Holders of the COO notes have the right to require COO to repurchase their notes upon a change of control on the terms set forth in the indenture, and COO must offer to repurchase the notes upon certain asset sales. The COO senior notes are subject to covenants that may, among other things, limit the ability of COO and its subsidiaries to make restricted payments, incur indebtedness, issue preferred stock, create liens, and consolidate, merge or transfer assets. The COO senior notes have cross default provisions that apply to other indebtedness COO or any of its guarantor subsidiaries may have from time to time with an outstanding principal amount of $50 million or more. | |||||||||||||||||
Bank Credit Facilities | |||||||||||||||||
During the Current Quarter, we had the following two revolving bank credit facilities as sources of liquidity: | |||||||||||||||||
Corporate | Oilfield Services | ||||||||||||||||
Credit Facility(a) | Credit Facility(b) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Facility structure | Senior secured | Senior secured | |||||||||||||||
revolving | revolving | ||||||||||||||||
Maturity date | December 2015 | November 2016 | |||||||||||||||
Borrowing capacity | $ | 4,000 | $ | 500 | |||||||||||||
Amount outstanding as of March 31, 2014 | $ | — | $ | 464 | |||||||||||||
Letters of credit outstanding as of March 31, 2014 | $ | 23 | $ | — | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | Co-borrowers are Chesapeake Exploration, L.L.C., Chesapeake Appalachia, L.L.C. and Chesapeake Louisiana, L.P. | ||||||||||||||||
(b) | Borrower is COO. | ||||||||||||||||
Although the applicable interest rates under our corporate credit facility fluctuate based on our long-term senior unsecured credit ratings, our credit facilities do not contain provisions which would trigger an acceleration of amounts due under the respective facilities or a requirement to post additional collateral in the event of a downgrade of our credit ratings. | |||||||||||||||||
Corporate Credit Facility. Our $4.0 billion syndicated revolving bank credit facility is used for general corporate purposes. Borrowings under the facility are secured by proved reserves and bear interest at our option at either (i) the greater of the reference rate of Union Bank, N.A. or the federal funds effective rate plus 0.50%, both of which are subject to a margin that varies from 0.50% to 1.25% per annum according to our senior unsecured long-term debt ratings, or (ii) the Eurodollar rate, which is based on LIBOR, plus a margin that varies from 1.50% to 2.25% per annum according to our senior unsecured long-term debt ratings. The collateral value and borrowing base are determined periodically. The unused portion of the facility is subject to a commitment fee of 0.50% per annum. Interest is payable quarterly or, if LIBOR applies, it may be payable at more frequent intervals. | |||||||||||||||||
Our corporate credit facility agreement contains various covenants and restrictive provisions which limit our ability to incur additional indebtedness, make investments or loans and create liens and require us to maintain an indebtedness to total capitalization ratio and an indebtedness to EBITDA ratio, in each case as defined in the agreement. We were in compliance with all covenants under our corporate credit facility agreement as of March 31, 2014. | |||||||||||||||||
Our corporate credit facility is fully and unconditionally guaranteed, on a joint and several basis, by Chesapeake and certain of our wholly owned subsidiaries. If we should fail to perform our obligations under the credit facility agreement, the revolving credit commitment could be terminated and any outstanding borrowings under the facility could be declared immediately due and payable. Such acceleration, if involving a principal amount of $50 million or more, would constitute an event of default under our senior note and contingent convertible senior note indentures, which could in turn result in the acceleration of a significant portion of such indebtedness. The credit facility agreement also has cross default provisions that apply to our secured hedging facility, equipment master lease agreements, term loan and other indebtedness of Chesapeake and its restricted subsidiaries with an outstanding principal amount in excess of $125 million. In addition, the facility contains a restriction on our ability to declare and pay cash dividends on our common or preferred stock if an event of default has occurred. | |||||||||||||||||
Oilfield Services Credit Facility. Our $500 million syndicated oilfield services revolving bank credit facility is used to fund capital expenditures and for general corporate purposes associated with our oilfield services operations. Borrowings under the oilfield services credit facility are secured by all of the assets of the wholly owned subsidiaries of COO, itself an indirect wholly owned subsidiary of Chesapeake. The facility has initial commitments of $500 million and may be expanded to $900 million at COO’s option, subject to additional bank participation. Borrowings under the credit facility are secured by all of the equity interests and assets of COO and its wholly owned subsidiaries (the restricted subsidiaries for this facility, which are unrestricted subsidiaries under Chesapeake’s senior notes, contingent convertible senior notes, term loan and corporate revolving bank credit facility), and bear interest at our option at either (i) the greater of the reference rate of Bank of America, N.A., the federal funds effective rate plus 0.50%, or one-month LIBOR plus 1.00%, all of which are subject to a margin that varies from 1.00% to 1.75% per annum, or (ii) the Eurodollar rate, which is based on LIBOR plus a margin that varies from 2.00% to 2.75% per annum. The unused portion of the credit facility is subject to a commitment fee that varies from 0.375% to 0.50% per annum. Both margins and commitment fees are determined according to the most recent leverage ratio described below. Interest is payable quarterly or, if LIBOR applies, it may be payable at more frequent intervals. | |||||||||||||||||
The oilfield services credit facility agreement contains various covenants and restrictive provisions which limit the ability of COO and its restricted subsidiaries to enter into asset sales, incur additional indebtedness, make investments or loans and create liens. The agreement requires maintenance of a leverage ratio based on the ratio of lease-adjusted indebtedness to earnings before interest, taxes, depreciation, amortization and rent (EBITDAR), a senior secured leverage ratio based on the ratio of secured indebtedness to EBITDA and a fixed charge coverage ratio based on the ratio of EBITDAR to lease-adjusted interest expense, in each case as defined in the agreement. COO was in compliance with all covenants under the agreement as of March 31, 2014. If COO or its restricted subsidiaries should fail to perform their obligations under the agreement, the revolving credit commitment could be terminated and any outstanding borrowings under the facility could be declared immediately due and payable. Such acceleration, if involving a principal amount of $50 million or more, would constitute an event of default under our COO senior note indenture, which could in turn result in the acceleration of the COO senior note indebtedness. The oilfield services credit facility agreement also has cross default provisions that apply to other indebtedness COO and its restricted subsidiaries may have from time to time with an outstanding principal amount in excess of $15 million. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
We estimate the fair value of our exchange-traded debt using quoted market prices (Level 1). The fair value of all other debt, which consists of our credit facilities and our term loan, is estimated using our credit default swap rate (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
($ in millions) | |||||||||||||||||
Long-term debt (Level 1) | $ | 10,522 | $ | 11,639 | $ | 10,501 | $ | 11,557 | |||||||||
Long-term debt (Level 2) | $ | 2,434 | $ | 2,432 | $ | 2,372 | $ | 2,369 | |||||||||
Contingencies_and_Commitments_
Contingencies and Commitments (Note) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Contingencies and Commitments | |||||
Contingencies | |||||
Litigation and Regulatory Proceedings | |||||
The Company is involved in a number of litigation and regulatory proceedings (including those described below). Many of these proceedings are in early stages, and many of them seek or may seek damages and penalties, the amount of which is indeterminate. We estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimated. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. Our total estimated liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. We account for legal defense costs in the period the costs are incurred. | |||||
July 2008 Common Stock Offering. On February 25, 2009, a putative class action was filed in the U.S. District Court for the Southern District of New York against the Company and certain of its officers and directors along with certain underwriters of the Company’s July 2008 common stock offering. The plaintiff filed an amended complaint on September 11, 2009 alleging that the registration statement for the offering contained material misstatements and omissions and seeking damages under Sections 11, 12 and 15 of the Securities Act of 1933 of an unspecified amount and rescission. The action was transferred to the U.S. District Court for the Western District of Oklahoma on October 13, 2009. Chesapeake and the officer and director defendants moved for summary judgment on grounds of loss causation and materiality on December 28, 2011, and the motion was granted as to all claims as a matter of law on March 29, 2013. Final judgment in favor of Chesapeake and the officer and director defendants was entered on June 21, 2013, and the plaintiff filed a notice of appeal on July 19, 2013 in the U.S. Court of Appeals for the Tenth Circuit. The appeal has been fully briefed and oral argument is scheduled for May 14, 2014. We are currently unable to assess the probability of loss or estimate a range of potential loss associated with this matter. | |||||
A derivative action relating to the July 2008 offering filed in the U.S. District Court for the Western District of Oklahoma on September 6, 2011 is pending. Following the denial on September 28, 2012 of its motion to dismiss and pursuant to court order, nominal defendant Chesapeake filed an answer in the case on October 12, 2012. By stipulation between the parties, the case is stayed pending resolution of the Tenth Circuit appeal. | |||||
2012 Securities and Shareholder Litigation. A putative class action was filed in the U.S. District Court for the Western District of Oklahoma on April 26, 2012 against the Company and its former Chief Executive Officer (CEO), Aubrey K. McClendon. On July 20, 2012, the court appointed a lead plaintiff, which filed an amended complaint on October 19, 2012 against the Company, Mr. McClendon and certain other officers. The amended complaint asserted claims under Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934 based on alleged misrepresentations regarding the Company’s asset monetization strategy, including liabilities associated with its volumetric production payment (VPP) transactions, as well as Mr. McClendon’s personal loans and the Company’s internal controls. On December 6, 2012, the Company and other defendants filed a motion to dismiss the action. On April 10, 2013, the Court granted the motion, and on April 16, 2013, entered judgment against the plaintiff and dismissed the complaint with prejudice. The plaintiff filed a notice of appeal on June 14, 2013 in the U.S. Court of Appeals for the Tenth Circuit. Briefing on the appeal was complete on August 2, 2013, and on November 18, 2013 argument was heard. We are currently unable to assess the probability of loss or estimate a range of potential loss associated with this matter. | |||||
A related federal consolidated derivative action and an Oklahoma state court derivative action are stayed pursuant to the parties' stipulation pending resolution of the appeal in the federal securities class action. | |||||
On May 8, 2012, a derivative action was filed in the District Court of Oklahoma County, Oklahoma against the Company's directors alleging, among other things, breaches of fiduciary duties and corporate waste related to the Company's officers and directors' use of the Company's fractionally owned corporate jets. On August 21, 2012, the District Court granted the Company's motion to dismiss for lack of derivative standing, and the plaintiff appealed the ruling on December 6, 2012. | |||||
2014 Shareholder Litigation. On April 10, 2014, a derivative action was filed in the District Court of Oklahoma County, Oklahoma against current and former directors and officers of the Company alleging, among other things, breach of fiduciary duties, waste of corporate assets, gross mismanagement and unjust enrichment related to the Company’s payment of shareholder dividends since October 2012. | |||||
Regulatory Proceedings. On May 2, 2012, Chesapeake and Mr. McClendon received notice from the U.S. Securities and Exchange Commission that its Fort Worth Regional Office had commenced an informal inquiry into, among other things, certain of the matters alleged in the foregoing 2012 securities and shareholder lawsuits. On December 21, 2012, the SEC’s Fort Worth Regional Office advised Chesapeake that its inquiry was continuing as an investigation. The Company provided information and testimony to the SEC pursuant to subpoenas and otherwise in connection with this matter and is also responding to related inquiries from other governmental and regulatory agencies and self-regulatory organizations. On April 8, 2014, the SEC’s Fort Worth Regional Office advised Chesapeake that it had concluded its investigation and, based on the information it had as of that date, did not intend to recommend an enforcement action by the SEC. | |||||
The Company has received, from the Antitrust Division of the U.S. Department of Justice (DOJ) and certain state governmental agencies, subpoenas and demands for documents, information and testimony in connection with investigations into possible violations of federal and state laws relating to our purchase and lease of oil and gas rights in various states. Chesapeake has engaged in discussions with the DOJ and state agencies and continues to respond to such subpoenas and demands. On March 5, 2014, the Attorney General of the state of Michigan filed a criminal complaint against Chesapeake in Michigan state court alleging misdemeanor antitrust violations and attempted antitrust violations under state law arising out of the Company’s leasing activities in Michigan during 2010. | |||||
Business Operations. Chesapeake is involved in various other lawsuits and disputes incidental to its business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. With regard to contract actions, various mineral or leasehold owners have filed lawsuits against us seeking specific performance to require us to acquire their natural gas and oil interests and pay acreage bonus payments, damages based on breach of contract and/or, in certain cases, punitive damages based on alleged fraud. The Company has successfully defended a number of these cases in various courts, has settled others and believes that it has substantial defenses to the claims made in those pending at the trial court and on appeal. Regarding royalty claims, Chesapeake and other natural gas producers have been named in various lawsuits alleging royalty underpayment. The suits allege that we used below-market prices, made improper deductions, used improper measurement techniques and/or entered into arrangements with affiliates that resulted in underpayment of royalties in connection with the production and sale of natural gas and NGL. The Company is defending against certain pending claims, has resolved a number of claims through negotiated settlements of past and future royalties and has prevailed in various other lawsuits. | |||||
Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to the Company’s business operations is likely to have a material adverse effect on its consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates. | |||||
Environmental Proceedings | |||||
The nature of the natural gas and oil business carries with it certain environmental risks for Chesapeake and its subsidiaries. Chesapeake has implemented various policies, procedures, training and auditing to reduce and mitigate such environmental risks. Chesapeake conducts periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and addressing the potential liability. Depending on the extent of an identified environmental concern, Chesapeake may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property. | |||||
On December 19, 2013, our subsidiary Chesapeake Appalachia, LLC (CALLC) entered into a consent decree with the U.S. Environmental Protection Agency (EPA), the U.S. Department of Justice (DOJ) and the West Virginia Department of Environmental Protection (WVDEP) to resolve alleged violations of the Clean Water Act (CWA) and the West Virginia Water Pollution Control Act at 27 sites in West Virginia. In a complaint filed against CALLC the same day in the U.S. District Court for the Northern District of West Virginia, the EPA and WVDEP alleged that CALLC impounded streams and discharged sand, dirt, rocks and other fill material into streams and wetlands without a federal permit in order to construct well pads, impoundments, road crossings and other facilities related to natural gas extraction. The consent decree was approved and entered by the court on March 11, 2014. | |||||
In accordance with the consent decree, CALLC paid a civil penalty of $3.2 million, which was divided evenly between the U.S. and the state of West Virginia. The consent decree settlement also requires that CALLC restore the affected wetlands and streams in accordance with an agreed plan, monitor the restored sites for up to 10 years to assure the success of the restoration, and implement a comprehensive compliance program to ensure future compliance with the CWA and applicable West Virginia law. To offset the impacts to sites, CALLC is required by the consent decree to perform compensatory mitigation, which will likely involve purchasing credits from a wetland mitigation bank located in a local watershed. We believe that compliance with the consent decree will not have a material adverse impact on our business. | |||||
In a related case, in December 2012, CALLC pled guilty to three misdemeanor violations of the CWA for unauthorized discharge at one of the sites subject to the consent decree of crushed stone and gravel into a local stream to create a roadway to improve access to a drilling site. CALLC paid a $600,000 penalty and is subject to a two-year probation ending in December 2014. CALLC has fully restored the site, and we believe that CALLC is in compliance with the terms of probation. By operation of law, a CWA conviction triggers “disqualification”, by which the disqualified entity is prohibited from receiving federal contracts or benefits until the EPA certifies that the conditions giving rise to the conviction have been corrected. Disqualification of CALLC has not had, and we do not expect it to have, a material adverse impact on our business. | |||||
Commitments | |||||
Rig Leases | |||||
As of March 31, 2014, we leased 25 rigs under master lease agreements with an aggregate undiscounted future lease commitment of $20 million. The lease commitments are guaranteed by Chesapeake and certain of its subsidiaries. Under the leases, we can exercise an early purchase option or we can purchase the rigs at the expiration of the lease for the fair market value at the time. In addition, in most cases, we have the option to renew a lease for negotiated new terms at the expiration of the lease. Commitments related to rig lease payments are not recorded in the accompanying condensed consolidated balance sheets. During the Current Quarter, we purchased 20 leased rigs from various lessors for an aggregate purchase price of approximately $77 million and paid approximately $8 million in lease termination costs. Through these transactions, we lowered our minimum aggregate undiscounted future rig lease payments by approximately $43 million. | |||||
Compressor Leases | |||||
As of March 31, 2014, we leased 346 compressors under master lease agreements with an aggregate undiscounted future lease commitment of $63 million. The lease commitments are guaranteed by Chesapeake and certain of its subsidiaries. Under the leases, we can exercise an early purchase option or we can purchase the compressors at the expiration of the lease for the fair market value at the time. In addition, in most cases we have the option to renew a lease for negotiated new terms at the expiration of the lease. Commitments related to compressor lease payments are not recorded in the accompanying condensed consolidated balance sheets. During the Current Quarter, we purchased 1,435 leased compressor units from various lessors for an aggregate purchase price of approximately $271 million, lowering our minimum aggregate undiscounted future compressor lease payments by approximately $196 million. | |||||
Gathering, Processing and Transportation Agreements | |||||
We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of natural gas and liquids to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded in the accompanying condensed consolidated balance sheets; however, they are reflected as adjustments to natural gas, oil and NGL sales prices used in our proved reserves estimates. | |||||
The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners or credits for third-party volumes, are presented below. | |||||
March 31, 2014 | |||||
($ in millions) | |||||
2014 | $ | 1,546 | |||
2015 | 1,830 | ||||
2016 | 1,915 | ||||
2017 | 1,948 | ||||
2018 | 1,749 | ||||
2019 - 2099 | 7,746 | ||||
Total | $ | 16,734 | |||
Drilling Contracts | |||||
Chesapeake has contracts with various drilling contractors to utilize 13 rigs with terms ranging from six months to three years. These commitments are not recorded in the accompanying condensed consolidated balance sheets. As of March 31, 2014, the aggregate undiscounted minimum future payments under these drilling rig commitments were approximately $109 million. | |||||
Drilling Commitments | |||||
In December 2011, as part of our Utica joint venture development agreement with Total S.A. (Total) (see Note 9), we committed to spud no less than 90 cumulative Utica wells by December 31, 2012, 270 cumulative wells by December 31, 2013 and 540 cumulative wells by July 31, 2015. Through March 31, 2014, we had spud 488 cumulative Utica wells and had met our 2012 and 2013 commitments. If we fail to meet the drilling commitment at July 31, 2015 for any reason other than a force majeure event, the drilling carry percentage used to determine our promoted well reimbursement will be reduced from 60% to 45% for the number of wells drilled in the subsequent 12-month period represented by the shortfall versus our drilling commitment. As such, any reduction would only affect the timing of the receipt of the drilling carry but not the total drilling carry to be received. | |||||
We have also committed to drill wells in conjunction with our CHK Utica and CHK C-T financial transactions and in conjunction with the formation of the Chesapeake Granite Wash Trust. See Note 6 for discussion of these transactions and commitments. | |||||
Property and Equipment Purchase Commitments | |||||
Much of the oilfield services and other equipment we purchase requires long production lead times. As a result, we have outstanding orders and commitments for such equipment. As of March 31, 2014, we had $117 million of purchase commitments related to future inventory and capital expenditures for oilfield services and other equipment. | |||||
Natural Gas and Liquids Purchase Commitments | |||||
We regularly commit to purchase natural gas and liquids from other owners in the properties we operate, including owners associated with our VPP transactions. Production purchased under these arrangements is based on market prices at the time of production, and the purchased natural gas and liquids are resold at market prices. See Note 9 for further discussion of our VPP transactions. | |||||
Net Acreage Maintenance Commitments | |||||
Under the terms of our joint venture agreements with Statoil, Total and Sinopec (see Note 9), we are required to extend, renew or replace certain expiring joint leasehold, at our cost, to ensure that the net acreage is maintained in certain designated areas. To date, we have satisfied our replacement commitments under the Statoil and Sinopec agreements. We estimate a shortfall of approximately 14,000 net acres pursuant to our net acreage maintenance commitment with Total under the terms of our Barnett Shale joint venture agreement and have accrued $28 million as of March 31, 2014. Total has disputed our estimate of the shortfall, however, and the cash payment we ultimately make to Total could exceed amounts we have accrued. | |||||
Affiliate Commitments | |||||
Under the terms of our corporate revolving bank credit facility, certain of our subsidiaries, including our oilfield services companies, are not guarantors of the credit facility debt. Transactions between us and our non-guarantor subsidiaries may affect our EBITDA or indebtedness for purposes of our credit facility covenant calculations, but they would have no effect on our consolidated financial statements because the transactions would be eliminated through consolidation. See Note 3 for discussion of our covenant calculations. | |||||
In October 2011, we entered into a services agreement with our wholly owned subsidiary, COO, under which we guarantee the utilization of a portion of COO’s drilling rig and hydraulic fracturing fleets during the term of the agreement. Through October 2016, we are subject to non-utilization fees if we do not operate a specific number of COO’s drilling rigs or utilize a specific number of its hydraulic fracturing fleets. We were not subject to any non-utilization fees in the Current Quarter or the Prior Quarter. | |||||
Other Commitments | |||||
In April 2011, we entered into a master frac service agreement with our equity affiliate, FTS International, Inc. (FTS), which expires on December 31, 2014. Pursuant to this agreement, we are committed to enter into a predetermined number of backstop contracts, providing at least a 10% gross margin to FTS, if utilization of FTS fleets falls below a certain level. To date, we have not been required to enter into any backstop contracts. | |||||
In July 2011, we agreed to invest $155 million in preferred equity securities of Sundrop Fuels, Inc., a privately held cellulosic biofuels company based in Longmont, Colorado, $35 million of which was invested in July 2011 and the remainder of which was payable in separate tranches linked to specified funding and operational milestones. We also provided Sundrop with a one-time option to require us to purchase up to $25 million in additional preferred equity securities following the full payment of the initial investment, subject the occurrence of specified milestones. As of March 31, 2014, we had funded our initial $155 million commitment in full and the milestones related to the option had not been met. See Note 10 for further discussion of this investment. | |||||
As part of our normal course of business, we enter into various agreements providing, or otherwise arranging, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance. | |||||
In connection with divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party or in regards to perfecting title to property. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of the consummation of a particular transaction. | |||||
Certain of our natural gas and oil properties are burdened by non-operating interests such as royalty and overriding royalty interests, including overriding royalty interests sold through our VPP transactions. As the holder of the working interest from which such interests have been created, we have the responsibility to bear the cost of developing and producing the reserves attributable to such interests. See Note 9 for further discussion of our VPP transactions. |
Other_Liabilities_Note
Other Liabilities (Note) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
Other Liabilities | |||||||||
Other current liabilities as of March 31, 2014 and December 31, 2013 are detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Revenues and royalties due others | $ | 1,499 | $ | 1,409 | |||||
Accrued natural gas, oil and NGL drilling and production costs | 285 | 457 | |||||||
Joint interest prepayments received | 530 | 464 | |||||||
Accrued compensation and benefits | 228 | 320 | |||||||
Other accrued taxes | 113 | 161 | |||||||
Accrued dividends | 101 | 101 | |||||||
Other | 538 | 599 | |||||||
Total other current liabilities | $ | 3,294 | $ | 3,511 | |||||
Other long-term liabilities as of March 31, 2014 and December 31, 2013 are detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
CHK Utica ORRI conveyance obligation(a) | $ | 242 | $ | 250 | |||||
CHK C-T ORRI conveyance obligation(b) | 146 | 149 | |||||||
Financing obligations | 30 | 31 | |||||||
Other | 433 | 554 | |||||||
Total other long-term liabilities | $ | 851 | $ | 984 | |||||
____________________________________________ | |||||||||
(a) | $15 million and $13 million of the total $257 million and $263 million obligations are recorded in other current liabilities as of March 31, 2014 and December 31, 2013, respectively. See Note 6 for further discussion of the transaction. | ||||||||
(b) | $15 million and $12 million of the total $161 million and $161 million obligations are recorded in other current liabilities as of March 31, 2014 and December 31, 2013, respectively. See Note 6 for further discussion of the transaction. |
Equity_Note
Equity (Note) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
Equity | |||||||||||||||||
Common Stock | |||||||||||||||||
The following is a summary of the changes in our common shares issued for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Shares issued as of January 1 | 666,192 | 666,468 | |||||||||||||||
Restricted stock issuances (net of forfeitures)(a) | (1,236 | ) | 2,631 | ||||||||||||||
Stock option exercises | 259 | 176 | |||||||||||||||
Shares issued as of March 31 | 665,215 | 669,275 | |||||||||||||||
___________________________________________ | |||||||||||||||||
(a) | In the second quarter of 2013, we began granting restricted stock units (RSUs) in lieu of restricted stock awards (RSAs) to non-employee directors and employees. Shares of common stock underlying RSUs are issued when the units vest, whereas restricted shares of common stock are issued on the grant date of RSAs. We refer to RSAs and RSUs collectively as restricted stock. | ||||||||||||||||
Preferred Stock | |||||||||||||||||
The following reflects the shares outstanding and liquidation preferences of our cumulative convertible preferred stock for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
5.75% | 5.75% (A) | 4.50% | 5.00% | ||||||||||||||
(2005B) | |||||||||||||||||
Shares outstanding as of January 1, 2014 and 2013 and | 1,497 | 1,100 | 2,559 | 2,096 | |||||||||||||
March 31, 2014 and 2013 (in thousands) | |||||||||||||||||
Liquidation preference per share | $ | 1,000 | $ | 1,000 | $ | 100 | $ | 100 | |||||||||
Dividends | |||||||||||||||||
Dividends declared on our common stock and preferred stock are reflected as adjustments to retained earnings to the extent a surplus of retained earnings will exist after giving effect to the dividends. To the extent retained earnings are insufficient to fund the distributions, such payments constitute a return of contributed capital rather than earnings and are accounted for as a reduction to paid-in capital. | |||||||||||||||||
Dividends on our outstanding preferred stock are payable quarterly. We may pay dividends on our 5.00% Cumulative Convertible Preferred Stock (Series 2005B) and our 4.50% Cumulative Convertible Preferred Stock in cash, common stock or a combination thereof, at our option. Dividends on both series of our 5.75% Cumulative Convertible Non-Voting Preferred Stock are payable only in cash. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
For the Current Quarter and the Prior Quarter, changes in accumulated other comprehensive income (loss) by component, net of tax, are detailed below. | |||||||||||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||
Other comprehensive income before reclassifications | 3 | — | 3 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 11 | (5 | ) | 6 | |||||||||||||
Net other comprehensive income | 14 | (5 | ) | 9 | |||||||||||||
Balance, March 31, 2014 | $ | (153 | ) | $ | — | $ | (153 | ) | |||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||
Other comprehensive income before reclassifications | (1 | ) | (5 | ) | (6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 12 | 6 | 18 | ||||||||||||||
Net other comprehensive income | 11 | 1 | 12 | ||||||||||||||
Balance, March 31, 2013 | $ | (178 | ) | $ | 8 | $ | (170 | ) | |||||||||
For the Current Quarter and the Prior Quarter, amounts reclassified from accumulated other comprehensive income (loss), net of tax, into the condensed consolidated statements of operations are detailed below. | |||||||||||||||||
Details About Accumulated | Affected Line Item | Three Months Ended | |||||||||||||||
Other Comprehensive | in the Statement | March 31, | |||||||||||||||
Income (Loss) Components | Where Net Income is Presented | 2014 | 2013 | ||||||||||||||
($ in millions) | |||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||
Commodity contracts | Natural gas, oil and NGL revenues | $ | 11 | $ | 12 | ||||||||||||
Investments: | |||||||||||||||||
Impairment of investment | Losses on investments | — | 6 | ||||||||||||||
Sale of investment | Net gain on sale of investment | (5 | ) | — | |||||||||||||
Total reclassifications for the period, net of tax | $ | 6 | $ | 18 | |||||||||||||
Noncontrolling Interests | |||||||||||||||||
Cleveland Tonkawa Financial Transaction. We formed CHK C-T in March 2012 to continue development of a portion of our natural gas and oil assets in our Cleveland and Tonkawa plays. CHK C-T is an unrestricted subsidiary under our corporate credit facility agreement and is not a guarantor of, or otherwise liable for, any of our indebtedness or other liabilities, including indebtedness under our indentures. In exchange for all of the common shares of CHK C-T, we contributed to CHK C-T approximately 245,000 net acres of leasehold and the existing wells within an area of mutual interest in the plays between the top of the Tonkawa and the top of the Big Lime formations covering Ellis and Roger Mills counties in western Oklahoma. In March 2012, in a private placement, third-party investors contributed $1.25 billion in cash to CHK C-T in exchange for (i) 1.25 million preferred shares, and (ii) our obligation to deliver a 3.75% overriding royalty interest (ORRI) in the existing wells and up to 1,000 future net wells to be drilled on the contributed play leasehold. Subject to customary minority interest protections afforded the investors by the terms of the CHK C-T limited liability company agreement (the CHK C-T LLC Agreement), as the holder of all the common shares and the sole managing member of CHK C-T, we maintain voting and managerial control of CHK C-T and therefore include it in our condensed consolidated financial statements. Of the $1.25 billion of investment proceeds, we allocated $225 million to the ORRI obligation and $1.025 billion to the preferred shares based on estimates of fair values. The remaining ORRI obligation is included in other current and long-term liabilities and the preferred shares are included in noncontrolling interests on our condensed consolidated balance sheets. Pursuant to the CHK C-T LLC Agreement, CHK C-T is required to retain an amount of cash equal to the next two quarters of preferred dividend payments and, until December 31, 2013, it was also required to retain an amount of cash equal to its projected operating funding shortfall for the next six months. The amounts retained, approximately $38 million as of March 31, 2014 and December 31, 2013, were reflected as restricted cash on our condensed consolidated balance sheets. | |||||||||||||||||
Dividends on the preferred shares are payable on a quarterly basis at a rate of 6% per annum based on $1,000 per share. This dividend rate is subject to increase in limited circumstances in the event that, and only for so long as, any dividend amount is not paid in full for any quarter. As the managing member of CHK C-T, we may, at our sole discretion and election at any time after March 31, 2014, distribute certain excess cash of CHK C-T, as determined in accordance with the CHK C-T LLC Agreement. Any such optional distribution of excess cash is allocated 75% to the preferred shares (which is applied toward redemption of the preferred shares) and 25% to the common shares unless we have not met our drilling commitment at such time, in which case an optional distribution would be allocated 100% to the preferred shares (and applied toward redemption thereof). We may also, at our sole discretion and election, in accordance with the CHK C-T LLC Agreement, cause CHK C-T to redeem all or a portion of the CHK C-T preferred shares for cash. The preferred shares may be redeemed at a valuation equal to the greater of a 9% internal rate of return or a return on investment of 1.35x, in each case inclusive of dividends paid through redemption at the rate of 6% per annum and optional distributions made through the applicable redemption date. In the event that redemption does not occur on or prior to March 31, 2019, the optional redemption valuation will increase to provide a 15% internal rate of return to the investors. The preferred shares can be redeemed on a pro-rata basis in accordance with the then-applicable redemption valuation formula. As of March 31, 2014 and December 31, 2013, the redemption price and the liquidation preference were each approximately $1,230 and $1,245, respectively, per preferred share. | |||||||||||||||||
We initially committed to drill and complete, for the benefit of CHK C-T in the area of mutual interest, a minimum of 37.5 net wells per six-month period through 2013, inclusive of wells drilled in 2012, and 25 net wells per six-month period in 2014 through 2016, up to a minimum cumulative total of 300 net wells. In April 2014, the drilling commitment was amended to require us only to drill and complete 12.5 net wells in each of the six-month periods ending June 30, 2014 and December 31, 2014. If we fail to meet the then-current cumulative drilling commitment in any six-month period, any optional cash distributions would be distributed 100% to the investors. If we fail to meet the then-current cumulative drilling commitment in two consecutive six-month periods, the then-applicable internal rate of return to investors at redemption would increase by 3% per annum. In addition, if we fail to meet the then-current cumulative drilling commitment in four consecutive six-month periods, the then-applicable internal rate of return to investors at redemption would be increased by an additional 3% per annum. Any such increase in the internal rate of return would be effective only until the end of the first succeeding six-month period in which we have met our then-current cumulative drilling commitment. CHK C-T is responsible for all capital and operating costs of the wells drilled for the benefit of the entity. Under the development agreement, approximately 3 and 21 qualified net wells were added in the Current Quarter and the Prior Quarter, respectively. Through March 31, 2014, we had met all current drilling commitments associated with the CHK C-T transaction. | |||||||||||||||||
The CHK C-T investors’ right to receive, proportionately, a 3.75% ORRI in the contributed wells and up to 1,000 future net wells on our contributed leasehold is subject to an increase to 5% on net wells earned in any year following a year in which we do not meet our net well commitment under the ORRI obligation, which runs from 2012 through the first quarter of 2025. However, in no event would we be required to deliver to investors more than a total ORRI of 3.75% in existing wells and 1,000 future net wells. If at any time CHK C-T holds fewer net acres than would enable us to drill all then-remaining net wells on 160-acre spacing, the investors have the right to require us to repurchase their right to receive ORRIs in the remaining net wells at the then-current fair market value of such remaining ORRIs. CHK C-T retains the right to repurchase the investors’ right to receive ORRIs in the remaining net wells at the then-current fair market value of such remaining ORRIs once we have drilled a minimum of 867 net wells. The obligation to deliver future ORRIs has been recorded as a liability which will be settled through the conveyance of the underlying ORRIs to the investors on a net-well basis, at which time the associated liability will be reversed and the sale of the ORRIs reflected as an adjustment to the capitalized cost of our natural gas and oil properties. Under the ORRI obligation, we delivered an ORRI in approximately 3 net wells in the Current Quarter and 22 net wells in the Prior Quarter. Although operations began on April 1, 2012, all wells completed since January 1, 2012 are credited to the ORRI obligation of 1,000 future net wells. | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, $1.015 billion of noncontrolling interests on our condensed consolidated balance sheets was attributable to CHK C-T. In both the Current Quarter and the Prior Quarter, income of $19 million was attributable to the noncontrolling interests of CHK C-T. | |||||||||||||||||
Utica Financial Transaction. We formed CHK Utica in October 2011 to develop a portion of our Utica Shale natural gas and oil assets. CHK Utica is an unrestricted subsidiary under our corporate credit facility agreement and is not a guarantor of, or otherwise liable for, any of our indebtedness or other liabilities, including indebtedness under our indentures. In exchange for all of the common shares of CHK Utica, we contributed to CHK Utica approximately 700,000 net acres of leasehold and the existing wells within an area of mutual interest in the Utica Shale play covering 13 counties located primarily in eastern Ohio. During November and December 2011, in private placements, third-party investors contributed $1.25 billion in cash to CHK Utica in exchange for (i) 1.25 million preferred shares, and (ii) our obligation to deliver a 3% ORRI in 1,500 net wells to be drilled on certain of our Utica Shale leasehold. Subject to customary minority interest protections afforded the investors by the terms of the CHK Utica limited liability company agreement (the CHK Utica LLC Agreement), as the holder of all the common shares and the sole managing member of CHK Utica, we maintain voting and managerial control of CHK Utica and therefore include it in our condensed consolidated financial statements. Of the $1.25 billion of investment proceeds, we allocated $300 million to the ORRI obligation and $950 million to the preferred shares based on estimates of fair values. The remaining ORRI obligation is included in other current and long-term liabilities and the preferred shares are included in noncontrolling interests on our condensed consolidated balance sheets. Pursuant to the CHK Utica LLC Agreement, CHK Utica is required to retain a cash balance equal to the next two quarters of preferred dividend payments. The amount reserved for paying such dividends, approximately $37 million as of March 31, 2014 and December 31, 2013, was reflected as restricted cash on our condensed consolidated balance sheets. In addition, pursuant to the CHK Utica LLC Agreement, with respect to any divestiture proceeds as defined by the agreement, CHK Utica is required to separately account for, and dedicate all of such divestiture proceeds to either (i) capital expenditures made by CHK Utica in connection with its assets or (ii) the redemption of CHK Utica preferred shares. | |||||||||||||||||
Dividends on the preferred shares are payable on a quarterly basis at a rate of 7% per annum based on $1,000 per share. This dividend rate is subject to increase in limited circumstances in the event that, and only for so long as, any dividend amount is not paid in full for any quarter. As the managing member of CHK Utica, we may, at our sole discretion and election at any time after December 31, 2013, distribute certain excess cash of CHK Utica, as determined in accordance with the CHK Utica LLC Agreement. Any such optional distribution of excess cash is allocated 70% to the preferred shares (which is applied toward redemption of the preferred shares) and 30% to the common shares. We may also, at our sole discretion and election, in accordance with the CHK Utica LLC Agreement, cause CHK Utica to redeem the CHK Utica preferred shares for cash, in whole or in part. The preferred shares may be redeemed at a valuation equal to the greater of a 10% internal rate of return or a return on investment of 1.4x, in each case inclusive of dividends paid at the rate of 7% per annum and optional distributions made through the applicable redemption date. In the event that redemption does not occur on or prior to October 31, 2018, the optional redemption valuation will increase to provide the investors the greater of a 17.5% internal rate of return or a return on investment of 2.0x. The preferred shares can be redeemed on a pro-rata basis in accordance with the then-applicable redemption valuation formula. As of March 31, 2014 and December 31, 2013, the redemption price and the liquidation preference were each approximately $1,235 and $1,252, respectively, per preferred share. | |||||||||||||||||
We have committed to drill and complete, for the benefit of CHK Utica in the area of mutual interest, a minimum of 50 net wells per year from 2012 through 2016, up to a minimum cumulative total of 250 net wells. CHK Utica is responsible for all capital and operating costs of the wells drilled for the benefit of the entity. If we fail to meet the then-current drilling commitment in any year, we must pay CHK Utica $5 million for each well we are short of such drilling commitment. CHK Utica also receives its proportionate share of the benefit of the drilling carry associated with our joint venture with Total in the Utica Shale. See Note 9 for further discussion of the joint venture. Under the development agreement, approximately 22 and 28 qualified net wells were added in the Current Quarter and the Prior Quarter, respectively. Through March 31, 2014, we had met all current drilling commitments associated with the CHK Utica transaction. | |||||||||||||||||
The CHK Utica investors’ right to receive, proportionately, a 3% ORRI in the first 1,500 net wells drilled on our Utica Shale leasehold is subject to an increase to 4% on net wells earned in any year following a year in which we do not meet our net well commitment under the ORRI obligation, which runs from 2012 through 2023. However, in no event would we be required to deliver to investors more than a total ORRI of 3% in 1,500 net wells. If at any time we hold fewer net acres than would enable us to drill all then-remaining net wells on 150-acre spacing, the investors have the right to require us to repurchase their right to receive ORRIs in the remaining net wells at the then-current fair market value of such remaining ORRIs. We retain the right to repurchase the investors’ right to receive ORRIs in the remaining net wells at the then-current fair market value of such remaining ORRIs once we have drilled a minimum of 1,300 net wells. The obligation to deliver future ORRIs has been recorded as a liability which will be settled through the future conveyance of the underlying ORRIs to the investors on a net-well basis, at which time the associated liability will be reversed and the sale of the ORRIs reflected as an adjustment to the capitalized cost of our natural gas and oil properties. Under the ORRI obligation, we delivered an ORRI in approximately 32 new net wells in the Current Quarter and 14 net wells in the Prior Quarter. Because we did not meet our ORRI commitment in 2012, the ORRI increased to 4% for wells earned in 2013, and the ultimate number of wells in which we must assign an interest will be reduced accordingly. Through March 31, 2014, we were on target to meet the ORRI conveyance commitments associated with the CHK Utica transaction. | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, $807 million of noncontrolling interests on our condensed consolidated balance sheets was attributable to CHK Utica. In the Current Quarter and the Prior Quarter, income of approximately $19 million and $22 million, respectively, was attributable to the noncontrolling interests of CHK Utica. | |||||||||||||||||
Chesapeake Granite Wash Trust. In November 2011, Chesapeake Granite Wash Trust (the “Trust”) sold 23,000,000 common units representing beneficial interests in the Trust at a price of $19.00 per common unit in its initial public offering. The common units are listed on the New York Stock Exchange and trade under the symbol “CHKR”. We own 12,062,500 common units and 11,687,500 subordinated units, which in the aggregate represent an approximate 51% beneficial interest in the Trust. The Trust has a total of 46,750,000 units outstanding. | |||||||||||||||||
In connection with the initial public offering of the Trust, we conveyed royalty interests to the Trust that entitle the Trust to receive (i) 90% of the proceeds (after deducting certain post-production expenses and any applicable taxes) that we receive from the production of hydrocarbons from 69 producing wells, and (ii) 50% of the proceeds (after deducting certain post-production expenses and any applicable taxes) in 118 development wells that have been or will be drilled on approximately 45,400 gross acres (29,000 net acres) in the Colony Granite Wash play in Washita County in the Anadarko Basin of western Oklahoma. Pursuant to the terms of a development agreement with the Trust, we are obligated to drill, or cause to be drilled, the development wells at our own expense prior to June 30, 2016, and the Trust will not be responsible for any costs related to the drilling of the development wells or any other operating or capital costs of the Trust properties. In addition, we granted to the Trust a lien on our remaining interests in the undeveloped properties that are subject to the development agreement in order to secure our drilling obligation to the Trust, although the maximum amount that may be recovered by the Trust under such lien could not exceed $263 million initially and is proportionately reduced as we fulfill our drilling obligation over time. As of March 31, 2014 and 2013, we had drilled or caused to be drilled approximately 89 and 64 development wells, respectively, as calculated under the development agreement, and the maximum amount recoverable under the drilling support lien was approximately $65 million and $120 million, respectively. | |||||||||||||||||
The subordinated units we hold in the Trust are entitled to receive pro rata distributions from the Trust each quarter if and to the extent there is sufficient cash to provide a cash distribution on the common units that is not less than the applicable subordination threshold for such quarter. If there is not sufficient cash to fund such a distribution on all of the Trust units, the distribution to be made with respect to the subordinated units will be reduced or eliminated for such quarter in order to make a distribution, to the extent possible, of up to the subordination threshold amount on the common units. The distribution made with respect to the subordinated units to Chesapeake was either reduced or eliminated for each of the most recent seven quarters of distributions paid. In exchange for agreeing to subordinate a portion of our Trust units, and in order to provide additional financial incentive to us to satisfy our drilling obligation and perform operations on the underlying properties in an efficient and cost-effective manner, Chesapeake is entitled to receive incentive distributions equal to 50% of the amount by which the cash available for distribution on the Trust units in any quarter exceeds the applicable incentive threshold for such quarter. The remaining 50% of cash available for distribution in excess of the applicable incentive threshold will be paid to Trust unitholders, including Chesapeake, on a pro rata basis. At the end of the fourth full calendar quarter following our satisfaction of our drilling obligation with respect to the development wells, the subordinated units will automatically convert into common units on a one-for-one basis and our right to receive incentive distributions will terminate. After such time, the common units will no longer have the protection of the subordination threshold, and all Trust unitholders will share in the Trust’s distributions on a pro rata basis. | |||||||||||||||||
For the Current Quarter and the Prior Quarter, the Trust declared and paid the following distributions: | |||||||||||||||||
Production Period | Distribution Date | Cash Distribution | Cash Distribution | ||||||||||||||
per | per | ||||||||||||||||
Common Unit | Subordinated Unit | ||||||||||||||||
September 2013 - November 2013 | March 3, 2014 | $ | 0.6624 | $ | — | ||||||||||||
September 2012 - November 2012 | March 1, 2013 | $ | 0.67 | $ | 0.3772 | ||||||||||||
We have determined that the Trust constitutes a VIE and that Chesapeake is the primary beneficiary. As a result, the Trust is included in our condensed consolidated financial statements. As of March 31, 2014 and December 31, 2013, $306 million and $314 million, respectively, of noncontrolling interests on our condensed consolidated balance sheets were attributable to the Trust. In both the Current Quarter and the Prior Quarter, income of approximately $5 million was attributable to the Trust’s noncontrolling interests in our condensed consolidated statements of operations. See Note 11 for further discussion of VIEs. | |||||||||||||||||
Wireless Seismic, Inc. We have a controlling 51% equity interest in Wireless Seismic, Inc. (Wireless), a privately owned company engaged in research, development and production of wireless seismic systems and any related technology that deliver seismic information obtained from standard geophones in real time to laptop and desktop computers. As of March 31, 2014 and December 31, 2013, $8 million and $9 million, respectively, of noncontrolling interests on our condensed consolidated balance sheets were attributable to Wireless. In both the Current Quarter and the Prior Quarter, losses of $1 million were attributable to noncontrolling interests of Wireless in our condensed consolidated statements of operations. |
ShareBased_Compensation_Note
Share-Based Compensation (Note) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
Chesapeake’s share-based compensation program consists of restricted stock, stock options and performance share units (PSUs) granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. The restricted stock and stock options are equity-classified awards and the PSUs are liability-classified awards. | ||||||||||||||||
Equity-Classified Awards | ||||||||||||||||
Restricted Stock. We grant restricted stock to employees and non-employee directors. Restricted stock vests over a minimum of three years and the holder receives dividends or dividend equivalents on unvested shares. A summary of the changes in unvested shares of restricted stock during the Current Quarter is presented below. | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Unvested | Grant Date | |||||||||||||||
Restricted Shares | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Unvested shares as of January 1, 2014 | 13,400 | $ | 23.38 | |||||||||||||
Granted | 3,943 | $ | 25.13 | |||||||||||||
Vested | (2,350 | ) | $ | 26.41 | ||||||||||||
Forfeited | (638 | ) | $ | 25.69 | ||||||||||||
Unvested shares as of March 31, 2014 | 14,355 | $ | 23.26 | |||||||||||||
The aggregate intrinsic value of restricted stock that vested during the Current Quarter was approximately $62 million based on the stock price at the time of vesting. | ||||||||||||||||
As of March 31, 2014, there was $255 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 2.5 years. | ||||||||||||||||
The vesting of certain restricted stock grants may result in state and federal income tax benefits related to the difference between the market price of the common stock at the date of vesting and the date of grant. During the Current Quarter, we recognized excess tax benefits related to restricted stock of $3 million and during the Prior Quarter we recognized reductions in tax benefits related to restricted stock of $10 million, which were recorded as adjustments to additional paid-in capital and deferred income taxes. | ||||||||||||||||
Stock Options. In the Current Quarter and the Prior Quarter, we granted members of senior management stock options that will vest ratably over a three-year period. In the Prior Quarter, we also granted retention awards to certain officers of stock options that will vest one-third on each of the third, fourth and fifth anniversaries of the grant date. Each stock option award has an exercise price equal to the closing price of the Company’s common stock on the grant date. Outstanding options generally expire ten years from the date of grant. | ||||||||||||||||
We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the "simplified method", as there is no adequate historical exercise behavior available. Volatility assumptions are estimated based on an average of historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account the Company's current dividend policy over the expected life of the option. The Company used the following assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter: | ||||||||||||||||
Expected option life - years | 6 | |||||||||||||||
Volatility | 48.33 | % | ||||||||||||||
Risk-free interest rate | 1.97 | % | ||||||||||||||
Dividend yield | 1.36 | % | ||||||||||||||
The following table provides information related to stock option activity during the Current Quarter: | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
Underlying | Exercise | Contract | Value(a) | |||||||||||||
Options | Price | Life in | ||||||||||||||
Per Share | Years | |||||||||||||||
(in thousands) | ($ in millions) | |||||||||||||||
Outstanding at January 1, 2014 | 5,268 | $ | 19.28 | 6.66 | $ | 41 | ||||||||||
Granted | 786 | $ | 25.71 | |||||||||||||
Exercised | (270 | ) | $ | 18.23 | $ | 2 | ||||||||||
Expired | — | $ | — | |||||||||||||
Outstanding at March 31, 2014 | 5,784 | $ | 20.2 | 7.15 | $ | 31 | ||||||||||
Exercisable at March 31, 2014 | 1,766 | $ | 18.95 | 3.72 | $ | 12 | ||||||||||
___________________________________________ | ||||||||||||||||
(a) | The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option. | |||||||||||||||
As of March 31, 2014, there was $21 million of total unrecognized compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of approximately 2.4 years. | ||||||||||||||||
The vesting of certain stock option grants may result in state and federal income tax benefits related to the difference between the market price of the common stock at the date of vesting and the date of grant. During the Current Quarter and the Prior Quarter, we recognized excess tax benefits related to stock options of a nominal amount and $0, respectively. All amounts were recorded as adjustments to additional paid-in capital and deferred income taxes. | ||||||||||||||||
Compensation Expenses. We recorded the following compensation expenses related to restricted stock and stock options during the Current Quarter and the Prior Quarter: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | 12 | $ | 20 | ||||||||||||
Natural gas and oil properties | 7 | 21 | ||||||||||||||
Natural gas, oil and NGL production expenses | 4 | 6 | ||||||||||||||
Marketing, gathering and compression expenses | 2 | 3 | ||||||||||||||
Oilfield services expenses | 2 | 3 | ||||||||||||||
Total | $ | 27 | $ | 53 | ||||||||||||
Liability-Classified Awards | ||||||||||||||||
Performance Share Units. In 2012, 2013 and 2014, we granted PSUs to senior management under our Long Term Incentive Plan that settle in cash at the end of their respective performance periods and vest ratably over their respective terms. The 2012 awards were granted in one-, two- and three-year tranches and are settled in cash on the first, second and third anniversary dates of the awards, and the 2013 and 2014 awards are settled in cash on the third anniversary of the awards. The ultimate amount earned is based on the performance metrics established by the Compensation Committee of the Board of Directors, which include relative and absolute total shareholder return (TSR) and, for certain of the awards, the achievement of operational performance goals such as production and proved reserve growth. The TSR metric is considered a market condition and generally requires a Monte Carlo simulation to determine the fair value. | ||||||||||||||||
For PSUs granted in 2012, each of the TSR and operational payout components can range from 0% to 125% resulting in a maximum total payout of 250%. For PSUs granted in 2013, the TSR component can range from 0% to 125% and each of the two operational components can range from 0% to 62.5%; however, the maximum total payout is capped at 200%. For PSUs granted in 2014, the TSR component can range from 0% to 200%, with no operational components. For the 2013 and 2014 PSUs, the payout percentage is capped at 100% if the Company’s absolute TSR is less than zero. The following table presents a summary of our PSU awards as of March 31, 2014: | ||||||||||||||||
Units | Fair Value | Fair Value | Liability for | |||||||||||||
as of | Vested | |||||||||||||||
Grant Date | Amount | |||||||||||||||
($ in millions) | ||||||||||||||||
2012 Awards (a) | ||||||||||||||||
Payable 2015 | 834,248 | $ | 23 | $ | 21 | $ | 21 | |||||||||
2013 Awards | ||||||||||||||||
Payable 2016 | 1,600,438 | $ | 35 | $ | 52 | $ | 45 | |||||||||
2014 Awards | ||||||||||||||||
Payable 2017 | 620,669 | $ | 17 | $ | 16 | $ | 4 | |||||||||
___________________________________________ | ||||||||||||||||
(a) | In the Current Quarter and the Prior Quarter, we paid $11 million and $2 million, respectively, related to 2012 PSU awards. | |||||||||||||||
Compensation Expenses. We recorded the following compensation expenses related to PSUs during the Current Quarter and the Prior Quarter: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
($ in millions) | ||||||||||||||||
Natural gas and oil properties | $ | 1 | $ | 4 | ||||||||||||
General and administrative expenses | (1 | ) | 5 | |||||||||||||
Marketing, gathering and compression expenses | — | 2 | ||||||||||||||
Total | $ | — | $ | 11 | ||||||||||||
Derivative_and_Hedging_Activit
Derivative and Hedging Activities (Note) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Derivative and Hedging Activities | |||||||||||||||||
Chesapeake uses commodity derivative instruments to secure attractive pricing and margins on production, to reduce its exposure to fluctuations in future commodity prices and to protect its expected operating cash flow against significant market movements or volatility. Chesapeake also uses derivative instruments to mitigate a portion of our exposure to interest rate and foreign currency exchange rate fluctuations. All of our derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. | |||||||||||||||||
Natural Gas and Oil Derivatives | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, our natural gas and oil derivative instruments consisted of the following types of instruments: | |||||||||||||||||
• | Swaps: Chesapeake receives a fixed price and pays a floating market price to the counterparty for the hedged commodity. | ||||||||||||||||
• | Collars: These instruments contain a fixed floor price (put) and ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, Chesapeake receives the fixed price and pays the market price. If the market price is between the put and the call strike prices, no payments are due from either party. Three-way collars include an additional put option in exchange for a more favorable strike price on the call option. This eliminates the counterparty’s downside exposure below the second put option strike price. | ||||||||||||||||
• | Options: Chesapeake sells, and occasionally buys, call options in exchange for a premium. At the time of settlement, if the market price exceeds the fixed price of the call option, Chesapeake pays the counterparty such excess on sold call options, and Chesapeake receives such excess on bought call options. If the market price settles below the fixed price of the call option, no payment is due from either party. | ||||||||||||||||
• | Swaptions: Chesapeake sells call swaptions in exchange for a premium that allows a counterparty, on a specific date, to enter into a fixed-price swap for a certain period of time. | ||||||||||||||||
• | Basis Protection Swaps: These instruments are arrangements that guarantee a price differential to NYMEX from a specified delivery point. Our current natural gas basis protection swaps have negative differentials to NYMEX. Chesapeake receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. Our current oil basis protection swaps have positive differentials to NYMEX. Chesapeake receives a payment from the counterparty if the price differential is less than the stated terms of the contract and pays the counterparty if the price differential is greater than the stated terms of the contract. | ||||||||||||||||
The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of March 31, 2014 and December 31, 2013 are provided below. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Volume | Fair Value | Volume | Fair Value | ||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||
Natural gas (tbtu): | |||||||||||||||||
Fixed-price swaps | 394 | $ | (125 | ) | 448 | $ | (23 | ) | |||||||||
Three-way collars | 387 | (48 | ) | 288 | (7 | ) | |||||||||||
Call options | 193 | (202 | ) | 193 | (210 | ) | |||||||||||
Call swaptions | — | — | 12 | — | |||||||||||||
Basis protection swaps | 151 | (14 | ) | 68 | 3 | ||||||||||||
Total natural gas | 1,125 | (389 | ) | 1,009 | (237 | ) | |||||||||||
Oil (mmbbl): | |||||||||||||||||
Fixed-price swaps | 22.8 | (81 | ) | 25.3 | (50 | ) | |||||||||||
Call options | 41.9 | (257 | ) | 42.5 | (265 | ) | |||||||||||
Basis protection swaps | 0.3 | 1 | 0.4 | 1 | |||||||||||||
Total oil | 65 | (337 | ) | 68.2 | (314 | ) | |||||||||||
Total estimated fair value | $ | (726 | ) | $ | (551 | ) | |||||||||||
We have terminated certain commodity derivative contracts that were previously designated as cash flow hedges for which the hedged production is still expected to occur. See further discussion below under Effect of Derivative Instruments - Accumulated Other Comprehensive Income (Loss). | |||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, our interest rate derivative instruments consisted of swaps. Chesapeake enters into fixed-to-floating interest rate swaps (we receive a fixed interest rate and pay a floating market rate) to mitigate our exposure to changes in the fair value of our senior notes. We enter into floating-to-fixed interest rate swaps (we receive a floating market rate and pay a fixed interest rate) to manage our interest rate exposure related to our bank credit facilities borrowings. | |||||||||||||||||
The notional amount of our interest rate derivative liabilities as of March 31, 2014 and December 31, 2013 was $2.250 billion. The estimated fair value of our interest rate derivative liabilities as of March 31, 2014 and December 31, 2013 was $80 million and $98 million, respectively. | |||||||||||||||||
We have terminated certain fair value hedges related to senior notes. Gains and losses related to these terminated hedges will be amortized as an adjustment to interest expense over the remaining term of the related senior notes. Over the next seven years, we will recognize $13 million in net gains related to such transactions. | |||||||||||||||||
Foreign Currency Derivatives | |||||||||||||||||
We are party to cross currency swaps to mitigate our exposure to foreign currency exchange rate fluctuations that may result from the €344 million principal amount of our euro-denominated senior notes. The terms of the cross currency swaps were based on the dollar/euro exchange rate on the issuance date of $1.3325 to €1.00. Under the terms of the cross currency swaps we currently hold, on each semi-annual interest payment date, the counterparties pay us €11 million and we pay the counterparties $17 million, which yields an annual dollar-equivalent interest rate of 7.491%. Upon maturity of the notes, the counterparties will pay us €344 million and we will pay the counterparties $459 million. The swaps are designated as cash flow hedges and, because they are entirely effective in having eliminated any potential variability in our expected cash flows related to changes in foreign exchange rates, changes in their fair value do not impact earnings. The fair values of the cross currency swaps are recorded on the condensed consolidated balance sheet as an asset of $7 million as of March 31, 2014. The euro-denominated debt in long-term debt has been adjusted to $473 million as of March 31, 2014 using an exchange rate of $1.3769 to €1.00. | |||||||||||||||||
Effect of Derivative Instruments – Condensed Consolidated Balance Sheets | |||||||||||||||||
The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 on a gross basis and after same-counterparty netting: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Balance Sheet Classification | Gross Fair Value | Amounts Netted | Net Fair Value Presented | ||||||||||||||
in Condensed Consolidated | in Condensed Consolidated | ||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
($ in millions) | |||||||||||||||||
Commodity Contracts | |||||||||||||||||
Short-term derivative asset | $ | 13 | $ | (11 | ) | $ | 2 | ||||||||||
Long-term derivative asset | 3 | 1 | 4 | ||||||||||||||
Short-term derivative liability | (425 | ) | 11 | (414 | ) | ||||||||||||
Long-term derivative liability | (317 | ) | (1 | ) | (318 | ) | |||||||||||
Total commodity contracts | (726 | ) | — | (726 | ) | ||||||||||||
Interest Rate Contracts | |||||||||||||||||
Short-term derivative liability | (3 | ) | — | (3 | ) | ||||||||||||
Long-term derivative liability | (77 | ) | — | (77 | ) | ||||||||||||
Total interest rate contracts | (80 | ) | — | (80 | ) | ||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||
Long-term derivative asset | 7 | — | 7 | ||||||||||||||
Total foreign currency contracts | 7 | — | 7 | ||||||||||||||
Total Derivatives | $ | (799 | ) | $ | — | $ | (799 | ) | |||||||||
December 31, 2013 | |||||||||||||||||
Balance Sheet Classification | Gross Fair Value | Amounts Netted | Net Fair Value Presented | ||||||||||||||
in Condensed Consolidated | in Condensed Consolidated | ||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
($ in millions) | |||||||||||||||||
Commodity Contracts | |||||||||||||||||
Short-term derivative asset | $ | 29 | $ | (29 | ) | $ | — | ||||||||||
Long-term derivative asset | 11 | (9 | ) | 2 | |||||||||||||
Short-term derivative liability | (231 | ) | 29 | (202 | ) | ||||||||||||
Long-term derivative liability | (362 | ) | 9 | (353 | ) | ||||||||||||
Total commodity contracts | (553 | ) | — | (553 | ) | ||||||||||||
Interest Rate Contracts | |||||||||||||||||
Short-term derivative liability | (6 | ) | — | (6 | ) | ||||||||||||
Long-term derivative liability | (92 | ) | — | (92 | ) | ||||||||||||
Total interest rate contracts | (98 | ) | — | (98 | ) | ||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||
Long-term derivative asset | 2 | — | 2 | ||||||||||||||
Total foreign currency contracts | 2 | — | 2 | ||||||||||||||
Total Derivatives | $ | (649 | ) | $ | — | $ | (649 | ) | |||||||||
____________________________________________ | |||||||||||||||||
(a) | Designated as cash flow hedging instruments. | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, we did not have any cash collateral balances for these derivatives. | |||||||||||||||||
Effect of Derivative Instruments – Condensed Consolidated Statements of Operations | |||||||||||||||||
The components of natural gas, oil and NGL sales for the Current Quarter and the Prior Quarter are presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Natural gas, oil and NGL sales | $ | 2,148 | $ | 1,595 | |||||||||||||
Losses on undesignated natural gas, oil and NGL derivatives | (365 | ) | (123 | ) | |||||||||||||
Losses on terminated cash flow hedges | (17 | ) | (19 | ) | |||||||||||||
Total natural gas, oil and NGL sales | $ | 1,766 | $ | 1,453 | |||||||||||||
The components of interest expense for the Current Quarter and the Prior Quarter are presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Interest expense on senior notes | $ | 180 | $ | 186 | |||||||||||||
Interest expense on term loans | 29 | 29 | |||||||||||||||
Amortization of loan discount, issuance costs and other | 19 | 19 | |||||||||||||||
Interest expense on credit facilities | 8 | 12 | |||||||||||||||
Gains on terminated fair value hedges | (1 | ) | — | ||||||||||||||
(Gains) losses on undesignated interest rate derivatives | (18 | ) | 4 | ||||||||||||||
Capitalized interest | (178 | ) | (229 | ) | |||||||||||||
Total interest expense | $ | 39 | $ | 21 | |||||||||||||
Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Before | After | Before | After | ||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
($ in millions) | |||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||
Net change in fair value | 4 | 3 | (2 | ) | (1 | ) | |||||||||||
Losses reclassified to income | 18 | 11 | 19 | 12 | |||||||||||||
Balance, end of period | $ | (247 | ) | $ | (153 | ) | $ | (287 | ) | $ | (178 | ) | |||||
Approximately $148 million of the $153 million of accumulated other comprehensive loss as of March 31, 2014 represents the net deferred loss associated with commodity derivative contracts that were previously designated as cash flow hedges for which the hedged production is still expected to occur. These amounts will be recognized in earnings in the month in which the originally forecasted hedged production occurs. As of March 31, 2014, we expect to transfer approximately $23 million of net loss included in accumulated other comprehensive income to net income (loss) during the next 12 months. The remaining amounts will be transferred by December 31, 2022. | |||||||||||||||||
Credit Risk Considerations | |||||||||||||||||
Over-the-counter traded derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we enter into derivative contracts only with counterparties that are rated investment-grade and deemed by management to be competent and competitive market makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of March 31, 2014, our natural gas, oil and interest rate derivative instruments were spread among 16 counterparties. | |||||||||||||||||
Hedging Facility | |||||||||||||||||
Our secured commodity hedging facility with 17 counterparties provides approximately 1.063 bboe of hedging capacity for natural gas, oil and NGL price derivatives and 1.063 bboe for basis derivatives with an aggregate mark-to-market capacity of $17.0 billion. It is secured by proved reserves, the value of which must cover the fair value of the transactions outstanding under the facility by at least 1.65 times at semi-annual collateral redetermination dates and 1.30 times in between those dates, and guarantees by certain subsidiaries that also guarantee our corporate revolving bank credit facility, indentures, term loan and equipment master lease agreements. Chesapeake has significant flexibility with regard to releases and/or substitutions of pledged reserves, provided that certain requirements are met including maintaining specified collateral coverage ratios as well as maintaining credit ratings with either of the designated rating agencies at or above current levels. The counterparties’ obligations under the facility must be secured by cash or short-term U.S. treasury instruments to the extent that any mark-to-market amounts they owe to Chesapeake exceed defined thresholds. As of March 31, 2014, we had hedged under the facility 224 mmboe of our future production with price derivatives and 26 mmboe with basis derivatives. | |||||||||||||||||
Fair Value | |||||||||||||||||
The fair value of most of our derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as natural gas and oil forward curves and discount rates, or can be corroborated from active markets or broker quotes. These values are compared to the values given by our counterparties for reasonableness. Since natural gas, oil, interest rate and cross currency swaps do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2. All other derivatives have some level of unobservable input, such as volatility curves, and are therefore classified as Level 3. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives. | |||||||||||||||||
The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 10 | $ | 6 | $ | 16 | |||||||||
Commodity liabilities | — | (229 | ) | (513 | ) | (742 | ) | ||||||||||
Interest rate liabilities | — | (80 | ) | — | (80 | ) | |||||||||||
Foreign currency assets | — | 7 | — | 7 | |||||||||||||
Total derivatives | $ | — | $ | (292 | ) | $ | (507 | ) | $ | (799 | ) | ||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 25 | $ | 15 | $ | 40 | |||||||||
Commodity liabilities | — | (100 | ) | (493 | ) | (593 | ) | ||||||||||
Interest rate liabilities | — | (98 | ) | — | (98 | ) | |||||||||||
Foreign currency assets | — | 2 | — | 2 | |||||||||||||
Total derivatives | $ | — | $ | (171 | ) | $ | (478 | ) | $ | (649 | ) | ||||||
A summary of the changes in the fair values of Chesapeake’s financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below. | |||||||||||||||||
Derivatives | |||||||||||||||||
Commodity | Interest Rate | ||||||||||||||||
($ in millions) | |||||||||||||||||
Beginning Balance as of January 1, 2014 | $ | (478 | ) | $ | — | ||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||
Included in earnings(a) | (80 | ) | — | ||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||
Settlements | 55 | — | |||||||||||||||
Transfers(b) | (4 | ) | — | ||||||||||||||
Ending Balance as of March 31, 2014 | $ | (507 | ) | $ | — | ||||||||||||
Beginning Balance as of January 1, 2013 | $ | (1,016 | ) | $ | — | ||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||
Included in earnings(a) | 194 | (1 | ) | ||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||
Sales | — | (1 | ) | ||||||||||||||
Settlements | 37 | — | |||||||||||||||
Ending Balance as of March 31, 2013 | $ | (785 | ) | $ | (2 | ) | |||||||||||
___________________________________________ | |||||||||||||||||
(a) | Natural Gas, Oil and | Interest Expense | |||||||||||||||
NGL Sales | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
($ in millions) | |||||||||||||||||
Total gains (losses) included in earnings for the | $ | (80 | ) | $ | 194 | $ | — | $ | (1 | ) | |||||||
period | |||||||||||||||||
Change in unrealized gains (losses) related to | $ | (57 | ) | $ | 191 | $ | — | $ | (2 | ) | |||||||
assets still held at reporting date | |||||||||||||||||
(b) | The values related to basis swaps were transferred from Level 3 to Level 2 as a result of our ability to begin using data readily available in the public market to corroborate our estimated fair values. | ||||||||||||||||
Qualitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements | |||||||||||||||||
The significant unobservable inputs for Level 3 derivative contracts include unpublished forward prices of natural gas and oil, market volatility and credit risk of counterparties. Changes in these inputs impact the fair value measurement of our derivative contracts. For example, an increase (decrease) in the forward prices and volatility of natural gas and oil prices decreases (increases) the fair value of natural gas and oil derivatives and adverse changes to our counterparties’ creditworthiness decreases the fair value of our derivatives. | |||||||||||||||||
Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements | |||||||||||||||||
Instrument | Unobservable | Range | Weighted | Fair Value | |||||||||||||
Type | Input | Average | March 31, 2014(a) | ||||||||||||||
($ in millions) | |||||||||||||||||
Oil trades | Oil price volatility curves | 10.56% - 21.78% | 15.43 | % | $ | (256 | ) | ||||||||||
Natural gas trades | Natural gas price volatility | 18.03% - 38.37% | 24.32 | % | $ | (251 | ) | ||||||||||
curves | |||||||||||||||||
___________________________________________ | |||||||||||||||||
(a) | Fair value is based on an estimate derived from option models. |
Natural_Gas_and_Oil_Property_D
Natural Gas and Oil Property Divestitures (Note) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Natural Gas and Oil Property Divestitures | |||||||||||||||||||||||||
During the Current Quarter and the Prior Quarter, excluding proceeds received from selling additional interests in our joint venture leasehold described under Joint Ventures below, we received proceeds of approximately $41 million and $165 million, respectively, related to divestitures of noncore natural gas and oil properties. | |||||||||||||||||||||||||
Under full cost accounting rules, we have accounted for the sale of natural gas and oil properties as an adjustment to capitalized costs, with no recognition of gain or loss as the sales have not involved a significant change in proved reserves or significantly altered the relationship between costs and proved reserves. | |||||||||||||||||||||||||
Joint Ventures | |||||||||||||||||||||||||
As of March 31, 2014, we had entered into eight significant joint ventures with other leading energy companies pursuant to which we sold a portion of our leasehold, producing properties and other assets located in eight different resource plays and received cash of $8.0 billion and commitments by our counterparties to pay our share of future drilling and completion costs of $9.0 billion. In each of these joint ventures, Chesapeake serves as the operator and conducts all drilling, completion and operations, the majority of leasing and, in certain transactions, marketing activities for the project. The carries paid by a joint venture partner are for a specified percentage of our drilling and completion costs. In addition, a joint venture partner is responsible for its proportionate share of drilling and completion costs as a working interest owner. We bill our joint venture partners for their drilling carries at the same time we bill them and other joint working interest owners for their share of drilling costs as they are incurred. For accounting purposes, initial cash proceeds from these joint venture transactions were reflected as a reduction of natural gas and oil properties with no gain or loss recognized. The transactions are detailed below. | |||||||||||||||||||||||||
Primary | Joint | Joint | Interest | Initial Proceeds(b) | Total | Total Initial | Drilling | ||||||||||||||||||
Play | Venture | Venture | Sold | Drilling | Proceeds | Carries | |||||||||||||||||||
Partner(a) | Date | Carries | and Drilling | Remaining(c) | |||||||||||||||||||||
Carries | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Mississippi Lime | Sinopec | Jun-13 | 50.00% | $ | 949 | (d) | $ | — | $ | 949 | $ | — | |||||||||||||
Utica | TOT | December 2011 | 25.00% | 610 | 1,422 | (e) | 2,032 | 478 | |||||||||||||||||
Niobrara | CNOOC | Feb-11 | 33.30% | 570 | 697 | (f) | 1,267 | 64 | |||||||||||||||||
Eagle Ford | CNOOC | Nov-10 | 33.30% | 1,120 | 1,080 | 2,200 | — | ||||||||||||||||||
Barnett | TOT | Jan-10 | 25.00% | 800 | 1,403 | 2,203 | — | ||||||||||||||||||
Marcellus | STO | Nov-08 | 32.50% | 1,250 | 2,125 | 3,375 | — | ||||||||||||||||||
Fayetteville | BP | September 2008 | 25.00% | 1,100 | 800 | 1,900 | — | ||||||||||||||||||
Haynesville & Bossier | FCX | Jul-08 | 20.00% | 1,650 | 1,508 | 3,158 | — | ||||||||||||||||||
$ | 8,049 | $ | 9,035 | $ | 17,084 | $ | 542 | ||||||||||||||||||
____________________________________________ | |||||||||||||||||||||||||
(a) | Joint venture partners are Sinopec International Petroleum Exploration and Production (Sinopec), Total S.A. (TOT), CNOOC Limited (CNOOC), Statoil (STO), BP America (BP) and Freeport-McMoRan Copper & Gold (FCX), formerly known as Plains Exploration & Production Company. | ||||||||||||||||||||||||
(b) | Excludes closing and post-closing adjustments. | ||||||||||||||||||||||||
(c) | As of March 31, 2014. | ||||||||||||||||||||||||
(d) | Excludes $71 million of net proceeds (or 7% of the total transaction) expected to be received pursuant to certain post-closing adjustments and approximately $90 million received at closing for closing adjustments. | ||||||||||||||||||||||||
(e) | The Utica drilling carry covers 60% of our drilling and completion costs for Utica wells drilled and must be used by December 2018. We expect to fully utilize this drilling carry commitment prior to expiration. See Note 4 for further discussion of the Utica drilling carries. | ||||||||||||||||||||||||
(f) | The Niobrara drilling carry covers 67% of our drilling and completion costs for Niobrara wells drilled and must be used by December 2014. We expect to fully utilize this drilling carry commitment prior to expiration. | ||||||||||||||||||||||||
During the Current Quarter and the Prior Quarter, our drilling and completion costs included the benefit of approximately $188 million and $180 million, respectively, in drilling and completion carries paid by our joint venture partners. | |||||||||||||||||||||||||
During the Current Quarter and the Prior Quarter, we sold interests in additional leasehold we acquired in the Marcellus, Barnett, Utica, Haynesville, Eagle Ford, Mid-Continent and Niobrara Shale plays to our joint venture partners for approximately $8 million and $25 million, respectively. | |||||||||||||||||||||||||
Volumetric Production Payments | |||||||||||||||||||||||||
From time to time, we have sold certain of our producing assets located in more mature producing regions through the sale of VPPs. A VPP is a limited-term overriding royalty interest in natural gas and oil reserves that (i) entitles the purchaser to receive scheduled production volumes over a period of time from specific lease interests; (ii) is free and clear of all associated future production costs and capital expenditures; (iii) is nonrecourse to the seller (i.e., the purchaser’s only recourse is to the reserves acquired); (iv) transfers title of the reserves to the purchaser; and (v) allows the seller to retain all production beyond the specified volumes, if any, after the scheduled production volumes have been delivered. For all of our VPP transactions, we have novated hedges to each of the respective VPP buyers and such hedges covered all VPP volumes sold. If contractually scheduled volumes exceed the actual volumes produced from the VPP wellbores that are attributable to the ORRI conveyed, either the shortfall will be made up from future production from these wellbores (or, at our option, from our retained interest in the wellbores) through an adjustment mechanism, or the initial term of the VPP will be extended until all scheduled volumes, to the extent produced, are delivered from the VPP wellbores to the VPP buyer. We retain drilling rights on the properties below currently producing intervals and outside of producing wellbores. | |||||||||||||||||||||||||
As the operator of the properties from which the VPP volumes have been sold, we bear the cost of producing the reserves attributable to such interests, which we include as a component of production expenses and production taxes in our condensed consolidated statements of operations in the periods such costs are incurred. As with all non-expense-bearing royalty interests, volumes conveyed in a VPP transaction are excluded from our estimated proved reserves; however, the estimated production expenses and taxes associated with VPP volumes expected to be delivered in future periods are included as a reduction of the future net cash flows attributable to our proved reserves for purposes of determining our full cost ceiling test for impairment purposes and in determining our standardized measure. Pursuant to SEC guidelines, the estimates used for purposes of determining the cost center ceiling and the standardized measure are based on current costs. Our commitment to bear the costs on any future production of VPP volumes is not reflected as a liability on our balance sheet. The costs that will apply in the future will depend on the actual production volumes as well as the production costs and taxes in effect during the periods in which such production actually occurs, which could differ materially from our current and historical costs, and production may not occur at the times or in the quantities projected, or at all. | |||||||||||||||||||||||||
For accounting purposes, cash proceeds from the sale of VPPs were reflected as a reduction of natural gas and oil properties with no gain or loss recognized, and our proved reserves were reduced accordingly. We have also committed to purchase natural gas and liquids associated with our VPP transactions. Production purchased under these arrangements is based on market prices at the time of production, and the purchased natural gas and liquids are resold at market prices. | |||||||||||||||||||||||||
Our outstanding VPPs consist of the following: | |||||||||||||||||||||||||
Volume Sold | |||||||||||||||||||||||||
VPP # | Date of VPP | Location | Proceeds | Natural Gas | Oil | NGL | Total | ||||||||||||||||||
($ in millions) | (bcf) | (mmbbl) | (mmbbl) | (bcfe) | |||||||||||||||||||||
10 | Mar-12 | Anadarko Basin Granite | $ | 744 | 87 | 3 | 9.2 | 160 | |||||||||||||||||
Wash | |||||||||||||||||||||||||
9 | May-11 | Mid-Continent | 853 | 138 | 1.7 | 4.8 | 177 | ||||||||||||||||||
8 | September 2010 | Barnett Shale | 1,150 | 390 | — | — | 390 | ||||||||||||||||||
6 | February 2010 | East Texas and NW | 180 | 44 | 0.3 | — | 46 | ||||||||||||||||||
Louisiana | |||||||||||||||||||||||||
5 | Aug-09 | South Texas | 370 | 67 | 0.2 | — | 68 | ||||||||||||||||||
4 | December 2008 | Anadarko and Arkoma | 412 | 95 | 0.5 | — | 98 | ||||||||||||||||||
Basins | |||||||||||||||||||||||||
3 | Aug-08 | Anadarko Basin | 600 | 93 | — | — | 93 | ||||||||||||||||||
2 | May-08 | Texas, Oklahoma and | 622 | 94 | — | — | 94 | ||||||||||||||||||
Kansas | |||||||||||||||||||||||||
1 | December 2007 | Kentucky and West | 1,100 | 208 | — | — | 208 | ||||||||||||||||||
Virginia | |||||||||||||||||||||||||
$ | 6,031 | 1,216 | 5.7 | 14 | 1,334 | ||||||||||||||||||||
The volumes produced on behalf of our VPP buyers for the Current Quarter and the Prior Quarter were as follows: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
VPP # | Natural Gas | Oil | NGL | Total | Natural Gas | Oil | NGL | Total | |||||||||||||||||
(bcf) | (mbbl) | (mbbl) | (bcfe) | (bcf) | (mbbl) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 2.8 | 109 | 345.2 | 5.5 | 3.7 | 154 | 407.7 | 6.9 | |||||||||||||||||
9 | 4 | 49 | 106.5 | 4.9 | 4.4 | 56.2 | 118.8 | 5.5 | |||||||||||||||||
8 | 15.7 | — | — | 15.7 | 18 | — | — | 18 | |||||||||||||||||
6 | 1.1 | 6 | — | 1.2 | 1.2 | 6 | — | 1.2 | |||||||||||||||||
5 | 1.7 | 6.3 | — | 1.8 | 2 | 6 | — | 2 | |||||||||||||||||
4 | 2.3 | 12.4 | — | 2.4 | 2.6 | 14.2 | — | 2.7 | |||||||||||||||||
3 | 1.9 | — | — | 1.9 | 2.1 | — | — | 2.1 | |||||||||||||||||
2 | 2.4 | — | — | 2.4 | 2.7 | — | — | 2.7 | |||||||||||||||||
1 | 3.6 | — | — | 3.6 | 3.8 | — | — | 3.8 | |||||||||||||||||
35.5 | 182.7 | 451.7 | 39.4 | 40.5 | 236.4 | 526.5 | 44.9 | ||||||||||||||||||
The volumes remaining to be delivered on behalf of our VPP buyers as of March 31, 2014 were as follows: | |||||||||||||||||||||||||
Volume Remaining as of March 31, 2014 | |||||||||||||||||||||||||
VPP # | Term Remaining | Natural Gas | Oil | NGL | Total | ||||||||||||||||||||
(in months) | (bcf) | (mmbbl) | (mmbbl) | (bcfe) | |||||||||||||||||||||
10 | 95 | 45.8 | 1.6 | 5.6 | 89.2 | ||||||||||||||||||||
9 | 83 | 84.7 | 1 | 2.2 | 104 | ||||||||||||||||||||
8 | 17 | 80.9 | — | — | 80.9 | ||||||||||||||||||||
6 | 70 | 20.3 | 0.1 | — | 21.1 | ||||||||||||||||||||
5 | 34 | 15.2 | 0.1 | — | 15.5 | ||||||||||||||||||||
4 | 33 | 22 | 0.1 | — | 22.7 | ||||||||||||||||||||
3 | 64 | 29.2 | — | — | 29.2 | ||||||||||||||||||||
2 | 61 | 17.6 | — | — | 17.6 | ||||||||||||||||||||
1 | 105 | 101.8 | — | — | 101.8 | ||||||||||||||||||||
417.5 | 2.9 | 7.8 | 482 | ||||||||||||||||||||||
Investments_Note
Investments (Note) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Investments [Abstract] | ' | ||||||||||||||
Investments Disclosure [Text Block] | ' | ||||||||||||||
Investments | |||||||||||||||
A summary of our investments, including our approximate ownership percentage as of March 31, 2014 and December 31, 2013, is presented below. | |||||||||||||||
Approximate | Carrying | ||||||||||||||
Ownership % | Value | ||||||||||||||
Accounting | March 31, | December 31, | March 31, | December 31, | |||||||||||
Method | 2014 | 2013 | 2014 | 2013 | |||||||||||
($ in millions) | |||||||||||||||
FTS International, Inc. | Equity | 30% | 30% | $ | 129 | $ | 138 | ||||||||
Chaparral Energy, Inc. | Equity | —% | 20% | — | 143 | ||||||||||
Sundrop Fuels, Inc. | Equity | 56% | 56% | 134 | 135 | ||||||||||
Other | — | —% | —% | 25 | 61 | ||||||||||
Total investments | $ | 288 | $ | 477 | |||||||||||
FTS International, Inc. FTS International, Inc. (FTS), based in Fort Worth, Texas, is a privately held company which, through its subsidiaries, provides hydraulic fracturing and other services to oil and gas companies. During the Current Quarter, we recorded negative equity method and other adjustments, prior to intercompany profit eliminations, of $15 million for our share of FTS’s net loss and recorded an accretion adjustment of $6 million related to the excess of our underlying equity in net assets of FTS over our carrying value. | |||||||||||||||
As of March 31, 2014, the carrying value of our investment in FTS was less than our underlying equity in net assets by approximately $48 million, of which $14 million was attributed to non-depreciable assets. The value attributed to depreciable assets is being accreted over the estimated useful lives of the underlying assets. | |||||||||||||||
Chaparral Energy, Inc. Chaparral Energy, Inc. (Chaparral), based in Oklahoma City, Oklahoma, is a private independent oil and natural gas company engaged in the production, acquisition and exploitation of oil and natural gas properties. In the Current Quarter, we sold all of our interest in Chaparral for net cash proceeds of $209 million. We recorded a $73 million gain related to the sale. | |||||||||||||||
Sundrop Fuels, Inc. Sundrop Fuels, Inc. (Sundrop), based in Longmont, Colorado, is a privately held cellulosic biofuels company that is constructing a nonfood biomass-based “green gasoline” plant. In the Current Quarter, we recorded a $3 million charge related to our share of Sundrop's net loss and capitalized interest totaling $2 million associated with the construction of Sundrop’s plant. The capitalized interest is added to the investment carrying value in excess of our underlying equity and will be amortized over the life of the plant, once it is placed into service. The carrying value of our investment in Sundrop was in excess of our underlying equity in net assets by approximately $65 million. | |||||||||||||||
Other. In the Current Quarter, we sold an equity investment in a natural gas trading and management firm for cash proceeds of $30 million and recorded a loss of $6 million associated with the transaction. |
Variable_Interest_Entities_Not
Variable Interest Entities (Note) | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' |
Variable Interest Entities Disclosure [Text Block] | ' |
Variable Interest Entities | |
We consolidate the activities of VIEs for which we are the primary beneficiary. In order to determine whether we own a variable interest in a VIE, we perform qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. | |
Consolidated VIE | |
Chesapeake Granite Wash Trust. For a discussion of the formation, operations and presentation of the Trust, please see Noncontrolling Interests in Note 6. The Trust is considered a VIE due to the lack of voting or similar decision-making rights by its equity holders regarding activities that have a significant effect on the economic success of the Trust. Our ownership in the Trust and our obligations under the development agreement and related drilling support lien constitute variable interests. We have determined that we are the primary beneficiary of the Trust because (i) we have the power to direct the activities that most significantly impact the economic performance of the Trust via our obligations to perform under the development agreement, and (ii) as a result of the subordination and incentive thresholds applicable to the subordinated units we hold in the Trust, we have the obligation to absorb losses and the right to receive residual returns that could potentially be significant to the Trust. As a result, we consolidate the Trust in our financial statements, and the common units of the Trust owned by third parties are reflected as a noncontrolling interest. | |
The Trust is a consolidated entity whose legal existence is separate from Chesapeake and our other consolidated subsidiaries, and the Trust is not a guarantor of any of Chesapeake’s debt. The creditors or beneficial holders of the Trust have no recourse to the general credit of Chesapeake; however, we have certain obligations to the Trust through the development agreement that are secured by a drilling support lien on our retained interest in the development wells up to a specified maximum amount recoverable by the Trust, which could result in the Trust acquiring all or a portion of our retained interest in the undeveloped portion of an area of mutual interest, if we do not meet our drilling commitment. In consolidation, as of March 31, 2014, $1 million of cash and cash equivalents, approximately $298 million of net natural gas and oil properties, $6 million of short-term derivative liabilities and $19 million of other current liabilities were attributable to the Trust. We have presented parenthetically on the face of the condensed consolidated balance sheets the assets of the Trust that can be used only to settle obligations of the Trust and the liabilities of the Trust for which creditors do not have recourse to the general credit of Chesapeake. | |
Unconsolidated VIE | |
Mineral Acquisition Company I, L.P. In 2012, MAC-LP, L.L.C., a wholly owned non-guarantor unrestricted subsidiary of Chesapeake, entered into a partnership agreement with KKR Royalty Aggregator LLC (KKR) to form Mineral Acquisition Company I, L.P. The purpose of the partnership is to acquire mineral interests, or royalty interests carved out of mineral interests, in oil and natural gas basins in the continental United States. We are committed to acquire for our own account (outside the partnership) 10% of any acquisition agreed upon by the partnership up to a maximum of $25 million, and the partnership will acquire the remaining 90% up to a maximum of $225 million, funded entirely by KKR, making KKR the sole equity investor. We have significant influence over the decisions made by the partnership, as we hold two of five seats on the board of directors. We will receive proportionate distributions from the partnership of any cash received from royalties in excess of expenses paid, ranging from 7% to 22.5%. The partnership is considered a VIE because KKR’s control over the partnership is disproportionate to its economic interest. This VIE remains unconsolidated as the power to direct the activities of the partnership is shared between the Company and KKR. We are using the equity method to account for this investment. |
Other_Property_and_Equipment_N
Other Property and Equipment (Note) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | ' | ||||||||
Other Property and Equipment [Text Block] | ' | ||||||||
Other Property and Equipment | |||||||||
Net Gains on Sales of Fixed Assets | |||||||||
A summary by asset class of (gains) or losses on sales of fixed assets for the Current Quarter and the Prior Quarter is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Natural gas compressors | $ | (26 | ) | $ | — | ||||
Gathering systems and treating plants | 3 | (69 | ) | ||||||
Drilling rigs and equipment | 2 | 1 | |||||||
Buildings and land | — | 22 | |||||||
Other | (2 | ) | (3 | ) | |||||
Total net gains on sales of fixed assets | $ | (23 | ) | $ | (49 | ) | |||
Natural Gas Compressors. In the Current Quarter, we sold 102 compressors and related equipment to Access Midstream Partners, L.P. (NYSE:ACMP) for proceeds of approximately $159 million. We recorded a $24 million gain associated with the transaction. | |||||||||
Gathering Systems and Treating Plants. In the Prior Quarter, we sold our interest in certain gathering system assets in Pennsylvania to Western Gas Partners, LP (NYSE:WES) for proceeds of approximately $134 million. We recorded a $55 million gain associated with this transaction. | |||||||||
Buildings and Land. In the Prior Quarter, we recorded net losses of $22 million on sales of buildings and land located primarily in our Barnett Shale operating area. | |||||||||
Assets Held for Sale | |||||||||
In 2013, we determined we would sell certain of our buildings and land (other than our core campus) in the Oklahoma City area. In addition, as of March 31, 2014 we were continuing to pursue the sale of various land and buildings located in the Fort Worth, Texas area. The land and buildings in both the Oklahoma City and Fort Worth areas are reported under our other segment. We are also pursuing the sale of various other property and equipment, including certain drilling rigs, compressors and gathering systems. See Note 19 for more information on our compressors held for sale as of March 31, 2014 that were subsequently sold in April 2014. The drilling rigs are reported under our oilfield services operating segment, and the compressors and gathering systems are reported under our marketing, gathering and compression operating segment. These assets are being actively marketed, and we believe it is probable they will be sold over the next 12 months. As a result, these assets qualified as held for sale as of March 31, 2014. Natural gas and oil properties that we intend to sell are not presented as held for sale pursuant to the rules governing full cost accounting for oil and gas properties. A summary of the assets held for sale on our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 is detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Natural gas gathering systems and treating plants, net of accumulated depreciation | $ | 10 | $ | 11 | |||||
Oilfield services equipment, net of accumulated depreciation | 58 | 29 | |||||||
Compressors, net of accumulated depreciation | 322 | 285 | |||||||
Buildings and land, net of accumulated depreciation | 237 | 405 | |||||||
Property and equipment held for sale, net | $ | 627 | $ | 730 | |||||
In March 2014, management determined that certain properties in the Fort Worth area of the Barnett Shale, previously classified as held for sale as of December 31, 2013, would be reclassified as held for use. As of December 31, 2013, management’s development plan for the Barnett Shale did not contemplate the need for the underlying properties (for pad drilling in certain urban locations around Fort Worth) and the properties were marketed for sale. Management modified its development plan during the Current Quarter and consequently these properties no longer met the criteria to be classified as held for sale as of March 31, 2014. The properties were measured at the lesser of their fair value at the date of the decision not to sell or their carrying amount before being classified as held for sale. Approximately $116 million, primarily consisting of land that had been classified as held for sale as of December 31, 2013, was reclassified as held for use as of March 31, 2014. There was no impact to the statements of operations related to this reclassification in the Current Quarter. |
Impairments_of_Fixed_Assets_an
Impairments of Fixed Assets and Other (Note) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Impairment Charges [Abstract] | ' | ||||||||
Asset Impairment Charges [Text Block] | ' | ||||||||
Impairments of Fixed Assets and Other | |||||||||
We review our long-lived assets, other than our natural gas and oil properties which are subject to quarterly full cost ceiling tests, for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable and recognize an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. A summary of our impairments of fixed assets by asset class and other charges for the Current Quarter and the Prior Quarter is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Drilling rigs and equipment | $ | 20 | $ | — | |||||
Buildings and land | — | 27 | |||||||
Total impairments of fixed assets and other | $ | 20 | $ | 27 | |||||
Drilling Rigs and Equipment. In the Current Quarter, we purchased 20 leased rigs and equipment from various lessors for an aggregate purchase price of $77 million and paid approximately $8 million in early lease termination costs, which is included in impairments of fixed assets and other in the condensed consolidated statement of operations. In addition, we impaired approximately $12 million of leasehold improvements and other costs associated with these transactions. See Note 4 for a description of the master lease agreements. We measured the fair value of these assets based on recent sales information for comparable rigs and equipment. The drilling rigs and equipment are included in our oilfield services operating segment. | |||||||||
Buildings and Land. In the Prior Quarter, we recognized $27 million of impairment losses on certain of our buildings and land in the Oklahoma City area (other than our core campus) classified as held for sale. We measured the fair value of these assets based on purchase offers we received from third parties. The buildings and land are included in our other operating segment. | |||||||||
Nonrecurring Fair Value Measurements | |||||||||
Fair value measurements for impairments on the drilling rigs and equipment discussed above were based on recent sales information for comparable rigs and assets. As the fair value was estimated using the market approach based on recent prices from orderly sales transactions for comparable assets between market participants, the values were classified as Level 2 in the fair value hierarchy. Fair value measurements for impairments on the buildings and land discussed above were based on a bid we received from a third party. Since the input used was not observable in the market, these values were classified as Level 3 in the fair value hierarchy. |
Restructuring_and_Other_Termin
Restructuring and Other Termination Benefits (Note) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||
Restructuring and Other Termination Costs | |||||||||
On April 1, 2013, Aubrey K. McClendon, the co-founder of the Company, ceased serving as President and CEO and as a director of the Company pursuant to his agreement with the Board of Directors announced on January 29, 2013. Mr. McClendon’s departure from the Company was treated as a termination without cause under his employment agreement. On April 18, 2013, the Company and Mr. McClendon entered into a Founder Separation and Services Agreement, effective January 29, 2013, regarding his separation from employment and to facilitate the relationship between the Company and Mr. McClendon as joint working interest owners of oil and gas wells, leases and acreage. In the Prior Quarter, we incurred charges of approximately $64 million related to Mr. McClendon’s departure. | |||||||||
In December 2012, Chesapeake announced that it had offered a voluntary separation program (VSP) to certain employees as part of the Company's ongoing efforts to improve efficiencies and reduce costs. The VSP was offered to approximately 275 employees who met criteria based upon a combination of age and years of Chesapeake service, and 211 accepted prior to the expiration of the offer in February 2013. We recognized the expense related to their termination benefits over their remaining service period, which resulted in $56 million of expense for the Prior Quarter. | |||||||||
During the Prior Quarter, we also incurred charges of approximately $13 million related to other workforce reductions, including separations of executive officers other than the CEO. Substantially all of the restructuring and other termination costs in 2013 are in the exploration and production operating segment. Below is a summary of our restructuring and other termination costs for the Current Quarter and the Prior Quarter: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Termination benefits provided to Mr. McClendon: | |||||||||
Salary and bonus expense | $ | — | $ | 11 | |||||
Acceleration of 2008 performance bonus clawback | — | 11 | |||||||
Acceleration of stock-based compensation | — | 22 | |||||||
Acceleration of performance share unit awards(a) | (4 | ) | 13 | ||||||
Estimated aircraft usage benefits | — | 7 | |||||||
Total termination benefits provided to Mr. McClendon | (4 | ) | 64 | ||||||
Termination benefits provided to VSP participants: | |||||||||
Salary and bonus expense | — | 30 | |||||||
Acceleration of stock-based compensation | — | 24 | |||||||
Other termination benefits | — | 2 | |||||||
Total termination benefits provided to VSP participants | — | 56 | |||||||
Other termination benefits(a) | (3 | ) | 13 | ||||||
Total restructuring and other termination costs | $ | (7 | ) | $ | 133 | ||||
____________________________________________ | |||||||||
(a) | The Current Quarter amount primarily related to negative fair value adjustments to PSUs granted to former executives of the Company. For further discussion of our PSUs, see Note 7. |
Fair_Value_Measurements_Note
Fair Value Measurements (Note) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements Disclosure [Text Block] | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Recurring Fair Value Measurement | |||||||||||||||||
Other Current Assets. Assets related to Company matches of employee contributions to Chesapeake’s employee benefit plans are included in other current assets. The fair value of these assets is determined using quoted market prices as they consist of exchange-traded securities. | |||||||||||||||||
Other Current Liabilities. Liabilities related to Chesapeake’s deferred compensation plan are included in other current liabilities. The fair values of these liabilities are determined using quoted market prices, as the plan consists of exchange-traded mutual funds. | |||||||||||||||||
The following table provides fair value measurement information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 78 | $ | — | $ | — | $ | 78 | |||||||||
Other current liabilities | (80 | ) | — | — | (80 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 80 | $ | — | $ | — | $ | 80 | |||||||||
Other current liabilities | (82 | ) | — | — | (82 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
See Note 3 for information regarding fair value of other financial instruments. See Note 8 for information regarding fair value measurement of derivatives. See Note 13 regarding nonrecurring fair value measurements. |
Segment_Information_Note
Segment Information (Note) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Segment Information Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
We have three reportable operating segments, each of which is managed separately because of the nature of its products and services. The exploration and production operating segment is responsible for finding and producing natural gas, oil and NGL. The marketing, gathering and compression operating segment is responsible for marketing, gathering and compression of natural gas, oil and NGL. The oilfield services operating segment is responsible for drilling, oilfield trucking, oilfield rentals, hydraulic fracturing and other oilfield services operations for both Chesapeake-operated wells and wells operated by third parties. | |||||||||||||||||||||||||
Management evaluates the performance of our segments based upon income (loss) before income taxes. Revenues from the sale of natural gas, oil and NGL related to Chesapeake’s ownership interests by the marketing, gathering and compression operating segment are reflected as revenues within our exploration and production operating segment. Such amounts totaled $2.408 billion and $1.748 billion for the Current Quarter and the Prior Quarter, respectively. Revenues generated by the oilfield services operating segment for work performed for Chesapeake’s exploration and production operating segment are reclassified to the full cost pool based on Chesapeake’s ownership interest. Revenues reclassified totaled $271 million and $352 million for the Current Quarter and the Prior Quarter, respectively. No income is recognized in our condensed consolidated statements of operations related to oilfield services performed for Chesapeake-operated wells. The following table presents selected financial information for Chesapeake’s operating segments: | |||||||||||||||||||||||||
Exploration | Marketing, | Oilfield | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Services | Eliminations | Total | |||||||||||||||||||||
Production | and | ||||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||||||||||
Revenues | $ | 1,766 | $ | 5,423 | $ | 510 | $ | 26 | $ | (2,679 | ) | $ | 5,046 | ||||||||||||
Intersegment revenues | — | (2,408 | ) | (271 | ) | — | 2,679 | — | |||||||||||||||||
Total revenues | $ | 1,766 | $ | 3,015 | $ | 239 | $ | 26 | $ | — | $ | 5,046 | |||||||||||||
Income (Loss) Before | $ | 687 | $ | 105 | $ | (42 | ) | $ | 60 | $ | (64 | ) | $ | 746 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
Three Months Ended March 31, 2013: | |||||||||||||||||||||||||
Revenues | $ | 1,453 | $ | 3,529 | $ | 538 | $ | 10 | $ | (2,106 | ) | $ | 3,424 | ||||||||||||
Intersegment revenues | — | (1,748 | ) | (352 | ) | (6 | ) | 2,106 | — | ||||||||||||||||
Total revenues | $ | 1,453 | $ | 1,781 | $ | 186 | $ | 4 | $ | — | $ | 3,424 | |||||||||||||
Income (Loss) Before | $ | 170 | $ | 129 | $ | 22 | $ | (58 | ) | $ | (98 | ) | $ | 165 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Total Assets | $ | 36,102 | $ | 2,950 | $ | 2,058 | $ | 5,516 | $ | (4,021 | ) | $ | 42,605 | ||||||||||||
As of | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Total Assets | $ | 35,341 | $ | 2,430 | $ | 2,018 | $ | 5,750 | $ | (3,757 | ) | $ | 41,782 | ||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information (Note) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | |||||||||||||||||||||
Chesapeake Energy Corporation is a holding company, owns no operating assets, and has no significant operations independent of its subsidiaries. Our obligations under our outstanding senior notes and contingent convertible senior notes listed in Note 3 are fully and unconditionally guaranteed, jointly and severally, by certain of our 100% owned subsidiaries on a senior unsecured basis. Our oilfield services subsidiaries are separately capitalized and are not guarantors of our senior notes or our other debt obligations, but are subject to the covenants and guarantees in the oilfield services revolving bank credit facility agreement described in Note 3 that limit their ability to pay dividends or distributions or make loans to Chesapeake. In addition, subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors. | |||||||||||||||||||||
Set forth below are condensed consolidating financial statements for Chesapeake Energy Corporation (parent) on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013. Such financial information may not necessarily be indicative of our results of operations, cash flows or financial position had these subsidiaries operated as independent entities. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 974 | $ | — | $ | 75 | $ | (45 | ) | $ | 1,004 | ||||||||||
Restricted cash | — | — | 82 | (7 | ) | 75 | |||||||||||||||
Other | 88 | 2,862 | 623 | (377 | ) | 3,196 | |||||||||||||||
Intercompany receivable, net | 25,431 | — | — | (25,431 | ) | — | |||||||||||||||
Total Current Assets | 26,493 | 2,862 | 780 | (25,860 | ) | 4,275 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Natural gas and oil properties, at cost based on full cost accounting, net | — | 29,891 | 3,075 | (94 | ) | 32,872 | |||||||||||||||
Other property and equipment, net | — | 2,523 | 1,501 | (1 | ) | 4,023 | |||||||||||||||
Property and equipment held for | — | 569 | 58 | — | 627 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 32,983 | 4,634 | (95 | ) | 37,522 | |||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 109 | 962 | 109 | (372 | ) | 808 | |||||||||||||||
Investments in subsidiaries and | 2,387 | (201 | ) | — | (2,186 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,989 | $ | 36,606 | $ | 5,523 | $ | (28,513 | ) | $ | 42,605 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 550 | $ | 5,445 | $ | 392 | $ | (429 | ) | $ | 5,958 | ||||||||||
Intercompany payable, net | — | 24,922 | 257 | (25,179 | ) | — | |||||||||||||||
Total Current Liabilities | 550 | 30,367 | 649 | (25,608 | ) | 5,958 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,539 | — | 1,114 | — | 12,653 | ||||||||||||||||
Deferred income tax liabilities | 293 | 2,834 | 1,117 | (416 | ) | 3,828 | |||||||||||||||
Other long-term liabilities | 266 | 1,018 | 777 | (372 | ) | 1,689 | |||||||||||||||
Total Long-Term Liabilities | 12,098 | 3,852 | 3,008 | (788 | ) | 18,170 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 16,341 | 2,387 | 1,866 | (4,253 | ) | 16,341 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,136 | 2,136 | ||||||||||||||||
Total Equity | 16,341 | 2,387 | 1,866 | (2,117 | ) | 18,477 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,989 | $ | 36,606 | $ | 5,523 | $ | (28,513 | ) | $ | 42,605 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 799 | $ | — | $ | 39 | $ | (1 | ) | $ | 837 | ||||||||||
Restricted cash | — | — | 82 | (7 | ) | 75 | |||||||||||||||
Other | 103 | 2,392 | 616 | (367 | ) | 2,744 | |||||||||||||||
Intercompany receivable, net | 25,369 | — | — | (25,369 | ) | — | |||||||||||||||
Total Current Assets | 26,271 | 2,392 | 737 | (25,744 | ) | 3,656 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Natural gas and oil properties, at cost based on full cost accounting, net | — | 29,295 | 3,113 | 185 | 32,593 | ||||||||||||||||
Other property and equipment, net | — | 2,315 | 1,497 | (1 | ) | 3,811 | |||||||||||||||
Property and equipment held for | — | 701 | 29 | — | 730 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 32,311 | 4,639 | 184 | 37,134 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 111 | 1,146 | 111 | (376 | ) | 992 | |||||||||||||||
Investments in subsidiaries and | 2,349 | (251 | ) | — | (2,098 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,731 | $ | 35,598 | $ | 5,487 | $ | (28,034 | ) | $ | 41,782 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 300 | $ | 5,211 | $ | 379 | $ | (375 | ) | $ | 5,515 | ||||||||||
Intercompany payable, net | — | 24,752 | 593 | (25,345 | ) | — | |||||||||||||||
Total Current Liabilities | 300 | 29,963 | 972 | (25,720 | ) | 5,515 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,831 | — | 1,055 | — | 12,886 | ||||||||||||||||
Deferred income tax liabilities | 209 | 2,264 | 847 | 87 | 3,407 | ||||||||||||||||
Other liabilities | 396 | 1,022 | 788 | (372 | ) | 1,834 | |||||||||||||||
Total Long-Term Liabilities | 12,436 | 3,286 | 2,690 | (285 | ) | 18,127 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 15,995 | 2,349 | 1,825 | (4,174 | ) | 15,995 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,145 | 2,145 | ||||||||||||||||
Total Equity | 15,995 | 2,349 | 1,825 | (2,029 | ) | 18,140 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,731 | $ | 35,598 | $ | 5,487 | $ | (28,034 | ) | $ | 41,782 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Natural gas, oil and NGL | $ | — | $ | 1,545 | $ | 222 | $ | (1 | ) | $ | 1,766 | ||||||||||
Marketing, gathering and compression | — | 3,014 | 1 | — | 3,015 | ||||||||||||||||
Oilfield services | — | — | 536 | (271 | ) | 265 | |||||||||||||||
Total Revenues | — | 4,559 | 759 | (272 | ) | 5,046 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Natural gas, oil and NGL production | — | 269 | 19 | — | 288 | ||||||||||||||||
Production taxes | — | 49 | 1 | — | 50 | ||||||||||||||||
Marketing, gathering and compression | — | 2,979 | 1 | — | 2,980 | ||||||||||||||||
Oilfield services | — | 17 | 437 | (234 | ) | 220 | |||||||||||||||
General and administrative | — | 53 | 26 | — | 79 | ||||||||||||||||
Restructuring and other termination costs | — | (7 | ) | — | — | (7 | ) | ||||||||||||||
Natural gas, oil and NGL depreciation, | — | 568 | 62 | (2 | ) | 628 | |||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 39 | 74 | (35 | ) | 78 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of natural gas and oil properties | — | — | 59 | (59 | ) | — | |||||||||||||||
Impairments of fixed assets and other | — | — | 20 | — | 20 | ||||||||||||||||
Net gains on sales of fixed assets | — | (24 | ) | 1 | — | (23 | ) | ||||||||||||||
Total Operating Expenses | — | 3,943 | 700 | (330 | ) | 4,313 | |||||||||||||||
INCOME FROM OPERATIONS | — | 616 | 59 | 58 | 733 | ||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (192 | ) | — | (21 | ) | 174 | (39 | ) | |||||||||||||
Losses on investments | — | (15 | ) | — | (6 | ) | (21 | ) | |||||||||||||
Gain on sale of investment | — | 67 | — | — | 67 | ||||||||||||||||
Other income (loss) | 344 | (141 | ) | 1 | (198 | ) | 6 | ||||||||||||||
Equity in net earnings of subsidiary | 330 | (17 | ) | — | (313 | ) | — | ||||||||||||||
Total Other Income (Expense) | 482 | (106 | ) | (20 | ) | (343 | ) | 13 | |||||||||||||
INCOME BEFORE INCOME TAXES | 482 | 510 | 39 | (285 | ) | 746 | |||||||||||||||
INCOME TAX EXPENSE | 57 | 198 | 15 | 10 | 280 | ||||||||||||||||
NET INCOME | 425 | 312 | 24 | (295 | ) | 466 | |||||||||||||||
Net income attributable to | — | — | — | (41 | ) | (41 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE | 425 | 312 | 24 | (336 | ) | 425 | |||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income | 2 | 7 | — | — | 9 | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 427 | $ | 319 | $ | 24 | $ | (336 | ) | $ | 434 | ||||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Natural gas, oil and NGL | $ | — | $ | 1,322 | $ | 128 | $ | 3 | $ | 1,453 | |||||||||||
Marketing, gathering and compression | — | 1,778 | 3 | — | 1,781 | ||||||||||||||||
Oilfield services | — | — | 554 | (364 | ) | 190 | |||||||||||||||
Total Revenues | — | 3,100 | 685 | (361 | ) | 3,424 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Natural gas, oil and NGL production | — | 296 | 11 | — | 307 | ||||||||||||||||
Production taxes | — | 51 | 2 | — | 53 | ||||||||||||||||
Marketing, gathering and compression | — | 1,742 | 3 | — | 1,745 | ||||||||||||||||
Oilfield services | — | 23 | 426 | (294 | ) | 155 | |||||||||||||||
General and administrative | — | 87 | 23 | — | 110 | ||||||||||||||||
Restructuring and other termination costs | — | 131 | 2 | — | 133 | ||||||||||||||||
Natural gas, oil and NGL depreciation, | — | 591 | 57 | — | 648 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 48 | 71 | (41 | ) | 78 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of natural gas and oil | — | — | 91 | (91 | ) | — | |||||||||||||||
properties | |||||||||||||||||||||
Impairments of fixed assets and other | — | 27 | — | — | 27 | ||||||||||||||||
Net gains on sales of fixed assets | — | (49 | ) | — | — | (49 | ) | ||||||||||||||
Total Operating Expenses | — | 2,947 | 686 | (426 | ) | 3,207 | |||||||||||||||
INCOME FROM OPERATIONS | — | 153 | (1 | ) | 65 | 217 | |||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (219 | ) | (8 | ) | (16 | ) | 222 | (21 | ) | ||||||||||||
Losses on investments | — | (37 | ) | — | — | (37 | ) | ||||||||||||||
Other income | 216 | 42 | (2 | ) | (250 | ) | 6 | ||||||||||||||
Equity in net earnings (losses) of | 60 | (87 | ) | — | 27 | — | |||||||||||||||
subsidiary | |||||||||||||||||||||
Total Other Income (Expense) | 57 | (90 | ) | (18 | ) | (1 | ) | (52 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 57 | 63 | (19 | ) | 64 | 165 | |||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (1 | ) | 57 | (7 | ) | 14 | 63 | ||||||||||||||
NET INCOME (LOSS) | 58 | 6 | (12 | ) | 50 | 102 | |||||||||||||||
Net income attributable to | — | — | — | (44 | ) | (44 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | 58 | 6 | (12 | ) | 6 | 58 | |||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | (2 | ) | 14 | — | — | 12 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 56 | $ | 20 | $ | (12 | ) | $ | 6 | $ | 70 | ||||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 1,027 | $ | 264 | $ | — | $ | 1,291 | |||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Acquisitions of proved and unproved | — | (956 | ) | (128 | ) | — | (1,084 | ) | |||||||||||||
properties | |||||||||||||||||||||
Proceeds from divestitures of proved | — | 48 | 1 | — | 49 | ||||||||||||||||
and unproved properties | |||||||||||||||||||||
Additions to other property and | — | (319 | ) | (118 | ) | — | (437 | ) | |||||||||||||
equipment | |||||||||||||||||||||
Other investing activities | — | 442 | 5 | 26 | 473 | ||||||||||||||||
Net Cash Used In Investing | — | (785 | ) | (240 | ) | 26 | (999 | ) | |||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities | — | 140 | 281 | — | 421 | ||||||||||||||||
borrowings | |||||||||||||||||||||
Payments on credit facilities borrowings | — | (140 | ) | (222 | ) | — | (362 | ) | |||||||||||||
Other financing activities | (116 | ) | 47 | (45 | ) | (70 | ) | (184 | ) | ||||||||||||
Intercompany advances, net | 291 | (289 | ) | (2 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used In) | 175 | (242 | ) | 12 | (70 | ) | (125 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 175 | — | 36 | (44 | ) | 167 | |||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 799 | — | 39 | (1 | ) | 837 | |||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 974 | $ | — | $ | 75 | $ | (45 | ) | $ | 1,004 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent(a) | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 790 | $ | 146 | $ | (12 | ) | $ | 924 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Acquisitions of proved and unproved | — | (1,643 | ) | (216 | ) | — | (1,859 | ) | |||||||||||||
properties | |||||||||||||||||||||
Proceeds from divestitures of proved | — | 138 | 52 | — | 190 | ||||||||||||||||
and unproved properties | |||||||||||||||||||||
Additions to other property and | — | (186 | ) | (144 | ) | — | (330 | ) | |||||||||||||
equipment | |||||||||||||||||||||
Other investing activities | — | 135 | 74 | 45 | 254 | ||||||||||||||||
Net Cash Used In Investing | — | (1,556 | ) | (234 | ) | 45 | (1,745 | ) | |||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities | — | 3,395 | 237 | — | 3,632 | ||||||||||||||||
borrowings | |||||||||||||||||||||
Payments on credit facilities | — | (2,563 | ) | (248 | ) | — | (2,811 | ) | |||||||||||||
borrowings | |||||||||||||||||||||
Other financing activities | (133 | ) | (94 | ) | 6 | (33 | ) | (254 | ) | ||||||||||||
Intercompany advances, net | (95 | ) | 28 | 67 | — | — | |||||||||||||||
Net Cash Provided By (Used | (228 | ) | 766 | 62 | (33 | ) | 567 | ||||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase in cash and cash equivalents | (228 | ) | — | (26 | ) | — | (254 | ) | |||||||||||||
Cash and cash equivalents, beginning of | 228 | — | 59 | — | 287 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 33 | $ | — | $ | 33 | |||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | We have revised the amounts presented as cash and cash equivalents in the Guarantor Subsidiaries and Parent columns to properly reflect the cash of the Parent of $228 million, which was incorrectly presented in the Guarantor Subsidiaries column. The impact of this error was not material to any previously issued financial statements. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards (Note) | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Recently Issued Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued guidance on the recognition, measurement and disclosure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. We adopted this standard January 1, 2014, and it did not have a material impact on our financial statements. |
Subsequent_Events_Note
Subsequent Events (Note) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events Disclosure [Text Block] | ' |
Subsequent Events | |
On April 10, 2014, we sold 337 compressors and related equipment to Exterran Partners, L.P. for approximately $362 million. | |
On April 24, 2014, we issued $3.0 billion in aggregate principal amount of senior notes at par. The offering included two series of notes: $1.5 billion in aggregate principal amount of Floating Rate Senior Notes due 2019 and $1.5 billion in aggregate principal amount of 4.875% Senior Notes due 2022. We used a portion of the net proceeds of $2.966 billion to repay the borrowings under, and terminate, our term loan credit facility. We will use the remaining proceeds along with cash on hand to redeem approximately $97 million aggregate principal amount of 6.875% Senior Notes due 2018 and to purchase outstanding 9.5% Senior Notes due 2015 through a tender offer that we commenced concurrently with the senior notes offering. On April 24, 2014, we purchased approximately $946 million aggregate principal amount of the 9.5% Senior Notes due 2015 that were tendered by the early tender date. The tender offer will expire on May 7, 2014, unless extended, and the redemption of the 6.875% Senior Notes due 2018 is expected to occur on May 12, 2014. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Chesapeake Energy Corporation ("Chesapeake" or the "Company") and its subsidiaries are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. | |
This Form 10-Q relates to the three months ended March 31, 2014 (the “Current Quarter”) and the three months ended March 31, 2013 (the “Prior Quarter”). Chesapeake’s annual report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”) includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Form 10-Q. All material adjustments (consisting solely of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods have been reflected. The results for the Current Quarter are not necessarily indicative of the results to be expected for the full year. | |
Risks and Uncertainties [Policy Text Block] | ' |
Risks and Uncertainties | |
We recently conducted a company-wide review of our operations, assets and organizational structure to best position the Company to maximize shareholder value as we focus on our strategic priorities of financial discipline and profitable and efficient growth from captured resources. We intend to apply financial discipline through all aspects of our business, and we believe that the successful execution of this strategy will allow us to better balance capital expenditures with cash flow from operations as well as reduce financial leverage and complexity. While furthering our strategic priorities, certain actions that would reduce financial leverage and complexity could negatively impact our future results of operations and/or liquidity. We expect to incur various cash and noncash charges, including but not limited to impairments of fixed assets, lease termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity. |
Variable_Interest_Entities_Var
Variable Interest Entities Variable Interest Entity (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
We consolidate the activities of VIEs for which we are the primary beneficiary. |
Impairment_of_Fixed_Assets_and
Impairment of Fixed Assets and Other (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Asset Impairment Charges [Abstract] | ' |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
We review our long-lived assets, other than our natural gas and oil properties which are subject to quarterly full cost ceiling tests, for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable and recognize an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. |
Recently_Issued_Accounting_Sta1
Recently Issued Accounting Standards Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
In February 2013, the Financial Accounting Standards Board issued guidance on the recognition, measurement and disclosure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. We adopted this standard January 1, 2014, and it did not have a material impact on our financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | |||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Table Text Block] | ' | |||||||||||
For the Prior Quarter, our cumulative convertible preferred stock and participating securities and associated adjustments to net income, consisting of dividends on such shares, were excluded from the calculation of diluted EPS, as the effect was antidilutive. The impact of our stock options was immaterial in the calculation of diluted EPS for both the Current Quarter and the Prior Quarter. The following table sets forth the net income adjustments and shares of common stock related to our outstanding cumulative convertible preferred stock and participating securities in the Prior Quarter: | ||||||||||||
Net Income | Shares | |||||||||||
Adjustments | ||||||||||||
($ in millions) | (in millions) | |||||||||||
Three Months Ended March 31, 2013: | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 21 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 16 | 39 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 3 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 3 | 6 | |||||||||
Participating securities | $ | — | — | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
A reconciliation of basic EPS and diluted EPS for the Current Quarter is as follows: | ||||||||||||
Net Income | Weighted | Per | ||||||||||
Available to | Average | Share | ||||||||||
Common | Shares | Amount | ||||||||||
Stockholders | (Denominator) | |||||||||||
(Numerator) | ||||||||||||
(in millions, except per share data) | ||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||
Basic EPS | $ | 374 | 658 | $ | 0.57 | |||||||
Effect of Dilutive Securities: | ||||||||||||
Assumed conversion as of the beginning of the period | ||||||||||||
of preferred shares outstanding during the period: | ||||||||||||
Common shares assumed issued for 5.75% | 21 | 56 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
Common shares assumed issued for 5.75% | 16 | 39 | ||||||||||
cumulative convertible preferred stock (series A) | ||||||||||||
Common shares assumed issued for 5.00% | 3 | 5 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
(series 2005B) | ||||||||||||
Common shares assumed issued for 4.50% | 3 | 6 | ||||||||||
cumulative convertible preferred stock | ||||||||||||
Outstanding stock options | — | 1 | ||||||||||
Diluted EPS | $ | 417 | 765 | $ | 0.54 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Our long-term debt consisted of the following as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Term loan due 2017(a) | $ | 2,000 | $ | 2,000 | |||||||||||||
9.5% senior notes due 2015(b) | 1,265 | 1,265 | |||||||||||||||
3.25% senior notes due 2016 | 500 | 500 | |||||||||||||||
6.25% euro-denominated senior notes due 2017(c) | 473 | 473 | |||||||||||||||
6.5% senior notes due 2017 | 660 | 660 | |||||||||||||||
6.875% senior notes due 2018(d) | 97 | 97 | |||||||||||||||
7.25% senior notes due 2018 | 669 | 669 | |||||||||||||||
6.625% senior notes due 2019(e) | 650 | 650 | |||||||||||||||
6.625% senior notes due 2020 | 1,300 | 1,300 | |||||||||||||||
6.875% senior notes due 2020 | 500 | 500 | |||||||||||||||
6.125% senior notes due 2021 | 1,000 | 1,000 | |||||||||||||||
5.375% senior notes due 2021 | 700 | 700 | |||||||||||||||
5.75% senior notes due 2023 | 1,100 | 1,100 | |||||||||||||||
2.75% contingent convertible senior notes due 2035(f) | 396 | 396 | |||||||||||||||
2.5% contingent convertible senior notes due 2037(f) | 1,168 | 1,168 | |||||||||||||||
2.25% contingent convertible senior notes due 2038(f) | 347 | 347 | |||||||||||||||
Corporate revolving bank credit facility | — | — | |||||||||||||||
Oilfield services revolving bank credit facility | 464 | 405 | |||||||||||||||
Discount on senior notes and term loan(g) | (333 | ) | (357 | ) | |||||||||||||
Interest rate derivatives(h) | 13 | 13 | |||||||||||||||
Total debt, net | 12,969 | 12,886 | |||||||||||||||
Less current maturities of long-term debt, net(b) | (316 | ) | — | ||||||||||||||
Total long-term debt, net | $ | 12,653 | $ | 12,886 | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | We repaid the borrowings outstanding under the term loan due 2017 on April 24, 2014 with a portion of the net proceeds from our offering of $3.0 billion in aggregate principal amount of senior notes issued on April 24, 2014. See Note 19 for further discussion of refinancing transactions subsequent to March 31, 2014. | ||||||||||||||||
(b) | On April 10, 2014, we commenced a tender offer for the 9.5% Senior Notes due 2015 concurrently with an offering of senior notes. On April 24, 2014, we purchased approximately $946 million aggregate principal amount of notes that were tendered by the early tender date. The tender offer will expire on May 7, 2014, unless extended. See Note 19 for further discussion of refinancing transactions subsequent to March 31, 2014. The remaining $319 million in aggregate principal amount not tendered by the early tender date and the associated $3 million of discount are reflected as a current liability on our March 31, 2014 condensed consolidated balance sheet. | ||||||||||||||||
(c) | The principal amount shown is based on the exchange rate of $1.3769 to €1.00 and $1.3743 to €1.00 as of March 31, 2014 and December 31, 2013, respectively. See Note 8 for information on our related foreign currency derivatives. | ||||||||||||||||
(d) | On April 10, 2014, we called the 6.875% Senior Notes due 2018 for redemption on May 12, 2014. See Note 19 for discussion of refinancing transactions subsequent to March 31, 2014. | ||||||||||||||||
(e) | Issuers are Chesapeake Oilfield Operating, L.L.C. (COO), an indirect wholly owned subsidiary of the Company, and Chesapeake Oilfield Finance, Inc. (COF), a wholly owned subsidiary of COO formed solely to facilitate the offering of the 6.625% Senior Notes due 2019. COF is nominally capitalized and has no operations or revenues. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent convertible senior notes. | ||||||||||||||||
(f) | The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty years before the maturity date. The notes are convertible, at the holder’s option, prior to maturity under certain circumstances into cash and, if applicable, shares of our common stock using a net share settlement process. One such triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. In the first quarter of 2014, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes during the specified period and, as a result, the holders do not have the option to convert their notes into cash and common stock in the second quarter of 2014 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. The notes were not convertible under this provision in the Current Quarter or the Prior Quarter. In general, upon conversion of a contingent convertible senior note, the holder will receive cash equal to the principal amount of the note and common stock for the note’s conversion value in excess of such principal amount. Under certain conditions, we will pay contingent interest on the convertible senior notes after they have been outstanding at least ten years. We may redeem the convertible senior notes once they have been outstanding for ten years at a redemption price of 100% of the principal amount of the notes, payable in cash. The optional repurchase dates, the common stock price conversion threshold amounts and the ending date of the first six-month period in which contingent interest may be payable for the contingent convertible senior notes are as follows: | ||||||||||||||||
Contingent | Repurchase Dates | Common Stock | Contingent Interest | ||||||||||||||
Convertible | Price Conversion | First Payable | |||||||||||||||
Senior Notes | Thresholds | (if applicable) | |||||||||||||||
2.75% due 2035 | November 15, 2015, 2020, 2025, 2030 | $ | 48.09 | May 14, 2016 | |||||||||||||
2.5% due 2037 | May 15, 2017, 2022, 2027, 2032 | $ | 63.62 | November 14, 2017 | |||||||||||||
2.25% due 2038 | December 15, 2018, 2023, 2028, 2033 | $ | 106.75 | June 14, 2019 | |||||||||||||
(g) | Discount as of March 31, 2014 and December 31, 2013 included $284 million and $303 million, respectively, associated with the equity component of our contingent convertible senior notes. This discount is amortized based on an effective yield method. Discount also included $30 million and $33 million as of March 31, 2014 and December 31, 2013, respectively, associated with our term loan discussed further below. | ||||||||||||||||
(h) | See Note 8 for further discussion related to these instruments. | ||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||||||
During the Current Quarter, we had the following two revolving bank credit facilities as sources of liquidity: | |||||||||||||||||
Corporate | Oilfield Services | ||||||||||||||||
Credit Facility(a) | Credit Facility(b) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Facility structure | Senior secured | Senior secured | |||||||||||||||
revolving | revolving | ||||||||||||||||
Maturity date | December 2015 | November 2016 | |||||||||||||||
Borrowing capacity | $ | 4,000 | $ | 500 | |||||||||||||
Amount outstanding as of March 31, 2014 | $ | — | $ | 464 | |||||||||||||
Letters of credit outstanding as of March 31, 2014 | $ | 23 | $ | — | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | Co-borrowers are Chesapeake Exploration, L.L.C., Chesapeake Appalachia, L.L.C. and Chesapeake Louisiana, L.P. | ||||||||||||||||
(b) | Borrower is COO. | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||
Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
($ in millions) | |||||||||||||||||
Long-term debt (Level 1) | $ | 10,522 | $ | 11,639 | $ | 10,501 | $ | 11,557 | |||||||||
Long-term debt (Level 2) | $ | 2,434 | $ | 2,432 | $ | 2,372 | $ | 2,369 | |||||||||
Contingencies_and_Commitments_1
Contingencies and Commitments (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||
The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners or credits for third-party volumes, are presented below. | |||||
March 31, 2014 | |||||
($ in millions) | |||||
2014 | $ | 1,546 | |||
2015 | 1,830 | ||||
2016 | 1,915 | ||||
2017 | 1,948 | ||||
2018 | 1,749 | ||||
2019 - 2099 | 7,746 | ||||
Total | $ | 16,734 | |||
Other_Liabilities_Other_Liabil
Other Liabilities Other Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Current Liabilities [Table Text Block] | ' | ||||||||
Other current liabilities as of March 31, 2014 and December 31, 2013 are detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Revenues and royalties due others | $ | 1,499 | $ | 1,409 | |||||
Accrued natural gas, oil and NGL drilling and production costs | 285 | 457 | |||||||
Joint interest prepayments received | 530 | 464 | |||||||
Accrued compensation and benefits | 228 | 320 | |||||||
Other accrued taxes | 113 | 161 | |||||||
Accrued dividends | 101 | 101 | |||||||
Other | 538 | 599 | |||||||
Total other current liabilities | $ | 3,294 | $ | 3,511 | |||||
Other Long-Term Liabilities [Table Text Block] | ' | ||||||||
Other long-term liabilities as of March 31, 2014 and December 31, 2013 are detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
CHK Utica ORRI conveyance obligation(a) | $ | 242 | $ | 250 | |||||
CHK C-T ORRI conveyance obligation(b) | 146 | 149 | |||||||
Financing obligations | 30 | 31 | |||||||
Other | 433 | 554 | |||||||
Total other long-term liabilities | $ | 851 | $ | 984 | |||||
____________________________________________ | |||||||||
(a) | $15 million and $13 million of the total $257 million and $263 million obligations are recorded in other current liabilities as of March 31, 2014 and December 31, 2013, respectively. See Note 6 for further discussion of the transaction. | ||||||||
(b) | $15 million and $12 million of the total $161 million and $161 million obligations are recorded in other current liabilities as of March 31, 2014 and December 31, 2013, respectively. See Note 6 for further discussion of the transaction. |
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Common Stock [Table Text Block] | ' | ||||||||||||||||
The following is a summary of the changes in our common shares issued for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Shares issued as of January 1 | 666,192 | 666,468 | |||||||||||||||
Restricted stock issuances (net of forfeitures)(a) | (1,236 | ) | 2,631 | ||||||||||||||
Stock option exercises | 259 | 176 | |||||||||||||||
Shares issued as of March 31 | 665,215 | 669,275 | |||||||||||||||
___________________________________________ | |||||||||||||||||
(a) | In the second quarter of 2013, we began granting restricted stock units (RSUs) in lieu of restricted stock awards (RSAs) to non-employee directors and employees. Shares of common stock underlying RSUs are issued when the units vest, whereas restricted shares of common stock are issued on the grant date of RSAs. We refer to RSAs and RSUs collectively as restricted stock. | ||||||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||||||
The following reflects the shares outstanding and liquidation preferences of our cumulative convertible preferred stock for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
5.75% | 5.75% (A) | 4.50% | 5.00% | ||||||||||||||
(2005B) | |||||||||||||||||
Shares outstanding as of January 1, 2014 and 2013 and | 1,497 | 1,100 | 2,559 | 2,096 | |||||||||||||
March 31, 2014 and 2013 (in thousands) | |||||||||||||||||
Liquidation preference per share | $ | 1,000 | $ | 1,000 | $ | 100 | $ | 100 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
For the Current Quarter and the Prior Quarter, changes in accumulated other comprehensive income (loss) by component, net of tax, are detailed below. | |||||||||||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||
Other comprehensive income before reclassifications | 3 | — | 3 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 11 | (5 | ) | 6 | |||||||||||||
Net other comprehensive income | 14 | (5 | ) | 9 | |||||||||||||
Balance, March 31, 2014 | $ | (153 | ) | $ | — | $ | (153 | ) | |||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||
Other comprehensive income before reclassifications | (1 | ) | (5 | ) | (6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 12 | 6 | 18 | ||||||||||||||
Net other comprehensive income | 11 | 1 | 12 | ||||||||||||||
Balance, March 31, 2013 | $ | (178 | ) | $ | 8 | $ | (170 | ) | |||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Before | After | Before | After | ||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
($ in millions) | |||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||
Net change in fair value | 4 | 3 | (2 | ) | (1 | ) | |||||||||||
Losses reclassified to income | 18 | 11 | 19 | 12 | |||||||||||||
Balance, end of period | $ | (247 | ) | $ | (153 | ) | $ | (287 | ) | $ | (178 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
For the Current Quarter and the Prior Quarter, amounts reclassified from accumulated other comprehensive income (loss), net of tax, into the condensed consolidated statements of operations are detailed below. | |||||||||||||||||
Details About Accumulated | Affected Line Item | Three Months Ended | |||||||||||||||
Other Comprehensive | in the Statement | March 31, | |||||||||||||||
Income (Loss) Components | Where Net Income is Presented | 2014 | 2013 | ||||||||||||||
($ in millions) | |||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||
Commodity contracts | Natural gas, oil and NGL revenues | $ | 11 | $ | 12 | ||||||||||||
Investments: | |||||||||||||||||
Impairment of investment | Losses on investments | — | 6 | ||||||||||||||
Sale of investment | Net gain on sale of investment | (5 | ) | — | |||||||||||||
Total reclassifications for the period, net of tax | $ | 6 | $ | 18 | |||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | ' | ||||||||||||||||
For the Current Quarter and the Prior Quarter, the Trust declared and paid the following distributions: | |||||||||||||||||
Production Period | Distribution Date | Cash Distribution | Cash Distribution | ||||||||||||||
per | per | ||||||||||||||||
Common Unit | Subordinated Unit | ||||||||||||||||
September 2013 - November 2013 | March 3, 2014 | $ | 0.6624 | $ | — | ||||||||||||
September 2012 - November 2012 | March 1, 2013 | $ | 0.67 | $ | 0.3772 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation [Table Text Block] | ' | |||||||||||||||
We recorded the following compensation expenses related to restricted stock and stock options during the Current Quarter and the Prior Quarter: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | 12 | $ | 20 | ||||||||||||
Natural gas and oil properties | 7 | 21 | ||||||||||||||
Natural gas, oil and NGL production expenses | 4 | 6 | ||||||||||||||
Marketing, gathering and compression expenses | 2 | 3 | ||||||||||||||
Oilfield services expenses | 2 | 3 | ||||||||||||||
Total | $ | 27 | $ | 53 | ||||||||||||
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] [Table Text Block] | ' | |||||||||||||||
A summary of the changes in unvested shares of restricted stock during the Current Quarter is presented below. | ||||||||||||||||
Number of | Weighted Average | |||||||||||||||
Unvested | Grant Date | |||||||||||||||
Restricted Shares | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Unvested shares as of January 1, 2014 | 13,400 | $ | 23.38 | |||||||||||||
Granted | 3,943 | $ | 25.13 | |||||||||||||
Vested | (2,350 | ) | $ | 26.41 | ||||||||||||
Forfeited | (638 | ) | $ | 25.69 | ||||||||||||
Unvested shares as of March 31, 2014 | 14,355 | $ | 23.26 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||
The Company used the following assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter: | ||||||||||||||||
Expected option life - years | 6 | |||||||||||||||
Volatility | 48.33 | % | ||||||||||||||
Risk-free interest rate | 1.97 | % | ||||||||||||||
Dividend yield | 1.36 | % | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||
The following table provides information related to stock option activity during the Current Quarter: | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
Underlying | Exercise | Contract | Value(a) | |||||||||||||
Options | Price | Life in | ||||||||||||||
Per Share | Years | |||||||||||||||
(in thousands) | ($ in millions) | |||||||||||||||
Outstanding at January 1, 2014 | 5,268 | $ | 19.28 | 6.66 | $ | 41 | ||||||||||
Granted | 786 | $ | 25.71 | |||||||||||||
Exercised | (270 | ) | $ | 18.23 | $ | 2 | ||||||||||
Expired | — | $ | — | |||||||||||||
Outstanding at March 31, 2014 | 5,784 | $ | 20.2 | 7.15 | $ | 31 | ||||||||||
Exercisable at March 31, 2014 | 1,766 | $ | 18.95 | 3.72 | $ | 12 | ||||||||||
___________________________________________ | ||||||||||||||||
(a) | The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option. | |||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | ' | |||||||||||||||
The following table presents a summary of our PSU awards as of March 31, 2014: | ||||||||||||||||
Units | Fair Value | Fair Value | Liability for | |||||||||||||
as of | Vested | |||||||||||||||
Grant Date | Amount | |||||||||||||||
($ in millions) | ||||||||||||||||
2012 Awards (a) | ||||||||||||||||
Payable 2015 | 834,248 | $ | 23 | $ | 21 | $ | 21 | |||||||||
2013 Awards | ||||||||||||||||
Payable 2016 | 1,600,438 | $ | 35 | $ | 52 | $ | 45 | |||||||||
2014 Awards | ||||||||||||||||
Payable 2017 | 620,669 | $ | 17 | $ | 16 | $ | 4 | |||||||||
___________________________________________ | ||||||||||||||||
(a) | In the Current Quarter and the Prior Quarter, we paid $11 million and $2 million, respectively, related to 2012 PSU awards. | |||||||||||||||
Schedule of Share-based Compensation, PSU Units, Activity [Table Text Block] | ' | |||||||||||||||
We recorded the following compensation expenses related to PSUs during the Current Quarter and the Prior Quarter: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
($ in millions) | ||||||||||||||||
Natural gas and oil properties | $ | 1 | $ | 4 | ||||||||||||
General and administrative expenses | (1 | ) | 5 | |||||||||||||
Marketing, gathering and compression expenses | — | 2 | ||||||||||||||
Total | $ | — | $ | 11 | ||||||||||||
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] | ' | ||||||||||||||||
The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of March 31, 2014 and December 31, 2013 are provided below. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Volume | Fair Value | Volume | Fair Value | ||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||
Natural gas (tbtu): | |||||||||||||||||
Fixed-price swaps | 394 | $ | (125 | ) | 448 | $ | (23 | ) | |||||||||
Three-way collars | 387 | (48 | ) | 288 | (7 | ) | |||||||||||
Call options | 193 | (202 | ) | 193 | (210 | ) | |||||||||||
Call swaptions | — | — | 12 | — | |||||||||||||
Basis protection swaps | 151 | (14 | ) | 68 | 3 | ||||||||||||
Total natural gas | 1,125 | (389 | ) | 1,009 | (237 | ) | |||||||||||
Oil (mmbbl): | |||||||||||||||||
Fixed-price swaps | 22.8 | (81 | ) | 25.3 | (50 | ) | |||||||||||
Call options | 41.9 | (257 | ) | 42.5 | (265 | ) | |||||||||||
Basis protection swaps | 0.3 | 1 | 0.4 | 1 | |||||||||||||
Total oil | 65 | (337 | ) | 68.2 | (314 | ) | |||||||||||
Total estimated fair value | $ | (726 | ) | $ | (551 | ) | |||||||||||
Schedule Of Derivative Instruments In Condensed Consolidated Balance Sheets [Table Text Block] | ' | ||||||||||||||||
The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 on a gross basis and after same-counterparty netting: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Balance Sheet Classification | Gross Fair Value | Amounts Netted | Net Fair Value Presented | ||||||||||||||
in Condensed Consolidated | in Condensed Consolidated | ||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
($ in millions) | |||||||||||||||||
Commodity Contracts | |||||||||||||||||
Short-term derivative asset | $ | 13 | $ | (11 | ) | $ | 2 | ||||||||||
Long-term derivative asset | 3 | 1 | 4 | ||||||||||||||
Short-term derivative liability | (425 | ) | 11 | (414 | ) | ||||||||||||
Long-term derivative liability | (317 | ) | (1 | ) | (318 | ) | |||||||||||
Total commodity contracts | (726 | ) | — | (726 | ) | ||||||||||||
Interest Rate Contracts | |||||||||||||||||
Short-term derivative liability | (3 | ) | — | (3 | ) | ||||||||||||
Long-term derivative liability | (77 | ) | — | (77 | ) | ||||||||||||
Total interest rate contracts | (80 | ) | — | (80 | ) | ||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||
Long-term derivative asset | 7 | — | 7 | ||||||||||||||
Total foreign currency contracts | 7 | — | 7 | ||||||||||||||
Total Derivatives | $ | (799 | ) | $ | — | $ | (799 | ) | |||||||||
December 31, 2013 | |||||||||||||||||
Balance Sheet Classification | Gross Fair Value | Amounts Netted | Net Fair Value Presented | ||||||||||||||
in Condensed Consolidated | in Condensed Consolidated | ||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||
($ in millions) | |||||||||||||||||
Commodity Contracts | |||||||||||||||||
Short-term derivative asset | $ | 29 | $ | (29 | ) | $ | — | ||||||||||
Long-term derivative asset | 11 | (9 | ) | 2 | |||||||||||||
Short-term derivative liability | (231 | ) | 29 | (202 | ) | ||||||||||||
Long-term derivative liability | (362 | ) | 9 | (353 | ) | ||||||||||||
Total commodity contracts | (553 | ) | — | (553 | ) | ||||||||||||
Interest Rate Contracts | |||||||||||||||||
Short-term derivative liability | (6 | ) | — | (6 | ) | ||||||||||||
Long-term derivative liability | (92 | ) | — | (92 | ) | ||||||||||||
Total interest rate contracts | (98 | ) | — | (98 | ) | ||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||
Long-term derivative asset | 2 | — | 2 | ||||||||||||||
Total foreign currency contracts | 2 | — | 2 | ||||||||||||||
Total Derivatives | $ | (649 | ) | $ | — | $ | (649 | ) | |||||||||
____________________________________________ | |||||||||||||||||
(a) | Designated as cash flow hedging instruments. | ||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||
The components of natural gas, oil and NGL sales for the Current Quarter and the Prior Quarter are presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Natural gas, oil and NGL sales | $ | 2,148 | $ | 1,595 | |||||||||||||
Losses on undesignated natural gas, oil and NGL derivatives | (365 | ) | (123 | ) | |||||||||||||
Losses on terminated cash flow hedges | (17 | ) | (19 | ) | |||||||||||||
Total natural gas, oil and NGL sales | $ | 1,766 | $ | 1,453 | |||||||||||||
Interest Income And Interest Expense Disclosure [Table Text Block] | ' | ||||||||||||||||
The components of interest expense for the Current Quarter and the Prior Quarter are presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Interest expense on senior notes | $ | 180 | $ | 186 | |||||||||||||
Interest expense on term loans | 29 | 29 | |||||||||||||||
Amortization of loan discount, issuance costs and other | 19 | 19 | |||||||||||||||
Interest expense on credit facilities | 8 | 12 | |||||||||||||||
Gains on terminated fair value hedges | (1 | ) | — | ||||||||||||||
(Gains) losses on undesignated interest rate derivatives | (18 | ) | 4 | ||||||||||||||
Capitalized interest | (178 | ) | (229 | ) | |||||||||||||
Total interest expense | $ | 39 | $ | 21 | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
For the Current Quarter and the Prior Quarter, changes in accumulated other comprehensive income (loss) by component, net of tax, are detailed below. | |||||||||||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||
Other comprehensive income before reclassifications | 3 | — | 3 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 11 | (5 | ) | 6 | |||||||||||||
Net other comprehensive income | 14 | (5 | ) | 9 | |||||||||||||
Balance, March 31, 2014 | $ | (153 | ) | $ | — | $ | (153 | ) | |||||||||
Net Gains | Net Gains | Total | |||||||||||||||
(Losses) on | (Losses) | ||||||||||||||||
Cash Flow | on | ||||||||||||||||
Hedges | Investments | ||||||||||||||||
($ in millions) | |||||||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||
Other comprehensive income before reclassifications | (1 | ) | (5 | ) | (6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 12 | 6 | 18 | ||||||||||||||
Net other comprehensive income | 11 | 1 | 12 | ||||||||||||||
Balance, March 31, 2013 | $ | (178 | ) | $ | 8 | $ | (170 | ) | |||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Before | After | Before | After | ||||||||||||||
Tax | Tax | Tax | Tax | ||||||||||||||
($ in millions) | |||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||
Net change in fair value | 4 | 3 | (2 | ) | (1 | ) | |||||||||||
Losses reclassified to income | 18 | 11 | 19 | 12 | |||||||||||||
Balance, end of period | $ | (247 | ) | $ | (153 | ) | $ | (287 | ) | $ | (178 | ) | |||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 10 | $ | 6 | $ | 16 | |||||||||
Commodity liabilities | — | (229 | ) | (513 | ) | (742 | ) | ||||||||||
Interest rate liabilities | — | (80 | ) | — | (80 | ) | |||||||||||
Foreign currency assets | — | 7 | — | 7 | |||||||||||||
Total derivatives | $ | — | $ | (292 | ) | $ | (507 | ) | $ | (799 | ) | ||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 25 | $ | 15 | $ | 40 | |||||||||
Commodity liabilities | — | (100 | ) | (493 | ) | (593 | ) | ||||||||||
Interest rate liabilities | — | (98 | ) | — | (98 | ) | |||||||||||
Foreign currency assets | — | 2 | — | 2 | |||||||||||||
Total derivatives | $ | — | $ | (171 | ) | $ | (478 | ) | $ | (649 | ) | ||||||
The following table provides fair value measurement information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 78 | $ | — | $ | — | $ | 78 | |||||||||
Other current liabilities | (80 | ) | — | — | (80 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 80 | $ | — | $ | — | $ | 80 | |||||||||
Other current liabilities | (82 | ) | — | — | (82 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
A summary of the changes in the fair values of Chesapeake’s financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below. | |||||||||||||||||
Derivatives | |||||||||||||||||
Commodity | Interest Rate | ||||||||||||||||
($ in millions) | |||||||||||||||||
Beginning Balance as of January 1, 2014 | $ | (478 | ) | $ | — | ||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||
Included in earnings(a) | (80 | ) | — | ||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||
Settlements | 55 | — | |||||||||||||||
Transfers(b) | (4 | ) | — | ||||||||||||||
Ending Balance as of March 31, 2014 | $ | (507 | ) | $ | — | ||||||||||||
Beginning Balance as of January 1, 2013 | $ | (1,016 | ) | $ | — | ||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||
Included in earnings(a) | 194 | (1 | ) | ||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||
Sales | — | (1 | ) | ||||||||||||||
Settlements | 37 | — | |||||||||||||||
Ending Balance as of March 31, 2013 | $ | (785 | ) | $ | (2 | ) | |||||||||||
___________________________________________ | |||||||||||||||||
(a) | Natural Gas, Oil and | Interest Expense | |||||||||||||||
NGL Sales | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
($ in millions) | |||||||||||||||||
Total gains (losses) included in earnings for the | $ | (80 | ) | $ | 194 | $ | — | $ | (1 | ) | |||||||
period | |||||||||||||||||
Change in unrealized gains (losses) related to | $ | (57 | ) | $ | 191 | $ | — | $ | (2 | ) | |||||||
assets still held at reporting date | |||||||||||||||||
(b) | The values related to basis swaps were transferred from Level 3 to Level 2 as a result of our ability to begin using data readily available in the public market to corroborate our estimated fair values. | ||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||
Qualitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements | |||||||||||||||||
The significant unobservable inputs for Level 3 derivative contracts include unpublished forward prices of natural gas and oil, market volatility and credit risk of counterparties. Changes in these inputs impact the fair value measurement of our derivative contracts. For example, an increase (decrease) in the forward prices and volatility of natural gas and oil prices decreases (increases) the fair value of natural gas and oil derivatives and adverse changes to our counterparties’ creditworthiness decreases the fair value of our derivatives. | |||||||||||||||||
Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements | |||||||||||||||||
Instrument | Unobservable | Range | Weighted | Fair Value | |||||||||||||
Type | Input | Average | March 31, 2014(a) | ||||||||||||||
($ in millions) | |||||||||||||||||
Oil trades | Oil price volatility curves | 10.56% - 21.78% | 15.43 | % | $ | (256 | ) | ||||||||||
Natural gas trades | Natural gas price volatility | 18.03% - 38.37% | 24.32 | % | $ | (251 | ) | ||||||||||
curves | |||||||||||||||||
___________________________________________ | |||||||||||||||||
(a) | Fair value is based on an estimate derived from option models. |
Natural_Gas_and_Oil_Property_D1
Natural Gas and Oil Property Divestitures (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Drilling And Completion Costs Associated To Joint Ventures [Table Text Block] | ' | ||||||||||||||||||||||||
For accounting purposes, initial cash proceeds from these joint venture transactions were reflected as a reduction of natural gas and oil properties with no gain or loss recognized. The transactions are detailed below. | |||||||||||||||||||||||||
Primary | Joint | Joint | Interest | Initial Proceeds(b) | Total | Total Initial | Drilling | ||||||||||||||||||
Play | Venture | Venture | Sold | Drilling | Proceeds | Carries | |||||||||||||||||||
Partner(a) | Date | Carries | and Drilling | Remaining(c) | |||||||||||||||||||||
Carries | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Mississippi Lime | Sinopec | Jun-13 | 50.00% | $ | 949 | (d) | $ | — | $ | 949 | $ | — | |||||||||||||
Utica | TOT | December 2011 | 25.00% | 610 | 1,422 | (e) | 2,032 | 478 | |||||||||||||||||
Niobrara | CNOOC | Feb-11 | 33.30% | 570 | 697 | (f) | 1,267 | 64 | |||||||||||||||||
Eagle Ford | CNOOC | Nov-10 | 33.30% | 1,120 | 1,080 | 2,200 | — | ||||||||||||||||||
Barnett | TOT | Jan-10 | 25.00% | 800 | 1,403 | 2,203 | — | ||||||||||||||||||
Marcellus | STO | Nov-08 | 32.50% | 1,250 | 2,125 | 3,375 | — | ||||||||||||||||||
Fayetteville | BP | September 2008 | 25.00% | 1,100 | 800 | 1,900 | — | ||||||||||||||||||
Haynesville & Bossier | FCX | Jul-08 | 20.00% | 1,650 | 1,508 | 3,158 | — | ||||||||||||||||||
$ | 8,049 | $ | 9,035 | $ | 17,084 | $ | 542 | ||||||||||||||||||
____________________________________________ | |||||||||||||||||||||||||
(a) | Joint venture partners are Sinopec International Petroleum Exploration and Production (Sinopec), Total S.A. (TOT), CNOOC Limited (CNOOC), Statoil (STO), BP America (BP) and Freeport-McMoRan Copper & Gold (FCX), formerly known as Plains Exploration & Production Company. | ||||||||||||||||||||||||
(b) | Excludes closing and post-closing adjustments. | ||||||||||||||||||||||||
(c) | As of March 31, 2014. | ||||||||||||||||||||||||
(d) | Excludes $71 million of net proceeds (or 7% of the total transaction) expected to be received pursuant to certain post-closing adjustments and approximately $90 million received at closing for closing adjustments. | ||||||||||||||||||||||||
(e) | The Utica drilling carry covers 60% of our drilling and completion costs for Utica wells drilled and must be used by December 2018. We expect to fully utilize this drilling carry commitment prior to expiration. See Note 4 for further discussion of the Utica drilling carries. | ||||||||||||||||||||||||
(f) | The Niobrara drilling carry covers 67% of our drilling and completion costs for Niobrara wells drilled and must be used by December 2014. We expect to fully utilize this drilling carry commitment prior to expiration. | ||||||||||||||||||||||||
VPP Transactions [Table Text Block] | ' | ||||||||||||||||||||||||
Our outstanding VPPs consist of the following: | |||||||||||||||||||||||||
Volume Sold | |||||||||||||||||||||||||
VPP # | Date of VPP | Location | Proceeds | Natural Gas | Oil | NGL | Total | ||||||||||||||||||
($ in millions) | (bcf) | (mmbbl) | (mmbbl) | (bcfe) | |||||||||||||||||||||
10 | Mar-12 | Anadarko Basin Granite | $ | 744 | 87 | 3 | 9.2 | 160 | |||||||||||||||||
Wash | |||||||||||||||||||||||||
9 | May-11 | Mid-Continent | 853 | 138 | 1.7 | 4.8 | 177 | ||||||||||||||||||
8 | September 2010 | Barnett Shale | 1,150 | 390 | — | — | 390 | ||||||||||||||||||
6 | February 2010 | East Texas and NW | 180 | 44 | 0.3 | — | 46 | ||||||||||||||||||
Louisiana | |||||||||||||||||||||||||
5 | Aug-09 | South Texas | 370 | 67 | 0.2 | — | 68 | ||||||||||||||||||
4 | December 2008 | Anadarko and Arkoma | 412 | 95 | 0.5 | — | 98 | ||||||||||||||||||
Basins | |||||||||||||||||||||||||
3 | Aug-08 | Anadarko Basin | 600 | 93 | — | — | 93 | ||||||||||||||||||
2 | May-08 | Texas, Oklahoma and | 622 | 94 | — | — | 94 | ||||||||||||||||||
Kansas | |||||||||||||||||||||||||
1 | December 2007 | Kentucky and West | 1,100 | 208 | — | — | 208 | ||||||||||||||||||
Virginia | |||||||||||||||||||||||||
$ | 6,031 | 1,216 | 5.7 | 14 | 1,334 | ||||||||||||||||||||
VPP Volumes Produced During Period [Table Text Block] | ' | ||||||||||||||||||||||||
The volumes produced on behalf of our VPP buyers for the Current Quarter and the Prior Quarter were as follows: | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
VPP # | Natural Gas | Oil | NGL | Total | Natural Gas | Oil | NGL | Total | |||||||||||||||||
(bcf) | (mbbl) | (mbbl) | (bcfe) | (bcf) | (mbbl) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 2.8 | 109 | 345.2 | 5.5 | 3.7 | 154 | 407.7 | 6.9 | |||||||||||||||||
9 | 4 | 49 | 106.5 | 4.9 | 4.4 | 56.2 | 118.8 | 5.5 | |||||||||||||||||
8 | 15.7 | — | — | 15.7 | 18 | — | — | 18 | |||||||||||||||||
6 | 1.1 | 6 | — | 1.2 | 1.2 | 6 | — | 1.2 | |||||||||||||||||
5 | 1.7 | 6.3 | — | 1.8 | 2 | 6 | — | 2 | |||||||||||||||||
4 | 2.3 | 12.4 | — | 2.4 | 2.6 | 14.2 | — | 2.7 | |||||||||||||||||
3 | 1.9 | — | — | 1.9 | 2.1 | — | — | 2.1 | |||||||||||||||||
2 | 2.4 | — | — | 2.4 | 2.7 | — | — | 2.7 | |||||||||||||||||
1 | 3.6 | — | — | 3.6 | 3.8 | — | — | 3.8 | |||||||||||||||||
35.5 | 182.7 | 451.7 | 39.4 | 40.5 | 236.4 | 526.5 | 44.9 | ||||||||||||||||||
VPP Volumes Remaining to be Delivered [Table Text Block] | ' | ||||||||||||||||||||||||
The volumes remaining to be delivered on behalf of our VPP buyers as of March 31, 2014 were as follows: | |||||||||||||||||||||||||
Volume Remaining as of March 31, 2014 | |||||||||||||||||||||||||
VPP # | Term Remaining | Natural Gas | Oil | NGL | Total | ||||||||||||||||||||
(in months) | (bcf) | (mmbbl) | (mmbbl) | (bcfe) | |||||||||||||||||||||
10 | 95 | 45.8 | 1.6 | 5.6 | 89.2 | ||||||||||||||||||||
9 | 83 | 84.7 | 1 | 2.2 | 104 | ||||||||||||||||||||
8 | 17 | 80.9 | — | — | 80.9 | ||||||||||||||||||||
6 | 70 | 20.3 | 0.1 | — | 21.1 | ||||||||||||||||||||
5 | 34 | 15.2 | 0.1 | — | 15.5 | ||||||||||||||||||||
4 | 33 | 22 | 0.1 | — | 22.7 | ||||||||||||||||||||
3 | 64 | 29.2 | — | — | 29.2 | ||||||||||||||||||||
2 | 61 | 17.6 | — | — | 17.6 | ||||||||||||||||||||
1 | 105 | 101.8 | — | — | 101.8 | ||||||||||||||||||||
417.5 | 2.9 | 7.8 | 482 | ||||||||||||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Investments [Abstract] | ' | ||||||||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | ' | ||||||||||||||
A summary of our investments, including our approximate ownership percentage as of March 31, 2014 and December 31, 2013, is presented below. | |||||||||||||||
Approximate | Carrying | ||||||||||||||
Ownership % | Value | ||||||||||||||
Accounting | March 31, | December 31, | March 31, | December 31, | |||||||||||
Method | 2014 | 2013 | 2014 | 2013 | |||||||||||
($ in millions) | |||||||||||||||
FTS International, Inc. | Equity | 30% | 30% | $ | 129 | $ | 138 | ||||||||
Chaparral Energy, Inc. | Equity | —% | 20% | — | 143 | ||||||||||
Sundrop Fuels, Inc. | Equity | 56% | 56% | 134 | 135 | ||||||||||
Other | — | —% | —% | 25 | 61 | ||||||||||
Total investments | $ | 288 | $ | 477 | |||||||||||
Other_Property_and_Equipment_T
Other Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | ||||||||
A summary by asset class of (gains) or losses on sales of fixed assets for the Current Quarter and the Prior Quarter is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Natural gas compressors | $ | (26 | ) | $ | — | ||||
Gathering systems and treating plants | 3 | (69 | ) | ||||||
Drilling rigs and equipment | 2 | 1 | |||||||
Buildings and land | — | 22 | |||||||
Other | (2 | ) | (3 | ) | |||||
Total net gains on sales of fixed assets | $ | (23 | ) | $ | (49 | ) | |||
Disclosure of Long Lived Assets Held-for-Sale [Table Text Block] | ' | ||||||||
A summary of the assets held for sale on our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 is detailed below. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Natural gas gathering systems and treating plants, net of accumulated depreciation | $ | 10 | $ | 11 | |||||
Oilfield services equipment, net of accumulated depreciation | 58 | 29 | |||||||
Compressors, net of accumulated depreciation | 322 | 285 | |||||||
Buildings and land, net of accumulated depreciation | 237 | 405 | |||||||
Property and equipment held for sale, net | $ | 627 | $ | 730 | |||||
Impairments_of_Fixed_Assets_an1
Impairments of Fixed Assets and Other (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Impairment Charges [Abstract] | ' | ||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | ||||||||
A summary of our impairments of fixed assets by asset class and other charges for the Current Quarter and the Prior Quarter is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Drilling rigs and equipment | $ | 20 | $ | — | |||||
Buildings and land | — | 27 | |||||||
Total impairments of fixed assets and other | $ | 20 | $ | 27 | |||||
Recovered_Sheet1
Restructuring and other Termination Benefits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||
Substantially all of the restructuring and other termination costs in 2013 are in the exploration and production operating segment. Below is a summary of our restructuring and other termination costs for the Current Quarter and the Prior Quarter: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Termination benefits provided to Mr. McClendon: | |||||||||
Salary and bonus expense | $ | — | $ | 11 | |||||
Acceleration of 2008 performance bonus clawback | — | 11 | |||||||
Acceleration of stock-based compensation | — | 22 | |||||||
Acceleration of performance share unit awards(a) | (4 | ) | 13 | ||||||
Estimated aircraft usage benefits | — | 7 | |||||||
Total termination benefits provided to Mr. McClendon | (4 | ) | 64 | ||||||
Termination benefits provided to VSP participants: | |||||||||
Salary and bonus expense | — | 30 | |||||||
Acceleration of stock-based compensation | — | 24 | |||||||
Other termination benefits | — | 2 | |||||||
Total termination benefits provided to VSP participants | — | 56 | |||||||
Other termination benefits(a) | (3 | ) | 13 | ||||||
Total restructuring and other termination costs | $ | (7 | ) | $ | 133 | ||||
____________________________________________ | |||||||||
(a) | The Current Quarter amount primarily related to negative fair value adjustments to PSUs granted to former executives of the Company. For further discussion of our PSUs, see Note 7. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 10 | $ | 6 | $ | 16 | |||||||||
Commodity liabilities | — | (229 | ) | (513 | ) | (742 | ) | ||||||||||
Interest rate liabilities | — | (80 | ) | — | (80 | ) | |||||||||||
Foreign currency assets | — | 7 | — | 7 | |||||||||||||
Total derivatives | $ | — | $ | (292 | ) | $ | (507 | ) | $ | (799 | ) | ||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 25 | $ | 15 | $ | 40 | |||||||||
Commodity liabilities | — | (100 | ) | (493 | ) | (593 | ) | ||||||||||
Interest rate liabilities | — | (98 | ) | — | (98 | ) | |||||||||||
Foreign currency assets | — | 2 | — | 2 | |||||||||||||
Total derivatives | $ | — | $ | (171 | ) | $ | (478 | ) | $ | (649 | ) | ||||||
The following table provides fair value measurement information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 78 | $ | — | $ | — | $ | 78 | |||||||||
Other current liabilities | (80 | ) | — | — | (80 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
As of December 31, 2013 | Quoted | Significant | Significant | Total | |||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 80 | $ | — | $ | — | $ | 80 | |||||||||
Other current liabilities | (82 | ) | — | — | (82 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents selected financial information for Chesapeake’s operating segments: | |||||||||||||||||||||||||
Exploration | Marketing, | Oilfield | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Services | Eliminations | Total | |||||||||||||||||||||
Production | and | ||||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014: | |||||||||||||||||||||||||
Revenues | $ | 1,766 | $ | 5,423 | $ | 510 | $ | 26 | $ | (2,679 | ) | $ | 5,046 | ||||||||||||
Intersegment revenues | — | (2,408 | ) | (271 | ) | — | 2,679 | — | |||||||||||||||||
Total revenues | $ | 1,766 | $ | 3,015 | $ | 239 | $ | 26 | $ | — | $ | 5,046 | |||||||||||||
Income (Loss) Before | $ | 687 | $ | 105 | $ | (42 | ) | $ | 60 | $ | (64 | ) | $ | 746 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
Three Months Ended March 31, 2013: | |||||||||||||||||||||||||
Revenues | $ | 1,453 | $ | 3,529 | $ | 538 | $ | 10 | $ | (2,106 | ) | $ | 3,424 | ||||||||||||
Intersegment revenues | — | (1,748 | ) | (352 | ) | (6 | ) | 2,106 | — | ||||||||||||||||
Total revenues | $ | 1,453 | $ | 1,781 | $ | 186 | $ | 4 | $ | — | $ | 3,424 | |||||||||||||
Income (Loss) Before | $ | 170 | $ | 129 | $ | 22 | $ | (58 | ) | $ | (98 | ) | $ | 165 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||||||
Total Assets | $ | 36,102 | $ | 2,950 | $ | 2,058 | $ | 5,516 | $ | (4,021 | ) | $ | 42,605 | ||||||||||||
As of | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Total Assets | $ | 35,341 | $ | 2,430 | $ | 2,018 | $ | 5,750 | $ | (3,757 | ) | $ | 41,782 | ||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 974 | $ | — | $ | 75 | $ | (45 | ) | $ | 1,004 | ||||||||||
Restricted cash | — | — | 82 | (7 | ) | 75 | |||||||||||||||
Other | 88 | 2,862 | 623 | (377 | ) | 3,196 | |||||||||||||||
Intercompany receivable, net | 25,431 | — | — | (25,431 | ) | — | |||||||||||||||
Total Current Assets | 26,493 | 2,862 | 780 | (25,860 | ) | 4,275 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Natural gas and oil properties, at cost based on full cost accounting, net | — | 29,891 | 3,075 | (94 | ) | 32,872 | |||||||||||||||
Other property and equipment, net | — | 2,523 | 1,501 | (1 | ) | 4,023 | |||||||||||||||
Property and equipment held for | — | 569 | 58 | — | 627 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 32,983 | 4,634 | (95 | ) | 37,522 | |||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 109 | 962 | 109 | (372 | ) | 808 | |||||||||||||||
Investments in subsidiaries and | 2,387 | (201 | ) | — | (2,186 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,989 | $ | 36,606 | $ | 5,523 | $ | (28,513 | ) | $ | 42,605 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 550 | $ | 5,445 | $ | 392 | $ | (429 | ) | $ | 5,958 | ||||||||||
Intercompany payable, net | — | 24,922 | 257 | (25,179 | ) | — | |||||||||||||||
Total Current Liabilities | 550 | 30,367 | 649 | (25,608 | ) | 5,958 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,539 | — | 1,114 | — | 12,653 | ||||||||||||||||
Deferred income tax liabilities | 293 | 2,834 | 1,117 | (416 | ) | 3,828 | |||||||||||||||
Other long-term liabilities | 266 | 1,018 | 777 | (372 | ) | 1,689 | |||||||||||||||
Total Long-Term Liabilities | 12,098 | 3,852 | 3,008 | (788 | ) | 18,170 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 16,341 | 2,387 | 1,866 | (4,253 | ) | 16,341 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,136 | 2,136 | ||||||||||||||||
Total Equity | 16,341 | 2,387 | 1,866 | (2,117 | ) | 18,477 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,989 | $ | 36,606 | $ | 5,523 | $ | (28,513 | ) | $ | 42,605 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
AS OF DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 799 | $ | — | $ | 39 | $ | (1 | ) | $ | 837 | ||||||||||
Restricted cash | — | — | 82 | (7 | ) | 75 | |||||||||||||||
Other | 103 | 2,392 | 616 | (367 | ) | 2,744 | |||||||||||||||
Intercompany receivable, net | 25,369 | — | — | (25,369 | ) | — | |||||||||||||||
Total Current Assets | 26,271 | 2,392 | 737 | (25,744 | ) | 3,656 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Natural gas and oil properties, at cost based on full cost accounting, net | — | 29,295 | 3,113 | 185 | 32,593 | ||||||||||||||||
Other property and equipment, net | — | 2,315 | 1,497 | (1 | ) | 3,811 | |||||||||||||||
Property and equipment held for | — | 701 | 29 | — | 730 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 32,311 | 4,639 | 184 | 37,134 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 111 | 1,146 | 111 | (376 | ) | 992 | |||||||||||||||
Investments in subsidiaries and | 2,349 | (251 | ) | — | (2,098 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,731 | $ | 35,598 | $ | 5,487 | $ | (28,034 | ) | $ | 41,782 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 300 | $ | 5,211 | $ | 379 | $ | (375 | ) | $ | 5,515 | ||||||||||
Intercompany payable, net | — | 24,752 | 593 | (25,345 | ) | — | |||||||||||||||
Total Current Liabilities | 300 | 29,963 | 972 | (25,720 | ) | 5,515 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,831 | — | 1,055 | — | 12,886 | ||||||||||||||||
Deferred income tax liabilities | 209 | 2,264 | 847 | 87 | 3,407 | ||||||||||||||||
Other liabilities | 396 | 1,022 | 788 | (372 | ) | 1,834 | |||||||||||||||
Total Long-Term Liabilities | 12,436 | 3,286 | 2,690 | (285 | ) | 18,127 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 15,995 | 2,349 | 1,825 | (4,174 | ) | 15,995 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,145 | 2,145 | ||||||||||||||||
Total Equity | 15,995 | 2,349 | 1,825 | (2,029 | ) | 18,140 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,731 | $ | 35,598 | $ | 5,487 | $ | (28,034 | ) | $ | 41,782 | ||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Natural gas, oil and NGL | $ | — | $ | 1,545 | $ | 222 | $ | (1 | ) | $ | 1,766 | ||||||||||
Marketing, gathering and compression | — | 3,014 | 1 | — | 3,015 | ||||||||||||||||
Oilfield services | — | — | 536 | (271 | ) | 265 | |||||||||||||||
Total Revenues | — | 4,559 | 759 | (272 | ) | 5,046 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Natural gas, oil and NGL production | — | 269 | 19 | — | 288 | ||||||||||||||||
Production taxes | — | 49 | 1 | — | 50 | ||||||||||||||||
Marketing, gathering and compression | — | 2,979 | 1 | — | 2,980 | ||||||||||||||||
Oilfield services | — | 17 | 437 | (234 | ) | 220 | |||||||||||||||
General and administrative | — | 53 | 26 | — | 79 | ||||||||||||||||
Restructuring and other termination costs | — | (7 | ) | — | — | (7 | ) | ||||||||||||||
Natural gas, oil and NGL depreciation, | — | 568 | 62 | (2 | ) | 628 | |||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 39 | 74 | (35 | ) | 78 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of natural gas and oil properties | — | — | 59 | (59 | ) | — | |||||||||||||||
Impairments of fixed assets and other | — | — | 20 | — | 20 | ||||||||||||||||
Net gains on sales of fixed assets | — | (24 | ) | 1 | — | (23 | ) | ||||||||||||||
Total Operating Expenses | — | 3,943 | 700 | (330 | ) | 4,313 | |||||||||||||||
INCOME FROM OPERATIONS | — | 616 | 59 | 58 | 733 | ||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (192 | ) | — | (21 | ) | 174 | (39 | ) | |||||||||||||
Losses on investments | — | (15 | ) | — | (6 | ) | (21 | ) | |||||||||||||
Gain on sale of investment | — | 67 | — | — | 67 | ||||||||||||||||
Other income (loss) | 344 | (141 | ) | 1 | (198 | ) | 6 | ||||||||||||||
Equity in net earnings of subsidiary | 330 | (17 | ) | — | (313 | ) | — | ||||||||||||||
Total Other Income (Expense) | 482 | (106 | ) | (20 | ) | (343 | ) | 13 | |||||||||||||
INCOME BEFORE INCOME TAXES | 482 | 510 | 39 | (285 | ) | 746 | |||||||||||||||
INCOME TAX EXPENSE | 57 | 198 | 15 | 10 | 280 | ||||||||||||||||
NET INCOME | 425 | 312 | 24 | (295 | ) | 466 | |||||||||||||||
Net income attributable to | — | — | — | (41 | ) | (41 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE | 425 | 312 | 24 | (336 | ) | 425 | |||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income | 2 | 7 | — | — | 9 | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 427 | $ | 319 | $ | 24 | $ | (336 | ) | $ | 434 | ||||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Natural gas, oil and NGL | $ | — | $ | 1,322 | $ | 128 | $ | 3 | $ | 1,453 | |||||||||||
Marketing, gathering and compression | — | 1,778 | 3 | — | 1,781 | ||||||||||||||||
Oilfield services | — | — | 554 | (364 | ) | 190 | |||||||||||||||
Total Revenues | — | 3,100 | 685 | (361 | ) | 3,424 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Natural gas, oil and NGL production | — | 296 | 11 | — | 307 | ||||||||||||||||
Production taxes | — | 51 | 2 | — | 53 | ||||||||||||||||
Marketing, gathering and compression | — | 1,742 | 3 | — | 1,745 | ||||||||||||||||
Oilfield services | — | 23 | 426 | (294 | ) | 155 | |||||||||||||||
General and administrative | — | 87 | 23 | — | 110 | ||||||||||||||||
Restructuring and other termination costs | — | 131 | 2 | — | 133 | ||||||||||||||||
Natural gas, oil and NGL depreciation, | — | 591 | 57 | — | 648 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 48 | 71 | (41 | ) | 78 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of natural gas and oil | — | — | 91 | (91 | ) | — | |||||||||||||||
properties | |||||||||||||||||||||
Impairments of fixed assets and other | — | 27 | — | — | 27 | ||||||||||||||||
Net gains on sales of fixed assets | — | (49 | ) | — | — | (49 | ) | ||||||||||||||
Total Operating Expenses | — | 2,947 | 686 | (426 | ) | 3,207 | |||||||||||||||
INCOME FROM OPERATIONS | — | 153 | (1 | ) | 65 | 217 | |||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (219 | ) | (8 | ) | (16 | ) | 222 | (21 | ) | ||||||||||||
Losses on investments | — | (37 | ) | — | — | (37 | ) | ||||||||||||||
Other income | 216 | 42 | (2 | ) | (250 | ) | 6 | ||||||||||||||
Equity in net earnings (losses) of | 60 | (87 | ) | — | 27 | — | |||||||||||||||
subsidiary | |||||||||||||||||||||
Total Other Income (Expense) | 57 | (90 | ) | (18 | ) | (1 | ) | (52 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 57 | 63 | (19 | ) | 64 | 165 | |||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (1 | ) | 57 | (7 | ) | 14 | 63 | ||||||||||||||
NET INCOME (LOSS) | 58 | 6 | (12 | ) | 50 | 102 | |||||||||||||||
Net income attributable to | — | — | — | (44 | ) | (44 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | 58 | 6 | (12 | ) | 6 | 58 | |||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | (2 | ) | 14 | — | — | 12 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 56 | $ | 20 | $ | (12 | ) | $ | 6 | $ | 70 | ||||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 1,027 | $ | 264 | $ | — | $ | 1,291 | |||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Acquisitions of proved and unproved | — | (956 | ) | (128 | ) | — | (1,084 | ) | |||||||||||||
properties | |||||||||||||||||||||
Proceeds from divestitures of proved | — | 48 | 1 | — | 49 | ||||||||||||||||
and unproved properties | |||||||||||||||||||||
Additions to other property and | — | (319 | ) | (118 | ) | — | (437 | ) | |||||||||||||
equipment | |||||||||||||||||||||
Other investing activities | — | 442 | 5 | 26 | 473 | ||||||||||||||||
Net Cash Used In Investing | — | (785 | ) | (240 | ) | 26 | (999 | ) | |||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities | — | 140 | 281 | — | 421 | ||||||||||||||||
borrowings | |||||||||||||||||||||
Payments on credit facilities borrowings | — | (140 | ) | (222 | ) | — | (362 | ) | |||||||||||||
Other financing activities | (116 | ) | 47 | (45 | ) | (70 | ) | (184 | ) | ||||||||||||
Intercompany advances, net | 291 | (289 | ) | (2 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used In) | 175 | (242 | ) | 12 | (70 | ) | (125 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 175 | — | 36 | (44 | ) | 167 | |||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 799 | — | 39 | (1 | ) | 837 | |||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 974 | $ | — | $ | 75 | $ | (45 | ) | $ | 1,004 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent(a) | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 790 | $ | 146 | $ | (12 | ) | $ | 924 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Acquisitions of proved and unproved | — | (1,643 | ) | (216 | ) | — | (1,859 | ) | |||||||||||||
properties | |||||||||||||||||||||
Proceeds from divestitures of proved | — | 138 | 52 | — | 190 | ||||||||||||||||
and unproved properties | |||||||||||||||||||||
Additions to other property and | — | (186 | ) | (144 | ) | — | (330 | ) | |||||||||||||
equipment | |||||||||||||||||||||
Other investing activities | — | 135 | 74 | 45 | 254 | ||||||||||||||||
Net Cash Used In Investing | — | (1,556 | ) | (234 | ) | 45 | (1,745 | ) | |||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities | — | 3,395 | 237 | — | 3,632 | ||||||||||||||||
borrowings | |||||||||||||||||||||
Payments on credit facilities | — | (2,563 | ) | (248 | ) | — | (2,811 | ) | |||||||||||||
borrowings | |||||||||||||||||||||
Other financing activities | (133 | ) | (94 | ) | 6 | (33 | ) | (254 | ) | ||||||||||||
Intercompany advances, net | (95 | ) | 28 | 67 | — | — | |||||||||||||||
Net Cash Provided By (Used | (228 | ) | 766 | 62 | (33 | ) | 567 | ||||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase in cash and cash equivalents | (228 | ) | — | (26 | ) | — | (254 | ) | |||||||||||||
Cash and cash equivalents, beginning of | 228 | — | 59 | — | 287 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | 33 | $ | — | $ | 33 | |||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | We have revised the amounts presented as cash and cash equivalents in the Guarantor Subsidiaries and Parent columns to properly reflect the cash of the Parent of $228 million, which was incorrectly presented in the Guarantor Subsidiaries column. The impact of this error was not material to any previously issued financial statements. |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Earnings Per Share, Basic | $0.57 | $0.02 |
Diluted | $0.54 | $0.02 |
Weighted Average Number of Shares Outstanding, Basic | 658 | 651 |
Weighted Average Number of Shares Outstanding, Diluted | 765 | 651 |
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net Income Adjustments | ' | $21 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 56 |
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock Series A | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net Income Adjustments | ' | 16 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 39 |
Convertible Debt Securities [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net Income Adjustments | ' | 3 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 5 |
Convertible Debt Securities [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net Income Adjustments | ' | 3 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 6 |
Restricted stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net Income Adjustments | ' | $0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 0 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Basic and Diluted Table (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $374 | $15 |
Weighted Average Number of Shares Outstanding, Basic | 658 | 651 |
Earnings Per Share, Basic | $0.57 | $0.02 |
Net Income (Loss) Attributable to Parent | 417 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 765 | 651 |
Diluted | $0.54 | $0.02 |
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share | 21 | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 56 | ' |
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock Series A | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share | 16 | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 39 | ' |
Convertible Debt Securities [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share | 3 | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 5 | ' |
Convertible Debt Securities [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Dilutive Securities, Effect on Basic Earnings Per Share | 3 | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 6 | ' |
Stock Options | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1 | ' |
Amount of Dilutive Securities, Stock Options | $0 | ' |
Debt_LongTerm_Debt_Table_Detai
Debt - Long-Term Debt Table (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 25, 2014 | Apr. 24, 2014 | Apr. 25, 2014 | Apr. 24, 2014 | Apr. 10, 2014 | Mar. 31, 2014 |
Corporate Revolving Bank Credit Facility | Corporate Revolving Bank Credit Facility | Oilfield Services Revolving Bank Credit Facility | Oilfield Services Revolving Bank Credit Facility | Interest rate contract | Interest rate contract | 6.875% Senior Notes Due 2018 | 2.75% Contingent Convertible Senior Notes Due 2035 | 2.5% Contingent Convertible Senior Notes due 2037 | 2.25% Contingent Convertible Senior Notes Due 2038 | Term Loan [Member] | Term Loan [Member] | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Note Discounts [Member] | Note Discounts [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Senior Secured Term Loan Due 2017 | Senior Secured Term Loan Due 2017 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 3.25% Senior Notes due 2016 | 3.25% Senior Notes due 2016 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.5% Senior Notes Due 2017 | 6.5% Senior Notes Due 2017 | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | 7.25% Senior Notes Due 2018 | 7.25% Senior Notes Due 2018 | 6.625% Senior Notes Due 2019 | 6.625% Senior Notes Due 2019 | 6.625% Senior Notes Due 2020 | 6.625% Senior Notes Due 2020 | 6.875% Senior Notes Due 2020 | 6.875% Senior Notes Due 2020 | 6.125% Senior Notes Due 2021 | 6.125% Senior Notes Due 2021 | 5.375% Senior Notes due 2021 | 5.375% Senior Notes due 2021 | 5.75% Senior Notes due 2023 | 5.75% Senior Notes due 2023 | 2.75% Contingent Convertible Senior Notes Due 2035 | 2.75% Contingent Convertible Senior Notes Due 2035 | 2.5% Contingent Convertible Senior Notes due 2037 | 2.5% Contingent Convertible Senior Notes due 2037 | 2.25% Contingent Convertible Senior Notes Due 2038 | 2.25% Contingent Convertible Senior Notes Due 2038 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | |||||||||||||||||
Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 6.875% Senior Notes Due 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | $12,969 | $12,886 | $0 | $0 | $464 | $405 | $13 | $13 | ' | ' | ' | ' | $2,000 | $2,000 | ' | ' | $1,265 | $1,265 | $500 | $500 | $473 | $473 | $473 | ' | $660 | $660 | $97 | $97 | $669 | $669 | $650 | $650 | $1,300 | $1,300 | $500 | $500 | $1,000 | $1,000 | $700 | $700 | $1,100 | $1,100 | $396 | $396 | $1,168 | $1,168 | $347 | $347 | ' | ' | ' | $3,000 | ' | $319 | ' | ' |
Current maturities of long-term debt, net | -316 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 946 | ' | 946 | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 12,653 | 12,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | $33 | $284 | $303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($333) | ($357) | ' | ' | ' | $3 | ' | ' |
Derivative, Forward Exchange Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3769 | 1.3743 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | 3.25% | ' | ' | ' | 6.25% | ' | 6.50% | ' | 6.88% | ' | 7.25% | ' | 6.63% | ' | 6.63% | ' | 6.88% | ' | 6.13% | ' | 5.38% | ' | 5.75% | ' | 2.75% | ' | 2.50% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | 9.50% | 6.88% |
Percentage Of Principal Amount Of Notes For Repurchase Requirement Of Contingent Convertible Senior Notes | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | '5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Price Conversion Thresholds | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48.09 | $63.62 | $106.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-May-16 | 14-Nov-17 | 14-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Long_Term_Debt_Table_Phan
Debt - Long Term Debt Table (Phantom) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Senior Secured Term Loan Due 2017 | Term Loan [Member] | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument Maturity Year | '2017 |
9.5% Senior Notes Due 2015 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 9.50% |
Debt Instrument Maturity Year | '2015 |
3.25% Senior Notes due 2016 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
Debt Instrument Maturity Year | '2016 |
6.25% Euro-Denominated Senior Notes Due 2017 | Senior Notes | Cross Currency Interest Rate Contract [Member] | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Debt Instrument Maturity Year | '2017 |
6.5% Senior Notes Due 2017 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% |
Debt Instrument Maturity Year | '2017 |
6.875% Senior Notes Due 2018 | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.63% |
6.875% Senior Notes Due 2018 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% |
Debt Instrument Maturity Year | '2018 |
7.25% Senior Notes Due 2018 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% |
Debt Instrument Maturity Year | '2018 |
6.625% Senior Notes Due 2019 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.63% |
Debt Instrument Maturity Year | '2019 |
6.625% Senior Notes Due 2020 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.63% |
Debt Instrument Maturity Year | '2020 |
6.875% Senior Notes Due 2020 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% |
Debt Instrument Maturity Year | '2020 |
5.375% Senior Notes due 2021 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% |
Debt Instrument Maturity Year | '2021 |
6.125% Senior Notes Due 2021 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.13% |
Debt Instrument Maturity Year | '2021 |
5.75% Senior Notes due 2023 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
Debt Instrument Maturity Year | '2023 |
2.75% Contingent Convertible Senior Notes Due 2035 | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instruments Convertible Optional Repurchase Dates | 'November 15, 2015, 2020, 2025, 2030 |
2.75% Contingent Convertible Senior Notes Due 2035 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% |
Debt Instrument Maturity Year | '2035 |
2.5% Contingent Convertible Senior Notes due 2037 | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instruments Convertible Optional Repurchase Dates | 'May 15, 2017, 2022, 2027, 2032 |
2.5% Contingent Convertible Senior Notes due 2037 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% |
Debt Instrument Maturity Year | '2037 |
2.25% Contingent Convertible Senior Notes Due 2038 | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instruments Convertible Optional Repurchase Dates | 'December 15, 2018, 2023, 2028, 2033 |
2.25% Contingent Convertible Senior Notes Due 2038 | Senior Notes | ' |
Long-Term Debt Instrument [Line Items] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
Debt Instrument Maturity Year | '2038 |
Debt_Term_Loans_Narrative_Deta
Debt - Term Loans Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 07, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 |
Term Loan [Member] | Term Loan [Member] | Senior Notes | Senior Notes | Senior Notes | |||
Long-Term Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Commitment Period | ' | ' | 'five-year | ' | ' | ' | ' |
Unsecured Debt | ' | ' | ' | $2,000,000,000 | ' | ' | ' |
Net proceeds from issuance of unsecured loan | ' | ' | 1,935,000,000 | ' | ' | ' | ' |
Long-term Debt, Gross | 12,969,000,000 | 12,886,000,000 | ' | ' | ' | ' | 3,000,000,000 |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | $284,000,000 | $303,000,000 | ' |
Debt_Senior_Notes_and_Continge
Debt - Senior Notes and Contingent Convertible Senior Notes Purchased Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Senior Notes | Senior Notes | Minimum | Minimum | 2.5% Contingent Convertible Senior Notes due 2037 | 2.5% Contingent Convertible Senior Notes due 2037 | 2.75% Contingent Convertible Senior Notes Due 2035 | 2.75% Contingent Convertible Senior Notes Due 2035 | 2.25% Contingent Convertible Senior Notes Due 2038 | 2.25% Contingent Convertible Senior Notes Due 2038 | 3.25% Senior Notes due 2016 | 3.25% Senior Notes due 2016 | 6.625% Senior Notes Due 2019 | 6.625% Senior Notes Due 2019 | 6.625% Senior Notes Due 2019 | 5.375% Senior Notes due 2021 | 5.375% Senior Notes due 2021 | 5.75% Senior Notes due 2023 | 5.75% Senior Notes due 2023 | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | ||
Senior Notes | COO Senior Notes [Member] | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | COO Senior Notes [Member] | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | ||||||
Long-Term Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Outstanding Principal Amount | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 2.50% | ' | 2.75% | ' | 2.25% | ' | 3.25% | ' | 6.63% | ' | ' | 5.38% | ' | 5.75% | ' | 6.63% | 6.88% | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | 8.00% | ' | 6.86% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 12,969 | 12,886 | ' | ' | ' | 50 | 1,168 | 1,168 | 396 | 396 | 347 | 347 | 500 | 500 | 650 | 650 | ' | 700 | 700 | 1,100 | 1,100 | ' | 97 | 97 |
Debt Instrument, Unamortized Discount | ' | ' | $284 | $303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Principal Amount Redeemed Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Debt_Bank_Credit_Facilities_Ta
Debt - Bank Credit Facilities Table (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Line of Credit Facility [Line Items] | ' |
Number Of Credit Facilities | 2 |
Corporate Revolving Bank Credit Facility | ' |
Line of Credit Facility [Line Items] | ' |
Facility structure | 'Senior secured revolving |
Maturity date | 'December 2015 |
Borrowing capacity | $4,000 |
Amount outstanding as of March 31, 2014 | 0 |
Letters of credit outstanding as of March 31, 2014 | 23 |
Oilfield Services Revolving Bank Credit Facility | ' |
Line of Credit Facility [Line Items] | ' |
Facility structure | 'Senior secured revolving |
Maturity date | 'November 2016 |
Borrowing capacity | 500 |
Amount outstanding as of March 31, 2014 | 464 |
Letters of credit outstanding as of March 31, 2014 | $0 |
Debt_Bank_Credit_Facilities_Na
Debt - Bank Credit Facilities Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Long-Term Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | $12,969,000,000 | $12,886,000,000 |
Corporate Revolving Bank Credit Facility | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Borrowing capacity | 4,000,000,000 | ' |
Interest Rate In Addition To Federal Funds Rate | 0.50% | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ' |
Long-term Debt, Gross | 0 | 0 |
Line of Credit Facility, Amount Outstanding | 0 | ' |
Corporate Revolving Bank Credit Facility | Minimum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimim | 1.50% | ' |
Debt Outstanding Principal Amount | 50,000,000 | ' |
Corporate Revolving Bank Credit Facility | Maximum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rage, Effective Percentage Rate Range, Maximum | 2.25% | ' |
Long-term Debt | 125,000,000 | ' |
Corporate Revolving Bank Credit Facility | Union Bank N.A. | Minimum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimim | 0.50% | ' |
Corporate Revolving Bank Credit Facility | Union Bank N.A. | Maximum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rage, Effective Percentage Rate Range, Maximum | 1.25% | ' |
Oilfield Services Revolving Bank Credit Facility | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Borrowing capacity | 500,000,000 | ' |
Interest Rate In Addition To Federal Funds Rate | 0.50% | ' |
Line Of Credit Facility Extended Borrowing Capacity | 900,000,000 | ' |
Debt Instrument Interest Rate In Addition To Eurodollar Rate | 1.00% | ' |
Acceleration of Principal Amount Due, Credit Facility | 50,000,000 | ' |
Long-term Debt, Gross | 464,000,000 | 405,000,000 |
Line of Credit Facility, Amount Outstanding | 464,000,000 | ' |
Oilfield Services Revolving Bank Credit Facility | In Excess | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | $15,000,000 | ' |
Oilfield Services Revolving Bank Credit Facility | Bank Of America N.A. | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimim | 1.00% | ' |
Debt Instrument, Interest Rage, Effective Percentage Rate Range, Maximum | 1.75% | ' |
Oilfield Services Revolving Bank Credit Facility | Bank Of America N.A. | Minimum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.38% | ' |
Percentage above LIBOR rate | 2.00% | ' |
Oilfield Services Revolving Bank Credit Facility | Bank Of America N.A. | Maximum | ' | ' |
Long-Term Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ' |
Percentage above LIBOR rate | 2.75% | ' |
Debt_Debt_Fair_Value_of_Other_
Debt Debt - Fair Value of Other Financial Instruments (Table) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | $11,639 | $11,557 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | 2,432 | 2,369 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | 10,522 | 10,501 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | $2,434 | $2,372 |
Contingencies_Narrative_Detail
Contingencies - Narrative (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Loss Contingency, Damages Paid, Value | $3,200,000 | $600,000 |
Loss Contingency Term | '10 years | ' |
Commitments_Undiscounted_Gathe
Commitments - Undiscounted Gathering Processing and Transportation Agreements Commitments Table (Details) (Gas Gathering and Processing Equipment [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Gas Gathering and Processing Equipment [Member] | ' |
Other Commitments [Line Items] | ' |
Other Commitment, Due in Next Twelve Months | $1,546 |
Other Commitment, Due in Second Year | 1,830 |
Other Commitment, Due in Third Year | 1,915 |
Other Commitment, Due in Fourth Year | 1,948 |
Other Commitment, Due in Fifth Year | 1,749 |
Other Commitment, Due after Fifth Year | 7,746 |
Other Commitment | $16,734 |
Commitments_Narrative_Details
Commitments - Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 20, 2011 | Jul. 20, 2011 |
Net Acreage Shortfall [Member] | Net Acreage Maintenance Commitment [Member] | Drilling Rigs [Member] | Drilling Rigs [Member] | Drilling Rigs [Member] | Compressor [Member] | Equipment | Drilling Rigs [Member] | Drilling Rig Leases [Member] | Gas Gathering and Processing Equipment [Member] | Oilfield Services and Other [Member] | Compressor [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Sundrop Fuels, Inc. | Sundrop Fuels, Inc. | Sundrop Fuels, Inc. | Initial Payment [Member] | ||
acre | Rigs | Minimum | Maximum | Compressor | Rigs | Compressor | well | well | Minimum | Maximum | Sundrop Fuels, Inc. | ||||||||||
Compressor | |||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Spud Wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 488 | ' | ' | ' | ' | ' | ' |
Equipment, Number of Leased Units | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | 346 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,734 | $117 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Drilling Rigs Leased | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Term | ' | ' | ' | ' | '6 months | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of repurchased equipment | ' | ' | ' | 20 | ' | ' | 1,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | 43 | ' | ' | 196 | 109 | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | 77 | ' | ' | 271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Contract Termination | ' | ' | ' | 8 | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Acreage Shortfall | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Committed Wells Per Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' |
Drilling Percentage Previous Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' |
Drilling Percentage Current Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' |
Guaranteed Gross Profit Margin | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Committed Wells Per Year In Year One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270 | ' | ' | ' | ' | ' | ' | ' |
Minimum Committed Wells Per Year In Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134 | 135 | 155 | 35 |
Marketable Securities, Equity Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' |
Other_Liabilities_ShortTerm_Ta
Other Liabilities - Short-Term Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Revenues and royalties due others | $1,499 | $1,409 |
Accrued natural gas, oil and NGL drilling and production costs | 285 | 457 |
Joint interest prepayments received | 530 | 464 |
Accrued compensation and benefits | 228 | 320 |
Other accrued taxes | 113 | 161 |
Accrued dividends | 101 | 101 |
Other | 538 | 599 |
Total other current liabilities | $3,294 | $3,511 |
Other_Liabilities_LongTerm_Tab
Other Liabilities - Long-Term Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Long-Term Liabilities [Line Items] | ' | ' |
Financing obligations | $30 | $31 |
Other | 433 | 554 |
Total other long-term liabilities | 851 | 984 |
Other liabilities, current | 3,294 | 3,511 |
Chesapeake Utica L L C [Member] | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Conveyance Obligation Noncurrent | 242 | 250 |
Total other long-term liabilities | 257 | 263 |
Other liabilities, current | 15 | 13 |
Chesapeake Cleveland Tonkawa L.L.C | ' | ' |
Other Long-Term Liabilities [Line Items] | ' | ' |
Conveyance Obligation Noncurrent | 146 | 149 |
Total other long-term liabilities | 161 | 161 |
Other liabilities, current | $15 | $12 |
Equity_Common_Stock_Table_Deta
Equity - Common Stock Table (Details) | 3 Months Ended | |||||
Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued Beginning of Period | ' | ' | 665,214,625 | 666,192,371 | 669,275,000 | 666,468,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | -1,236,000 | 2,631,000 | ' | ' | ' | ' |
Stock option exercises | 259,000 | 176,000 | ' | ' | ' | ' |
Common Stock, Shares, Issued End of Period | ' | ' | 665,214,625 | 666,192,371 | 669,275,000 | 666,468,000 |
Equity_Convertible_Preferred_S
Equity - Convertible Preferred Stock Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
5.75% Cumulative Convertible Preferred Stock | 5.75% Cumulative Convertible Preferred Stock | 5.75% Cumulative Convertible Preferred Stock Series A | 5.75% Cumulative Convertible Preferred Stock Series A | 4.50% Cumulative Convertible Preferred Stock [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | |||
5.75% Cumulative Convertible Preferred Stock | 5.75% Cumulative Convertible Preferred Stock | 5.75% Cumulative Convertible Preferred Stock | 5.75% Cumulative Convertible Preferred Stock Series A | 5.75% Cumulative Convertible Preferred Stock Series A | 5.75% Cumulative Convertible Preferred Stock Series A | 4.50% Cumulative Convertible Preferred Stock [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | 5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | ' | $1,000,000 | $1,000,000 | ' | $100,000 | $100,000 | ' | $100,000 | $100,000 | ' |
Shares outstanding, beginning of period | 7,251,515 | 7,251,515 | 1,497,000 | 1,497,000 | 1,100,000 | 1,100,000 | 2,559,000 | 2,559,000 | 2,096,000 | 2,096,000 | 1,497,000 | ' | 1,497,000 | 1,100,000 | ' | 1,100,000 | 2,559,000 | ' | 2,559,000 | 2,096,000 | ' | 2,096,000 |
Shares outstanding, end of period | 7,251,515 | 7,251,515 | 1,497,000 | 1,497,000 | 1,100,000 | 1,100,000 | 2,559,000 | 2,559,000 | 2,096,000 | 2,096,000 | 1,497,000 | ' | 1,497,000 | 1,100,000 | ' | 1,100,000 | 2,559,000 | ' | 2,559,000 | 2,096,000 | ' | 2,096,000 |
Equity_Equity_AOCI_Changes_Net
Equity Equity - AOCI Changes Net of Tax Table (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2014 | Mar. 30, 2013 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) Period Start | ($162) | ' | ' | ($162) | ' | ($182) | ' | ' | ($153) | ($167) | ($178) | ($189) | ' | ' | $0 | $5 | $8 | $7 |
Other comprehensive income before reclassifications | ' | ' | 3 | ' | -6 | ' | 3 | -1 | ' | ' | ' | ' | 0 | -5 | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | 6 | 6 | 18 | 18 | 11 | 12 | ' | ' | ' | ' | -5 | 6 | ' | ' | ' | ' |
Net current period other comprehensive income | 9 | 12 | 9 | ' | 12 | ' | 14 | 11 | ' | ' | ' | ' | -5 | 1 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) Period End | ($153) | ' | ' | ($153) | ' | ($170) | ' | ' | ($153) | ($167) | ($178) | ($189) | ' | ' | $0 | $5 | $8 | $7 |
Equity_Equity_AOCI_Reclassific
Equity Equity - AOCI Reclassifications Table (Details) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2014 | Mar. 30, 2013 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $6 | $6 | $18 | $18 |
Natural Gas, Oil and NGL Revenue [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | 11 | ' | 12 |
Impairment of Investment [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | 0 | ' | 6 |
Sale of Investment [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ($5) | ' | $0 |
Equity_Narrative_Details
Equity - Narrative (Details) | 3 Months Ended |
Mar. 31, 2014 | |
5.75% Cumulative Convertible Preferred Stock | ' |
Schedule of Capitalization, Equity [Line Items] | ' |
Preferred Stock, Dividend Rate, Percentage | 5.75% |
4.50% Cumulative Convertible Preferred Stock [Member] | ' |
Schedule of Capitalization, Equity [Line Items] | ' |
Preferred Stock, Dividend Rate, Percentage | 4.50% |
5.0% Cumulative Convertible Preferred Stock Series Two Thousand And Five B [Member] | ' |
Schedule of Capitalization, Equity [Line Items] | ' |
Preferred Stock, Dividend Rate, Percentage | 5.00% |
Equity_Noncontrolling_Interest
Equity - Noncontrolling Interests Narrative (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2011 | Oct. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 30, 2014 | |
Non-Controlling Interest | Non-Controlling Interest | Non-Controlling Interest | Non-Controlling Interest | Non-Controlling Interest | Non-Controlling Interest | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Cleveland Tonkawa L.L.C | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Granite Wash Trust | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Chesapeake Utica L L C [Member] | Wireless Seismic, Inc. [Member] | Wireless Seismic, Inc. [Member] | Wireless Seismic, Inc. [Member] | Wireless Seismic, Inc. [Member] | Subsequent Event [Member] | |||||
acre | well | well | Minimum | Maximum | Preferred Stock | Future [Member] | Future [Member] | Increase | Drilled Wells | well | well | Minimum | Maximum | Maximum | Initial Wells [Member] | Subordinated Units | Common Unit | Common Unit | acre | well | well | well | County | Minimum | Preferred Stock | Preferred Dividend Payments [Member] | Preferred Dividend Payments [Member] | Drilled Wells | Drilled Wells | Non-Controlling Interest | Chesapeake Cleveland Tonkawa L.L.C | |||||||||||||||||||
acre | well | well | well | well | Minimum | Minimum | acre | well | acre | well | well | well | well | Minimum | ||||||||||||||||||||||||||||||||||||
well | well | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acres of leasehold land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third-Party investors' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,250,000,000 | ' | ' | $1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,025,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred shares exchanged for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overriding royalty interest, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Productive Oil Wells, Number of Wells, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 21 | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | 1,500 | ' | 1,500 | ' | 1,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents, current | 75,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | 37,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acre Spacing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Allocated To Overriding Royalty Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Of Excess Cash Distributed To Third Party Investors Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash allocated to preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash allocated to common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash allocated to preferred shares if drilling commitment not met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of internal rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internal return on investment, multiplier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in internal rate of return, in the event redemption does not occur | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price and liquidation preference per preferred share (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,230 | ' | $1,245 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,235 | $1,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of oil wells committed to drill net, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | 37.5 | ' | ' | ' | ' | ' | 867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.5 |
Number Of Net Wells Minimum Cumulative Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ORRI Wells Delivered in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in internal rate required by investors at redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of additional increase in internal rate required by investors at redemption upon failed obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in leasehold in which commitment to drill is not met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spacing for Wells Drilled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of development wells drilled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89 | 64 | ' | ' | ' | ' | ' | 118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 28 | ' | ' | ' | ' | ' |
Number of counties present in the leasehold land (Counties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Payable On Each Short Of Drilling Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in internal rate of return, in the event redemption does not occur | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increase in internal rate of return in investment, in event redemption does not occur | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utica ORRI Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 665,214,625 | 669,275,000 | 666,192,371 | 666,468,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (usd per share) | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units included in beneficial interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,687,500 | 12,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Beneficial Interest Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proceeds from royalty interest conveyed to trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of producing wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of gross acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Acreage Shortfall | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount recoverable by trust under lien | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,000,000 | ' | ' | ' | ' | 65,000,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of incentive distributions received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of remaining cash available for distribution in excess of the incentive threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' |
Noncontrolling interests | 2,136,000,000 | ' | 2,145,000,000 | ' | ' | ' | 2,136,000,000 | 2,145,000,000 | 2,314,000,000 | 2,327,000,000 | ' | 1,015,000,000 | ' | 1,015,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 306,000,000 | ' | 314,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 807,000,000 | ' | ' | 807,000,000 | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | 9,000,000 | ' | ' |
Net income attributable to noncontrolling interests | $41,000,000 | $44,000,000 | ' | ' | $41,000,000 | $44,000,000 | ' | ' | ' | ' | ' | $19,000,000 | $22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,000,000 | $22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | ' | ' | ' |
Equity_Noncontrolling_Interest1
Equity - Noncontrolling Interests Distribution Table (Details) (Chesapeake Granite Wash Trust, USD $) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' |
Distribution Made to Limited Partner, Distribution Date | 3-Mar-14 | 1-Mar-13 |
Common Unit | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Distribution Made to Limited Partner, Cash Distributions Declared, Per Unit | 0.6624 | 0.67 |
Subordinated Units | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Distribution Made to Limited Partner, Cash Distributions Declared, Per Unit | 0 | 0.3772 |
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation - Restricted Stock Table (Details) (Restricted stock, USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Shares, Period Start | ' | 14,355 | 13,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,943 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -2,350 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -638 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Shares, Period End | ' | 14,355 | 13,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Period Start | ' | $23.26 | $23.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $25.13 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $26.41 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $25.69 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Period End | ' | $23.26 | $23.38 |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation - Stock Option Valuation Table (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.33% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.97% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.36% |
ShareBased_Compensation_ShareB2
Share-Based Compensation Share-Based Compensation - Stock Option Activity Table (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 30, 2013 | Mar. 30, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Period Start | ' | ' | ' | 5,268 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | 786 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Shares Underlying Options Exercised In Period | ' | ' | -270 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Period End | ' | ' | ' | 5,784 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | 1,766 |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Period Start | ' | ' | ' | $19.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $25.71 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $18.23 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | ' | ' | 0 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | ' | ' | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Period End | ' | ' | ' | $20.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | $18.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Period Start | ' | ' | ' | $41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | ' | 12 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Period End | ' | ' | ' | $31 |
Weighted Average Contract Life (in years) [Roll Forward] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '7 years 1 month 24 days | '6 years 7 months 29 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 8 months 21 days | ' | ' | ' |
ShareBased_Compensation_ShareB3
Share-Based Compensation Share-Based Compensation - Share-Based Compensation Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $0 | $11 |
Stock Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share Based Compensation General And Administrative Expense | 12 | 20 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 7 | 21 |
Share Based Compensation Natural Gas And Oil Production Expenses | 4 | 6 |
Share Based Compensation Allocated To Marketing Gathering And Compression Expense | 2 | 3 |
Share Based Compensation Service Operations Expense | 2 | 3 |
Allocated Share-based Compensation Expense | $27 | $53 |
ShareBased_Compensation_ShareB4
Share-Based Compensation Share-Based Compensation - Performance Shares Table (Details) (USD $) | 3 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 |
Year of 2012 [Member] | Year of 2012 [Member] | Year of 2012 [Member] | Year of 2012 [Member] | Year of 2013 [Member] | Year of 2013 [Member] | Year of 2014 [Member] | Year of 2014 [Member] | |||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |||
Payable 2015 [Member] | Payable 2015 [Member] | Payable 2016 [Member] | Payable 2016 [Member] | Payable 2017 [Member] | Payable 2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | 834,248 | ' | 1,600,438 | ' | 620,669 | ' |
Fair Value of Share Based Award | ' | ' | ' | ' | $21 | $23 | $52 | $35 | $16 | $17 |
Share Based Award Liability, Current | ' | ' | ' | ' | 21 | ' | 45 | ' | 4 | ' |
Allocated Share-based Compensation Expense | $0 | $11 | $11 | $2 | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_ShareB5
Share-Based Compensation Share-Based Compensation - Performance Share Unit Breakout (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $0 | $11 |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 1 | 4 |
Share Based Compensation General And Administrative Expense | -1 | 5 |
Share Based Compensation Allocated To Marketing Gathering And Compression Expense | $0 | $2 |
ShareBased_Compensation_ShareB6
Share-Based Compensation Share-Based Compensation - Narrative (Details) (USD $) | 3 Months Ended | |||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Restricted stock | Restricted stock | Stock Options | Year of 2012 [Member] | Year of 2012 [Member] | Management [Member] | Management [Member] | Management [Member] | Share-Based Comp Award One Year Anniversary [Member] | Share-Based Comp Award Two Year Anniversary [Member] | Share-Based Comp Award Three Year Anniversary [Member] | Share-Based Comp Award Three Year Anniversary [Member] | Stock Option Award Three Year Anniversary [Member] | Stock Optioin Award Four Year Anniversary [Member] | Stock option Award Five Year Anniversary [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Long-Term Incentive Plan [Member] | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | Paid-In Capital | |||
Minimum | Performance Shares [Member] | Performance Shares [Member] | Retention Based Stock Option Award [Member] | Incentive Based Stock Option Award [Member] | Stock Options | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Year of 2014 [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Restricted stock | Restricted stock | Stock Options | Stock Options | |||||||
Year of 2012 [Member] | Year of 2012 [Member] | Year of 2012 [Member] | Years of 2013 and 2014 [Member] | Retention Based Stock Option Award [Member] | Retention Based Stock Option Award [Member] | Retention Based Stock Option Award [Member] | Performance Shares [Member] | Year of 2012 [Member] | Year of 2012 [Member] | Year of 2012 [Member] | Year of 2013 [Member] | Year of 2013 [Member] | Year of 2013 [Member] | Year of 2013 [Member] | Year of 2013 [Member] | Year of 2014 [Member] | Year of 2014 [Member] | |||||||||||||||||
Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | TSR is less than zero [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | TSR [Member] | TSR [Member] | Operational Component [Member] | Operational Component [Member] | Performance Shares [Member] | Performance Shares [Member] | ||||||||||||||||||||
Minimum | Maximum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | '1 year | '2 years | '3 years | ' | '3 years | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'first | 'second | 'third | 'third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | ' | ' | $62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years 6 months | ' | '2 years 4 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit (reduction in tax benefit) from stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | -10 | 3 | 10 | 0 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | 255 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 0.00% | 125.00% | 250.00% | 200.00% | 0.00% | 125.00% | 0.00% | 62.50% | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0 | $11 | ' | ' | ' | $11 | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities - Derivative Instruments Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Fair Value | ($726) | ($551) |
Natural Gas [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 1,125,000,000,000,000 | 1,009,000,000,000,000 |
Fair Value | -389 | -237 |
Natural Gas [Member] | Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 394,000,000,000,000 | 448,000,000,000,000 |
Fair Value | -125 | -23 |
Natural Gas [Member] | Three Way Collar [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 387,000,000,000,000 | 288,000,000,000,000 |
Fair Value | -48 | -7 |
Natural Gas [Member] | Call Option | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 193,000,000,000,000 | 193,000,000,000,000 |
Fair Value | -202 | -210 |
Natural Gas [Member] | Swaptions | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 0 | 12,000,000,000,000 |
Fair Value | 0 | 0 |
Natural Gas [Member] | Basis Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Energy Measurement | 151,000,000,000,000 | 68,000,000,000,000 |
Fair Value | -14 | 3 |
Crude Oil [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Volume Measurement | 65,000,000 | 68,200,000 |
Fair Value | -337 | -314 |
Crude Oil [Member] | Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Volume Measurement | 22,800,000 | 25,300,000 |
Fair Value | -81 | -50 |
Crude Oil [Member] | Call Option | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Volume Measurement | 41,900,000 | 42,500,000 |
Fair Value | -257 | -265 |
Crude Oil [Member] | Basis Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Volume, Volume Measurement | 300,000 | 400,000 |
Fair Value | $1 | $1 |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Short-term derivative assets | $2 | $0 |
Long-term derivative assets | 11 | 4 |
Derivative Liability, Current | -417 | -208 |
Long-term derivative liabilities | -395 | -445 |
Derivative Assets (Liabilities), at Fair Value Gross | -799 | -649 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -799 | -649 |
Not designated as hedging instruments | Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value Gross | -726 | -553 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -726 | -553 |
Not designated as hedging instruments | Interest rate contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value Gross | -80 | -98 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | -80 | -98 |
Designated as Hedging Instrument [Member] | Foreign currency contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value Gross | 7 | 2 |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 7 | 2 |
Other Current Assets [Member] | Not designated as hedging instruments | Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 13 | 29 |
Derivative, Loss on Derivative | -11 | -29 |
Short-term derivative assets | 2 | 0 |
Other Noncurrent Assets [Member] | Not designated as hedging instruments | Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3 | 11 |
Derivative, Loss on Derivative | ' | -9 |
Derivative, Gain on Derivative | 1 | ' |
Long-term derivative assets | 4 | 2 |
Other Current Liabilities [Member] | Not designated as hedging instruments | Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Gain on Derivative | 11 | 29 |
Derivative liability, gross liability | -425 | -231 |
Derivative Liability, Current | -414 | -202 |
Other Current Liabilities [Member] | Not designated as hedging instruments | Interest rate contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Loss on Derivative | 0 | 0 |
Derivative liability, gross liability | -3 | -6 |
Derivative Liability, Current | -3 | -6 |
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments | Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Loss on Derivative | -1 | ' |
Derivative, Gain on Derivative | ' | 9 |
Derivative liability, gross liability | -317 | -362 |
Long-term derivative liabilities | -318 | -353 |
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments | Interest rate contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Loss on Derivative | 0 | 0 |
Derivative liability, gross liability | -77 | -92 |
Long-term derivative liabilities | -77 | -92 |
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign currency contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 7 | 2 |
Derivative, Loss on Derivative | 0 | 0 |
Long-term derivative assets | $7 | $2 |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities - Natural Gas and Oil Sales Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Natural gas, oil and NGL Sales | $1,766 | $1,453 |
Natural Gas, Oil and NGL [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Natural gas, oil and NGL sales | 2,148 | 1,595 |
Losses on undesignated natural gas, oil and NGL derivatives | -365 | -123 |
Losses on terminated cash flow hedges | -17 | -19 |
Natural gas, oil and NGL Sales | $1,766 | $1,453 |
Derivative_and_Hedging_Activit5
Derivative and Hedging Activities - Interest Income and Interest Expense Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Total interest expense | $39 | $21 |
Interest Expense [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Interest expense on senior notes | 180 | 186 |
Interest expense on term loans | 29 | 29 |
Amortization of loan discount, issuance costs and other | 19 | 19 |
Interest expense on credit facilities | 8 | 12 |
Gains on terminated fair value hedges | -1 | 0 |
(Gains) losses on undesignated interest rate derivatives | -18 | 4 |
Capitalized interest | -178 | -229 |
Total interest expense | $39 | $21 |
Derivative_and_Hedging_Activit6
Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2014 | Mar. 30, 2013 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance Before Tax | Balance Before Tax | Balance Before Tax | Balance Before Tax | Balance Before Tax | Balance Before Tax | Balance After Tax | Balance After Tax | Balance After Tax | Balance After Tax | Balance After Tax | Balance After Tax | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) Period Start | ($153) | ($162) | ' | ($162) | ' | ($182) | ' | ' | ($247) | ($269) | ($287) | ($304) | ' | ' | ($153) | ($167) | ($178) | ($189) |
Other Comprehensive Income Before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | ' | 4 | -2 | ' | ' | ' | ' | 3 | -1 | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 6 | 6 | 18 | 18 | 18 | 19 | ' | ' | ' | ' | 11 | 12 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) Period End | ($153) | ($162) | ' | ($153) | ' | ($170) | ' | ' | ($247) | ($269) | ($287) | ($304) | ' | ' | ($153) | ($167) | ($178) | ($189) |
Derivative_and_Hedging_Activit7
Derivative and Hedging Activities Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($799) | ($649) |
Commodity contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Asset | 16 | 40 |
Derivative Liability | -742 | -593 |
Interest rate contract | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | -80 | -98 |
Foreign currency contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 7 | 2 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest rate contract | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign currency contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -292 | -171 |
Fair Value, Inputs, Level 2 [Member] | Commodity contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Asset | 10 | 25 |
Derivative Liability | -229 | -100 |
Fair Value, Inputs, Level 2 [Member] | Interest rate contract | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | -80 | -98 |
Fair Value, Inputs, Level 2 [Member] | Foreign currency contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 7 | 2 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -507 | -478 |
Fair Value, Inputs, Level 3 [Member] | Commodity contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Asset | 6 | 15 |
Derivative Liability | -513 | -493 |
Fair Value, Inputs, Level 3 [Member] | Interest rate contract | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign currency contracts | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign Currency Contracts, Asset, Fair Value Disclosure | $0 | $0 |
Derivative_and_Hedging_Activit8
Derivative and Hedging Activities Derivative and Hedging Activities - Fair Value Level 3 Measurements Table (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Interest rate contract | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] |
Natural Gas And Oil Sales [Member] | Natural Gas And Oil Sales [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest rate contract | Interest rate contract | Interest rate contract | Interest rate contract | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ($2) | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ($507) | ($478) | ($785) | ($1,016) |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings Or Change In Net Assets Unrealized | ' | -80 | 194 | 0 | -1 | 0 | -1 | ' | ' | -80 | 194 | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 55 | 37 | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | 0 | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | -4 | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | ($57) | $191 | $0 | ($2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_and_Hedging_Activit9
Derivative and Hedging Activities Derivative and Hedging Activities - Quantitative Disclosures Level 3 Table (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Natural Gas [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value Assets Unobservable Input Description | 'Natural gas price volatility curves |
Weighted Average Of Price Volatility Curve Percentage | 24.32% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ($251) |
Natural Gas [Member] | Minimum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Price Volatility Curve | 18.03% |
Natural Gas [Member] | Maximum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Price Volatility Curve | 38.37% |
Crude Oil [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value Assets Unobservable Input Description | 'Oil price volatility curves |
Weighted Average Of Price Volatility Curve Percentage | 15.43% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ($256) |
Crude Oil [Member] | Minimum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Price Volatility Curve | 10.56% |
Crude Oil [Member] | Maximum | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Price Volatility Curve | 21.78% |
Recovered_Sheet2
Derivative and Hedging Activities - Narrative (Details) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2006 |
USD ($) | USD ($) | Multi-Counterparty Hedging Facility | Multi-Counterparty Hedging Facility | Multi-Counterparty Hedging Facility | Multi-Counterparty Hedging Facility | Multi-Counterparty Hedging Facility | Swap | Swap | Basis Derivative [Member] | Price Risk Derivative [Member] | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | 6.25% Euro-Denominated Senior Notes Due 2017 | |
USD ($) | Credit Risk | Energy Related Derivative [Member] | Semi-Annual Collateral Dates | Between Semi-Annual Collateral Dates | USD ($) | USD ($) | Multi-Counterparty Hedging Facility | Multi-Counterparty Hedging Facility | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Maturity Payment [Member] | Maturity Payment [Member] | Senior Notes | |||
counterparty | counterparty | MMBoe | MMBoe | MMBoe | USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Senior Notes | Senior Notes | Cross Currency Interest Rate Contract [Member] | |||||||
USD ($) | EUR (€) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | USD ($) | ||||||||||||||
USD ($) | EUR (€) | ||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | $80,000,000 | $98,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Amount of Hedged Item | ' | ' | ' | ' | ' | ' | ' | 2,250,000,000 | 2,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of counterparties in hedge facility | ' | ' | 17 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-counterparty hedging facility, committed to provide a trading capacity (in tcfe) | ' | ' | ' | ' | 1,063,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-counterparty hedge facility, committed to provide an aggregate mark-to-market capacity | ' | ' | 17,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-counterparty hedge facility, hedged total (in tcfe) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | 224,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Natural gas and oil proved reserves, the value of which must cover the fair value of the transactions outstanding under the facility, multiplier | ' | ' | ' | ' | ' | 1.65 | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration gains will be recognized on terminated qualifying interest rate derivative transactions, years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Semi Annual Interest Rate Swap Payments By Counterparty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | 344,000,000 | ' |
Semi Annual Interest Rate Swap Payments By Chesapeake | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | 459,000,000 | ' | ' |
Dollar Equivalent Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.49% | 7.49% | ' | ' | ' | ' |
Derivative, Forward Exchange Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3769 | ' | 1.3743 | ' | ' | 1.3325 |
Derivative liability, gross liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' |
Euro-denominated debt in notes payable, adjusted value | 12,969,000,000 | 12,886,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 473,000,000 | 473,000,000 | 473,000,000 | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassification from AOCI to Income, Estimated Net Amount to be Transferred | 148,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedges, Accumulated OCI Balance | 153,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected amount to be transferred of during the next 12 months | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Natural_Gas_and_Oil_Property_D2
Natural Gas and Oil Property Divestitures - Joint Ventures Table (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | Feb. 28, 2011 | Mar. 31, 2014 | Nov. 30, 2010 | Mar. 31, 2014 | Jan. 31, 2010 | Mar. 31, 2014 | Nov. 30, 2008 | Mar. 31, 2014 | Sep. 30, 2008 | Mar. 31, 2014 | Jul. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
JV Mississippi Lime | JV Mississippi Lime | JV Utica | JV Utica | JV Niobrara | JV Niobrara | JV Eagle Ford | JV Eagle Ford | JV Barnett Shale | JV Barnett Shale | JVMarcellus | JVMarcellus | JV Fayetteville | JV Fayetteville | JV Haynesville And Bossier | JV Haynesville And Bossier | Payment Remaining [Member] | Closing adjustments between the effective date and the closing date transaction [Member] | ||
JV Mississippi Lime | JV Mississippi Lime | ||||||||||||||||||
Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint Venture Partner | ' | ' | 'Sinopec | 'TOT | ' | 'CNOOC | ' | 'CNOOC | ' | 'TOT | ' | 'STO | ' | 'BP | ' | 'FCX | ' | ' | ' |
Joint Venture Date | ' | ' | 'June 2013 | 'December 2011 | ' | 'February 2011 | ' | 'November 2010 | ' | 'January 2010 | ' | 'November 2008 | ' | 'September 2008 | ' | 'July 2008 | ' | ' | ' |
Interest Sold | ' | ' | 50.00% | 25.00% | ' | 33.30% | ' | 33.30% | ' | 25.00% | ' | 32.50% | ' | 25.00% | ' | 20.00% | ' | ' | ' |
Proceeds from Divestiture of Interest in Joint Venture | $8,049 | ' | $949 | $610 | ' | $570 | ' | $1,120 | ' | $800 | ' | $1,250 | ' | $1,100 | ' | $1,650 | ' | $71 | $90 |
Total Drilling Carries | 9,035 | ' | 0 | 1,422 | ' | 697 | ' | 1,080 | ' | 1,403 | ' | 2,125 | ' | 800 | ' | 1,508 | ' | ' | ' |
Total Cash And Drilling Carry Proceeds | 17,084 | ' | 949 | 2,032 | ' | 1,267 | ' | 2,200 | ' | 2,203 | ' | 3,375 | ' | 1,900 | ' | 3,158 | ' | ' | ' |
Drilling Carries Remaining | $542 | $0 | ' | ' | $478 | ' | $64 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | $0 | ' | ' |
Percentage of Total Payment by Joint Venture Partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' |
Percentage Reimbursed | ' | ' | ' | ' | 60.00% | ' | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Natural_Gas_and_Oil_Property_D3
Natural Gas and Oil Property Divestitures - VPP Transactions Table (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | 31-May-11 | 31-May-11 | 31-May-11 | 31-May-11 | Sep. 30, 2010 | Sep. 30, 2010 | Sep. 30, 2010 | Sep. 30, 2010 | Mar. 31, 2010 | Feb. 28, 2010 | Feb. 28, 2010 | Feb. 28, 2010 | Feb. 28, 2010 | Sep. 30, 2009 | Aug. 31, 2009 | Aug. 31, 2009 | Aug. 31, 2009 | Aug. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Sep. 30, 2008 | Aug. 31, 2008 | Aug. 31, 2008 | Aug. 31, 2008 | Aug. 31, 2008 | Jun. 30, 2008 | 31-May-08 | 31-May-08 | 31-May-08 | 31-May-08 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 |
Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | VPP 10 Aradarko Basin Granite Wash [Member] | VPP 10 Aradarko Basin Granite Wash [Member] | VPP 10 Aradarko Basin Granite Wash [Member] | VPP 10 Aradarko Basin Granite Wash [Member] | VPP 10 Aradarko Basin Granite Wash [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | |
Mcf | MBbls | MBbls | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Natural Gas [Member] | Oil [Member] | NGL Reserves | ||||||||
Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | ||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Proceeds from Volumetric Production Payment (VPP) | $6,031 | ' | ' | ' | $744 | ' | ' | ' | ' | $853 | ' | ' | ' | ' | $1,150 | ' | ' | ' | $180 | ' | ' | ' | ' | $370 | ' | ' | ' | ' | $412 | ' | ' | ' | $600 | ' | ' | ' | ' | $622 | ' | ' | ' | ' | $1,100 | ' | ' | ' |
Proved Developed Reserves (Volume) | ' | 1,216,000,000,000 | 5,700,000 | 14,000,000 | ' | ' | 87,000,000,000 | 3,000,000 | 9,200,000 | ' | ' | 138,000,000,000 | 1,700,000 | 4,800,000 | ' | 390,000,000,000 | 0 | 0 | ' | ' | 44,000,000,000 | 300,000 | 0 | ' | ' | 67,000,000,000 | 200,000 | 0 | ' | 95,000,000,000 | 500,000 | 0 | ' | ' | 93,000,000,000 | 0 | 0 | ' | ' | 94,000,000,000 | 0 | 0 | ' | 208,000,000,000 | 0 | 0 |
Proved Developed Reserves (Energy) | 1,334,000,000,000 | ' | ' | ' | ' | 160,000,000,000 | ' | ' | ' | ' | 177,000,000,000 | ' | ' | ' | 390,000,000,000 | ' | ' | ' | ' | 46,000,000,000 | ' | ' | ' | ' | 68,000,000,000 | ' | ' | ' | 98,000,000,000 | ' | ' | ' | ' | 93,000,000,000 | ' | ' | ' | ' | 94,000,000,000 | ' | ' | ' | 208,000,000,000 | ' | ' | ' |
Natural_Gas_and_Oil_Property_D4
Natural Gas and Oil Property Divestitures - VPP Volumes Produced During Period Table (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Mcfe | Mcfe | |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 39,400,000,000 | 44,900,000,000 |
Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 35,500,000,000 | 40,500,000,000 |
Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 182,700 | 236,400 |
NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 451,700 | 526,500 |
VPP 10 Anadarko Basin Granite Wash [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 5,500,000,000 | 6,900,000,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 2,800,000,000 | 3,700,000,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 109,000 | 154,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 345,200 | 407,700 |
VPP 9 Mid-Continent [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 4,900,000,000 | 5,500,000,000 |
VPP 9 Mid-Continent [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 4,000,000,000 | 4,400,000,000 |
VPP 9 Mid-Continent [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 49,000 | 56,200 |
VPP 9 Mid-Continent [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 106,500 | 118,800 |
VPP 8 Barnett Shale [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 15,700,000,000 | 18,000,000,000 |
VPP 8 Barnett Shale [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 15,700,000,000 | 18,000,000,000 |
VPP 8 Barnett Shale [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 8 Barnett Shale [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 6 East Texas and Texas Gulf Coast [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 1,200,000,000 | 1,200,000,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 1,100,000,000 | 1,200,000,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 6,000 | 6,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 5 South Texas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 1,800,000,000 | 2,000,000,000 |
VPP 5 South Texas [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 1,700,000,000 | 2,000,000,000 |
VPP 5 South Texas [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 6,300 | 6,000 |
VPP 5 South Texas [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 4 Anadarko and Arkoma Basins [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 2,400,000,000 | 2,700,000,000 |
VPP 4 Anadarko and Arkoma Basins [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 2,300,000,000 | 2,600,000,000 |
VPP 4 Anadarko and Arkoma Basins [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 12,400 | 14,200 |
VPP 4 Anadarko and Arkoma Basins [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 3 Anadarko Basin [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 1,900,000,000 | 2,100,000,000 |
VPP 3 Anadarko Basin [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 1,900,000,000 | 2,100,000,000 |
VPP 3 Anadarko Basin [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 3 Anadarko Basin [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 2 Texas, Oklahoma and Kansas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 2,400,000,000 | 2,700,000,000 |
VPP 2 Texas, Oklahoma and Kansas [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 2,400,000,000 | 2,700,000,000 |
VPP 2 Texas, Oklahoma and Kansas [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 2 Texas, Oklahoma and Kansas [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 1 Kentucky and West Virginia [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Reserves (Energy) (Duration) | 3,600,000,000 | 3,800,000,000 |
VPP 1 Kentucky and West Virginia [Member] | Natural Gas [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 3,600,000,000 | 3,800,000,000 |
VPP 1 Kentucky and West Virginia [Member] | Oil [Member] | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
VPP 1 Kentucky and West Virginia [Member] | NGL Reserves | ' | ' |
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' |
Proved Developed and Undeveloped Reserves (Volume) | 0 | 0 |
Natural_Gas_and_Oil_Property_D5
Natural Gas and Oil Property Divestitures - VPP Volume Remaining to Be Delivered Table (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-11 | Mar. 31, 2014 | 31-May-11 | Mar. 31, 2014 | 31-May-11 | Mar. 31, 2014 | 31-May-11 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Feb. 28, 2010 | Mar. 31, 2014 | Feb. 28, 2010 | Mar. 31, 2014 | Feb. 28, 2010 | Mar. 31, 2014 | Feb. 28, 2010 | Mar. 31, 2014 | Aug. 31, 2009 | Mar. 31, 2014 | Aug. 31, 2009 | Mar. 31, 2014 | Aug. 31, 2009 | Mar. 31, 2014 | Aug. 31, 2009 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 | Aug. 31, 2008 | Mar. 31, 2014 | Aug. 31, 2008 | Mar. 31, 2014 | Aug. 31, 2008 | Mar. 31, 2014 | Aug. 31, 2008 | Mar. 31, 2014 | 31-May-08 | Mar. 31, 2014 | 31-May-08 | Mar. 31, 2014 | 31-May-08 | Mar. 31, 2014 | 31-May-08 | Mar. 31, 2014 | Dec. 31, 2007 | Mar. 31, 2014 | Dec. 31, 2007 | Mar. 31, 2014 | Dec. 31, 2007 | Mar. 31, 2014 | Dec. 31, 2007 | Mar. 31, 2014 |
Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | VPP 10 Anadarko Basin Granite Wash [Member] | VPP 10 Anadarko Basin Granite Wash [Member] | VPP 10 Anadarko Basin Granite Wash [Member] | VPP 10 Anadarko Basin Granite Wash [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 9 Mid-Continent [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 8 Barnett Shale [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 6 East Texas and Texas Gulf Coast [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 5 South Texas [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 4 Anadarko and Arkoma Basins [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 3 Anadarko Basin [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 2 Texas, Oklahoma and Kansas [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | VPP 1 Kentucky and West Virginia [Member] | |
Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Reserve Volume Remaining | Natural Gas [Member] | Oil [Member] | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | Mcfe | Reserve Volume Remaining | Natural Gas [Member] | Natural Gas [Member] | Oil [Member] | Oil [Member] | NGL Reserves | NGL Reserves | ||
Mcf | MBbls | MBbls | Mcfe | Reserve Volume Remaining | Reserve Volume Remaining | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | Mcfe | Mcf | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | MBbls | Reserve Volume Remaining | ||||||||||||||
Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | Mcf | MBbls | MBbls | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Divestitures, Joint Ventures, VPP's [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Term | ' | ' | ' | ' | ' | ' | ' | ' | '95 months | ' | ' | ' | ' | '83 months | ' | ' | ' | ' | ' | ' | ' | '17 months | ' | ' | ' | ' | ' | ' | ' | '70 months | ' | ' | ' | ' | ' | ' | ' | '34 months | ' | ' | ' | ' | ' | ' | ' | '33 months | ' | ' | ' | ' | ' | ' | ' | '64 months | ' | ' | ' | ' | ' | ' | ' | '61 months | ' | ' | ' | ' | ' | ' | ' | '105 months | ' | ' | ' | ' | ' | ' |
Proved Developed Reserves (Volume) | ' | ' | 1,216,000,000,000 | 417,500,000,000 | 5,700,000 | 2,900,000 | 14,000,000 | 7,800,000 | ' | 45,800,000,000 | 1,600,000 | 5,600,000 | ' | ' | 138,000,000,000 | 84,700,000,000 | 1,700,000 | 1,000,000 | 4,800,000 | 2,200,000 | ' | ' | 390,000,000,000 | 80,900,000,000 | 0 | 0 | 0 | 0 | ' | ' | 44,000,000,000 | 20,300,000,000 | 300,000 | 100,000 | 0 | 0 | ' | ' | 67,000,000,000 | 15,200,000,000 | 200,000 | 100,000 | 0 | 0 | ' | ' | 95,000,000,000 | 22,000,000,000 | 500,000 | 100,000 | 0 | 0 | ' | ' | 93,000,000,000 | 29,200,000,000 | 0 | 0 | 0 | 0 | ' | ' | 94,000,000,000 | 17,600,000,000 | 0 | 0 | 0 | 0 | ' | ' | 208,000,000,000 | 101,800,000,000 | 0 | 0 | 0 | 0 |
Proved Developed Reserves (Energy) | 1,334,000,000,000 | 482,000,000,000 | ' | ' | ' | ' | ' | ' | 89,200,000,000 | ' | ' | ' | 177,000,000,000 | 104,000,000,000 | ' | ' | ' | ' | ' | ' | 390,000,000,000 | 80,900,000,000 | ' | ' | ' | ' | ' | ' | 46,000,000,000 | 21,100,000,000 | ' | ' | ' | ' | ' | ' | 68,000,000,000 | 15,500,000,000 | ' | ' | ' | ' | ' | ' | 98,000,000,000 | 22,700,000,000 | ' | ' | ' | ' | ' | ' | 93,000,000,000 | 29,200,000,000 | ' | ' | ' | ' | ' | ' | 94,000,000,000 | 17,600,000,000 | ' | ' | ' | ' | ' | ' | 208,000,000,000 | 101,800,000,000 | ' | ' | ' | ' | ' | ' |
Natural_Gas_and_Oil_Property_D6
Natural Gas and Oil Property Divestitures - Narrative (Details) (USD $) | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | |
Corporate Joint Venture [Member] | Corporate Joint Venture [Member] | JV Marcellus, Barnett and Utica [Member] | JV Marcellus, Barnett and Utica [Member] | Corporate VPP [Member] | JV Mississippi Lime | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestitures of proved and unproved properties | $49,000,000 | $190,000,000 | $41,000,000 | $165,000,000 | ' | ' | ' | ' |
Number of Joint Ventures | ' | ' | 8 | ' | ' | ' | ' | ' |
Number of Resource Plays | ' | ' | 8 | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Interest in Joint Venture | 8,049,000,000 | ' | 8,000,000,000 | ' | 8,000,000 | 25,000,000 | ' | 949,000,000 |
Total Drilling Carries | 9,035,000,000 | ' | ' | ' | ' | ' | ' | 0 |
Oil And Gas Benefit From Drilling Carries | ' | ' | 188,000,000 | 180,000,000 | ' | ' | ' | ' |
Gain (Loss) on Sale of Other Assets | ' | ' | ' | ' | ' | ' | $0 | ' |
Investments_Schedule_of_Invest
Investments - Schedule of Investments Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 20, 2011 |
In Millions, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investments | $288 | $477 | ' |
FTS International, Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ' |
Equity Method Investments | 129 | 138 | ' |
Chaparral Energy, Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 0.00% | 20.00% | ' |
Equity Method Investments | 0 | 143 | ' |
Sundrop Fuels, Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 56.00% | 56.00% | ' |
Equity Method Investments | 134 | 135 | 155 |
Other Investment Companies [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | ' |
Cost Method Investments | $25 | $61 | ' |
Investments_Narrative_Details
Investments - Narrative (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 20, 2011 | Mar. 31, 2014 | Jul. 20, 2011 |
FTS International, Inc. | FTS International, Inc. | Chaparral Energy, Inc. | Chaparral Energy, Inc. | Sundrop Fuels, Inc. | Sundrop Fuels, Inc. | Sundrop Fuels, Inc. | Sundrop Fuels, Inc. | Other Investment Companies [Member] | Initial Payment [Member] | |||
Sundrop Fuels, Inc. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | $129 | $138 | $0 | $143 | $134 | ' | $135 | $155 | ' | $35 |
Marketable Securities, Equity Securities | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' |
Positive equity method adjustments | ' | ' | 15 | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Equity method accretion adjustments | ' | ' | 6 | ' | ' | ' | ' | 65 | ' | ' | ' | ' |
Excess carrying value of investment over underlying equity in net assets | ' | ' | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity Attributable to Goodwill | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of investments | 239 | 0 | ' | ' | 209 | ' | ' | ' | ' | ' | 30 | ' |
Gain on Sale of Investments | ' | ' | ' | ' | 73 | ' | ' | ' | ' | ' | ' | ' |
Loss on Sale of Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' |
Variable_Interest_Entities_Nar
Variable Interest Entities - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Chesapeake Granite Wash Trust | Consolidated Entities | ' |
Variable Interest Entity [Line Items] | ' |
VIE's cash and cash equivalents | 1 |
Consolidation Net Oil and Gas Property Assets | 298 |
VIE's, short-term derivative liabilities | 6 |
VIE's, other current liabilities | 19 |
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. | Limited Partner [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Percentage of acquisition | 10.00% |
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. | Minimum | Limited Partner [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Percentage of royalty minimum | 7.00% |
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. | Maximum | Limited Partner [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Other Commitment | 25 |
Percentage of royalty maximum | 22.50% |
Partner Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. | Limited Partner [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Percentage of acquisition | 90.00% |
Partner Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. | Maximum | Limited Partner [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Other Commitment | 225 |
Other_Property_and_Equipment_O
Other Property and Equipment Other Property and Equipment Net Gains (Losses) on Sales of Fixed Assets Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | ($23) | ($49) |
Natural Gas Compressors [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | -26 | 0 |
Gas Gathering and Processing Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 3 | -69 |
Exploration and Production Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 2 | 1 |
Land and Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 0 | 22 |
Other Assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | ($2) | ($3) |
Other_Property_and_Equipment_O1
Other Property and Equipment Other Property and Equipment - Assets Held For Sale Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Property and equipment held for sale, net | $627 | $730 |
Compressor [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Property and equipment held for sale, net | 322 | 285 |
Natural Gas Processing Plant [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Property and equipment held for sale, net | 10 | 11 |
Exploration and Production Equipment [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Property and equipment held for sale, net | 58 | 29 |
Property, Plant and Equipment, Other Types | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Property and equipment held for sale, net | $237 | $405 |
Other_Property_and_Equipment_N1
Other Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Reclassification from held for sale to held for use | ' | $116 |
Net gains on sales of fixed assets | -23 | -49 |
Compressor [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, Number of Units | 102 | ' |
Compressor [Member] | Access Midstream Partners, L.P. [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 24 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 159 | ' |
Gas Gathering and Processing Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 3 | -69 |
Gas Gathering and Processing Equipment [Member] | Sale to Western Gas Partners, LP [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | 55 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 134 | ' |
Land and Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Net gains on sales of fixed assets | $0 | $22 |
Impairments_of_Fixed_Assets_an2
Impairments of Fixed Assets and Other - Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Impairments of fixed assets and other | $20 | $27 |
Exploration and Production Equipment [Member] | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Impairments of fixed assets and other | 20 | 0 |
Land and Building [Member] | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Impairments of fixed assets and other | $0 | $27 |
Impairments_of_Fixed_Assets_an3
Impairments of Fixed Assets and Other - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Impairments of fixed assets and other | $20 | $27 |
Drilling Rigs [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Gain (Loss) on Contract Termination | 8 | ' |
Exploration and Production Equipment [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | 12 | ' |
Impairments of fixed assets and other | 20 | 0 |
Land and Building [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Impairments of fixed assets and other | 0 | 27 |
Drilling Rigs [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Number of repurchased equipment | 20 | ' |
Payments to Acquire Property, Plant, and Equipment | 77 | ' |
Gain (Loss) on Contract Termination | $8 | ' |
Restructuring_and_Other_Termin1
Restructuring and Other Termination Benefits - Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | ($3) | $13 | ' |
Restructuring and other termination costs | -7 | 133 | ' |
Ceo Aubrey K Mcclendon [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | -4 | 64 | ' |
Ceo Aubrey K Mcclendon [Member] | Cash Salary and Bonus Costs [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 11 | ' |
Ceo Aubrey K Mcclendon [Member] | Claw-Back Bonus [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 11 | ' |
Ceo Aubrey K Mcclendon [Member] | Acceleration of Restricted Stock Awards [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 22 | ' |
Ceo Aubrey K Mcclendon [Member] | Acceleration of Performance Shares [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | -4 | 13 | ' |
Ceo Aubrey K Mcclendon [Member] | Other Costs Associated with Retirement [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 7 | ' |
VSP Program | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 56 | 56 |
VSP Program | Cash Salary and Bonus Costs [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 30 | ' |
VSP Program | Acceleration of Restricted Stock Awards [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | 0 | 24 | ' |
VSP Program | Other Costs Associated with Retirement [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Severance Costs | $0 | $2 | ' |
Restructuring_and_Other_Termin2
Restructuring and Other Termination Benefits - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 07, 2013 | Dec. 31, 2012 |
Employee | Employee | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Severance Costs | ($3) | $13 | ' | ' | ' |
Ceo Aubrey K Mcclendon [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Severance Costs | -4 | 64 | ' | ' | ' |
VSP Program | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Severance Costs | $0 | $56 | $56 | ' | ' |
Number of Employees Selected for Voluntary Program | ' | ' | ' | ' | 275 |
Number of Employees That Accepted Voluntary Program | ' | ' | ' | 211 | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets/Liabilities Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Net Asset (Liability) | ($2) | ($2) |
Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 78 | 80 |
Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | -80 | -82 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Net Asset (Liability) | -2 | -2 |
Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 78 | 80 |
Fair Value, Inputs, Level 1 [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | -80 | -82 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Current Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | $0 | $0 |
Segment_Reporting_Table_Detail
Segment Reporting - Table (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $5,046 | $3,424 | ' |
Income (Loss) Before Income Taxes | 746 | 165 | ' |
Total Assets | 42,605 | ' | 41,782 |
Exploration and Production | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,766 | 1,453 | ' |
Marketing, Gathering And Compression | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 3,015 | 1,781 | ' |
Oilfield Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 239 | 186 | ' |
Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 26 | 4 | ' |
Reportable Subsegments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 5,046 | 3,424 | ' |
Income (Loss) Before Income Taxes | 746 | 165 | ' |
Total Assets | 42,605 | ' | 41,782 |
Intersubsegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Operating Segments [Member] | Reportable Subsegments [Member] | Exploration and Production | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,766 | 1,453 | ' |
Income (Loss) Before Income Taxes | 687 | 170 | ' |
Total Assets | 36,102 | ' | 35,341 |
Operating Segments [Member] | Reportable Subsegments [Member] | Marketing, Gathering And Compression | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 5,423 | 3,529 | ' |
Income (Loss) Before Income Taxes | 105 | 129 | ' |
Total Assets | 2,950 | ' | 2,430 |
Operating Segments [Member] | Reportable Subsegments [Member] | Oilfield Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 510 | 538 | ' |
Income (Loss) Before Income Taxes | -42 | 22 | ' |
Total Assets | 2,058 | ' | 2,018 |
Operating Segments [Member] | Reportable Subsegments [Member] | Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 26 | 10 | ' |
Income (Loss) Before Income Taxes | 60 | -58 | ' |
Total Assets | 5,516 | ' | 5,750 |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Intersegment Eliminations [Member] | Exploration and Production | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | ' |
Intersegment Eliminations [Member] | Marketing, Gathering And Compression | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | -2,408 | -1,748 | ' |
Intersegment Eliminations [Member] | Oilfield Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | -271 | -352 | ' |
Intersegment Eliminations [Member] | Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 0 | -6 | ' |
Intersegment Eliminations [Member] | Reportable Subsegments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | -2,679 | -2,106 | ' |
Income (Loss) Before Income Taxes | -64 | -98 | ' |
Total Assets | -4,021 | ' | -3,757 |
Intersegment Eliminations [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $2,679 | $2,106 | ' |
Segment_Information_Narrative_
Segment Information - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of reportable segments | 3 | ' |
Revenues | $5,046 | $3,424 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 0 | 0 |
Marketing, Gathering And Compression | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 3,015 | 1,781 |
Marketing, Gathering And Compression | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | -2,408 | -1,748 |
Oilfield Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 239 | 186 |
Oilfield Services | Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | ($271) | ($352) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $1,004 | $837 | $33 | $287 |
Restricted cash | 75 | 75 | ' | ' |
Other | 3,196 | 2,744 | ' | ' |
Intercompany receivable, net | 0 | 0 | ' | ' |
Total Current Assets | 4,275 | 3,656 | ' | ' |
PROPERTY AND EQUIPMENT: | ' | ' | ' | ' |
Natural gas and oil properties, at cost based on full cost accounting, net | 32,872 | 32,593 | ' | ' |
Other property and equipment, net | 4,023 | 3,811 | ' | ' |
Property and equipment held for sale, net | 627 | 730 | ' | ' |
Total Property and Equipment, Net | 37,522 | 37,134 | ' | ' |
LONG-TERM ASSETS: | ' | ' | ' | ' |
Other assets | 808 | 992 | ' | ' |
Investments in subsidiaries and intercompany advances | 0 | 0 | ' | ' |
TOTAL ASSETS | 42,605 | 41,782 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current liabilities | 5,958 | 5,515 | ' | ' |
Intercompany payable, net | 0 | 0 | ' | ' |
Total Current Liabilities | 5,958 | 5,515 | ' | ' |
LONG-TERM LIABILITIES: | ' | ' | ' | ' |
Long-term debt, net | 12,653 | 12,886 | ' | ' |
Deferred income tax liabilities | 3,828 | 3,407 | ' | ' |
Other long-term liabilities | 1,689 | 1,834 | ' | ' |
Total Long-Term Liabilities | 18,170 | 18,127 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Chesapeake stockholders’ equity | 16,341 | 15,995 | ' | ' |
Noncontrolling interests | 2,136 | 2,145 | ' | ' |
Total Equity | 18,477 | 18,140 | 18,014 | ' |
TOTAL LIABILITIES AND EQUITY | 42,605 | 41,782 | ' | ' |
Parent | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 974 | 799 | 0 | 228 |
Restricted cash | 0 | 0 | ' | ' |
Other | 88 | 103 | ' | ' |
Intercompany receivable, net | 25,431 | 25,369 | ' | ' |
Total Current Assets | 26,493 | 26,271 | ' | ' |
PROPERTY AND EQUIPMENT: | ' | ' | ' | ' |
Natural gas and oil properties, at cost based on full cost accounting, net | 0 | 0 | ' | ' |
Other property and equipment, net | 0 | 0 | ' | ' |
Property and equipment held for sale, net | 0 | 0 | ' | ' |
Total Property and Equipment, Net | 0 | 0 | ' | ' |
LONG-TERM ASSETS: | ' | ' | ' | ' |
Other assets | 109 | 111 | ' | ' |
Investments in subsidiaries and intercompany advances | 2,387 | 2,349 | ' | ' |
TOTAL ASSETS | 28,989 | 28,731 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current liabilities | 550 | 300 | ' | ' |
Intercompany payable, net | 0 | 0 | ' | ' |
Total Current Liabilities | 550 | 300 | ' | ' |
LONG-TERM LIABILITIES: | ' | ' | ' | ' |
Long-term debt, net | 11,539 | 11,831 | ' | ' |
Deferred income tax liabilities | 293 | 209 | ' | ' |
Other long-term liabilities | 266 | 396 | ' | ' |
Total Long-Term Liabilities | 12,098 | 12,436 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Chesapeake stockholders’ equity | 16,341 | 15,995 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total Equity | 16,341 | 15,995 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 28,989 | 28,731 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Other | 2,862 | 2,392 | ' | ' |
Intercompany receivable, net | 0 | 0 | ' | ' |
Total Current Assets | 2,862 | 2,392 | ' | ' |
PROPERTY AND EQUIPMENT: | ' | ' | ' | ' |
Natural gas and oil properties, at cost based on full cost accounting, net | 29,891 | 29,295 | ' | ' |
Other property and equipment, net | 2,523 | 2,315 | ' | ' |
Property and equipment held for sale, net | 569 | 701 | ' | ' |
Total Property and Equipment, Net | 32,983 | 32,311 | ' | ' |
LONG-TERM ASSETS: | ' | ' | ' | ' |
Other assets | 962 | 1,146 | ' | ' |
Investments in subsidiaries and intercompany advances | -201 | -251 | ' | ' |
TOTAL ASSETS | 36,606 | 35,598 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current liabilities | 5,445 | 5,211 | ' | ' |
Intercompany payable, net | 24,922 | 24,752 | ' | ' |
Total Current Liabilities | 30,367 | 29,963 | ' | ' |
LONG-TERM LIABILITIES: | ' | ' | ' | ' |
Long-term debt, net | 0 | 0 | ' | ' |
Deferred income tax liabilities | 2,834 | 2,264 | ' | ' |
Other long-term liabilities | 1,018 | 1,022 | ' | ' |
Total Long-Term Liabilities | 3,852 | 3,286 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Chesapeake stockholders’ equity | 2,387 | 2,349 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total Equity | 2,387 | 2,349 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 36,606 | 35,598 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 75 | 39 | 33 | 59 |
Restricted cash | 82 | 82 | ' | ' |
Other | 623 | 616 | ' | ' |
Intercompany receivable, net | 0 | 0 | ' | ' |
Total Current Assets | 780 | 737 | ' | ' |
PROPERTY AND EQUIPMENT: | ' | ' | ' | ' |
Natural gas and oil properties, at cost based on full cost accounting, net | 3,075 | 3,113 | ' | ' |
Other property and equipment, net | 1,501 | 1,497 | ' | ' |
Property and equipment held for sale, net | 58 | 29 | ' | ' |
Total Property and Equipment, Net | 4,634 | 4,639 | ' | ' |
LONG-TERM ASSETS: | ' | ' | ' | ' |
Other assets | 109 | 111 | ' | ' |
Investments in subsidiaries and intercompany advances | 0 | 0 | ' | ' |
TOTAL ASSETS | 5,523 | 5,487 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current liabilities | 392 | 379 | ' | ' |
Intercompany payable, net | 257 | 593 | ' | ' |
Total Current Liabilities | 649 | 972 | ' | ' |
LONG-TERM LIABILITIES: | ' | ' | ' | ' |
Long-term debt, net | 1,114 | 1,055 | ' | ' |
Deferred income tax liabilities | 1,117 | 847 | ' | ' |
Other long-term liabilities | 777 | 788 | ' | ' |
Total Long-Term Liabilities | 3,008 | 2,690 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Chesapeake stockholders’ equity | 1,866 | 1,825 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total Equity | 1,866 | 1,825 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 5,523 | 5,487 | ' | ' |
Eliminations | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | -45 | -1 | 0 | 0 |
Restricted cash | -7 | -7 | ' | ' |
Other | -377 | -367 | ' | ' |
Intercompany receivable, net | -25,431 | -25,369 | ' | ' |
Total Current Assets | -25,860 | -25,744 | ' | ' |
PROPERTY AND EQUIPMENT: | ' | ' | ' | ' |
Natural gas and oil properties, at cost based on full cost accounting, net | -94 | 185 | ' | ' |
Other property and equipment, net | -1 | -1 | ' | ' |
Property and equipment held for sale, net | 0 | 0 | ' | ' |
Total Property and Equipment, Net | -95 | 184 | ' | ' |
LONG-TERM ASSETS: | ' | ' | ' | ' |
Other assets | -372 | -376 | ' | ' |
Investments in subsidiaries and intercompany advances | -2,186 | -2,098 | ' | ' |
TOTAL ASSETS | -28,513 | -28,034 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Current liabilities | -429 | -375 | ' | ' |
Intercompany payable, net | -25,179 | -25,345 | ' | ' |
Total Current Liabilities | -25,608 | -25,720 | ' | ' |
LONG-TERM LIABILITIES: | ' | ' | ' | ' |
Long-term debt, net | 0 | 0 | ' | ' |
Deferred income tax liabilities | -416 | 87 | ' | ' |
Other long-term liabilities | -372 | -372 | ' | ' |
Total Long-Term Liabilities | -788 | -285 | ' | ' |
EQUITY: | ' | ' | ' | ' |
Chesapeake stockholders’ equity | -4,253 | -4,174 | ' | ' |
Noncontrolling interests | 2,136 | 2,145 | ' | ' |
Total Equity | -2,117 | -2,029 | ' | ' |
TOTAL LIABILITIES AND EQUITY | ($28,513) | ($28,034) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement Of Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Natural gas, oil and NGL | $1,766 | $1,453 |
Marketing, gathering and compression | 3,015 | 1,781 |
Oilfield services | 265 | 190 |
Total Revenues | 5,046 | 3,424 |
OPERATING EXPENSES | ' | ' |
Natural gas, oil and NGL production | 288 | 307 |
Production taxes | 50 | 53 |
Marketing, gathering and compression | 2,980 | 1,745 |
Oilfield services | 220 | 155 |
General and administrative | 79 | 110 |
Restructuring and other termination costs | -7 | 133 |
Natural gas, oil and NGL depreciation, depletion and amortization | 628 | 648 |
Depreciation and amortization of other assets | 78 | 78 |
Impairment of natural gas and oil properties | 0 | 0 |
Impairments of fixed assets and other | 20 | 27 |
Net gains on sales of fixed assets | -23 | -49 |
Total Operating Expenses | 4,313 | 3,207 |
INCOME (LOSS) FROM OPERATIONS | 733 | 217 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -39 | -21 |
Losses on investments | -21 | -37 |
Net gain on sales of investments | 67 | 0 |
Other income | 6 | 6 |
Equity in net earnings of subsidiary | 0 | 0 |
Total Other Income (Expense) | 13 | -52 |
INCOME (LOSS) BEFORE INCOME TAXES | 746 | 165 |
INCOME TAX EXPENSE | 280 | 63 |
NET INCOME | 466 | 102 |
Net income attributable to noncontrolling interests | -41 | -44 |
Net income attributable to Chesapeake | 425 | 58 |
Other Comprehensive Income (Loss), Net of Tax | 9 | 12 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 434 | 70 |
Parent | ' | ' |
REVENUES | ' | ' |
Natural gas, oil and NGL | 0 | 0 |
Marketing, gathering and compression | 0 | 0 |
Oilfield services | 0 | 0 |
Total Revenues | 0 | 0 |
OPERATING EXPENSES | ' | ' |
Natural gas, oil and NGL production | 0 | 0 |
Production taxes | 0 | 0 |
Marketing, gathering and compression | 0 | 0 |
Oilfield services | 0 | 0 |
General and administrative | 0 | 0 |
Restructuring and other termination costs | 0 | 0 |
Natural gas, oil and NGL depreciation, depletion and amortization | 0 | 0 |
Depreciation and amortization of other assets | 0 | 0 |
Impairment of natural gas and oil properties | 0 | 0 |
Impairments of fixed assets and other | 0 | 0 |
Net gains on sales of fixed assets | 0 | 0 |
Total Operating Expenses | 0 | 0 |
INCOME (LOSS) FROM OPERATIONS | 0 | 0 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -192 | -219 |
Losses on investments | 0 | 0 |
Net gain on sales of investments | 0 | ' |
Other income | 344 | 216 |
Equity in net earnings of subsidiary | 330 | 60 |
Total Other Income (Expense) | 482 | 57 |
INCOME (LOSS) BEFORE INCOME TAXES | 482 | 57 |
INCOME TAX EXPENSE | 57 | -1 |
NET INCOME | 425 | 58 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Chesapeake | 425 | 58 |
Other Comprehensive Income (Loss), Net of Tax | 2 | -2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 427 | 56 |
Guarantor Subsidiaries | ' | ' |
REVENUES | ' | ' |
Natural gas, oil and NGL | 1,545 | 1,322 |
Marketing, gathering and compression | 3,014 | 1,778 |
Oilfield services | 0 | 0 |
Total Revenues | 4,559 | 3,100 |
OPERATING EXPENSES | ' | ' |
Natural gas, oil and NGL production | 269 | 296 |
Production taxes | 49 | 51 |
Marketing, gathering and compression | 2,979 | 1,742 |
Oilfield services | 17 | 23 |
General and administrative | 53 | 87 |
Restructuring and other termination costs | -7 | 131 |
Natural gas, oil and NGL depreciation, depletion and amortization | 568 | 591 |
Depreciation and amortization of other assets | 39 | 48 |
Impairment of natural gas and oil properties | 0 | 0 |
Impairments of fixed assets and other | 0 | 27 |
Net gains on sales of fixed assets | -24 | -49 |
Total Operating Expenses | 3,943 | 2,947 |
INCOME (LOSS) FROM OPERATIONS | 616 | 153 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | 0 | -8 |
Losses on investments | -15 | -37 |
Net gain on sales of investments | 67 | ' |
Other income | -141 | 42 |
Equity in net earnings of subsidiary | -17 | -87 |
Total Other Income (Expense) | -106 | -90 |
INCOME (LOSS) BEFORE INCOME TAXES | 510 | 63 |
INCOME TAX EXPENSE | 198 | 57 |
NET INCOME | 312 | 6 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Chesapeake | 312 | 6 |
Other Comprehensive Income (Loss), Net of Tax | 7 | 14 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 319 | 20 |
Non-Guarantor Subsidiaries | ' | ' |
REVENUES | ' | ' |
Natural gas, oil and NGL | 222 | 128 |
Marketing, gathering and compression | 1 | 3 |
Oilfield services | 536 | 554 |
Total Revenues | 759 | 685 |
OPERATING EXPENSES | ' | ' |
Natural gas, oil and NGL production | 19 | 11 |
Production taxes | 1 | 2 |
Marketing, gathering and compression | 1 | 3 |
Oilfield services | 437 | 426 |
General and administrative | 26 | 23 |
Restructuring and other termination costs | 0 | 2 |
Natural gas, oil and NGL depreciation, depletion and amortization | 62 | 57 |
Depreciation and amortization of other assets | 74 | 71 |
Impairment of natural gas and oil properties | 59 | 91 |
Impairments of fixed assets and other | 20 | 0 |
Net gains on sales of fixed assets | 1 | 0 |
Total Operating Expenses | 700 | 686 |
INCOME (LOSS) FROM OPERATIONS | 59 | -1 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | -21 | -16 |
Losses on investments | 0 | 0 |
Net gain on sales of investments | 0 | ' |
Other income | 1 | -2 |
Equity in net earnings of subsidiary | 0 | 0 |
Total Other Income (Expense) | -20 | -18 |
INCOME (LOSS) BEFORE INCOME TAXES | 39 | -19 |
INCOME TAX EXPENSE | 15 | -7 |
NET INCOME | 24 | -12 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Chesapeake | 24 | -12 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 24 | -12 |
Eliminations | ' | ' |
REVENUES | ' | ' |
Natural gas, oil and NGL | -1 | 3 |
Marketing, gathering and compression | 0 | 0 |
Oilfield services | -271 | -364 |
Total Revenues | -272 | -361 |
OPERATING EXPENSES | ' | ' |
Natural gas, oil and NGL production | 0 | 0 |
Production taxes | 0 | 0 |
Marketing, gathering and compression | 0 | 0 |
Oilfield services | -234 | -294 |
General and administrative | 0 | 0 |
Restructuring and other termination costs | 0 | 0 |
Natural gas, oil and NGL depreciation, depletion and amortization | -2 | 0 |
Depreciation and amortization of other assets | -35 | -41 |
Impairment of natural gas and oil properties | -59 | -91 |
Impairments of fixed assets and other | 0 | 0 |
Net gains on sales of fixed assets | 0 | 0 |
Total Operating Expenses | -330 | -426 |
INCOME (LOSS) FROM OPERATIONS | 58 | 65 |
OTHER INCOME (EXPENSE): | ' | ' |
Interest expense | 174 | 222 |
Losses on investments | -6 | 0 |
Net gain on sales of investments | 0 | ' |
Other income | -198 | -250 |
Equity in net earnings of subsidiary | -313 | 27 |
Total Other Income (Expense) | -343 | -1 |
INCOME (LOSS) BEFORE INCOME TAXES | -285 | 64 |
INCOME TAX EXPENSE | 10 | 14 |
NET INCOME | -295 | 50 |
Net income attributable to noncontrolling interests | -41 | -44 |
Net income attributable to Chesapeake | -336 | 6 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | ($336) | $6 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements Of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided By Operating Activities | $1,291 | $924 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of proved and unproved properties | -1,084 | -1,859 |
Proceeds from divestitures of proved and unproved properties | 49 | 190 |
Additions to other property and equipment | -437 | -330 |
Other investing activities | 473 | 254 |
Net Cash Used In Investing Activities | -999 | -1,745 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 421 | 3,632 |
Payments on credit facilities borrowings | -362 | -2,811 |
Other financing activities | -184 | -254 |
Intercompany advances, net | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | -125 | 567 |
Net increase (decrease) in cash and cash equivalents | 167 | -254 |
Cash and cash equivalents, beginning of period | 837 | 287 |
Cash and cash equivalents, end of period | 1,004 | 33 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided By Operating Activities | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of proved and unproved properties | 0 | 0 |
Proceeds from divestitures of proved and unproved properties | 0 | 0 |
Additions to other property and equipment | 0 | 0 |
Other investing activities | 0 | 0 |
Net Cash Used In Investing Activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 0 | 0 |
Payments on credit facilities borrowings | 0 | 0 |
Other financing activities | -116 | -133 |
Intercompany advances, net | 291 | -95 |
Net Cash Provided By (Used In) Financing Activities | 175 | -228 |
Net increase (decrease) in cash and cash equivalents | 175 | -228 |
Cash and cash equivalents, beginning of period | 799 | 228 |
Cash and cash equivalents, end of period | 974 | 0 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided By Operating Activities | 1,027 | 790 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of proved and unproved properties | -956 | -1,643 |
Proceeds from divestitures of proved and unproved properties | 48 | 138 |
Additions to other property and equipment | -319 | -186 |
Other investing activities | 442 | 135 |
Net Cash Used In Investing Activities | -785 | -1,556 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 140 | 3,395 |
Payments on credit facilities borrowings | -140 | -2,563 |
Other financing activities | 47 | -94 |
Intercompany advances, net | -289 | 28 |
Net Cash Provided By (Used In) Financing Activities | -242 | 766 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided By Operating Activities | 264 | 146 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of proved and unproved properties | -128 | -216 |
Proceeds from divestitures of proved and unproved properties | 1 | 52 |
Additions to other property and equipment | -118 | -144 |
Other investing activities | 5 | 74 |
Net Cash Used In Investing Activities | -240 | -234 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 281 | 237 |
Payments on credit facilities borrowings | -222 | -248 |
Other financing activities | -45 | 6 |
Intercompany advances, net | -2 | 67 |
Net Cash Provided By (Used In) Financing Activities | 12 | 62 |
Net increase (decrease) in cash and cash equivalents | 36 | -26 |
Cash and cash equivalents, beginning of period | 39 | 59 |
Cash and cash equivalents, end of period | 75 | 33 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net Cash Provided By Operating Activities | 0 | -12 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of proved and unproved properties | 0 | 0 |
Proceeds from divestitures of proved and unproved properties | 0 | 0 |
Additions to other property and equipment | 0 | 0 |
Other investing activities | 26 | 45 |
Net Cash Used In Investing Activities | 26 | 45 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from credit facilities borrowings | 0 | 0 |
Payments on credit facilities borrowings | 0 | 0 |
Other financing activities | -70 | -33 |
Intercompany advances, net | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | -70 | -33 |
Net increase (decrease) in cash and cash equivalents | -44 | 0 |
Cash and cash equivalents, beginning of period | -1 | 0 |
Cash and cash equivalents, end of period | ($45) | $0 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information Condensed Consolidating Financial Information Narrative (Details) (Senior Notes) | Mar. 31, 2014 |
Senior Notes | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 11, 2014 | Mar. 31, 2014 | Apr. 25, 2014 | Apr. 24, 2014 | Apr. 24, 2014 | Apr. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 25, 2014 | Apr. 24, 2014 | Apr. 10, 2014 |
In Millions, unless otherwise specified | Compressor [Member] | Compressor [Member] | 6.875% Senior Notes Due 2018 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | ||
Compressor | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Floating Rate Senior Notes due Two Thousand Nineteen [Member] | 4.875% Senior Notes Due 2022 [Member] | 4.875% Senior Notes Due 2022 [Member] | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | 6.875% Senior Notes Due 2018 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | 9.5% Senior Notes Due 2015 | ||||
Compressor | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment, Number of Units | ' | ' | 102 | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | $362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 12,969 | 12,886 | ' | ' | ' | ' | 3,000 | 1,500 | 1,500 | ' | 97 | 97 | ' | ' | 1,265 | 1,265 | ' | 319 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | 4.88% | 6.88% | ' | ' | 6.88% | 9.50% | ' | ' | ' | 9.50% |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | 2,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97 | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | $946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $946 | ' | ' |