Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 09, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CHK | ||
Entity Registrant Name | CHESAPEAKE ENERGY CORP | ||
Entity Central Index Key | 895126 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 665,038,368 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $20.50 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents ($1 and $1 attributable to our VIE) | $4,108 | $837 |
Restricted cash | 38 | 75 |
Accounts receivable, net | 2,236 | 2,222 |
Short-term derivative assets ($16 and $0 attributable to our VIE) | 879 | 0 |
Deferred income tax asset | 0 | 223 |
Other current assets | 207 | 299 |
Total Current Assets | 7,468 | 3,656 |
Oil and natural gas properties, at cost based on full cost accounting: | ||
Proved oil and natural gas properties ($488 and $488 attributable to our VIE) | 58,594 | 56,157 |
Unproved properties | 9,788 | 12,013 |
Oilfield services equipment | 0 | 2,192 |
Other property and equipment | 3,083 | 3,203 |
Total Property and Equipment, at Cost | 71,465 | 73,565 |
Less: accumulated depreciation, depletion and amortization (($251) and ($168) attributable to our VIE) | -39,043 | -37,161 |
Property and equipment held for sale, net | 93 | 730 |
Total Property and Equipment, Net | 32,515 | 37,134 |
LONG-TERM ASSETS: | ||
Investments | 265 | 477 |
Long-term derivative assets | 6 | 4 |
Other long-term assets | 497 | 511 |
TOTAL ASSETS | 40,751 | 41,782 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,049 | 1,596 |
Current maturities of long-term debt, net | 381 | 0 |
Accrued interest | 150 | 200 |
Deferred income tax liabilities | 207 | 0 |
Short-term derivative liabilities ($0 and $5 attributable to our VIE) | 15 | 208 |
Other current liabilities ($15 and $22 attributable to our VIE) | 3,061 | 3,511 |
Total Current Liabilities | 5,863 | 5,515 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 11,154 | 12,886 |
Deferred income tax liabilities | 4,185 | 3,407 |
Long-term derivative liabilities | 218 | 445 |
Asset retirement obligations, net of current portion | 447 | 405 |
Other long-term liabilities | 679 | 984 |
Total Long-Term Liabilities | 16,683 | 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: 664,944,232 and 666,192,371 shares issued | 7 | 7 |
Paid-in capital | 12,531 | 12,446 |
Retained earnings | 1,483 | 688 |
Accumulated other comprehensive loss | -143 | -162 |
Less: treasury stock, at cost; 1,614,312 and 2,002,029 common shares | -37 | -46 |
Total Chesapeake Stockholders’ Equity | 16,903 | 15,995 |
Noncontrolling interests | 1,302 | 2,145 |
Total Equity | 18,205 | 18,140 |
TOTAL LIABILITIES AND EQUITY | $40,751 | $41,782 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 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 | 664,944,232 | 666,192,371 |
Treasury stock, shares | 1,614,312 | 2,002,029 |
Cash and cash equivalents | $4,108 | $837 |
Short-term derivative assets ($16 and $0 attributable to our VIE) | 879 | 0 |
Proved oil and natural gas properties ($488 and $488 attributable to our VIE) | 58,594 | 56,157 |
Less: accumulated depreciation, depletion and amortization (($251) and ($168) attributable to our VIE) | -39,043 | -37,161 |
Short-term derivative liabilities ($0 and $5 attributable to our VIE) | 15 | 208 |
Other current liabilities ($15 and $22 attributable to our VIE) | 3,061 | 3,511 |
Variable Interest Entities, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 1 | 1 |
Short-term derivative assets ($16 and $0 attributable to our VIE) | 16 | 0 |
Proved oil and natural gas properties ($488 and $488 attributable to our VIE) | 488 | 488 |
Less: accumulated depreciation, depletion and amortization (($251) and ($168) attributable to our VIE) | -251 | -168 |
Short-term derivative liabilities ($0 and $5 attributable to our VIE) | 0 | 5 |
Other current liabilities ($15 and $22 attributable to our VIE) | $15 | $22 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Oil, natural gas and NGL | $8,180 | $7,052 | $6,278 |
Marketing, gathering and compression | 12,225 | 9,559 | 5,431 |
Oilfield services | 546 | 895 | 607 |
Total Revenues | 20,951 | 17,506 | 12,316 |
OPERATING EXPENSES: | |||
Oil, natural gas and NGL production | 1,208 | 1,159 | 1,304 |
Production taxes | 232 | 229 | 188 |
Marketing, gathering and compression | 12,236 | 9,461 | 5,312 |
Oilfield services | 431 | 736 | 465 |
General and administrative | 322 | 457 | 535 |
Restructuring and other termination costs | 7 | 248 | 7 |
Provision for legal contingencies | 234 | 0 | 0 |
Oil, natural gas and NGL depreciation, depletion and amortization | 2,683 | 2,589 | 2,507 |
Depreciation and amortization of other assets | 232 | 314 | 304 |
Impairment of oil and natural gas properties | 0 | 0 | 3,315 |
Impairments of fixed assets and other | 88 | 546 | 340 |
Net gains on sales of fixed assets | -199 | -302 | -267 |
Total Operating Expenses | 17,474 | 15,437 | 14,010 |
INCOME (LOSS) FROM OPERATIONS | 3,477 | 2,069 | -1,694 |
OTHER INCOME (EXPENSE): | |||
Interest expense | -89 | -227 | -77 |
Losses on investments | 80 | 226 | 103 |
Net gain (loss) on sales of investments | 67 | -7 | 1,092 |
Losses on purchases of debt | -197 | -193 | -200 |
Other income | 22 | 26 | 8 |
Total Other Income (Expense) | -277 | -627 | 720 |
INCOME (LOSS) BEFORE INCOME TAXES | 3,200 | 1,442 | -974 |
INCOME TAX EXPENSE (BENEFIT): | |||
Current income taxes | 47 | 22 | 47 |
Deferred income taxes | 1,097 | 526 | -427 |
Total Income Tax Expense (Benefit) | 1,144 | 548 | -380 |
NET INCOME (LOSS) | 2,056 | 894 | -594 |
Net income attributable to noncontrolling interests | -139 | -170 | -175 |
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE | 1,917 | 724 | -769 |
Preferred stock dividends | -171 | -171 | -171 |
Redemption of preferred shares of a subsidiary | -447 | -69 | 0 |
Earnings allocated to participating securities | -26 | -10 | 0 |
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | $1,273 | $474 | ($940) |
EARNINGS (LOSS) PER COMMON SHARE: | |||
Earnings Per Share, Basic | $1.93 | $0.73 | ($1.46) |
Earnings Per Share, Diluted | $1.87 | $0.73 | ($1.46) |
CASH DIVIDEND DECLARED PER COMMON SHARE | $0.35 | $0.35 | $0.35 |
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): | |||
Weighted Average Number of Shares Outstanding, Basic | 659 | 653 | 643 |
Weighted Average Number of Shares Outstanding, Diluted | 772 | 653 | 643 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $2,056 | $894 | ($594) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAX: | |||
Unrealized gain on derivative instruments, net of income tax expense of $0, $1 and $4 | 1 | 2 | 6 |
Reclassification of (gain) loss on settled derivative instruments, net of income tax expense (benefit) of $14, $12 and ($10) | 23 | 20 | -17 |
Unrealized loss on investments, net of income tax benefit of $0, ($4) and ($4) | 0 | -6 | -5 |
Reclassification of (gain) loss on investment, net of income tax expense of ($3), $3 and $0 | -5 | 4 | 0 |
Other Comprehensive Income (Loss) | 19 | 20 | -16 |
COMPREHENSIVE INCOME (LOSS) | 2,075 | 914 | -610 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -139 | -170 | -175 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE | $1,936 | $744 | ($785) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized gain on derivative instruments, net of income tax expense of $0, $1 and $4 | $0 | $1 | $4 |
Reclassification of (gain) loss on settled derivative instruments, net of income tax expense (benefit) of $12 million, ($10) million and ($139) million | 14 | 12 | -10 |
Unrealized loss on investments, net of income tax benefit of $0, ($4) and ($4) | 0 | -4 | -4 |
Reclassification of (gain) loss on investment, net of income tax expense (benefit) of $3 million, $0 and $0 | ($3) | $3 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME (LOSS) | $2,056 | $894 | ($594) |
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Depreciation, depletion and amortization | 2,915 | 2,903 | 2,811 |
Deferred income tax expense (benefit) | 1,097 | 526 | -427 |
Derivative gains, net | -1,102 | -71 | -926 |
Cash (payments) receipts on derivative settlements, net | -253 | -104 | 226 |
Stock-based compensation | 59 | 98 | 120 |
Impairment of oil and natural gas properties | 0 | 0 | 3,315 |
Net gains on sales of fixed assets | -199 | -302 | -267 |
Impairment of fixed assets and other | 58 | 483 | 316 |
Losses on investments | 80 | 229 | 164 |
Net (gains) losses on sales of investments | -67 | 7 | -1,092 |
Restructuring and other termination costs | -15 | 175 | 2 |
Provision for legal contingencies | 234 | 0 | 0 |
Losses on purchases of debt | 63 | 40 | 200 |
Other | 100 | 80 | 72 |
(Increase) decrease in accounts receivable and other assets | -21 | 5 | -68 |
Decrease in accounts payable, accrued liabilities and other | -371 | -349 | -1,015 |
Net Cash Provided By Operating Activities | 4,634 | 4,614 | 2,837 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | -4,581 | -5,604 | -8,930 |
Acquisitions of proved and unproved properties | -1,311 | -1,032 | -3,161 |
Proceeds from divestitures of proved and unproved properties | 5,813 | 3,467 | 5,884 |
Additions to other property and equipment | -726 | -972 | -2,651 |
Proceeds from sales of other property and equipment | 1,003 | 922 | 2,492 |
Additions to investments | -17 | -44 | -395 |
Proceeds from sales of investments | 239 | 115 | 2,000 |
Decrease (increase) in restricted cash | 37 | 177 | -222 |
Other | -3 | 4 | -1 |
Net Cash Provided By (Used In) Investing Activities | 454 | -2,967 | -4,984 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 7,406 | 7,669 | 20,318 |
Payments on credit facilities borrowings | -7,788 | -7,682 | -21,650 |
Proceeds from issuance of senior notes, net of discount and offering costs | 3,460 | ||
Proceeds from issuance of oilfield services senior notes, net of discount and offering costs | 3,460 | ||
Proceeds from issuance of term loan, net of issuance costs | 394 | ||
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 394 | ||
Cash paid to purchase debt | -3,362 | -2,141 | -4,000 |
Cash paid for common stock dividends | -234 | -233 | -227 |
Cash paid for preferred stock dividends | -171 | -171 | -171 |
Cash paid to extinguish other financing | 0 | -141 | 0 |
Cash paid on financing derivatives | -53 | -91 | -37 |
Cash paid for prepayment of mortgage | 0 | -55 | 0 |
Proceeds from sales of noncontrolling interests | 0 | 6 | 1,077 |
Proceeds from other financings | 0 | 0 | 257 |
Cash paid to purchase preferred shares of a subsidiary | -1,254 | -212 | 0 |
Cash held and retained by SSE at spin-off | -8 | 0 | 0 |
Distributions to noncontrolling interest owners | -173 | -215 | -218 |
Other | -34 | -105 | -251 |
Net Cash Provided By (Used In) Financing Activities | -1,817 | -1,097 | 2,083 |
Net increase (decrease) in cash and cash equivalents | 3,271 | 550 | -64 |
Cash and cash equivalents, beginning of period | 837 | 287 | 351 |
Cash and cash equivalents, end of period | 4,108 | 837 | 287 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid, net of capitalized interest | 96 | 43 | 0 |
Income taxes paid, net of refunds received | 10 | 26 | 44 |
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Change in accrued drilling and completion costs | -84 | -63 | -75 |
Change in accrued acquisitions of proved and unproved properties | -74 | -1 | 242 |
Change in accrued additions to other property and equipment | -11 | -81 | -25 |
Chesapeake Energy [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | 2,274 | 1,263 |
Proceeds from issuance of oilfield services senior notes, net of discount and offering costs | 2,966 | 2,274 | 1,263 |
Proceeds from issuance of term loan, net of issuance costs | 5,722 | ||
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 5,722 | ||
Chesapeake Oilfield Operating [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of senior notes, net of discount and offering costs | 494 | 0 | 0 |
Proceeds from issuance of oilfield services senior notes, net of discount and offering costs | 494 | 0 | 0 |
Proceeds from issuance of term loan, net of issuance costs | 394 | 0 | 0 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | $394 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock - Common [Member] | Parent [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period Start at Dec. 31, 2011 | $1,337 | ||||||||
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2011 | 12,146 | 1,608 | -166 | -33 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 174 | ||||||||
Exercise of stock options | 3 | ||||||||
Increase (decrease) in tax benefit from stock-based compensation | -30 | ||||||||
Net income (loss) attributable to Chesapeake | -769 | ||||||||
Dividends on common stock | -231 | ||||||||
Dividends on preferred stock | -171 | ||||||||
Spin-off of oilfield services business (Note 13) | 0 | ||||||||
Redemption of preferred shares of a subsidiary | 0 | ||||||||
Hedging activity | -11 | ||||||||
Investment activity | -5 | ||||||||
Purchase of 34,678, 251,403 and 652,443 shares for company benefit plans | -16 | ||||||||
Release of 422,395, 397,098 and 57,252 shares from company benefit plans | 1 | ||||||||
Sales of noncontrolling interests | 1,077 | ||||||||
Net income attributable to noncontrolling interests | 175 | 175 | |||||||
Distributions to noncontrolling interest owners | -218 | ||||||||
Redemption of preferred shares of a subsidiary | 0 | ||||||||
Deconsolidation of investments, net | -44 | ||||||||
Total Equity | 17,896 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period End at Dec. 31, 2012 | 2,327 | ||||||||
Chesapeake stockholders’ equity, end of period at Dec. 31, 2012 | 3,062 | 7 | 12,293 | 437 | -182 | -48 | 15,569 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 162 | ||||||||
Exercise of stock options | 4 | ||||||||
Increase (decrease) in tax benefit from stock-based compensation | -13 | ||||||||
Net income (loss) attributable to Chesapeake | 724 | ||||||||
Dividends on common stock | -233 | ||||||||
Dividends on preferred stock | -171 | ||||||||
Spin-off of oilfield services business (Note 13) | 0 | ||||||||
Redemption of preferred shares of a subsidiary | -69 | ||||||||
Hedging activity | 22 | ||||||||
Investment activity | -2 | ||||||||
Purchase of 34,678, 251,403 and 652,443 shares for company benefit plans | -6 | ||||||||
Release of 422,395, 397,098 and 57,252 shares from company benefit plans | 8 | ||||||||
Sales of noncontrolling interests | 6 | ||||||||
Net income attributable to noncontrolling interests | 170 | 170 | |||||||
Distributions to noncontrolling interest owners | -215 | ||||||||
Redemption of preferred shares of a subsidiary | -143 | ||||||||
Deconsolidation of investments, net | 0 | ||||||||
Total Equity | 18,140 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period End at Dec. 31, 2013 | 2,145 | 2,145 | |||||||
Chesapeake stockholders’ equity, end of period at Dec. 31, 2013 | 15,995 | 3,062 | 7 | 12,446 | 688 | -162 | -46 | 15,995 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation | 47 | ||||||||
Exercise of stock options | 23 | ||||||||
Increase (decrease) in tax benefit from stock-based compensation | 15 | ||||||||
Net income (loss) attributable to Chesapeake | 1,917 | ||||||||
Dividends on common stock | -234 | ||||||||
Dividends on preferred stock | -171 | ||||||||
Spin-off of oilfield services business (Note 13) | -270 | ||||||||
Redemption of preferred shares of a subsidiary | -447 | ||||||||
Hedging activity | 24 | ||||||||
Investment activity | -5 | ||||||||
Purchase of 34,678, 251,403 and 652,443 shares for company benefit plans | -1 | ||||||||
Release of 422,395, 397,098 and 57,252 shares from company benefit plans | 10 | ||||||||
Sales of noncontrolling interests | 0 | ||||||||
Net income attributable to noncontrolling interests | 139 | 139 | |||||||
Distributions to noncontrolling interest owners | -169 | ||||||||
Redemption of preferred shares of a subsidiary | -807 | ||||||||
Deconsolidation of investments, net | -6 | ||||||||
Total Equity | 18,205 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Period End at Dec. 31, 2014 | 1,302 | 1,302 | |||||||
Chesapeake stockholders’ equity, end of period at Dec. 31, 2014 | $16,903 | $3,062 | $7 | $12,531 | $1,483 | ($143) | ($37) | $16,903 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Treasury Stock - Common [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Treasury Stock - Common [Member] | |||
Purchase of shares for company benefit plans, shares | 34,678 | 251,403 | 652,443 |
Release of shares from company benefit plans, shares | 422,395 | 397,098 | 57,252 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies (Note) | 12 Months Ended | ||||||||||||||||||||
Dec. 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 | ||||||||||||||||||||
Description of Company | |||||||||||||||||||||
Chesapeake Energy Corporation ("Chesapeake" or the "Company") is an oil and natural gas exploration and production company engaged in the acquisition, exploration and development of properties for the production of oil, natural gas and natural gas liquids (NGL) from underground reservoirs. We also own oil and natural gas marketing and natural gas gathering and compression businesses, and prior to June 30, 2014, an oilfield services business (see Note 13). Our operations are located onshore in the United States. | |||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||
The accompanying consolidated financial statements of Chesapeake were 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. | |||||||||||||||||||||
Accounting Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||||||||||||
Estimates of oil and natural gas reserves and their values, future production rates and future costs and expenses are the most significant of our estimates. The accuracy of any reserve estimate is a function of the quality of data available and of engineering and geological interpretation and judgment. In addition, estimates of reserves may be revised based on actual production, results of subsequent exploration and development activities, recent commodity prices, operating costs and other factors. These revisions could materially affect our financial statements. The volatility of commodity prices results in increased uncertainty inherent in these estimates and assumptions. Changes in oil, natural gas or NGL prices could result in actual results differing significantly from our estimates. | |||||||||||||||||||||
Consolidation | |||||||||||||||||||||
Chesapeake consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (VIEs) in which Chesapeake is the primary beneficiary. We use the equity method of accounting to record our net interests where Chesapeake has the ability to exercise significant influence through its investment. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. Investments in securities not accounted for under the equity method have been designated as available-for-sale and, as such, are carried at fair value whenever this value is readily determinable. Otherwise, the investment is carried at cost. See Note 14 for further discussion of our investments. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Noncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity. See Note 8 for further discussion of noncontrolling interests. | |||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s losses, or the right to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||||||||||||||||||||
Along with a VIE that we consolidate, we also hold a variable interest in another VIE that is not consolidated because we are not the primary beneficiary. We continually monitor both our consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 15 for further discussion of VIEs. | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||
For purposes of the consolidated financial statements, Chesapeake considers investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash consists of the balance required to be maintained by the terms of the agreement governing the activities of CHK Cleveland Tonkawa, L.L.C. (CHK C-T) and, prior to our repurchase of all of the outstanding preferred shares of CHK Utica, L.L.C. (CHK Utica) in 2014, also consisted of a balance required to be maintained by the terms of the agreement governing the activities of CHK Utica. The repurchase of outstanding preferred shares of CHK Utica eliminated the restricted cash maintenance requirement related to this entity. See Note 8 for further discussion of these entities. | |||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||
Our accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties which are judged to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables we believe may be uncollectible. During 2014, 2013 and 2012, we recognized $2 million, $2 million and a nominal amount of bad debt expense related to potentially uncollectible receivables, and we reduced our allowance by $3 million in 2013 as we wrote off specific receivables against our allowance. Accounts receivable as of December 31, 2014 and 2013 are detailed below. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Oil, natural gas and NGL sales | $ | 1,340 | $ | 1,548 | |||||||||||||||||
Joint interest | 691 | 417 | |||||||||||||||||||
Oilfield services(a) | — | 63 | |||||||||||||||||||
Related parties(b) | — | 62 | |||||||||||||||||||
Other | 226 | 150 | |||||||||||||||||||
Allowance for doubtful accounts | (21 | ) | (18 | ) | |||||||||||||||||
Total accounts receivable, net | $ | 2,236 | $ | 2,222 | |||||||||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | In 2014, in connection with the spin-off of our oilfield services business, accounts receivable related to oilfield services were removed from our consolidated balance sheet. | ||||||||||||||||||||
(b) | See Note 7 for discussion of related party transactions. | ||||||||||||||||||||
Oil and Natural Gas Properties | |||||||||||||||||||||
Chesapeake follows the full cost method of accounting under which all costs associated with oil and natural gas property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with these activities and do not capitalize any costs related to production, general corporate overhead or similar activities (see Supplementary Information - Supplemental Disclosures About Oil, Natural Gas and NGL Producing Activities). Capitalized costs are amortized on a composite unit-of-production method based on proved oil and natural gas reserves. Estimates of our proved reserves as of December 31, 2014 were prepared by independent engineering firms and Chesapeake's internal staff. Approximately 79% of these proved reserves estimates (by volume) as of December 31, 2014 were prepared by independent engineering firms. In addition, our internal engineers review and update our reserves on a quarterly basis. | |||||||||||||||||||||
Proceeds from the sale of oil and natural gas properties are accounted for as reductions of capitalized costs unless these sales involve a significant change in proved reserves and significantly alter the relationship between costs and proved reserves, in which case a gain or loss is recognized. | |||||||||||||||||||||
The costs of unproved properties are excluded from amortization until the properties are evaluated. We review all of our unproved properties quarterly to determine whether or not and to what extent proved reserves have been assigned to the properties and otherwise if impairment has occurred. Unproved properties are grouped by major prospect area where individual property costs are not significant. In addition, we analyze our unproved leasehold and transfer to proved properties leasehold that can be associated with proved reserves, leasehold that expired in the quarter or leasehold that is not a part of our development strategy and will be abandoned. | |||||||||||||||||||||
The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2014 and the year in which the associated costs were incurred. | |||||||||||||||||||||
Year of Acquisition | |||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | |||||||||||||||||
($ in millions) | |||||||||||||||||||||
Leasehold acquisition cost | $ | 577 | $ | 199 | $ | 1,462 | $ | 5,149 | $ | 7,387 | |||||||||||
Exploration cost | 340 | 90 | 244 | 42 | 716 | ||||||||||||||||
Capitalized interest | 492 | 421 | 325 | 447 | 1,685 | ||||||||||||||||
Total | $ | 1,409 | $ | 710 | $ | 2,031 | $ | 5,638 | $ | 9,788 | |||||||||||
We also review, on a quarterly basis, the carrying value of our oil and natural gas properties under the full cost accounting rules of the Securities and Exchange Commission (SEC). This quarterly review is referred to as a ceiling test. Under the ceiling test, capitalized costs, less accumulated amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues (adjusted for oil and natural gas derivatives designated as cash flow hedges) less estimated future expenditures to be incurred in developing and producing the proved reserves, less any related income tax effects. The ceiling test calculation uses costs as of the end of the applicable quarterly period and the unweighted arithmetic average of oil, natural gas and NGL prices on the first day of each month within the 12-month period prior to the ending date of the quarterly period. These prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts, including the effects of derivatives designated as cash flow hedges. As of December 31, 2014, none of our open derivative instruments were designated as cash flow hedges. Our oil and natural gas hedging activities are discussed in Note 11. | |||||||||||||||||||||
Two primary factors impacting the ceiling test are reserves levels and oil, natural gas and NGL prices, and their associated impact on the present value of estimated future net revenues. Revisions to estimates of oil and natural gas reserves and/or an extended increase or decrease in prices can have a material impact on the present value of estimated future net revenues. Any excess of the net book value over the ceiling is written off as an expense. | |||||||||||||||||||||
We account for seismic costs as part of our oil and natural gas properties. Exploration costs may be incurred both before acquiring the related property and after acquiring the property. Further, exploration costs include, among other things, geological and geophysical studies and salaries and other expenses of geologists, geophysical crews and others conducting those studies. These costs are capitalized as incurred. The Company reviews its unproved properties and associated seismic costs quarterly to determine whether impairment has occurred. To the extent that seismic costs cannot be directly associated with specific unproved properties, they are included in the amortization base as incurred. | |||||||||||||||||||||
Other Property and Equipment | |||||||||||||||||||||
Other property and equipment consists primarily of natural gas compressors, buildings and improvements, land, vehicles, computer and office equipment, oil and natural gas gathering systems and treating plants. We have no remaining oilfield services equipment as a result of the spin-off of our oilfield services business in 2014 as discussed in Note 13, and substantially all of our natural gas gathering systems and treating plants were sold in 2013 and 2012 as discussed in Note 16. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. The costs of assets retired or otherwise disposed of and the applicable accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected in operating costs. See Note 16 for further discussion of our gains and losses on the sales of other property and equipment and a summary of our other property and equipment held for sale as of December 31, 2014 and 2013. Other property and equipment costs, excluding land, are depreciated on a straight-line basis. | |||||||||||||||||||||
Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow. During 2014, 2013 and 2012, we determined that certain of our property and equipment was being carried at values that were not recoverable and in excess of fair value. See Note 17 for further discussion of these impairments. | |||||||||||||||||||||
Capitalized Interest | |||||||||||||||||||||
Interest from external borrowings is capitalized on significant projects until the asset is ready for service using the weighted average cost of outstanding borrowings. Capitalized interest is determined by multiplying our weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset. | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Goodwill represents the excess of the purchase price of a business combination over the fair value of the net assets acquired and is tested for impairment at least annually. This test includes an assessment of qualitative and quantitative factors. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. When the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative assessment is then performed. The fair value of each reporting unit is estimated and compared to the net book value of the reporting unit. If the estimated fair value of the reporting unit is less than the net book value, including goodwill, then the goodwill is written down to the implied fair value of the goodwill through a charge to expense. | |||||||||||||||||||||
Our goodwill, which is included in other long-term assets on our consolidated balance sheets, was $15 million and $43 million, respectively, as of December 31, 2014 and 2013. The 2014 amount consists of $15 million of excess consideration over the fair value of assets acquired in our Horizon Drilling Services acquisition in 2011. The 2013 amount also included $28 million of excess consideration over the fair value of assets acquired in our Bronco Drilling Company acquisition in 2011. We no longer have the goodwill balance related to Bronco Drilling Company as a result of the spin-off of our oilfield services business in June 2014. We performed annual impairment tests of goodwill in the fourth quarters of 2014 and 2013. Based on these assessments, no impairment of goodwill was required. Goodwill was included in our exploration and production segment as of December 31, 2014 and as of December 31, 2013 was included in our former oilfield services segment. | |||||||||||||||||||||
Accounts Payable | |||||||||||||||||||||
Included in accounts payable as of December 31, 2014 and 2013 are liabilities of approximately $333 million and $397 million, respectively, representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts. | |||||||||||||||||||||
Debt Issuance and Hedging Facility Costs | |||||||||||||||||||||
Included in other long-term assets are costs associated with the issuance of our senior notes, revolving credit facility, hedging facility and, as of December 31, 2013, costs associated with our former term loan and former oilfield services credit facility. The remaining unamortized issuance costs as of December 31, 2014 and 2013 totaled $130 million and $145 million, respectively, and are being amortized over the life of the applicable debt or facility using the effective interest method. | |||||||||||||||||||||
Environmental Remediation Costs | |||||||||||||||||||||
Chesapeake records environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized. | |||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||
We recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For oil and natural gas properties, this is the period in which an oil or natural gas well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. See Note 20 for further discussion of asset retirement obligations. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Oil, Natural Gas and NGL Sales. Revenue from the sale of oil, natural gas and NGL is recognized when title passes, net of royalties due to third parties and gathering and transportation charges. | |||||||||||||||||||||
Natural Gas Imbalances. We follow the "sales method" of accounting for our natural gas revenue whereby we recognize sales revenue on all natural gas sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. An asset or a liability is recognized to the extent that we have an imbalance in excess of the remaining natural gas reserves on the underlying properties. The natural gas imbalance net liability position as of December 31, 2014 and 2013 was $12 million and $11 million, respectively. | |||||||||||||||||||||
Marketing, Gathering and Compression Sales. Chesapeake takes title to the oil, natural gas and NGL it purchases from other interest owners in operated wells at defined delivery points and delivers the product to third parties, at which time revenues are recorded. In addition, we periodically enter into a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and to help meet certain of our pipeline delivery commitments. In circumstances where we act as a principal rather than an agent, Chesapeake's results of operations related to its oil, natural gas and NGL marketing activities are presented on a "gross" basis. Gathering and compression revenues consist of fees billed to other interest owners in operated wells or third-party producers for the gathering, treating and compression of natural gas. Revenues are recognized when the service is performed and are based upon non-regulated rates and the related gathering, treating and compression volumes. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Oilfield Services Revenue. Prior to the spin-off of our oilfield services business in June 2014, we reported oilfield services revenue. Our former oilfield services operating segment was responsible for contract drilling, hydraulic fracturing, oilfield rentals, oilfield trucking and other oilfield services operations for both Chesapeake-operated wells and wells operated by third parties. Our oilfield services revenues prior to the spin-off were as follows: | |||||||||||||||||||||
• | Drilling. Revenues were generated by drilling oil and natural gas wells for our customers under daywork contracts and recognized for the days completed based on the dayrate specified in each contract. Revenue generated and costs incurred for mobilization services were recognized over the days of actual mobilization. | ||||||||||||||||||||
• | Hydraulic Fracturing. Revenue was recognized upon the completion of each fracturing stage. Typically, one or more fracturing stages per day per active crew was completed during the course of a job. A stage was considered complete when the customer requested or the job design dictated that pumping discontinue for that stage. Invoices typically included a lump sum equipment charge determined by the rate per stage specified in each contract and product charges for sand, chemicals and other products actually consumed during the course of providing fracturing services. | ||||||||||||||||||||
• | Oilfield Rentals. Oilfield equipment rentals included drill pipe, drill collars, tubing, blowout preventers, and frac and mud tanks, and services included air drilling services and services associated with the transfer of fresh water to the wellsite. Rentals and services were priced by the day or hour based on the type of equipment rented and the service job performed. Revenue was recognized ratably over the term of the rental. | ||||||||||||||||||||
• | Oilfield Trucking. Oilfield trucking provided rig relocation and logistics services as well as fluid handling services. Trucks moved drilling rigs, crude oil, other fluids and construction materials to and from the wellsites and also transported produced water from the wellsites. These services were priced on a per barrel basis based on mileage and revenue was recognized as services were performed. | ||||||||||||||||||||
• | Other Operations. A manufacturing subsidiary designed, engineered and fabricated natural gas compressor packages that were purchased primarily by Chesapeake. Compression units were priced based on certain specifications such as horsepower, stages and additional options. Revenue was recognized upon completion and transfer of ownership of the natural gas compression unit. | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Certain financial instruments are reported at fair value on our consolidated balance sheets. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority. | |||||||||||||||||||||
The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). | |||||||||||||||||||||
The carrying values of financial instruments comprising cash and cash equivalents, restricted cash, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments. | |||||||||||||||||||||
Derivatives | |||||||||||||||||||||
Derivative instruments are recorded on our consolidated balance sheets as derivative assets or derivative liabilities at fair value, and changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. For qualifying commodity derivative instruments designated as cash flow hedges, changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Locked-in gains and losses of settled cash flow hedges are recorded in accumulated other comprehensive income and are transferred to earnings in the month of production. Changes in the fair value of interest rate derivative instruments designated as fair value hedges are recorded on the consolidated balance sheets as assets or liabilities, and the debt's carrying value amount is adjusted by the change in the fair value of the debt subsequent to the initiation of the derivative. Differences between the changes in the fair values of the hedged item and the derivative instrument, if any, represent hedge ineffectiveness and are recognized currently in earnings. Locked-in gains and losses related to settled fair value hedges are amortized as an adjustment to interest expense over the remaining term of the related senior notes. We have elected not to designate any of our qualifying commodity and interest rate derivatives as cash flow or fair value hedges. Therefore, changes in fair value of these derivatives that occur prior to their maturity (i.e., temporary fluctuations in value) are recognized in our consolidated statements of operations within oil, natural gas and NGL sales and interest expense, respectively. | |||||||||||||||||||||
Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next twelve months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type (i.e., commodity, interest rate and cross currency contracts) which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets. | |||||||||||||||||||||
We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives. See Note 11 for further discussion of our derivative instruments. | |||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
Chesapeake’s share-based compensation program consists of restricted stock, stock options and performance share units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize in our financial statements the cost of employee services received in exchange for restricted stock and stock options based on the fair value of the equity instruments as of the grant date. For employees, this value is amortized over the vesting period, which is generally three or four years from the grant date. For directors, although restricted stock grants vest over three years, this value is recognized immediately as there is a non-substantive service condition for vesting. Because performance share units can only be settled in cash, they are classified as a liability in our consolidated financial statements and are measured at fair value as of the grant date and re-measured at fair value at the end of each reporting period. These fair value adjustments are recognized as compensation expense in the consolidated statements of operations. | |||||||||||||||||||||
To the extent compensation cost relates to employees directly involved in the acquisition of oil and natural gas leasehold and exploration and development activities, these amounts are capitalized to oil and natural gas properties. Amounts not capitalized to oil and natural gas properties are recognized as general and administrative expenses, oil, natural gas and NGL production expenses, or marketing, gathering and compression expenses, based on the employees involved in those activities. | |||||||||||||||||||||
Cash inflows resulting from tax deductions in excess of compensation expense recognized for stock options and restricted stock are classified as financing cash inflows, while reductions in tax benefits are classified as operating cash outflows in our consolidated statements of cash flows. See Note 9 for further discussion of share-based compensation. | |||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain reclassifications have been made to the consolidated financial statements for 2012 and 2013 to conform to the presentation used for the 2014 consolidated financial statements. |
Earnings_Per_Share_Note
Earnings Per Share (Note) | 12 Months Ended | |||||||||||
Dec. 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 the issuance of common shares for all potentially dilutive securities, provided the effect is not antidilutive. For the years ended December 31, 2014, 2013 and 2012, 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 years ended December 31, 2014, 2013 and 2012, shares of the following securities and associated adjustments to net income, representing dividends on preferred stock and allocated earnings on participating securities, 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 these periods. | ||||||||||||
Net Income | Shares | |||||||||||
Adjustments | ||||||||||||
($ in millions) | (in millions) | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Participating securities | $ | 22 | 3 | |||||||||
Year Ended December 31, 2013 | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 86 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 63 | 40 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 10 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 12 | 6 | |||||||||
Participating securities | $ | 10 | 5 | |||||||||
Year Ended December 31, 2012 | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 86 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 63 | 39 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 10 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 12 | 6 | |||||||||
Participating securities | $ | — | 5 | |||||||||
For the year ended December 31, 2014, all outstanding equity securities convertible into common stock were included in the calculation of diluted EPS. A reconciliation of basic EPS and diluted EPS for the year ended December 31, 2014 is as follows: | ||||||||||||
Income (Numerator) | Weighted | Per | ||||||||||
Average | Share | |||||||||||
Shares | Amount | |||||||||||
(Denominator) | ||||||||||||
(in millions, except per share data) | ||||||||||||
For the Year Ended December 31, 2014: | ||||||||||||
Basic EPS | $ | 1,273 | 659 | $ | 1.93 | |||||||
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% cumulative convertible preferred stock | 86 | 59 | ||||||||||
Common shares assumed issued for 5.75% cumulative convertible preferred stock (series A) | 63 | 42 | ||||||||||
Common shares assumed issued for 5.00% cumulative convertible preferred stock (series 2005B) | 10 | 6 | ||||||||||
Common shares assumed issued for 4.50% cumulative convertible preferred stock | 12 | 6 | ||||||||||
Diluted EPS | $ | 1,444 | 772 | $ | 1.87 | |||||||
Debt_Note
Debt (Note) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | Debt | ||||||||||||||||
Our long-term debt consisted of the following as of December 31, 2014 and 2013: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Term loan due 2017(a) | $ | — | $ | 2,000 | |||||||||||||
9.5% senior notes due 2015(b) | — | 1,265 | |||||||||||||||
3.25% senior notes due 2016 | 500 | 500 | |||||||||||||||
6.25% euro-denominated senior notes due 2017(c) | 416 | 473 | |||||||||||||||
6.5% senior notes due 2017 | 660 | 660 | |||||||||||||||
6.875% senior notes due 2018(d) | — | 97 | |||||||||||||||
7.25% senior notes due 2018 | 669 | 669 | |||||||||||||||
Floating rate senior notes due 2019 | 1,500 | — | |||||||||||||||
6.625% senior notes due 2019(e) | — | 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 | |||||||||||||||
4.875% senior notes due 2022 | 1,500 | — | |||||||||||||||
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 | |||||||||||||||
Revolving credit facility | — | — | |||||||||||||||
Oilfield services revolving credit facility(g) | — | 405 | |||||||||||||||
Discount on senior notes and term loan(h) | (231 | ) | (357 | ) | |||||||||||||
Interest rate derivatives(i) | 10 | 13 | |||||||||||||||
Total debt, net | 11,535 | 12,886 | |||||||||||||||
Less current maturities of long-term debt, net(j) | (381 | ) | — | ||||||||||||||
Total long-term debt, net | $ | 11,154 | $ | 12,886 | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | In 2014, we repaid the borrowings outstanding under and terminated the term loan due 2017. | ||||||||||||||||
(b) | In 2014, we completed a tender offer for a portion of the 9.5% Senior Notes due 2015, and we redeemed the remaining balance of the notes. | ||||||||||||||||
(c) | The principal amount shown is based on the exchange rate of $1.2098 to €1.00 and $1.3743 to €1.00 as of December 31, 2014 and 2013, respectively. See Note 11 for information on our related foreign currency derivatives. | ||||||||||||||||
(d) | In 2014, we redeemed all outstanding 6.875% Senior Notes due 2018. | ||||||||||||||||
(e) | Initial issuers were Chesapeake Oilfield Operating, L.L.C. (COO) and Chesapeake Oilfield Finance, Inc., a wholly owned subsidiary of COO. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent convertible senior notes. In 2014, in connection with the spin-off of our oilfield services business, the obligations with respect to the COO senior notes were removed from our consolidated balance sheet. See Note 13 for further discussion of the spin-off. | ||||||||||||||||
(f) | The repurchase, conversion, contingent interest and redemption provisions of our contingent convertible senior notes are as follows: | ||||||||||||||||
Holders’ Demand Repurchase Rights. 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. | |||||||||||||||||
Optional Conversion by Holders. At the holder’s option, prior to maturity under certain circumstances, the notes are convertible 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. During the specified period in the fourth quarter of 2014, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes and, as a result, the holders do not have the option to convert their notes into cash and common stock in the first quarter of 2015 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 2014, 2013 or 2012. 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 the principal amount. | |||||||||||||||||
Contingent Interest. We will pay contingent interest on the convertible senior notes after they have been outstanding at least ten years during certain periods if the average trading price of the notes exceeds the threshold defined in the indenture. | |||||||||||||||||
The holders’ demand repurchase dates, the common stock price conversion threshold amounts (as adjusted to give effect to the dividend of SSE common stock paid in the spin-off of our oilfield services business and cash dividends on our common stock) 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 | Holders' Demand | Common Stock | Contingent Interest | ||||||||||||||
Convertible | Repurchase Dates | Price Conversion | First Payable | ||||||||||||||
Senior Notes | Thresholds | (if applicable) | |||||||||||||||
2.75% due 2035 | November 15, 2015, 2020, 2025, 2030 | $ | 45.14 | May 14, 2016 | |||||||||||||
2.5% due 2037 | May 15, 2017, 2022, 2027, 2032 | $ | 59.71 | November 14, 2017 | |||||||||||||
2.25% due 2038 | December 15, 2018, 2023, 2028, 2033 | $ | 100.35 | June 14, 2019 | |||||||||||||
Optional Redemption by the Company. We may redeem the contingent 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. | |||||||||||||||||
(g) | In 2014, in connection with the spin-off of our oilfield services business, we terminated our oilfield services credit facility. See Note 13 for further discussion of the spin-off. | ||||||||||||||||
(h) | Discount as of December 31, 2014 and 2013 included $224 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 $33 million as of December 31, 2013 associated with our term loan due 2017 discussed below. | ||||||||||||||||
(i) | See Note 11 for further discussion related to these instruments. | ||||||||||||||||
(j) | As of December 31, 2014, there was $15 million of discount associated with the equity component of the 2.75% Contingent Convertible Senior Notes due 2035. As discussed in footnote (f) above, the holders of our 2.75% Contingent Convertible Senior Notes due 2035 could exercise their individual demand repurchase rights on November 15, 2015, which would require us to repurchase all or a portion of the principal amount of the notes. | ||||||||||||||||
Total principal amount of debt maturities, using the earliest demand repurchase date for contingent convertible senior notes, for the five years ended after December 31, 2014 and thereafter are as follows: | |||||||||||||||||
Principal Amount | |||||||||||||||||
of Debt Securities | |||||||||||||||||
($ in millions) | |||||||||||||||||
2015 | $ | 396 | |||||||||||||||
2016 | 500 | ||||||||||||||||
2017 | 2,244 | ||||||||||||||||
2018 | 1,016 | ||||||||||||||||
2019 | 1,500 | ||||||||||||||||
2020 and thereafter | 6,100 | ||||||||||||||||
Total | $ | 11,756 | |||||||||||||||
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. In 2014, we used a portion of the net proceeds from our offering of $3.0 billion in aggregate principal amount of senior notes to repay the borrowings under, and terminate, the term loan. We recorded a loss of $90 million, consisting of $40 million in premiums, $30 million of unamortized discount and $20 million of unamortized deferred charges, in connection with the termination. | |||||||||||||||||
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, 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 22 for 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 or $75 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. | |||||||||||||||||
During 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 used the remaining proceeds along with cash on hand to redeem the remaining $97 million principal amount of the 6.875% Senior Notes due 2018 and to purchase and redeem the remaining $1.265 billion principal amount of the 9.5% Senior Notes due 2015 for $1.454 billion. We recorded a loss of approximately $6 million associated with the redemption of the 6.875% Senior Notes due 2018, which consisted of $5 million in premiums and $1 million of unamortized deferred charges. We recorded a loss of approximately $99 million associated with the purchase and redemption of the 9.5% Senior Notes due 2015, which consisted of $87 million in premiums, $9 million of unamortized discount and $3 million of unamortized deferred charges. | |||||||||||||||||
During 2013, we issued $2.3 billion in aggregate principal amount of senior notes at par. The offering included three series of notes: $500 million in aggregate principal amount of 3.25% Senior Notes due 2016; $700 million in aggregate principal amount of 5.375% Senior Notes due 2021; and $1.1 billion in aggregate principal amount of 5.75% Senior Notes due 2023. We used a portion of the net proceeds of $2.274 billion to repay outstanding indebtedness under our revolving credit facility and purchase certain senior notes. We purchased $217 million in aggregate principal amount of our 7.625% Senior Notes due 2013 for $221 million and $377 million in aggregate principal amount of our 6.875% Senior Notes due 2018 for $405 million pursuant to tender offers during 2013. We recorded a loss of approximately $37 million associated with the tender offers, including $32 million in premiums and $5 million of unamortized deferred charges. During 2013, we also redeemed $1.3 billion in aggregate principal amount of our 6.775% Senior Notes due 2019 (the 2019 Notes) at par pursuant to notice of special early redemption. We recorded a loss of approximately $33 million associated with the redemption, including $19 million of unamortized deferred charges and $14 million of discount. As described in the following paragraph, our redemption of the 2019 Notes has been the subject of litigation. On July 15, 2013, we retired at maturity the remaining $247 million aggregate principal amount outstanding of our 7.625% Senior Notes due 2013. | |||||||||||||||||
In March 2013, the Company brought suit in the U.S. District Court for the Southern District of New York against The Bank of New York Mellon Trust Company, N.A., the indenture trustee for the 2019 Notes. The Company sought and ultimately obtained a judgment declaring 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 for that redemption pursuant to the special early redemption provision of the supplemental indenture governing the 2019 Notes. In May 2013, as a result of that ruling, the 2019 Notes were redeemed at par. In November 2014, the U.S. Court of Appeals for the Second Circuit, on appeal by the indenture trustee, reversed the District Court’s declaratory judgment and held that the notice was not effective to redeem the 2019 Notes at par because it was not timely for that purpose. The Court of Appeals remanded the case to the District Court for a determination whether the redemption notice triggered a redemption at the make-whole price specified in the indenture, instead of at par. The Company sought a rehearing by the Court of Appeals en banc in December 2014, and that petition was denied on February 6, 2015. On February 13, 2015, the indenture trustee filed a motion in the District Court for entry of a judgment requiring the Company to pay the make-whole price, as defined in the indenture, less the par amount paid in the 2013 redemption plus prejudgment interest at the statutory 9% rate from the redemption date. The Company intends to oppose the trustee’s motion vigorously. | |||||||||||||||||
On December 30, 2014, six former holders of the 2019 Notes filed a putative class action against the Company on behalf of all former holders who sold the 2019 Notes after the Company issued the notice of early redemption in March 2013 but before the notes were redeemed at par in May 2013. These former holders allege that the Company breached the indenture by issuing a wrongful notice of special early redemption, and that this breach caused the market value of the notes to decline, injuring them when they sold their 2019 Notes. This suit has been assigned to the same District Court judge as the suit described above. The Company intends to defend itself against this claim vigorously. | |||||||||||||||||
No scheduled principal payments are required on our senior notes until 2016 unless the holders of our 2.75% Contingent Convertible Senior Notes due 2035 exercise their individual demand repurchase rights on November 15, 2015, which would require us to repurchase all or a portion of the $396 million principal amount of notes. | |||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
In December 2014, we entered into a new five-year $4.0 billion senior unsecured revolving credit facility to use for general corporate purposes. The new credit facility replaced our then-existing $4.0 billion senior secured revolving credit facility that was scheduled to mature in December 2015. The aggregate commitments under the facility may be increased up to an additional $1.0 billion, and the December 2019 maturity date may be extended for two one-year periods at our request and with the consent of the participating lenders. As of December 31, 2014, we had no outstanding borrowings under the facility and utilized $15 million of the facility for various letters of credit. Borrowings under the facility are currently unsecured; however, we will be required to provide collateral and the facility will be subject to a borrowing base if our credit rating declines to Ba3 (Moody’s Investors Services, Inc.) or BB- (Standard & Poor’s Ratings Services) or lower. | |||||||||||||||||
Revolving loans under the revolving credit facility bear interest at a fluctuating rate per annum equal to the highest of (i) the federal funds effective rate plus 0.5%, (ii) the administrative agent’s prime rate or (iii) the London interbank offer rate (LIBOR) for a one-month interest period plus 1.0% (alternative base rate (ABR) loans), and/or LIBOR rates (LIBOR loans), at our election, plus an applicable margin rate depending on our credit rating (currently 0.625% per annum for ABR loans and 1.625% per annum for LIBOR loans). The terms of the credit facility include covenants limiting, among other things, the ability of the Company and its restricted subsidiaries to incur additional indebtedness, make investments or loans, create liens, consummate mergers and similar fundamental changes, make restricted payments, make investments in unrestricted subsidiaries and enter into transactions with affiliates. In addition, the credit facility requires us to maintain, as of the last day of each fiscal quarter, (i) a net debt to capitalization ratio (as defined in the credit agreement) that does not exceed 65%; and (ii) a leverage ratio (net debt to consolidated EBITDA, as defined in the credit agreement) that does not exceed 4.0 to 1.0; provided, however, that the leverage ratio will not apply during any period in which our credit rating, as determined by either Moody’s Investors Services, Inc. or Standard & Poor’s Rating Services, meet and continue to meet certain investment grade thresholds, as defined in the credit agreement. | |||||||||||||||||
Our credit facility is fully and unconditionally guaranteed, on a joint and several basis, by certain of our material subsidiaries. The credit agreement includes events of default relating to customary matters, including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to indebtedness in an aggregate principal amount of $125 million or more; bankruptcy; judgments involving liability of $125 million or more that are not paid; and ERISA events. Many events of default are subject to customary notice and cure periods. | |||||||||||||||||
Spin-Off Debt Transactions | |||||||||||||||||
Prior to the spin-off of our oilfield services business, COO or its subsidiaries completed the following debt transactions: | |||||||||||||||||
• | Entered into a five-year senior secured revolving credit facility with total commitments of $275 million and incurred approximately $3 million in financing costs related to entering into the facility. | ||||||||||||||||
• | Entered into a $400 million seven-year secured term loan and used the net proceeds of approximately $394 million and borrowings under the new revolving credit facility to repay and terminate COO’s existing credit facility. | ||||||||||||||||
• | Issued $500 million in aggregate principal amount of 6.5% Senior Notes due 2022 in a private placement and used the net proceeds of approximately $494 million to make a cash distribution of approximately $391 million to us, to repay a portion of outstanding indebtedness under the new revolving credit facility discussed above and for general corporate purposes. | ||||||||||||||||
All deferred charges and debt balances related to these transactions were removed from our consolidated balance sheet as of June 30, 2014. See Note 13 for further discussion of the spin-off. | |||||||||||||||||
Fair Value of Debt | |||||||||||||||||
We estimate the fair value of our exchange-traded debt using quoted market prices (Level 1). The fair value of all other debt, which currently consists of our revolving credit facility and as of December 31, 2013 also consisted of our former oilfield services credit facility and term loan, is estimated using our credit default swap rate (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below. | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
($ in millions) | |||||||||||||||||
Long-term debt (Level 1) | $ | 11,525 | $ | 12,052 | $ | 10,501 | $ | 11,557 | |||||||||
Long-term debt (Level 2) | $ | — | $ | — | $ | 2,372 | $ | 2,369 | |||||||||
Contingencies_and_Commitments_
Contingencies and Commitments (Note) | 12 Months Ended | ||||
Dec. 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 Litigation. 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. On appeal, the U.S. Court of Appeals for the Tenth Circuit affirmed the dismissal on August 8, 2014 and denied the plaintiffs’ petition for rehearing on November 12, 2014. | |||||
Shareholder Derivative Litigation. A derivative action relating to the July 2008 offering was filed in the U.S. District Court for the Western District of Oklahoma on September 6, 2011. The case was thereafter stayed by stipulation between the parties, and on November 20, 2014, the parties entered a stipulation to have the case voluntarily dismissed. On January 16, 2015, pursuant to Court order, the Company provided notice to shareholders of the voluntary dismissal and allowed eligible shareholders to intervene. | |||||
A federal consolidated derivative action and an Oklahoma state court derivative action have been stayed since 2012 pending resolution of a related, previously reported putative federal securities class action. The shareholder derivative actions allege breaches of fiduciary duty, among other things, related to the former CEO’s personal financial practices and purported conflicts of interest, and the Company’s accounting for volumetric production payments. With the dismissal of the federal securities class action now affirmed, the parties have stipulated to continue the stay of the Oklahoma state court derivative action while the plaintiffs pursue their claims in the federal consolidated derivative action. The plaintiffs filed a consolidated derivative complaint on October 31, 2014 and an amended consolidated derivative complaint on February 12, 2015. Chesapeake filed its motion to dismiss on February 23, 2015. | |||||
Regulatory Proceedings. The Company has received, from the U.S. Department of Justice (DOJ) and certain state governmental agencies and authorities, subpoenas and demands for documents, information and testimony in connection with investigations into possible violations of federal and state antitrust laws relating to our purchase and lease of oil and gas rights in various states. The Company also has received DOJ and state subpoenas seeking information on the Company’s royalty payment practices. Chesapeake has engaged in discussions with the DOJ and state representatives 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. On July 9, 2014, following a preliminary hearing on the complaint, as amended, the 89th District Court for Cheboygan County, Michigan ruled that one count alleging a bid-rigging conspiracy between Chesapeake and Encana Oil & Gas USA, Inc. regarding the October 2010 state lease auction would proceed to trial and dismissed claims alleging a second antitrust violation and an attempted antitrust violation. A trial date of April 15, 2015 has been set for this case. The Michigan Attorney General filed a second criminal complaint against Chesapeake in the same court on June 5, 2014 which, as amended, alleges that Chesapeake’s conduct in canceling lease offers to Michigan landowners in 2010 violated the state’s criminal enterprises and false pretenses felony statutes. On September 9, 2014, following a preliminary hearing, the Court ruled that all charges in the complaint would be tried. No trial date has been set for this matter. | |||||
Redemption of 2019 Notes. See Note 3 for a description of pending litigation regarding our redemption in May 2013 of our 2019 Notes. As a result of the reversal of the trial court’s decision in our declaratory judgment action against the indenture trustee, we have accrued a loss contingency of $100 million for this matter. We estimate the range of potential loss between $100 million to $380 million, plus prejudgment interest of up to 9%. The high end of this range is based upon the indenture trustee’s request in mid-February 2015 that the Court order us to pay noteholders the “make-whole” amount (as defined in the indenture) less the par amount already paid. Our $100 million accrual is based on an estimate of the remedy required to restore the redeemed noteholders and the Company to the economic positions they would have been in had the 2019 Notes not been redeemed. We are unable to estimate an amount or range of loss with respect to the recently filed putative class action by certain former holders of the 2019 Notes. | |||||
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 oil and natural gas 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 failure-to-close cases in various courts, has settled and resolved other such cases and disputes and believes that its remaining loss exposure for these claims will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. In addition, as described above, the Michigan Attorney General has commenced a criminal proceeding against us based on lease offers to Michigan landowners in 2010. | |||||
Regarding royalty claims, Chesapeake and other natural gas producers have been named in various lawsuits alleging royalty underpayment. The suits against us allege, among other things, 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 has resolved a number of these claims through negotiated settlements of past and future royalties and has prevailed in various other lawsuits. We are currently defending lawsuits seeking damages for royalty underpayment in various states, including cases filed by individual royalty owners and putative class actions, some of which seek to certify a statewide class. The Company also has received DOJ and state subpoenas seeking information on the Company’s royalty payment practices. | |||||
Plaintiffs have varying royalty provisions in their respective leases and oil and gas law varies from state to state. Royalty owners and producers differ in their interpretation of the legal effect of lease provisions governing royalty calculations, an issue in a putative class action filed in November 2010 in the District Court of Beaver County, Oklahoma on behalf of Oklahoma royalty owners asserting claims dating back to 2004. In July 2014, this case was remanded to the trial court for further proceedings following the reversal on appeal of certification of a statewide class. We and the named plaintiff participated in mediation concerning the claims asserted in the putative class action litigation and have negotiated a settlement requiring the Company to pay $119 million cash to compensate the putative settlement class for alleged past royalty underpayments in exchange for the release of claims for the ten-year period ended December 31, 2014. The plaintiff filed a motion for preliminary approval of the settlement on January 2, 2015. The Company has accrued a loss contingency for the settlement amount in the 2014 consolidated statement of operations. A fairness hearing on the settlement has been scheduled for April 17, 2015. Although Chesapeake believes that its royalty calculation and payment methodologies are appropriate under Oklahoma oil and gas law and denies that it committed any acts or omissions giving rise to any liability, it also believes that settlement is in the best interest of the Company considering the questions of law and fact involved and the uncertainty of continued litigation. There can be no assurance the court will approve the settlement, however, and the final resolution of the Oklahoma royalty claims could differ from the amount accrued. | |||||
We believe losses are reasonably possible in certain of the other pending royalty cases for which we have not accrued a loss contingency, but we are currently unable to estimate an amount or range of loss or the impact the actions could have on our future results of operations or cash flows. In Pennsylvania, three putative statewide class actions and one purported class arbitration have been filed on behalf of royalty owners asserting various claims for damages related to alleged underpayment of royalties as a result of the Company’s divestiture of substantially all of its midstream business and most of its gathering assets in 2012 and 2013. These Pennsylvania cases include claims for violation of and conspiracy to violate the federal Racketeer Influenced and Corrupt Organizations Act and one of the cases includes claims of intentional interference with contractual relations and violations of antitrust laws. Uncertainties in pending royalty cases generally include the complex nature of the claims and defenses, the potential size of the class in class actions, the scope and types of the properties and agreements involved, and the applicable production years. | |||||
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 future 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 Contingencies | |||||
The nature of the oil and gas 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 address 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. | |||||
Commitments | |||||
Operating Leases | |||||
Future operating lease commitments related to other property and equipment are not recorded in the accompanying consolidated balance sheets. The aggregate undiscounted minimum future lease payments are presented below. | |||||
31-Dec-14 | |||||
($ in millions) | |||||
2015 | $ | 5 | |||
2016 | 4 | ||||
2017 | 1 | ||||
2018 | 1 | ||||
Total | $ | 11 | |||
Lease expense for the years ended December 31, 2014, 2013 and 2012 was $33 million, $158 million and $185 million, respectively. Lease expense decreased significantly in 2014 primarily due to the repurchase of all rigs and compressors previously sold under long-term sale-leaseback arrangements. | |||||
Gathering, Processing and Transportation Agreements | |||||
We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of natural gas and liquids to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded in the accompanying consolidated balance sheets; however, they are reflected as adjustments to oil, natural gas and NGL sales prices used in our proved reserves estimates. | |||||
The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners or credits for third-party volumes, are presented below. | |||||
December 31, 2014 | |||||
($ in millions) | |||||
2015 | $ | 1,855 | |||
2016 | 1,987 | ||||
2017 | 2,003 | ||||
2018 | 1,802 | ||||
2019 | 1,516 | ||||
2020 - 2099 | 6,880 | ||||
Total | $ | 16,043 | |||
In addition to the gathering, processing and transportation agreements discussed above, we have entered into long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees will vary depending on the applicable agreement. Two of these agreements, one for production in the Anadarko Basin and the other for production in the Haynesville/Bossier Shales in northwestern Louisiana, contain cost-of-service based fees that are redetermined annually through 2019 and 2020, respectively. The annual upward or downward fee adjustment for these two contracts is capped at 15% of the then-current fees at the time of redetermination. To the extent the actual rate of return on capital expended by the counterparty over the term of the agreement differs from the applicable rate of return, a payment is due to (from) the midstream service company. | |||||
Drilling Contracts | |||||
We have contracts with various drilling contractors, including those entered into with Seventy Seven Energy Inc. (SSE) in connection with the spin-off of our oilfield services business as discussed in Note 13, to utilize drilling services with terms ranging from three months to three years at market-based pricing. These commitments are not recorded in the accompanying consolidated balance sheets. As of December 31, 2014, the aggregate undiscounted minimum future payments under these drilling service commitments are detailed below. | |||||
December 31, | |||||
2014 | |||||
($ in millions) | |||||
2015 | $ | 232 | |||
2016 | 179 | ||||
2017 | 91 | ||||
Total | $ | 502 | |||
Pressure Pumping Contracts | |||||
As discussed in Note 13, in connection with the spin-off of our oilfield services business we entered into an agreement with a subsidiary of SSE related to pressure pumping services. The services agreement requires us to utilize, at market-based pricing, the lesser of (i) seven, five and three pressure pumping crews in years one, two and three of the agreement, respectively, or (ii) 50% of the total number of all pressure pumping crews working for us in all of our operating regions during the respective year. We are also required to utilize SSE pressure pumping services for a minimum number of fracture stages as set forth in the agreement. We are entitled to terminate the agreement in certain situations, including if SSE fails to provide the overall quality of service provided by similar service providers. The aggregate undiscounted minimum future payments under this agreement are detailed below. | |||||
31-Dec-14 | |||||
($ in millions) | |||||
2015 | $ | 245 | |||
2016 | 162 | ||||
2017 | 59 | ||||
Total | $ | 466 | |||
Drilling Commitments | |||||
We have committed to drill wells for the benefit of CHK Cleveland Tonkawa, L.L.C. and Chesapeake Granite Wash Trust. See Noncontrolling Interests in Note 8 for discussion of these commitments. | |||||
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 volumetric production payment (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 12 for further discussion of our VPP transactions. | |||||
Net Acreage Maintenance Commitments | |||||
Under the terms of our joint venture agreements with Total and Sinopec (see Note 12), we are required to extend, renew or replace expiring joint leasehold, at our cost, to ensure that the net acreage is maintained in certain designated areas as of future measurement dates. To date, we have satisfied our replacement commitments under the Sinopec agreement. In 2014, we settled a dispute with Total regarding our acreage maintenance obligation as of December 31, 2012 for $50 million. The payment was based on a shortfall of approximately 20,800 net acres. | |||||
Other Commitments | |||||
In July 2011, we agreed to invest $155 million in preferred equity securities of Sundrop Fuels, Inc. (Sundrop), a privately held cellulosic biofuels company based in Longmont, Colorado. 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 to the occurrence of specified milestones. As of December 31, 2014, we had funded our $155 million commitment in full and the milestones related to Sundrop’s preferred equity call option had not been met. See Note 14 for further discussion of this investment. | |||||
As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, 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 and/or other specified matters. 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 entering into or consummating a particular transaction. For divestitures of oil and gas properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title defects. | |||||
Certain of our oil and natural gas 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 these interests have been created, we have the responsibility to bear the cost of developing and producing the reserves attributable to these interests. See Note 12 for further discussion of our VPP transactions. | |||||
While executing our strategic priorities, we have incurred certain cash charges, including contract termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity. As we continue to focus on our strategic priorities, certain actions that may reduce financial leverage and complexity could negatively impact our future results of operations and/or liquidity, and we may incur additional cash and noncash charges. |
Other_Liabilities_Note
Other Liabilities (Note) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Liabilities Disclosure [Text Block] | Other Liabilities | ||||||||
Other current liabilities as of December 31, 2014 and 2013 are detailed below. | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Revenues and royalties due others | $ | 1,176 | $ | 1,409 | |||||
Accrued oil, natural gas and NGL drilling and production costs | 385 | 457 | |||||||
Joint interest prepayments received | 189 | 464 | |||||||
Accrued compensation and benefits | 344 | 320 | |||||||
Other accrued taxes | 55 | 161 | |||||||
Accrued dividends | 101 | 101 | |||||||
Other | 811 | 599 | |||||||
Total other current liabilities | $ | 3,061 | $ | 3,511 | |||||
Other long-term liabilities as of December 31, 2014 and 2013 are detailed below. | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
CHK Utica ORRI conveyance obligation(a) | $ | 220 | $ | 250 | |||||
CHK C-T ORRI conveyance obligation(b) | 135 | 149 | |||||||
Financing obligations | 30 | 31 | |||||||
Unrecognized tax benefits | 45 | 317 | |||||||
Other | 249 | 237 | |||||||
Total other long-term liabilities | $ | 679 | $ | 984 | |||||
____________________________________________ | |||||||||
(a) | $14 million and $13 million of the total $234 million and $263 million obligations are recorded in other current liabilities as of December 31, 2014 and 2013, respectively. See Noncontrolling Interests in Note 8 for further discussion of the transaction. | ||||||||
(b) | $23 million and $12 million of the total $158 million and $161 million obligations are recorded in other current liabilities as of December 31, 2014 and 2013, respectively. See Noncontrolling Interests in Note 8 for further discussion of the transaction. |
Income_Taxes_Note
Income Taxes (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes | ||||||||||||
The components of the income tax provision (benefit) for each of the periods presented below are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 47 | 22 | 47 | ||||||||||
Current Income Taxes | 47 | 22 | 47 | ||||||||||
Deferred | |||||||||||||
Federal | 1,115 | 502 | (358 | ) | |||||||||
State | (18 | ) | 24 | (69 | ) | ||||||||
Deferred Income Taxes | 1,097 | 526 | (427 | ) | |||||||||
Total | $ | 1,144 | $ | 548 | $ | (380 | ) | ||||||
The effective income tax expense (benefit) differed from the computed "expected" federal income tax expense on earnings before income taxes for the following reasons: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Income tax expense (benefit) at the federal statutory rate (35%) | $ | 1,120 | $ | 505 | $ | (341 | ) | ||||||
State income taxes (net of federal income tax benefit) | 68 | 88 | (38 | ) | |||||||||
Remeasurement of state deferred tax liabilities | (114 | ) | (38 | ) | (19 | ) | |||||||
Change in valuation allowance | 74 | (12 | ) | — | |||||||||
Other | (4 | ) | 5 | 18 | |||||||||
Total | $ | 1,144 | $ | 548 | $ | (380 | ) | ||||||
During the 2014 fourth quarter, Chesapeake simplified its organizational structure which impacts how income (loss) is allocated and apportioned to various states. This change resulted in a $114 million tax benefit due to the remeasurement of state deferred tax liabilities. Additionally, we reassessed the realizability of our deferred tax assets given the decline in commodity prices. We recorded a $74 million tax expense for the increase in our valuation allowance. | |||||||||||||
Deferred income taxes are provided to reflect temporary differences in the basis of net assets for income tax and financial reporting purposes. The tax-effected temporary differences and tax loss carryforwards which comprise deferred taxes are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
($ in millions) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Oil and natural gas properties | $ | (3,950 | ) | $ | (2,631 | ) | |||||||
Other property and equipment | (14 | ) | (371 | ) | |||||||||
Volumetric production payments | (920 | ) | (1,216 | ) | |||||||||
Contingent convertible debt | (443 | ) | (439 | ) | |||||||||
Deferred revenue | (102 | ) | — | ||||||||||
Derivative instruments | (428 | ) | — | ||||||||||
Deferred tax liabilities | (5,857 | ) | (4,657 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards (carrybacks) | 945 | 535 | |||||||||||
Derivative instruments | — | 108 | |||||||||||
Asset retirement obligations | 165 | 153 | |||||||||||
Investments | 88 | 130 | |||||||||||
Deferred stock compensation | 50 | 66 | |||||||||||
Accrued liabilities | 214 | 120 | |||||||||||
Noncontrolling interest liabilities | 135 | 152 | |||||||||||
Alternative minimum tax credits | 34 | 317 | |||||||||||
Other | 56 | 40 | |||||||||||
Deferred tax assets | 1,687 | 1,621 | |||||||||||
Valuation allowance | (222 | ) | (148 | ) | |||||||||
Net deferred tax assets | 1,465 | 1,473 | |||||||||||
Net deferred tax assets (liabilities) | $ | (4,392 | ) | $ | (3,184 | ) | |||||||
Reflected in accompanying balance sheets as: | |||||||||||||
Current deferred income tax asset | — | 223 | |||||||||||
Current deferred income tax liability | (207 | ) | — | ||||||||||
Non-current deferred income tax liability | (4,185 | ) | (3,407 | ) | |||||||||
Total | $ | (4,392 | ) | $ | (3,184 | ) | |||||||
As of December 31, 2014, Chesapeake had federal income tax NOL carryforwards of approximately $1.6 billion and state NOL carryforwards of approximately $8.3 billion which excludes the NOL carryforwards related to unrecognized tax benefits and stock compensation windfalls that have not been recognized under U.S. GAAP. The associated deferred tax assets related to these NOL carryforwards were $551 million and $394 million, respectively. Additionally, we had $76 million of alternative minimum tax (AMT) NOL carryforwards, net of unrecognized tax benefits, available as a deduction against future AMT income. The NOL carryforwards expire from 2031 through 2033. The value of these carryforwards depends on the ability of Chesapeake to generate taxable income. As of December 31, 2014 and 2013, we had deferred tax assets of $1.687 billion and $1.621 billion, respectively, upon which we had a valuation allowance of $222 million and $148 million, respectively, for certain state NOL carryforwards and credits that we have concluded are not more likely than not to be utilized prior to expiration. The net change in the valuation allowance of $74 million is reflected as a component of income tax expense. | |||||||||||||
Deferred tax assets relating to tax benefits of employee share-based compensation have been reduced for stock options exercised and restricted stock that vested in periods in which Chesapeake was in a net operating loss (NOL) position. Some exercises and vestings result in tax deductions in excess of previously recorded benefits based on the stock option or restricted stock value at the time of grant (windfalls). Although these additional tax benefits or windfalls are reflected in NOL carryforwards in the tax return, the additional tax benefit associated with the windfalls is not recognized until the deduction reduces taxes payable pursuant to accounting for stock compensation under U.S. GAAP. Accordingly, since the tax benefit does not reduce Chesapeake's current taxes payable due to NOL carryforwards, these windfall tax benefits are not reflected in Chesapeake's NOLs in deferred tax assets. Windfalls included in NOL carryforwards but not reflected in deferred tax assets as of December 31, 2014 totaled $18 million. Any shortfalls resulting from tax deductions that were less than the previously recorded benefits were recorded as reductions to additional paid-in capital. | |||||||||||||
The ability of Chesapeake to utilize NOL carryforwards to reduce future federal taxable income and federal income tax is subject to various limitations under the Internal Revenue Code of 1986, as amended. The utilization of these carryforwards may be limited upon the occurrence of certain ownership changes, including the issuance or exercise of rights to acquire stock, the purchase or sale of stock by 5% stockholders, as defined in the Treasury regulations, and the offering of stock by us during any three-year period resulting in an aggregate change of more than 50% in the beneficial ownership of Chesapeake. | |||||||||||||
As of December 31, 2014, we do not believe that an ownership change has occurred that would limit the carryforwards. Due to the spin-off of SSE, the limitation on previously acquired NOLs was increased such that the remaining carryforward became fully available. Future equity transactions by Chesapeake or by 5% stockholders (including relatively small transactions and transactions beyond our control) could cause an ownership change and therefore a limitation on the annual utilization of NOLs. | |||||||||||||
Accounting guidance for recognizing and measuring uncertain tax positions prescribes a threshold condition that a tax position must meet for any of the benefit of the uncertain tax position to be recognized in the financial statements. Guidance is also provided regarding de-recognition, classification and disclosure of these uncertain tax positions. As of December 31, 2014 and 2013, the amount of unrecognized tax benefits related to NOL carryforwards and state tax liabilities associated with uncertain tax positions was $303 million and $644 million, respectively. Of the 2014 amount, $23 million and $17 million are related to AMT and state tax liabilities, respectively, while the remainder is related to NOL carryforwards. Of the 2013 amount, $4 million is related to state tax liabilities while the remainder is related to NOL carryforwards. If these unrecognized tax benefits are disallowed and our NOL carryforwards are reduced, the reduction will be offset by additional tax basis that will generate future deductions. The uncertain tax positions identified would not have a material effect on the effective tax rate. No material changes to the current uncertain tax positions are expected within the next 12 months. As of December 31, 2014 and 2013, we had accrued liabilities of $5 million and $13 million, respectively, for interest related to these uncertain tax positions. Chesapeake recognizes interest related to uncertain tax positions in interest expense. Penalties, if any, related to uncertain tax positions would be recorded in other expenses. | |||||||||||||
A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Unrecognized tax benefits at beginning of period | $ | 644 | $ | 599 | $ | 369 | |||||||
Additions based on tax positions related to the current year | 13 | 15 | 134 | ||||||||||
Additions to tax positions of prior years | — | 30 | 96 | ||||||||||
Reductions to tax positions of prior years | (354 | ) | — | — | |||||||||
Unrecognized tax benefits at end of period | $ | 303 | $ | 644 | $ | 599 | |||||||
Chesapeake's federal and state income tax returns are routinely audited by federal and state fiscal authorities. The Internal Revenue Service (IRS) is currently auditing our federal income tax returns for 2007 through 2013. The federal tax returns for 1999 through 2006 remain subject to examination for the purpose of determining the amount of remaining tax NOL and other carryforwards. The 2007 through 2014 years remain open for all purposes of examination by the IRS and other taxing authorities in material jurisdictions. |
Related_Party_Transactions_Not
Related Party Transactions (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions Disclosure [Text Block] | Related Party Transactions | ||||||||||||
Our equity method investees are considered related parties. During 2014, 2013 and 2012, we had the following transactions with our equity method investees: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Purchases(a) | $ | — | $ | — | $ | 73 | |||||||
Sales(b) | $ | — | $ | 666 | $ | 392 | |||||||
Services(c) | $ | 220 | $ | 397 | $ | 480 | |||||||
___________________________________________ | |||||||||||||
(a) | Purchase of equipment from FTS International, Inc. (FTS). | ||||||||||||
(b) | In 2013 and 2012, Chesapeake sold produced gas to our 30%-owned investee, Twin Eagle Resource Management LLC (Twin Eagle). We sold our investment in Twin Eagle in 2014. | ||||||||||||
(c) | Hydraulic fracturing and other services provided to us by FTS in the ordinary course of business. As well operators, we are reimbursed by other working interest owners through the joint interest billing process for their proportionate share of these costs. | ||||||||||||
The table below shows the total amounts due from and due to our equity method investees. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Amounts due from equity method investees | $ | — | $ | 47 | $ | 67 | |||||||
Amounts due to equity method investees | $ | — | $ | 1 | $ | 42 | |||||||
Equity_Note
Equity (Note) | 12 Months Ended | ||||||||||||||||||||
Dec. 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 years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Shares issued as of January 1 | 666,192 | 666,468 | 660,888 | ||||||||||||||||||
Restricted stock issuances (net of forfeitures and cancellations)(a) | (2,529 | ) | (599 | ) | 5,038 | ||||||||||||||||
Stock option exercises | 1,281 | 323 | 542 | ||||||||||||||||||
Shares issued as of December 31 | 664,944 | 666,192 | 666,468 | ||||||||||||||||||
___________________________________________ | |||||||||||||||||||||
(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 shares of common stock are issued on the date the RSAs are granted. We refer to RSAs and RSUs collectively as restricted stock. | ||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2014: | |||||||||||||||||||||
Preferred Stock Series | Issue Date | Liquidation | Holder's Conversion Right | Conversion Rate | Conversion Price | Company's | Company's Market Conversion Trigger(a) | ||||||||||||||
Preference | Conversion | ||||||||||||||||||||
per Share | Right From | ||||||||||||||||||||
5.75% cumulative | May and | $ | 1,000 | Any time | 39.5856 | $ | 25.2617 | May 17, 2015 | $ | 32.8402 | |||||||||||
convertible | Jun-10 | ||||||||||||||||||||
non-voting | |||||||||||||||||||||
5.75% (series A) | May | $ | 1,000 | Any time | 38.2538 | $ | 26.1412 | May 17, 2015 | $ | 33.9836 | |||||||||||
cumulative | 2010 | ||||||||||||||||||||
convertible | |||||||||||||||||||||
non-voting | |||||||||||||||||||||
4.50% cumulative convertible | Sep-05 | $ | 100 | Any time | 2.4468 | $ | 40.8693 | September 15, 2010 | $ | 53.1301 | |||||||||||
5.00% cumulative convertible (series 2005B) | Nov-05 | $ | 100 | Any time | 2.7669 | $ | 36.1415 | November 15, 2010 | $ | 46.984 | |||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | Convertible at the Company's option if the trading price of the Company's common stock equals or exceeds the trigger price for a specified time period or after the applicable conversion date if there are less than 250,000 shares of 4.50% or 5.00% (Series 2005B) preferred stock outstanding or 25,000 shares of 5.75% or 5.75% (Series A) preferred stock outstanding. | ||||||||||||||||||||
The following reflects the shares outstanding of our preferred stock for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
5.75% | 5.75% (A) | 4.50% | 5.00% | ||||||||||||||||||
(2005B) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Shares outstanding as of January 1, 2014, 2013 and 2012 and shares outstanding as of December 31, 2014, 2013 and 2012 | 1,497 | 1,100 | 2,559 | 2,096 | |||||||||||||||||
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 exists after giving effect to the dividends. To the extent retained earnings are insufficient to fund the distributions, 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 years ended December 31, 2014 and 2013, 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 | 1 | — | 1 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 23 | (5 | ) | 18 | |||||||||||||||||
Net other comprehensive income | 24 | (5 | ) | 19 | |||||||||||||||||
Balance, December 31, 2014 | $ | (143 | ) | $ | — | $ | (143 | ) | |||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||||||
Other comprehensive income before reclassifications | 2 | (6 | ) | (4 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 20 | 4 | 24 | ||||||||||||||||||
Net other comprehensive income | 22 | (2 | ) | 20 | |||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||||||
For the years ended December 31, 2014 and 2013, amounts reclassified from accumulated other comprehensive income (loss), net of tax, into the consolidated statements of operations are detailed below. | |||||||||||||||||||||
Details About Accumulated | Affected Line Item | Year Ended | |||||||||||||||||||
Other Comprehensive | in the Statement | December 31, | |||||||||||||||||||
Income (Loss) Components | Where Net Income is Presented | 2014 | |||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||||||
Commodity contracts | Oil, natural gas and NGL revenues | $ | 23 | ||||||||||||||||||
Investments: | |||||||||||||||||||||
Sale of investment | Net gain on sale of investment | (5 | ) | ||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 18 | |||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||||||
Commodity contracts | Oil, natural gas and NGL revenues | $ | 20 | ||||||||||||||||||
Investments: | |||||||||||||||||||||
Impairment of investment | Losses on investments | 6 | |||||||||||||||||||
Sale of investment | Net gain on sale of investment | (2 | ) | ||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 24 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Cleveland Tonkawa Financial Transaction. We formed CHK Cleveland Tonkawa, L.L.C. (CHK C-T) in March 2012 to continue development of a portion of our oil and natural gas assets in our Cleveland and Tonkawa plays. CHK C-T is an unrestricted subsidiary under our revolving 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 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 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. The amount reserved, approximately $38 million as of December 31, 2014 and 2013, was reflected as restricted cash on our 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 and the development agreement, as amended. The 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; provided, however, that in certain circumstances, as set forth in the CHK C-T L.L.C. Agreement and the development agreement, as amended, the 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 December 31, 2014 and 2013, the redemption price and the liquidation preference were approximately $1,185 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 to drill and complete a minimum cumulative total of (i) 162.5 net wells by June 30, 2014 and (ii) 175 net wells by December 31, 2014. In January 2015, the drilling commitment was suspended. We are not required or allowed to drill any wells with respect to the CHK C-T properties unless we receive written notice from the owners of a majority of the preferred shares electing to lift the drilling prohibition. If we receive written notice at least 45 days prior to June 30, 2015, we will be required to drill and complete a minimum cumulative total of 225 net wells by June 30, 2016, and thereafter the minimum cumulative total will be increased by 25 net wells in each of the subsequent six-month periods ending December 31, 2017. If notice is not received by that time, future drilling commitment dates will be extended, as provided in the January 2015 amendment to the drilling commitment. If we fail to meet the then-current cumulative drilling commitment in any six-month period, any optional cash distributions will 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 will 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 will be increased by an additional 3% per annum. Any 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 17, 77 and 84 qualified net wells were added in 2014, 2013 and 2012, respectively. Through December 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 are we 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 the 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 the 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 oil and natural gas properties. We had met our ORRI conveyance commitment as of December 31, 2013, but we did not meet the 2014 ORRI conveyance commitment as of December 31, 2014. | |||||||||||||||||||||
As of December 31, 2014 and 2013, $1.015 billion of noncontrolling interests on our consolidated balance sheets were attributable to CHK C-T. For 2014, 2013 and 2012, income of $75 million, $75 million and $57 million, respectively, was attributable to the noncontrolling interests of CHK C-T. | |||||||||||||||||||||
Utica Financial Transaction. We formed CHK Utica, L.L.C. (CHK Utica) in October 2011 to develop a portion of our Utica Shale oil and natural gas assets. 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. | |||||||||||||||||||||
In 2014, we repurchased all of the outstanding preferred shares of CHK Utica from third-party preferred shareholders for approximately $1.254 billion, or approximately $1,189 per share including accrued dividends. The $447 million difference between the cash paid for the preferred shares and the carrying value of the noncontrolling interest acquired is reflected in retained earnings and as a reduction to net income available to common stockholders for purposes of our EPS computations. Pursuant to the transaction, our obligation to pay quarterly dividends to third-party preferred shareholders was eliminated. In addition, the development agreement was terminated pursuant to the transaction, which eliminated our obligation to drill and complete a minimum number of wells within a specified period for the benefit of CHK Utica. Our repurchase of the outstanding preferred shares in CHK Utica did not affect our obligation to deliver a 3% ORRI in 1,500 net wells on certain Utica Shale leasehold. | |||||||||||||||||||||
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 are we 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 the 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 the 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 oil and natural gas properties. 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. We met the 2013 ORRI conveyance commitment as of December 31, 2013 and met the 2014 ORRI conveyance commitment as of December 31, 2014 associated with the CHK Utica transaction. | |||||||||||||||||||||
As of December 31, 2014 and 2013, $0 and $807 million, respectively, of noncontrolling interests on our consolidated balance sheets were attributable to CHK Utica. In 2014, 2013 and 2012, income of approximately $43 million, $79 million and $88 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 is not 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 the lien cannot exceed $263 million initially and will be proportionately reduced as we fulfill our drilling obligation over time. As of December 31, 2014 and 2013, we had drilled or caused to be drilled approximately 102 and 82 development wells, respectively, as calculated under the development agreement, and the maximum amount recoverable under the drilling support lien was approximately $36 million and $79 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 the quarter. If there is not sufficient cash to fund 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 the 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 ten 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 the 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. Through December 31, 2014, no incentive distributions had been made. 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 years ended December 31, 2014, 2013 and 2012, the Trust declared and paid the following distributions: | |||||||||||||||||||||
Production Period | Distribution Date | Cash Distribution | Cash Distribution | ||||||||||||||||||
per | per | ||||||||||||||||||||
Common Unit | Subordinated Unit | ||||||||||||||||||||
June 2014 - August 2014 | December 1, 2014 | $ | 0.5079 | $ | — | ||||||||||||||||
March 2014 - May 2014 | August 29, 2014 | $ | 0.5796 | $ | — | ||||||||||||||||
December 2013 - February 2014 | May 30, 2014 | $ | 0.6454 | $ | — | ||||||||||||||||
September 2013 - November 2013 | March 3, 2014 | $ | 0.6624 | $ | — | ||||||||||||||||
June 2013 - August 2013 | November 29, 2013 | $ | 0.6671 | $ | — | ||||||||||||||||
March 2013 - May 2013 | August 29, 2013 | $ | 0.69 | $ | 0.1432 | ||||||||||||||||
December 2012 - February 2013 | May 31, 2013 | $ | 0.69 | $ | 0.301 | ||||||||||||||||
September 2012 - November 2012 | March 1, 2013 | $ | 0.67 | $ | 0.3772 | ||||||||||||||||
June 2012 - August 2012 | November 29, 2012 | $ | 0.63 | $ | 0.2208 | ||||||||||||||||
March 2012 - May 2012 | August 30, 2012 | $ | 0.61 | $ | 0.4819 | ||||||||||||||||
December 2011 - February 2012 | May 31, 2012 | $ | 0.6588 | $ | 0.6588 | ||||||||||||||||
September 2011 - November 2011 | March 1, 2012 | $ | 0.7277 | $ | 0.7277 | ||||||||||||||||
We have determined that the Trust is a variable interest entity (VIE) and that Chesapeake is the primary beneficiary. As a result, the Trust is included in our consolidated financial statements. As of December 31, 2014 and 2013, $287 million and $314 million, respectively, of noncontrolling interests on our consolidated balance sheets were attributable to the Trust. In 2014, 2013 and 2012, income of approximately $24 million, $20 million and $35 million, respectively, was attributable to the Trust’s noncontrolling interests in our consolidated statements of operations. See Note 15 for further discussion of VIEs. | |||||||||||||||||||||
Wireless Seismic, Inc. As of December 31, 2014, we no longer consolidated Wireless Seismic, Inc. (Wireless), a privately owned company engaged in research, development and production of wireless seismic systems and related technology that delivers seismic information obtained from standard geophones in real time to personal computers. Because we no longer have a controlling equity interest in Wireless, our interest is included in investments in our consolidated balance sheet and within other in the table in Note 14. |
ShareBased_Compensation_Note
Share-Based Compensation (Note) | 12 Months Ended | |||||||||||||||
Dec. 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 common stock and restricted stock granted to non-employee directors under our long term incentive plans. The restricted stock and stock options are equity-classified awards and the PSUs are liability-classified awards. In connection with the spin-off of our oilfield services business on June 30, 2014, and pursuant to the terms of our share-based compensation plans and the employee matters agreement between Chesapeake and Seventy Seven Energy Inc., unexercised stock options and unvested restricted stock were modified as of the date of the spin-off. The modifications were designed to ensure that the value of each award of unexercised stock options and unvested restricted stock did not change as a result of the spin-off. The number of stock options and number of shares of restricted stock reported below have been adjusted to reflect modifications on the spin-off date. | ||||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||
2014 Long Term Incentive Plan. Our 2014 Long Term Incentive Plan (2014 LTIP), which is administered by the Compensation Committee of our Board of Directors, became effective on June 13, 2014 after it was approved by shareholders at our 2014 Annual Meeting. The 2014 LTIP replaced our Amended and Restated Long Term Incentive Plan (2005 LTIP) which was adopted in 2005. The 2014 LTIP provides for up to 36,600,000 shares of common stock that may be issued as long-term incentive compensation to our employees and non-employee directors; provided, however, that the 2014 LTIP uses a fungible share pool under which (i) each share issued pursuant to a stock option or stock appreciation right (SAR) reduces the number of shares available under the 2014 LTIP by 1.0 share; (ii) each share issued pursuant to awards other than options and SARs reduces the number of shares available by 2.12 shares; and (iii) PSUs and other performance awards which are payable solely in cash are not counted against the aggregate number of shares issuable. In addition, the 2014 LTIP prohibits the reuse of shares withheld or delivered to satisfy the exercise price of, or to satisfy tax withholding requirements for, an option or SAR. The 2014 LTIP also prohibits “net share counting” upon the exercise of options or SARs. | ||||||||||||||||
The 2014 LTIP authorizes the issuance of the following types of awards: (i) nonqualified and incentive stock options; (ii) SARs; (iii) restricted stock; (iv) performance awards, including PSUs; and (v) other stock-based awards. For both stock options and SARs, the exercise price may not be less than the fair market value of our common stock on the date of grant and the maximum exercise period may not exceed ten years from the date of grant. Awards granted under the plan vest at specified dates and/or upon the satisfaction of certain performance or other criteria, as determined by the Compensation Committee. In 2014, we issued 50,771 and 272,289 shares of restricted stock, net of forfeitures, to non-employee directors and employees, respectively, under the 2014 LTIP. As of December 31, 2014, 36 million shares of common stock remained issuable under the 2014 LTIP. | ||||||||||||||||
2005 Long Term Incentive Plan. Chesapeake’s 2005 LTIP, which terminated upon shareholder approval of the 2014 LTIP on June 13, 2014, provided for the issuance of restricted stock, stock options and PSUs to employees, directors and consultants of Chesapeake. Subject to any adjustments as provided by the plan, the aggregate number of shares of common stock available for awards under the plan was limited to 59,300,000 shares. The maximum period for exercise of an option or SAR was not more than ten years from the date of grant, and the exercise price was not less than the fair market value of the shares underlying the option or SAR on the date of grant. Awards granted under the plan became vested at specified dates or upon the satisfaction of certain performance or other criteria determined by a committee of the Board of Directors. The plan was approved by our shareholders. We issued 48,083, 147,108 and 170,151 shares of restricted stock to non-employee directors under the 2005 LTIP in 2014, 2013 and 2012, respectively. We issued options to purchase 993,730, 5.3 million and no shares of common stock to employees and consultants under the 2005 LTIP in 2014, 2013 and 2012, respectively. Additionally, we issued 1.3 million, 2.5 million and 5.0 million shares of restricted stock, net of forfeitures, to employees and consultants under the 2005 LTIP in 2014, 2013 and 2012, respectively. | ||||||||||||||||
2003 Stock Award Plan for Non-Employee Directors. Under Chesapeake's 2003 Stock Award Plan for Non-Employee Directors (2003 Non-Employee Director Plan), a maximum of 10,000 shares of Chesapeake's common stock is awarded to each newly appointed non-employee director on his or her first day of service. Subject to any adjustments as provided by the plan, the aggregate number of shares issued may not exceed 250,000 shares. The plan was approved by our shareholders. We issued 10,000, 20,000 and 30,000 shares of common stock to newly appointed non-employee directors under the 2003 Non-Employee Director Plan in 2014, 2013 and 2012, respectively. As of December 31, 2014, there were 120,000 shares remaining available for issuance under the 2003 Non-Employee Director Plan. | ||||||||||||||||
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 on unvested shares. A summary of the changes in unvested restricted stock during 2014, 2013 and 2012 is presented below. | ||||||||||||||||
Shares of | Weighted Average | |||||||||||||||
Unvested | Grant Date | |||||||||||||||
Restricted Stock | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Unvested restricted stock as of January 1, 2014 | 13,400 | $ | 23.38 | |||||||||||||
Granted | 5,049 | $ | 25.92 | |||||||||||||
Vested | (4,803 | ) | $ | 27.17 | ||||||||||||
Forfeited | (3,555 | ) | $ | 28.09 | ||||||||||||
Unvested restricted stock as of December 31, 2014 | 10,091 | $ | 21.2 | |||||||||||||
Unvested restricted stock as of January 1, 2013 | 18,899 | $ | 23.72 | |||||||||||||
Granted | 9,189 | $ | 19.68 | |||||||||||||
Vested | (12,897 | ) | $ | 21.32 | ||||||||||||
Forfeited | (1,791 | ) | $ | 22.86 | ||||||||||||
Unvested restricted stock as of December 31, 2013 | 13,400 | $ | 23.38 | |||||||||||||
Unvested restricted stock as of January 1, 2012 | 19,544 | $ | 26.97 | |||||||||||||
Granted | 9,480 | $ | 21.13 | |||||||||||||
Vested | (8,620 | ) | $ | 28.08 | ||||||||||||
Forfeited | (1,505 | ) | $ | 24.57 | ||||||||||||
Unvested restricted stock as of December 31, 2012 | 18,899 | $ | 23.72 | |||||||||||||
The aggregate intrinsic value of restricted stock that vested during 2014 was approximately $130 million based on the stock price at the time of vesting. | ||||||||||||||||
As of December 31, 2014, there was approximately $135 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 2.02 years. | ||||||||||||||||
The vesting of certain restricted stock grants may result in state and federal income tax benefits, or reductions in these benefits, related to the difference between the market price of the common stock at the date of vesting and the date of grant. During 2014, we recognized an excess tax benefit related to restricted stock of $12 million. During 2013 and 2012, we recognized reductions in tax benefits related to restricted stock of $14 million and $32 million, respectively. Each adjustment was recorded to additional paid-in capital and deferred income taxes. | ||||||||||||||||
Stock Options. In 2014 and 2013, we granted members of senior management stock options that vest ratably over a three-year period. In January 2013, we also granted retention awards to certain officers of stock options that 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 weighted average assumptions to estimate the grant date fair value of the stock options granted in 2014: | ||||||||||||||||
Expected option life - years | 5.9 | |||||||||||||||
Volatility | 48.63 | % | ||||||||||||||
Risk-free interest rate | 1.93 | % | ||||||||||||||
Dividend yield | 1.33 | % | ||||||||||||||
The following table provides information related to stock option activity for 2014, 2013 and 2012: | ||||||||||||||||
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 | 994 | $ | 24.43 | |||||||||||||
Exercised | (1,322 | ) | $ | 18.71 | $ | 11 | ||||||||||
Expired | (28 | ) | $ | 18.97 | ||||||||||||
Forfeited | (313 | ) | $ | 21.05 | ||||||||||||
Outstanding at December 31, 2014 | 4,599 | $ | 19.55 | 7.03 | $ | 5 | ||||||||||
Exercisable at December 31, 2014 | 1,304 | $ | 18.71 | 5.7 | $ | 1 | ||||||||||
Outstanding at January 1, 2013 | 481 | $ | 12.69 | 0.96 | $ | 2 | ||||||||||
Granted | 5,264 | $ | 19.32 | |||||||||||||
Exercised | (346 | ) | $ | 10.82 | $ | 3 | ||||||||||
Expired | (131 | ) | $ | 19.31 | ||||||||||||
Outstanding at December 31, 2013 | 5,268 | $ | 19.28 | 6.66 | $ | 41 | ||||||||||
Exercisable at December 31, 2013 | 1,552 | $ | 18.82 | 1.97 | $ | 13 | ||||||||||
Outstanding at January 1, 2012 | 1,051 | $ | 9.84 | 1.41 | $ | 13 | ||||||||||
Exercised | (570 | ) | $ | 7.45 | $ | 7 | ||||||||||
Outstanding and exercisable at December 31, 2012 | 481 | $ | 12.69 | 0.96 | $ | 2 | ||||||||||
___________________________________________ | ||||||||||||||||
(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 December 31, 2014, there was $11 million of total unrecognized compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of approximately 2.02 years. | ||||||||||||||||
The vesting of certain stock option grants may result in state and federal income tax benefits, or reductions in these benefits, related to the difference between the market price of the common stock at the date of vesting and the date of grant. During 2014, 2013 and 2012, we recognized excess tax benefits related to stock options of $3 million, $1 million and $2 million, respectively. Each adjustment was recorded to additional paid-in capital and deferred income taxes. | ||||||||||||||||
Restricted Stock and Stock Option Compensation. We recognized the following compensation costs related to restricted stock and stock options for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | 46 | $ | 60 | $ | 71 | ||||||||||
Oil and natural gas properties | 29 | 52 | 71 | |||||||||||||
Oil, natural gas and NGL production expenses | 18 | 21 | 24 | |||||||||||||
Marketing, gathering and compression expenses | 6 | 7 | 15 | |||||||||||||
Oilfield services expenses | 5 | 10 | 10 | |||||||||||||
Total | $ | 104 | $ | 150 | $ | 191 | ||||||||||
Liability-Classified Awards | ||||||||||||||||
Performance Share Units. In 2012, 2013 and 2014, we granted PSUs to senior management 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 achievement of performance metrics established by the Compensation Committee of the Board of Directors, which include total shareholder return (TSR) and, for certain of the awards, the achievement of operational performance goals such as production and proved reserve growth. | ||||||||||||||||
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. Compensation expense associated with the PSU grants is recognized over the service period. The number of units settled is dependent upon the Company’s estimates of the underlying performance measures. For the 2014 awards, the Company utilized the Monte Carlo simulation for the TSR performance measure, and the following assumptions to determine the grant date fair value of the PSUs: | ||||||||||||||||
Volatility | 41.37 | % | ||||||||||||||
Risk-free interest rate | 0.76 | % | ||||||||||||||
Dividend yield for value of awards | 1.36 | % | ||||||||||||||
The following table presents a summary of our PSU awards: | ||||||||||||||||
Units | Fair Value | Fair Value(a) | Liability for | |||||||||||||
as of | Vested | |||||||||||||||
Grant Date | Amount | |||||||||||||||
($ in millions) | ||||||||||||||||
2012 Awards (b) | ||||||||||||||||
Payable 2015 | 884,507 | $ | 23 | $ | 12 | $ | 12 | |||||||||
2013 Awards | ||||||||||||||||
Payable 2016 | 1,701,941 | $ | 35 | $ | 42 | $ | 39 | |||||||||
2014 Awards | ||||||||||||||||
Payable 2017 | 609,637 | $ | 16 | $ | 10 | $ | 7 | |||||||||
___________________________________________ | ||||||||||||||||
(a) | As of December 31, 2014. | |||||||||||||||
(b) | In 2014 and 2013, we paid $11 million and $2 million, respectively, related to 2012 PSU awards. | |||||||||||||||
PSU Compensation. We recognized the following compensation costs related to PSUs for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | (4 | ) | $ | 34 | $ | 8 | |||||||||
Oil and natural gas properties | 3 | 9 | 4 | |||||||||||||
Oil, natural gas and NGL production expenses | — | 2 | 1 | |||||||||||||
Marketing, gathering and compression expenses | — | 2 | 1 | |||||||||||||
Oilfield services expenses | — | 1 | — | |||||||||||||
Total | $ | (1 | ) | $ | 48 | $ | 14 | |||||||||
Effect of the Spin-off on Share-Based Compensation | ||||||||||||||||
The employee matters agreement entered into in connection with the spin-off of our oilfield services business (see Note 13) addresses the treatment of holders of Chesapeake stock options, restricted stock and PSUs. Unvested equity-based compensation awards held by COO employees were canceled and replaced with new awards of SSE, and unvested equity-based compensation awards held by Chesapeake employees were adjusted to account for the spin-off, each as of the spin-off date. The employee matters agreement provides that employees of SSE ceased to participate in benefit plans sponsored or maintained by Chesapeake as of the spin-off date. In addition, the employee matters agreement provides that as of the spin-off date, each party is responsible for the compensation of its current employees and for all liabilities relating to its former employees, as determined by their respective employer on the date of termination. |
Employee_Benefit_Plans_Note
Employee Benefit Plans (Note) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Employee Benefit Plans |
Our qualified 401(k) profit sharing plan (401(k) Plan) is the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan, which is open to employees of Chesapeake and all our subsidiaries except certain employees of Chesapeake Appalachia, L.L.C. Eligible employees may elect to defer compensation through voluntary contributions to their 401(k) Plan accounts, subject to plan limits and those set by the IRS. Through December 31, 2014, Chesapeake matched employee contributions dollar for dollar (subject to a maximum contribution of 15% of an employee's base salary and performance bonus) with Chesapeake common stock purchased in the open market. The Company contributed $61 million, $81 million and $91 million to the 401(k) Plan in 2014, 2013 and 2012, respectively. Beginning January 1, 2015, Chesapeake will match employee contributions in cash. | |
Chesapeake also maintains a nonqualified deferred compensation plan (DC Plan). To be eligible to participate in the DC Plan, an active employee must have a base salary of at least $150,000, have a hire date on or before the December 1 immediately preceding the year in which the employee is able to participate, or be designated as eligible to participate. Only the top 10% of Company wage earners are eligible to participate. Additionally, the employee has to have made the maximum contribution allowable under the 401(k) Plan. Chesapeake matches 100% of employee contributions up to 15% of base salary and performance bonus in the aggregate for the DC Plan with Chesapeake common stock, and an employee who is at least age 55 may elect for the matching contributions to be made in any one of the DC Plan’s investment options. The maximum compensation that can be deferred by employees under all Company deferred compensation plans, including the Chesapeake 401(k) Plan, is a total of 75% of base salary and 100% of performance bonus. The Company contributed $7 million, $14 million and $16 million to the DC Plan during 2014, 2013 and 2012, respectively, to fund the match. In addition, in 2012 the Board of Directors adopted a deferred compensation plan for non-employee directors (Director DC Plan). The Company's non-employee directors are able to defer up to 100% of director cash compensation into the Director DC Plan and invest in Chesapeake common stock, but the plan does not provide for Company matching contributions. | |
Any assets placed in trust by Chesapeake to fund future obligations of the Company's nonqualified deferred compensation plans are subject to the claims of creditors in the event of insolvency or bankruptcy, and participants are general creditors of the Company as to their deferred compensation in the plans. Chesapeake maintains no post-employment benefit plans except those sponsored by its wholly owned subsidiary Chesapeake Appalachia, L.L.C. Participation in these plans is limited to existing employees who are union members and former employees who were union members. The Chesapeake Appalachia, L.L.C. benefit plans provide health care and life insurance benefits to eligible employees upon retirement. We account for these benefits on an accrual basis. As of December 31, 2014, the Company had accrued approximately $3 million in accumulated post-employment benefit liability. |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities (Note) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 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 expected 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 its 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. | |||||||||||||||||||||||||
Oil and Natural Gas Derivatives | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, our oil and natural gas 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 the excess on sold call options, and Chesapeake receives the 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. | ||||||||||||||||||||||||
• | Call 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 fixed price differential to NYMEX from a specified delivery point. Chesapeake receives the fixed price differential and pays the floating market price differential to the counterparty for the hedged commodity. | ||||||||||||||||||||||||
The estimated fair values of our oil and natural gas derivative instrument assets (liabilities) as of December 31, 2014 and 2013 are provided below. | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Volume | Fair Value | Volume | Fair Value | ||||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||||||
Oil (mmbbl): | |||||||||||||||||||||||||
Fixed-price swaps | 12.5 | 471 | 25.3 | (50 | ) | ||||||||||||||||||||
Three-way collars | 4.4 | 40 | — | — | |||||||||||||||||||||
Call options | 35.8 | (89 | ) | 42.5 | (265 | ) | |||||||||||||||||||
Basis protection swaps | — | — | 0.4 | 1 | |||||||||||||||||||||
Total oil | 52.7 | 422 | 68.2 | (314 | ) | ||||||||||||||||||||
Natural gas (tbtu): | |||||||||||||||||||||||||
Fixed-price swaps | 275 | $ | 281 | 448 | $ | (23 | ) | ||||||||||||||||||
Three-way collars | 207 | 165 | 288 | (7 | ) | ||||||||||||||||||||
Call options | 193 | (170 | ) | 193 | (210 | ) | |||||||||||||||||||
Call swaptions | — | — | 12 | — | |||||||||||||||||||||
Basis protection swaps | 60 | 23 | 68 | 3 | |||||||||||||||||||||
Total natural gas | 735 | 299 | 1,009 | (237 | ) | ||||||||||||||||||||
Total estimated fair value | $ | 721 | $ | (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 December 31, 2014 and 2013, our interest rate derivative instruments consisted of swaps. We enter 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 facility borrowings. | |||||||||||||||||||||||||
The notional amount of our interest rate derivatives, associated with our long-term debt, as of December 31, 2014 and 2013 was $850 million and $2.250 billion, respectively. The estimated fair value of our interest rate derivative liabilities as of December 31, 2014 and 2013 was $17 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 six years, we will recognize $10 million in net gains related to these 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 consolidated balance sheet as a liability of $53 million and an asset of $2 million as of December 31, 2014 and 2013, respectively. The euro-denominated debt in long-term debt has been adjusted to $416 million as of December 31, 2014 using an exchange rate of $1.2098 to €1.00. | |||||||||||||||||||||||||
Effect of Derivative Instruments – Consolidated Balance Sheets | |||||||||||||||||||||||||
The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2014 and 2013 on a gross basis and after same-counterparty netting: | |||||||||||||||||||||||||
Balance Sheet Classification | Gross | Amounts Netted | Net Fair Value Presented | ||||||||||||||||||||||
Fair Value | in Consolidated | in Consolidated | |||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Commodity Contracts | |||||||||||||||||||||||||
Short-term derivative asset | $ | 974 | $ | (95 | ) | $ | 879 | ||||||||||||||||||
Long-term derivative asset | 16 | (10 | ) | 6 | |||||||||||||||||||||
Short-term derivative liability | (105 | ) | 95 | (10 | ) | ||||||||||||||||||||
Long-term derivative liability | (163 | ) | 10 | (153 | ) | ||||||||||||||||||||
Total commodity contracts | 722 | — | 722 | ||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||
Short-term derivative liability | (5 | ) | — | (5 | ) | ||||||||||||||||||||
Long-term derivative liability | (12 | ) | — | (12 | ) | ||||||||||||||||||||
Total interest rate contracts | (17 | ) | — | (17 | ) | ||||||||||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||||||||||
Long-term derivative liability | (53 | ) | — | (53 | ) | ||||||||||||||||||||
Total foreign currency contracts | (53 | ) | — | (53 | ) | ||||||||||||||||||||
Total Derivatives | $ | 652 | $ | — | $ | 652 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 December 31, 2014 and 2013, we did not have any cash collateral balances for these derivatives. | |||||||||||||||||||||||||
Effect of Derivative Instruments – Consolidated Statements of Operations | |||||||||||||||||||||||||
The components of oil, natural gas and NGL sales for the years ended December 31, 2014, 2013 and 2012 are presented below. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Oil, natural gas and NGL sales | $ | 7,162 | $ | 6,923 | $ | 5,359 | |||||||||||||||||||
Gains on undesignated oil and natural gas derivatives | 1,055 | 443 | 857 | ||||||||||||||||||||||
Gains (losses) on terminated cash flow hedges | (37 | ) | (314 | ) | 62 | ||||||||||||||||||||
Total oil, natural gas and NGL sales | $ | 8,180 | $ | 7,052 | $ | 6,278 | |||||||||||||||||||
The components of interest expense for the years ended December 31, 2014, 2013 and 2012 are presented below. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Interest expense on senior notes | $ | 704 | $ | 740 | $ | 732 | |||||||||||||||||||
Interest expense on term loans | 36 | 116 | 173 | ||||||||||||||||||||||
Amortization of loan discount, issuance costs and other | 42 | 91 | 89 | ||||||||||||||||||||||
Interest expense on credit facilities | 28 | 38 | 70 | ||||||||||||||||||||||
Gains on terminated fair value hedges | (3 | ) | (5 | ) | (8 | ) | |||||||||||||||||||
(Gains) losses on undesignated interest rate derivatives | (81 | ) | 63 | 1 | |||||||||||||||||||||
Capitalized interest | (637 | ) | (816 | ) | (980 | ) | |||||||||||||||||||
Total interest expense | $ | 89 | $ | 227 | $ | 77 | |||||||||||||||||||
Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | $ | (287 | ) | $ | (178 | ) | |||||||
Net change in fair value | 1 | 1 | 3 | 2 | 10 | 6 | |||||||||||||||||||
Gains (losses) reclassified to income | 37 | 23 | 32 | 20 | (27 | ) | (17 | ) | |||||||||||||||||
Balance, end of period | $ | (231 | ) | $ | (143 | ) | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||||
Approximately $136 million of the $143 million of accumulated other comprehensive loss as of December 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 December 31, 2014, we expect to transfer approximately $23 million of net loss included in accumulated other comprehensive income to net income 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 December 31, 2014, our oil, natural gas and interest rate derivative instruments were spread among 18 counterparties. | |||||||||||||||||||||||||
Hedging Facility | |||||||||||||||||||||||||
Our secured commodity hedging facility with 17 counterparties provides approximately 1.031 bboe of hedging capacity for oil, natural gas and NGL price derivatives and 1.031 bboe for basis derivatives with an aggregate mark-to-market capacity of $16.5 billion. The facility 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 revolving credit facility and indentures. 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 Chesapeake exceed defined thresholds. As of December 31, 2014, we had hedged under the facility 164 mmboe of our future production with price derivatives and 10 mmboe with basis derivatives. | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
The fair value of our derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as oil and natural gas 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 oil, natural gas, 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||||||||||
Commodity assets | $ | — | $ | 785 | $ | 205 | $ | 990 | |||||||||||||||||
Commodity liabilities | — | (9 | ) | (259 | ) | (268 | ) | ||||||||||||||||||
Interest rate liabilities | — | (17 | ) | — | (17 | ) | |||||||||||||||||||
Foreign currency liabilities | — | (53 | ) | — | (53 | ) | |||||||||||||||||||
Total derivatives | $ | — | $ | 706 | $ | (54 | ) | $ | 652 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 2014 and 2013 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) | 292 | — | |||||||||||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Settlements | 136 | — | |||||||||||||||||||||||
Transfers(b) | (4 | ) | — | ||||||||||||||||||||||
Ending Balance as of December 31, 2014 | $ | (54 | ) | $ | — | ||||||||||||||||||||
Beginning Balance as of January 1, 2013 | $ | (1,016 | ) | $ | — | ||||||||||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings(a) | 410 | (1 | ) | ||||||||||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Sales | — | 1 | |||||||||||||||||||||||
Settlements | 128 | — | |||||||||||||||||||||||
Ending Balance as of December 31, 2013 | $ | (478 | ) | $ | — | ||||||||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(a) | Oil, Natural Gas and | Interest Expense | |||||||||||||||||||||||
NGL Sales | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | 292 | $ | 410 | $ | — | $ | (1 | ) | ||||||||||||||||
Change in unrealized gains (losses) related to | $ | 262 | $ | 382 | $ | — | $ | — | |||||||||||||||||
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 and Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements | |||||||||||||||||||||||||
The significant unobservable inputs for Level 3 derivative contracts include unpublished forward prices of oil and natural gas, 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 oil and natural gas prices decreases (increases) the fair value of oil and natural gas derivatives and adverse changes to our counterparties’ creditworthiness decreases the fair value of our derivatives. The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts at fair value as of December 31, 2014: | |||||||||||||||||||||||||
Instrument | Unobservable | Range | Weighted | Fair Value | |||||||||||||||||||||
Type | Input | Average | December 31, 2014(a) | ||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Oil trades | Oil price volatility curves | 27.33% - 43.56% | 34.09% | $ | (49 | ) | |||||||||||||||||||
Natural gas trades | Natural gas price volatility | 18.71% - 63.70% | 34.38% | $ | (5 | ) | |||||||||||||||||||
curves | |||||||||||||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(a) | Fair value is based on an estimate derived from option models. |
Natural_Gas_and_Oil_Property_T
Natural Gas and Oil Property Transactions (Note) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosure [Text Block] | Oil and Natural Gas Property Transactions | ||||||||||||||||||||
Under full cost accounting rules, we have accounted for the sale of oil and natural gas 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. | |||||||||||||||||||||
2014 Transactions | |||||||||||||||||||||
We sold certain assets in the southern Marcellus Shale and a portion of the eastern Utica Shale to a subsidiary of Southwestern Energy Company for aggregate net proceeds of approximately $4.975 billion. We sold approximately 413,000 net acres and approximately 1,500 wells in northern West Virginia and southern Pennsylvania, of which 435 wells are in the Marcellus or Utica formations, along with related gathering assets and property, plant and equipment. | |||||||||||||||||||||
We exchanged interests in approximately 440,000 gross acres in the Powder River Basin in southeastern Wyoming with RKI Exploration & Production, LLC (RKI). Under the agreement, we conveyed to RKI approximately 137,000 net acres and our interest in 67 gross wells with an average working interest of approximately 22% in the northern portion of the Powder River Basin, where RKI is currently designated operator. In exchange, RKI conveyed to us approximately 203,000 net acres and its interest in 186 gross wells with an average working interest of 48% in the southern portion of the Powder River Basin, where we are currently designated operator. In addition to the exchange, we paid RKI approximately $450 million in cash. | |||||||||||||||||||||
We sold noncore leasehold interests in the Marcellus Shale to a subsidiary of Rice Energy Inc. for net proceeds of approximately $233 million. | |||||||||||||||||||||
We sold noncore leasehold interests, producing properties and 61 wellhead compressor units in South Texas to Hilcorp Energy Company for net proceeds of approximately $133 million. All commitments related to VPP #5 were also transferred. See Volumetric Production Payments below. | |||||||||||||||||||||
We sold noncore leasehold interests and producing properties in East Texas and Louisiana for net proceeds of approximately $63 million. All commitments related to VPP #6 were also transferred. See Volumetric Production Payments below. | |||||||||||||||||||||
Excluding proceeds received from selling additional interests in our joint venture leasehold described under Joint Ventures below, we received proceeds of approximately $379 million related to the divestiture of various other oil and natural gas properties. | |||||||||||||||||||||
2013 Transactions | |||||||||||||||||||||
We sold a wholly owned subsidiary, MKR Holdings, L.L.C. (MKR), to Chief Oil and Gas and two of its working interest partners, Enerplus Corporation and Tug Hill Operating. Net proceeds from the transaction were approximately $490 million. MKR held producing wells and undeveloped acreage in the Marcellus Shale. | |||||||||||||||||||||
We sold assets in the Haynesville Shale to EXCO Operating Company, LP (EXCO) for net proceeds of approximately $257 million. Subsequent to closing, we received approximately $47 million of additional net proceeds for post-closing adjustments. The assets sold included our operated and non-operated interests in approximately 9,600 net acres in DeSoto and Caddo parishes, Louisiana. | |||||||||||||||||||||
We sold noncore leasehold interests and producing properties in the northern Eagle Ford Shale to EXCO for net proceeds of approximately $617 million. Subsequent to closing, we received approximately $57 million and $32 million in 2014 and 2013, respectively, of additional net proceeds and for post-closing adjustments. The assets sold included approximately 55,000 net acres in Zavala, Dimmit, La Salle and Frio counties, Texas. | |||||||||||||||||||||
2012 Transactions | |||||||||||||||||||||
We sold the vast majority of our Permian Basin assets, representing approximately 6% of our total proved reserves as of June 30, 2012, in three separate transactions for total net cash proceeds of approximately $3.091 billion. Following the closing, we received $466 million of additional consideration that was withheld subject to certain title, environmental and other standard contingencies. Of the total proceeds, we allocated approximately $42 million to our Permian Basin midstream and other fixed assets. The remaining proceeds were allocated to our Permian Basin oil and natural gas properties. | |||||||||||||||||||||
We sold approximately 40,000 net acres of noncore leasehold in the Chitwood Knox play in Oklahoma for approximately $540 million in cash. | |||||||||||||||||||||
We sold approximately 72,000 net acres of noncore leasehold in the Utica Shale play in Ohio to affiliates of EnerVest, Ltd. for approximately $358 million in cash. | |||||||||||||||||||||
We sold approximately 60,000 net acres of leasehold in the Texoma Woodford play in Oklahoma to XTO Energy Inc., a subsidiary of Exxon Mobil Corporation, for net proceeds of approximately $572 million. | |||||||||||||||||||||
Joint Ventures | |||||||||||||||||||||
Between July 2008 and June 2013, we entered into eight significant joint ventures with other leading energy companies including Sinopec International Petroleum Exploration and Production (Sinopec), Total S.A. (Total), CNOOC Limited, Statoil, BP America and Freeport-McMoRan Copper & Gold (formerly known as Plains Exploration & Production Company), pursuant to which we sold portions ranging from 20% to 50% of certain leasehold, producing properties and other assets located in eight different resource plays. In return, we received aggregate cash proceeds of $8.0 billion and commitments by our joint venture partners to pay, in the aggregate, 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. Each joint venture partner is responsible for its proportionate share of drilling and completion costs as a working interest owner and, if applicable, pays a specified percentage of our drilling and completion costs in designated wells. As of December 31, 2014, we had utilized all drilling carries from our joint venture partners except for Total’s remaining $51 million commitment to pay 60% of our drilling and completion costs for wells drilled in the Utica Shale play. We fully expect to use this drilling carry commitment prior to its expiration in December 2018. | |||||||||||||||||||||
In 2014, 2013 and 2012, our drilling and completion costs included the benefit of approximately $679 million, $884 million and $784 million, respectively, in drilling and completion carries paid by our joint venture partners. | |||||||||||||||||||||
In 2013, we entered into a joint venture with Sinopec in which Sinopec purchased a 50% undivided interest in approximately 850,000 acres in the Mississippian Lime play in northern Oklahoma for $1.11 billion, including $90 million we received for closing adjustments and $71 million placed in escrow with respect to certain post-closing adjustments. As of December 31, 2014, we had received $64 million of the $71 million held in escrow. There was no drilling and completion carry associated with this transaction. | |||||||||||||||||||||
In addition, in 2014, 2013 and 2012, we sold interests in additional leasehold we acquired in the Marcellus, Barnett, Utica, Eagle Ford and Mid-Continent plays to our joint venture partners for approximately $33 million, $58 million and $272 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 oil and natural gas 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 these 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 these interests, which we include as a component of production expenses and production taxes in our consolidated statements of operations in the periods these 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 the 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 oil and natural gas 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. | |||||||||||||||||||||
As of December 31, 2014, our outstanding VPPs consisted of the following: | |||||||||||||||||||||
Volume Sold | |||||||||||||||||||||
VPP # | Date of VPP | Location | Proceeds | Oil | Natural Gas | NGL | Total | ||||||||||||||
($ in millions) | (mmbbl) | (bcf) | (mmbbl) | (bcfe) | |||||||||||||||||
10 | Mar-12 | Anadarko Basin Granite | $ | 744 | 3 | 87 | 9.2 | 160 | |||||||||||||
Wash | |||||||||||||||||||||
9 | May-11 | Mid-Continent | 853 | 1.7 | 138 | 4.8 | 177 | ||||||||||||||
8 | September 2010 | Barnett Shale | 1,150 | — | 390 | — | 390 | ||||||||||||||
4 | December 2008 | Anadarko and Arkoma | 412 | 0.5 | 95 | — | 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 | |||||||||||||||||||||
$ | 5,481 | 5.2 | 1,105 | 14 | 1,220 | ||||||||||||||||
The volumes produced on behalf of our VPP buyers during 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 403 | 10.6 | 1,296.50 | 20.7 | |||||||||||||||||
9 | 187.5 | 15.4 | 411 | 19 | |||||||||||||||||
8 | — | 60.1 | — | 60.1 | |||||||||||||||||
6(a) | 23.1 | 4.2 | — | 4.3 | |||||||||||||||||
5(a) | 16.5 | 4.6 | — | 4.7 | |||||||||||||||||
4 | 48.1 | 9 | — | 9.2 | |||||||||||||||||
3 | — | 7.2 | — | 7.2 | |||||||||||||||||
2 | — | 6.2 | — | 6.2 | |||||||||||||||||
1 | — | 13.8 | — | 13.8 | |||||||||||||||||
678.2 | 131.1 | 1,707.50 | 145.2 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 547 | 13.5 | 1,509.00 | 25.8 | |||||||||||||||||
9 | 213.2 | 17 | 455.7 | 21 | |||||||||||||||||
8 | — | 68.1 | — | 68.1 | |||||||||||||||||
6 | 24 | 4.8 | — | 4.9 | |||||||||||||||||
5 | 25.4 | 7.5 | — | 7.7 | |||||||||||||||||
4 | 54.7 | 10.2 | — | 10.5 | |||||||||||||||||
3 | — | 8.1 | — | 8.1 | |||||||||||||||||
2 | — | 10.3 | — | 10.3 | |||||||||||||||||
1 | — | 14.5 | — | 14.5 | |||||||||||||||||
864.3 | 154 | 1,964.70 | 170.9 | ||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 727 | 18.1 | 1,729.10 | 32.8 | |||||||||||||||||
9 | 249.3 | 18.4 | 643.6 | 23.7 | |||||||||||||||||
8 | — | 79.7 | — | 79.7 | |||||||||||||||||
7(b) | 490.3 | 0.4 | — | 3.4 | |||||||||||||||||
6 | 24 | 5.3 | — | 5.5 | |||||||||||||||||
5 | 27.4 | 8.8 | — | 9 | |||||||||||||||||
4 | 62.8 | 11.7 | — | 12.2 | |||||||||||||||||
3 | — | 9.3 | — | 9.3 | |||||||||||||||||
2 | — | 11.4 | — | 11.3 | |||||||||||||||||
1 | — | 15.3 | — | 15.3 | |||||||||||||||||
1,580.80 | 178.4 | 2,372.70 | 202.2 | ||||||||||||||||||
____________________________________________ | |||||||||||||||||||||
(a) | In 2014, we divested the properties associated with VPP #5 and VPP #6. | ||||||||||||||||||||
(b) | In 2012, to facilitate the sales process associated with our Permian Basin divestiture packages, we purchased the remaining reserves from our Permian Basin VPP (VPP #7). The reserves purchased were subsequently sold to the buyers of our Permian Basin assets. | ||||||||||||||||||||
The volumes remaining to be delivered on behalf of our VPP buyers as of December 31, 2014 were as follows: | |||||||||||||||||||||
Volume Remaining as of December 31, 2014 | |||||||||||||||||||||
VPP # | Term Remaining | Oil | Natural Gas | NGL | Total | ||||||||||||||||
(in months) | (mmbbl) | (bcf) | (mmbbl) | (bcfe) | |||||||||||||||||
10 | 86 | 1.3 | 38 | 4.7 | 74 | ||||||||||||||||
9 | 74 | 0.8 | 73.2 | 1.9 | 89.9 | ||||||||||||||||
8 | 8 | — | 36.6 | — | 36.6 | ||||||||||||||||
4 | 24 | 0.1 | 15.3 | — | 15.8 | ||||||||||||||||
3 | 55 | — | 23.9 | — | 23.9 | ||||||||||||||||
2 | 52 | — | 13.8 | — | 13.8 | ||||||||||||||||
1 | 96 | — | 91.5 | — | 91.5 | ||||||||||||||||
2.2 | 292.3 | 6.6 | 345.5 | ||||||||||||||||||
SpinOff_of_Oilfield_Services_B
Spin-Off of Oilfield Services Business (Note) | 12 Months Ended | |
Dec. 31, 2014 | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Spin-Off of Oilfield Services Business | |
On June 30, 2014, we completed the spin-off of our oilfield services business, which we previously conducted through our indirect, wholly owned subsidiary COO, into an independent, publicly traded company called SSE. Following the close of business on June 30, 2014, we distributed to Chesapeake shareholders one share of SSE common stock and cash in lieu of fractional shares for every 14 shares of Chesapeake common stock held on June 19, 2014, the record date for the distribution. | ||
Prior to the completion of the spin-off, we and COO and its affiliates engaged in the following series of transactions: | ||
• | COO and certain of its subsidiaries entered into a $275 million senior secured revolving credit facility and a $400 million secured term loan, the proceeds of which were used to repay in full and terminate COO’s existing credit facility. | |
• | COO distributed to us its compression unit manufacturing business, its geosteering business and the proceeds from the sale of substantially all of its crude oil hauling business. See Note 16 for further discussion of the sale. | |
• | We transferred to a subsidiary of COO, at carrying value, certain of our buildings and land, most of which COO had been leasing from us prior to the spin-off. | |
• | COO issued $500 million of 6.5% Senior Notes due 2022 in a private placement and used the net proceeds to make a cash distribution of approximately $391 million to us, to repay a portion of outstanding indebtedness under the new revolving credit facility and for general corporate purposes. | |
• | COO converted from a limited liability company into a corporation named Seventy Seven Energy Inc. | |
• | We distributed all of SSE’s outstanding shares to our shareholders, which resulted in SSE becoming an independent, publicly traded company. | |
Following the spin-off, we have no ownership interest in SSE. Therefore, we ceased to consolidate SSE’s assets and liabilities as of the spin-off date. Because we expect to have significant continued involvement associated with SSE’s future operations through the various agreements described below, our former oilfield services segment’s historical financial results for periods prior to the spin-off continue to be included in our historical financial results as a component of continuing operations. For segment disclosures, we have labeled our oilfield services segment as “former oilfield services”. See Note 21 for additional information regarding our segments. | ||
In connection with the spin-off, we entered into several agreements to define the terms and conditions of the spin-off and our ongoing relationship with SSE after the spin-off, including a master separation agreement, a tax sharing agreement, an employee matters agreement, a transition services agreement, a services agreement and certain commercial agreements. These agreements, among other things, allocate responsibility for obligations arising before and after the distribution date, including obligations relating to taxes, employees, various transition services and oilfield services. | ||
• | The master separation agreement sets forth the agreements between SSE and Chesapeake regarding the principal transactions that were necessary to effect the spin-off and also sets forth other agreements that govern certain aspects of SSE’s relationship with Chesapeake after completion of the spin-off. | |
• | The tax sharing agreement governs the respective rights, responsibilities and obligations of SSE and Chesapeake with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and certain other matters regarding taxes. | |
• | The employee matters agreement addresses employee compensation and benefit plans and programs, and other related matters in connection with the spin-off, including the treatment of holders of Chesapeake common stock options, restricted stock and performance share units, and the cooperation between SSE and Chesapeake in the sharing of employee information and maintenance of confidentiality. See Note 9 for additional information regarding the effect of the spin-off on outstanding equity compensation. | |
• | The transition services agreement sets forth the terms on which we provide SSE certain services. Transition services include marketing and corporate communication, human resources, information technology, security, legal, risk management, tax, environmental health and safety, maintenance, internal audit, accounting, treasury and certain other services specified in the agreement. SSE pays Chesapeake a negotiated fee for providing those services. | |
• | The services agreement requires us to utilize, at market-based pricing, certain SSE pressure pumping services. See Note 4 for a summary of the terms of the services agreement. | |
• | We have also entered into drilling agreements that are rig-specific daywork drilling contracts with terms ranging from three months to three years and at market-based rates. We have the right to terminate a drilling agreement in certain circumstances. As of December 31, 2014, the aggregate undiscounted minimum future payments under these drilling agreements were approximately $410 million. | |
In 2014, our stockholders’ equity decreased by $270 million, net of $151 million of associated deferred tax liabilities, as the result of the spin-off, and we recognized $15 million of charges associated with the spin-off that are included in restructuring and other termination costs on our consolidated statement of operations. See Note 18 for further details regarding these charges. |
Investments_Note
Investments (Note) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Investments [Abstract] | |||||||||||||||
Investments Disclosure [Text Block] | Investments | ||||||||||||||
A summary of our investments, including our approximate ownership percentage and carrying value as of December 31, 2014 and 2013, is presented below. | |||||||||||||||
Approximate | Carrying | ||||||||||||||
Ownership % | Value | ||||||||||||||
Accounting | December 31, | December 31, | |||||||||||||
Method | 2014 | 2013 | 2014 | 2013 | |||||||||||
($ in millions) | |||||||||||||||
FTS International, Inc. | Equity | 30% | 30% | $ | 116 | $ | 138 | ||||||||
Sundrop Fuels, Inc. | Equity | 56% | 56% | 130 | 135 | ||||||||||
Chaparral Energy, Inc. | Equity | —% | 20% | — | 143 | ||||||||||
Other | — | —% | —% | 19 | 61 | ||||||||||
Total investments | $ | 265 | $ | 477 | |||||||||||
FTS International, Inc. FTS, based in Fort Worth, Texas, is a privately held company that, through its subsidiaries, provides hydraulic fracturing and other services to oil and gas companies. In 2014, we recorded negative equity method and other adjustments of $32 million for our share of FTS’s net loss and recorded an accretion adjustment of $10 million related to the excess of our underlying equity in net assets of FTS over our carrying value. | |||||||||||||||
As of December 31, 2014, the carrying value of our investment in FTS was less than our underlying equity in net assets by approximately $44 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. | |||||||||||||||
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 2014, we recorded a $21 million charge related to our share of Sundrop's net loss and $16 million of capitalized interest associated with the construction of Sundrop’s plant. The carrying value of our investment in Sundrop was in excess of our underlying equity in net assets by approximately $78 million as of December 31, 2014 and will be amortized over the life of the plant once it is placed into service. | |||||||||||||||
Sold Investments | |||||||||||||||
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 2014, 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. | |||||||||||||||
Clean Energy Fuels Corp. In 2013, we sold all of our shares of Clean Energy Fuels Corp. (Clean Energy) common stock for cash proceeds of approximately $13 million. We recorded a $3 million gain related to the sale. In 2013, we sold our $100 million investment in convertible notes of Clean Energy for cash proceeds of $85 million. The buyer also assumed our commitment to purchase the third and final $50 million tranche of Clean Energy convertible notes. We recorded a $15 million loss related to this sale. | |||||||||||||||
Gastar Exploration Ltd. In 2013, we sold our investment in Gastar Exploration Ltd. for cash proceeds of $10 million. | |||||||||||||||
Chesapeake Midstream Partners, L.P. In 2012, we sold all of our common and subordinated units representing limited partner interests in Chesapeake Midstream Partners, L.P., now named Access Midstream Partners, L.P., and all of our limited liability company interests in the sole member of its general partner to funds affiliated with Global Infrastructure Partners for cash proceeds of $2.0 billion. We recorded a $1.032 billion gain associated with the transaction. | |||||||||||||||
Glass Mountain Pipeline, LLC. In 2012, our wholly owned midstream subsidiary, Chesapeake Midstream Development, L.L.C. (CMD), entered into an agreement with two other parties to form Glass Mountain Pipeline, LLC to construct a 210 mile pipeline in western and north central Oklahoma in which CMD had a 50% ownership interest. In 2012, CMD sold its interest for $99 million and recorded a gain of $62 million. | |||||||||||||||
Other. In 2014, 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. | |||||||||||||||
In 2013, we sold an equity investment for cash proceeds of $6 million and recorded a $5 million gain associated with the transaction. |
Variable_Interest_Entities_Not
Variable Interest Entities (Note) | 12 Months Ended |
Dec. 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, see Noncontrolling Interests in Note 8. 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 December 31, 2014, $1 million of cash and cash equivalents, $16 million of short-term derivative assets, $488 million of proved oil and natural gas properties, $251 million of accumulated depreciation, depletion and amortization and $15 million of other current liabilities were attributable to the Trust. We have presented parenthetically on the face of the 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. The carrying value of our investment was $9 million as of December 31, 2014. |
Other_Property_and_Equipment_N
Other Property and Equipment (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | |||||||||||||
Other Property and Equipment Disclosure [Text Block] | Other Property and Equipment | ||||||||||||
Other Property and Equipment | |||||||||||||
A summary of other property and equipment held for use and the estimated useful lives thereof is as follows: | |||||||||||||
December 31, | Estimated | ||||||||||||
Useful | |||||||||||||
2014 | 2013 | Life | |||||||||||
($ in millions) | (in years) | ||||||||||||
Buildings and improvements | $ | 1,242 | $ | 1,433 | Oct-39 | ||||||||
Natural gas compressors | 551 | 368 | 20-Mar | ||||||||||
Land | 296 | 212 | — | ||||||||||
Gathering systems and treating plants | 218 | 292 | 20 | ||||||||||
Oilfield services equipment | — | 2,192 | 15-Mar | ||||||||||
Other | 776 | 898 | 20-Feb | ||||||||||
Total other property and equipment, at cost | 3,083 | 5,395 | |||||||||||
Less: accumulated depreciation | (804 | ) | (1,584 | ) | |||||||||
Total other property and equipment, net | $ | 2,279 | $ | 3,811 | |||||||||
Net Gains on Sales of Fixed Assets | |||||||||||||
A summary by asset class of (gains) or losses on sales of fixed assets for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Natural gas compressors | $ | (195 | ) | $ | — | $ | — | ||||||
Gathering systems and treating plants | 8 | (326 | ) | (286 | ) | ||||||||
Oilfield services equipment | (7 | ) | 2 | 10 | |||||||||
Buildings and land | (2 | ) | 27 | 7 | |||||||||
Other | (3 | ) | (5 | ) | 2 | ||||||||
Total net gains on sales of fixed assets | $ | (199 | ) | $ | (302 | ) | $ | (267 | ) | ||||
Natural Gas Compressors. In 2014, as part of a divestiture of noncore oil and natural gas properties in South Texas, we sold 61 compressors and related equipment to Hilcorp Energy Company for $19 million. We recorded a $6 million gain associated with the compressors sold. Also in 2014, we sold 499 compressors and related equipment to Exterran Partners, L.P. for approximately $495 million. We recorded a $161 million gain associated with the compressors sold. In 2014, we also sold 102 compressors and related equipment to Access Midstream Partners, L.P. (ACMP) for proceeds of approximately $159 million. We recorded a $24 million gain associated with the transaction. | |||||||||||||
Gathering Systems and Treating Plants. In 2013, we sold our wholly owned midstream subsidiary Mid-America Midstream Gas Services, L.L.C. to SemGas, L.P., a wholly owned subsidiary of SemGroup Corporation, for net proceeds of approximately $306 million. We recorded a $141 million gain associated with the transaction. In 2013, we also sold our wholly owned subsidiary Granite Wash Midstream Gas Services, L.L.C. to MarkWest Oklahoma Gas Company, L.L.C. (MW), a wholly owned subsidiary of MarkWest Energy Partners, L.P., for net proceeds of approximately $252 million. We recorded a $105 million gain associated with this transaction. The transaction with MW included long-term fixed fee arrangements for gas gathering, compression, treating and processing services in the Anadarko Basin. In 2013, we also sold our interest in certain gathering system assets in Pennsylvania to Western Gas Partners, LP for proceeds of approximately $134 million. We recorded a $55 million gain associated with this transaction. | |||||||||||||
In 2012, CMD sold its wholly owned subsidiary, CMO, which held a majority of our midstream business, to ACMP for total consideration of $2.16 billion in cash. In connection with the sale, Chesapeake entered into new long-term agreements in which ACMP agreed to perform certain natural gas gathering and related services for us within specified acreage dedication areas in exchange for (i) cost-of-service based fees redetermined annually beginning January 2014 in the Niobrara and Marcellus Shale plays, (ii) cost-of-service based fees redetermined annually beginning October 2013 for the wet gas gathering systems and January 2014 for the dry gas gathering systems in the Utica Shale play, (iii) tiered fees based on volumes delivered relative to scheduled volumes through 2015 and thereafter cost-of-service based fees redetermined annually in the Eagle Ford Shale play, and (iv) annual minimum volume commitments and a fixed fee per mmbtu of natural gas gathered, subject to an annual 2.5% rate escalation, through 2017 and thereafter tiered fees based on volumes delivered relative to scheduled volumes in the Haynesville Shale play. We recorded a $289 million gain associated with this transaction. | |||||||||||||
In 2012, we sold our oil gathering business and related assets in the Eagle Ford Shale to Plains Pipeline, L.P. for cash proceeds of approximately $115 million. Subsequent to December 31, 2012, we received an additional $10 million of proceeds upon satisfaction of a certain closing contingency. We recorded a $3 million gain associated with this transaction. In connection with the sale, we entered into new gathering and transportation agreements covering acreage dedication areas. | |||||||||||||
Oilfield Services Equipment. In 2014, we sold substantially all of our crude oil hauling assets for approximately $44 million. We recorded a $23 million gain associated with the transaction. Also, in 2014, we sold 14 rigs for approximately $14 million and recorded a $14 million loss. | |||||||||||||
Buildings and Land. The net gains in 2014 and the net losses in 2013 on sales of buildings and land were mainly from the sale of certain buildings and land located primarily in our Oklahoma City and Barnett Shale operating area. | |||||||||||||
Assets Held for Sale | |||||||||||||
In 2013, we determined we would sell certain of our buildings and land (other than our core campus) in the Oklahoma City area. In addition, as of December 31, 2014, we were continuing to pursue the sale of land located in the Fort Worth, Texas area. Land and buildings are recorded within our other segment. These Oklahoma City and Fort Worth assets are being actively marketed, and we believe it is probable they will be sold over the next 12 months. As a result, these assets are reflected as held for sale as of December 31, 2014. Oil and natural gas properties that we intend to sell are not presented as held for sale pursuant to the rules governing full cost accounting for oil and gas properties. A summary of the assets held for sale on our consolidated balance sheets as of December 31, 2014 and 2013 is detailed below. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
($ in millions) | |||||||||||||
Buildings and land, net of accumulated depreciation | $ | 93 | $ | 405 | |||||||||
Compressors, net of accumulated depreciation | — | 285 | |||||||||||
Oilfield services equipment, net of accumulated depreciation | — | 29 | |||||||||||
Gathering systems and treating plants, net of accumulated depreciation | — | 11 | |||||||||||
Property and equipment held for sale, net | $ | 93 | $ | 730 | |||||||||
In 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 and consequently these properties no longer met the criteria to be classified as held for sale. 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. During 2014, we reclassified $120 million of these properties to held for use classification. There was no impact to the statement of operations related to this reclassification. | |||||||||||||
During 2014, we sold compressors previously classified as held for sale to Hilcorp Energy Company and Exterran Partners, L.P. The oilfield services equipment was included in the spin-off of our oilfield services business. See Note 13 for further discussion of the spin-off. |
Impairments_Note
Impairments (Note) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Impairment Charges [Abstract] | |||||||||||||
Asset Impairment Charges [Text Block] | Impairments | ||||||||||||
Impairments of Oil and Natural Gas Properties | |||||||||||||
Our oil and natural gas properties are subject to quarterly full cost ceiling tests. As of September 30, 2012, capitalized costs of oil and natural gas properties exceeded the ceiling, resulting in an impairment in the carrying value of oil and natural gas properties of $3.315 billion. Cash flow hedges as of September 30, 2012, which related to future periods, increased the ceiling test impairment by $279 million. We were not required to record impairments of oil and natural gas properties for any other quarter in 2012 or for any quarters in 2013 or 2014. Based on the decline in oil and natural gas prices in the second half of 2014 and into 2015, we expect to have a material write-down of the carrying value of our oil and natural gas properties in the 2015 first quarter. Further material write-downs in subsequent quarters will occur if the trailing 12-month commodity prices continue to fall as compared to the commodity prices used in prior quarters. | |||||||||||||
Impairments of Fixed Assets and Other | |||||||||||||
We review our long-lived assets, other than oil and natural gas properties, for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. We recognize an impairment loss if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. A summary of our impairments of fixed assets by asset class and other charges for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Natural gas compressors | $ | 11 | $ | — | $ | — | |||||||
Gathering systems and treating plants | 13 | 22 | 6 | ||||||||||
Oilfield services equipment | 23 | 71 | 60 | ||||||||||
Buildings and land | 18 | 366 | 248 | ||||||||||
Other | 23 | 87 | 26 | ||||||||||
Total impairments of fixed assets and other | $ | 88 | $ | 546 | $ | 340 | |||||||
Oilfield Services Equipment. In 2014, we purchased 31 leased rigs and equipment from various lessors for an aggregate purchase price of $140 million. In connection with these purchases, we paid $8 million in early lease termination costs, which are included in impairments of fixed assets and other in the consolidated statement of operations. We recognized an impairment loss of approximately $15 million related to leasehold improvements associated with these assets. In 2013, we purchased 23 leased rigs (two of which were classified as held for sale assets as of December 31, 2013) from various lessors for an aggregate purchase price of $141 million and paid approximately $22 million in early lease termination costs, which is included in impairments of fixed assets and other in the consolidated statement of operations. In addition, we impaired approximately $22 million related to leasehold improvements and other costs associated with these assets. In 2013, we also recognized $27 million of impairment losses on certain of our drilling rigs that qualified as held for sale during 2013 for the difference between the carrying amount and fair value, less the anticipated costs to sell. We estimated the fair value using prices expected to be received. In 2012, we purchased 25 leased rigs from various lessors for an aggregate purchase price of $36 million and paid approximately $25 million in early lease termination costs, which is included in impairments of fixed assets and other in the consolidated statement of operations. In addition, in 2012, we recognized $26 million of impairment losses on certain of our drilling rigs that we expected would have insufficient cash flow to recover carrying values because of a change in business climate resulting from depressed natural gas prices. In 2012, we also recognized $9 million of impairment losses primarily related to drill pipe and other oilfield services equipment. | |||||||||||||
Buildings and Land. In 2013, we determined we would sell certain of our buildings and land (other than our core campus) in the Oklahoma City area. We recognized an impairment loss of $186 million on these assets for the difference between the carrying amount and fair value of the assets, less the anticipated costs to sell. Given the impairment losses associated with these assets, we tested other noncore buildings and land that we owned in the Oklahoma City area for recoverability. As a result of this test, we recognized an impairment loss of $69 million on these assets in 2013. | |||||||||||||
Due to a decrease in the estimated market prices of certain property classified as held for sale in the Fort Worth area, we recognized an additional impairment loss of $86 million in 2013. We tested other noncore surface land that we owned in the Fort Worth area for recoverability in 2013 and recognized an additional impairment loss of $10 million on these assets for the difference between the carrying amount and fair value of the assets. In addition, in 2012, we recognized $248 million of impairment losses associated with an office building and surface land located in our Barnett Shale operating area. The change in business climate in the Barnett Shale in 2012, evidenced by our significant reduction in Barnett Shale operations and depressed natural gas prices, required us to test these long-lived assets for recoverability. | |||||||||||||
Finally, we recorded an impairment loss of approximately $15 million on certain of our buildings and land outside of the Oklahoma City and Fort Worth areas in 2013. All the buildings and land for which impairment losses were recognized in 2014, 2013 and 2012 are included in our other segment. | |||||||||||||
Other. Under the terms of our joint venture agreements (see Note 12), 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. In 2014, we revised our estimate of our net acreage shortfall as of December 31, 2012 under the terms of our Barnett Shale joint venture agreement with Total and recorded an additional $22 million charge. See Note 4 for additional discussion regarding our net acreage maintenance commitments. In 2013, we recorded approximately $87 million of other charges, including $26 million for the termination of a gas gathering agreement, $28 million for the impairment of certain assets used to promote natural gas demand, $15 million for the termination of a contract drilling agreement with a third party, $2 million related to the estimated 2012 shortfall of our net acreage maintenance commitment with Total in the Barnett Shale and $16 million related to various other assets. In 2012, we recorded a $26 million charge related to the estimated 2012 shortfall of our net acreage maintenance commitment with Total in the Barnett Shale. | |||||||||||||
Nonrecurring Fair Value Measurements. Fair value measurements for certain of the impairments discussed above were based on recent sales information for comparable 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 of the buildings and land discussed above were based on prices from orderly sales transactions for comparable properties between market participants, purchase offers we received from third parties and, in certain cases, discounted cash flows. As some inputs used were 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) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring and Other Termination Costs | ||||||||||||
On June 30, 2014, we completed the spin-off of our oilfield services business through a pro rata distribution of SSE common stock to holders of Chesapeake common stock. In connection with the spin-off, in 2014, we incurred restructuring charges of $15 million consisting of transaction costs, stock-based compensation adjustments and debt extinguishment costs. See Note 13 for further discussion of the spin-off. | |||||||||||||
On September 9, 2013, we committed to a workforce reduction plan as part of a company-wide reorganization effort intended to reduce costs. The reduction was communicated to affected employees on various dates within the months of September and October, and all notifications were completed by October 11, 2013. The plan resulted in a reduction of approximately 900 employees. In connection with the reduction, we incurred a charge of approximately $66 million. | |||||||||||||
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 2013, we incurred charges of approximately $69 million related to Mr. McClendon’s departure. | |||||||||||||
During 2013, we also incurred charges of approximately $50 million related to other workforce reductions, including separations of executive officers other than the former CEO. Substantially all of the restructuring and other termination costs in 2013 are in the exploration and production operating segment. | |||||||||||||
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 $63 million of expense for 2013. | |||||||||||||
Below is a summary of our restructuring and other termination costs for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Oilfield services spin-off costs: | |||||||||||||
Transaction costs | $ | 17 | $ | — | $ | — | |||||||
Stock-based compensation adjustments for Chesapeake employees | 5 | — | — | ||||||||||
Stock-based compensation forfeitures for SSE employees | (10 | ) | — | — | |||||||||
Debt extinguishment costs | 3 | — | — | ||||||||||
Total oilfield services spin-off costs | 15 | — | — | ||||||||||
Restructuring charges under workforce reduction plan: | |||||||||||||
Salary expense | — | 20 | — | ||||||||||
Acceleration of stock-based compensation | — | 45 | — | ||||||||||
Other termination benefits | — | 1 | — | ||||||||||
Total restructuring changes under workforce reduction plan | — | 66 | — | ||||||||||
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) | (8 | ) | 18 | — | |||||||||
Estimated aircraft usage benefits | — | 7 | — | ||||||||||
Total termination benefits provided to Mr. McClendon | (8 | ) | 69 | — | |||||||||
Termination benefits provided to VSP participants: | |||||||||||||
Salary and bonus expense | — | 33 | 1 | ||||||||||
Acceleration of stock-based compensation | — | 29 | 1 | ||||||||||
Other termination benefits | — | 1 | — | ||||||||||
Total termination benefits provided to VSP participants | — | 63 | 2 | ||||||||||
Other termination benefits(a) | — | 50 | 5 | ||||||||||
Total restructuring and other termination costs | $ | 7 | $ | 248 | $ | 7 | |||||||
____________________________________________ | |||||||||||||
(a) | Amounts for the year ended December 31, 2014 are primarily related to negative fair value adjustments to PSUs granted to former executives of the Company. For further discussion of our PSUs, see Note 9. |
Fair_Value_Measurements_Note
Fair Value Measurements (Note) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements Disclosure [Text Block] | Fair Value Measurements | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
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. | |||||||||||||||||
Financial Assets (Liabilities). The following table provides fair value measurement information for the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 57 | $ | — | $ | — | $ | 57 | |||||||||
Other current liabilities | (58 | ) | — | — | (58 | ) | |||||||||||
Total | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | |||||||
As of December 31, 2013 | |||||||||||||||||
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 11 for information regarding fair value measurement of derivatives. | |||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||
See Note 17 regarding nonrecurring fair value measurements. |
Asset_Retirement_Obligation_No
Asset Retirement Obligation (Note) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation Disclosure [Text Block] | Asset Retirement Obligations | ||||||||
The components of the change in our asset retirement obligations are shown below. | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Asset retirement obligations, beginning of period | $ | 405 | $ | 375 | |||||
Additions | 29 | 20 | |||||||
Revisions(a) | 101 | 8 | |||||||
Settlements and disposals | (92 | ) | (20 | ) | |||||
Accretion expense | 22 | 22 | |||||||
Asset retirement obligations, end of period | 465 | 405 | |||||||
Less current portion (b) | 18 | — | |||||||
Asset retirement obligation, long-term | $ | 447 | $ | 405 | |||||
_________________________________________ | |||||||||
(a) | Revisions in estimated liabilities during the period relate primarily to changes in estimates of asset retirement costs and include, but are not limited to, revisions of estimated inflation rates, changes in property lives and the expected timing of settlement. | ||||||||
(b) | Balance is included in other current liabilities on the consolidated balance sheet. |
Major_Customers_and_Segment_In
Major Customers and Segment Information (Note) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||
Segment Information Disclosure [Text Block] | Major Customers and Segment Information | ||||||||||||||||||||||||
Sales to ExxonMobil Corporation and Plains Marketing, L.P. constituted approximately 12% and 11%, respectively, of our total revenues (before the effects of hedging) for the years ended December 31, 2014 and 2012, respectively. There were no sales to individual customers constituting 10% or more of total revenues (before the effects of hedging) for the year ended December 31, 2013. | |||||||||||||||||||||||||
As of December 31, 2014, we have two reportable operating segments, each of which is managed separately because of the nature of its operations. The exploration and production operating segment is responsible for finding and producing oil, natural gas and NGL. The marketing, gathering and compression operating segment is responsible for marketing, gathering and compression of oil, natural gas and NGL. In addition, prior to the spin-off described in Note 13, our former oilfield services operating segment was 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. Our former oilfield services segment’s historical financial results for periods prior to the spin-off continue to be included in our historical financial results as a component of continuing operations, as reflected in the table below. | |||||||||||||||||||||||||
Management evaluates the performance of our segments based upon income (loss) before income taxes. Revenues from the sale of oil, natural gas and NGL related to Chesapeake’s ownership interests by our marketing, gathering and compression operating segment are reflected as revenues within our exploration and production operating segment. These amounts totaled $8.565 billion, $7.570 billion and $5.464 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Revenues generated by our former oilfield services operating segment for work performed for Chesapeake’s exploration and production operating segment were reclassified to the full cost pool based on Chesapeake’s ownership interest. Revenues reclassified totaled $544 million, $1.309 billion and $1.315 billion for the years ended December 31, 2014, 2013 and 2012, respectively. No income was recognized in our consolidated statements of operations related to oilfield services performed for Chesapeake-operated wells. | |||||||||||||||||||||||||
The following tables present selected financial information for Chesapeake’s operating segments: | |||||||||||||||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||||
Revenues | $ | 8,180 | $ | 20,790 | $ | 1,060 | $ | 30 | $ | (9,109 | ) | $ | 20,951 | ||||||||||||
Intersegment revenues | — | (8,565 | ) | (544 | ) | — | 9,109 | — | |||||||||||||||||
Total revenues | $ | 8,180 | $ | 12,225 | $ | 516 | $ | 30 | $ | — | $ | 20,951 | |||||||||||||
Unrealized gains on commodity derivatives | $ | (1,394 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,394 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,756 | $ | 38 | $ | 145 | $ | 42 | $ | (66 | ) | $ | 2,915 | ||||||||||||
Impairments of fixed assets and other | $ | 22 | $ | 24 | $ | 23 | $ | 19 | $ | — | $ | 88 | |||||||||||||
Net gains on sales of fixed assets | $ | (2 | ) | $ | (187 | ) | $ | (8 | ) | $ | (2 | ) | $ | — | $ | (199 | ) | ||||||||
Interest expense | $ | (709 | ) | $ | (21 | ) | $ | (42 | ) | $ | 3 | $ | 680 | $ | (89 | ) | |||||||||
Earnings (losses) on investments | $ | 2 | $ | — | $ | (6 | ) | $ | (76 | ) | $ | — | $ | (80 | ) | ||||||||||
Net gain (loss) on sales of investments | $ | (6 | ) | $ | — | $ | — | $ | 73 | $ | — | $ | 67 | ||||||||||||
Losses on purchases of debt | $ | (197 | ) | $ | — | $ | — | $ | — | $ | — | $ | (197 | ) | |||||||||||
Income (Loss) Before | $ | 2,874 | $ | 326 | $ | (16 | ) | $ | (30 | ) | $ | 46 | $ | 3,200 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 35,381 | $ | 1,978 | $ | — | $ | 4,283 | $ | (891 | ) | $ | 40,751 | ||||||||||||
Capital Expenditures | $ | 6,173 | $ | 298 | $ | 158 | $ | 38 | $ | — | $ | 6,667 | |||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||||||
Revenues | $ | 7,052 | $ | 17,129 | $ | 2,188 | $ | 29 | $ | (8,892 | ) | $ | 17,506 | ||||||||||||
Intersegment revenues | — | (7,570 | ) | (1,309 | ) | (13 | ) | 8,892 | — | ||||||||||||||||
Total revenues | $ | 7,052 | $ | 9,559 | $ | 879 | $ | 16 | $ | — | $ | 17,506 | |||||||||||||
Unrealized gains on commodity derivatives | $ | (228 | ) | $ | — | $ | — | $ | — | $ | — | $ | (228 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,674 | $ | 46 | $ | 289 | $ | 49 | $ | (155 | ) | $ | 2,903 | ||||||||||||
Impairments of fixed assets and other | $ | 27 | $ | 50 | $ | 75 | $ | 394 | $ | — | $ | 546 | |||||||||||||
Net (gains) losses on sales of fixed assets | $ | 2 | $ | (329 | ) | $ | (1 | ) | $ | 26 | $ | — | $ | (302 | ) | ||||||||||
Interest expense | $ | (918 | ) | $ | (24 | ) | $ | (82 | ) | $ | (74 | ) | $ | 871 | $ | (227 | ) | ||||||||
Earnings (losses) on investments | $ | 3 | $ | — | $ | (1 | ) | $ | (229 | ) | $ | 1 | $ | (226 | ) | ||||||||||
Net gain (loss) on sales of investments | $ | — | $ | — | $ | — | $ | (7 | ) | $ | — | $ | (7 | ) | |||||||||||
Losses on purchases of debt | $ | (193 | ) | $ | — | $ | — | $ | — | $ | — | $ | (193 | ) | |||||||||||
Income (Loss) Before | $ | 2,997 | $ | 511 | $ | (51 | ) | $ | (727 | ) | $ | (1,288 | ) | $ | 1,442 | ||||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 35,341 | $ | 2,430 | $ | 2,018 | $ | 5,750 | $ | (3,757 | ) | $ | 41,782 | ||||||||||||
Capital Expenditures | $ | 6,198 | $ | 299 | $ | 272 | $ | 421 | $ | — | $ | 7,190 | |||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||||||
Revenues | $ | 6,278 | $ | 10,895 | $ | 1,917 | $ | 21 | $ | (6,795 | ) | $ | 12,316 | ||||||||||||
Intersegment revenues | — | (5,464 | ) | (1,315 | ) | (16 | ) | 6,795 | — | ||||||||||||||||
Total revenues | $ | 6,278 | $ | 5,431 | $ | 602 | $ | 5 | $ | — | $ | 12,316 | |||||||||||||
Unrealized losses on commodity derivatives | $ | (561 | ) | $ | — | $ | — | $ | — | $ | — | $ | (561 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,624 | $ | 54 | $ | 232 | $ | 46 | $ | (145 | ) | $ | 2,811 | ||||||||||||
Impairment of oil and natural gas properties | $ | 3,315 | $ | — | $ | — | $ | — | $ | — | $ | 3,315 | |||||||||||||
Impairments of fixed assets and other | $ | 28 | $ | 6 | $ | 60 | $ | 246 | $ | — | $ | 340 | |||||||||||||
Net (gains) losses on sales of fixed assets | $ | 14 | $ | (298 | ) | $ | 10 | $ | 7 | $ | — | $ | (267 | ) | |||||||||||
Interest expense | $ | (47 | ) | $ | (20 | ) | $ | (76 | ) | $ | (364 | ) | $ | 430 | $ | (77 | ) | ||||||||
Earnings (losses) on investments | $ | — | $ | 49 | $ | — | $ | (152 | ) | $ | — | $ | (103 | ) | |||||||||||
Net gain (loss) on sales of investments | $ | (2 | ) | $ | 1,094 | $ | — | $ | — | $ | — | $ | 1,092 | ||||||||||||
Losses on purchases of debt | $ | (200 | ) | $ | — | $ | — | $ | — | $ | — | $ | (200 | ) | |||||||||||
Income (Loss) Before | $ | (1,798 | ) | $ | 1,665 | $ | 112 | $ | (478 | ) | $ | (475 | ) | $ | (974 | ) | |||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 37,004 | $ | 2,291 | $ | 2,115 | $ | 2,529 | $ | (2,328 | ) | $ | 41,611 | ||||||||||||
Capital Expenditures | $ | 12,044 | $ | 852 | $ | 658 | $ | 554 | $ | — | $ | 14,108 | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information (Note) | 12 Months Ended | ||||||||||||||||||||
Dec. 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. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors. Our former oilfield services subsidiaries were separately capitalized and were not guarantors of our debt obligations. | |||||||||||||||||||||
The tables 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 December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. This 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 DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 4,100 | $ | 2 | $ | 84 | $ | (78 | ) | $ | 4,108 | ||||||||||
Restricted cash | — | — | 38 | — | 38 | ||||||||||||||||
Other | 55 | 3,174 | 93 | — | 3,322 | ||||||||||||||||
Intercompany receivable, net | 24,527 | — | 341 | (24,868 | ) | — | |||||||||||||||
Total Current Assets | 28,682 | 3,176 | 556 | (24,946 | ) | 7,468 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Oil and natural gas properties, at cost based on full cost accounting, net | — | 28,358 | 1,112 | 673 | 30,143 | ||||||||||||||||
Other property and equipment, net | — | 2,276 | 3 | — | 2,279 | ||||||||||||||||
Property and equipment held for | — | 93 | — | — | 93 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 30,727 | 1,115 | 673 | 32,515 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 153 | 618 | 26 | (29 | ) | 768 | |||||||||||||||
Investments in subsidiaries and | 126 | 467 | — | (593 | ) | — | |||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,961 | $ | 34,988 | $ | 1,697 | $ | (24,895 | ) | $ | 40,751 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 792 | $ | 5,084 | $ | 68 | $ | (81 | ) | $ | 5,863 | ||||||||||
Intercompany payable, net | — | 24,937 | — | (24,937 | ) | — | |||||||||||||||
Total Current Liabilities | 792 | 30,021 | 68 | (25,018 | ) | 5,863 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,154 | — | — | — | 11,154 | ||||||||||||||||
Deferred income tax liabilities | — | 3,751 | 234 | 200 | 4,185 | ||||||||||||||||
Other long-term liabilities | 112 | 1,090 | 142 | — | 1,344 | ||||||||||||||||
Total Long-Term Liabilities | 11,266 | 4,841 | 376 | 200 | 16,683 | ||||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 16,903 | 126 | 1,253 | (1,379 | ) | 16,903 | |||||||||||||||
Noncontrolling interests | — | — | — | 1,302 | 1,302 | ||||||||||||||||
Total Equity | 16,903 | 126 | 1,253 | (77 | ) | 18,205 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,961 | $ | 34,988 | $ | 1,697 | $ | (24,895 | ) | $ | 40,751 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 799 | $ | 8 | $ | 38 | $ | (8 | ) | $ | 837 | ||||||||||
Restricted cash | — | 37 | 38 | — | 75 | ||||||||||||||||
Other | 103 | 2,465 | 524 | (348 | ) | 2,744 | |||||||||||||||
Intercompany receivable, net | 25,549 | — | 860 | (26,409 | ) | — | |||||||||||||||
Total Current Assets | 26,451 | 2,510 | 1,460 | (26,765 | ) | 3,656 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Oil and natural gas properties, at cost based on full cost accounting, net | — | 30,933 | 1,471 | 189 | 32,593 | ||||||||||||||||
Other property and equipment, net | — | 2,360 | 1,452 | (1 | ) | 3,811 | |||||||||||||||
Property and equipment held for | — | 701 | 29 | — | 730 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 33,994 | 2,952 | 188 | 37,134 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 111 | 1,161 | 96 | (376 | ) | 992 | |||||||||||||||
Investments in subsidiaries and | 2,169 | (209 | ) | — | (1,960 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,731 | $ | 37,456 | $ | 4,508 | $ | (28,913 | ) | $ | 41,782 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 300 | $ | 5,262 | $ | 309 | $ | (356 | ) | $ | 5,515 | ||||||||||
Intercompany payable, net | — | 26,409 | — | (26,409 | ) | — | |||||||||||||||
Total Current Liabilities | 300 | 31,671 | 309 | (26,765 | ) | 5,515 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,831 | — | 1,055 | — | 12,886 | ||||||||||||||||
Deferred income tax liabilities | 209 | 2,338 | 773 | 87 | 3,407 | ||||||||||||||||
Other long-term liabilities | 396 | 1,278 | 504 | (344 | ) | 1,834 | |||||||||||||||
Total Long-Term Liabilities | 12,436 | 3,616 | 2,332 | (257 | ) | 18,127 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 15,995 | 2,169 | 1,867 | (4,036 | ) | 15,995 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,145 | 2,145 | ||||||||||||||||
Total Equity | 15,995 | 2,169 | 1,867 | (1,891 | ) | 18,140 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,731 | $ | 37,456 | $ | 4,508 | $ | (28,913 | ) | $ | 41,782 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 7,765 | $ | 418 | $ | (3 | ) | $ | 8,180 | ||||||||||
Marketing, gathering and compression | — | 12,220 | 5 | — | 12,225 | ||||||||||||||||
Oilfield services | — | 41 | 983 | (478 | ) | 546 | |||||||||||||||
Total Revenues | — | 20,026 | 1,406 | (481 | ) | 20,951 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,166 | 42 | — | 1,208 | ||||||||||||||||
Production taxes | — | 227 | 5 | — | 232 | ||||||||||||||||
Marketing, gathering and compression | — | 12,232 | 4 | — | 12,236 | ||||||||||||||||
Oilfield services | — | 53 | 769 | (391 | ) | 431 | |||||||||||||||
General and administrative | — | 273 | 49 | — | 322 | ||||||||||||||||
Restructuring and other termination costs | — | 4 | 3 | — | 7 | ||||||||||||||||
Provision for legal contingencies | 100 | 134 | — | — | 234 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,523 | 162 | (2 | ) | 2,683 | |||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 153 | 143 | (64 | ) | 232 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas properties | — | — | 349 | (349 | ) | — | |||||||||||||||
Impairments of fixed assets and other | — | 65 | 23 | — | 88 | ||||||||||||||||
Net gains on sales of fixed assets | — | (192 | ) | (7 | ) | — | (199 | ) | |||||||||||||
Total Operating Expenses | 100 | 16,638 | 1,542 | (806 | ) | 17,474 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (100 | ) | 3,388 | (136 | ) | 325 | 3,477 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (657 | ) | (37 | ) | (42 | ) | 647 | (89 | ) | ||||||||||||
Losses on investments | — | (77 | ) | (5 | ) | 2 | (80 | ) | |||||||||||||
Net gain on sales of investments | — | 67 | — | — | 67 | ||||||||||||||||
Losses on purchases of debt | (195 | ) | (2 | ) | — | — | (197 | ) | |||||||||||||
Other income (expense) | 502 | 198 | (2 | ) | (676 | ) | 22 | ||||||||||||||
Equity in net earnings (losses) of subsidiary | 2,206 | (258 | ) | — | (1,948 | ) | — | ||||||||||||||
Total Other Income (Expense) | 1,856 | (109 | ) | (49 | ) | (1,975 | ) | (277 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,756 | 3,279 | (185 | ) | (1,650 | ) | 3,200 | ||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (161 | ) | 1,264 | (66 | ) | 107 | 1,144 | ||||||||||||||
NET INCOME (LOSS) | 1,917 | 2,015 | (119 | ) | (1,757 | ) | 2,056 | ||||||||||||||
Net income attributable to | — | — | — | (139 | ) | (139 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE | 1,917 | 2,015 | (119 | ) | (1,896 | ) | 1,917 | ||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income | 1 | 18 | — | — | 19 | ||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 1,918 | $ | 2,033 | $ | (119 | ) | $ | (1,896 | ) | $ | 1,936 | |||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 6,439 | $ | 553 | $ | 60 | $ | 7,052 | |||||||||||
Marketing, gathering and compression | — | 9,547 | 12 | — | 9,559 | ||||||||||||||||
Oilfield services | — | 221 | 1,836 | (1,162 | ) | 895 | |||||||||||||||
Total Revenues | — | 16,207 | 2,401 | (1,102 | ) | 17,506 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,112 | 47 | — | 1,159 | ||||||||||||||||
Production taxes | — | 222 | 7 | — | 229 | ||||||||||||||||
Marketing, gathering and compression | — | 9,455 | 6 | — | 9,461 | ||||||||||||||||
Oilfield services | — | 239 | 1,434 | (937 | ) | 736 | |||||||||||||||
General and administrative | — | 375 | 83 | (1 | ) | 457 | |||||||||||||||
Restructuring and other termination costs | — | 244 | 4 | — | 248 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,336 | 253 | — | 2,589 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 180 | 281 | (147 | ) | 314 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas | — | (2 | ) | 313 | (311 | ) | — | ||||||||||||||
properties | |||||||||||||||||||||
Impairments of fixed assets and other | — | 417 | 129 | — | 546 | ||||||||||||||||
Net gains on sales of fixed assets | — | (301 | ) | (1 | ) | — | (302 | ) | |||||||||||||
Total Operating Expenses | — | 14,277 | 2,556 | (1,396 | ) | 15,437 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | 1,930 | (155 | ) | 294 | 2,069 | |||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (921 | ) | (4 | ) | (85 | ) | 783 | (227 | ) | ||||||||||||
Losses on investments | — | (225 | ) | (1 | ) | — | (226 | ) | |||||||||||||
Net loss on sales of investments | — | (7 | ) | — | — | (7 | ) | ||||||||||||||
Losses on purchases of debt | (70 | ) | (123 | ) | — | — | (193 | ) | |||||||||||||
Other income | 3,979 | (603 | ) | 13 | (3,363 | ) | 26 | ||||||||||||||
Equity in net earnings (losses) of | (1,129 | ) | (383 | ) | — | 1,512 | — | ||||||||||||||
subsidiary | |||||||||||||||||||||
Total Other Income (Expense) | 1,859 | (1,345 | ) | (73 | ) | (1,068 | ) | (627 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,859 | 585 | (228 | ) | (774 | ) | 1,442 | ||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | 1,135 | 370 | (87 | ) | (870 | ) | 548 | ||||||||||||||
NET INCOME (LOSS) | 724 | 215 | (141 | ) | 96 | 894 | |||||||||||||||
Net income attributable to | — | — | — | (170 | ) | (170 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | 724 | 215 | (141 | ) | (74 | ) | 724 | ||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | 3 | 19 | (2 | ) | — | 20 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 727 | $ | 234 | $ | (143 | ) | $ | (74 | ) | $ | 744 | |||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 5,920 | $ | 351 | $ | 7 | $ | 6,278 | |||||||||||
Marketing, gathering and compression | — | 5,218 | 212 | 1 | 5,431 | ||||||||||||||||
Oilfield services | — | 154 | 1,553 | (1,100 | ) | 607 | |||||||||||||||
Total Revenues | — | 11,292 | 2,116 | (1,092 | ) | 12,316 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,278 | 26 | — | 1,304 | ||||||||||||||||
Production taxes | — | 182 | 6 | — | 188 | ||||||||||||||||
Marketing, gathering and compression | — | 5,197 | 115 | — | 5,312 | ||||||||||||||||
Oilfield services | — | 301 | 1,096 | (932 | ) | 465 | |||||||||||||||
General and administrative | — | 431 | 105 | (1 | ) | 535 | |||||||||||||||
Restructuring and other termination costs | — | 5 | 2 | — | 7 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,353 | 154 | — | 2,507 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 187 | 266 | (149 | ) | 304 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas properties | — | 3,192 | 123 | — | 3,315 | ||||||||||||||||
Impairments of fixed assets and other | — | 275 | 65 | — | 340 | ||||||||||||||||
Net gains (losses) on sales of fixed assets | — | (269 | ) | 2 | — | (267 | ) | ||||||||||||||
Total Operating Expenses | — | 13,132 | 1,960 | (1,082 | ) | 14,010 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (1,840 | ) | 156 | (10 | ) | (1,694 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (879 | ) | 45 | (84 | ) | 841 | (77 | ) | |||||||||||||
Losses on investments | — | (167 | ) | 55 | 9 | (103 | ) | ||||||||||||||
Net gain on sales of investments | — | 29 | 1,063 | — | 1,092 | ||||||||||||||||
Losses on purchases of debt | (200 | ) | — | — | — | (200 | ) | ||||||||||||||
Other income (loss) | 819 | 203 | 14 | (1,028 | ) | 8 | |||||||||||||||
Equity in net earnings (losses) of subsidiary | (610 | ) | 436 | — | 174 | — | |||||||||||||||
Total Other Income (Expense) | (870 | ) | 546 | 1,048 | (4 | ) | 720 | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (870 | ) | (1,294 | ) | 1,204 | (14 | ) | (974 | ) | ||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (101 | ) | (675 | ) | 470 | (74 | ) | (380 | ) | ||||||||||||
NET INCOME (LOSS) | (769 | ) | (619 | ) | 734 | 60 | (594 | ) | |||||||||||||
Net income attributable to | — | — | — | (175 | ) | (175 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | (769 | ) | (619 | ) | 734 | (115 | ) | (769 | ) | ||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | 6 | (22 | ) | — | — | (16 | ) | ||||||||||||||
COMPREHENSIVE INCOME | $ | (763 | ) | $ | (641 | ) | $ | 734 | $ | (115 | ) | $ | (785 | ) | |||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 4,201 | $ | 462 | $ | (29 | ) | $ | 4,634 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (4,445 | ) | (136 | ) | — | (4,581 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (1,306 | ) | (5 | ) | — | (1,311 | ) | |||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 5,812 | 1 | — | 5,813 | ||||||||||||||||
Additions to other property and equipment | — | (480 | ) | (246 | ) | — | (726 | ) | |||||||||||||
Other investing activities | — | 1,199 | 60 | — | 1,259 | ||||||||||||||||
Net Cash Provided By (Used In) Investing Activities | — | 780 | (326 | ) | — | 454 | |||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 6,689 | 717 | — | 7,406 | ||||||||||||||||
Payments on credit facilities borrowings | — | (6,689 | ) | (1,099 | ) | — | (7,788 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | — | 494 | — | 3,460 | ||||||||||||||||
Proceeds from issuance of term loans, net of discount and offering costs | — | — | 394 | — | 394 | ||||||||||||||||
Cash paid to purchase debt | (3,362 | ) | — | — | — | (3,362 | ) | ||||||||||||||
Other financing activities | (439 | ) | (1,278 | ) | (169 | ) | (41 | ) | (1,927 | ) | |||||||||||
Intercompany advances, net | 4,136 | (3,709 | ) | (427 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used In) | 3,301 | (4,987 | ) | (90 | ) | (41 | ) | (1,817 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 3,301 | (6 | ) | 46 | (70 | ) | 3,271 | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 799 | 8 | 38 | (8 | ) | 837 | |||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 4,100 | $ | 2 | $ | 84 | $ | (78 | ) | $ | 4,108 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 4,218 | $ | 439 | $ | (43 | ) | $ | 4,614 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (4,838 | ) | (766 | ) | — | (5,604 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (1,378 | ) | 346 | — | (1,032 | ) | ||||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 3,466 | 1 | — | 3,467 | ||||||||||||||||
Additions to other property and equipment | — | (271 | ) | (701 | ) | — | (972 | ) | |||||||||||||
Other investing activities | — | 246 | 765 | 163 | 1,174 | ||||||||||||||||
Net Cash Provided By (Used In) Investing Activities | — | (2,775 | ) | (355 | ) | 163 | (2,967 | ) | |||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 6,452 | 1,217 | — | 7,669 | ||||||||||||||||
Payments on credit facilities borrowings | — | (6,452 | ) | (1,230 | ) | — | (7,682 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,274 | — | — | — | 2,274 | ||||||||||||||||
Cash paid to purchase debt | (2,141 | ) | — | — | — | (2,141 | ) | ||||||||||||||
Proceeds from sales of noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Other financing activities | 1,819 | (2,897 | ) | (17 | ) | (128 | ) | (1,223 | ) | ||||||||||||
Intercompany advances, net | (1,381 | ) | 1,462 | (81 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used | 571 | (1,435 | ) | (105 | ) | (128 | ) | (1,097 | ) | ||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 571 | 8 | (21 | ) | (8 | ) | 550 | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 228 | — | 59 | — | 287 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 799 | $ | 8 | $ | 38 | $ | (8 | ) | $ | 837 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent(a) | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries(a) | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 1,711 | $ | 1,182 | $ | (56 | ) | $ | 2,837 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (8,605 | ) | (325 | ) | — | (8,930 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (3,622 | ) | 461 | — | (3,161 | ) | ||||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 5,884 | — | — | 5,884 | ||||||||||||||||
Additions to other property and equipment | — | (1,736 | ) | (915 | ) | — | (2,651 | ) | |||||||||||||
Other investing activities | — | 5,083 | (316 | ) | (893 | ) | 3,874 | ||||||||||||||
Net Cash Used In Investing | — | (2,996 | ) | (1,095 | ) | (893 | ) | (4,984 | ) | ||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 18,930 | 1,388 | — | 20,318 | ||||||||||||||||
Payments on credit facilities borrowings | — | (20,651 | ) | (999 | ) | — | (21,650 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 1,263 | — | — | — | 1,263 | ||||||||||||||||
Proceeds from issuance of term loans, net of discount and offering costs | 5,722 | — | — | — | 5,722 | ||||||||||||||||
Cash paid to purchase debt | (4,000 | ) | — | — | — | (4,000 | ) | ||||||||||||||
Proceeds from sales of noncontrolling interests | — | 63 | 1,014 | — | 1,077 | ||||||||||||||||
Other financing activities | (477 | ) | (299 | ) | (820 | ) | 949 | (647 | ) | ||||||||||||
Intercompany advances, net | (2,282 | ) | 3,242 | (960 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used | 226 | 1,285 | (377 | ) | 949 | 2,083 | |||||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 226 | — | (290 | ) | — | (64 | ) | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 2 | — | 349 | — | 351 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 228 | $ | — | $ | 59 | $ | — | $ | 287 | |||||||||||
___________________________________________ | |||||||||||||||||||||
(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. As of December 31, 2012, $228 million 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) | 12 Months Ended |
Dec. 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 April 2014, the FASB issued an accounting standards update that raises the threshold for a disposal or classification as held for sale to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This accounting standards update is effective for us beginning on January 1, 2015, and it is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued updated revenue recognition guidance to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and international financial reporting standards. The new standard requires the recognition of revenue to depict the transfer of promised goods to customers in an amount reflecting the consideration the company expects to receive in the exchange. The accounting standards update is effective for us beginning January 1, 2017, including retrospective application to comparative periods, and we are evaluating the impact on our consolidated financial statements. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||||||||||||||||||||
The accompanying consolidated financial statements of Chesapeake were 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. | |||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||||||||||||
Estimates of oil and natural gas reserves and their values, future production rates and future costs and expenses are the most significant of our estimates. The accuracy of any reserve estimate is a function of the quality of data available and of engineering and geological interpretation and judgment. In addition, estimates of reserves may be revised based on actual production, results of subsequent exploration and development activities, recent commodity prices, operating costs and other factors. These revisions could materially affect our financial statements. The volatility of commodity prices results in increased uncertainty inherent in these estimates and assumptions. Changes in oil, natural gas or NGL prices could result in actual results differing significantly from our estimates. | |||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Consolidation | ||||||||||||||||||||
Chesapeake consolidates entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (VIEs) in which Chesapeake is the primary beneficiary. We use the equity method of accounting to record our net interests where Chesapeake has the ability to exercise significant influence through its investment. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. Investments in securities not accounted for under the equity method have been designated as available-for-sale and, as such, are carried at fair value whenever this value is readily determinable. Otherwise, the investment is carried at cost. See Note 14 for further discussion of our investments. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. | |||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Noncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity. See Note 8 for further discussion of noncontrolling interests. | |||||||||||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities | ||||||||||||||||||||
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s losses, or the right to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||||||||||||||||||||
Along with a VIE that we consolidate, we also hold a variable interest in another VIE that is not consolidated because we are not the primary beneficiary. We continually monitor both our consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 15 for further discussion of VIEs. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Accounts Payable | ||||||||||||||||||||
Included in accounts payable as of December 31, 2014 and 2013 are liabilities of approximately $333 million and $397 million, respectively, representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts. | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||
For purposes of the consolidated financial statements, Chesapeake considers investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash consists of the balance required to be maintained by the terms of the agreement governing the activities of CHK Cleveland Tonkawa, L.L.C. (CHK C-T) and, prior to our repurchase of all of the outstanding preferred shares of CHK Utica, L.L.C. (CHK Utica) in 2014, also consisted of a balance required to be maintained by the terms of the agreement governing the activities of CHK Utica. The repurchase of outstanding preferred shares of CHK Utica eliminated the restricted cash maintenance requirement related to this entity. See Note 8 for further discussion of these entities. | |||||||||||||||||||||
Receivables, Policy [Policy Text Block] | Accounts Receivable | ||||||||||||||||||||
Our accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties which are judged to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables we believe may be uncollectible. During 2014, 2013 and 2012, we recognized $2 million, $2 million and a nominal amount of bad debt expense related to potentially uncollectible receivables, and we reduced our allowance by $3 million in 2013 as we wrote off specific receivables against our allowance. Accounts receivable as of December 31, 2014 and 2013 are detailed below. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Oil, natural gas and NGL sales | $ | 1,340 | $ | 1,548 | |||||||||||||||||
Joint interest | 691 | 417 | |||||||||||||||||||
Oilfield services(a) | — | 63 | |||||||||||||||||||
Related parties(b) | — | 62 | |||||||||||||||||||
Other | 226 | 150 | |||||||||||||||||||
Allowance for doubtful accounts | (21 | ) | (18 | ) | |||||||||||||||||
Total accounts receivable, net | $ | 2,236 | $ | 2,222 | |||||||||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | In 2014, in connection with the spin-off of our oilfield services business, accounts receivable related to oilfield services were removed from our consolidated balance sheet. | ||||||||||||||||||||
(b) | See Note 7 for discussion of related party transactions. | ||||||||||||||||||||
Oil and Gas Properties Policy [Policy Text Block] | Oil and Natural Gas Properties | ||||||||||||||||||||
Chesapeake follows the full cost method of accounting under which all costs associated with oil and natural gas property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with these activities and do not capitalize any costs related to production, general corporate overhead or similar activities (see Supplementary Information - Supplemental Disclosures About Oil, Natural Gas and NGL Producing Activities). Capitalized costs are amortized on a composite unit-of-production method based on proved oil and natural gas reserves. Estimates of our proved reserves as of December 31, 2014 were prepared by independent engineering firms and Chesapeake's internal staff. Approximately 79% of these proved reserves estimates (by volume) as of December 31, 2014 were prepared by independent engineering firms. In addition, our internal engineers review and update our reserves on a quarterly basis. | |||||||||||||||||||||
Proceeds from the sale of oil and natural gas properties are accounted for as reductions of capitalized costs unless these sales involve a significant change in proved reserves and significantly alter the relationship between costs and proved reserves, in which case a gain or loss is recognized. | |||||||||||||||||||||
The costs of unproved properties are excluded from amortization until the properties are evaluated. We review all of our unproved properties quarterly to determine whether or not and to what extent proved reserves have been assigned to the properties and otherwise if impairment has occurred. Unproved properties are grouped by major prospect area where individual property costs are not significant. In addition, we analyze our unproved leasehold and transfer to proved properties leasehold that can be associated with proved reserves, leasehold that expired in the quarter or leasehold that is not a part of our development strategy and will be abandoned. | |||||||||||||||||||||
The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2014 and the year in which the associated costs were incurred. | |||||||||||||||||||||
Year of Acquisition | |||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | |||||||||||||||||
($ in millions) | |||||||||||||||||||||
Leasehold acquisition cost | $ | 577 | $ | 199 | $ | 1,462 | $ | 5,149 | $ | 7,387 | |||||||||||
Exploration cost | 340 | 90 | 244 | 42 | 716 | ||||||||||||||||
Capitalized interest | 492 | 421 | 325 | 447 | 1,685 | ||||||||||||||||
Total | $ | 1,409 | $ | 710 | $ | 2,031 | $ | 5,638 | $ | 9,788 | |||||||||||
We also review, on a quarterly basis, the carrying value of our oil and natural gas properties under the full cost accounting rules of the Securities and Exchange Commission (SEC). This quarterly review is referred to as a ceiling test. Under the ceiling test, capitalized costs, less accumulated amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues (adjusted for oil and natural gas derivatives designated as cash flow hedges) less estimated future expenditures to be incurred in developing and producing the proved reserves, less any related income tax effects. The ceiling test calculation uses costs as of the end of the applicable quarterly period and the unweighted arithmetic average of oil, natural gas and NGL prices on the first day of each month within the 12-month period prior to the ending date of the quarterly period. These prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts, including the effects of derivatives designated as cash flow hedges. As of December 31, 2014, none of our open derivative instruments were designated as cash flow hedges. Our oil and natural gas hedging activities are discussed in Note 11. | |||||||||||||||||||||
Two primary factors impacting the ceiling test are reserves levels and oil, natural gas and NGL prices, and their associated impact on the present value of estimated future net revenues. Revisions to estimates of oil and natural gas reserves and/or an extended increase or decrease in prices can have a material impact on the present value of estimated future net revenues. Any excess of the net book value over the ceiling is written off as an expense. | |||||||||||||||||||||
We account for seismic costs as part of our oil and natural gas properties. Exploration costs may be incurred both before acquiring the related property and after acquiring the property. Further, exploration costs include, among other things, geological and geophysical studies and salaries and other expenses of geologists, geophysical crews and others conducting those studies. These costs are capitalized as incurred. The Company reviews its unproved properties and associated seismic costs quarterly to determine whether impairment has occurred. To the extent that seismic costs cannot be directly associated with specific unproved properties, they are included in the amortization base as incurred. | |||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Other Property and Equipment | ||||||||||||||||||||
Other property and equipment consists primarily of natural gas compressors, buildings and improvements, land, vehicles, computer and office equipment, oil and natural gas gathering systems and treating plants. We have no remaining oilfield services equipment as a result of the spin-off of our oilfield services business in 2014 as discussed in Note 13, and substantially all of our natural gas gathering systems and treating plants were sold in 2013 and 2012 as discussed in Note 16. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. The costs of assets retired or otherwise disposed of and the applicable accumulated depreciation are removed from the accounts, and the resulting gain or loss is reflected in operating costs. See Note 16 for further discussion of our gains and losses on the sales of other property and equipment and a summary of our other property and equipment held for sale as of December 31, 2014 and 2013. Other property and equipment costs, excluding land, are depreciated on a straight-line basis. | |||||||||||||||||||||
Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including disposal value, if any, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow. During 2014, 2013 and 2012, we determined that certain of our property and equipment was being carried at values that were not recoverable and in excess of fair value. See Note 17 for further discussion of these impairments. | |||||||||||||||||||||
Interest Capitalization, Policy [Policy Text Block] | Capitalized Interest | ||||||||||||||||||||
Interest from external borrowings is capitalized on significant projects until the asset is ready for service using the weighted average cost of outstanding borrowings. Capitalized interest is determined by multiplying our weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset. | |||||||||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill | ||||||||||||||||||||
Goodwill represents the excess of the purchase price of a business combination over the fair value of the net assets acquired and is tested for impairment at least annually. This test includes an assessment of qualitative and quantitative factors. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. When the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative assessment is then performed. The fair value of each reporting unit is estimated and compared to the net book value of the reporting unit. If the estimated fair value of the reporting unit is less than the net book value, including goodwill, then the goodwill is written down to the implied fair value of the goodwill through a charge to expense. | |||||||||||||||||||||
Our goodwill, which is included in other long-term assets on our consolidated balance sheets, was $15 million and $43 million, respectively, as of December 31, 2014 and 2013. The 2014 amount consists of $15 million of excess consideration over the fair value of assets acquired in our Horizon Drilling Services acquisition in 2011. The 2013 amount also included $28 million of excess consideration over the fair value of assets acquired in our Bronco Drilling Company acquisition in 2011. We no longer have the goodwill balance related to Bronco Drilling Company as a result of the spin-off of our oilfield services business in June 2014. We performed annual impairment tests of goodwill in the fourth quarters of 2014 and 2013. Based on these assessments, no impairment of goodwill was required. Goodwill was included in our exploration and production segment as of December 31, 2014 and as of December 31, 2013 was included in our former oilfield services segment. | |||||||||||||||||||||
Cash and Cash Equivalents, Accounts Payable, Policy [Policy Text Block] | Accounts Payable | ||||||||||||||||||||
Included in accounts payable as of December 31, 2014 and 2013 are liabilities of approximately $333 million and $397 million, respectively, representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts. | |||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||
For purposes of the consolidated financial statements, Chesapeake considers investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted cash consists of the balance required to be maintained by the terms of the agreement governing the activities of CHK Cleveland Tonkawa, L.L.C. (CHK C-T) and, prior to our repurchase of all of the outstanding preferred shares of CHK Utica, L.L.C. (CHK Utica) in 2014, also consisted of a balance required to be maintained by the terms of the agreement governing the activities of CHK Utica. The repurchase of outstanding preferred shares of CHK Utica eliminated the restricted cash maintenance requirement related to this entity. See Note 8 for further discussion of these entities. | |||||||||||||||||||||
Debt, Policy [Policy Text Block] | Debt Issuance and Hedging Facility Costs | ||||||||||||||||||||
Included in other long-term assets are costs associated with the issuance of our senior notes, revolving credit facility, hedging facility and, as of December 31, 2013, costs associated with our former term loan and former oilfield services credit facility. The remaining unamortized issuance costs as of December 31, 2014 and 2013 totaled $130 million and $145 million, respectively, and are being amortized over the life of the applicable debt or facility using the effective interest method. | |||||||||||||||||||||
Environmental Costs, Policy [Policy Text Block] | Environmental Remediation Costs | ||||||||||||||||||||
Chesapeake records environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized. | |||||||||||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations | ||||||||||||||||||||
We recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For oil and natural gas properties, this is the period in which an oil or natural gas well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. See Note 20 for further discussion of asset retirement obligations. | |||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||||||||||
Oil, Natural Gas and NGL Sales. Revenue from the sale of oil, natural gas and NGL is recognized when title passes, net of royalties due to third parties and gathering and transportation charges. | |||||||||||||||||||||
Natural Gas Imbalances. We follow the "sales method" of accounting for our natural gas revenue whereby we recognize sales revenue on all natural gas sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. An asset or a liability is recognized to the extent that we have an imbalance in excess of the remaining natural gas reserves on the underlying properties. The natural gas imbalance net liability position as of December 31, 2014 and 2013 was $12 million and $11 million, respectively. | |||||||||||||||||||||
Marketing, Gathering and Compression Sales. Chesapeake takes title to the oil, natural gas and NGL it purchases from other interest owners in operated wells at defined delivery points and delivers the product to third parties, at which time revenues are recorded. In addition, we periodically enter into a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and to help meet certain of our pipeline delivery commitments. In circumstances where we act as a principal rather than an agent, Chesapeake's results of operations related to its oil, natural gas and NGL marketing activities are presented on a "gross" basis. Gathering and compression revenues consist of fees billed to other interest owners in operated wells or third-party producers for the gathering, treating and compression of natural gas. Revenues are recognized when the service is performed and are based upon non-regulated rates and the related gathering, treating and compression volumes. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Oilfield Services Revenue. Prior to the spin-off of our oilfield services business in June 2014, we reported oilfield services revenue. Our former oilfield services operating segment was responsible for contract drilling, hydraulic fracturing, oilfield rentals, oilfield trucking and other oilfield services operations for both Chesapeake-operated wells and wells operated by third parties. Our oilfield services revenues prior to the spin-off were as follows: | |||||||||||||||||||||
• | Drilling. Revenues were generated by drilling oil and natural gas wells for our customers under daywork contracts and recognized for the days completed based on the dayrate specified in each contract. Revenue generated and costs incurred for mobilization services were recognized over the days of actual mobilization. | ||||||||||||||||||||
• | Hydraulic Fracturing. Revenue was recognized upon the completion of each fracturing stage. Typically, one or more fracturing stages per day per active crew was completed during the course of a job. A stage was considered complete when the customer requested or the job design dictated that pumping discontinue for that stage. Invoices typically included a lump sum equipment charge determined by the rate per stage specified in each contract and product charges for sand, chemicals and other products actually consumed during the course of providing fracturing services. | ||||||||||||||||||||
• | Oilfield Rentals. Oilfield equipment rentals included drill pipe, drill collars, tubing, blowout preventers, and frac and mud tanks, and services included air drilling services and services associated with the transfer of fresh water to the wellsite. Rentals and services were priced by the day or hour based on the type of equipment rented and the service job performed. Revenue was recognized ratably over the term of the rental. | ||||||||||||||||||||
• | Oilfield Trucking. Oilfield trucking provided rig relocation and logistics services as well as fluid handling services. Trucks moved drilling rigs, crude oil, other fluids and construction materials to and from the wellsites and also transported produced water from the wellsites. These services were priced on a per barrel basis based on mileage and revenue was recognized as services were performed. | ||||||||||||||||||||
• | Other Operations. A manufacturing subsidiary designed, engineered and fabricated natural gas compressor packages that were purchased primarily by Chesapeake. Compression units were priced based on certain specifications such as horsepower, stages and additional options. Revenue was recognized upon completion and transfer of ownership of the natural gas compression unit. | ||||||||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | ||||||||||||||||||||
Certain financial instruments are reported at fair value on our consolidated balance sheets. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority. | |||||||||||||||||||||
The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). | |||||||||||||||||||||
The carrying values of financial instruments comprising cash and cash equivalents, restricted cash, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments. | |||||||||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivatives | ||||||||||||||||||||
Derivative instruments are recorded on our consolidated balance sheets as derivative assets or derivative liabilities at fair value, and changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. For qualifying commodity derivative instruments designated as cash flow hedges, changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Locked-in gains and losses of settled cash flow hedges are recorded in accumulated other comprehensive income and are transferred to earnings in the month of production. Changes in the fair value of interest rate derivative instruments designated as fair value hedges are recorded on the consolidated balance sheets as assets or liabilities, and the debt's carrying value amount is adjusted by the change in the fair value of the debt subsequent to the initiation of the derivative. Differences between the changes in the fair values of the hedged item and the derivative instrument, if any, represent hedge ineffectiveness and are recognized currently in earnings. Locked-in gains and losses related to settled fair value hedges are amortized as an adjustment to interest expense over the remaining term of the related senior notes. We have elected not to designate any of our qualifying commodity and interest rate derivatives as cash flow or fair value hedges. Therefore, changes in fair value of these derivatives that occur prior to their maturity (i.e., temporary fluctuations in value) are recognized in our consolidated statements of operations within oil, natural gas and NGL sales and interest expense, respectively. | |||||||||||||||||||||
Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next twelve months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type (i.e., commodity, interest rate and cross currency contracts) which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets. | |||||||||||||||||||||
We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives. See Note 11 for further discussion of our derivative instruments. | |||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation | ||||||||||||||||||||
Chesapeake’s share-based compensation program consists of restricted stock, stock options and performance share units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize in our financial statements the cost of employee services received in exchange for restricted stock and stock options based on the fair value of the equity instruments as of the grant date. For employees, this value is amortized over the vesting period, which is generally three or four years from the grant date. For directors, although restricted stock grants vest over three years, this value is recognized immediately as there is a non-substantive service condition for vesting. Because performance share units can only be settled in cash, they are classified as a liability in our consolidated financial statements and are measured at fair value as of the grant date and re-measured at fair value at the end of each reporting period. These fair value adjustments are recognized as compensation expense in the consolidated statements of operations. | |||||||||||||||||||||
To the extent compensation cost relates to employees directly involved in the acquisition of oil and natural gas leasehold and exploration and development activities, these amounts are capitalized to oil and natural gas properties. Amounts not capitalized to oil and natural gas properties are recognized as general and administrative expenses, oil, natural gas and NGL production expenses, or marketing, gathering and compression expenses, based on the employees involved in those activities. | |||||||||||||||||||||
Cash inflows resulting from tax deductions in excess of compensation expense recognized for stock options and restricted stock are classified as financing cash inflows, while reductions in tax benefits are classified as operating cash outflows in our consolidated statements of cash flows. See Note 9 for further discussion of share-based compensation. | |||||||||||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassifications | ||||||||||||||||||||
Certain reclassifications have been made to the consolidated financial statements for 2012 and 2013 to conform to the presentation used for the 2014 consolidated financial statements. |
Variable_Interest_Entities_Pol
Variable Interest Entities (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities |
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s losses, or the right to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |
Along with a VIE that we consolidate, we also hold a variable interest in another VIE that is not consolidated because we are not the primary beneficiary. We continually monitor both our consolidated and unconsolidated VIEs to determine if any events have occurred that could cause the primary beneficiary to change. See Note 15 for further discussion of VIEs. | |
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. |
Impairments_Policies
Impairments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Asset Impairment Charges [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Our oil and natural gas properties are subject to quarterly full cost ceiling tests. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable as of December 31, 2014 and 2013 are detailed below. | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Oil, natural gas and NGL sales | $ | 1,340 | $ | 1,548 | |||||||||||||||||
Joint interest | 691 | 417 | |||||||||||||||||||
Oilfield services(a) | — | 63 | |||||||||||||||||||
Related parties(b) | — | 62 | |||||||||||||||||||
Other | 226 | 150 | |||||||||||||||||||
Allowance for doubtful accounts | (21 | ) | (18 | ) | |||||||||||||||||
Total accounts receivable, net | $ | 2,236 | $ | 2,222 | |||||||||||||||||
___________________________________________ | |||||||||||||||||||||
(a) | In 2014, in connection with the spin-off of our oilfield services business, accounts receivable related to oilfield services were removed from our consolidated balance sheet. | ||||||||||||||||||||
(b) | See Note 7 for discussion of related party transactions. | ||||||||||||||||||||
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block] | The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2014 and the year in which the associated costs were incurred. | ||||||||||||||||||||
Year of Acquisition | |||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | |||||||||||||||||
($ in millions) | |||||||||||||||||||||
Leasehold acquisition cost | $ | 577 | $ | 199 | $ | 1,462 | $ | 5,149 | $ | 7,387 | |||||||||||
Exploration cost | 340 | 90 | 244 | 42 | 716 | ||||||||||||||||
Capitalized interest | 492 | 421 | 325 | 447 | 1,685 | ||||||||||||||||
Total | $ | 1,409 | $ | 710 | $ | 2,031 | $ | 5,638 | $ | 9,788 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31, 2014, 2013 and 2012, shares of the following securities and associated adjustments to net income, representing dividends on preferred stock and allocated earnings on participating securities, 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 these periods. | |||||||||||
Net Income | Shares | |||||||||||
Adjustments | ||||||||||||
($ in millions) | (in millions) | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
Participating securities | $ | 22 | 3 | |||||||||
Year Ended December 31, 2013 | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 86 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 63 | 40 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 10 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 12 | 6 | |||||||||
Participating securities | $ | 10 | 5 | |||||||||
Year Ended December 31, 2012 | ||||||||||||
Common stock equivalent of our preferred stock outstanding: | ||||||||||||
5.75% cumulative convertible preferred stock | $ | 86 | 56 | |||||||||
5.75% cumulative convertible preferred stock (series A) | $ | 63 | 39 | |||||||||
5.00% cumulative convertible preferred stock (series 2005B) | $ | 10 | 5 | |||||||||
4.50% cumulative convertible preferred stock | $ | 12 | 6 | |||||||||
Participating securities | $ | — | 5 | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of basic EPS and diluted EPS for the year ended December 31, 2014 is as follows: | |||||||||||
Income (Numerator) | Weighted | Per | ||||||||||
Average | Share | |||||||||||
Shares | Amount | |||||||||||
(Denominator) | ||||||||||||
(in millions, except per share data) | ||||||||||||
For the Year Ended December 31, 2014: | ||||||||||||
Basic EPS | $ | 1,273 | 659 | $ | 1.93 | |||||||
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% cumulative convertible preferred stock | 86 | 59 | ||||||||||
Common shares assumed issued for 5.75% cumulative convertible preferred stock (series A) | 63 | 42 | ||||||||||
Common shares assumed issued for 5.00% cumulative convertible preferred stock (series 2005B) | 10 | 6 | ||||||||||
Common shares assumed issued for 4.50% cumulative convertible preferred stock | 12 | 6 | ||||||||||
Diluted EPS | $ | 1,444 | 772 | $ | 1.87 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Debt [Table Text Block] | Our long-term debt consisted of the following as of December 31, 2014 and 2013: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Term loan due 2017(a) | $ | — | $ | 2,000 | |||||||||||||
9.5% senior notes due 2015(b) | — | 1,265 | |||||||||||||||
3.25% senior notes due 2016 | 500 | 500 | |||||||||||||||
6.25% euro-denominated senior notes due 2017(c) | 416 | 473 | |||||||||||||||
6.5% senior notes due 2017 | 660 | 660 | |||||||||||||||
6.875% senior notes due 2018(d) | — | 97 | |||||||||||||||
7.25% senior notes due 2018 | 669 | 669 | |||||||||||||||
Floating rate senior notes due 2019 | 1,500 | — | |||||||||||||||
6.625% senior notes due 2019(e) | — | 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 | |||||||||||||||
4.875% senior notes due 2022 | 1,500 | — | |||||||||||||||
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 | |||||||||||||||
Revolving credit facility | — | — | |||||||||||||||
Oilfield services revolving credit facility(g) | — | 405 | |||||||||||||||
Discount on senior notes and term loan(h) | (231 | ) | (357 | ) | |||||||||||||
Interest rate derivatives(i) | 10 | 13 | |||||||||||||||
Total debt, net | 11,535 | 12,886 | |||||||||||||||
Less current maturities of long-term debt, net(j) | (381 | ) | — | ||||||||||||||
Total long-term debt, net | $ | 11,154 | $ | 12,886 | |||||||||||||
___________________________________________ | |||||||||||||||||
(a) | In 2014, we repaid the borrowings outstanding under and terminated the term loan due 2017. | ||||||||||||||||
(b) | In 2014, we completed a tender offer for a portion of the 9.5% Senior Notes due 2015, and we redeemed the remaining balance of the notes. | ||||||||||||||||
(c) | The principal amount shown is based on the exchange rate of $1.2098 to €1.00 and $1.3743 to €1.00 as of December 31, 2014 and 2013, respectively. See Note 11 for information on our related foreign currency derivatives. | ||||||||||||||||
(d) | In 2014, we redeemed all outstanding 6.875% Senior Notes due 2018. | ||||||||||||||||
(e) | Initial issuers were Chesapeake Oilfield Operating, L.L.C. (COO) and Chesapeake Oilfield Finance, Inc., a wholly owned subsidiary of COO. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent convertible senior notes. In 2014, in connection with the spin-off of our oilfield services business, the obligations with respect to the COO senior notes were removed from our consolidated balance sheet. See Note 13 for further discussion of the spin-off. | ||||||||||||||||
(f) | The repurchase, conversion, contingent interest and redemption provisions of our contingent convertible senior notes are as follows: | ||||||||||||||||
Holders’ Demand Repurchase Rights. 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. | |||||||||||||||||
Optional Conversion by Holders. At the holder’s option, prior to maturity under certain circumstances, the notes are convertible 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. During the specified period in the fourth quarter of 2014, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes and, as a result, the holders do not have the option to convert their notes into cash and common stock in the first quarter of 2015 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 2014, 2013 or 2012. 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 the principal amount. | |||||||||||||||||
Contingent Interest. We will pay contingent interest on the convertible senior notes after they have been outstanding at least ten years during certain periods if the average trading price of the notes exceeds the threshold defined in the indenture. | |||||||||||||||||
The holders’ demand repurchase dates, the common stock price conversion threshold amounts (as adjusted to give effect to the dividend of SSE common stock paid in the spin-off of our oilfield services business and cash dividends on our common stock) 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 | Holders' Demand | Common Stock | Contingent Interest | ||||||||||||||
Convertible | Repurchase Dates | Price Conversion | First Payable | ||||||||||||||
Senior Notes | Thresholds | (if applicable) | |||||||||||||||
2.75% due 2035 | November 15, 2015, 2020, 2025, 2030 | $ | 45.14 | May 14, 2016 | |||||||||||||
2.5% due 2037 | May 15, 2017, 2022, 2027, 2032 | $ | 59.71 | November 14, 2017 | |||||||||||||
2.25% due 2038 | December 15, 2018, 2023, 2028, 2033 | $ | 100.35 | June 14, 2019 | |||||||||||||
Optional Redemption by the Company. We may redeem the contingent 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. | |||||||||||||||||
(g) | In 2014, in connection with the spin-off of our oilfield services business, we terminated our oilfield services credit facility. See Note 13 for further discussion of the spin-off. | ||||||||||||||||
(h) | Discount as of December 31, 2014 and 2013 included $224 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 $33 million as of December 31, 2013 associated with our term loan due 2017 discussed below. | ||||||||||||||||
(i) | See Note 11 for further discussion related to these instruments. | ||||||||||||||||
(j) | As of December 31, 2014, there was $15 million of discount associated with the equity component of the 2.75% Contingent Convertible Senior Notes due 2035. As discussed in footnote (f) above, the holders of our 2.75% Contingent Convertible Senior Notes due 2035 could exercise their individual demand repurchase rights on November 15, 2015, which would require us to repurchase all or a portion of the principal amount of the notes. | ||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Total principal amount of debt maturities, using the earliest demand repurchase date for contingent convertible senior notes, for the five years ended after December 31, 2014 and thereafter are as follows: | ||||||||||||||||
Principal Amount | |||||||||||||||||
of Debt Securities | |||||||||||||||||
($ in millions) | |||||||||||||||||
2015 | $ | 396 | |||||||||||||||
2016 | 500 | ||||||||||||||||
2017 | 2,244 | ||||||||||||||||
2018 | 1,016 | ||||||||||||||||
2019 | 1,500 | ||||||||||||||||
2020 and thereafter | 6,100 | ||||||||||||||||
Total | $ | 11,756 | |||||||||||||||
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-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
($ in millions) | |||||||||||||||||
Long-term debt (Level 1) | $ | 11,525 | $ | 12,052 | $ | 10,501 | $ | 11,557 | |||||||||
Long-term debt (Level 2) | $ | — | $ | — | $ | 2,372 | $ | 2,369 | |||||||||
Contingencies_and_Commitments_1
Contingencies and Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Operating Leases [Table Text Block] | The aggregate undiscounted minimum future lease payments are presented below. | ||||
31-Dec-14 | |||||
($ in millions) | |||||
2015 | $ | 5 | |||
2016 | 4 | ||||
2017 | 1 | ||||
2018 | 1 | ||||
Total | $ | 11 | |||
Gathering, Processing and Transportation Commitments [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. | ||||
December 31, 2014 | |||||
($ in millions) | |||||
2015 | $ | 1,855 | |||
2016 | 1,987 | ||||
2017 | 2,003 | ||||
2018 | 1,802 | ||||
2019 | 1,516 | ||||
2020 - 2099 | 6,880 | ||||
Total | $ | 16,043 | |||
Drilling Contract Commitments [Table Text Block] | As of December 31, 2014, the aggregate undiscounted minimum future payments under these drilling service commitments are detailed below. | ||||
December 31, | |||||
2014 | |||||
($ in millions) | |||||
2015 | $ | 232 | |||
2016 | 179 | ||||
2017 | 91 | ||||
Total | $ | 502 | |||
Pressure Pumping Contract Commitments [Table Text Block] | The aggregate undiscounted minimum future payments under this agreement are detailed below. | ||||
31-Dec-14 | |||||
($ in millions) | |||||
2015 | $ | 245 | |||
2016 | 162 | ||||
2017 | 59 | ||||
Total | $ | 466 | |||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities as of December 31, 2014 and 2013 are detailed below. | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Revenues and royalties due others | $ | 1,176 | $ | 1,409 | |||||
Accrued oil, natural gas and NGL drilling and production costs | 385 | 457 | |||||||
Joint interest prepayments received | 189 | 464 | |||||||
Accrued compensation and benefits | 344 | 320 | |||||||
Other accrued taxes | 55 | 161 | |||||||
Accrued dividends | 101 | 101 | |||||||
Other | 811 | 599 | |||||||
Total other current liabilities | $ | 3,061 | $ | 3,511 | |||||
Other Long-Term Liabilities [Table Text Block] | Other long-term liabilities as of December 31, 2014 and 2013 are detailed below. | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
CHK Utica ORRI conveyance obligation(a) | $ | 220 | $ | 250 | |||||
CHK C-T ORRI conveyance obligation(b) | 135 | 149 | |||||||
Financing obligations | 30 | 31 | |||||||
Unrecognized tax benefits | 45 | 317 | |||||||
Other | 249 | 237 | |||||||
Total other long-term liabilities | $ | 679 | $ | 984 | |||||
____________________________________________ | |||||||||
(a) | $14 million and $13 million of the total $234 million and $263 million obligations are recorded in other current liabilities as of December 31, 2014 and 2013, respectively. See Noncontrolling Interests in Note 8 for further discussion of the transaction. | ||||||||
(b) | $23 million and $12 million of the total $158 million and $161 million obligations are recorded in other current liabilities as of December 31, 2014 and 2013, respectively. See Noncontrolling Interests in Note 8 for further discussion of the transaction. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the income tax provision (benefit) for each of the periods presented below are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 47 | 22 | 47 | ||||||||||
Current Income Taxes | 47 | 22 | 47 | ||||||||||
Deferred | |||||||||||||
Federal | 1,115 | 502 | (358 | ) | |||||||||
State | (18 | ) | 24 | (69 | ) | ||||||||
Deferred Income Taxes | 1,097 | 526 | (427 | ) | |||||||||
Total | $ | 1,144 | $ | 548 | $ | (380 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective income tax expense (benefit) differed from the computed "expected" federal income tax expense on earnings before income taxes for the following reasons: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Income tax expense (benefit) at the federal statutory rate (35%) | $ | 1,120 | $ | 505 | $ | (341 | ) | ||||||
State income taxes (net of federal income tax benefit) | 68 | 88 | (38 | ) | |||||||||
Remeasurement of state deferred tax liabilities | (114 | ) | (38 | ) | (19 | ) | |||||||
Change in valuation allowance | 74 | (12 | ) | — | |||||||||
Other | (4 | ) | 5 | 18 | |||||||||
Total | $ | 1,144 | $ | 548 | $ | (380 | ) | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax-effected temporary differences and tax loss carryforwards which comprise deferred taxes are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
($ in millions) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Oil and natural gas properties | $ | (3,950 | ) | $ | (2,631 | ) | |||||||
Other property and equipment | (14 | ) | (371 | ) | |||||||||
Volumetric production payments | (920 | ) | (1,216 | ) | |||||||||
Contingent convertible debt | (443 | ) | (439 | ) | |||||||||
Deferred revenue | (102 | ) | — | ||||||||||
Derivative instruments | (428 | ) | — | ||||||||||
Deferred tax liabilities | (5,857 | ) | (4,657 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards (carrybacks) | 945 | 535 | |||||||||||
Derivative instruments | — | 108 | |||||||||||
Asset retirement obligations | 165 | 153 | |||||||||||
Investments | 88 | 130 | |||||||||||
Deferred stock compensation | 50 | 66 | |||||||||||
Accrued liabilities | 214 | 120 | |||||||||||
Noncontrolling interest liabilities | 135 | 152 | |||||||||||
Alternative minimum tax credits | 34 | 317 | |||||||||||
Other | 56 | 40 | |||||||||||
Deferred tax assets | 1,687 | 1,621 | |||||||||||
Valuation allowance | (222 | ) | (148 | ) | |||||||||
Net deferred tax assets | 1,465 | 1,473 | |||||||||||
Net deferred tax assets (liabilities) | $ | (4,392 | ) | $ | (3,184 | ) | |||||||
Reflected in accompanying balance sheets as: | |||||||||||||
Current deferred income tax asset | — | 223 | |||||||||||
Current deferred income tax liability | (207 | ) | — | ||||||||||
Non-current deferred income tax liability | (4,185 | ) | (3,407 | ) | |||||||||
Total | $ | (4,392 | ) | $ | (3,184 | ) | |||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Unrecognized tax benefits at beginning of period | $ | 644 | $ | 599 | $ | 369 | |||||||
Additions based on tax positions related to the current year | 13 | 15 | 134 | ||||||||||
Additions to tax positions of prior years | — | 30 | 96 | ||||||||||
Reductions to tax positions of prior years | (354 | ) | — | — | |||||||||
Unrecognized tax benefits at end of period | $ | 303 | $ | 644 | $ | 599 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Schedule of Related Party Transactions [Table Text Block] | During 2014, 2013 and 2012, we had the following transactions with our equity method investees: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Purchases(a) | $ | — | $ | — | $ | 73 | |||||||
Sales(b) | $ | — | $ | 666 | $ | 392 | |||||||
Services(c) | $ | 220 | $ | 397 | $ | 480 | |||||||
___________________________________________ | |||||||||||||
(a) | Purchase of equipment from FTS International, Inc. (FTS). | ||||||||||||
(b) | In 2013 and 2012, Chesapeake sold produced gas to our 30%-owned investee, Twin Eagle Resource Management LLC (Twin Eagle). We sold our investment in Twin Eagle in 2014. | ||||||||||||
(c) | Hydraulic fracturing and other services provided to us by FTS in the ordinary course of business. As well operators, we are reimbursed by other working interest owners through the joint interest billing process for their proportionate share of these costs. | ||||||||||||
The table below shows the total amounts due from and due to our equity method investees. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Amounts due from equity method investees | $ | — | $ | 47 | $ | 67 | |||||||
Amounts due to equity method investees | $ | — | $ | 1 | $ | 42 | |||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Common Stock [Table Text Block] | The following is a summary of the changes in our common shares issued for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Shares issued as of January 1 | 666,192 | 666,468 | 660,888 | ||||||||||||||||||||||
Restricted stock issuances (net of forfeitures and cancellations)(a) | (2,529 | ) | (599 | ) | 5,038 | ||||||||||||||||||||
Stock option exercises | 1,281 | 323 | 542 | ||||||||||||||||||||||
Shares issued as of December 31 | 664,944 | 666,192 | 666,468 | ||||||||||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(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 shares of common stock are issued on the date the RSAs are granted. We refer to RSAs and RSUs collectively as restricted stock. | ||||||||||||||||||||||||
Schedule of Preferred Stock Summary and Conversion Terms [Table Text Block] | Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2014: | ||||||||||||||||||||||||
Preferred Stock Series | Issue Date | Liquidation | Holder's Conversion Right | Conversion Rate | Conversion Price | Company's | Company's Market Conversion Trigger(a) | ||||||||||||||||||
Preference | Conversion | ||||||||||||||||||||||||
per Share | Right From | ||||||||||||||||||||||||
5.75% cumulative | May and | $ | 1,000 | Any time | 39.5856 | $ | 25.2617 | May 17, 2015 | $ | 32.8402 | |||||||||||||||
convertible | Jun-10 | ||||||||||||||||||||||||
non-voting | |||||||||||||||||||||||||
5.75% (series A) | May | $ | 1,000 | Any time | 38.2538 | $ | 26.1412 | May 17, 2015 | $ | 33.9836 | |||||||||||||||
cumulative | 2010 | ||||||||||||||||||||||||
convertible | |||||||||||||||||||||||||
non-voting | |||||||||||||||||||||||||
4.50% cumulative convertible | Sep-05 | $ | 100 | Any time | 2.4468 | $ | 40.8693 | September 15, 2010 | $ | 53.1301 | |||||||||||||||
5.00% cumulative convertible (series 2005B) | Nov-05 | $ | 100 | Any time | 2.7669 | $ | 36.1415 | November 15, 2010 | $ | 46.984 | |||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(a) | Convertible at the Company's option if the trading price of the Company's common stock equals or exceeds the trigger price for a specified time period or after the applicable conversion date if there are less than 250,000 shares of 4.50% or 5.00% (Series 2005B) preferred stock outstanding or 25,000 shares of 5.75% or 5.75% (Series A) preferred stock outstanding. | ||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | The following reflects the shares outstanding of our preferred stock for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
5.75% | 5.75% (A) | 4.50% | 5.00% | ||||||||||||||||||||||
(2005B) | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Shares outstanding as of January 1, 2014, 2013 and 2012 and shares outstanding as of December 31, 2014, 2013 and 2012 | 1,497 | 1,100 | 2,559 | 2,096 | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2014 and 2013, 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 | 1 | — | 1 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 23 | (5 | ) | 18 | |||||||||||||||||||||
Net other comprehensive income | 24 | (5 | ) | 19 | |||||||||||||||||||||
Balance, December 31, 2014 | $ | (143 | ) | $ | — | $ | (143 | ) | |||||||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||||||||||
Other comprehensive income before reclassifications | 2 | (6 | ) | (4 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 20 | 4 | 24 | ||||||||||||||||||||||
Net other comprehensive income | 22 | (2 | ) | 20 | |||||||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | $ | (287 | ) | $ | (178 | ) | |||||||
Net change in fair value | 1 | 1 | 3 | 2 | 10 | 6 | |||||||||||||||||||
Gains (losses) reclassified to income | 37 | 23 | 32 | 20 | (27 | ) | (17 | ) | |||||||||||||||||
Balance, end of period | $ | (231 | ) | $ | (143 | ) | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the years ended December 31, 2014 and 2013, amounts reclassified from accumulated other comprehensive income (loss), net of tax, into the consolidated statements of operations are detailed below. | ||||||||||||||||||||||||
Details About Accumulated | Affected Line Item | Year Ended | |||||||||||||||||||||||
Other Comprehensive | in the Statement | December 31, | |||||||||||||||||||||||
Income (Loss) Components | Where Net Income is Presented | 2014 | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||||||||||
Commodity contracts | Oil, natural gas and NGL revenues | $ | 23 | ||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Sale of investment | Net gain on sale of investment | (5 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 18 | |||||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||||||
Net losses on cash flow hedges: | |||||||||||||||||||||||||
Commodity contracts | Oil, natural gas and NGL revenues | $ | 20 | ||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||
Impairment of investment | Losses on investments | 6 | |||||||||||||||||||||||
Sale of investment | Net gain on sale of investment | (2 | ) | ||||||||||||||||||||||
Total reclassifications for the period, net of tax | $ | 24 | |||||||||||||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] | For the years ended December 31, 2014, 2013 and 2012, the Trust declared and paid the following distributions: | ||||||||||||||||||||||||
Production Period | Distribution Date | Cash Distribution | Cash Distribution | ||||||||||||||||||||||
per | per | ||||||||||||||||||||||||
Common Unit | Subordinated Unit | ||||||||||||||||||||||||
June 2014 - August 2014 | December 1, 2014 | $ | 0.5079 | $ | — | ||||||||||||||||||||
March 2014 - May 2014 | August 29, 2014 | $ | 0.5796 | $ | — | ||||||||||||||||||||
December 2013 - February 2014 | May 30, 2014 | $ | 0.6454 | $ | — | ||||||||||||||||||||
September 2013 - November 2013 | March 3, 2014 | $ | 0.6624 | $ | — | ||||||||||||||||||||
June 2013 - August 2013 | November 29, 2013 | $ | 0.6671 | $ | — | ||||||||||||||||||||
March 2013 - May 2013 | August 29, 2013 | $ | 0.69 | $ | 0.1432 | ||||||||||||||||||||
December 2012 - February 2013 | May 31, 2013 | $ | 0.69 | $ | 0.301 | ||||||||||||||||||||
September 2012 - November 2012 | March 1, 2013 | $ | 0.67 | $ | 0.3772 | ||||||||||||||||||||
June 2012 - August 2012 | November 29, 2012 | $ | 0.63 | $ | 0.2208 | ||||||||||||||||||||
March 2012 - May 2012 | August 30, 2012 | $ | 0.61 | $ | 0.4819 | ||||||||||||||||||||
December 2011 - February 2012 | May 31, 2012 | $ | 0.6588 | $ | 0.6588 | ||||||||||||||||||||
September 2011 - November 2011 | March 1, 2012 | $ | 0.7277 | $ | 0.7277 | ||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | A summary of the changes in unvested restricted stock during 2014, 2013 and 2012 is presented below. | |||||||||||||||
Shares of | Weighted Average | |||||||||||||||
Unvested | Grant Date | |||||||||||||||
Restricted Stock | Fair Value | |||||||||||||||
(in thousands) | ||||||||||||||||
Unvested restricted stock as of January 1, 2014 | 13,400 | $ | 23.38 | |||||||||||||
Granted | 5,049 | $ | 25.92 | |||||||||||||
Vested | (4,803 | ) | $ | 27.17 | ||||||||||||
Forfeited | (3,555 | ) | $ | 28.09 | ||||||||||||
Unvested restricted stock as of December 31, 2014 | 10,091 | $ | 21.2 | |||||||||||||
Unvested restricted stock as of January 1, 2013 | 18,899 | $ | 23.72 | |||||||||||||
Granted | 9,189 | $ | 19.68 | |||||||||||||
Vested | (12,897 | ) | $ | 21.32 | ||||||||||||
Forfeited | (1,791 | ) | $ | 22.86 | ||||||||||||
Unvested restricted stock as of December 31, 2013 | 13,400 | $ | 23.38 | |||||||||||||
Unvested restricted stock as of January 1, 2012 | 19,544 | $ | 26.97 | |||||||||||||
Granted | 9,480 | $ | 21.13 | |||||||||||||
Vested | (8,620 | ) | $ | 28.08 | ||||||||||||
Forfeited | (1,505 | ) | $ | 24.57 | ||||||||||||
Unvested restricted stock as of December 31, 2012 | 18,899 | $ | 23.72 | |||||||||||||
Equity-Classified Share-Based Payment Award Valuation Assumptions [Table Text Block] | The Company used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in 2014: | |||||||||||||||
Expected option life - years | 5.9 | |||||||||||||||
Volatility | 48.63 | % | ||||||||||||||
Risk-free interest rate | 1.93 | % | ||||||||||||||
Dividend yield | 1.33 | % | ||||||||||||||
For the 2014 awards, the Company utilized the Monte Carlo simulation for the TSR performance measure, and the following assumptions to determine the grant date fair value of the PSUs: | ||||||||||||||||
Volatility | 41.37 | % | ||||||||||||||
Risk-free interest rate | 0.76 | % | ||||||||||||||
Dividend yield for value of awards | 1.36 | % | ||||||||||||||
Schedule of Share-Based Compensation, Stock Options, Activity [Table Text Block] | The following table provides information related to stock option activity for 2014, 2013 and 2012: | |||||||||||||||
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 | 994 | $ | 24.43 | |||||||||||||
Exercised | (1,322 | ) | $ | 18.71 | $ | 11 | ||||||||||
Expired | (28 | ) | $ | 18.97 | ||||||||||||
Forfeited | (313 | ) | $ | 21.05 | ||||||||||||
Outstanding at December 31, 2014 | 4,599 | $ | 19.55 | 7.03 | $ | 5 | ||||||||||
Exercisable at December 31, 2014 | 1,304 | $ | 18.71 | 5.7 | $ | 1 | ||||||||||
Outstanding at January 1, 2013 | 481 | $ | 12.69 | 0.96 | $ | 2 | ||||||||||
Granted | 5,264 | $ | 19.32 | |||||||||||||
Exercised | (346 | ) | $ | 10.82 | $ | 3 | ||||||||||
Expired | (131 | ) | $ | 19.31 | ||||||||||||
Outstanding at December 31, 2013 | 5,268 | $ | 19.28 | 6.66 | $ | 41 | ||||||||||
Exercisable at December 31, 2013 | 1,552 | $ | 18.82 | 1.97 | $ | 13 | ||||||||||
Outstanding at January 1, 2012 | 1,051 | $ | 9.84 | 1.41 | $ | 13 | ||||||||||
Exercised | (570 | ) | $ | 7.45 | $ | 7 | ||||||||||
Outstanding and exercisable at December 31, 2012 | 481 | $ | 12.69 | 0.96 | $ | 2 | ||||||||||
___________________________________________ | ||||||||||||||||
(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. | |||||||||||||||
Equity-Classified Stock-Based Compensation [Table Text Block] | We recognized the following compensation costs related to PSUs for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | (4 | ) | $ | 34 | $ | 8 | |||||||||
Oil and natural gas properties | 3 | 9 | 4 | |||||||||||||
Oil, natural gas and NGL production expenses | — | 2 | 1 | |||||||||||||
Marketing, gathering and compression expenses | — | 2 | 1 | |||||||||||||
Oilfield services expenses | — | 1 | — | |||||||||||||
Total | $ | (1 | ) | $ | 48 | $ | 14 | |||||||||
We recognized the following compensation costs related to restricted stock and stock options for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | 46 | $ | 60 | $ | 71 | ||||||||||
Oil and natural gas properties | 29 | 52 | 71 | |||||||||||||
Oil, natural gas and NGL production expenses | 18 | 21 | 24 | |||||||||||||
Marketing, gathering and compression expenses | 6 | 7 | 15 | |||||||||||||
Oilfield services expenses | 5 | 10 | 10 | |||||||||||||
Total | $ | 104 | $ | 150 | $ | 191 | ||||||||||
Liability-Classified Share-Based Payment Award Valuation Assumptions [Table Text Block] | The Company used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in 2014: | |||||||||||||||
Expected option life - years | 5.9 | |||||||||||||||
Volatility | 48.63 | % | ||||||||||||||
Risk-free interest rate | 1.93 | % | ||||||||||||||
Dividend yield | 1.33 | % | ||||||||||||||
For the 2014 awards, the Company utilized the Monte Carlo simulation for the TSR performance measure, and the following assumptions to determine the grant date fair value of the PSUs: | ||||||||||||||||
Volatility | 41.37 | % | ||||||||||||||
Risk-free interest rate | 0.76 | % | ||||||||||||||
Dividend yield for value of awards | 1.36 | % | ||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table presents a summary of our PSU awards: | |||||||||||||||
Units | Fair Value | Fair Value(a) | Liability for | |||||||||||||
as of | Vested | |||||||||||||||
Grant Date | Amount | |||||||||||||||
($ in millions) | ||||||||||||||||
2012 Awards (b) | ||||||||||||||||
Payable 2015 | 884,507 | $ | 23 | $ | 12 | $ | 12 | |||||||||
2013 Awards | ||||||||||||||||
Payable 2016 | 1,701,941 | $ | 35 | $ | 42 | $ | 39 | |||||||||
2014 Awards | ||||||||||||||||
Payable 2017 | 609,637 | $ | 16 | $ | 10 | $ | 7 | |||||||||
___________________________________________ | ||||||||||||||||
(a) | As of December 31, 2014. | |||||||||||||||
(b) | In 2014 and 2013, we paid $11 million and $2 million, respectively, related to 2012 PSU awards. | |||||||||||||||
Liability-Classified Stock-Based Compensation [Table Text Block] | We recognized the following compensation costs related to PSUs for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | (4 | ) | $ | 34 | $ | 8 | |||||||||
Oil and natural gas properties | 3 | 9 | 4 | |||||||||||||
Oil, natural gas and NGL production expenses | — | 2 | 1 | |||||||||||||
Marketing, gathering and compression expenses | — | 2 | 1 | |||||||||||||
Oilfield services expenses | — | 1 | — | |||||||||||||
Total | $ | (1 | ) | $ | 48 | $ | 14 | |||||||||
We recognized the following compensation costs related to restricted stock and stock options for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
($ in millions) | ||||||||||||||||
General and administrative expenses | $ | 46 | $ | 60 | $ | 71 | ||||||||||
Oil and natural gas properties | 29 | 52 | 71 | |||||||||||||
Oil, natural gas and NGL production expenses | 18 | 21 | 24 | |||||||||||||
Marketing, gathering and compression expenses | 6 | 7 | 15 | |||||||||||||
Oilfield services expenses | 5 | 10 | 10 | |||||||||||||
Total | $ | 104 | $ | 150 | $ | 191 | ||||||||||
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 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 oil and natural gas derivative instrument assets (liabilities) as of December 31, 2014 and 2013 are provided below. | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Volume | Fair Value | Volume | Fair Value | ||||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||||||
Oil (mmbbl): | |||||||||||||||||||||||||
Fixed-price swaps | 12.5 | 471 | 25.3 | (50 | ) | ||||||||||||||||||||
Three-way collars | 4.4 | 40 | — | — | |||||||||||||||||||||
Call options | 35.8 | (89 | ) | 42.5 | (265 | ) | |||||||||||||||||||
Basis protection swaps | — | — | 0.4 | 1 | |||||||||||||||||||||
Total oil | 52.7 | 422 | 68.2 | (314 | ) | ||||||||||||||||||||
Natural gas (tbtu): | |||||||||||||||||||||||||
Fixed-price swaps | 275 | $ | 281 | 448 | $ | (23 | ) | ||||||||||||||||||
Three-way collars | 207 | 165 | 288 | (7 | ) | ||||||||||||||||||||
Call options | 193 | (170 | ) | 193 | (210 | ) | |||||||||||||||||||
Call swaptions | — | — | 12 | — | |||||||||||||||||||||
Basis protection swaps | 60 | 23 | 68 | 3 | |||||||||||||||||||||
Total natural gas | 735 | 299 | 1,009 | (237 | ) | ||||||||||||||||||||
Total estimated fair value | $ | 721 | $ | (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 consolidated balance sheets as of December 31, 2014 and 2013 on a gross basis and after same-counterparty netting: | ||||||||||||||||||||||||
Balance Sheet Classification | Gross | Amounts Netted | Net Fair Value Presented | ||||||||||||||||||||||
Fair Value | in Consolidated | in Consolidated | |||||||||||||||||||||||
Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Commodity Contracts | |||||||||||||||||||||||||
Short-term derivative asset | $ | 974 | $ | (95 | ) | $ | 879 | ||||||||||||||||||
Long-term derivative asset | 16 | (10 | ) | 6 | |||||||||||||||||||||
Short-term derivative liability | (105 | ) | 95 | (10 | ) | ||||||||||||||||||||
Long-term derivative liability | (163 | ) | 10 | (153 | ) | ||||||||||||||||||||
Total commodity contracts | 722 | — | 722 | ||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||
Short-term derivative liability | (5 | ) | — | (5 | ) | ||||||||||||||||||||
Long-term derivative liability | (12 | ) | — | (12 | ) | ||||||||||||||||||||
Total interest rate contracts | (17 | ) | — | (17 | ) | ||||||||||||||||||||
Foreign Currency Contracts(a) | |||||||||||||||||||||||||
Long-term derivative liability | (53 | ) | — | (53 | ) | ||||||||||||||||||||
Total foreign currency contracts | (53 | ) | — | (53 | ) | ||||||||||||||||||||
Total Derivatives | $ | 652 | $ | — | $ | 652 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 oil, natural gas and NGL sales for the years ended December 31, 2014, 2013 and 2012 are presented below. | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Oil, natural gas and NGL sales | $ | 7,162 | $ | 6,923 | $ | 5,359 | |||||||||||||||||||
Gains on undesignated oil and natural gas derivatives | 1,055 | 443 | 857 | ||||||||||||||||||||||
Gains (losses) on terminated cash flow hedges | (37 | ) | (314 | ) | 62 | ||||||||||||||||||||
Total oil, natural gas and NGL sales | $ | 8,180 | $ | 7,052 | $ | 6,278 | |||||||||||||||||||
Interest Income And Interest Expense Disclosure [Table Text Block] | The components of interest expense for the years ended December 31, 2014, 2013 and 2012 are presented below. | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Interest expense on senior notes | $ | 704 | $ | 740 | $ | 732 | |||||||||||||||||||
Interest expense on term loans | 36 | 116 | 173 | ||||||||||||||||||||||
Amortization of loan discount, issuance costs and other | 42 | 91 | 89 | ||||||||||||||||||||||
Interest expense on credit facilities | 28 | 38 | 70 | ||||||||||||||||||||||
Gains on terminated fair value hedges | (3 | ) | (5 | ) | (8 | ) | |||||||||||||||||||
(Gains) losses on undesignated interest rate derivatives | (81 | ) | 63 | 1 | |||||||||||||||||||||
Capitalized interest | (637 | ) | (816 | ) | (980 | ) | |||||||||||||||||||
Total interest expense | $ | 89 | $ | 227 | $ | 77 | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2014 and 2013, 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 | 1 | — | 1 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 23 | (5 | ) | 18 | |||||||||||||||||||||
Net other comprehensive income | 24 | (5 | ) | 19 | |||||||||||||||||||||
Balance, December 31, 2014 | $ | (143 | ) | $ | — | $ | (143 | ) | |||||||||||||||||
Balance, December 31, 2012 | $ | (189 | ) | $ | 7 | $ | (182 | ) | |||||||||||||||||
Other comprehensive income before reclassifications | 2 | (6 | ) | (4 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 20 | 4 | 24 | ||||||||||||||||||||||
Net other comprehensive income | 22 | (2 | ) | 20 | |||||||||||||||||||||
Balance, December 31, 2013 | $ | (167 | ) | $ | 5 | $ | (162 | ) | |||||||||||||||||
A reconciliation of the changes in accumulated other comprehensive income (loss) in our consolidated statements of stockholders’ equity related to our cash flow hedges is presented below. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Before | After | Before | After | Before | After | ||||||||||||||||||||
Tax | Tax | Tax | Tax | Tax | Tax | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Balance, beginning of period | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | $ | (287 | ) | $ | (178 | ) | |||||||
Net change in fair value | 1 | 1 | 3 | 2 | 10 | 6 | |||||||||||||||||||
Gains (losses) reclassified to income | 37 | 23 | 32 | 20 | (27 | ) | (17 | ) | |||||||||||||||||
Balance, end of period | $ | (231 | ) | $ | (143 | ) | $ | (269 | ) | $ | (167 | ) | $ | (304 | ) | $ | (189 | ) | |||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||||||||||
Commodity assets | $ | — | $ | 785 | $ | 205 | $ | 990 | |||||||||||||||||
Commodity liabilities | — | (9 | ) | (259 | ) | (268 | ) | ||||||||||||||||||
Interest rate liabilities | — | (17 | ) | — | (17 | ) | |||||||||||||||||||
Foreign currency liabilities | — | (53 | ) | — | (53 | ) | |||||||||||||||||||
Total derivatives | $ | — | $ | 706 | $ | (54 | ) | $ | 652 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||||||||||
Other current assets | $ | 57 | $ | — | $ | — | $ | 57 | |||||||||||||||||
Other current liabilities | (58 | ) | — | — | (58 | ) | |||||||||||||||||||
Total | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 2014 and 2013 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) | 292 | — | |||||||||||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Settlements | 136 | — | |||||||||||||||||||||||
Transfers(b) | (4 | ) | — | ||||||||||||||||||||||
Ending Balance as of December 31, 2014 | $ | (54 | ) | $ | — | ||||||||||||||||||||
Beginning Balance as of January 1, 2013 | $ | (1,016 | ) | $ | — | ||||||||||||||||||||
Total gains (losses) (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings(a) | 410 | (1 | ) | ||||||||||||||||||||||
Total purchases, issuances, sales and settlements: | |||||||||||||||||||||||||
Sales | — | 1 | |||||||||||||||||||||||
Settlements | 128 | — | |||||||||||||||||||||||
Ending Balance as of December 31, 2013 | $ | (478 | ) | $ | — | ||||||||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(a) | Oil, Natural Gas and | Interest Expense | |||||||||||||||||||||||
NGL Sales | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | 292 | $ | 410 | $ | — | $ | (1 | ) | ||||||||||||||||
Change in unrealized gains (losses) related to | $ | 262 | $ | 382 | $ | — | $ | — | |||||||||||||||||
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] | The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts at fair value as of December 31, 2014: | ||||||||||||||||||||||||
Instrument | Unobservable | Range | Weighted | Fair Value | |||||||||||||||||||||
Type | Input | Average | December 31, 2014(a) | ||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Oil trades | Oil price volatility curves | 27.33% - 43.56% | 34.09% | $ | (49 | ) | |||||||||||||||||||
Natural gas trades | Natural gas price volatility | 18.71% - 63.70% | 34.38% | $ | (5 | ) | |||||||||||||||||||
curves | |||||||||||||||||||||||||
___________________________________________ | |||||||||||||||||||||||||
(a) | Fair value is based on an estimate derived from option models. |
Natural_Gas_and_Oil_Property_T1
Natural Gas and Oil Property Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
VPP Transactions [Table Text Block] | As of December 31, 2014, our outstanding VPPs consisted of the following: | ||||||||||||||||||||
Volume Sold | |||||||||||||||||||||
VPP # | Date of VPP | Location | Proceeds | Oil | Natural Gas | NGL | Total | ||||||||||||||
($ in millions) | (mmbbl) | (bcf) | (mmbbl) | (bcfe) | |||||||||||||||||
10 | Mar-12 | Anadarko Basin Granite | $ | 744 | 3 | 87 | 9.2 | 160 | |||||||||||||
Wash | |||||||||||||||||||||
9 | May-11 | Mid-Continent | 853 | 1.7 | 138 | 4.8 | 177 | ||||||||||||||
8 | September 2010 | Barnett Shale | 1,150 | — | 390 | — | 390 | ||||||||||||||
4 | December 2008 | Anadarko and Arkoma | 412 | 0.5 | 95 | — | 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 | |||||||||||||||||||||
$ | 5,481 | 5.2 | 1,105 | 14 | 1,220 | ||||||||||||||||
VPP Volumes Produced During Period [Table Text Block] | The volumes produced on behalf of our VPP buyers during 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 403 | 10.6 | 1,296.50 | 20.7 | |||||||||||||||||
9 | 187.5 | 15.4 | 411 | 19 | |||||||||||||||||
8 | — | 60.1 | — | 60.1 | |||||||||||||||||
6(a) | 23.1 | 4.2 | — | 4.3 | |||||||||||||||||
5(a) | 16.5 | 4.6 | — | 4.7 | |||||||||||||||||
4 | 48.1 | 9 | — | 9.2 | |||||||||||||||||
3 | — | 7.2 | — | 7.2 | |||||||||||||||||
2 | — | 6.2 | — | 6.2 | |||||||||||||||||
1 | — | 13.8 | — | 13.8 | |||||||||||||||||
678.2 | 131.1 | 1,707.50 | 145.2 | ||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 547 | 13.5 | 1,509.00 | 25.8 | |||||||||||||||||
9 | 213.2 | 17 | 455.7 | 21 | |||||||||||||||||
8 | — | 68.1 | — | 68.1 | |||||||||||||||||
6 | 24 | 4.8 | — | 4.9 | |||||||||||||||||
5 | 25.4 | 7.5 | — | 7.7 | |||||||||||||||||
4 | 54.7 | 10.2 | — | 10.5 | |||||||||||||||||
3 | — | 8.1 | — | 8.1 | |||||||||||||||||
2 | — | 10.3 | — | 10.3 | |||||||||||||||||
1 | — | 14.5 | — | 14.5 | |||||||||||||||||
864.3 | 154 | 1,964.70 | 170.9 | ||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
VPP # | Oil | Natural Gas | NGL | Total | |||||||||||||||||
(mbbl) | (bcf) | (mbbl) | (bcfe) | ||||||||||||||||||
10 | 727 | 18.1 | 1,729.10 | 32.8 | |||||||||||||||||
9 | 249.3 | 18.4 | 643.6 | 23.7 | |||||||||||||||||
8 | — | 79.7 | — | 79.7 | |||||||||||||||||
7(b) | 490.3 | 0.4 | — | 3.4 | |||||||||||||||||
6 | 24 | 5.3 | — | 5.5 | |||||||||||||||||
5 | 27.4 | 8.8 | — | 9 | |||||||||||||||||
4 | 62.8 | 11.7 | — | 12.2 | |||||||||||||||||
3 | — | 9.3 | — | 9.3 | |||||||||||||||||
2 | — | 11.4 | — | 11.3 | |||||||||||||||||
1 | — | 15.3 | — | 15.3 | |||||||||||||||||
1,580.80 | 178.4 | 2,372.70 | 202.2 | ||||||||||||||||||
____________________________________________ | |||||||||||||||||||||
(a) | In 2014, we divested the properties associated with VPP #5 and VPP #6. | ||||||||||||||||||||
(b) | In 2012, to facilitate the sales process associated with our Permian Basin divestiture packages, we purchased the remaining reserves from our Permian Basin VPP (VPP #7). The reserves purchased were subsequently sold to the buyers of our Permian Basin assets. | ||||||||||||||||||||
The v | |||||||||||||||||||||
VPP Volumes Remaining to be Delivered [Table Text Block] | The volumes remaining to be delivered on behalf of our VPP buyers as of December 31, 2014 were as follows: | ||||||||||||||||||||
Volume Remaining as of December 31, 2014 | |||||||||||||||||||||
VPP # | Term Remaining | Oil | Natural Gas | NGL | Total | ||||||||||||||||
(in months) | (mmbbl) | (bcf) | (mmbbl) | (bcfe) | |||||||||||||||||
10 | 86 | 1.3 | 38 | 4.7 | 74 | ||||||||||||||||
9 | 74 | 0.8 | 73.2 | 1.9 | 89.9 | ||||||||||||||||
8 | 8 | — | 36.6 | — | 36.6 | ||||||||||||||||
4 | 24 | 0.1 | 15.3 | — | 15.8 | ||||||||||||||||
3 | 55 | — | 23.9 | — | 23.9 | ||||||||||||||||
2 | 52 | — | 13.8 | — | 13.8 | ||||||||||||||||
1 | 96 | — | 91.5 | — | 91.5 | ||||||||||||||||
2.2 | 292.3 | 6.6 | 345.5 | ||||||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Investments [Abstract] | |||||||||||||||
Equity Method Investments [Table Text Block] | A summary of our investments, including our approximate ownership percentage and carrying value as of December 31, 2014 and 2013, is presented below. | ||||||||||||||
Approximate | Carrying | ||||||||||||||
Ownership % | Value | ||||||||||||||
Accounting | December 31, | December 31, | |||||||||||||
Method | 2014 | 2013 | 2014 | 2013 | |||||||||||
($ in millions) | |||||||||||||||
FTS International, Inc. | Equity | 30% | 30% | $ | 116 | $ | 138 | ||||||||
Sundrop Fuels, Inc. | Equity | 56% | 56% | 130 | 135 | ||||||||||
Chaparral Energy, Inc. | Equity | —% | 20% | — | 143 | ||||||||||
Other | — | —% | —% | 19 | 61 | ||||||||||
Total investments | $ | 265 | $ | 477 | |||||||||||
Other_Property_and_Equipment_T
Other Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | A summary of other property and equipment held for use and the estimated useful lives thereof is as follows: | ||||||||||||
December 31, | Estimated | ||||||||||||
Useful | |||||||||||||
2014 | 2013 | Life | |||||||||||
($ in millions) | (in years) | ||||||||||||
Buildings and improvements | $ | 1,242 | $ | 1,433 | Oct-39 | ||||||||
Natural gas compressors | 551 | 368 | 20-Mar | ||||||||||
Land | 296 | 212 | — | ||||||||||
Gathering systems and treating plants | 218 | 292 | 20 | ||||||||||
Oilfield services equipment | — | 2,192 | 15-Mar | ||||||||||
Other | 776 | 898 | 20-Feb | ||||||||||
Total other property and equipment, at cost | 3,083 | 5,395 | |||||||||||
Less: accumulated depreciation | (804 | ) | (1,584 | ) | |||||||||
Total other property and equipment, net | $ | 2,279 | $ | 3,811 | |||||||||
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 years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Natural gas compressors | $ | (195 | ) | $ | — | $ | — | ||||||
Gathering systems and treating plants | 8 | (326 | ) | (286 | ) | ||||||||
Oilfield services equipment | (7 | ) | 2 | 10 | |||||||||
Buildings and land | (2 | ) | 27 | 7 | |||||||||
Other | (3 | ) | (5 | ) | 2 | ||||||||
Total net gains on sales of fixed assets | $ | (199 | ) | $ | (302 | ) | $ | (267 | ) | ||||
Disclosure of Long Lived Assets Held-for-Sale [Table Text Block] | A summary of the assets held for sale on our consolidated balance sheets as of December 31, 2014 and 2013 is detailed below. | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
($ in millions) | |||||||||||||
Buildings and land, net of accumulated depreciation | $ | 93 | $ | 405 | |||||||||
Compressors, net of accumulated depreciation | — | 285 | |||||||||||
Oilfield services equipment, net of accumulated depreciation | — | 29 | |||||||||||
Gathering systems and treating plants, net of accumulated depreciation | — | 11 | |||||||||||
Property and equipment held for sale, net | $ | 93 | $ | 730 | |||||||||
Impairments_Tables
Impairments (Tables) | 12 Months Ended | ||||||||||||
Dec. 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 years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Natural gas compressors | $ | 11 | $ | — | $ | — | |||||||
Gathering systems and treating plants | 13 | 22 | 6 | ||||||||||
Oilfield services equipment | 23 | 71 | 60 | ||||||||||
Buildings and land | 18 | 366 | 248 | ||||||||||
Other | 23 | 87 | 26 | ||||||||||
Total impairments of fixed assets and other | $ | 88 | $ | 546 | $ | 340 | |||||||
Recovered_Sheet1
Restructuring and other Termination Benefits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Costs [Table Text Block] | Below is a summary of our restructuring and other termination costs for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
($ in millions) | |||||||||||||
Oilfield services spin-off costs: | |||||||||||||
Transaction costs | $ | 17 | $ | — | $ | — | |||||||
Stock-based compensation adjustments for Chesapeake employees | 5 | — | — | ||||||||||
Stock-based compensation forfeitures for SSE employees | (10 | ) | — | — | |||||||||
Debt extinguishment costs | 3 | — | — | ||||||||||
Total oilfield services spin-off costs | 15 | — | — | ||||||||||
Restructuring charges under workforce reduction plan: | |||||||||||||
Salary expense | — | 20 | — | ||||||||||
Acceleration of stock-based compensation | — | 45 | — | ||||||||||
Other termination benefits | — | 1 | — | ||||||||||
Total restructuring changes under workforce reduction plan | — | 66 | — | ||||||||||
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) | (8 | ) | 18 | — | |||||||||
Estimated aircraft usage benefits | — | 7 | — | ||||||||||
Total termination benefits provided to Mr. McClendon | (8 | ) | 69 | — | |||||||||
Termination benefits provided to VSP participants: | |||||||||||||
Salary and bonus expense | — | 33 | 1 | ||||||||||
Acceleration of stock-based compensation | — | 29 | 1 | ||||||||||
Other termination benefits | — | 1 | — | ||||||||||
Total termination benefits provided to VSP participants | — | 63 | 2 | ||||||||||
Other termination benefits(a) | — | 50 | 5 | ||||||||||
Total restructuring and other termination costs | $ | 7 | $ | 248 | $ | 7 | |||||||
____________________________________________ | |||||||||||||
(a) | Amounts for the year ended December 31, 2014 are primarily related to negative fair value adjustments to PSUs granted to former executives of the Company. For further discussion of our PSUs, see Note 9. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 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 December 31, 2014 and 2013: | ||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Derivative Assets (Liabilities): | |||||||||||||||||
Commodity assets | $ | — | $ | 785 | $ | 205 | $ | 990 | |||||||||
Commodity liabilities | — | (9 | ) | (259 | ) | (268 | ) | ||||||||||
Interest rate liabilities | — | (17 | ) | — | (17 | ) | |||||||||||
Foreign currency liabilities | — | (53 | ) | — | (53 | ) | |||||||||||
Total derivatives | $ | — | $ | 706 | $ | (54 | ) | $ | 652 | ||||||||
As of December 31, 2013 | |||||||||||||||||
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 the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
Quoted | Significant | Significant | Total | ||||||||||||||
Prices in | Other | Unobservable | Fair Value | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
($ in millions) | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 57 | $ | — | $ | — | $ | 57 | |||||||||
Other current liabilities | (58 | ) | — | — | (58 | ) | |||||||||||
Total | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | |||||||
As of December 31, 2013 | |||||||||||||||||
Financial Assets (Liabilities): | |||||||||||||||||
Other current assets | $ | 80 | $ | — | $ | — | $ | 80 | |||||||||
Other current liabilities | (82 | ) | — | — | (82 | ) | |||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | |||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The components of the change in our asset retirement obligations are shown below. | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
($ in millions) | |||||||||
Asset retirement obligations, beginning of period | $ | 405 | $ | 375 | |||||
Additions | 29 | 20 | |||||||
Revisions(a) | 101 | 8 | |||||||
Settlements and disposals | (92 | ) | (20 | ) | |||||
Accretion expense | 22 | 22 | |||||||
Asset retirement obligations, end of period | 465 | 405 | |||||||
Less current portion (b) | 18 | — | |||||||
Asset retirement obligation, long-term | $ | 447 | $ | 405 | |||||
_________________________________________ | |||||||||
(a) | Revisions in estimated liabilities during the period relate primarily to changes in estimates of asset retirement costs and include, but are not limited to, revisions of estimated inflation rates, changes in property lives and the expected timing of settlement. |
Major_Customers_and_Segment_In1
Major Customers and Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present selected financial information for Chesapeake’s operating segments: | ||||||||||||||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||||||
Revenues | $ | 8,180 | $ | 20,790 | $ | 1,060 | $ | 30 | $ | (9,109 | ) | $ | 20,951 | ||||||||||||
Intersegment revenues | — | (8,565 | ) | (544 | ) | — | 9,109 | — | |||||||||||||||||
Total revenues | $ | 8,180 | $ | 12,225 | $ | 516 | $ | 30 | $ | — | $ | 20,951 | |||||||||||||
Unrealized gains on commodity derivatives | $ | (1,394 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1,394 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,756 | $ | 38 | $ | 145 | $ | 42 | $ | (66 | ) | $ | 2,915 | ||||||||||||
Impairments of fixed assets and other | $ | 22 | $ | 24 | $ | 23 | $ | 19 | $ | — | $ | 88 | |||||||||||||
Net gains on sales of fixed assets | $ | (2 | ) | $ | (187 | ) | $ | (8 | ) | $ | (2 | ) | $ | — | $ | (199 | ) | ||||||||
Interest expense | $ | (709 | ) | $ | (21 | ) | $ | (42 | ) | $ | 3 | $ | 680 | $ | (89 | ) | |||||||||
Earnings (losses) on investments | $ | 2 | $ | — | $ | (6 | ) | $ | (76 | ) | $ | — | $ | (80 | ) | ||||||||||
Net gain (loss) on sales of investments | $ | (6 | ) | $ | — | $ | — | $ | 73 | $ | — | $ | 67 | ||||||||||||
Losses on purchases of debt | $ | (197 | ) | $ | — | $ | — | $ | — | $ | — | $ | (197 | ) | |||||||||||
Income (Loss) Before | $ | 2,874 | $ | 326 | $ | (16 | ) | $ | (30 | ) | $ | 46 | $ | 3,200 | |||||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 35,381 | $ | 1,978 | $ | — | $ | 4,283 | $ | (891 | ) | $ | 40,751 | ||||||||||||
Capital Expenditures | $ | 6,173 | $ | 298 | $ | 158 | $ | 38 | $ | — | $ | 6,667 | |||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||||||
Revenues | $ | 7,052 | $ | 17,129 | $ | 2,188 | $ | 29 | $ | (8,892 | ) | $ | 17,506 | ||||||||||||
Intersegment revenues | — | (7,570 | ) | (1,309 | ) | (13 | ) | 8,892 | — | ||||||||||||||||
Total revenues | $ | 7,052 | $ | 9,559 | $ | 879 | $ | 16 | $ | — | $ | 17,506 | |||||||||||||
Unrealized gains on commodity derivatives | $ | (228 | ) | $ | — | $ | — | $ | — | $ | — | $ | (228 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,674 | $ | 46 | $ | 289 | $ | 49 | $ | (155 | ) | $ | 2,903 | ||||||||||||
Impairments of fixed assets and other | $ | 27 | $ | 50 | $ | 75 | $ | 394 | $ | — | $ | 546 | |||||||||||||
Net (gains) losses on sales of fixed assets | $ | 2 | $ | (329 | ) | $ | (1 | ) | $ | 26 | $ | — | $ | (302 | ) | ||||||||||
Interest expense | $ | (918 | ) | $ | (24 | ) | $ | (82 | ) | $ | (74 | ) | $ | 871 | $ | (227 | ) | ||||||||
Earnings (losses) on investments | $ | 3 | $ | — | $ | (1 | ) | $ | (229 | ) | $ | 1 | $ | (226 | ) | ||||||||||
Net gain (loss) on sales of investments | $ | — | $ | — | $ | — | $ | (7 | ) | $ | — | $ | (7 | ) | |||||||||||
Losses on purchases of debt | $ | (193 | ) | $ | — | $ | — | $ | — | $ | — | $ | (193 | ) | |||||||||||
Income (Loss) Before | $ | 2,997 | $ | 511 | $ | (51 | ) | $ | (727 | ) | $ | (1,288 | ) | $ | 1,442 | ||||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 35,341 | $ | 2,430 | $ | 2,018 | $ | 5,750 | $ | (3,757 | ) | $ | 41,782 | ||||||||||||
Capital Expenditures | $ | 6,198 | $ | 299 | $ | 272 | $ | 421 | $ | — | $ | 7,190 | |||||||||||||
Exploration | Marketing, | Former | Other | Intercompany | Consolidated | ||||||||||||||||||||
and | Gathering | Oilfield | Eliminations | Total | |||||||||||||||||||||
Production | and | Services | |||||||||||||||||||||||
Compression | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||||||
Revenues | $ | 6,278 | $ | 10,895 | $ | 1,917 | $ | 21 | $ | (6,795 | ) | $ | 12,316 | ||||||||||||
Intersegment revenues | — | (5,464 | ) | (1,315 | ) | (16 | ) | 6,795 | — | ||||||||||||||||
Total revenues | $ | 6,278 | $ | 5,431 | $ | 602 | $ | 5 | $ | — | $ | 12,316 | |||||||||||||
Unrealized losses on commodity derivatives | $ | (561 | ) | $ | — | $ | — | $ | — | $ | — | $ | (561 | ) | |||||||||||
Oil, natural gas, NGL and other depreciation, depletion and amortization | $ | 2,624 | $ | 54 | $ | 232 | $ | 46 | $ | (145 | ) | $ | 2,811 | ||||||||||||
Impairment of oil and natural gas properties | $ | 3,315 | $ | — | $ | — | $ | — | $ | — | $ | 3,315 | |||||||||||||
Impairments of fixed assets and other | $ | 28 | $ | 6 | $ | 60 | $ | 246 | $ | — | $ | 340 | |||||||||||||
Net (gains) losses on sales of fixed assets | $ | 14 | $ | (298 | ) | $ | 10 | $ | 7 | $ | — | $ | (267 | ) | |||||||||||
Interest expense | $ | (47 | ) | $ | (20 | ) | $ | (76 | ) | $ | (364 | ) | $ | 430 | $ | (77 | ) | ||||||||
Earnings (losses) on investments | $ | — | $ | 49 | $ | — | $ | (152 | ) | $ | — | $ | (103 | ) | |||||||||||
Net gain (loss) on sales of investments | $ | (2 | ) | $ | 1,094 | $ | — | $ | — | $ | — | $ | 1,092 | ||||||||||||
Losses on purchases of debt | $ | (200 | ) | $ | — | $ | — | $ | — | $ | — | $ | (200 | ) | |||||||||||
Income (Loss) Before | $ | (1,798 | ) | $ | 1,665 | $ | 112 | $ | (478 | ) | $ | (475 | ) | $ | (974 | ) | |||||||||
Income Taxes | |||||||||||||||||||||||||
Total Assets | $ | 37,004 | $ | 2,291 | $ | 2,115 | $ | 2,529 | $ | (2,328 | ) | $ | 41,611 | ||||||||||||
Capital Expenditures | $ | 12,044 | $ | 852 | $ | 658 | $ | 554 | $ | — | $ | 14,108 | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
AS OF DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 4,100 | $ | 2 | $ | 84 | $ | (78 | ) | $ | 4,108 | ||||||||||
Restricted cash | — | — | 38 | — | 38 | ||||||||||||||||
Other | 55 | 3,174 | 93 | — | 3,322 | ||||||||||||||||
Intercompany receivable, net | 24,527 | — | 341 | (24,868 | ) | — | |||||||||||||||
Total Current Assets | 28,682 | 3,176 | 556 | (24,946 | ) | 7,468 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Oil and natural gas properties, at cost based on full cost accounting, net | — | 28,358 | 1,112 | 673 | 30,143 | ||||||||||||||||
Other property and equipment, net | — | 2,276 | 3 | — | 2,279 | ||||||||||||||||
Property and equipment held for | — | 93 | — | — | 93 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 30,727 | 1,115 | 673 | 32,515 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 153 | 618 | 26 | (29 | ) | 768 | |||||||||||||||
Investments in subsidiaries and | 126 | 467 | — | (593 | ) | — | |||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,961 | $ | 34,988 | $ | 1,697 | $ | (24,895 | ) | $ | 40,751 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 792 | $ | 5,084 | $ | 68 | $ | (81 | ) | $ | 5,863 | ||||||||||
Intercompany payable, net | — | 24,937 | — | (24,937 | ) | — | |||||||||||||||
Total Current Liabilities | 792 | 30,021 | 68 | (25,018 | ) | 5,863 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,154 | — | — | — | 11,154 | ||||||||||||||||
Deferred income tax liabilities | — | 3,751 | 234 | 200 | 4,185 | ||||||||||||||||
Other long-term liabilities | 112 | 1,090 | 142 | — | 1,344 | ||||||||||||||||
Total Long-Term Liabilities | 11,266 | 4,841 | 376 | 200 | 16,683 | ||||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 16,903 | 126 | 1,253 | (1,379 | ) | 16,903 | |||||||||||||||
Noncontrolling interests | — | — | — | 1,302 | 1,302 | ||||||||||||||||
Total Equity | 16,903 | 126 | 1,253 | (77 | ) | 18,205 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,961 | $ | 34,988 | $ | 1,697 | $ | (24,895 | ) | $ | 40,751 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||
Cash and cash equivalents | $ | 799 | $ | 8 | $ | 38 | $ | (8 | ) | $ | 837 | ||||||||||
Restricted cash | — | 37 | 38 | — | 75 | ||||||||||||||||
Other | 103 | 2,465 | 524 | (348 | ) | 2,744 | |||||||||||||||
Intercompany receivable, net | 25,549 | — | 860 | (26,409 | ) | — | |||||||||||||||
Total Current Assets | 26,451 | 2,510 | 1,460 | (26,765 | ) | 3,656 | |||||||||||||||
PROPERTY AND EQUIPMENT: | |||||||||||||||||||||
Oil and natural gas properties, at cost based on full cost accounting, net | — | 30,933 | 1,471 | 189 | 32,593 | ||||||||||||||||
Other property and equipment, net | — | 2,360 | 1,452 | (1 | ) | 3,811 | |||||||||||||||
Property and equipment held for | — | 701 | 29 | — | 730 | ||||||||||||||||
sale, net | |||||||||||||||||||||
Total Property and Equipment, | — | 33,994 | 2,952 | 188 | 37,134 | ||||||||||||||||
Net | |||||||||||||||||||||
LONG-TERM ASSETS: | |||||||||||||||||||||
Other assets | 111 | 1,161 | 96 | (376 | ) | 992 | |||||||||||||||
Investments in subsidiaries and | 2,169 | (209 | ) | — | (1,960 | ) | — | ||||||||||||||
intercompany advances | |||||||||||||||||||||
TOTAL ASSETS | $ | 28,731 | $ | 37,456 | $ | 4,508 | $ | (28,913 | ) | $ | 41,782 | ||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||
Current liabilities | $ | 300 | $ | 5,262 | $ | 309 | $ | (356 | ) | $ | 5,515 | ||||||||||
Intercompany payable, net | — | 26,409 | — | (26,409 | ) | — | |||||||||||||||
Total Current Liabilities | 300 | 31,671 | 309 | (26,765 | ) | 5,515 | |||||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||||||||
Long-term debt, net | 11,831 | — | 1,055 | — | 12,886 | ||||||||||||||||
Deferred income tax liabilities | 209 | 2,338 | 773 | 87 | 3,407 | ||||||||||||||||
Other long-term liabilities | 396 | 1,278 | 504 | (344 | ) | 1,834 | |||||||||||||||
Total Long-Term Liabilities | 12,436 | 3,616 | 2,332 | (257 | ) | 18,127 | |||||||||||||||
EQUITY: | |||||||||||||||||||||
Chesapeake stockholders’ equity | 15,995 | 2,169 | 1,867 | (4,036 | ) | 15,995 | |||||||||||||||
Noncontrolling interests | — | — | — | 2,145 | 2,145 | ||||||||||||||||
Total Equity | 15,995 | 2,169 | 1,867 | (1,891 | ) | 18,140 | |||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 28,731 | $ | 37,456 | $ | 4,508 | $ | (28,913 | ) | $ | 41,782 | ||||||||||
Schedule of Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 7,765 | $ | 418 | $ | (3 | ) | $ | 8,180 | ||||||||||
Marketing, gathering and compression | — | 12,220 | 5 | — | 12,225 | ||||||||||||||||
Oilfield services | — | 41 | 983 | (478 | ) | 546 | |||||||||||||||
Total Revenues | — | 20,026 | 1,406 | (481 | ) | 20,951 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,166 | 42 | — | 1,208 | ||||||||||||||||
Production taxes | — | 227 | 5 | — | 232 | ||||||||||||||||
Marketing, gathering and compression | — | 12,232 | 4 | — | 12,236 | ||||||||||||||||
Oilfield services | — | 53 | 769 | (391 | ) | 431 | |||||||||||||||
General and administrative | — | 273 | 49 | — | 322 | ||||||||||||||||
Restructuring and other termination costs | — | 4 | 3 | — | 7 | ||||||||||||||||
Provision for legal contingencies | 100 | 134 | — | — | 234 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,523 | 162 | (2 | ) | 2,683 | |||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 153 | 143 | (64 | ) | 232 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas properties | — | — | 349 | (349 | ) | — | |||||||||||||||
Impairments of fixed assets and other | — | 65 | 23 | — | 88 | ||||||||||||||||
Net gains on sales of fixed assets | — | (192 | ) | (7 | ) | — | (199 | ) | |||||||||||||
Total Operating Expenses | 100 | 16,638 | 1,542 | (806 | ) | 17,474 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (100 | ) | 3,388 | (136 | ) | 325 | 3,477 | ||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (657 | ) | (37 | ) | (42 | ) | 647 | (89 | ) | ||||||||||||
Losses on investments | — | (77 | ) | (5 | ) | 2 | (80 | ) | |||||||||||||
Net gain on sales of investments | — | 67 | — | — | 67 | ||||||||||||||||
Losses on purchases of debt | (195 | ) | (2 | ) | — | — | (197 | ) | |||||||||||||
Other income (expense) | 502 | 198 | (2 | ) | (676 | ) | 22 | ||||||||||||||
Equity in net earnings (losses) of subsidiary | 2,206 | (258 | ) | — | (1,948 | ) | — | ||||||||||||||
Total Other Income (Expense) | 1,856 | (109 | ) | (49 | ) | (1,975 | ) | (277 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,756 | 3,279 | (185 | ) | (1,650 | ) | 3,200 | ||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (161 | ) | 1,264 | (66 | ) | 107 | 1,144 | ||||||||||||||
NET INCOME (LOSS) | 1,917 | 2,015 | (119 | ) | (1,757 | ) | 2,056 | ||||||||||||||
Net income attributable to | — | — | — | (139 | ) | (139 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE | 1,917 | 2,015 | (119 | ) | (1,896 | ) | 1,917 | ||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income | 1 | 18 | — | — | 19 | ||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 1,918 | $ | 2,033 | $ | (119 | ) | $ | (1,896 | ) | $ | 1,936 | |||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 6,439 | $ | 553 | $ | 60 | $ | 7,052 | |||||||||||
Marketing, gathering and compression | — | 9,547 | 12 | — | 9,559 | ||||||||||||||||
Oilfield services | — | 221 | 1,836 | (1,162 | ) | 895 | |||||||||||||||
Total Revenues | — | 16,207 | 2,401 | (1,102 | ) | 17,506 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,112 | 47 | — | 1,159 | ||||||||||||||||
Production taxes | — | 222 | 7 | — | 229 | ||||||||||||||||
Marketing, gathering and compression | — | 9,455 | 6 | — | 9,461 | ||||||||||||||||
Oilfield services | — | 239 | 1,434 | (937 | ) | 736 | |||||||||||||||
General and administrative | — | 375 | 83 | (1 | ) | 457 | |||||||||||||||
Restructuring and other termination costs | — | 244 | 4 | — | 248 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,336 | 253 | — | 2,589 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 180 | 281 | (147 | ) | 314 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas | — | (2 | ) | 313 | (311 | ) | — | ||||||||||||||
properties | |||||||||||||||||||||
Impairments of fixed assets and other | — | 417 | 129 | — | 546 | ||||||||||||||||
Net gains on sales of fixed assets | — | (301 | ) | (1 | ) | — | (302 | ) | |||||||||||||
Total Operating Expenses | — | 14,277 | 2,556 | (1,396 | ) | 15,437 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | 1,930 | (155 | ) | 294 | 2,069 | |||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (921 | ) | (4 | ) | (85 | ) | 783 | (227 | ) | ||||||||||||
Losses on investments | — | (225 | ) | (1 | ) | — | (226 | ) | |||||||||||||
Net loss on sales of investments | — | (7 | ) | — | — | (7 | ) | ||||||||||||||
Losses on purchases of debt | (70 | ) | (123 | ) | — | — | (193 | ) | |||||||||||||
Other income | 3,979 | (603 | ) | 13 | (3,363 | ) | 26 | ||||||||||||||
Equity in net earnings (losses) of | (1,129 | ) | (383 | ) | — | 1,512 | — | ||||||||||||||
subsidiary | |||||||||||||||||||||
Total Other Income (Expense) | 1,859 | (1,345 | ) | (73 | ) | (1,068 | ) | (627 | ) | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,859 | 585 | (228 | ) | (774 | ) | 1,442 | ||||||||||||||
INCOME TAX EXPENSE (BENEFIT) | 1,135 | 370 | (87 | ) | (870 | ) | 548 | ||||||||||||||
NET INCOME (LOSS) | 724 | 215 | (141 | ) | 96 | 894 | |||||||||||||||
Net income attributable to | — | — | — | (170 | ) | (170 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | 724 | 215 | (141 | ) | (74 | ) | 724 | ||||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | 3 | 19 | (2 | ) | — | 20 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 727 | $ | 234 | $ | (143 | ) | $ | (74 | ) | $ | 744 | |||||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Oil, natural gas and NGL | $ | — | $ | 5,920 | $ | 351 | $ | 7 | $ | 6,278 | |||||||||||
Marketing, gathering and compression | — | 5,218 | 212 | 1 | 5,431 | ||||||||||||||||
Oilfield services | — | 154 | 1,553 | (1,100 | ) | 607 | |||||||||||||||
Total Revenues | — | 11,292 | 2,116 | (1,092 | ) | 12,316 | |||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Oil, natural gas and NGL production | — | 1,278 | 26 | — | 1,304 | ||||||||||||||||
Production taxes | — | 182 | 6 | — | 188 | ||||||||||||||||
Marketing, gathering and compression | — | 5,197 | 115 | — | 5,312 | ||||||||||||||||
Oilfield services | — | 301 | 1,096 | (932 | ) | 465 | |||||||||||||||
General and administrative | — | 431 | 105 | (1 | ) | 535 | |||||||||||||||
Restructuring and other termination costs | — | 5 | 2 | — | 7 | ||||||||||||||||
Oil, natural gas and NGL depreciation, | — | 2,353 | 154 | — | 2,507 | ||||||||||||||||
depletion and amortization | |||||||||||||||||||||
Depreciation and amortization of other | — | 187 | 266 | (149 | ) | 304 | |||||||||||||||
assets | |||||||||||||||||||||
Impairment of oil and natural gas properties | — | 3,192 | 123 | — | 3,315 | ||||||||||||||||
Impairments of fixed assets and other | — | 275 | 65 | — | 340 | ||||||||||||||||
Net gains (losses) on sales of fixed assets | — | (269 | ) | 2 | — | (267 | ) | ||||||||||||||
Total Operating Expenses | — | 13,132 | 1,960 | (1,082 | ) | 14,010 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS | — | (1,840 | ) | 156 | (10 | ) | (1,694 | ) | |||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||
Interest expense | (879 | ) | 45 | (84 | ) | 841 | (77 | ) | |||||||||||||
Losses on investments | — | (167 | ) | 55 | 9 | (103 | ) | ||||||||||||||
Net gain on sales of investments | — | 29 | 1,063 | — | 1,092 | ||||||||||||||||
Losses on purchases of debt | (200 | ) | — | — | — | (200 | ) | ||||||||||||||
Other income (loss) | 819 | 203 | 14 | (1,028 | ) | 8 | |||||||||||||||
Equity in net earnings (losses) of subsidiary | (610 | ) | 436 | — | 174 | — | |||||||||||||||
Total Other Income (Expense) | (870 | ) | 546 | 1,048 | (4 | ) | 720 | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (870 | ) | (1,294 | ) | 1,204 | (14 | ) | (974 | ) | ||||||||||||
INCOME TAX EXPENSE (BENEFIT) | (101 | ) | (675 | ) | 470 | (74 | ) | (380 | ) | ||||||||||||
NET INCOME (LOSS) | (769 | ) | (619 | ) | 734 | 60 | (594 | ) | |||||||||||||
Net income attributable to | — | — | — | (175 | ) | (175 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE | (769 | ) | (619 | ) | 734 | (115 | ) | (769 | ) | ||||||||||||
TO CHESAPEAKE | |||||||||||||||||||||
Other comprehensive income (loss) | 6 | (22 | ) | — | — | (16 | ) | ||||||||||||||
COMPREHENSIVE INCOME | $ | (763 | ) | $ | (641 | ) | $ | 734 | $ | (115 | ) | $ | (785 | ) | |||||||
ATTRIBUTABLE TO CHESAPEAKE | |||||||||||||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 4,201 | $ | 462 | $ | (29 | ) | $ | 4,634 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (4,445 | ) | (136 | ) | — | (4,581 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (1,306 | ) | (5 | ) | — | (1,311 | ) | |||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 5,812 | 1 | — | 5,813 | ||||||||||||||||
Additions to other property and equipment | — | (480 | ) | (246 | ) | — | (726 | ) | |||||||||||||
Other investing activities | — | 1,199 | 60 | — | 1,259 | ||||||||||||||||
Net Cash Provided By (Used In) Investing Activities | — | 780 | (326 | ) | — | 454 | |||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 6,689 | 717 | — | 7,406 | ||||||||||||||||
Payments on credit facilities borrowings | — | (6,689 | ) | (1,099 | ) | — | (7,788 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | — | 494 | — | 3,460 | ||||||||||||||||
Proceeds from issuance of term loans, net of discount and offering costs | — | — | 394 | — | 394 | ||||||||||||||||
Cash paid to purchase debt | (3,362 | ) | — | — | — | (3,362 | ) | ||||||||||||||
Other financing activities | (439 | ) | (1,278 | ) | (169 | ) | (41 | ) | (1,927 | ) | |||||||||||
Intercompany advances, net | 4,136 | (3,709 | ) | (427 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used In) | 3,301 | (4,987 | ) | (90 | ) | (41 | ) | (1,817 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 3,301 | (6 | ) | 46 | (70 | ) | 3,271 | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 799 | 8 | 38 | (8 | ) | 837 | |||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 4,100 | $ | 2 | $ | 84 | $ | (78 | ) | $ | 4,108 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 4,218 | $ | 439 | $ | (43 | ) | $ | 4,614 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (4,838 | ) | (766 | ) | — | (5,604 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (1,378 | ) | 346 | — | (1,032 | ) | ||||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 3,466 | 1 | — | 3,467 | ||||||||||||||||
Additions to other property and equipment | — | (271 | ) | (701 | ) | — | (972 | ) | |||||||||||||
Other investing activities | — | 246 | 765 | 163 | 1,174 | ||||||||||||||||
Net Cash Provided By (Used In) Investing Activities | — | (2,775 | ) | (355 | ) | 163 | (2,967 | ) | |||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 6,452 | 1,217 | — | 7,669 | ||||||||||||||||
Payments on credit facilities borrowings | — | (6,452 | ) | (1,230 | ) | — | (7,682 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,274 | — | — | — | 2,274 | ||||||||||||||||
Cash paid to purchase debt | (2,141 | ) | — | — | — | (2,141 | ) | ||||||||||||||
Proceeds from sales of noncontrolling interests | — | — | 6 | — | 6 | ||||||||||||||||
Other financing activities | 1,819 | (2,897 | ) | (17 | ) | (128 | ) | (1,223 | ) | ||||||||||||
Intercompany advances, net | (1,381 | ) | 1,462 | (81 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used | 571 | (1,435 | ) | (105 | ) | (128 | ) | (1,097 | ) | ||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 571 | 8 | (21 | ) | (8 | ) | 550 | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 228 | — | 59 | — | 287 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 799 | $ | 8 | $ | 38 | $ | (8 | ) | $ | 837 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
($ in millions) | |||||||||||||||||||||
Parent(a) | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries(a) | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
CASH FLOWS FROM OPERATING | $ | — | $ | 1,711 | $ | 1,182 | $ | (56 | ) | $ | 2,837 | ||||||||||
ACTIVITIES | |||||||||||||||||||||
CASH FLOWS FROM INVESTING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Drilling and completion costs | — | (8,605 | ) | (325 | ) | — | (8,930 | ) | |||||||||||||
Acquisitions of proved and unproved properties | — | (3,622 | ) | 461 | — | (3,161 | ) | ||||||||||||||
Proceeds from divestitures of proved and unproved properties | — | 5,884 | — | — | 5,884 | ||||||||||||||||
Additions to other property and equipment | — | (1,736 | ) | (915 | ) | — | (2,651 | ) | |||||||||||||
Other investing activities | — | 5,083 | (316 | ) | (893 | ) | 3,874 | ||||||||||||||
Net Cash Used In Investing | — | (2,996 | ) | (1,095 | ) | (893 | ) | (4,984 | ) | ||||||||||||
Activities | |||||||||||||||||||||
CASH FLOWS FROM FINANCING | |||||||||||||||||||||
ACTIVITIES: | |||||||||||||||||||||
Proceeds from credit facilities borrowings | — | 18,930 | 1,388 | — | 20,318 | ||||||||||||||||
Payments on credit facilities borrowings | — | (20,651 | ) | (999 | ) | — | (21,650 | ) | |||||||||||||
Proceeds from issuance of senior notes, net of discount and offering costs | 1,263 | — | — | — | 1,263 | ||||||||||||||||
Proceeds from issuance of term loans, net of discount and offering costs | 5,722 | — | — | — | 5,722 | ||||||||||||||||
Cash paid to purchase debt | (4,000 | ) | — | — | — | (4,000 | ) | ||||||||||||||
Proceeds from sales of noncontrolling interests | — | 63 | 1,014 | — | 1,077 | ||||||||||||||||
Other financing activities | (477 | ) | (299 | ) | (820 | ) | 949 | (647 | ) | ||||||||||||
Intercompany advances, net | (2,282 | ) | 3,242 | (960 | ) | — | — | ||||||||||||||
Net Cash Provided By (Used | 226 | 1,285 | (377 | ) | 949 | 2,083 | |||||||||||||||
In) Financing Activities | |||||||||||||||||||||
Net increase (decrease) in cash and cash | 226 | — | (290 | ) | — | (64 | ) | ||||||||||||||
equivalents | |||||||||||||||||||||
Cash and cash equivalents, beginning of | 2 | — | 349 | — | 351 | ||||||||||||||||
period | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 228 | $ | — | $ | 59 | $ | — | $ | 287 | |||||||||||
___________________________________________ | |||||||||||||||||||||
(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. As of December 31, 2012, $228 million was incorrectly presented in the Guarantor Subsidiaries column. The impact of this error was not material to any previously issued financial statements. |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies - Receivables Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other Receivables | $226 | $150 |
Oil and Gas Joint Interest Billing Receivables, Current | 691 | 417 |
Accounts Receivable, Related Parties | 0 | 62 |
Allowance for Doubtful Accounts Receivable | -21 | -18 |
Accounts receivable, net | 2,236 | 2,222 |
Oil And Gas Exploration And Production [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other Receivables | 1,340 | 1,548 |
Oilfield Services [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other Receivables | $0 | $63 |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Unproved Properties Excluded From Amortization Table (Details) (USD $) | 12 Months Ended | 170 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ||||
Acquisition Costs, Period Cost | $577 | $199 | $1,462 | $5,149 |
Acquisition Costs, Cumulative | 7,387 | |||
Exploration Costs, Period Cost | 340 | 90 | 244 | 42 |
Exploration Costs, Cumulative | 716 | |||
Capitalized Interest of Unproved Properties Excluded from Amortization | 492 | 421 | 325 | 447 |
Capitalized Interest Of Unproved Properties Excluded From Amortization Cumulative | 1,685 | |||
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | 1,409 | 710 | 2,031 | 5,638 |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $9,788 | $12,013 |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Significant Accounting Policies Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Provision for Doubtful Accounts | $2 | $2 | $0 |
Premiums Receivable, Allowance for Doubtful Accounts, Write Offs Against Allowance | 3 | ||
Percentage of Reserve Estimates (by Volume) Prepared by Independent Engineering Firm | 79.00% | ||
Goodwill | 15 | 43 | |
Bank Overdrafts | 333 | 397 | |
Unamortized Debt Issuance Expense | 130 | 145 | |
Gas Balancing Asset (Liability) | 12 | 11 | |
Director [Member] | |||
Summary of Significant Accounting Policies Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Employee [Member] | |||
Summary of Significant Accounting Policies Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Employee [Member] | |||
Summary of Significant Accounting Policies Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Horizon Drilling Services [Member] | |||
Summary of Significant Accounting Policies Line Items] | |||
Goodwill | 15 | ||
Bronco Drilling Company Incorporated [Member] | |||
Summary of Significant Accounting Policies Line Items] | |||
Goodwill | $28 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Earnings Per Share, Basic | $1.93 | $0.73 | ($1.46) |
Earnings Per Share, Diluted | $1.87 | $0.73 | ($1.46) |
Weighted Average Number of Shares Outstanding, Basic | 659 | 653 | 643 |
Weighted Average Number of Shares Outstanding, Diluted | 772 | 653 | 643 |
5.75% Cumulative Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income Adjustments | $86 | $86 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56 | 56 | |
5.75% Cumulative Convertible Preferred Stock Series A [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income Adjustments | 63 | 63 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40 | 39 | |
5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income Adjustments | 10 | 10 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5 | 5 | |
4.50% Cumulative Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income Adjustments | 12 | 12 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6 | 6 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income Adjustments | $22 | $10 | $0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 5 | 5 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share - Reconciliation of Basic and Diluted EPS Table (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Adjustments, Basic and Diluted [Line Items] | |||
Net Income (Loss) Available to Common Stockholders, Basic | $1,273 | $474 | ($940) |
Weighted Average Number of Shares Outstanding, Basic | 659 | 653 | 643 |
Earnings Per Share, Basic | $1.93 | $0.73 | ($1.46) |
Net Income (Loss) Available to Common Stockholders, Diluted | 1,444 | ||
Weighted Average Number of Shares Outstanding, Diluted | 772 | 653 | 643 |
Earnings Per Share, Diluted | $1.87 | $0.73 | ($1.46) |
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock [Member] | |||
Earnings Per Share Adjustments, Basic and Diluted [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 86 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 59 | ||
Convertible Debt Securities [Member] | 5.75% Cumulative Convertible Preferred Stock Series A [Member] | |||
Earnings Per Share Adjustments, Basic and Diluted [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 63 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 42 | ||
Convertible Debt Securities [Member] | 5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | |||
Earnings Per Share Adjustments, Basic and Diluted [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 10 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 6 | ||
Convertible Debt Securities [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | |||
Earnings Per Share Adjustments, Basic and Diluted [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $12 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 6 |
Debt_LongTerm_Debt_Table_Detai
Debt - Long-Term Debt Table (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 | Dec. 31, 2006 |
Day | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $11,756 | |||
Debt Instrument, Unamortized Discount | -231 | -357 | ||
Long-term Debt | 11,535 | 12,886 | ||
Long-term Debt, Current Maturities | -381 | 0 | ||
Long-term debt, net | 11,154 | 12,886 | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||
Percentage Of Principal Amount Of Notes For Repurchase Requirement Of Contingent Convertible Senior Notes | 100.00% | |||
Debt Instrument, Convertible, Terms of Conversion Feature | 5 | |||
Credit Facility Commitment Period | 10 years | |||
Revolving Credit Facility [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | |||
Interest Rate Contract [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 10 | 13 | ||
2.75% Contingent Convertible Senior Notes Due 2035 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Common Stock Price Conversion Thresholds | $45.14 | |||
Debt Instrument, Date of First Required Payment | 14-May-16 | |||
2.5% Contingent Convertible Senior Notes due 2037 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Common Stock Price Conversion Thresholds | $59.71 | |||
Debt Instrument, Date of First Required Payment | 14-Nov-17 | |||
2.25% Contingent Convertible Senior Notes Due 2038 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Common Stock Price Conversion Thresholds | $100.35 | |||
Debt Instrument, Date of First Required Payment | 14-Jun-19 | |||
Unsecured Debt [Member] | Senior Unsecured Term Loan Due 2017 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 2,000 | ||
Debt Instrument, Unamortized Discount | -33 | |||
Senior Notes [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 3,000 | 3,000 | ||
Debt Instrument, Unamortized Discount | -224 | -303 | ||
Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Credit Facility Commitment Period | 5 years | |||
Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Credit Facility Commitment Period | 10 years | |||
Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Credit Facility Commitment Period | 15 years | |||
Senior Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Credit Facility Commitment Period | 20 years | |||
Senior Notes [Member] | 9.5% Senior Notes Due 2015 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 1,265 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||
Senior Notes [Member] | 3.25% Senior Notes due 2016 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 500 | 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||
Senior Notes [Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 416 | 473 | 344 | |
Senior Notes [Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | Cross Currency Interest Rate Contract [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 416 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Derivative, Forward Exchange Rate | 1.2098 | 1.3743 | 1.3325 | |
Senior Notes [Member] | 6.5% Senior Notes Due 2017 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 660 | 660 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||
Senior Notes [Member] | 6.875% Senior Notes Due 2018 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 97 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% | ||
Senior Notes [Member] | 7.25% Senior Notes Due 2018 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 669 | 669 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
Senior Notes [Member] | Floating Rate Senior Notes due 2019 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,500 | 0 | ||
Senior Notes [Member] | 6.625% Senior Notes Due 2019 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 650 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |||
Senior Notes [Member] | 6.625% Senior Notes Due 2020 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,300 | 1,300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |||
Senior Notes [Member] | 6.875% Senior Notes Due 2020 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 500 | 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | |||
Senior Notes [Member] | 6.125% Senior Notes Due 2021 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,000 | 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | |||
Senior Notes [Member] | 5.375% Senior Notes due 2021 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 700 | 700 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% | ||
Senior Notes [Member] | 4.875% Senior Notes due 2022 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,500 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |||
Senior Notes [Member] | 5.75% Senior Notes due 2023 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,100 | 1,100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||
Senior Notes [Member] | 2.75% Contingent Convertible Senior Notes Due 2035 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 396 | 396 | ||
Debt Instrument, Unamortized Discount | -15 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | |||
Senior Notes [Member] | 2.5% Contingent Convertible Senior Notes due 2037 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,168 | 1,168 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||
Senior Notes [Member] | 2.25% Contingent Convertible Senior Notes Due 2038 [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 347 | 347 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 0 | 0 | ||
Line of Credit [Member] | Oilfield Services Revolving Credit Facility [Member] | ||||
Long-Term Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $0 | $405 |
Debt_Long_Term_Debt_Table_Phan
Debt - Long Term Debt Table (Phantom) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Senior Unsecured Term Loan Due 2017 [Member] | Unsecured Debt [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument Maturity Date | 2-Dec-17 | |
9.5% Senior Notes Due 2015 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |
Debt Instrument Maturity Date | 15-Feb-15 | |
3.25% Senior Notes due 2016 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% |
Debt Instrument Maturity Date | 15-Mar-16 | |
6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | Senior Notes [Member] | Cross Currency Interest Rate Contract [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
Debt Instrument Maturity Date | 15-Jan-17 | |
6.5% Senior Notes Due 2017 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Debt Instrument Maturity Date | 15-Aug-17 | |
6.875% Senior Notes Due 2018 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% |
Debt Instrument Maturity Date | 18-Aug-18 | |
7.25% Senior Notes Due 2018 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |
Debt Instrument Maturity Date | 15-Dec-18 | |
Floating Rate Senior Notes due 2019 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument Maturity Date | 15-Apr-19 | |
6.625% Senior Notes Due 2019 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |
Debt Instrument Maturity Date | 15-Nov-19 | |
6.625% Senior Notes Due 2020 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.63% | |
Debt Instrument Maturity Date | 15-Aug-20 | |
6.875% Senior Notes Due 2020 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | |
Debt Instrument Maturity Date | 15-Nov-20 | |
5.375% Senior Notes due 2021 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% |
Debt Instrument Maturity Date | 15-Jun-21 | |
6.125% Senior Notes Due 2021 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | |
Debt Instrument Maturity Date | 15-Feb-21 | |
4.875% Senior Notes due 2022 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |
Debt Instrument Maturity Date | 15-Apr-22 | |
5.75% Senior Notes due 2023 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% |
Debt Instrument Maturity Date | 15-Mar-23 | |
2.75% Contingent Convertible Senior Notes Due 2035 [Member] | ||
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 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | |
Debt Instrument Maturity Date | 15-Nov-35 | |
2.5% Contingent Convertible Senior Notes due 2037 [Member] | ||
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 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |
Debt Instrument Maturity Date | 17-May-37 | |
2.25% Contingent Convertible Senior Notes Due 2038 [Member] | ||
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 [Member] | Senior Notes [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |
Debt Instrument Maturity Date | 15-Dec-38 |
Debt_Schedule_of_Debt_Maturiti
Debt - Schedule of Debt Maturities Table (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $396 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 500 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 2,244 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,016 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,500 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 6,100 |
Long-term Debt, Gross | $11,756 |
Debt_Term_Loans_Narrative_Deta
Debt - Term Loans Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 07, 2012 | Apr. 24, 2014 | |
Long-Term Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $11,756,000,000 | |||||
Gains (Losses) on Extinguishment of Debt | -63,000,000 | -40,000,000 | -200,000,000 | |||
Unsecured Debt [Member] | ||||||
Long-Term Debt Instrument [Line Items] | ||||||
Commitment Period | 5 years | |||||
Unsecured Debt | 2,000,000,000 | |||||
Proceeds from Issuance of Unsecured Debt | 1,935,000,000 | |||||
Gains (Losses) on Extinguishment of Debt | 90,000,000 | |||||
Unsecured Debt [Member] | Premium on Extinguishment of Term Loan Debt [Member] | ||||||
Long-Term Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | 40,000,000 | |||||
Unsecured Debt [Member] | Unamortized Discount on Extinguishment of Term Loan Debt [Member] | ||||||
Long-Term Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | 30,000,000 | |||||
Unsecured Debt [Member] | Unamortized Deferred Charges on Extinguishment of Term Loan Debt [Member] | ||||||
Long-Term Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | 20,000,000 | |||||
Senior Notes [Member] | ||||||
Long-Term Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $3,000,000,000 | $3,000,000,000 |
Debt_Senior_Notes_and_Continge
Debt - Senior Notes and Contingent Convertible Senior Notes Purchased Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2014 | |
Long-Term Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||
Long-term Debt, Gross | $11,756,000,000 | ||
Proceeds from issuance of senior notes, net of discount and offering costs | 3,460,000,000 | ||
Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Long-term Debt, Gross | 3,000,000,000 | 3,000,000,000 | |
Debt Instrument, Face Amount | 2,300,000,000 | ||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966,000,000 | 2,274,000,000 | |
Debt Instrument, Repurchase Amount | 405,000,000 | ||
Gain (Loss) on Repurchase of Debt Instrument | 37,000,000 | ||
Senior Notes [Member] | Premium on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 32,000,000 | ||
Senior Notes [Member] | Unamortized Deferred Charges on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 5,000,000 | ||
Minimum [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 50,000,000 | ||
Maximum [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 75,000,000 | ||
2.5% Contingent Convertible Senior Notes due 2037 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,168,000,000 | 1,168,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | ||
2.75% Contingent Convertible Senior Notes Due 2035 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 396,000,000 | 396,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.86% | ||
2.25% Contingent Convertible Senior Notes Due 2038 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 347,000,000 | 347,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | ||
Floating Rate Senior Notes due 2019 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,500,000,000 | 0 | |
4.875% Senior Notes due 2022 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,500,000,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||
3.25% Senior Notes due 2016 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 500,000,000 | 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |
5.375% Senior Notes due 2021 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 700,000,000 | 700,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% | |
5.75% Senior Notes due 2023 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,100,000,000 | 1,100,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |
7.625% Senior Notes Due 2013 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 247,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | ||
Debt Instrument, Repurchase Amount | 221,000,000 | ||
Debt Instrument, Repurchased Face Amount | 217,000,000 | ||
6.875% Senior Notes Due 2018 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 0 | 97,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% | |
Debt Instrument, Repurchased Face Amount | 97,000,000 | 377,000,000 | |
Gain (Loss) on Repurchase of Debt Instrument | 6,000,000 | ||
6.875% Senior Notes Due 2018 [Member] | Senior Notes [Member] | Premium on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 5,000,000 | ||
6.875% Senior Notes Due 2018 [Member] | Senior Notes [Member] | Unamortized Deferred Charges on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 1,000,000 | ||
9.5% Senior Notes Due 2015 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 0 | 1,265,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||
Debt Instrument, Repurchased Face Amount | 1,265,000,000 | 1,454,000,000 | |
Gain (Loss) on Repurchase of Debt Instrument | 99,000,000 | ||
9.5% Senior Notes Due 2015 [Member] | Senior Notes [Member] | Premium on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 87,000,000 | ||
9.5% Senior Notes Due 2015 [Member] | Senior Notes [Member] | Unamortized Discount on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 9,000,000 | ||
9.5% Senior Notes Due 2015 [Member] | Senior Notes [Member] | Unamortized Deferred Charges on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 3,000,000 | ||
6.775% Senior Notes Due 2019 [Member] | Senior Notes [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.78% | ||
Prejudgment Interest Statutory Rate | 9.00% | ||
Debt Instrument, Repurchased Face Amount | 1,300,000,000 | ||
Gain (Loss) on Repurchase of Debt Instrument | 33,000,000 | ||
6.775% Senior Notes Due 2019 [Member] | Senior Notes [Member] | Unamortized Discount on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | 14,000,000 | ||
6.775% Senior Notes Due 2019 [Member] | Senior Notes [Member] | Unamortized Deferred Charges on Extinguishment of Senior Note Debt [Member] | |||
Long-Term Debt Instrument [Line Items] | |||
Gain (Loss) on Repurchase of Debt Instrument | $19,000,000 |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
extension | ||
Long-Term Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $11,756,000,000 | |
Revolving Credit Facility [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Borrowing capacity | 4,000,000,000 | |
Line of Credit Facility, Increase (Decrease), Net | 1,000,000,000 | |
Line of Credit Facility, Number of Expiration Period Options | 2 | |
Line of Credit Facility, Expiration Period Option | 1 year | |
Long-term Debt, Gross | 0 | |
Commitment Period | 5 years | |
Letters of Credit Outstanding, Amount | $15,000,000 | |
Interest Rate In Addition To Federal Funds Rate | 0.50% | |
Loans Receivable, Basis Spread on Variable Rate | 1.00% | |
Debt Instrument, Covenant Description | 4.0 to 1.0 | |
Line of Credit Facility, Guarantee Event One | cross-payment default and cross acceleration with respect to indebtedness in an aggregate principal amount of $125 million or more | |
Line of Credit Facility, Guarantee Event Two | bankruptcy; judgments involving liability of $125 million or more that are not paid | |
Line of Credit Facility, Guarantee Event Three | ERISA events | |
Revolving Credit Facility [Member] | Alternatiove Base Rate (ABR) [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 0.63% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 1.63% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Ratio of Indebtedness to Net Capital | 65 | |
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument Maturity Date | 15-Dec-19 | |
Revolving Credit Facility [Member] | Moody's, Ba3 Rating [Member] | Minimum [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Credit Rating | Ba3 | |
Revolving Credit Facility [Member] | Standard & Poor's, BB- Rating [Member] | Minimum [Member] | ||
Long-Term Debt Instrument [Line Items] | ||
Debt Instrument, Credit Rating | BB- |
Debt_SpinOff_Debt_Transactions
Debt - Spin-Off Debt Transactions (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 24, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term Debt, Gross | $11,756 | |||
Credit Facility Commitment Period | 10 years | |||
Proceeds from issuance of senior notes, net of discount and offering costs | 3,460 | |||
Seven Seven Energy Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Commitment Period | 7 years | |||
Seven Seven Energy Inc. Revolving Bank Credit Facility [Member] | Seven Seven Energy Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Borrowing capacity | 275 | |||
Payments of Financing Costs | 3 | |||
Commitment Period | 5 years | |||
Secured Debt [Member] | Seven Seven Energy Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term Debt, Gross | 400 | |||
Proceeds from Issuance of Secured Debt | 394 | |||
Senior Notes [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term Debt, Gross | 3,000 | 3,000 | ||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | 2,274 | ||
6.5% Senior Notes Due 2022 [Member] | Senior Notes [Member] | Seven Seven Energy Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-term Debt, Gross | 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||
Proceeds from issuance of senior notes, net of discount and offering costs | 494 | |||
General Partner Distributions | 391 |
Debt_Fair_Value_of_Other_Finan
Debt - Fair Value of Other Financial Instruments (Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, net | $11,535 | $12,886 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, net | 11,525 | 10,501 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, net | 0 | 2,372 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, net | 12,052 | 11,557 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, net | $0 | $2,369 |
Contingencies_Narrative_Detail
Contingencies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Provision for legal contingencies | $234 | $0 | $0 |
Redemption of 2019 Notes [Member] | |||
Loss Contingencies [Line Items] | |||
Provision for legal contingencies | 100 | ||
Redemption of 2019 Notes [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Provision for legal contingencies | 100 | ||
Redemption of 2019 Notes [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Provision for legal contingencies | 380 | ||
Settled Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Provision for legal contingencies | $119 | ||
Senior Notes [Member] | 6.775% Senior Notes Due 2019 [Member] | |||
Loss Contingencies [Line Items] | |||
Prejudgment Interest Statutory Rate | 9.00% |
Commitments_Undiscounted_Lease
Commitments - Undiscounted Lease Payments Table (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $5 |
Operating Leases, Future Minimum Payments, Due in Two Years | 4 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1 |
Future Minimum Payments Due | $11 |
Commitments_Undiscounted_Gathe
Commitments - Undiscounted Gathering Processing and Transportation Agreements Commitments Table (Details) (Gathering and Processing Equipment [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Gathering and Processing Equipment [Member] | |
Other Commitments [Line Items] | |
Gathering, Processing and Transportation Commitment, Due in Next Twelve Months | $1,855 |
Gathering, Processing and Transportation Commitment, Due in Second Year | 1,987 |
Gathering, Processing and Transportation Commitment, Due in Third Year | 2,003 |
Gathering, Processing and Transportation Commitment, Due in Fourth Year | 1,802 |
Gathering, Processing and TransportationCommitment, Due in Fifth Year | 1,516 |
Gathering, Processing and Transportation Commitment, Due after Fifth Year | 6,880 |
Gathering, Processing and Transportation Commitment | $16,043 |
Commitments_Undiscounted_Drill
Commitments - Undiscounted Drilling Contracts Commitments Table (Details) (Drilling Rig Leases [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Drilling Rig Leases [Member] | |
Drilling Contracts [Line Items] | |
Drilling Contracts Obligation, Due in Next Twelve Months | $232 |
Drilling Contracts Obligation, Due in Second Year | 179 |
Drilling Contracts Obligation, Due in Third Year | 91 |
Drilling Contracts Obligation | $502 |
Commitments_Undiscounted_Press
Commitments - Undiscounted Pressure Pumping Contracts Commitments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Other Commitments [Line Items] | |
Pressure Pumping Contracts, Future Minimum Payments Due, Next Twelve Months | $5 |
Pressure Pumping Contracts, Future Minimum Payments, Due in Two Years | 4 |
Pressure Pumping Contracts, Future Minimum Payments, Due in Three Years | 1 |
Future Minimum Payments Due | 11 |
Pressure Pumping Leases [Member] | Seven Seven Energy Inc. [Member] | |
Other Commitments [Line Items] | |
Pressure Pumping Contracts, Future Minimum Payments Due, Next Twelve Months | 245 |
Pressure Pumping Contracts, Future Minimum Payments, Due in Two Years | 162 |
Pressure Pumping Contracts, Future Minimum Payments, Due in Three Years | 59 |
Future Minimum Payments Due | $466 |
Commitments_Narrative_Details
Commitments - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 20, 2011 |
Long-term Purchase Commitment [Line Items] | ||||
Operating Leases, Rent Expense | $33 | $158 | $185 | |
Gathering Fee Escalation Rate | 15.00% | |||
Investments | 265 | 477 | ||
Sundrop Fuels Inc [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Marketable Securities, Equity Securities | 25 | |||
Investments | 155 | 155 | ||
Net Acreage Maintenance Commitment [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Cash Payment for Shortfall | $50 | |||
Net Acreage Shortfall [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number Of Net Acres | 20,800 | |||
Drilling Rig Leases [Member] | Minimum [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Lease Term | 3 months | |||
Drilling Rig Leases [Member] | Maximum [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Lease Term | 3 years | |||
Drilling Rig Leases [Member] | Seven Seven Energy Inc. [Member] | Minimum [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Lease Term | 3 months | |||
Drilling Rig Leases [Member] | Seven Seven Energy Inc. [Member] | Maximum [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Lease Term | 3 years | |||
Pressure Pumping Leases [Member] | Seven Seven Energy Inc. [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Percent of Total | 50.00% | |||
Pressure Pumping Leases [Member] | Pressure Pumping Crew Year One of Agreement [Member] | Seven Seven Energy Inc. [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Crews | 7 | |||
Year of Service Agreement | 1 year | |||
Pressure Pumping Leases [Member] | Pressure Pumping Crew Year Two of Agreement [Member] | Seven Seven Energy Inc. [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Crews | 5 | |||
Year of Service Agreement | 2 years | |||
Pressure Pumping Leases [Member] | Pressure Pumping Crew Year Three of Agreement [Member] | Seven Seven Energy Inc. [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Crews | 3 | |||
Year of Service Agreement | 3 years |
Other_Liabilities_Current_Tabl
Other Liabilities - Current Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Revenues and royalties due others | $1,176 | $1,409 |
Accrued natural gas, oil and NGL drilling and production costs | 385 | 457 |
Joint interest prepayments received | 189 | 464 |
Accrued compensation and benefits | 344 | 320 |
Other accrued taxes | 55 | 161 |
Accrued dividends | 101 | 101 |
Other | 811 | 599 |
Total other current liabilities | $3,061 | $3,511 |
Other_Liabilities_LongTerm_Tab
Other Liabilities - Long-Term Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Other Long-Term Liabilities [Line Items] | ||||
Financing obligations | $30 | $31 | ||
Unrecognized Tax Benefits | 303 | 644 | 599 | 369 |
Other | 249 | 237 | ||
Other Liabilities, Current | 3,061 | 3,511 | ||
Total other long-term liabilities | 679 | 984 | ||
Other Noncurrent Liabilities [Member] | ||||
Other Long-Term Liabilities [Line Items] | ||||
Unrecognized Tax Benefits | 45 | 317 | ||
Noncontrolling Interest, Chesapeake Utica L L C [Member] | ||||
Other Long-Term Liabilities [Line Items] | ||||
Conveyance Obligation Noncurrent | 220 | 250 | ||
Other Liabilities, Current | 14 | 13 | ||
Total other long-term liabilities | 234 | 263 | ||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | ||||
Other Long-Term Liabilities [Line Items] | ||||
Conveyance Obligation Noncurrent | 135 | 149 | ||
Other Liabilities, Current | 23 | 12 | ||
Total other long-term liabilities | $158 | $161 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $0 | $0 | $0 |
Current State and Local Tax Expense (Benefit) | 47 | 22 | 47 |
Current income taxes | 47 | 22 | 47 |
Deferred Federal Income Tax Expense (Benefit) | 1,115 | 502 | -358 |
Deferred State and Local Income Tax Expense (Benefit) | -18 | 24 | -69 |
Deferred income taxes | 1,097 | 526 | -427 |
INCOME TAX EXPENSE (BENEFIT) | $1,144 | $548 | ($380) |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $1,120 | $505 | ($341) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 68 | 88 | -38 |
Effective Income Tax Rate Reconciliation, Deferred Remeasurement | -114 | -38 | -19 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 74 | -12 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | -4 | 5 | 18 |
INCOME TAX EXPENSE (BENEFIT) | $1,144 | $548 | ($380) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Other Finite-Lived Assets | ($3,950) | ($2,631) |
Deferred Tax Liabilities, Property, Plant and Equipment | -14 | -371 |
Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs | -920 | -1,216 |
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs | -443 | -439 |
Deferred Tax Liabilities, Tax Deferred Income | -102 | 0 |
Deferred Tax Liabilities, Derivatives | -428 | 0 |
Deferred Tax Liabilities, Gross | -5,857 | -4,657 |
Deferred Tax Assets, Operating Loss Carryforwards | 945 | 535 |
Deferred Tax Assets, Derivative Instruments | 0 | 108 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | 165 | 153 |
Deferred Tax Assets, Investments | 88 | 130 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 50 | 66 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 214 | 120 |
Deferred Tax Assets, Investment in Subsidiaries | 135 | 152 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 34 | 317 |
Deferred Tax Assets, Other | 56 | 40 |
Deferred Tax Assets, Gross | 1,687 | 1,621 |
Deferred Tax Assets, Valuation Allowance | -222 | -148 |
Deferred Tax Assets, Net of Valuation Allowance | 1,465 | 1,473 |
Deferred income tax asset | 0 | 223 |
Deferred Tax Liabilities, Net, Current | -207 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | -4,185 | -3,407 |
Deferred Tax Liabilities, Net | $4,392 | $3,184 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Period Start | $644 | $599 | $369 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 13 | 15 | 134 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 30 | 96 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -354 | 0 | 0 |
Unrecognized Tax Benefits, Period End | $303 | $644 | $599 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes Summary [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Deferred Remeasurement | ($114) | ($38) | ($19) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 74 | -12 | 0 | |
Deferred income tax asset | 0 | 223 | ||
Deferred income tax liabilities | 4,185 | 3,407 | ||
Deferred Tax Assets, Gross | 1,687 | 1,621 | ||
Deferred Tax Assets, Valuation Allowance | 222 | 148 | ||
Treasury Regulations Purchase of Stock | 5.00% | |||
Percentage Of Beneficial Interest Owned | 50.00% | |||
Unrecognized Tax Benefits | 303 | 644 | 599 | 369 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 5 | 13 | ||
Federal Jurisdiction [Member] | ||||
Income Taxes Summary [Line Items] | ||||
Tax Credit Carryforward, Amount | 1,600 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes Summary [Line Items] | ||||
Tax Credit Carryforward, Amount | 8,300 | |||
Tax Credit Carryforward, Deferred Tax Asset | 551 | 394 | ||
Unrecognized Tax Benefits | 17 | 4 | ||
Alternative Minimum Tax [Member] | ||||
Income Taxes Summary [Line Items] | ||||
Tax Credit Carryforward, Amount | 76 | |||
Unrecognized Tax Benefits | 23 | |||
Windfall [Member] | ||||
Income Taxes Summary [Line Items] | ||||
Tax Credit Carryforward, Amount | $18 |
Related_Party_Transactions_Equ
Related Party Transactions - Equity Method Investees Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Accounts Receivable, Related Parties, Current | $0 | $47 | $67 |
Related Party Transaction, Due from (to) Related Party | 0 | 1 | 42 |
FTS International, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | 0 | 0 | 73 |
Payment For Transaction with Related Party | 220 | 397 | 480 |
Twin Eagle Resource Management Llc [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $0 | $666 | $392 |
Equity Method Investment, Ownership Percentage | 30.00% |
Equity_Common_Stock_Table_Deta
Equity - Common Stock Table (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, Shares, Issued Beginning of Period | 666,192,371 | 666,468,000 | 660,888,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | -2,529,000 | -599,000 | 5,038,000 |
Stock option exercises | 1,281,000 | 323,000 | 542,000 |
Common Stock, Shares, Issued End of Period | 664,944,232 | 666,192,371 | 666,468,000 |
Equity_Preferred_Stock_Convers
Equity - Preferred Stock Conversion Terms Table (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
5.75% Cumulative Convertible Preferred Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $1,000,000 | $1,000,000 |
5.75% Cumulative Convertible Preferred Stock Series A [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $1,000,000 | $1,000,000 |
4.50% Cumulative Convertible Preferred Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $100,000 | $100,000 |
5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $100,000 | $100,000 |
Preferred Stock [Member] | 5.75% Cumulative Convertible Preferred Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Stock Issue Date | May and June 2010 | |
Preferred Stock, Liquidation Preference Per Share | $1,000 | |
Conversion of Stock, Holders Conversion Right | Any time | |
Preferred Stock Conversion Rate | 39.59% | |
Conversion of Stock, Conversion Price | $25.26 | |
Conversion of Stock, Company Conversion Right, Date | 17-May-15 | |
Trigger Price For Time Period | $32.84 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Preferred Stock [Member] | 5.75% Cumulative Convertible Preferred Stock Series A [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Stock Issue Date | May-10 | |
Preferred Stock, Liquidation Preference Per Share | $1,000 | |
Conversion of Stock, Holders Conversion Right | Any time | |
Preferred Stock Conversion Rate | 38.25% | |
Conversion of Stock, Conversion Price | $26.14 | |
Conversion of Stock, Company Conversion Right, Date | 17-May-15 | |
Trigger Price For Time Period | 33.9836 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Preferred Stock [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Stock Issue Date | Sep-05 | |
Preferred Stock, Liquidation Preference Per Share | $100 | |
Conversion of Stock, Holders Conversion Right | Any time | |
Preferred Stock Conversion Rate | 2.45% | |
Conversion of Stock, Conversion Price | $40.87 | |
Conversion of Stock, Company Conversion Right, Date | 15-Sep-10 | |
Trigger Price For Time Period | 53.1301 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Preferred Stock [Member] | 5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Stock Issue Date | Nov-05 | |
Preferred Stock, Liquidation Preference Per Share | $100 | |
Conversion of Stock, Holders Conversion Right | Any time | |
Preferred Stock Conversion Rate | 2.77% | |
Conversion of Stock, Conversion Price | $36.14 | |
Conversion of Stock, Company Conversion Right, Date | 15-Nov-10 | |
Trigger Price For Time Period | $46.98 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Minimum [Member] | Preferred Stock [Member] | 5.75% Cumulative Convertible Preferred Stock Series A [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Company Market Trigger | 25,000 | |
Minimum [Member] | Preferred Stock [Member] | 4.50% Cumulative Convertible Preferred Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Conversion of Stock, Company Market Trigger | 250,000 |
Equity_Convertible_Preferred_S
Equity - Convertible Preferred Stock Table (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding, beginning of period | 7,251,515 | 7,251,515 | |
Shares outstanding, end of period | 7,251,515 | 7,251,515 | |
5.75% Cumulative Convertible Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding, beginning of period | 1,497,000 | 1,497,000 | 1,497,000 |
Shares outstanding, end of period | 1,497,000 | 1,497,000 | 1,497,000 |
5.75% Cumulative Convertible Preferred Stock Series A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding, beginning of period | 1,100,000 | 1,100,000 | 1,100,000 |
Shares outstanding, end of period | 1,100,000 | 1,100,000 | 1,100,000 |
4.50% Cumulative Convertible Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding, beginning of period | 2,559,000 | 2,559,000 | 2,559,000 |
Shares outstanding, end of period | 2,559,000 | 2,559,000 | 2,559,000 |
5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding, beginning of period | 2,096,000 | 2,096,000 | 2,096,000 |
Shares outstanding, end of period | 2,096,000 | 2,096,000 | 2,096,000 |
Equity_AOCI_Changes_Net_of_Tax
Equity - AOCI Changes Net of Tax Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period Start | ($162) | ||
Net current period other comprehensive income | 19 | 20 | -16 |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | -143 | -162 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period Start | -162 | -182 | |
Other comprehensive income before reclassifications | 1 | -4 | |
Amounts reclassified from accumulated other comprehensive income | 18 | 24 | |
Net current period other comprehensive income | 19 | 20 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | -143 | -162 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period Start | -167 | -189 | |
Other comprehensive income before reclassifications | 1 | 2 | |
Amounts reclassified from accumulated other comprehensive income | 23 | 20 | |
Net current period other comprehensive income | 24 | 22 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | -143 | -167 | |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period Start | 5 | 7 | |
Other comprehensive income before reclassifications | 0 | -6 | |
Amounts reclassified from accumulated other comprehensive income | -5 | 4 | |
Net current period other comprehensive income | -5 | -2 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | $0 | $5 |
Equity_AOCI_Reclassifications_
Equity - AOCI Reclassifications Table (Details) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $18 | $24 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 23 | 20 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -5 | 4 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Impairment of Investment [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Sale of Investment [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ($5) | ($2) |
Equity_Narrative_Details
Equity - Narrative (Details) | 12 Months Ended |
Dec. 31, 2014 | |
5.0% Cumulative Convertible Preferred Stock Series 2005 B [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 5.00% |
4.50% Cumulative Convertible Preferred Stock [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 4.50% |
5.75% Cumulative Convertible Preferred Stock [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Preferred Stock, Dividend Rate, Percentage | 5.75% |
Equity_Noncontrolling_Interest
Equity - Noncontrolling Interests Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2012 | Mar. 30, 2012 | Jun. 30, 2014 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 31, 2012 | Nov. 30, 2011 |
well | acre | well | acre | County | |||||||
Noncontrolling Interest [Line Items] | |||||||||||
Payments for (Proceeds from) Investments | $17 | $44 | $395 | ||||||||
Restricted cash and cash equivalents, current | 38 | 75 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,302 | 2,145 | |||||||||
Net income attributable to noncontrolling interests | 139 | 170 | 175 | ||||||||
Preferred Stock Redemption Premium | 447 | 69 | 0 | ||||||||
Common Stock, Shares, Issued | 664,944,232 | 666,192,371 | 666,468,000 | 660,888,000 | 660,888,000 | ||||||
Common stock, par value (usd per share) | $0.01 | $0.01 | |||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number Of Net Acres | 245,000 | ||||||||||
Payments for (Proceeds from) Investments | 1,250 | ||||||||||
Preferred Stock, Shares Issued | 1,250,000 | ||||||||||
Number of Wells, Net | 1,000 | ||||||||||
Overriding Royalty Interest Percentage | 3.75% | 3.75% | |||||||||
Restricted cash and cash equivalents, current | 38 | 38 | |||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $1,000 | ||||||||||
Distribution of Excess Cash | 100.00% | ||||||||||
Percentage of internal rate of return | 9.00% | ||||||||||
Internal return on investment, multiplier | 1.35 | ||||||||||
Preferred Stock, Redemption Price Per Share | $1,185 | $1,245 | |||||||||
Acre Spacing | 160 | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,015 | ||||||||||
Net income attributable to noncontrolling interests | 75 | 75 | 57 | ||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Days in Notice | 45 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Maximum, March 31, 2019 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of internal rate of return | 15.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six-Month Period Through 2013 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net Decimal | 37.5 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six-Month Period in 2014 Through 2016 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 25 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Cumulative Well Total [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 300 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six-Month Period of April 1, 2014 - June 30,2014 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net Decimal | 162.5 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six-Month Period of June 30,2014 Through December 31, 2014 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net Decimal | 175 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six Month Period, 1.1.15 - 6.30.15 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 225 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Minimum, Six Month Periods, 7.1.15 - 12.31.17 [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 25 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Maximum, Two Consecutive Six-Month Periods [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of internal rate of return | 3.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Maximum, Four Consecutive Six-Month Periods [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of internal rate of return | 3.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Wells, Future Wells [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 1,000 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Wells, Qualified Wells [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 17 | 77 | 84 | ||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Wells, Percentage Increase in Future Net Wells [Member] | Minimum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of increase in leasehold in which commitment to drill is not met | 5.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Wells, Drilled Wells [Member] | Minimum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 867 | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Preferred Stock [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Cash Distribution [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Payments for (Proceeds from) Investments | 225 | ||||||||||
Distribution of Excess Cash | 75.00% | ||||||||||
Noncontrolling Interest, Chesapeake Cleveland Tonkawa L.L.C [Member] | Share Distribution [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Payments for (Proceeds from) Investments | 1,025 | ||||||||||
Distribution of Excess Cash | 25.00% | ||||||||||
Noncontrolling Interest, Chesapeake Utica L L C [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number Of Net Acres | 700,000 | ||||||||||
Payments for (Proceeds from) Investments | 1,250 | ||||||||||
Preferred Stock, Shares Issued | 1,250,000 | 1,250,000 | |||||||||
Number of Wells, Net | 1,500 | ||||||||||
Overriding Royalty Interest Percentage | 3.00% | 3.00% | |||||||||
Preferred Stock, Redemption Price Per Share | $1,189 | ||||||||||
Percentage of increase in leasehold in which commitment to drill is not met | 4.00% | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 807 | |||||||||
Net income attributable to noncontrolling interests | 43 | 79 | 88 | ||||||||
Number of counties present in the leasehold land (Counties) | 13 | ||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 1,254 | ||||||||||
Preferred Stock Redemption Premium | 447 | ||||||||||
Spacing for Wells Drilled | 150 | ||||||||||
Noncontrolling Interest, Chesapeake Utica L L C [Member] | Minimum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Wells, Net | 1,300 | ||||||||||
Noncontrolling Interest, Chesapeake Utica L L C [Member] | Wells, Percentage Increase in Future Net Wells [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of increase in leasehold in which commitment to drill is not met | 4.00% | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number Of Net Acres | 29,000 | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 287 | 314 | |||||||||
Net income attributable to noncontrolling interests | 24 | 20 | 35 | ||||||||
Percentage Of Beneficial Interest Owned | 51.00% | ||||||||||
Common stock, par value (usd per share) | $19 | ||||||||||
Common shares, outstanding | 46,750,000 | ||||||||||
Number of producing wells | 69 | ||||||||||
Number of development wells drilled | 102 | 82 | |||||||||
Number Of Gross Acres | 45,400 | ||||||||||
Maximum amount recoverable by trust under lien | $36 | $79 | $263 | ||||||||
Percentage of incentive distributions received | 50.00% | ||||||||||
Percentage of remaining cash available for distribution in excess of the incentive threshold | 50.00% | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | Minimum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of proceeds from royalty interest conveyed to trust | 50.00% | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | Maximum [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Percentage of proceeds from royalty interest conveyed to trust | 90.00% | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | Wells, Initial Number of Wells [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of development wells drilled | 118 | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | Common Unit [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Common Stock, Shares, Issued | 23,000,000 | ||||||||||
Common shares, outstanding | 12,062,500 | ||||||||||
Noncontrolling Interest, Chesapeake Granite Wash Trust [Member] | Subordinated Units [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Common shares, outstanding | 11,687,500 |
Equity_Noncontrolling_Interest1
Equity - Noncontrolling Interests Distribution Table (Details) (Noncontrolling Interest, Chesapeake Granite Wash Trust [Member], USD $) | 3 Months Ended | |||||||||||
Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | |
Noncontrolling Interest [Line Items] | ||||||||||||
Distribution Made to Limited Partner, Distribution Date | 1-Dec-14 | 29-Aug-14 | 30-May-14 | 3-Mar-14 | 29-Nov-13 | 29-Aug-13 | 31-May-13 | 1-Mar-13 | 29-Nov-12 | 30-Aug-12 | 31-May-12 | 1-Mar-12 |
Common Unit [Member] | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared, Per Unit | 0.5079 | 0.5796 | 0.6454 | 0.6624 | 0.6671 | 0.69 | 0.69 | 0.67 | 0.63 | 0.61 | 0.6588 | 0.7277 |
Subordinated Units [Member] | ||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared, Per Unit | 0 | 0 | 0 | 0 | 0 | 0.1432 | 0.301 | 0.3772 | 0.2208 | 0.4819 | 0.6588 | 0.7277 |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Table (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
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 | 13,400 | 18,899 | 19,544 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,049 | 9,189 | 9,480 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -4,803 | -12,897 | -8,620 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -3,555 | -1,791 | -1,505 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Shares, Period End | 10,091 | 13,400 | 18,899 |
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 | $23.38 | $23.72 | $26.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $25.92 | $19.68 | $21.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $27.17 | $21.32 | $28.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $28.09 | $22.86 | $24.57 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Period End | $21.20 | $23.38 | $23.72 |
ShareBased_Compensation_Equity
Share-Based Compensation - Equity-Classified Valuation Table (Details) (Employee Stock Option [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 20 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.63% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.93% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.33% |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity Table (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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 | 481 | 1,051 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 994 | 5,264 | |||
Share Based Compensation Arrangement By Share Based Payment Award Shares Underlying Options Exercised In Period | -1,322 | -346 | -570 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -28 | -131 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | -313 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Period End | 4,599 | 5,268 | 481 | 1,051 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,304 | 1,552 | |||
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 | $12.69 | $9.84 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $24.43 | $19.32 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $18.71 | $10.82 | $7.45 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $18.97 | $19.31 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $21.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Period End | $19.55 | $19.28 | $12.69 | $9.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $18.71 | $18.82 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Period Start | $41 | $2 | $13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 11 | 3 | 7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Period End | 5 | 41 | 2 | 13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $1 | $13 | |||
Weighted Average Contract Life (in years) [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 7 months 29 days | 7 years 12 days | 11 months 16 days | 1 year 4 months 28 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 8 months 13 days | 1 year 11 months 19 days |
ShareBased_Compensation_Equity1
Share-Based Compensation - Equity-Classified Compensation Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $104 | $150 | $191 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 46 | 60 | 71 |
Oil and Gas Properties [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 29 | 52 | 71 |
Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 18 | 21 | 24 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 6 | 7 | 15 |
Other Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $5 | $10 | $10 |
ShareBased_Compensation_Liabil
Share-Based Compensation - Liability Classified Valuation Table (Details) (Performance Shares [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 41.37% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.76% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.36% |
ShareBased_Compensation_Perfor
Share-Based Compensation - Performance Share Unit Breakout (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $104 | $150 | $191 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | -1 | 48 | 14 |
Performance Shares [Member] | Year of 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 11 | 2 | |
Performance Shares [Member] | Payable 2015 [Member] | Year of 2012 [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 | 884,507 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 12 | ||
Fair Value of Share Based Award | 12 | 23 | |
Performance Shares [Member] | Payable 2016 [Member] | Year of 2013 [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 | 1,701,941 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 39 | ||
Fair Value of Share Based Award | 42 | 35 | |
Performance Shares [Member] | Payable 2017 [Member] | Year of 2014 [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 | 609,637 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 7 | ||
Fair Value of Share Based Award | $10 | $16 |
ShareBased_Compensation_Liabil1
Share-Based Compensation - Liability-Classified Compensation Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $104 | $150 | $191 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 46 | 60 | 71 |
Oil and Gas Properties [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 29 | 52 | 71 |
Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 18 | 21 | 24 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 6 | 7 | 15 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | -1 | 48 | 14 |
Performance Shares [Member] | General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | -4 | 34 | 8 |
Performance Shares [Member] | Oil and Gas Properties [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 3 | 9 | 4 |
Performance Shares [Member] | Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 0 | 2 | 1 |
Performance Shares [Member] | Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 0 | 2 | 1 |
Performance Shares [Member] | Oilfield Services [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $0 | $1 | $0 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 | ||
Common Stock, Shares, Issued | 664,944,232 | 666,192,371 | 666,468,000 | 660,888,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 994,000 | 5,264,000 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 130 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 135 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 days | |||
Restricted Stock [Member] | Minimum [Member] | ||||
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 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black-Scholes option pricing model | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 11 | |||
TSR [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Monte Carlo simulation | |||
Employee [Member] | Minimum [Member] | ||||
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 | |||
Employee [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Management [Member] | Retention Based Stock Option Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||
Management [Member] | Incentive Based Stock Option Award [Member] | ||||
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 | |||
Management [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Stock Option Award Three Year Anniversary [Member] | Management [Member] | Retention Based Stock Option Award [Member] | ||||
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 | |||
Stock Optioin Award Four Year Anniversary [Member] | Management [Member] | Retention Based Stock Option Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Stock option Award Five Year Anniversary [Member] | Management [Member] | Retention Based Stock Option Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Paid-In Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase (decrease) in tax benefit from stock-based compensation | 15 | -13 | -30 | |
Paid-In Capital [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 14 | 32 | ||
Increase (decrease) in tax benefit from stock-based compensation | 12 | |||
Paid-In Capital [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase (decrease) in tax benefit from stock-based compensation | 3 | 1 | $2 | |
Year of 2012 [Member] | Share-Based Comp Award One Year Anniversary [Member] | Management [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | first | |||
Year of 2012 [Member] | Share-Based Comp Award Two Year Anniversary [Member] | Management [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | second | |||
Year of 2012 [Member] | Share-Based Comp Award Three Year Anniversary [Member] | Management [Member] | Performance Shares [Member] | ||||
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 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | third | |||
Years of 2013 and 2014 [Member] | Share-Based Comp Award Three Year Anniversary [Member] | Management [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | third | |||
2014 Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reduction due to issuance of stock option or SAR | 1 | |||
Reduction due to award other than stock option or SAR | 2.12 | |||
Remaining Shares Available For Issuance | 36,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||
2014 Long Term Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Shares Authorized | 36,600,000 | |||
2014 Long Term Incentive Plan [Member] | Employee [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation, Option to Purchase, Shares | 272,289 | |||
2014 Long Term Incentive Plan [Member] | Non-Employee Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 50,771 | |||
2005 Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||
2005 Long Term Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Shares Authorized | 59,300,000 | |||
2005 Long Term Incentive Plan [Member] | Employee [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,300,000 | 2,500,000 | 5,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 993,730 | 5,300,000 | 0 | |
2005 Long Term Incentive Plan [Member] | Non-Employee Director [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 48,083 | 147,108 | 170,151 | |
2003 Stock Award Plan for Non-Employee Directors [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining Shares Available For Issuance | 120,000 | |||
2003 Stock Award Plan for Non-Employee Directors [Member] | Non-Employee Director [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Shares Authorized | 250,000 | |||
Common Stock, Shares, Issued | 10,000 | |||
2003 Stock Award Plan for Non-Employee Directors [Member] | Common Stock [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 10,000 | 20,000 | 30,000 | |
Long-Term Incentive Plan [Member] | Year of 2012 [Member] | Management [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Long-Term Incentive Plan [Member] | Year of 2012 [Member] | Management [Member] | Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 125.00% | |||
Long-Term Incentive Plan [Member] | Year of 2012 [Member] | Management [Member] | Performance Shares and Operational Components [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 250.00% | |||
Long-Term Incentive Plan [Member] | Year of 2013 [Member] | Management [Member] | Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||
Long-Term Incentive Plan [Member] | Year of 2013 [Member] | Management [Member] | TSR [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Long-Term Incentive Plan [Member] | Year of 2013 [Member] | Management [Member] | TSR [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 125.00% | |||
Long-Term Incentive Plan [Member] | Year of 2013 [Member] | Management [Member] | Operational Component [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Long-Term Incentive Plan [Member] | Year of 2013 [Member] | Management [Member] | Operational Component [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 62.50% | |||
Long-Term Incentive Plan [Member] | Year of 2014 [Member] | Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Long-Term Incentive Plan [Member] | Year of 2014 [Member] | Management [Member] | TSR [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Long-Term Incentive Plan [Member] | Year of 2014 [Member] | Management [Member] | TSR [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 15.00% | ||
Defined Benefit Plan, Contributions by Employer | $61,000,000 | $81,000,000 | $91,000,000 |
Defined Benefit Plans, General Information | 55 | ||
Defined Benefit Pension Plan, Liabilities | 3,000,000 | ||
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Deferred Bonus [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum Annual Compensation Received | 150,000 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, General Information | 10% | ||
DC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 15.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Deferred Compensation Arrangement with Individual, Employer Contribution | $7,000,000 | $14,000,000 | $16,000,000 |
Director DC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities - Derivative Instruments Table (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
MMBbls | MMBbls | |
Derivative [Line Items] | ||
Fair Value | $721 | ($551) |
Crude Oil [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 52,700,000 | 68,200,000 |
Fair Value | 422 | -314 |
Crude Oil [Member] | Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 12,500,000 | 25,300,000 |
Fair Value | 471 | -50 |
Crude Oil [Member] | Three Way Collar [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 4,400,000 | 0 |
Fair Value | 40 | 0 |
Crude Oil [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 35,800,000 | 42,500,000 |
Fair Value | -89 | -265 |
Crude Oil [Member] | Basis Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 0 | 400,000 |
Fair Value | 0 | 1 |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 735,000,000,000,000 | 1,009,000,000,000,000 |
Fair Value | 299 | -237 |
Natural Gas [Member] | Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 275,000,000,000,000 | 448,000,000,000,000 |
Fair Value | 281 | -23 |
Natural Gas [Member] | Three Way Collar [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 207,000,000,000,000 | 288,000,000,000,000 |
Fair Value | 165 | -7 |
Natural Gas [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 193,000,000,000,000 | 193,000,000,000,000 |
Fair Value | -170 | -210 |
Natural Gas [Member] | Swaption [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 0 | 12,000,000,000,000 |
Fair Value | 0 | 0 |
Natural Gas [Member] | Basis Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 60,000,000,000,000 | 68,000,000,000,000 |
Fair Value | $23 | $3 |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $652 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | -17 | |
Derivative liability, gross liability | -649 | |
Foreign Currency Fair Value Hedge Asset at Fair Value | 2 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative, Fair Value, Net | 652 | -649 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | -17 | -98 |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | -53 | 2 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 722 | |
Derivative liability, gross liability | -553 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Derivative, Fair Value, Net | 722 | -553 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | -98 | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 974 | 29 |
Derivative, Gain (Loss) on Derivative, Net | -95 | -29 |
Derivative, Fair Value, Net | 879 | 0 |
Other Noncurrent Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16 | 11 |
Derivative, Gain (Loss) on Derivative, Net | -10 | -9 |
Derivative, Fair Value, Net | 6 | 2 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | -5 | -6 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | -5 | -6 |
Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross liability | -105 | -231 |
Derivative, Gain (Loss) on Derivative, Net | 95 | 29 |
Derivative, Fair Value, Net | -10 | -202 |
Other Current Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | -12 | -92 |
Foreign Currency Fair Value Hedge Asset at Fair Value | 2 | |
Foreign Currency Fair Value Hedge Liability at Fair Value | 53 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | -12 | -92 |
Foreign Currency Fair Value Hedge Derivative at Fair Value, Net | -53 | 2 |
Other Noncurrent Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, gross liability | -163 | -362 |
Derivative, Gain (Loss) on Derivative, Net | 10 | 9 |
Derivative, Fair Value, Net | -153 | -353 |
Other Noncurrent Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Other Noncurrent Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $0 | $0 |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities - Natural Gas and Oil Sales Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains on undesignated oil and natural gas derivatives | $81 | ($63) | ($1) |
Total Revenues | 20,951 | 17,506 | 12,316 |
Oil And Gas Exploration And Production [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Oil, natural gas and NGL sales | 7,162 | 6,923 | 5,359 |
Gains on undesignated oil and natural gas derivatives | 1,055 | 443 | 857 |
Gains (losses) on terminated cash flow hedges | -37 | -314 | 62 |
Total Revenues | $8,180 | $7,052 | $6,278 |
Derivative_and_Hedging_Activit5
Derivative and Hedging Activities - Components of Interest Income and Interest Expense Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest expense on senior notes | $704 | $740 | $732 |
Interest expense on term loans | 36 | 116 | 173 |
Amortization of loan discount, issuance costs and other | 42 | 91 | 89 |
Interest expense on credit facilities | 28 | 38 | 70 |
Gains on terminated fair value hedges | -3 | -5 | -8 |
(Gains) losses on undesignated interest rate derivatives | -81 | 63 | 1 |
Capitalized interest | -637 | -816 | -980 |
Total interest expense | $89 | $227 | $77 |
Derivative_and_Hedging_Activit6
Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effect of Derivative Instruments AOCI Reconcile [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | ($143) | ($162) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Effect of Derivative Instruments AOCI Reconcile [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | -143 | -162 | -182 |
Cash Flow Hedging [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Effect of Derivative Instruments AOCI Reconcile [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Before Tax, Period Start | -269 | -304 | -287 |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period Start | -167 | -189 | -178 |
Other Comprehensive Income (Loss), Before Reclassifications, Before Tax | 1 | 3 | 10 |
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | 1 | 2 | 6 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 37 | 32 | |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion, Before Tax | 27 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 23 | 20 | -17 |
Accumulated Other Comprehensive Income (Loss), Before Tax, Period End | -231 | -269 | -304 |
Accumulated Other Comprehensive Income (Loss), Net of Tax Period End | ($143) | ($167) | ($189) |
Derivative_and_Hedging_Activit7
Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities Table (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 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] | ||
Interest Rate Derivative Liabilities, at Fair Value | ($17) | ($98) |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -53 | |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 2 | |
Derivative Assets (Liabilities), at Fair Value, Net | 652 | -649 |
Commodity Contract [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset | 990 | 40 |
Derivative Liability | -268 | -593 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
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 2 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | -17 | -98 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -53 | |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 2 | |
Derivative Assets (Liabilities), at Fair Value, Net | 706 | -171 |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset | 785 | 25 |
Derivative Liability | -9 | -100 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |
Foreign Currency Contracts, Asset, Fair Value Disclosure | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net | -54 | -478 |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative Asset | 205 | 15 |
Derivative Liability | ($259) | ($493) |
Derivative_and_Hedging_Activit8
Derivative and Hedging Activities - Fair Value Level 3 Measurements Table (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest Rate Contract [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | $0 | |
Fair Value, Inputs, Level 3 [Member] | Natural Gas And Oil Sales [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 262 | 382 |
Fair Value, Inputs, Level 3 [Member] | Interest Expense [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | -478 | -1,016 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 292 | 410 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 136 | 128 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | -54 | -478 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning of Period | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | -1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, End of Period | $0 | $0 |
Derivative_and_Hedging_Activit9
Derivative and Hedging Activities - Quantitative Disclosures Level 3 Table (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Natural Gas [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | -5 |
Natural Gas [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 18.71% |
Natural Gas [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 63.70% |
Natural Gas [Member] | Weighted Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 34.38% |
Crude Oil [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | -49 |
Crude Oil [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 27.33% |
Crude Oil [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 43.56% |
Crude Oil [Member] | Weighted Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted Average Of Price Volatility Curve Percentage | 34.09% |
Recovered_Sheet2
Derivative and Hedging Activities - Narrative (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Apr. 24, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Senior Notes [Member] | Senior Notes [Member] | Multi-Counterparty Hedging Facility [Member] | Multi-Counterparty Hedging Facility [Member] | Multi-Counterparty Hedging Facility [Member] | Multi-Counterparty Hedging Facility [Member] | Multi-Counterparty Hedging Facility [Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | 6.25% Euro-Denominated Senior Notes Due 2017 [ Member] | Minimum [Member] | Minimum [Member] | Accumulated Other Comprehensive Deferred Loss [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Credit Risk [Member] | Energy Related Derivative [Member] | Price Risk Derivative [Member] | Basis Derivative [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Multi-Counterparty Hedging Facility [Member] | Cash Flow Hedging [Member] | USD ($) | USD ($) | USD ($) | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||
counterparty | counterparty | MMBoe | MMBoe | MMBoe | USD ($) | USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | |||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Derivative, Amount of Hedged Item | $850 | $2,250 | |||||||||||||||||||||||||||
Interest Rate Derivatives, at Fair Value, Net | 17 | 98 | |||||||||||||||||||||||||||
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge | 6 years | ||||||||||||||||||||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 10 | ||||||||||||||||||||||||||||
Euro-denominated debt in notes payable, adjusted value | 11,756 | 10 | 13 | 3,000 | 3,000 | 416 | 473 | 344 | 416 | 50 | |||||||||||||||||||
Derivative, Forward Exchange Rate | 1.3325 | 1.2098 | 1.3743 | ||||||||||||||||||||||||||
Semi Annual Interest Rate Swap Payments By Counterparty | 11 | 344 | |||||||||||||||||||||||||||
Dollar Equivalent Interest Rate | 7.49% | 7.49% | |||||||||||||||||||||||||||
Short-term Debt, Refinanced, Description | 17 | 459 | |||||||||||||||||||||||||||
Derivative liability, gross liability | 649 | 53 | |||||||||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 652 | 2 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | -143 | -162 | -136 | -143 | -162 | -182 | -143 | -167 | -189 | -178 | |||||||||||||||||||
Expected amount to be transferred of during the next 12 months | 23 | ||||||||||||||||||||||||||||
Number of counterparties in hedge facility | 17 | 18 | |||||||||||||||||||||||||||
Multi-counterparty hedging facility, committed to provide a trading capacity (in tcfe) | 1,031,000,000 | ||||||||||||||||||||||||||||
Borrowing capacity | $16,500 | ||||||||||||||||||||||||||||
Natural gas and oil proved reserves, the value of which must cover the fair value of the transactions outstanding under the facility, multiplier | 1.3 | 1.65 | |||||||||||||||||||||||||||
Multi-counterparty hedge facility, hedged total (in tcfe) | 164,000,000 | 10,000,000 |
Natural_Gas_and_Oil_Property_T2
Natural Gas and Oil Property Transactions - VPP Transactions Table (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Dec. 31, 2008 | Sep. 30, 2008 | Jun. 30, 2008 | Dec. 31, 2007 | 31-May-11 | Aug. 31, 2008 | 31-May-08 |
Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | ||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | $5,481 | ||||||||||
Proved Developed Reserves (Energy) | 1,220,000,000,000 | ||||||||||
Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 5,200,000 | ||||||||||
Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 1,105,000,000,000 | ||||||||||
NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 14,000,000 | ||||||||||
VPP 10 Aradarko Basin Granite Wash [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 744 | ||||||||||
Proved Developed Reserves (Energy) | 160,000,000,000 | ||||||||||
VPP 10 Aradarko Basin Granite Wash [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 3,000,000 | ||||||||||
VPP 10 Aradarko Basin Granite Wash [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 87,000,000,000 | ||||||||||
VPP 10 Aradarko Basin Granite Wash [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 9,200,000 | ||||||||||
VPP 9 Mid-Continent [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 853 | ||||||||||
Proved Developed Reserves (Energy) | 177,000,000,000 | ||||||||||
VPP 9 Mid-Continent [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 1,700,000 | ||||||||||
VPP 9 Mid-Continent [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 138,000,000,000 | ||||||||||
VPP 9 Mid-Continent [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 4,800,000 | ||||||||||
VPP 8 Barnett Shale [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 1,150 | ||||||||||
Proved Developed Reserves (Energy) | 390,000,000,000 | ||||||||||
VPP 8 Barnett Shale [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 8 Barnett Shale [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 390,000,000,000 | ||||||||||
VPP 8 Barnett Shale [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 4 Anadarko and Arkoma Basins [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 412 | ||||||||||
Proved Developed Reserves (Energy) | 98,000,000,000 | ||||||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 500,000 | ||||||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 95,000,000,000 | ||||||||||
VPP 4 Anadarko and Arkoma Basins [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 3 Anadarko Basin [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 600 | ||||||||||
Proved Developed Reserves (Energy) | 93,000,000,000 | ||||||||||
VPP 3 Anadarko Basin [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 3 Anadarko Basin [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 93,000,000,000 | ||||||||||
VPP 3 Anadarko Basin [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | 622 | ||||||||||
Proved Developed Reserves (Energy) | 94,000,000,000 | ||||||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 94,000,000,000 | ||||||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 1 Kentucky and West Virginia [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Cash Proceeds from Volumetric Production Payment (VPP) | $1,100 | ||||||||||
Proved Developed Reserves (Energy) | 208,000,000,000 | ||||||||||
VPP 1 Kentucky and West Virginia [Member] | Oil [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 | ||||||||||
VPP 1 Kentucky and West Virginia [Member] | Natural Gas [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 208,000,000,000 | ||||||||||
VPP 1 Kentucky and West Virginia [Member] | NGL [Member] | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Proved Developed Reserves (Volume) | 0 |
Natural_Gas_and_Oil_Property_T3
Natural Gas and Oil Property Transactions - VPP Volumes Produced During Period Table (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mcfe | Mcfe | Mcfe | |
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 145,200,000,000 | 170,900,000,000 | 202,200,000,000 |
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 678,200 | 864,300 | 1,580,800 |
Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 131,100,000,000 | 154,000,000,000 | 178,400,000,000 |
NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 1,707,500 | 1,964,700 | 2,372,700 |
VPP 10 Anadarko Basin Granite Wash [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 20,700,000,000 | 25,800,000,000 | 32,800,000,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 403,000 | 547,000 | 727,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 10,600,000,000 | 13,500,000,000 | 18,100,000,000 |
VPP 10 Anadarko Basin Granite Wash [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 1,296,500 | 1,509,000 | 1,729,100 |
VPP 9 Mid-Continent [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 19,000,000,000 | 21,000,000,000 | 23,700,000,000 |
VPP 9 Mid-Continent [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 187,500 | 213,200 | 249,300 |
VPP 9 Mid-Continent [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 15,400,000,000 | 17,000,000,000 | 18,400,000,000 |
VPP 9 Mid-Continent [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 411,000 | 455,700 | 643,600 |
VPP 8 Barnett Shale [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 60,100,000,000 | 68,100,000,000 | 79,700,000,000 |
VPP 8 Barnett Shale [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 8 Barnett Shale [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 60,100,000,000 | 68,100,000,000 | 79,700,000,000 |
VPP 8 Barnett Shale [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 7 Permian Basin [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 3,400,000,000 | ||
VPP 7 Permian Basin [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 490,300 | ||
VPP 7 Permian Basin [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 400,000,000 | ||
VPP 7 Permian Basin [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | ||
VPP 6 East Texas and Texas Gulf Coast [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 4,300,000,000 | 4,900,000,000 | 5,500,000,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 23,100 | 24,000 | 24,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 4,200,000,000 | 4,800,000,000 | 5,300,000,000 |
VPP 6 East Texas and Texas Gulf Coast [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 5 South Texas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 4,700,000,000 | 7,700,000,000 | 9,000,000,000 |
VPP 5 South Texas [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 16,500 | 25,400 | 27,400 |
VPP 5 South Texas [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 4,600,000,000 | 7,500,000,000 | 8,800,000,000 |
VPP 5 South Texas [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 4 Anadarko and Arkoma Basins [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 9,200,000,000 | 10,500,000,000 | 12,200,000,000 |
VPP 4 Anadarko and Arkoma Basins [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 48,100 | 54,700 | 62,800 |
VPP 4 Anadarko and Arkoma Basins [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 9,000,000,000 | 10,200,000,000 | 11,700,000,000 |
VPP 4 Anadarko and Arkoma Basins [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 3 Anadarko Basin [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 7,200,000,000 | 8,100,000,000 | 9,300,000,000 |
VPP 3 Anadarko Basin [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 3 Anadarko Basin [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 7,200,000,000 | 8,100,000,000 | 9,300,000,000 |
VPP 3 Anadarko Basin [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 2 Texas, Oklahoma and Kansas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 6,200,000,000 | 10,300,000,000 | 11,300,000,000 |
VPP 2 Texas, Oklahoma and Kansas [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 2 Texas, Oklahoma and Kansas [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 6,200,000,000 | 10,300,000,000 | 11,400,000,000 |
VPP 2 Texas, Oklahoma and Kansas [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 1 Kentucky and West Virginia [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserve, Production (Energy) | 13,800,000,000 | 14,500,000,000 | 15,300,000,000 |
VPP 1 Kentucky and West Virginia [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
VPP 1 Kentucky and West Virginia [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 13,800,000,000 | 14,500,000,000 | 15,300,000,000 |
VPP 1 Kentucky and West Virginia [Member] | NGL [Member] | |||
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Production | 0 | 0 | 0 |
Natural_Gas_and_Oil_Property_T4
Natural Gas and Oil Property Transactions - VPP Volume Remaining to Be Delivered Table (Details) | 12 Months Ended | ||||||
Dec. 31, 2014 | 31-May-11 | Sep. 30, 2010 | Dec. 31, 2008 | Aug. 31, 2008 | 31-May-08 | Dec. 31, 2007 | |
Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | Mcfe | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 1,220,000,000,000 | ||||||
Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 345,500,000,000 | ||||||
Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 5,200,000 | ||||||
Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 2,200,000 | ||||||
Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 1,105,000,000,000 | ||||||
Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 292,300,000,000 | ||||||
NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 14,000,000 | ||||||
NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 6,600,000 | ||||||
VPP 10 Anadarko Basin Granite Wash [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 86 months | ||||||
Proved Developed Reserves (Energy) | 74,000,000,000 | ||||||
VPP 10 Anadarko Basin Granite Wash [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 1,300,000 | ||||||
VPP 10 Anadarko Basin Granite Wash [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 38,000,000,000 | ||||||
VPP 10 Anadarko Basin Granite Wash [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 4,700,000 | ||||||
VPP 9 Mid-Continent [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 177,000,000,000 | ||||||
VPP 9 Mid-Continent [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 74 months | ||||||
Proved Developed Reserves (Energy) | 89,900,000,000 | ||||||
VPP 9 Mid-Continent [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 1,700,000 | ||||||
VPP 9 Mid-Continent [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 800,000 | ||||||
VPP 9 Mid-Continent [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 138,000,000,000 | ||||||
VPP 9 Mid-Continent [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 73,200,000,000 | ||||||
VPP 9 Mid-Continent [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 4,800,000 | ||||||
VPP 9 Mid-Continent [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 1,900,000 | ||||||
VPP 8 Barnett Shale [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 390,000,000,000 | ||||||
VPP 8 Barnett Shale [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 8 months | ||||||
Proved Developed Reserves (Energy) | 36,600,000,000 | ||||||
VPP 8 Barnett Shale [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 8 Barnett Shale [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 8 Barnett Shale [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 390,000,000,000 | ||||||
VPP 8 Barnett Shale [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 36,600,000,000 | ||||||
VPP 8 Barnett Shale [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 8 Barnett Shale [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 98,000,000,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 24 months | ||||||
Proved Developed Reserves (Energy) | 15,800,000,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 500,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 100,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 95,000,000,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 15,300,000,000 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 4 Anadarko and Arkoma Basins [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 3 Anadarko Basin [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 93,000,000,000 | ||||||
VPP 3 Anadarko Basin [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 55 months | ||||||
Proved Developed Reserves (Energy) | 23,900,000,000 | ||||||
VPP 3 Anadarko Basin [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 3 Anadarko Basin [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 3 Anadarko Basin [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 93,000,000,000 | ||||||
VPP 3 Anadarko Basin [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 23,900,000,000 | ||||||
VPP 3 Anadarko Basin [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 3 Anadarko Basin [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 94,000,000,000 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 52 months | ||||||
Proved Developed Reserves (Energy) | 13,800,000,000 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 94,000,000,000 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 13,800,000,000 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 2 Texas, Oklahoma and Kansas [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 1 Kentucky and West Virginia [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Energy) | 208,000,000,000 | ||||||
VPP 1 Kentucky and West Virginia [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Term remaining (in months) | 96 months | ||||||
Proved Developed Reserves (Energy) | 91,500,000,000 | ||||||
VPP 1 Kentucky and West Virginia [Member] | Oil [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 1 Kentucky and West Virginia [Member] | Oil [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 1 Kentucky and West Virginia [Member] | Natural Gas [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 208,000,000,000 | ||||||
VPP 1 Kentucky and West Virginia [Member] | Natural Gas [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 91,500,000,000 | ||||||
VPP 1 Kentucky and West Virginia [Member] | NGL [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 | ||||||
VPP 1 Kentucky and West Virginia [Member] | NGL [Member] | Reserve Volume Remaining [Member] | |||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||
Proved Developed Reserves (Volume) | 0 |
Natural_Gas_and_Oil_Property_T5
Natural Gas and Oil Property Transactions - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2008 | Oct. 15, 2014 | Oct. 14, 2014 | |
Mcfe | Mcfe | Mcfe | acre | |||
Business Acquisition [Line Items] | ||||||
Proved Developed and Undeveloped Reserve, Production (Energy) | 145,200,000,000 | 170,900,000,000 | 202,200,000,000 | |||
Proceeds from divestitures of proved and unproved properties | $5,813,000,000 | $3,467,000,000 | $5,884,000,000 | |||
Total Drilling Carries | 9,000,000,000 | |||||
Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest Sold | 20.00% | |||||
Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest Sold | 50.00% | |||||
VPP 6 East Texas and Texas Gulf Coast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 63,000,000 | |||||
Proved Developed and Undeveloped Reserve, Production (Energy) | 4,300,000,000 | 4,900,000,000 | 5,500,000,000 | |||
Corporate Joint Venture [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 850,000 | |||||
Proceeds from divestitures of proved and unproved properties | 379,000,000 | |||||
Number of Joint Ventures | 8 | |||||
Number of Resource Plays | 8 | |||||
Proceeds from Divestiture of Interest in Joint Venture | 8,000,000,000 | |||||
Oil And Gas Benefit From Drilling Carries | 679,000,000 | 884,000,000 | 784,000,000 | |||
JV Mississippian Lime [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 1,110,000,000 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | |||||
JV Utica [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Drilling Carries Remaining | 51,000,000 | |||||
Percentage of Total Payment by Joint Venture Partner | 60.00% | |||||
JV Marcellus, Barnett, Utica, Eagle Ford, Mid-Continent [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 33,000,000 | 58,000,000 | 272,000,000 | |||
Corporate VPP [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Gain (Loss) on Disposition of Other Assets | 0 | |||||
Payment Remaining [Member] | JV Mississippian Lime [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 71,000,000 | |||||
Closing adjustments between the effective date and the closing date transaction [Member] | JV Mississippian Lime [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 90,000,000 | |||||
Payment Received [Member] | JV Mississippian Lime [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 64,000,000 | |||||
Southwestern [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 4,975,000,000 | |||||
Number Of Net Acres | 413,000 | |||||
Southwestern [Member] | North Western Virginia and Southern Pennsylvania [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Wells, Gross | 1,500 | |||||
Southwestern [Member] | Marcellus and Utica Formations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Wells, Gross | 435 | |||||
RKI Exploration & Production, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Gross Acres | 440,000 | |||||
RKI Exploration & Production, LLC [Member] | RKI Obligation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 203,000 | |||||
Number of Wells, Gross | 186 | |||||
Interest Sold | 48.00% | |||||
RKI Exploration & Production, LLC [Member] | Chesapeake Obligation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 450,000,000 | |||||
Number Of Net Acres | 137,000 | |||||
Number of Wells, Gross | 67 | |||||
Interest Sold | 22.00% | |||||
Rice Drilling [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 233,000,000 | |||||
Hilcorp Energy [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 133,000,000 | |||||
Haynesville Shale [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 9,600 | |||||
Haynesville Shale [Member] | Payment at Closing [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 257,000,000 | |||||
Haynesville Shale [Member] | Subsequent Payment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 47,000,000 | |||||
Northern Eagle Ford Shale [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 55,000 | |||||
Northern Eagle Ford Shale [Member] | Payment at Closing [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 617,000,000 | |||||
Northern Eagle Ford Shale [Member] | Subsequent Payment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 57,000,000 | 32,000,000 | ||||
MKR Holdings LLC [Member] | Payment at Closing [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 490,000,000 | |||||
Permian Basin [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage Of Estimated Proved Reserves | 6.00% | |||||
Permian Basin [Member] | Cash Payment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 3,091,000,000 | |||||
Permian Basin [Member] | Amount allocated to midstream and other fixed assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 42,000,000 | |||||
Permian Basin [Member] | Subsequent Payment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestitures of proved and unproved properties | 466,000,000 | |||||
Chitwood Knox [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 40,000 | |||||
Proceeds from divestitures of proved and unproved properties | 540,000,000 | |||||
Utica [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 72,000 | |||||
Proceeds from divestitures of proved and unproved properties | 358,000,000 | |||||
XTO Energy Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Net Acres | 60,000 | |||||
Proceeds from divestitures of proved and unproved properties | $572,000,000 | |||||
Compressor [Member] | Hilcorp Energy [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equipment, Number of Units | 61 |
SpinOff_of_Oilfield_Services_B1
Spin-Off of Oilfield Services Business Narrative (Details) (USD $) | 12 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Apr. 24, 2014 |
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | $11,756 | ||||
Operating Leases, Future Minimum Payments Due | 11 | ||||
Spin-off of oilfield services business (Note 13) | -270 | 0 | 0 | ||
Restructuring and other termination costs | 7 | 248 | 7 | ||
Minimum [Member] | Drilling Rig Leases [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Lease Term | 3 months | ||||
Maximum [Member] | Drilling Rig Leases [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Lease Term | 3 years | ||||
Senior Notes [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | 3,000 | 3,000 | |||
Senior Notes [Member] | Minimum [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | 50 | ||||
Senior Notes [Member] | Maximum [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | 75 | ||||
Seven Seven Energy Inc. [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Stockholders' Equity Note, Stock Split | one share of SSE common stock and cash in lieu of fractional shares for every 14 shares of Chesapeake common stock | ||||
Seven Seven Energy Inc. [Member] | Drilling Rig Leases [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Operating Leases, Future Minimum Payments Due | 410 | ||||
Seven Seven Energy Inc. [Member] | Minimum [Member] | Drilling Rig Leases [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Lease Term | 3 months | ||||
Seven Seven Energy Inc. [Member] | Maximum [Member] | Drilling Rig Leases [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Lease Term | 3 years | ||||
Seven Seven Energy Inc. [Member] | Secured Debt [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | 400 | ||||
Seven Seven Energy Inc. [Member] | Senior Notes [Member] | 6.5% Senior Notes Due 2022 [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Long-term Debt, Gross | 500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||
General Partner Distributions | 391 | ||||
Seven Seven Energy Inc. [Member] | Spinoff [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Deferred Tax Liabilities, Deferred Expense | 151 | ||||
Restructuring and other termination costs | 15 | 0 | 0 | ||
Seven Seven Energy Inc. [Member] | Seven Seven Energy Inc. Revolving Bank Credit Facility [Member] | |||||
Assets Disposed of by Method Other than Sale, in Period of Disposition [Line Items] | |||||
Borrowing capacity | 275 |
Investments_Schedule_of_Invest
Investments - Schedule of Investments Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | $265 | $477 |
FTS International, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% |
Investments | 116 | 138 |
Sundrop Fuels Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 56.00% | 56.00% |
Investments | 130 | 135 |
Chaparral Energy, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 0.00% | 20.00% |
Investments | 0 | 143 |
Other Investment Companies [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% |
Investments | $19 | $61 |
Investments_Narrative_Details
Investments - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sales of investments | $239 | $115 | $2,000 |
Investments | 265 | 477 | |
FTS International, Inc. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Investment Adjustments | 32 | ||
Equity method accretion adjustments | 10 | ||
Excess carrying value of investment over underlying equity in net assets | 44 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity Attributable to Goodwill | 14 | ||
Investments | 116 | 138 | |
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |
Sundrop Fuels Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Investment Adjustments | 21 | ||
Excess carrying value of investment over underlying equity in net assets | 78 | ||
Interest Costs Capitalized | 16 | ||
Investments | 130 | 135 | |
Equity Method Investment, Ownership Percentage | 56.00% | 56.00% | |
Chaparral Energy, Inc. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Net Sales Proceeds | 209 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | 73 | ||
Investments | 0 | 143 | |
Equity Method Investment, Ownership Percentage | 0.00% | 20.00% | |
Clean Energy Fuels Corp [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 3 | ||
Cost Method Investments | 100 | ||
Proceeds from Cost Method Investment | 85 | ||
Other than Temporary Impairment Losses, Investments | 15 | ||
Proceeds from sales of investments | 13 | ||
Other Commitment | 50 | ||
Gastar Exploration Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Net Sales Proceeds | 10 | ||
Chesapeake Midstream Partners Lp [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 1,032 | ||
Proceeds from sales of investments | 2,000 | ||
Glass Mountain Pipeline Limited Liability Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 62 | ||
Proceeds from sales of investments | 99 | ||
Additional Assets Pipeline Length | 210 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Other Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | -6 | 5 | |
Proceeds from sales of investments | $30 | $6 |
Variable_Interest_Entities_Nar
Variable Interest Entities - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $4,108 | $837 | $287 | $351 |
Short-term derivative assets | 879 | 0 | ||
Proved natural gas and oil properties | 58,594 | 56,157 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 39,043 | 37,161 | ||
Other Liabilities, Current | 3,061 | 3,511 | ||
Variable Interest Entities, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 1 | 1 | ||
Short-term derivative assets | 16 | 0 | ||
Proved natural gas and oil properties | 488 | 488 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 251 | 168 | ||
Other Liabilities, Current | 15 | 22 | ||
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. [Member] | Limited Partner [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of acquisition | 10.00% | |||
Carrying value of investment | 9 | |||
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. [Member] | Minimum [Member] | Limited Partner [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Royalty percentage minimum | 7.00% | |||
Royalty percentage maximum | 7.00% | |||
Corporate Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. [Member] | Maximum [Member] | Limited Partner [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Other Commitment | 25 | |||
Royalty percentage minimum | 22.50% | |||
Royalty percentage maximum | 22.50% | |||
Partner Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. [Member] | Limited Partner [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of acquisition | 90.00% | |||
Partner Ownership Requirement [Member] | Mineral Acquisition Company I, L.P. [Member] | Maximum [Member] | Limited Partner [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Other Commitment | $225 |
Other_Property_and_Equipment_H
Other Property and Equipment - Held for Use and Useful Lives Table (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Other property and equipment | $3,083 | $3,203 |
Oilfield services equipment | 0 | 2,192 |
Property and equipment, other | 3,083 | 5,395 |
Accumulated Depreciation And Amortization Of Other Property And Equipment | -804 | -1,584 |
Other property and equipment, net | 2,279 | 3,811 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and Improvements, Gross | 1,242 | 1,433 |
Property, Plant and Equipment, Estimated Useful Lives | Oct-39 | |
Natural Gas Compressors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery and Equipment, Gross | 551 | 368 |
Property, Plant and Equipment, Estimated Useful Lives | 20-Mar | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 296 | 212 |
Property, Plant and Equipment, Estimated Useful Lives | 0 | |
Gathering and Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Other property and equipment | 218 | 292 |
Property, Plant and Equipment, Estimated Useful Lives | 20 | |
Exploration and Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Oilfield services equipment | 0 | 2,192 |
Property, Plant and Equipment, Estimated Useful Lives | 15-Mar | |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment Other Miscellaneous | $776 | $898 |
Property, Plant and Equipment, Estimated Useful Lives | 20-Feb |
Other_Property_and_Equipment_N1
Other Property and Equipment Net Gains (Losses) on Sales of Fixed Assets Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $199 | $302 | $267 |
Natural Gas Compressors [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 195 | 0 | 0 |
Gathering and Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | -8 | 326 | 286 |
Exploration and Production Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 7 | -2 | -10 |
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 2 | -27 | -7 |
Other Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $3 | $5 | ($2) |
Other_Property_and_Equipment_A
Other Property and Equipment - Assets Held For Sale Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | $93 | $730 |
Land and Building [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | 93 | 405 |
Compressor [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | 0 | 285 |
Exploration and Production Equipment [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | 0 | 29 |
Gathering and Processing Equipment [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | $0 | $11 |
Other_Property_and_Equipment_N2
Other Property and Equipment - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $199,000,000 | $302,000,000 | $267,000,000 |
Gathering Fee Escalation Rate | 15.00% | ||
Reclassification from held for sale to held for use | 120,000,000 | ||
Chesapeake Midstream Operating [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 289,000,000 | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 2,160,000,000 | ||
Gathering Fee Escalation Rate | 2.50% | ||
Midstream Eagle Ford Oil Gathering Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 115,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 3,000,000 | ||
Midstream Eagle Ford Oil Gathering Assets [Member] | Scenario, Adjustment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 10,000,000 | ||
Compressor [Member] | Hilcorp Energy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, Number of Units | 61 | ||
Proceeds from Sale of Property, Plant, and Equipment | 19,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 6,000,000 | ||
Compressor [Member] | Exterran Partners L.P. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, Number of Units | 499 | ||
Proceeds from Sale of Property, Plant, and Equipment | 495,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 161,000,000 | ||
Compressor [Member] | Access Midstream Partners, L.P. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, Number of Units | 102 | ||
Proceeds from Sale of Property, Plant, and Equipment | 159,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 24,000,000 | ||
Gathering and Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | -8,000,000 | 326,000,000 | 286,000,000 |
Gathering and Processing Equipment [Member] | SemGroup Corporation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 306,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 141,000,000 | ||
Gathering and Processing Equipment [Member] | Granite Wash Midstream Gas Services, L.L.C. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 252,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 105,000,000 | ||
Gathering and Processing Equipment [Member] | Sale to Western Gas Partners, LP [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 134,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 55,000,000 | ||
Exploration and Production Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | 44,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 7,000,000 | -2,000,000 | -10,000,000 |
Crude Oil Hauling Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 23,000,000 | ||
Drilling Rigs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, Number of Units | 14 | 23 | |
Proceeds from Sale of Property, Plant, and Equipment | 14,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | ($14,000,000) |
Impairments_Table_Details
Impairments Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | $88 | $546 | $340 |
Natural Gas Compressors [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | 11 | 0 | 0 |
Gathering and Processing Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | 13 | 22 | 6 |
Exploration and Production Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | 23 | 71 | 60 |
Land and Building [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | 18 | 366 | 248 |
Other Assets [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of fixed assets and other | $23 | $87 | $26 |
Impairments_Narrative_Details
Impairments - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of oil and natural gas properties | $3,315 | $0 | $0 | $3,315 |
Effects of Cash Flow Hedges Considered in Calculation Ceiling Limitation, Amount | 279 | |||
Impairments of fixed assets and other | 88 | 546 | 340 | |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 69 | |||
Other Asset Impairment Charges | 87 | |||
Net Acreage Shortfall [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Other Cost and Expense, Operating | 22 | |||
Net Acreage Maintenance Commitment [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Other Asset Impairment Charges | 2 | 26 | ||
Natural Gas Compressors [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 11 | 0 | 0 | |
Gathering and Processing Equipment [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 13 | 22 | 6 | |
Other Asset Impairment Charges | 26 | |||
Drilling Rigs [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 15 | |||
Leased Equipment Purchased | 31 | |||
Payments to Acquire Property, Plant, and Equipment | 140 | 141 | ||
Gain (Loss) on Contract Termination | 8 | 22 | ||
Equipment, Number of Units | 14 | 23 | ||
Impairment of Long-Lived Assets to be Disposed of | 27 | 26 | ||
Drilling Rigs [Member] | Assets Held-for-sale [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Equipment, Number of Units | 2 | |||
Leasehold Improvements [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 22 | |||
Tubular Goods [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 9 | |||
Land and Building [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 18 | 366 | 248 | |
Land and Building [Member] | In the Oklahoma City Area [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 186 | |||
Land and Building [Member] | In the Fort Worth Area [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 10 | |||
Land and Building [Member] | Outside the Oklahoma City Area [Member] [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 15 | |||
Land and Building [Member] | Assets Held-for-sale [Member] | In the Fort Worth Area [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments of fixed assets and other | 86 | |||
Property, Plant and Equipment, Other Types [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Other Asset Impairment Charges | 16 | |||
Repurchase of Rigs [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Equipment, Number of Units | 25 | |||
Repurchase of Rigs [Member] | Drilling Rigs [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | 36 | |||
Gain (Loss) on Contract Termination | 25 | |||
Selling and Marketing Expense [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Other Asset Impairment Charges | 28 | |||
Third Party [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Gain (Loss) on Contract Termination | $15 |
Restructuring_and_Other_Termin1
Restructuring and Other Termination Benefits - Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Cash paid to purchase debt | $3,362 | $2,141 | $4,000 |
Severance Costs | 50 | ||
Restructuring and other termination costs | 7 | 248 | 7 |
Other, Including PSU's [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Restructuring and other termination costs | 0 | 50 | 5 |
Seven Seven Energy Inc. [Member] | Spinoff [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Business Exit Costs | 17 | 0 | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 5 | 0 | 0 |
Stock Granted, Value, Share-Based Compensation, Forfeited | -10 | 0 | 0 |
Cash paid to purchase debt | 3 | 0 | 0 |
Restructuring and other termination costs | 15 | 0 | 0 |
Workforce Reduction Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 66 | ||
Restructuring and other termination costs | 0 | 66 | 0 |
Workforce Reduction Plan [Member] | Other Costs Associated with Retirement [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 1 | 0 |
Workforce Reduction Plan [Member] | Salary Expense [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 20 | 0 |
Workforce Reduction Plan [Member] | Acceleration of Stock-Based Compensation Awards [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Restructuring and Related Cost, Incurred Cost | 0 | 45 | 0 |
VSP Program [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 63 | ||
Restructuring and other termination costs | 0 | 63 | 2 |
VSP Program [Member] | Cash Salary and Bonus Costs [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 33 | 1 |
VSP Program [Member] | Acceleration of Restricted Stock Awards [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 29 | 1 |
VSP Program [Member] | Other Costs Associated with Retirement [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 1 | 0 |
Former CEO [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 69 | ||
Restructuring and other termination costs | -8 | 69 | 0 |
Former CEO [Member] | Cash Salary and Bonus Costs [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 11 | 0 |
Former CEO [Member] | Claw-Back Bonus [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 11 | 0 |
Former CEO [Member] | Acceleration of Restricted Stock Awards [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | 0 | 22 | 0 |
Former CEO [Member] | Acceleration of Performance Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | -8 | 18 | 0 |
Former CEO [Member] | Other Costs Associated with Retirement [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Severance Costs | $0 | $7 | $0 |
Restructuring_and_Other_Termin2
Restructuring and Other Termination Benefits - Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 30, 2012 | Feb. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee | Employee | ||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring and other termination costs | $7 | $248 | $7 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 900 | ||||
Severance Costs | 50 | ||||
Former CEO [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring and other termination costs | -8 | 69 | 0 | ||
Severance Costs | 69 | ||||
Workforce Reduction Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring and other termination costs | 0 | 66 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 66 | ||||
VSP Program [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring and other termination costs | 0 | 63 | 2 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 275 | 211 | |||
Severance Costs | 63 | ||||
Seven Seven Energy Inc. [Member] | Spinoff [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Restructuring and other termination costs | $15 | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | ($1) | ($2) |
Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 57 | 80 |
Other Current Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities, Fair Value Disclosure | -58 | -82 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | -1 | -2 |
Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 57 | 80 |
Fair Value, Inputs, Level 1 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities, Fair Value Disclosure | -58 | -82 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities, Fair Value Disclosure | $0 | $0 |
Asset_Retirement_Obligation_Ta1
Asset Retirement Obligation Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation Beginning of Period | $465 | $405 | $375 |
Asset Retirement Obligation, Liabilities Incurred | 29 | 20 | |
Asset Retirement Obligation, Revision of Estimate | 101 | 8 | |
Asset Retirement Obligation, Liabilities Settled | -92 | -20 | |
Asset Retirement Obligation, Accretion Expense | 22 | 22 | |
Asset Retirement Obligation End of Period | 465 | 405 | 375 |
Asset Retirement Obligation, Current | 18 | 0 | |
Asset retirement obligations, net of current portion | $447 | $405 |
Major_Customers_and_Segment_In2
Major Customers and Segment Information - Table (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ||||
Total Revenues | $20,951,000,000 | $17,506,000,000 | $12,316,000,000 | |
Unrealized Gain (Loss) on Derivatives | -1,394,000,000 | -228,000,000 | -561,000,000 | |
Depreciation, depletion and amortization | 2,915,000,000 | 2,903,000,000 | 2,811,000,000 | |
Impairment of oil and natural gas properties | 3,315,000,000 | 0 | 0 | 3,315,000,000 |
Impairments of fixed assets and other | 88,000,000 | 546,000,000 | 340,000,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | -199,000,000 | -302,000,000 | -267,000,000 | |
Interest expense | -89,000,000 | -227,000,000 | -77,000,000 | |
Losses on investments | -80,000,000 | -226,000,000 | -103,000,000 | |
Net gain (loss) on sales of investments | 67,000,000 | -7,000,000 | 1,092,000,000 | |
Losses on purchases of debt | -197,000,000 | -193,000,000 | -200,000,000 | |
Income (Loss) Before Income Taxes | 3,200,000,000 | 1,442,000,000 | -974,000,000 | |
Total Assets | 40,751,000,000 | 41,782,000,000 | 41,611,000,000 | |
Payments to Acquire Productive Assets | 6,667,000,000 | 7,190,000,000 | 14,108,000,000 | |
Oil And Gas Exploration And Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 8,180,000,000 | 7,052,000,000 | 6,278,000,000 | |
Marketing, Gathering And Compression [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 12,225,000,000 | 9,559,000,000 | 5,431,000,000 | |
Oilfield Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 516,000,000 | 879,000,000 | 602,000,000 | |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 30,000,000 | 16,000,000 | 5,000,000 | |
Reportable Subsegments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 20,951,000,000 | 17,506,000,000 | 12,316,000,000 | |
Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | |
Operating Segments [Member] | Reportable Subsegments [Member] | Oil And Gas Exploration And Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 8,180,000,000 | 7,052,000,000 | 6,278,000,000 | |
Unrealized Gain (Loss) on Derivatives | -1,394,000,000 | -228,000,000 | -561,000,000 | |
Depreciation, depletion and amortization | 2,756,000,000 | 2,674,000,000 | 2,624,000,000 | |
Impairment of oil and natural gas properties | 3,315,000,000 | |||
Impairments of fixed assets and other | 22,000,000 | 27,000,000 | 28,000,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | -2,000,000 | 2,000,000 | 14,000,000 | |
Interest expense | -709,000,000 | -918,000,000 | -47,000,000 | |
Losses on investments | 2,000,000 | 3,000,000 | 0 | |
Net gain (loss) on sales of investments | -6,000,000 | 0 | -2,000,000 | |
Losses on purchases of debt | 197,000,000 | -193,000,000 | -200,000,000 | |
Income (Loss) Before Income Taxes | 2,874,000,000 | 2,997,000,000 | -1,798,000,000 | |
Total Assets | 35,381,000,000 | 35,341,000,000 | 37,004,000,000 | |
Payments to Acquire Productive Assets | 6,173,000,000 | 6,198,000,000 | 12,044,000,000 | |
Operating Segments [Member] | Reportable Subsegments [Member] | Marketing, Gathering And Compression [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 20,790,000,000 | 17,129,000,000 | 10,895,000,000 | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 38,000,000 | 46,000,000 | 54,000,000 | |
Impairment of oil and natural gas properties | 0 | |||
Impairments of fixed assets and other | 24,000,000 | 50,000,000 | 6,000,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | -187,000,000 | -329,000,000 | -298,000,000 | |
Interest expense | -21,000,000 | -24,000,000 | -20,000,000 | |
Losses on investments | 0 | 0 | 49,000,000 | |
Net gain (loss) on sales of investments | 0 | 0 | 1,094,000,000 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Income (Loss) Before Income Taxes | 326,000,000 | 511,000,000 | 1,665,000,000 | |
Total Assets | 1,978,000,000 | 2,430,000,000 | 2,291,000,000 | |
Payments to Acquire Productive Assets | 298,000,000 | 299,000,000 | 852,000,000 | |
Operating Segments [Member] | Reportable Subsegments [Member] | Oilfield Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,060,000,000 | 2,188,000,000 | 1,917,000,000 | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 145,000,000 | 289,000,000 | 232,000,000 | |
Impairment of oil and natural gas properties | 0 | |||
Impairments of fixed assets and other | 23,000,000 | 75,000,000 | 60,000,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | -8,000,000 | -1,000,000 | 10,000,000 | |
Interest expense | -42,000,000 | -82,000,000 | -76,000,000 | |
Losses on investments | -6,000,000 | -1,000,000 | 0 | |
Net gain (loss) on sales of investments | 0 | 0 | 0 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Income (Loss) Before Income Taxes | -16,000,000 | -51,000,000 | 112,000,000 | |
Total Assets | 0 | 2,018,000,000 | 2,115,000,000 | |
Payments to Acquire Productive Assets | 158,000,000 | 272,000,000 | 658,000,000 | |
Operating Segments [Member] | Reportable Subsegments [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 30,000,000 | 29,000,000 | 21,000,000 | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 42,000,000 | 49,000,000 | 46,000,000 | |
Impairment of oil and natural gas properties | 0 | |||
Impairments of fixed assets and other | 19,000,000 | 394,000,000 | 246,000,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | -2,000,000 | 26,000,000 | 7,000,000 | |
Interest expense | 3,000,000 | -74,000,000 | -364,000,000 | |
Losses on investments | -76,000,000 | -229,000,000 | -152,000,000 | |
Net gain (loss) on sales of investments | 73,000,000 | -7,000,000 | 0 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Income (Loss) Before Income Taxes | -30,000,000 | -727,000,000 | -478,000,000 | |
Total Assets | 4,283,000,000 | 5,750,000,000 | 2,529,000,000 | |
Payments to Acquire Productive Assets | 38,000,000 | 421,000,000 | 554,000,000 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Oil And Gas Exploration And Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Marketing, Gathering And Compression [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 8,565,000,000 | 7,570,000,000 | 5,464,000,000 | |
Intersegment Eliminations [Member] | Oilfield Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 544,000,000 | 1,309,000,000 | 1,315,000,000 | |
Intersegment Eliminations [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 0 | 13,000,000 | 16,000,000 | |
Intersegment Eliminations [Member] | Reportable Subsegments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 9,109,000,000 | 8,892,000,000 | 6,795,000,000 | |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 | |
Depreciation, depletion and amortization | -66,000,000 | -155,000,000 | -145,000,000 | |
Impairment of oil and natural gas properties | 0 | |||
Impairments of fixed assets and other | 0 | 0 | 0 | |
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 0 | 0 | |
Interest expense | 680,000,000 | 871,000,000 | 430,000,000 | |
Losses on investments | 0 | 1,000,000 | 0 | |
Net gain (loss) on sales of investments | 0 | 0 | 0 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Income (Loss) Before Income Taxes | 46,000,000 | -1,288,000,000 | -475,000,000 | |
Total Assets | -891,000,000 | -3,757,000,000 | -2,328,000,000 | |
Payments to Acquire Productive Assets | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | $9,109,000,000 | $8,892,000,000 | $6,795,000,000 |
Major_Customers_and_Segment_In3
Major Customers and Segment Information - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Segment Reporting Information [Line Items] | |||
Segment Reporting, Disclosure of Major Customers | no | ||
Concentration Risk, Percentage | 10.00% | ||
Number of reportable segments | 2 | ||
Total Revenues | $20,951 | $17,506 | $12,316 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 0 | 0 | 0 |
Marketing, Gathering And Compression [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 12,225 | 9,559 | 5,431 |
Marketing, Gathering And Compression [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 8,565 | 7,570 | 5,464 |
Oilfield Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 516 | 879 | 602 |
Oilfield Services [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | $544 | $1,309 | $1,315 |
ExxonMobil [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 11.00% |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Balance Sheet Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $4,108 | $837 | $287 | $351 |
Restricted cash | 38 | 75 | ||
Other current assets | 207 | 299 | ||
Intercompany receivable, net | 0 | 0 | ||
Total Current Assets | 7,468 | 3,656 | ||
PROPERTY AND EQUIPMENT: | ||||
Oil and natural gas properties, at cost based on full cost accounting, net | 30,143 | 32,593 | ||
Other property and equipment, net | 2,279 | 3,811 | ||
Property and equipment held for sale, net | 93 | 730 | ||
Total Property and Equipment, Net | 32,515 | 37,134 | ||
LONG-TERM ASSETS: | ||||
Other long-term assets | 497 | 511 | ||
Investments in subsidiaries and intercompany advances | 0 | 0 | ||
Total Assets | 40,751 | 41,782 | 41,611 | |
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | 3,061 | 3,511 | ||
Intercompany payable, net | 0 | 0 | ||
Current Liabilities | 5,863 | 5,515 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 11,154 | 12,886 | ||
Deferred income tax liabilities | 4,185 | 3,407 | ||
Other long-term liabilities | 679 | 984 | ||
Total Long-Term Liabilities | 16,683 | 18,127 | ||
EQUITY: | ||||
Chesapeake stockholders’ equity | 16,903 | 15,995 | ||
Noncontrolling interests | 1,302 | 2,145 | ||
Total Equity | 18,205 | 18,140 | 17,896 | |
TOTAL LIABILITIES AND EQUITY | 40,751 | 41,782 | ||
Parent Company Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 4,100 | 799 | 228 | 2 |
Restricted cash | 0 | 0 | ||
Other current assets | 55 | 103 | ||
Intercompany receivable, net | 24,527 | 25,549 | ||
Total Current Assets | 28,682 | 26,451 | ||
PROPERTY AND EQUIPMENT: | ||||
Oil and natural gas 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 long-term assets | 153 | 111 | ||
Investments in subsidiaries and intercompany advances | 126 | 2,169 | ||
Total Assets | 28,961 | 28,731 | ||
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | 792 | 300 | ||
Intercompany payable, net | 0 | 0 | ||
Current Liabilities | 792 | 300 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 11,154 | 11,831 | ||
Deferred income tax liabilities | 0 | 209 | ||
Other long-term liabilities | 112 | 396 | ||
Total Long-Term Liabilities | 11,266 | 12,436 | ||
EQUITY: | ||||
Chesapeake stockholders’ equity | 16,903 | 15,995 | ||
Noncontrolling interests | 0 | 0 | ||
Total Equity | 16,903 | 15,995 | ||
TOTAL LIABILITIES AND EQUITY | 28,961 | 28,731 | ||
Guarantor Subsidiaries [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 2 | 8 | 0 | 0 |
Restricted cash | 0 | 37 | ||
Other current assets | 3,174 | 2,465 | ||
Intercompany receivable, net | 0 | 0 | ||
Total Current Assets | 3,176 | 2,510 | ||
PROPERTY AND EQUIPMENT: | ||||
Oil and natural gas properties, at cost based on full cost accounting, net | 28,358 | 30,933 | ||
Other property and equipment, net | 2,276 | 2,360 | ||
Property and equipment held for sale, net | 93 | 701 | ||
Total Property and Equipment, Net | 30,727 | 33,994 | ||
LONG-TERM ASSETS: | ||||
Other long-term assets | 618 | 1,161 | ||
Investments in subsidiaries and intercompany advances | 467 | -209 | ||
Total Assets | 34,988 | 37,456 | ||
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | 5,084 | 5,262 | ||
Intercompany payable, net | 24,937 | 26,409 | ||
Current Liabilities | 30,021 | 31,671 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 3,751 | 2,338 | ||
Other long-term liabilities | 1,090 | 1,278 | ||
Total Long-Term Liabilities | 4,841 | 3,616 | ||
EQUITY: | ||||
Chesapeake stockholders’ equity | 126 | 2,169 | ||
Noncontrolling interests | 0 | 0 | ||
Total Equity | 126 | 2,169 | ||
TOTAL LIABILITIES AND EQUITY | 34,988 | 37,456 | ||
Non-Guarantor Subsidiaries [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 84 | 38 | 59 | 349 |
Restricted cash | 38 | 38 | ||
Other current assets | 93 | 524 | ||
Intercompany receivable, net | 341 | 860 | ||
Total Current Assets | 556 | 1,460 | ||
PROPERTY AND EQUIPMENT: | ||||
Oil and natural gas properties, at cost based on full cost accounting, net | 1,112 | 1,471 | ||
Other property and equipment, net | 3 | 1,452 | ||
Property and equipment held for sale, net | 0 | 29 | ||
Total Property and Equipment, Net | 1,115 | 2,952 | ||
LONG-TERM ASSETS: | ||||
Other long-term assets | 26 | 96 | ||
Investments in subsidiaries and intercompany advances | 0 | 0 | ||
Total Assets | 1,697 | 4,508 | ||
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | 68 | 309 | ||
Intercompany payable, net | 0 | 0 | ||
Current Liabilities | 68 | 309 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 0 | 1,055 | ||
Deferred income tax liabilities | 234 | 773 | ||
Other long-term liabilities | 142 | 504 | ||
Total Long-Term Liabilities | 376 | 2,332 | ||
EQUITY: | ||||
Chesapeake stockholders’ equity | 1,253 | 1,867 | ||
Noncontrolling interests | 0 | 0 | ||
Total Equity | 1,253 | 1,867 | ||
TOTAL LIABILITIES AND EQUITY | 1,697 | 4,508 | ||
Eliminations [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | -78 | -8 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Other current assets | 0 | -348 | ||
Intercompany receivable, net | -24,868 | -26,409 | ||
Total Current Assets | -24,946 | -26,765 | ||
PROPERTY AND EQUIPMENT: | ||||
Oil and natural gas properties, at cost based on full cost accounting, net | 673 | 189 | ||
Other property and equipment, net | 0 | -1 | ||
Property and equipment held for sale, net | 0 | 0 | ||
Total Property and Equipment, Net | 673 | 188 | ||
LONG-TERM ASSETS: | ||||
Other long-term assets | -29 | -376 | ||
Investments in subsidiaries and intercompany advances | -593 | -1,960 | ||
Total Assets | -24,895 | -28,913 | ||
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | -81 | -356 | ||
Intercompany payable, net | -24,937 | -26,409 | ||
Current Liabilities | -25,018 | -26,765 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 200 | 87 | ||
Other long-term liabilities | 0 | -344 | ||
Total Long-Term Liabilities | 200 | -257 | ||
EQUITY: | ||||
Chesapeake stockholders’ equity | -1,379 | -4,036 | ||
Noncontrolling interests | 1,302 | 2,145 | ||
Total Equity | -77 | -1,891 | ||
TOTAL LIABILITIES AND EQUITY | -24,895 | -28,913 | ||
Consolidated Entities [Member] | ||||
CURRENT ASSETS: | ||||
Other current assets | 3,322 | 2,744 | ||
LONG-TERM ASSETS: | ||||
Other long-term assets | 768 | 992 | ||
CURRENT LIABILITIES: | ||||
Other Liabilities, Current | 5,863 | 5,515 | ||
LONG-TERM LIABILITIES: | ||||
Other long-term liabilities | $1,344 | $1,834 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information -Statement Of Operations Table (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | ||||
Oil, natural gas and NGL | $8,180 | $7,052 | $6,278 | |
Marketing, gathering and compression | 12,225 | 9,559 | 5,431 | |
Oilfield services | 546 | 895 | 607 | |
Total Revenues | 20,951 | 17,506 | 12,316 | |
OPERATING EXPENSES | ||||
Oil, natural gas and NGL production | 1,208 | 1,159 | 1,304 | |
Production taxes | 232 | 229 | 188 | |
Marketing, gathering and compression | 12,236 | 9,461 | 5,312 | |
Oilfield services | 431 | 736 | 465 | |
General and administrative | 322 | 457 | 535 | |
Restructuring and other termination costs | 7 | 248 | 7 | |
Provision for legal contingencies | 234 | 0 | 0 | |
Oil, natural gas and NGL depreciation, depletion and amortization | 2,683 | 2,589 | 2,507 | |
Depreciation and amortization of other assets | 232 | 314 | 304 | |
Impairment of oil and natural gas properties | 3,315 | 0 | 0 | 3,315 |
Impairments of fixed assets and other | 88 | 546 | 340 | |
Net gains on sales of fixed assets | -199 | -302 | -267 | |
Total Operating Expenses | 17,474 | 15,437 | 14,010 | |
INCOME FROM OPERATIONS | 3,477 | 2,069 | -1,694 | |
OTHER INCOME (EXPENSE): | ||||
Interest expense | -89 | -227 | -77 | |
Losses on investments | -80 | -226 | -103 | |
Net gain (loss) on sales of investments | 67 | -7 | 1,092 | |
Losses on purchases of debt | -197 | -193 | -200 | |
Other income | 22 | 26 | 8 | |
Equity in net earnings (losses) of subsidiary | 0 | 0 | ||
Total Other Expense | -277 | -627 | 720 | |
Income (Loss) Before Income Taxes | 3,200 | 1,442 | -974 | |
INCOME TAX EXPENSE (BENEFIT) | 1,144 | 548 | -380 | |
NET INCOME | 2,056 | 894 | -594 | |
Net income attributable to noncontrolling interests | -139 | -170 | -175 | |
Net income (loss) attributable to Chesapeake | 1,917 | 724 | -769 | |
Other Comprehensive Income (Loss), Net of Tax | 19 | 20 | -16 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 1,936 | 744 | -785 | |
Parent Company Member] | ||||
REVENUES | ||||
Oil, natural gas and NGL | 0 | 0 | 0 | |
Marketing, gathering and compression | 0 | 0 | 0 | |
Oilfield services | 0 | 0 | 0 | |
Total Revenues | 0 | 0 | 0 | |
OPERATING EXPENSES | ||||
Oil, natural gas and NGL production | 0 | 0 | 0 | |
Production taxes | 0 | 0 | 0 | |
Marketing, gathering and compression | 0 | 0 | 0 | |
Oilfield services | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | |
Restructuring and other termination costs | 0 | 0 | 0 | |
Provision for legal contingencies | 100 | |||
Oil, natural gas and NGL depreciation, depletion and amortization | 0 | 0 | 0 | |
Depreciation and amortization of other assets | 0 | 0 | 0 | |
Impairment of oil and natural gas properties | 0 | 0 | 0 | |
Impairments of fixed assets and other | 0 | 0 | 0 | |
Net gains on sales of fixed assets | 0 | 0 | 0 | |
Total Operating Expenses | 100 | 0 | 0 | |
INCOME FROM OPERATIONS | -100 | 0 | 0 | |
OTHER INCOME (EXPENSE): | ||||
Interest expense | -657 | -921 | -879 | |
Losses on investments | 0 | 0 | 0 | |
Net gain (loss) on sales of investments | 0 | 0 | 0 | |
Losses on purchases of debt | -195 | -70 | -200 | |
Other income | 502 | 3,979 | 819 | |
Equity in net earnings (losses) of subsidiary | 2,206 | -1,129 | -610 | |
Total Other Expense | 1,856 | 1,859 | -870 | |
Income (Loss) Before Income Taxes | 1,756 | 1,859 | -870 | |
INCOME TAX EXPENSE (BENEFIT) | -161 | 1,135 | -101 | |
NET INCOME | 1,917 | 724 | -769 | |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Net income (loss) attributable to Chesapeake | 1,917 | 724 | -769 | |
Other Comprehensive Income (Loss), Net of Tax | 1 | 3 | 6 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 1,918 | 727 | -763 | |
Guarantor Subsidiaries [Member] | ||||
REVENUES | ||||
Oil, natural gas and NGL | 7,765 | 6,439 | 5,920 | |
Marketing, gathering and compression | 12,220 | 9,547 | 5,218 | |
Oilfield services | 41 | 221 | 154 | |
Total Revenues | 20,026 | 16,207 | 11,292 | |
OPERATING EXPENSES | ||||
Oil, natural gas and NGL production | 1,166 | 1,112 | 1,278 | |
Production taxes | 227 | 222 | 182 | |
Marketing, gathering and compression | 12,232 | 9,455 | 5,197 | |
Oilfield services | 53 | 239 | 301 | |
General and administrative | 273 | 375 | 431 | |
Restructuring and other termination costs | 4 | 244 | 5 | |
Provision for legal contingencies | 134 | |||
Oil, natural gas and NGL depreciation, depletion and amortization | 2,523 | 2,336 | 2,353 | |
Depreciation and amortization of other assets | 153 | 180 | 187 | |
Impairment of oil and natural gas properties | 0 | -2 | 3,192 | |
Impairments of fixed assets and other | 65 | 417 | 275 | |
Net gains on sales of fixed assets | -192 | -301 | -269 | |
Total Operating Expenses | 16,638 | 14,277 | 13,132 | |
INCOME FROM OPERATIONS | 3,388 | 1,930 | -1,840 | |
OTHER INCOME (EXPENSE): | ||||
Interest expense | -37 | -4 | 45 | |
Losses on investments | -77 | -225 | -167 | |
Net gain (loss) on sales of investments | 67 | -7 | 29 | |
Losses on purchases of debt | -2 | -123 | 0 | |
Other income | 198 | -603 | 203 | |
Equity in net earnings (losses) of subsidiary | -258 | -383 | 436 | |
Total Other Expense | -109 | -1,345 | 546 | |
Income (Loss) Before Income Taxes | 3,279 | 585 | -1,294 | |
INCOME TAX EXPENSE (BENEFIT) | 1,264 | 370 | -675 | |
NET INCOME | 2,015 | 215 | -619 | |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Net income (loss) attributable to Chesapeake | 2,015 | 215 | -619 | |
Other Comprehensive Income (Loss), Net of Tax | 18 | 19 | -22 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | 2,033 | 234 | -641 | |
Non-Guarantor Subsidiaries [Member] | ||||
REVENUES | ||||
Oil, natural gas and NGL | 418 | 553 | 351 | |
Marketing, gathering and compression | 5 | 12 | 212 | |
Oilfield services | 983 | 1,836 | 1,553 | |
Total Revenues | 1,406 | 2,401 | 2,116 | |
OPERATING EXPENSES | ||||
Oil, natural gas and NGL production | 42 | 47 | 26 | |
Production taxes | 5 | 7 | 6 | |
Marketing, gathering and compression | 4 | 6 | 115 | |
Oilfield services | 769 | 1,434 | 1,096 | |
General and administrative | 49 | 83 | 105 | |
Restructuring and other termination costs | 3 | 4 | 2 | |
Provision for legal contingencies | 0 | |||
Oil, natural gas and NGL depreciation, depletion and amortization | 162 | 253 | 154 | |
Depreciation and amortization of other assets | 143 | 281 | 266 | |
Impairment of oil and natural gas properties | 349 | 313 | 123 | |
Impairments of fixed assets and other | 23 | 129 | 65 | |
Net gains on sales of fixed assets | -7 | -1 | 2 | |
Total Operating Expenses | 1,542 | 2,556 | 1,960 | |
INCOME FROM OPERATIONS | -136 | -155 | 156 | |
OTHER INCOME (EXPENSE): | ||||
Interest expense | -42 | -85 | -84 | |
Losses on investments | -5 | -1 | 55 | |
Net gain (loss) on sales of investments | 0 | 0 | 1,063 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Other income | -2 | 13 | 14 | |
Equity in net earnings (losses) of subsidiary | 0 | 0 | 0 | |
Total Other Expense | -49 | -73 | 1,048 | |
Income (Loss) Before Income Taxes | -185 | -228 | 1,204 | |
INCOME TAX EXPENSE (BENEFIT) | -66 | -87 | 470 | |
NET INCOME | -119 | -141 | 734 | |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Net income (loss) attributable to Chesapeake | -119 | -141 | 734 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | -2 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | -119 | -143 | 734 | |
Eliminations [Member] | ||||
REVENUES | ||||
Oil, natural gas and NGL | -3 | 60 | 7 | |
Marketing, gathering and compression | 0 | 0 | 1 | |
Oilfield services | -478 | -1,162 | -1,100 | |
Total Revenues | -481 | -1,102 | -1,092 | |
OPERATING EXPENSES | ||||
Oil, natural gas and NGL production | 0 | 0 | 0 | |
Production taxes | 0 | 0 | 0 | |
Marketing, gathering and compression | 0 | 0 | 0 | |
Oilfield services | -391 | -937 | -932 | |
General and administrative | 0 | -1 | -1 | |
Restructuring and other termination costs | 0 | 0 | 0 | |
Provision for legal contingencies | 0 | |||
Oil, natural gas and NGL depreciation, depletion and amortization | -2 | 0 | 0 | |
Depreciation and amortization of other assets | -64 | -147 | -149 | |
Impairment of oil and natural gas properties | -349 | -311 | 0 | |
Impairments of fixed assets and other | 0 | 0 | 0 | |
Net gains on sales of fixed assets | 0 | 0 | 0 | |
Total Operating Expenses | -806 | -1,396 | -1,082 | |
INCOME FROM OPERATIONS | 325 | 294 | -10 | |
OTHER INCOME (EXPENSE): | ||||
Interest expense | 647 | 783 | 841 | |
Losses on investments | 2 | 0 | 9 | |
Net gain (loss) on sales of investments | 0 | 0 | 0 | |
Losses on purchases of debt | 0 | 0 | 0 | |
Other income | -676 | -3,363 | -1,028 | |
Equity in net earnings (losses) of subsidiary | -1,948 | 1,512 | 174 | |
Total Other Expense | -1,975 | -1,068 | -4 | |
Income (Loss) Before Income Taxes | -1,650 | -774 | -14 | |
INCOME TAX EXPENSE (BENEFIT) | 107 | -870 | -74 | |
NET INCOME | -1,757 | 96 | 60 | |
Net income attributable to noncontrolling interests | -139 | -170 | -175 | |
Net income (loss) attributable to Chesapeake | -1,896 | -74 | -115 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE | ($1,896) | ($74) | ($115) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Statements Of Cash Flows Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By Operating Activities | $4,634 | $4,614 | $2,837 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | -4,581 | -5,604 | -8,930 |
Acquisitions of proved and unproved properties | -1,311 | -1,032 | -3,161 |
Proceeds from divestitures of proved and unproved properties | 5,813 | 3,467 | 5,884 |
Additions to other property and equipment | -726 | -972 | -2,651 |
Other | -3 | 4 | -1 |
Net Cash Used In Investing Activities | 454 | -2,967 | -4,984 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 7,406 | 7,669 | 20,318 |
Payments on credit facilities borrowings | -7,788 | -7,682 | -21,650 |
Proceeds from issuance of senior notes, net of discount and offering costs | 3,460 | ||
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 394 | ||
Cash paid to purchase debt | -3,362 | -2,141 | -4,000 |
Proceeds from sales of noncontrolling interests | 0 | 6 | 1,077 |
Other | -34 | -105 | -251 |
Intercompany advances, net | 0 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | -1,817 | -1,097 | 2,083 |
Net increase (decrease) in cash and cash equivalents | 3,271 | 550 | -64 |
Cash and cash equivalents, beginning of period | 837 | 287 | 351 |
Cash and cash equivalents, end of period | 4,108 | 837 | 287 |
Parent Company Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By Operating Activities | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | 0 | 0 | 0 |
Acquisitions of proved and unproved properties | 0 | 0 | 0 |
Proceeds from divestitures of proved and unproved properties | 0 | 0 | 0 |
Additions to other property and equipment | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net Cash Used In Investing Activities | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 0 | 0 | 0 |
Payments on credit facilities borrowings | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | 2,274 | 1,263 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 0 | 5,722 | |
Cash paid to purchase debt | -3,362 | -2,141 | -4,000 |
Proceeds from sales of noncontrolling interests | 0 | 0 | |
Other | -439 | 1,819 | -477 |
Intercompany advances, net | 4,136 | -1,381 | -2,282 |
Net Cash Provided By (Used In) Financing Activities | 3,301 | 571 | 226 |
Net increase (decrease) in cash and cash equivalents | 3,301 | 571 | 226 |
Cash and cash equivalents, beginning of period | 799 | 228 | 2 |
Cash and cash equivalents, end of period | 4,100 | 799 | 228 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By Operating Activities | 4,201 | 4,218 | 1,711 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | -4,445 | -4,838 | -8,605 |
Acquisitions of proved and unproved properties | -1,306 | -1,378 | -3,622 |
Proceeds from divestitures of proved and unproved properties | 5,812 | 3,466 | 5,884 |
Additions to other property and equipment | -480 | -271 | -1,736 |
Other | 1,199 | 246 | 5,083 |
Net Cash Used In Investing Activities | 780 | -2,775 | -2,996 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 6,689 | 6,452 | 18,930 |
Payments on credit facilities borrowings | -6,689 | -6,452 | -20,651 |
Proceeds from issuance of senior notes, net of discount and offering costs | 0 | 0 | 0 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 0 | 0 | |
Cash paid to purchase debt | 0 | 0 | 0 |
Proceeds from sales of noncontrolling interests | 0 | 63 | |
Other | -1,278 | -2,897 | -299 |
Intercompany advances, net | -3,709 | 1,462 | 3,242 |
Net Cash Provided By (Used In) Financing Activities | -4,987 | -1,435 | 1,285 |
Net increase (decrease) in cash and cash equivalents | -6 | 8 | 0 |
Cash and cash equivalents, beginning of period | 8 | 0 | 0 |
Cash and cash equivalents, end of period | 2 | 8 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By Operating Activities | 462 | 439 | 1,182 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | -136 | -766 | -325 |
Acquisitions of proved and unproved properties | -5 | 346 | 461 |
Proceeds from divestitures of proved and unproved properties | 1 | 1 | 0 |
Additions to other property and equipment | -246 | -701 | -915 |
Other | 60 | 765 | -316 |
Net Cash Used In Investing Activities | -326 | -355 | -1,095 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 717 | 1,217 | 1,388 |
Payments on credit facilities borrowings | -1,099 | -1,230 | -999 |
Proceeds from issuance of senior notes, net of discount and offering costs | 494 | 0 | 0 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 394 | 0 | |
Cash paid to purchase debt | 0 | 0 | 0 |
Proceeds from sales of noncontrolling interests | 6 | 1,014 | |
Other | -169 | -17 | -820 |
Intercompany advances, net | -427 | -81 | -960 |
Net Cash Provided By (Used In) Financing Activities | -90 | -105 | -377 |
Net increase (decrease) in cash and cash equivalents | 46 | -21 | -290 |
Cash and cash equivalents, beginning of period | 38 | 59 | 349 |
Cash and cash equivalents, end of period | 84 | 38 | 59 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided By Operating Activities | -29 | -43 | -56 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Drilling and completion costs | 0 | 0 | 0 |
Acquisitions of proved and unproved properties | 0 | 0 | 0 |
Proceeds from divestitures of proved and unproved properties | 0 | 0 | 0 |
Additions to other property and equipment | 0 | 0 | 0 |
Other | 0 | 163 | -893 |
Net Cash Used In Investing Activities | 0 | 163 | -893 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from credit facilities borrowings | 0 | 0 | 0 |
Payments on credit facilities borrowings | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net of discount and offering costs | 0 | 0 | 0 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 0 | 0 | |
Cash paid to purchase debt | 0 | 0 | 0 |
Proceeds from sales of noncontrolling interests | 0 | 0 | |
Other | -41 | -128 | 949 |
Intercompany advances, net | 0 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | -41 | -128 | 949 |
Net increase (decrease) in cash and cash equivalents | -70 | -8 | 0 |
Cash and cash equivalents, beginning of period | -8 | 0 | 0 |
Cash and cash equivalents, end of period | -78 | -8 | 0 |
Chesapeake Energy [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of senior notes, net of discount and offering costs | 2,966 | 2,274 | 1,263 |
Proceeds from issuance of oilfield services term loan, net of discount and offering costs | 5,722 | ||
Consolidated Entities [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Other | 1,259 | 1,174 | 3,874 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Other | ($1,927) | ($1,223) | ($647) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Condensed Consolidating Financial Information Narrative (Details) | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |