Chesapeake Energy (CHK) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 23, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	CHK
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Central Index Key	895,126
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		911,815,100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents ($1 and $2 attributable to our VIE)	$ 4	$ 5
Accounts receivable, net	1,082	1,322
Short-term derivative assets	3	27
Other current assets	135	171
Total Current Assets	1,224	1,525
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)	69,284	68,858
Unproved properties	3,326	3,484
Other property and equipment	1,869	1,986
Total Property and Equipment, at Cost	74,479	74,328
Less: accumulated depreciation, depletion and amortization (($462) and ($461) attributable to our VIE)	(63,903)	(63,664)
Property and equipment held for sale, net	16	16
Total Property and Equipment, Net	10,592	10,680
LONG-TERM ASSETS:
Other long-term assets	270	220
TOTAL ASSETS	12,086	12,425
CURRENT LIABILITIES:
Accounts payable	657	654
Current maturities of long-term debt, net	52	52
Accrued interest	139	137
Short-term derivative liabilities	149	58
Other current liabilities ($3 and $3 attributable to our VIE)	1,357	1,455
Total Current Liabilities	2,354	2,356
LONG-TERM LIABILITIES:
Long-term debt, net	9,325	9,921
Long-term derivative liabilities	6	4
Asset retirement obligations, net of current portion	153	162
Other long-term liabilities	345	354
Total Long-Term Liabilities	9,829	10,441
CONTINGENCIES AND COMMITMENTS (Note 4)
Chesapeake Stockholders’ Equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized: 5,603,458 shares outstanding	1,671	1,671
Common stock, $0.01 par value, 2,000,000,000 shares authorized: 911,794,424 and 908,732,809 shares issued	9	9
Additional paid-in capital	14,419	14,437
Accumulated deficit	(16,240)	(16,525)
Accumulated other comprehensive loss	(47)	(57)
Less: treasury stock, at cost; 3,416,465 and 2,240,394 common shares	(32)	(31)
Total Chesapeake Stockholders’ Equity (Deficit)	(220)	(496)
Noncontrolling interests	123	124
Total Equity (Deficit)	(97)	(372)
TOTAL LIABILITIES AND EQUITY	$ 12,086	$ 12,425

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
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)	5,603,458	5,603,458
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	911,794,424	908,732,809
Treasury stock, common shares	3,416,465	2,240,394
VIE, cash and cash equivalents	$ 4	$ 5
VIE. proved oil and natural gas properties	69,284	68,858
VIE. accumulated depreciation, depletion and amortization	(63,903)	(63,664)
VIE. other current liabilities	1,357	1,455
Variable Interest Entities, Primary Beneficiary [Member]
VIE, cash and cash equivalents	1	2
VIE. proved oil and natural gas properties	488	488
VIE. accumulated depreciation, depletion and amortization	(462)	(461)
VIE. other current liabilities	$ 3	$ 3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Oil, natural gas and NGL	$ 1,243	$ 1,469
Marketing	1,246	1,284
Total Revenues	2,489	2,753
OPERATING EXPENSES:
Oil, natural gas and NGL production	147	135
Oil, natural gas and NGL gathering, processing and transportation	356	355
Production taxes	31	22
Marketing	1,268	1,328
General and administrative	72	65
Restructuring and other termination costs	38	0
Provision for legal contingencies, net	5	(2)
Oil, natural gas and NGL depreciation, depletion and amortization	268	197
Depreciation and amortization of other assets	18	21
Other operating expense	0	391
Net losses on sales of fixed assets	8	0
Total Operating Expenses	2,211	2,512
INCOME FROM OPERATIONS	278	241
OTHER INCOME (EXPENSE):
Interest expense	(123)	(95)
Gains on investments	139	0
Losses on purchases or exchanges of debt	0	(7)
Other income	0	3
Total Other Income (Expense)	16	(99)
INCOME BEFORE INCOME TAXES	294	142
Income tax expense	0	1
NET INCOME	294	141
Net income attributable to noncontrolling interests	(1)	(1)
NET INCOME ATTRIBUTABLE TO CHESAPEAKE	293	140
Preferred stock dividends	(23)	(23)
Loss on exchange of preferred stock	0	(41)
Earnings allocated to participating securities	(2)	(1)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 268	$ 75
EARNINGS PER COMMON SHARE:
Earnings per common share, basic (in dollars per share)	$ 0.30	$ 0.08
Earnings per common share, diluted (in dollars per share)	$ 0.29	$ 0.08
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Weighted average common and common equivalent shares outstanding, basic (in shares)	907	906
Weighted average common and common equivalent shares outstanding, diluted (in shares)	1,053	907

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 294	$ 141
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments, net of income tax expense of $0 and $0	0	4
Reclassification of losses on settled derivative instruments, net of income tax expense of $0 and $0	10	10
Other Comprehensive Income	10	14
COMPREHENSIVE INCOME	304	155
Net income attributable to noncontrolling interests	(1)	(1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	$ 303	$ 154

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Unrealized gains on derivative instruments, tax expense	$ 0	$ 0
Reclassification of losses on settled derivative instruments, tax expense	$ 0	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 294	$ 141
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Depreciation, depletion and amortization	286	218
Derivative (gains) losses, net	117	(322)
Cash receipts (payments) on derivative settlements, net	13	(34)
Stock-based compensation	9	11
Net losses on sales of fixed assets	8	0
Gains on investments	(139)	0
Losses on purchases or exchanges of debt	0	6
Other	(36)	(34)
Changes in assets and liabilities	104	113
Net Cash Provided By Operating Activities	656	99
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(442)	(433)
Acquisitions of proved and unproved properties	(63)	(95)
Proceeds from divestitures of proved and unproved properties	319	892
Additions to other property and equipment	(3)	(3)
Proceeds from sales of other property and equipment	68	19
Proceeds from sales of investments	74	0
Net Cash Provided By (Used In) Investing Activities	(47)	380
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	2,904	50
Payments on revolving credit facility borrowings	(3,485)	(50)
Cash paid to purchase debt	0	(982)
Cash paid for preferred stock dividends	(23)	(114)
Distributions to noncontrolling interest owners	(2)	(2)
Other	(4)	(14)
Net Cash Used In Financing Activities	(610)	(1,112)
Net decrease in cash and cash equivalents	(1)	(633)
Cash and cash equivalents, beginning of period	5	882
Cash and cash equivalents, end of period	4	249
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of capitalized interest	131	92
Income taxes paid, net of refunds received	0	1
Change in accrued drilling and completion costs [Member]
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in non-cash investing and financing activities	103	68
Change in accrued acquisitions of proved and unproved properties [Member]
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in non-cash investing and financing activities	0	8
Change in divested proved and unproved properties [Member]
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in non-cash investing and financing activities	$ (12)	$ (8)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Preferred Stock [Member]	Preferred Stock [Member]Preferred Stock, Exchanged for Shares of Common Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Preferred Stock, Exchanged for Shares of Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock - Common [Member]	Parent [Member]	Noncontrolling Interest [Member]
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2016		$ 1,771			$ 14,486		$ (17,603)	$ (96)	$ (27)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange/conversions of 0 and 236,048 shares of preferred stock for common stock			$ (100)
Stock-based compensation					10
Exchange of preferred stock for 0 and 9,965,835 shares of common stock						$ 100
Equity component of contingent convertible notes repurchased, net of tax					(20)
Dividends on preferred stock					(137)
Net income attributable to Chesapeake	$ 140						140
Cumulative effect of accounting change							0
Hedging activity								14
Purchase of 1,451,478 and 1,185,517 shares for company benefit plans									(7)
Release of 275,407 and 38,013 shares from company benefit plans									1
Chesapeake stockholders’ equity, end of period at Mar. 31, 2017		1,671		$ 9	14,439		(17,463)	(82)	(33)	$ (1,459)
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2016											$ 257
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests	(1)										1
Distributions to noncontrolling interest owners											(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Mar. 31, 2017											256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
TOTAL EQUITY (DEFICIT)	(1,203)
TOTAL EQUITY (DEFICIT)	(372)
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2017	(496)	1,671			14,437		(16,525)	(57)	(31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange/conversions of 0 and 236,048 shares of preferred stock for common stock			$ 0
Stock-based compensation					5
Exchange of preferred stock for 0 and 9,965,835 shares of common stock						$ 0
Equity component of contingent convertible notes repurchased, net of tax					0
Dividends on preferred stock					(23)
Net income attributable to Chesapeake	293						293
Cumulative effect of accounting change							(8)
Hedging activity								10
Purchase of 1,451,478 and 1,185,517 shares for company benefit plans									(4)
Release of 275,407 and 38,013 shares from company benefit plans									3
Chesapeake stockholders’ equity, end of period at Mar. 31, 2018	(220)	$ 1,671		$ 9	$ 14,419		$ (16,240)	$ (47)	$ (32)	$ (220)
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2017	124										124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests	(1)										1
Distributions to noncontrolling interest owners											(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Mar. 31, 2018	123										$ 123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
TOTAL EQUITY (DEFICIT)	$ (97)

CONSOLIDATED STATEMENTS OF STO9

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Treasury Stock - Common [Member]
Purchase of shares for company benefit plans (in shares)	1,451,478	1,185,517
Release of shares from company benefit plans (in shares)	275,407	38,013
Preferred Stock, Exchanged for Shares of Common Stock [Member] | Preferred Stock [Member]
Conversion of stock, shares converted (in shares)	0	236,048
Preferred Stock, Exchanged for Shares of Common Stock [Member] | Additional Paid-in Capital [Member]
Exchange of preferred stock (in shares)	0	9,965,835

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies Disclosure	Basis of Presentation Basis of Presentation The accompanying condensed consolidated financial statements of Chesapeake were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted. This Form 10-Q relates to the three months ended March 31, 2018 (the “Current Quarter”) and the three months ended March 31, 2017 (the “Prior Quarter”). Our annual report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated . Recently Issued Accounting Standards The Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers (Topic 606) superseding virtually all existing revenue recognition guidance. We adopted this new standard in the first quarter of 2018 using the modified retrospective approach. We applied the new standard to all contracts that were not completed as of January 1, 2018 and reflected the aggregate effect of all modifications in determining and allocating the transaction price. See Note 10 for further details regarding our adoption of Topic 606. In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The new standard allows for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) previously recognized in accumulated other comprehensive income to be reclassified to retained earnings. For public business entities, the amendments are effective for annual periods, including interim periods within the annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim or annual period, but we do not plan to early adopt. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12 , Derivatives and Hedging (Topic 815), which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The new standard update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but we do not plan to early adopt. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which updated lease accounting guidance requiring lessees to recognize most leases, including operating leases, on the balance sheet as a right-of-use asset and lease liability for leases with terms in excess of 12 months. In January 2018, the FASB issued an update permitting an entity to elect an optional transition practical expedient to not evaluate land easements that existed or expired before the adoption of Topic 842 and were not previously accounted for as leases. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. Early adoption is permitted, but we do not plan to early adopt . The standard will not apply to our leases of mineral rights. We are continuing to evaluate the impact of this standard on our consolidated financial statements and related disclosures.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Earnings Per Share	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 all periods presented, 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 convertible senior notes and contingent convertible senior notes. A reconciliation of basic EPS and diluted EPS for the Current Quarter and the Prior Quarter is as follows: Three Months Ended March 31, 2018 2017 (in millions, except per share data) Net income available to common stockholders $ 268 $ 75 Effect of dilutive securities 36 — Diluted income per share $ 304 $ 75 Weighted average common and common equivalent shares outstanding - basic 907 906 Effect of dilutive securities 146 1 Weighted average common and common equivalent shares outstanding - diluted 1,053 907 Net income per share attributable to Chesapeake: Basic $ 0.30 $ 0.08 Diluted $ 0.29 $ 0.08 Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive: Common stock equivalent of our preferred stock outstanding 60 60 Common stock equivalent of our convertible senior notes outstanding — 146 Common stock equivalent of our preferred stock outstanding prior to exchange — 1 Participating securities — 1

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt consisted of the following as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Principal Amount Carrying Principal Carrying ($ in millions) 7.25% senior notes due 2018 $ 44 $ 44 $ 44 $ 44 Floating rate senior notes due 2019 380 380 380 380 6.625% senior notes due 2020 437 437 437 437 6.875% senior notes due 2020 227 227 227 227 6.125% senior notes due 2021 548 548 548 548 5.375% senior notes due 2021 267 267 267 267 4.875% senior notes due 2022 451 451 451 451 8.00% senior secured second lien notes due 2022 1,416 1,870 1,416 1,895 5.75% senior notes due 2023 338 338 338 338 8.00% senior notes due 2025 1,300 1,290 1,300 1,290 5.5% convertible senior notes due 2026 (a)(b) 1,250 844 1,250 837 8.00% senior notes due 2027 1,300 1,298 1,300 1,298 2.25% contingent convertible senior notes due 2038 (a) 9 8 9 8 Term loan due 2021 1,233 1,233 1,233 1,233 Revolving credit facility 200 200 781 781 Debt issuance costs — (60 ) — (63 ) Interest rate derivatives — 2 — 2 Total debt, net 9,400 9,377 9,981 9,973 Less current maturities of long-term debt, net (c) (53 ) (52 ) (53 ) (52 ) Total long-term debt, net $ 9,347 $ 9,325 $ 9,928 $ 9,921 ___________________________________________ (a) We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.25% Contingent Convertible Senior Notes due 2038 and our 5.5% Convertible Senior Notes due 2026 are 8.0% and 11.5% , respectively. (b) Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the first quarter of 2018, the price of our common stock was below the threshold level for conversion and, as a result, the holders do not have the option to convert their notes in the second quarter of 2018. (c) As of March 31, 2018 , current maturities of long-term debt, net includes our 7.25% Senior Notes due December 2018 and our 2.25% Contingent Convertible Notes due December 2038. Debt Retirements In the Prior Quarter, we retired $908 million principal amount of our outstanding senior notes and contingent convertible notes through purchases in the open market, tender offers or repayment upon maturity for $982 million . For the open market repurchases and tender offers, we recorded an aggregate net loss of approximately $7 million . Revolving Credit Facility We have a senior secured revolving credit facility currently subject to a $3.8 billion borrowing base that matures in December 2019. As of March 31, 2018 , we had outstanding borrowings of $200 million under the revolving credit facility and had used $157 million of the revolving credit facility for various letters of credit. Borrowings under the revolving credit facility bear interest at a variable rate. The terms of the revolving credit facility include covenants limiting, among other things, our ability to incur additional indebtedness, make investments or loans, create liens, consummate mergers and similar fundamental changes, make restricted payments, make investments in unrestricted subsidiaries and enter into transactions with affiliates. Our next borrowing base redetermination is scheduled for the second quarter of 2018. Our revolving credit facility is subject to various financial and other covenants. As of March 31, 2018 , we were in compliance with all applicable financial covenants under the credit agreement and we were able to borrow up to the full availability under the revolving credit facility. Fair Value of Debt We estimate the fair value of our senior notes based on the market value of our publicly traded debt as determined based on the yield of our senior notes (Level 1). The fair value of all other debt is based on a market approach using estimates provided by an independent investment financial data services firm (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below: March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 52 $ 53 $ 52 $ 53 Long-term debt (Level 1) $ 2,635 $ 2,603 $ 2,633 $ 2,629 Long-term debt (Level 2) $ 6,690 $ 6,582 $ 7,286 $ 7,301

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments There have been no material developments in previously reported legal or environmental contingencies or commitments other than the items discussed below. For a discussion of commitments and contingencies, see “Contingencies and Commitments,” Note 4 to the Consolidated Financial Statements in our 2017 Form 10-K. Contingencies Regulatory and Related Proceedings . We have previously disclosed receiving U.S. Postal Service and state subpoenas seeking information on our royalty payment practices. The U.S. Postal Service inquiry and all outstanding state subpoenas have been resolved. We have also previously disclosed defending lawsuits alleging various violations of the Sherman Antitrust Act and state antitrust laws. In 2016, putative class action lawsuits were filed in the U.S. District Court for the Western District of Oklahoma and in Oklahoma state courts, and an individual lawsuit was filed in the U.S. District Court of Kansas, in each case against us and other defendants. The lawsuits generally allege that, since 2007 and continuing through April 2013, the defendants conspired to rig bids and depress the market for the purchases of oil and natural gas leasehold interests and properties in the Anadarko Basin containing producing oil and natural gas wells. The lawsuits seek damages, attorney’s fees, costs and interest, as well as enjoinment from adopting practices or plans that would restrain competition in a similar manner as alleged in the lawsuits. On April 12, 2018, we reached a tentative settlement to resolve substantially all Oklahoma civil class action antitrust cases for an immaterial amount. We recently received a demand letter from the Healthcare of Ontario Pension Plan (HOOPP) regarding HOOPP’s purchase of our interest in Chaparral Energy, Inc. stock for $215 million on January 5, 2014. HOOPP claims that the Company engaged in material misrepresentations and fraud, and that we violated the Exchange Act and Oklahoma Uniform Securities Act. HOOPP seeks $215 million in monetary damages, plus interest, attorney’s fees, disgorgement and punitive damages. We expect a lawsuit will be filed, and we intend to vigorously defend it. Commitments Gathering, Processing and Transportation Agreements We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of oil, natural gas and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying consolidated balance sheets; however, they are reflected in our estimates of proved reserves. The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: March 31, ($ in millions) 2018 $ 815 2019 1,052 2020 980 2021 884 2022 772 2023 – 2035 4,406 Total $ 8,909 In addition, 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 may vary with the applicable agreement.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other current liabilities as of March 31, 2018 and December 31, 2017 are detailed below: March 31, December 31, ($ in millions) Revenues and royalties due others $ 584 $ 612 Accrued drilling and production costs 297 216 Joint interest prepayments received 76 74 Accrued compensation and benefits 125 214 Accrued restructuring and other termination costs 27 — Other accrued taxes 41 43 Other 207 296 Total other current liabilities $ 1,357 $ 1,455 Other long-term liabilities as of March 31, 2018 and December 31, 2017 are detailed below: March 31, December 31, ($ in millions) CHK Utica ORRI conveyance obligation (a) $ 153 $ 156 Unrecognized tax benefits 98 101 Other 94 97 Total other long-term liabilities $ 345 $ 354 ____________________________________________ (a) The CHK Utica, L.L.C. investors’ right to receive proportionately an overriding royalty interest (ORRI) in the first 1,500 net wells drilled on certain of our Utica Shale leasehold runs through 2023. We have the right to repurchase the ORRIs in the remaining net wells once we have drilled a minimum of 1,300 net wells. As of March 31, 2018, we had drilled 584 net wells. The obligation to deliver future ORRIs, which has been recorded as a liability, will be settled through the future conveyance of the underlying ORRIs to the investors on a net-well basis. As of March 31, 2018 and December 31, 2017, approximately $30 million of the total ORRI obligations are recorded in other current liabilities.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We estimate our annual effective tax rate for continuing operations in recording our quarterly income tax provision (or benefit) for the various jurisdictions in which we operate. The tax effects of statutory rate changes, significant unusual or infrequent items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of our annual effective tax rate as such items are recognized as discrete items in the quarter in which they occur. For the Current Quarter, our effective tax rate remains nominal as a result of maintaining a valuation allowance against substantially all of our net deferred tax asset. Based on our projected operating results for the subsequent 2018 quarters, we project remaining in a net deferred tax asset position as of December 31, 2018. Based on all available positive and negative evidence, including estimates of future taxable income, we believe it is more-likely-than-not that these deferred tax assets will not be realized. A significant piece of objective negative evidence evaluated is the projected cumulative loss incurred over the rolling three-year period ending March 31, 2018, which limits our ability to consider other subjective positive evidence, such as our projections for future growth and earnings. A valuation allowance was recorded against substantially all of our net deferred tax asset as of both December 31, 2017 and March 31, 2018. We are subject to U.S. federal income tax as well as income and capital taxes in various state jurisdictions. During the Current Quarter, the federal tax examination by the Internal Revenue Service (IRS) of taxable years 2010 through 2013 was settled. Based on new information available in the Current Quarter and the expectation that certain statute of limitations should expire during 2018, we anticipate a $14 million estimated reduction to the liability for state unrecognized tax benefits resulting in an $11 million estimated income tax benefit being recorded as early as the next quarter. On December 22, 2017, the President of the United States signed into law the Tax Act, which substantially revised numerous areas of U.S. federal income tax law, including reducing the tax rate for corporations from a maximum rate of 35% to a flat rate of 21% and eliminating the corporate alternative minimum tax (AMT). The various estimates included in determining our tax provision as of December 31, 2017 remain provisional through the three months ended March 31, 2018 and may be adjusted through subsequent events such as the filing of the 2017 consolidated federal income tax return and the issuance of additional guidance such as new Treasury Regulations. Moreover, we are still in the process of evaluating the full impact of the Tax Act both at the federal and state level.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Our share-based compensation program consists of restricted stock, stock options, performance share units (PSUs) and cash restricted stock units (CRSUs) granted to employees 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 and CRSUs are liability-classified awards. Equity-Classified Awards Restricted Stock. We grant restricted stock units to employees and non-employee directors. A summary of the changes in unvested restricted stock during the Current Quarter is presented below: Shares of Unvested Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Unvested restricted stock as of January 1, 2018 13,178 $ 6.37 Granted 2,805 $ 3.02 Vested (4,651 ) $ 7.64 Forfeited (465 ) $ 6.24 Unvested restricted stock as of March 31, 2018 10,867 $ 4.97 The aggregate intrinsic value of restricted stock that vested during the Current Quarter was approximately $15 million based on the stock price at the time of vesting. As of March 31, 2018 , there was approximately $40 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 2.02 years. Stock Options. In the Current Quarter and the Prior Quarter, we granted members of management stock options that vest ratably over a three -year period. Each stock option award has an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expire seven years to ten years from the date of grant. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the simplified method. Volatility assumptions are estimated based on an average of historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option. We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter: Expected option life – years 6.0 Volatility 63.55 % Risk-free interest rate 2.72 % Dividend yield — % The following table provides information related to stock option activity in the Current Quarter: Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Contract Life in Years Aggregate Intrinsic Value (a) (in thousands) ($ in millions) Outstanding as of January 1, 2018 16,285 $ 8.25 7.73 $ 1 Granted 3,611 $ 3.01 Exercised — $ — $ — Expired (64 ) $ 20.77 Forfeited (267 ) $ 5.45 Outstanding as of March 31, 2018 19,565 $ 7.28 7.93 $ — Exercisable as of March 31, 2018 8,776 $ 10.88 6.52 $ — ___________________________________________ (a) The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option. As of March 31, 2018 , there was $23 million of total unrecognized compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of approximately 2.14 years . Restricted Stock and Stock Option Compensation. We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter and the Prior Quarter: Three Months Ended 2018 2017 ($ in millions) General and administrative expenses $ 7 $ 8 Oil and natural gas properties 2 4 Oil, natural gas and NGL production expenses 2 3 Total restricted stock and stock option compensation $ 11 $ 15 Liability-Classified Awards Performance Share Units. We granted PSUs to senior management that vest ratably over a three -year performance period and are settled in cash. The ultimate amount earned is based on achievement of performance metrics established by the Compensation Committee of the Board of Directors. Compensation expense associated with PSU awards is recognized over the service period based on the graded-vesting method. The value of the PSU awards at the end of each reporting period is dependent upon our estimates of the underlying performance measures. For PSUs granted in 2017 and 2016, performance metrics include a total shareholder return (TSR) component, which can range from 0% to 100% and an operational performance component based on finding and development costs, which can range from 0% to 100% , resulting in a maximum payout of 200% . The payout percentage for the 2016 and 2017 PSU awards is capped at 100% if our absolute TSR is less than zero . The PSUs are settled in cash on the third anniversary of the awards. We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the PSUs. Grant Date Assumptions Assumption 2017 Awards 2016 Awards Volatility 80.65 % 49.74 % Risk-free interest rate 1.54 % 1.13 % Dividend yield for value of awards — % — % Reporting Period Assumptions Assumption 2017 Awards 2016 Awards Volatility 55.89 % 53.77 % Risk-free interest rate 2.23 % 2.01 % Dividend yield for value of awards — % — % The PSUs are subsequently adjusted, based on adjustments to the above assumptions through the end of each subsequent reporting period, through the end of the performance period. For PSUs granted in 2018, performance metrics include an operational performance component based on a ratio of cumulative earnings before interest expense, income taxes, and depreciation, depletion and amortization expense (EBITDA) to capital expenditures, for which payout can range from 0% to 200% . The vested PSUs are settled in cash on each of the three annual vesting dates. We used the closing price of our common stock on the grant date to determine the grant date fair value of the PSUs. The PSUs are subsequently adjusted, based on changes in our stock price through the end of each subsequent reporting period, through the end of the performance period. Cash Restricted Stock Units . We granted CRSUs to employees that vest straight-line over a three-year period and are settled in cash on each of the three annual vesting dates. The ultimate amount earned is based on the closing price of our common stock on each of the vesting dates. We used the closing price of our common stock on the grant date to determine the grant date fair value of the CRSUs. The CRSUs are subsequently adjusted, based on changes in our stock price through the end of each subsequent reporting period, through the end of each vesting period. The following table presents a summary of our liability-classified awards: Grant Date Fair Value March 31, 2018 Units Fair Value Vested Liability ($ in millions) ($ in millions) 2018 PSU Awards: Payable 2019, 2020 and 2021 4,031,011 $ 12 $ 12 $ — 2017 PSU Awards: Payable 2020 1,217,774 $ 8 $ 4 $ 2 2016 PSU Awards: Payable 2019 2,348,893 $ 10 $ 8 $ 7 2018 CRSU Awards: Payable 2019, 2020 and 2021 16,976,014 $ 52 $ 52 $ —

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	Derivative and Hedging Activities We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. All of our oil, natural gas and NGL 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. None of our oil, natural gas and NGL derivative instruments were designated for hedge accounting as of March 31, 2018 or December 31, 2017. Oil, Natural Gas and NGL Derivatives As of March 31, 2018 and December 31, 2017, our oil, natural gas and NGL derivative instruments consisted of the following types of instruments: • Swaps : We receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. In exchange for higher fixed prices on certain of our swap trades, we may sell call options and call swaptions. • Options : We sell, and occasionally buy, call options in exchange for a premium. At the time of settlement, if the market price exceeds the fixed price of the call option, we pay the counterparty the excess on sold call options and we receive 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 : We sell call swaptions to counterparties that allow the counterparty, on a specific date, to extend an existing fixed-price swap for a certain period of time. • 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, we receive the fixed price and pay 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 the sale by us of 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. • Basis Protection Swaps : These instruments are arrangements that guarantee a fixed price differential to NYMEX from a specified delivery point. We receive the fixed price differential and pay the floating market price differential to the counterparty for the hedged commodity. The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of March 31, 2018 and December 31, 2017 are provided below: March 31, 2018 December 31, 2017 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 24 $ (180 ) 21 $ (151 ) Three-way collars 1 (12 ) 2 (10 ) Call swaptions 2 (19 ) 2 (13 ) Basis protection swaps 7 5 11 (9 ) Total oil 34 (206 ) 36 (183 ) Natural gas (bcf): Fixed-price swaps 358 44 532 149 Three-way collars 88 — — — Collars 36 8 47 11 Call options 93 (1 ) 110 (3 ) Basis protection swaps 41 3 65 (7 ) Total natural gas 616 54 754 150 NGL (mmgal): Fixed-price swaps 47 — 33 (2 ) Total estimated fair value $ (152 ) $ (35 ) We have terminated certain commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. See further discussion below under Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) . Effect of Derivative Instruments – Condensed Consolidated Balance Sheets The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 on a gross basis and after same-counterparty netting: Balance Sheet Classification Gross Fair Value Amounts Netted in the Consolidated Balance Sheets Net Fair Value Presented in the Consolidated Balance Sheet ($ in millions) As of March 31, 2018 Commodity Contracts: Short-term derivative asset $ 60 $ (57 ) $ 3 Long-term derivative asset 5 (5 ) — Short-term derivative liability (206 ) 57 (149 ) Long-term derivative liability (11 ) 5 (6 ) Total derivatives $ (152 ) $ — $ (152 ) As of December 31, 2017 Commodity Contracts: Short-term derivative asset $ 157 $ (130 ) $ 27 Short-term derivative liability (188 ) 130 (58 ) Long-term derivative liability (4 ) — (4 ) Total derivatives $ (35 ) $ — $ (35 ) As of March 31, 2018 and December 31, 2017, we did not have any cash collateral balances for our derivatives. Effect of Derivative Instruments – Condensed Consolidated Statements of Operations The components of oil, natural gas and NGL revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended March 31, 2018 2017 ($ in millions) Oil, natural gas and NGL revenues $ 1,360 $ 1,147 Gains (losses) on undesignated oil, natural gas and NGL derivatives (107 ) 332 Losses on terminated cash flow hedges (10 ) (10 ) Total oil, natural gas and NGL revenues $ 1,243 $ 1,469 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: Three Months Ended March 31, 2018 2017 Before After Before After ($ in millions) Balance, beginning of period $ (114 ) $ (57 ) $ (153 ) $ (96 ) Net change in fair value — — 4 4 Losses reclassified to income 10 10 10 10 Balance, end of period $ (104 ) $ (47 ) $ (139 ) $ (82 ) The accumulated other comprehensive loss as of March 31, 2018 represents the net deferred loss associated with commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. Remaining deferred gain or loss amounts will be recognized in earnings in the month for which the original contract months are to occur. As of March 31, 2018 , we expect to transfer approximately $33 million of net loss included in accumulated other comprehensive income to net income (loss) during the next 12 months. The remaining amounts will be transferred by December 31, 2022. Credit Risk Considerations Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we enter into derivative contracts only with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of March 31, 2018 , our oil, natural gas and NGL derivative instruments were spread among 11 counterparties. Hedging Arrangements Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under our revolving credit facility. The contracts entered into with these counterparties are secured by the same collateral that secures our revolving credit facility, which allows us to reduce any letters of credit posted as security with those counterparties. In addition, we enter into bilateral hedging agreements with other counterparties. The counterparties’ and our obligations under the bilateral hedging agreements must be secured by cash or letters of credit to the extent that any mark-to-market amounts owed to us or by us exceed defined thresholds. 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, natural gas and NGL 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 and NGL swaps do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2. All other derivatives have some level of unobservable input, such as volatility curves, and are therefore classified as Level 3. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives. The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 53 $ 12 $ 65 Commodity liabilities — (181 ) (36 ) (217 ) Total derivatives $ — $ (128 ) $ (24 ) $ (152 ) As of December 31, 2017 Derivative Assets (Liabilities): Commodity assets $ — $ — $ 8 $ 8 Commodity liabilities — (20 ) (23 ) (43 ) Total derivatives $ — $ (20 ) $ (15 ) $ (35 ) A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below: Commodity Derivatives ($ in millions) Balance, as of January 1, 2018 $ (15 ) Total gains (losses) (realized/unrealized): Included in earnings (a) (8 ) Total purchases, issuances, sales and settlements: Settlements (1 ) Balance, as of March 31, 2018 $ (24 ) Balance, as of January 1, 2017 $ (10 ) Total gains (losses) (realized/unrealized): Included in earnings (a) 12 Total purchases, issuances, sales and settlements: Settlements 1 Balance, as of March 31, 2017 $ 3 ___________________________________________ (a) Commodity Derivatives 2018 2017 ($ in millions) Total gains (losses) included in earnings for the period $ (8 ) $ 12 Change in unrealized gains (losses) related to assets still held at reporting date $ (10 ) $ 5 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 natural gas, market volatility and credit risk of counterparties. Changes in these inputs impact the fair value measurement of our derivative contracts, which is based on an estimate derived from option models. For example, an increase or decrease in the forward prices and volatility of oil and natural gas prices decreases or 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 March 31, 2018 : Instrument Type Unobservable Input Range Weighted Average Fair Value ($ in millions) Oil trades Oil price volatility curves 19.20% – 30.57% 27.29% $ (31 ) Natural gas trades Natural gas price volatility curves 14.74% – 40.22% 20.73% $ 7

Oil and Natural Gas Property Tr

Oil and Natural Gas Property Transactions	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Oil and Natural Gas Property Transactions	Oil and Natural Gas Property Transactions Under full cost accounting rules, we accounted for the sales of oil and natural gas properties discussed below as adjustments to capitalized costs, with no recognition of gain or loss as the sales did not involve a significant change in proved reserves or significantly alter the relationship between costs and proved reserves. In the Current Quarter, we sold portions of our acreage, producing properties and other related property and equipment in the Mid-Continent, including our Mississippian Lime assets, for approximately $420 million , subject to certain customary closing adjustments. Included in the sales were approximately 171,000 net acres and interests in 2,150 wells. Also, in the Current Quarter, we received proceeds of approximately $18 million , subject to customary closing adjustments, for the sale of other oil and natural gas properties covering various operating areas. In the Prior Quarter, we sold portions of our acreage and producing properties in our Haynesville Shale operating area in northern Louisiana for approximately $915 million , subject to certain customary closing adjustments. Included in the sales were approximately 119,500 net acres and interests in 576 wells that were producing approximately 80 mmcf of gas per day at the time of closing. Also in the Prior Quarter, we received proceeds of approximately $20 million , net of post-closing adjustments, for the sale of other oil and natural gas properties covering various operating areas. Volumetric Production Payments 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 non-recourse 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. 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. Our commitment to bear the costs on any future production of VPP volumes is not reflected as a liability on our balance sheet. Future costs 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. We have 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 March 31, 2018 , we had the following VPP outstanding: Volume Sold VPP # Date of VPP Location Proceeds Oil Natural Gas NGL Total ($ in millions) (mmbbl) (bcf) (mmbbl) (bcfe) 9 May 2011 Mid-Continent $ 853 1.7 138 4.8 177 The volumes remaining to be delivered on behalf of our VPP buyers as of March 31, 2018 were as follows: Volume Remaining as of March 31, 2018 VPP # Term Remaining Oil Natural Gas NGL Total (in months) (mmbbl) (bcf) (mmbbl) (bcfe) 9 35 0.4 31.3 0.8 38.2

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The FASB issued Revenue from Contracts with Customers (Topic 606) superseding virtually all existing revenue recognition guidance. We adopted this new standard in the first quarter of 2018 using the modified retrospective approach. We applied the new standard to all contracts that were not completed as of January 1, 2018 and reflected the aggregate effect of all modifications in determining and allocating the transaction price. The cumulative effect of adoption of $8 million did not have a material impact on our condensed consolidated financial statements. However, the adoption did result in certain purchase and sale contracts being recorded on a net basis, as an agent, rather than on a gross basis, as principal, due to management’s evaluation under new considerations within Topic 606 that indicated we do not have control over the specified commodity in purchase and sale contracts with the same counterparty. Such presentation change did not have an impact on income (loss) from operations, earnings per share or cash flows, but did reduce marketing revenue and marketing expenses in the condensed consolidated financial statements by approximately $115 million for the Current Quarter as compared to what would have been recognized using the revenue recognition guidance that was in affect before the adoption of Topic 606. In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated balance sheet and condensed consolidated statement of operations was as follows: Before adoption of ASC 606 Adjustments As Reported ($ in millions) Balance Sheet as of March 31, 2018 Other current liabilities $ 1,355 $ 2 $ 1,357 Other long-term liabilities $ 339 $ 6 $ 345 Accumulated deficit $ (16,232 ) $ (8 ) $ (16,240 ) Statement of Operations for the Three Months Ended March 31, 2018 Marketing revenues $ 1,361 $ (115 ) $ 1,246 Marketing operating expenses $ 1,383 $ (115 ) $ 1,268 Revenue from the sale of oil, natural gas and NGL is recognized upon the transfer of control of the products, which is typically when the products are delivered to customers. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Revenue from contracts with customers includes the sale of our oil, natural gas and NGL production (recorded as oil, natural gas and NGL revenues in the condensed consolidated statements of operations) as well as the sale of certain of our joint interest holders’ production which we purchase under joint operating arrangements (recorded in marketing revenues in the condensed consolidated statements of operations). In connection with the marketing of these products, we obtain control of the oil, natural gas and NGL we purchase from other interest owners at defined delivery points and deliver the product to third parties, at which time revenues are recorded. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. There are no significant judgments that significantly affect the amount or timing of revenue from contracts with customers. We also earn revenue from other sources, including from a variety of derivative and hedging activities to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility, (recorded within oil, natural gas and NGL revenues in the condensed consolidated statements of operations) as well as a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and satisfaction of our pipeline delivery commitments (recorded within marketing revenues in the condensed consolidated statements of operations). In circumstances where we act as an agent rather than a principal, our results of operations related to oil, natural gas and NGL marketing activities are presented on a net basis. These purchase and sales contracts were accounted for as derivatives under Derivatives and Hedging (Topic 815) and were not elected as normal purchase or normal sales. We considered the principal versus agent guidance in Topic 606 in determining whether the gains and losses on these derivatives should be reported on a gross or net basis . The following table shows revenue disaggregated by operating area and product type, for the Current Quarter: Three Months Ended March 31, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 294 $ — $ 294 Haynesville — 210 — 210 Eagle Ford 364 42 40 446 Utica 60 116 52 228 Mid-Continent 73 32 17 122 Powder River Basin 40 12 8 60 Revenue from contracts with customers 537 706 117 1,360 Gains (losses) on oil, natural gas and NGL derivatives (86 ) (32 ) 1 (117 ) Oil, natural gas and NGL revenue $ 451 $ 674 $ 118 $ 1,243 Marketing revenue from contracts with customers $ 686 $ 293 $ 110 $ 1,089 Other marketing revenue 117 40 — 157 Marketing revenue $ 803 $ 333 $ 110 $ 1,246 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 deemed 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 that we believe may be uncollectible. Accounts receivable as of March 31, 2018 and December 31, 2017 are detailed below: March 31, 2018 December 31, 2017 ($ in millions) Oil, natural gas and NGL sales $ 829 $ 959 Joint interest 166 209 Other 101 184 Allowance for doubtful accounts (14 ) (30 ) Total accounts receivable, net $ 1,082 $ 1,322

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments In the Current Quarter, FTS International, Inc. (NYSE: FTSI) completed an initial public offering. Due to the offering, the ownership percentage of our equity method investment in FTSI decreased from approximately 29% to 24% and resulted in a gain of $78 million . In addition, we sold approximately 4.3 million shares of FTSI in the offering for net proceeds of approximately $74 million and recognized a gain of $61 million decreasing our ownership percentage to approximately 20% . We continue to hold approximately 22.0 million shares in the publicly traded company.

Other Operating Expenses

Other Operating Expenses	3 Months Ended
	Mar. 31, 2018
Asset Impairment Charges [Abstract]
Other Operating Expenses	Other Operating Expenses In the Prior Quarter, we terminated future natural gas transportation commitments related to divested assets for cash payments of $103 million . In addition, we paid $290 million to assign an oil transportation agreement to a third party.

Restructuring and Other Termina

Restructuring and Other Termination Costs	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Other Termination Costs	Restructuring and Other Termination Costs Workforce Reduction On January 30, 2018, we underwent a reduction in workforce impacting approximately 13% of employees across all functions, primarily on our Oklahoma City campus. In connection with the reduction, we incurred a total charge in the Current Quarter of approximately $38 million for one-time termination benefits. The following table summarizes our restructuring liabilities: Other Current Liabilities ($ in millions) Balance as of December 31, 2017 $ — Initial restructuring recognition on January 30, 2018 38 Termination benefits paid (11 ) Balance as of March 31, 2018 (a) $ 27 ___________________________________________ (a) Remaining accrued amounts are expected to be paid by the end of the 2018 second quarter.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements Other Current Assets. Assets related to our deferred compensation plan 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 our 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 March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Financial Assets (Liabilities): Other current assets $ 52 $ — $ — $ 52 Other current liabilities (52 ) — — (52 ) Total $ — $ — $ — $ — As of December 31, 2017 Financial Assets (Liabilities): Other current assets $ 57 $ — $ — $ 57 Other current liabilities (60 ) — — (60 ) Total $ (3 ) $ — $ — $ (3 ) See Note 3 for information regarding fair value measurement of our debt instruments. See Note 8 for information regarding fair value measurement of our derivatives.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	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, contingent convertible senior notes, term loan and revolving credit facility listed in Note 3 are fully and unconditionally guaranteed, jointly and severally, by certain of our 100% owned subsidiaries. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors. 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 March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017. 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 MARCH 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 34 $ 1 $ 1 $ (32 ) $ 4 Other current assets 73 1,147 2 (2 ) 1,220 Intercompany receivable, net 7,987 29 173 (8,189 ) — Total Current Assets 8,094 1,177 176 (8,223 ) 1,224 PROPERTY AND EQUIPMENT: Oil and natural gas properties at cost, based on full cost accounting, net 478 8,847 27 — 9,352 Other property and equipment, net — 1,224 — — 1,224 Property and equipment held for sale, net — 16 — — 16 Total Property and Equipment, Net 478 10,087 27 — 10,592 LONG-TERM ASSETS: Other long-term assets 49 221 — — 270 Investments in subsidiaries and intercompany advances 807 77 — (884 ) — TOTAL ASSETS $ 9,428 $ 11,562 $ 203 $ (9,107 ) $ 12,086 CURRENT LIABILITIES: Current liabilities $ 197 $ 2,188 $ 3 $ (34 ) $ 2,354 Intercompany payable, net 28 8,161 — (8,189 ) — Total Current Liabilities 225 10,349 3 (8,223 ) 2,354 LONG-TERM LIABILITIES: Long-term debt, net 9,325 — — — 9,325 Other long-term liabilities 98 406 — — 504 Total Long-Term Liabilities 9,423 406 — — 9,829 EQUITY: Chesapeake stockholders’ equity (deficit) (220 ) 807 77 (884 ) (220 ) Noncontrolling interests — — 123 — 123 Total Equity (Deficit) (220 ) 807 200 (884 ) (97 ) TOTAL LIABILITIES AND EQUITY $ 9,428 $ 11,562 $ 203 $ (9,107 ) $ 12,086 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 5 $ 1 $ 2 $ (3 ) $ 5 Other current assets 154 1,364 3 (1 ) 1,520 Intercompany receivable, net 8,697 436 — (9,133 ) — Total Current Assets 8,856 1,801 5 (9,137 ) 1,525 PROPERTY AND EQUIPMENT: Oil and natural gas properties at cost, based on full cost accounting, net 435 8,888 27 — 9,350 Other property and equipment, net — 1,314 — — 1,314 Property and equipment held for sale, net — 16 — — 16 Total Property and Equipment, Net 435 10,218 27 — 10,680 LONG-TERM ASSETS: Other long-term assets 52 168 — — 220 Investments in subsidiaries and intercompany advances 806 (146 ) — (660 ) — TOTAL ASSETS $ 10,149 $ 12,041 $ 32 $ (9,797 ) $ 12,425 CURRENT LIABILITIES: Current liabilities $ 190 $ 2,168 $ 2 $ (4 ) $ 2,356 Intercompany payable, net 433 8,648 52 (9,133 ) — Total Current Liabilities 623 10,816 54 (9,137 ) 2,356 LONG-TERM LIABILITIES: Long-term debt, net 9,921 — — — 9,921 Other long-term liabilities 101 419 — — 520 Total Long-Term Liabilities 10,022 419 — — 10,441 EQUITY: Chesapeake stockholders’ equity (deficit) (496 ) 806 (146 ) (660 ) (496 ) Noncontrolling interests — — 124 — 124 Total Equity (Deficit) (496 ) 806 (22 ) (660 ) (372 ) TOTAL LIABILITIES AND EQUITY $ 10,149 $ 12,041 $ 32 $ (9,797 ) $ 12,425 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,238 $ 5 $ — $ 1,243 Marketing — 1,246 — — 1,246 Total Revenues — 2,484 5 — 2,489 OPERATING EXPENSES: Oil, natural gas and NGL production — 147 — — 147 Oil, natural gas and NGL gathering, processing and transportation — 355 1 — 356 Production taxes — 31 — — 31 Marketing — 1,268 — — 1,268 General and administrative — 72 — — 72 Restructuring and other termination costs — 38 — — 38 Provision for legal contingencies, net — 5 — — 5 Oil, natural gas and NGL depreciation, depletion and amortization — 267 1 — 268 Depreciation and amortization of other assets — 18 — — 18 Net losses on sales of fixed assets — 8 — — 8 Total Operating Expenses — 2,209 2 — 2,211 INCOME FROM OPERATIONS — 275 3 — 278 OTHER INCOME (EXPENSE): Interest expense (123 ) — — — (123 ) Gains on investments — 139 — — 139 Equity in net earnings (losses) of subsidiary 416 2 — (418 ) — Total Other Income (Expense) 293 141 — (418 ) 16 INCOME BEFORE INCOME TAXES 293 416 3 (418 ) 294 INCOME TAX EXPENSE (BENEFIT) — — — — — NET INCOME 293 416 3 (418 ) 294 Net income attributable to noncontrolling interests — — (1 ) — (1 ) NET INCOME ATTRIBUTABLE TO CHESAPEAKE 293 416 2 (418 ) 293 Other comprehensive income — 10 — — 10 COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 293 $ 426 $ 2 $ (418 ) $ 303 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,463 $ 6 $ — $ 1,469 Marketing — 1,284 — — 1,284 Total Revenues — 2,747 6 — 2,753 OPERATING EXPENSES: Oil, natural gas and NGL production — 135 — — 135 Oil, natural gas and NGL gathering, processing and transportation — 353 2 — 355 Production taxes — 22 — — 22 Marketing — 1,328 — — 1,328 General and administrative — 64 1 — 65 Provision for legal contingencies, net — (2 ) — — (2 ) Oil, natural gas and NGL depreciation, depletion and amortization — 195 2 — 197 Depreciation and amortization of other assets — 21 — — 21 Other operating expenses — 391 — — 391 Total Operating Expenses — 2,507 5 — 2,512 INCOME FROM OPERATIONS — 240 1 — 241 OTHER INCOME (EXPENSE): Interest expense (95 ) — — — (95 ) Losses on purchases or exchanges of debt (7 ) — — — (7 ) Other income — 3 — — 3 Equity in net earnings (losses) of subsidiary 243 — — (243 ) — Total Other Income (Expense) 141 3 — (243 ) (99 ) INCOME BEFORE INCOME TAXES 141 243 1 (243 ) 142 INCOME TAX EXPENSE 1 — — — 1 NET INCOME 140 243 1 (243 ) 141 Net income attributable to noncontrolling interests — — (1 ) — (1 ) NET INCOME ATTRIBUTABLE TO CHESAPEAKE 140 243 — (243 ) 140 Other comprehensive income — 14 — — 14 COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 140 $ 257 $ — $ (243 ) $ 154 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 78 $ 577 $ 5 $ (4 ) $ 656 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (442 ) — — (442 ) Acquisitions of proved and unproved properties — (63 ) — — (63 ) Proceeds from divestitures of proved and unproved properties — 319 — — 319 Additions to other property and equipment — (3 ) — — (3 ) Other investing activities — 142 — — 142 Net Cash Used In Investing Activities — (47 ) — — (47 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 2,904 — — — 2,904 Payments on revolving credit facility borrowings (3,485 ) — — — (3,485 ) Cash paid for preferred stock dividends (23 ) — — — (23 ) Other financing activities 25 (2 ) (4 ) (25 ) (6 ) Intercompany advances, net 530 (528 ) (2 ) — — Net Cash Used In Financing Activities (49 ) (530 ) (6 ) (25 ) (610 ) Net increase (decrease) in cash and cash equivalents 29 — (1 ) (29 ) (1 ) Cash and cash equivalents, beginning of period 5 1 2 (3 ) 5 Cash and cash equivalents, end of period $ 34 $ 1 $ 1 $ (32 ) $ 4 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By (Used In) Operating Activities $ 1 $ 96 $ 4 $ (2 ) $ 99 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (433 ) — — (433 ) Acquisitions of proved and unproved properties — (95 ) — — (95 ) Proceeds from divestitures of proved and unproved properties — 892 — — 892 Additions to other property and equipment — (3 ) — — (3 ) Other investing activities — 19 — — 19 Net Cash Provided By Investing Activities — 380 — — 380 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 50 — — — 50 Payments on revolving credit facility borrowings (50 ) — — — (50 ) Cash paid to purchase debt (982 ) — — — (982 ) Cash paid for preferred stock dividends (114 ) — — — (114 ) Other financing activities (24 ) (1 ) (3 ) 12 (16 ) Intercompany advances, net 476 (475 ) (1 ) — — Net Cash Provided by (Used In) Financing Activities (644 ) (476 ) (4 ) 12 (1,112 ) Net increase (decrease) in cash and cash equivalents (643 ) — — 10 (633 ) Cash and cash equivalents, beginning of period 904 2 1 (25 ) 882 Cash and cash equivalents, end of period $ 261 $ 2 $ 1 $ (15 ) $ 249

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Chesapeake were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers (Topic 606) superseding virtually all existing revenue recognition guidance. We adopted this new standard in the first quarter of 2018 using the modified retrospective approach. We applied the new standard to all contracts that were not completed as of January 1, 2018 and reflected the aggregate effect of all modifications in determining and allocating the transaction price. See Note 10 for further details regarding our adoption of Topic 606. In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The new standard allows for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) previously recognized in accumulated other comprehensive income to be reclassified to retained earnings. For public business entities, the amendments are effective for annual periods, including interim periods within the annual periods, beginning after December 15, 2018. Early adoption is permitted in any interim or annual period, but we do not plan to early adopt. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU 2017-12 , Derivatives and Hedging (Topic 815), which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The new standard update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but we do not plan to early adopt. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which updated lease accounting guidance requiring lessees to recognize most leases, including operating leases, on the balance sheet as a right-of-use asset and lease liability for leases with terms in excess of 12 months. In January 2018, the FASB issued an update permitting an entity to elect an optional transition practical expedient to not evaluate land easements that existed or expired before the adoption of Topic 842 and were not previously accounted for as leases. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. Early adoption is permitted, but we do not plan to early adopt . The standard will not apply to our leases of mineral rights. We are continuing to evaluate the impact of this standard on our consolidated financial statements and related disclosures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Reconciliation of basic EPS and diluted EPS	A reconciliation of basic EPS and diluted EPS for the Current Quarter and the Prior Quarter is as follows: Three Months Ended March 31, 2018 2017 (in millions, except per share data) Net income available to common stockholders $ 268 $ 75 Effect of dilutive securities 36 — Diluted income per share $ 304 $ 75 Weighted average common and common equivalent shares outstanding - basic 907 906 Effect of dilutive securities 146 1 Weighted average common and common equivalent shares outstanding - diluted 1,053 907 Net income per share attributable to Chesapeake: Basic $ 0.30 $ 0.08 Diluted $ 0.29 $ 0.08 Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive: Common stock equivalent of our preferred stock outstanding 60 60 Common stock equivalent of our convertible senior notes outstanding — 146 Common stock equivalent of our preferred stock outstanding prior to exchange — 1 Participating securities — 1
Reconciliation of basic EPS and diluted EPS	A reconciliation of basic EPS and diluted EPS for the Current Quarter and the Prior Quarter is as follows: Three Months Ended March 31, 2018 2017 (in millions, except per share data) Net income available to common stockholders $ 268 $ 75 Effect of dilutive securities 36 — Diluted income per share $ 304 $ 75 Weighted average common and common equivalent shares outstanding - basic 907 906 Effect of dilutive securities 146 1 Weighted average common and common equivalent shares outstanding - diluted 1,053 907 Net income per share attributable to Chesapeake: Basic $ 0.30 $ 0.08 Diluted $ 0.29 $ 0.08 Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive: Common stock equivalent of our preferred stock outstanding 60 60 Common stock equivalent of our convertible senior notes outstanding — 146 Common stock equivalent of our preferred stock outstanding prior to exchange — 1 Participating securities — 1

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	Our long-term debt consisted of the following as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Principal Amount Carrying Principal Carrying ($ in millions) 7.25% senior notes due 2018 $ 44 $ 44 $ 44 $ 44 Floating rate senior notes due 2019 380 380 380 380 6.625% senior notes due 2020 437 437 437 437 6.875% senior notes due 2020 227 227 227 227 6.125% senior notes due 2021 548 548 548 548 5.375% senior notes due 2021 267 267 267 267 4.875% senior notes due 2022 451 451 451 451 8.00% senior secured second lien notes due 2022 1,416 1,870 1,416 1,895 5.75% senior notes due 2023 338 338 338 338 8.00% senior notes due 2025 1,300 1,290 1,300 1,290 5.5% convertible senior notes due 2026 (a)(b) 1,250 844 1,250 837 8.00% senior notes due 2027 1,300 1,298 1,300 1,298 2.25% contingent convertible senior notes due 2038 (a) 9 8 9 8 Term loan due 2021 1,233 1,233 1,233 1,233 Revolving credit facility 200 200 781 781 Debt issuance costs — (60 ) — (63 ) Interest rate derivatives — 2 — 2 Total debt, net 9,400 9,377 9,981 9,973 Less current maturities of long-term debt, net (c) (53 ) (52 ) (53 ) (52 ) Total long-term debt, net $ 9,347 $ 9,325 $ 9,928 $ 9,921 ___________________________________________ (a) We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.25% Contingent Convertible Senior Notes due 2038 and our 5.5% Convertible Senior Notes due 2026 are 8.0% and 11.5% , respectively. (b) Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the first quarter of 2018, the price of our common stock was below the threshold level for conversion and, as a result, the holders do not have the option to convert their notes in the second quarter of 2018. (c) As of March 31, 2018 , current maturities of long-term debt, net includes our 7.25% Senior Notes due December 2018 and our 2.25% Contingent Convertible Notes due December 2038.
Schedule of fair value of debt	Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below: March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 52 $ 53 $ 52 $ 53 Long-term debt (Level 1) $ 2,635 $ 2,603 $ 2,633 $ 2,629 Long-term debt (Level 2) $ 6,690 $ 6,582 $ 7,286 $ 7,301

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Gathering, processing and transportation commitments	The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: March 31, ($ in millions) 2018 $ 815 2019 1,052 2020 980 2021 884 2022 772 2023 – 2035 4,406 Total $ 8,909

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities as of March 31, 2018 and December 31, 2017 are detailed below: March 31, December 31, ($ in millions) Revenues and royalties due others $ 584 $ 612 Accrued drilling and production costs 297 216 Joint interest prepayments received 76 74 Accrued compensation and benefits 125 214 Accrued restructuring and other termination costs 27 — Other accrued taxes 41 43 Other 207 296 Total other current liabilities $ 1,357 $ 1,455
Other long-term liabilities	Other long-term liabilities as of March 31, 2018 and December 31, 2017 are detailed below: March 31, December 31, ($ in millions) CHK Utica ORRI conveyance obligation (a) $ 153 $ 156 Unrecognized tax benefits 98 101 Other 94 97 Total other long-term liabilities $ 345 $ 354 ____________________________________________ (a) The CHK Utica, L.L.C. investors’ right to receive proportionately an overriding royalty interest (ORRI) in the first 1,500 net wells drilled on certain of our Utica Shale leasehold runs through 2023. We have the right to repurchase the ORRIs in the remaining net wells once we have drilled a minimum of 1,300 net wells. As of March 31, 2018, we had drilled 584 net wells. The obligation to deliver future ORRIs, which has been recorded as a liability, will be settled through the future conveyance of the underlying ORRIs to the investors on a net-well basis. As of March 31, 2018 and December 31, 2017, approximately $30 million of the total ORRI obligations are recorded in other current liabilities.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the changes in unvested restricted stock	A summary of the changes in unvested restricted stock during the Current Quarter is presented below: Shares of Unvested Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Unvested restricted stock as of January 1, 2018 13,178 $ 6.37 Granted 2,805 $ 3.02 Vested (4,651 ) $ 7.64 Forfeited (465 ) $ 6.24 Unvested restricted stock as of March 31, 2018 10,867 $ 4.97
Weighted average assumptions to estimate grant date fair value of the stock options granted	We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the PSUs. Grant Date Assumptions Assumption 2017 Awards 2016 Awards Volatility 80.65 % 49.74 % Risk-free interest rate 1.54 % 1.13 % Dividend yield for value of awards — % — % Reporting Period Assumptions Assumption 2017 Awards 2016 Awards Volatility 55.89 % 53.77 % Risk-free interest rate 2.23 % 2.01 % Dividend yield for value of awards — % — % used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter: Expected option life – years 6.0 Volatility 63.55 % Risk-free interest rate 2.72 % Dividend yield — %
Schedule of stock option activity	The following table provides information related to stock option activity in the Current Quarter: Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Contract Life in Years Aggregate Intrinsic Value (a) (in thousands) ($ in millions) Outstanding as of January 1, 2018 16,285 $ 8.25 7.73 $ 1 Granted 3,611 $ 3.01 Exercised — $ — $ — Expired (64 ) $ 20.77 Forfeited (267 ) $ 5.45 Outstanding as of March 31, 2018 19,565 $ 7.28 7.93 $ — Exercisable as of March 31, 2018 8,776 $ 10.88 6.52 $ — ___________________________________________ (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.
Restricted stock and stock option compensation	We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter and the Prior Quarter: Three Months Ended 2018 2017 ($ in millions) General and administrative expenses $ 7 $ 8 Oil and natural gas properties 2 4 Oil, natural gas and NGL production expenses 2 3 Total restricted stock and stock option compensation $ 11 $ 15
Assumptions and TSR performance measure to determine grant date fair value of PSUs	We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the PSUs. Grant Date Assumptions Assumption 2017 Awards 2016 Awards Volatility 80.65 % 49.74 % Risk-free interest rate 1.54 % 1.13 % Dividend yield for value of awards — % — % Reporting Period Assumptions Assumption 2017 Awards 2016 Awards Volatility 55.89 % 53.77 % Risk-free interest rate 2.23 % 2.01 % Dividend yield for value of awards — % — % used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter: Expected option life – years 6.0 Volatility 63.55 % Risk-free interest rate 2.72 % Dividend yield — %
Schedule of PSU awards	The following table presents a summary of our liability-classified awards: Grant Date Fair Value March 31, 2018 Units Fair Value Vested Liability ($ in millions) ($ in millions) 2018 PSU Awards: Payable 2019, 2020 and 2021 4,031,011 $ 12 $ 12 $ — 2017 PSU Awards: Payable 2020 1,217,774 $ 8 $ 4 $ 2 2016 PSU Awards: Payable 2019 2,348,893 $ 10 $ 8 $ 7 2018 CRSU Awards: Payable 2019, 2020 and 2021 16,976,014 $ 52 $ 52 $ —
PSU compensation	We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter and the Prior Quarter: Three Months Ended 2018 2017 ($ in millions) General and administrative expenses $ 7 $ 8 Oil and natural gas properties 2 4 Oil, natural gas and NGL production expenses 2 3 Total restricted stock and stock option compensation $ 11 $ 15

Derivative and Hedging Activi31

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of estimated fair values of oil, natural gas and NGL derivative instruments	The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of March 31, 2018 and December 31, 2017 are provided below: March 31, 2018 December 31, 2017 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 24 $ (180 ) 21 $ (151 ) Three-way collars 1 (12 ) 2 (10 ) Call swaptions 2 (19 ) 2 (13 ) Basis protection swaps 7 5 11 (9 ) Total oil 34 (206 ) 36 (183 ) Natural gas (bcf): Fixed-price swaps 358 44 532 149 Three-way collars 88 — — — Collars 36 8 47 11 Call options 93 (1 ) 110 (3 ) Basis protection swaps 41 3 65 (7 ) Total natural gas 616 54 754 150 NGL (mmgal): Fixed-price swaps 47 — 33 (2 ) Total estimated fair value $ (152 ) $ (35 )
Schedule of effect of derivative instruments, condensed consolidated balance sheets	The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 on a gross basis and after same-counterparty netting: Balance Sheet Classification Gross Fair Value Amounts Netted in the Consolidated Balance Sheets Net Fair Value Presented in the Consolidated Balance Sheet ($ in millions) As of March 31, 2018 Commodity Contracts: Short-term derivative asset $ 60 $ (57 ) $ 3 Long-term derivative asset 5 (5 ) — Short-term derivative liability (206 ) 57 (149 ) Long-term derivative liability (11 ) 5 (6 ) Total derivatives $ (152 ) $ — $ (152 ) As of December 31, 2017 Commodity Contracts: Short-term derivative asset $ 157 $ (130 ) $ 27 Short-term derivative liability (188 ) 130 (58 ) Long-term derivative liability (4 ) — (4 ) Total derivatives $ (35 ) $ — $ (35 )
Schedule of effect of derivative instruments, condensed consolidated statements of operations	The components of oil, natural gas and NGL revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended March 31, 2018 2017 ($ in millions) Oil, natural gas and NGL revenues $ 1,360 $ 1,147 Gains (losses) on undesignated oil, natural gas and NGL derivatives (107 ) 332 Losses on terminated cash flow hedges (10 ) (10 ) Total oil, natural gas and NGL revenues $ 1,243 $ 1,469
Schedule of 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: Three Months Ended March 31, 2018 2017 Before After Before After ($ in millions) Balance, beginning of period $ (114 ) $ (57 ) $ (153 ) $ (96 ) Net change in fair value — — 4 4 Losses reclassified to income 10 10 10 10 Balance, end of period $ (104 ) $ (47 ) $ (139 ) $ (82 )
Schedule of financial assets (liabilities)	The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 53 $ 12 $ 65 Commodity liabilities — (181 ) (36 ) (217 ) Total derivatives $ — $ (128 ) $ (24 ) $ (152 ) As of December 31, 2017 Derivative Assets (Liabilities): Commodity assets $ — $ — $ 8 $ 8 Commodity liabilities — (20 ) (23 ) (43 ) Total derivatives $ — $ (20 ) $ (15 ) $ (35 ) A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below: Commodity Derivatives ($ in millions) Balance, as of January 1, 2018 $ (15 ) Total gains (losses) (realized/unrealized): Included in earnings (a) (8 ) Total purchases, issuances, sales and settlements: Settlements (1 ) Balance, as of March 31, 2018 $ (24 ) Balance, as of January 1, 2017 $ (10 ) Total gains (losses) (realized/unrealized): Included in earnings (a) 12 Total purchases, issuances, sales and settlements: Settlements 1 Balance, as of March 31, 2017 $ 3 ___________________________________________ (a) Commodity Derivatives 2018 2017 ($ in millions) Total gains (losses) included in earnings for the period $ (8 ) $ 12 Change in unrealized gains (losses) related to assets still held at reporting date $ (10 ) $ 5 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 March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Financial Assets (Liabilities): Other current assets $ 52 $ — $ — $ 52 Other current liabilities (52 ) — — (52 ) Total $ — $ — $ — $ — As of December 31, 2017 Financial Assets (Liabilities): Other current assets $ 57 $ — $ — $ 57 Other current liabilities (60 ) — — (60 ) Total $ (3 ) $ — $ — $ (3 )
Schedule of quantitative information about level 3 inputs used	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 March 31, 2018 : Instrument Type Unobservable Input Range Weighted Average Fair Value ($ in millions) Oil trades Oil price volatility curves 19.20% – 30.57% 27.29% $ (31 ) Natural gas trades Natural gas price volatility curves 14.74% – 40.22% 20.73% $ 7

Oil and Natural Gas Property 32

Oil and Natural Gas Property Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
VPP Transactions	As of March 31, 2018 , we had the following VPP outstanding: Volume Sold VPP # Date of VPP Location Proceeds Oil Natural Gas NGL Total ($ in millions) (mmbbl) (bcf) (mmbbl) (bcfe) 9 May 2011 Mid-Continent $ 853 1.7 138 4.8 177
VPP Volumes Remaining to Be Delivered	The volumes remaining to be delivered on behalf of our VPP buyers as of March 31, 2018 were as follows: Volume Remaining as of March 31, 2018 VPP # Term Remaining Oil Natural Gas NGL Total (in months) (mmbbl) (bcf) (mmbbl) (bcfe) 9 35 0.4 31.3 0.8 38.2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Adoption of new revenue standard	In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated balance sheet and condensed consolidated statement of operations was as follows: Before adoption of ASC 606 Adjustments As Reported ($ in millions) Balance Sheet as of March 31, 2018 Other current liabilities $ 1,355 $ 2 $ 1,357 Other long-term liabilities $ 339 $ 6 $ 345 Accumulated deficit $ (16,232 ) $ (8 ) $ (16,240 ) Statement of Operations for the Three Months Ended March 31, 2018 Marketing revenues $ 1,361 $ (115 ) $ 1,246 Marketing operating expenses $ 1,383 $ (115 ) $ 1,268
Disaggregation of revenue	The following table shows revenue disaggregated by operating area and product type, for the Current Quarter: Three Months Ended March 31, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 294 $ — $ 294 Haynesville — 210 — 210 Eagle Ford 364 42 40 446 Utica 60 116 52 228 Mid-Continent 73 32 17 122 Powder River Basin 40 12 8 60 Revenue from contracts with customers 537 706 117 1,360 Gains (losses) on oil, natural gas and NGL derivatives (86 ) (32 ) 1 (117 ) Oil, natural gas and NGL revenue $ 451 $ 674 $ 118 $ 1,243 Marketing revenue from contracts with customers $ 686 $ 293 $ 110 $ 1,089 Other marketing revenue 117 40 — 157 Marketing revenue $ 803 $ 333 $ 110 $ 1,246
Accounts receivable	Accounts receivable as of March 31, 2018 and December 31, 2017 are detailed below: March 31, 2018 December 31, 2017 ($ in millions) Oil, natural gas and NGL sales $ 829 $ 959 Joint interest 166 209 Other 101 184 Allowance for doubtful accounts (14 ) (30 ) Total accounts receivable, net $ 1,082 $ 1,322

Restructuring and Other Termi34

Restructuring and Other Termination Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Summary of restructuring liabilities	The following table summarizes our restructuring liabilities: Other Current Liabilities ($ in millions) Balance as of December 31, 2017 $ — Initial restructuring recognition on January 30, 2018 38 Termination benefits paid (11 ) Balance as of March 31, 2018 (a) $ 27 ___________________________________________ (a) Remaining accrued amounts are expected to be paid by the end of the 2018 second quarter.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value measurement of financial assets (liabilities) measured at fair value on a recurring basis	The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 53 $ 12 $ 65 Commodity liabilities — (181 ) (36 ) (217 ) Total derivatives $ — $ (128 ) $ (24 ) $ (152 ) As of December 31, 2017 Derivative Assets (Liabilities): Commodity assets $ — $ — $ 8 $ 8 Commodity liabilities — (20 ) (23 ) (43 ) Total derivatives $ — $ (20 ) $ (15 ) $ (35 ) A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below: Commodity Derivatives ($ in millions) Balance, as of January 1, 2018 $ (15 ) Total gains (losses) (realized/unrealized): Included in earnings (a) (8 ) Total purchases, issuances, sales and settlements: Settlements (1 ) Balance, as of March 31, 2018 $ (24 ) Balance, as of January 1, 2017 $ (10 ) Total gains (losses) (realized/unrealized): Included in earnings (a) 12 Total purchases, issuances, sales and settlements: Settlements 1 Balance, as of March 31, 2017 $ 3 ___________________________________________ (a) Commodity Derivatives 2018 2017 ($ in millions) Total gains (losses) included in earnings for the period $ (8 ) $ 12 Change in unrealized gains (losses) related to assets still held at reporting date $ (10 ) $ 5 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 March 31, 2018 and December 31, 2017: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2018 Financial Assets (Liabilities): Other current assets $ 52 $ — $ — $ 52 Other current liabilities (52 ) — — (52 ) Total $ — $ — $ — $ — As of December 31, 2017 Financial Assets (Liabilities): Other current assets $ 57 $ — $ — $ 57 Other current liabilities (60 ) — — (60 ) Total $ (3 ) $ — $ — $ (3 )

Condensed Consolidating Finan36

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 34 $ 1 $ 1 $ (32 ) $ 4 Other current assets 73 1,147 2 (2 ) 1,220 Intercompany receivable, net 7,987 29 173 (8,189 ) — Total Current Assets 8,094 1,177 176 (8,223 ) 1,224 PROPERTY AND EQUIPMENT: Oil and natural gas properties at cost, based on full cost accounting, net 478 8,847 27 — 9,352 Other property and equipment, net — 1,224 — — 1,224 Property and equipment held for sale, net — 16 — — 16 Total Property and Equipment, Net 478 10,087 27 — 10,592 LONG-TERM ASSETS: Other long-term assets 49 221 — — 270 Investments in subsidiaries and intercompany advances 807 77 — (884 ) — TOTAL ASSETS $ 9,428 $ 11,562 $ 203 $ (9,107 ) $ 12,086 CURRENT LIABILITIES: Current liabilities $ 197 $ 2,188 $ 3 $ (34 ) $ 2,354 Intercompany payable, net 28 8,161 — (8,189 ) — Total Current Liabilities 225 10,349 3 (8,223 ) 2,354 LONG-TERM LIABILITIES: Long-term debt, net 9,325 — — — 9,325 Other long-term liabilities 98 406 — — 504 Total Long-Term Liabilities 9,423 406 — — 9,829 EQUITY: Chesapeake stockholders’ equity (deficit) (220 ) 807 77 (884 ) (220 ) Noncontrolling interests — — 123 — 123 Total Equity (Deficit) (220 ) 807 200 (884 ) (97 ) TOTAL LIABILITIES AND EQUITY $ 9,428 $ 11,562 $ 203 $ (9,107 ) $ 12,086 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 5 $ 1 $ 2 $ (3 ) $ 5 Other current assets 154 1,364 3 (1 ) 1,520 Intercompany receivable, net 8,697 436 — (9,133 ) — Total Current Assets 8,856 1,801 5 (9,137 ) 1,525 PROPERTY AND EQUIPMENT: Oil and natural gas properties at cost, based on full cost accounting, net 435 8,888 27 — 9,350 Other property and equipment, net — 1,314 — — 1,314 Property and equipment held for sale, net — 16 — — 16 Total Property and Equipment, Net 435 10,218 27 — 10,680 LONG-TERM ASSETS: Other long-term assets 52 168 — — 220 Investments in subsidiaries and intercompany advances 806 (146 ) — (660 ) — TOTAL ASSETS $ 10,149 $ 12,041 $ 32 $ (9,797 ) $ 12,425 CURRENT LIABILITIES: Current liabilities $ 190 $ 2,168 $ 2 $ (4 ) $ 2,356 Intercompany payable, net 433 8,648 52 (9,133 ) — Total Current Liabilities 623 10,816 54 (9,137 ) 2,356 LONG-TERM LIABILITIES: Long-term debt, net 9,921 — — — 9,921 Other long-term liabilities 101 419 — — 520 Total Long-Term Liabilities 10,022 419 — — 10,441 EQUITY: Chesapeake stockholders’ equity (deficit) (496 ) 806 (146 ) (660 ) (496 ) Noncontrolling interests — — 124 — 124 Total Equity (Deficit) (496 ) 806 (22 ) (660 ) (372 ) TOTAL LIABILITIES AND EQUITY $ 10,149 $ 12,041 $ 32 $ (9,797 ) $ 12,425
Condensed Consolidated Income Statements	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,238 $ 5 $ — $ 1,243 Marketing — 1,246 — — 1,246 Total Revenues — 2,484 5 — 2,489 OPERATING EXPENSES: Oil, natural gas and NGL production — 147 — — 147 Oil, natural gas and NGL gathering, processing and transportation — 355 1 — 356 Production taxes — 31 — — 31 Marketing — 1,268 — — 1,268 General and administrative — 72 — — 72 Restructuring and other termination costs — 38 — — 38 Provision for legal contingencies, net — 5 — — 5 Oil, natural gas and NGL depreciation, depletion and amortization — 267 1 — 268 Depreciation and amortization of other assets — 18 — — 18 Net losses on sales of fixed assets — 8 — — 8 Total Operating Expenses — 2,209 2 — 2,211 INCOME FROM OPERATIONS — 275 3 — 278 OTHER INCOME (EXPENSE): Interest expense (123 ) — — — (123 ) Gains on investments — 139 — — 139 Equity in net earnings (losses) of subsidiary 416 2 — (418 ) — Total Other Income (Expense) 293 141 — (418 ) 16 INCOME BEFORE INCOME TAXES 293 416 3 (418 ) 294 INCOME TAX EXPENSE (BENEFIT) — — — — — NET INCOME 293 416 3 (418 ) 294 Net income attributable to noncontrolling interests — — (1 ) — (1 ) NET INCOME ATTRIBUTABLE TO CHESAPEAKE 293 416 2 (418 ) 293 Other comprehensive income — 10 — — 10 COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 293 $ 426 $ 2 $ (418 ) $ 303 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,463 $ 6 $ — $ 1,469 Marketing — 1,284 — — 1,284 Total Revenues — 2,747 6 — 2,753 OPERATING EXPENSES: Oil, natural gas and NGL production — 135 — — 135 Oil, natural gas and NGL gathering, processing and transportation — 353 2 — 355 Production taxes — 22 — — 22 Marketing — 1,328 — — 1,328 General and administrative — 64 1 — 65 Provision for legal contingencies, net — (2 ) — — (2 ) Oil, natural gas and NGL depreciation, depletion and amortization — 195 2 — 197 Depreciation and amortization of other assets — 21 — — 21 Other operating expenses — 391 — — 391 Total Operating Expenses — 2,507 5 — 2,512 INCOME FROM OPERATIONS — 240 1 — 241 OTHER INCOME (EXPENSE): Interest expense (95 ) — — — (95 ) Losses on purchases or exchanges of debt (7 ) — — — (7 ) Other income — 3 — — 3 Equity in net earnings (losses) of subsidiary 243 — — (243 ) — Total Other Income (Expense) 141 3 — (243 ) (99 ) INCOME BEFORE INCOME TAXES 141 243 1 (243 ) 142 INCOME TAX EXPENSE 1 — — — 1 NET INCOME 140 243 1 (243 ) 141 Net income attributable to noncontrolling interests — — (1 ) — (1 ) NET INCOME ATTRIBUTABLE TO CHESAPEAKE 140 243 — (243 ) 140 Other comprehensive income — 14 — — 14 COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 140 $ 257 $ — $ (243 ) $ 154
Condensed Consolidated Cash Flow Statements	Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 78 $ 577 $ 5 $ (4 ) $ 656 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (442 ) — — (442 ) Acquisitions of proved and unproved properties — (63 ) — — (63 ) Proceeds from divestitures of proved and unproved properties — 319 — — 319 Additions to other property and equipment — (3 ) — — (3 ) Other investing activities — 142 — — 142 Net Cash Used In Investing Activities — (47 ) — — (47 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 2,904 — — — 2,904 Payments on revolving credit facility borrowings (3,485 ) — — — (3,485 ) Cash paid for preferred stock dividends (23 ) — — — (23 ) Other financing activities 25 (2 ) (4 ) (25 ) (6 ) Intercompany advances, net 530 (528 ) (2 ) — — Net Cash Used In Financing Activities (49 ) (530 ) (6 ) (25 ) (610 ) Net increase (decrease) in cash and cash equivalents 29 — (1 ) (29 ) (1 ) Cash and cash equivalents, beginning of period 5 1 2 (3 ) 5 Cash and cash equivalents, end of period $ 34 $ 1 $ 1 $ (32 ) $ 4 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2017 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By (Used In) Operating Activities $ 1 $ 96 $ 4 $ (2 ) $ 99 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (433 ) — — (433 ) Acquisitions of proved and unproved properties — (95 ) — — (95 ) Proceeds from divestitures of proved and unproved properties — 892 — — 892 Additions to other property and equipment — (3 ) — — (3 ) Other investing activities — 19 — — 19 Net Cash Provided By Investing Activities — 380 — — 380 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 50 — — — 50 Payments on revolving credit facility borrowings (50 ) — — — (50 ) Cash paid to purchase debt (982 ) — — — (982 ) Cash paid for preferred stock dividends (114 ) — — — (114 ) Other financing activities (24 ) (1 ) (3 ) 12 (16 ) Intercompany advances, net 476 (475 ) (1 ) — — Net Cash Provided by (Used In) Financing Activities (644 ) (476 ) (4 ) 12 (1,112 ) Net increase (decrease) in cash and cash equivalents (643 ) — — 10 (633 ) Cash and cash equivalents, beginning of period 904 2 1 (25 ) 882 Cash and cash equivalents, end of period $ 261 $ 2 $ 1 $ (15 ) $ 249

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to common stockholders	$ 268	$ 75
Effect of dilutive securities	36	0
Diluted income per share	$ 304	$ 75
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Weighted average common and common equivalent shares outstanding, basic (in shares)	907	906
Effect of dilutive securities (in shares)	146	1
Weighted average common and common equivalent shares outstanding, diluted (in shares)	1,053	907
Earnings per common share, basic (in dollars per share)	$ 0.30	$ 0.08
Earnings per common share, diluted (in dollars per share)	$ 0.29	$ 0.08
Convertible Preferred Stock [Member]
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive:	0	1
Convertible Debt Securities [Member]
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive:	0	146
Restricted stock [Member]
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive:	0	1
Preferred Stock [Member]
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive:	60	60

Debt - Long-Term Debt Table (De

Debt - Long-Term Debt Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 9,400	$ 9,981
Long-term Debt, Gross	9,377	9,973
Debt issuance costs	(60)	(63)
Debt, current	(53)	(53)
Current maturities of long-term debt, net	(52)	(52)
Long-term debt, fair value	9,347	9,928
Long-term debt, net	9,325	9,921
Interest rate contract [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	0	0
Interest rate derivatives	2	2
Senior notes [Member] | 7.25% Senior Notes Due 2018 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	44	44
Long-term Debt, Gross	$ 44	44
Interest rate, stated percentage	7.25%
Senior notes [Member] | Floating Rate Senior Notes Due 2019 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 380	380
Long-term Debt, Gross	380	380
Senior notes [Member] | 6.625% Senior Notes Due 2020 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	437	437
Long-term Debt, Gross	$ 437	437
Interest rate, stated percentage	6.625%
Senior notes [Member] | 6.875% Senior Notes Due 2020 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 227	227
Long-term Debt, Gross	$ 227	227
Interest rate, stated percentage	6.875%
Senior notes [Member] | 6.125% Senior Notes Due 2021 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 548	548
Long-term Debt, Gross	$ 548	548
Interest rate, stated percentage	6.125%
Senior notes [Member] | 5.375% Senior Notes Due 2021 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 267	267
Long-term Debt, Gross	$ 267	267
Interest rate, stated percentage	5.375%
Senior notes [Member] | 4.875% Senior Notes Due 2022 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 451	451
Long-term Debt, Gross	$ 451	451
Interest rate, stated percentage	4.875%
Senior notes [Member] | 8.00% Senior Secured Second Lien Notes Due 2022 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,416	1,416
Long-term Debt, Gross	$ 1,870	1,895
Interest rate, stated percentage	8.00%
Senior notes [Member] | 5.75% Senior Notes Due 2023 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 338	338
Long-term Debt, Gross	$ 338	338
Interest rate, stated percentage	5.75%
Senior notes [Member] | 8.00% Senior Notes Due 2025 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,300	1,300
Long-term Debt, Gross	$ 1,290	1,290
Interest rate, stated percentage	8.00%
Senior notes [Member] | 8.00% Senior Notes Due 2027 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,300	1,300
Long-term Debt, Gross	$ 1,298	1,298
Interest rate, stated percentage	8.00%
Convertible Debt [Member] | 5.5% Convertible Senior Notes Due 2026 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250	1,250
Long-term Debt, Gross	$ 844	837
Interest rate, stated percentage	5.50%
Interest rate, effective percentage	11.50%
Convertible Debt [Member] | 2.25% Contingent Convertible Senior Notes Due 2038 [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 9	9
Long-term Debt, Gross	$ 8	8
Interest rate, stated percentage	2.25%
Interest rate, effective percentage	8.00%
Term Loan [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,233	1,233
Long-term Debt, Gross	1,233	1,233
Line of Credit [Member] | Revolving credit facility [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	200	781
Revolving credit facility	$ 200	$ 781

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Long-Term Debt Instrument [Line Items]
Cash paid to purchase debt	$ 0		$ 982
Gains (losses) on restructuring of debt	0	$ 7	$ (7)
Debt instrument, face amount	9,400	9,981
Senior Notes, Sr. Secured Notes, Contingent Convertible Notes [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount		908
Cash paid to purchase debt		982
Revolving credit facility [Member]
Long-Term Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	3,800
Letters of credit outstanding, amount	157
Revolving credit facility [Member] | Line of Credit [Member]
Long-Term Debt Instrument [Line Items]
Debt instrument, face amount	$ 200	$ 781

Debt - Fair Value of Debt Table

Debt - Fair Value of Debt Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 9,347	$ 9,928
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	52	52
Long-term debt, fair value	2,635	2,633
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	53	53
Long-term debt, fair value	2,603	2,629
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	6,690	7,286
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 6,582	$ 7,301

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Chaparral Energy, Inc. [Member] | Healthcare of Ontario Pension Plan (HOOPP) [Member] | Pending litigation [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 215

Commitments - Gathering Process

Commitments - Gathering Processing and Transportation Commitments Table (Details) - Gathering, processing and transportation agreement [Member] $ in Millions	Mar. 31, 2018USD ($)
Other Commitments [Line Items]
Gathering, processing and transportation commitment, 2018	$ 815
Gathering, processing and transportation commitment, 2019	1,052
Gathering, processing and transportation commitment, 2020	980
Gathering, processing and transportation commitment, 2021	884
Gathering, processing and transportation commitment, 2022	772
Gathering, processing and transportation commitment, 2023-2035	4,406
Gathering, processing and transportation commitment, total	$ 8,909

Other Liabilities - Current Tab

Other Liabilities - Current Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 584	$ 612
Accrued drilling and production costs	297	216
Joint interest prepayments received	76	74
Accrued compensation and benefits	125	214
Accrued restructuring and other termination costs	27	0
Other accrued taxes	41	43
Other	207	296
Current liabilities	$ 1,357	$ 1,455

Other Liabilities - Long-Term T

Other Liabilities - Long-Term Table (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)well	Dec. 31, 2017USD ($)well
Other Long-Term Liabilities [Line Items]
CHK Utica ORRI conveyance obligation	$ 153	$ 156
Unrecognized tax benefits	98	101
Other	94	97
Total other long-term liabilities	345	354
Current revenues and royalties due others	$ 584	612
Noncontrolling Interest, Chesapeake Utica L L C [Member] | ORRI [Member]
Other Long-Term Liabilities [Line Items]
Number of wells | well	1,500
Current revenues and royalties due others	$ 30	$ 30
Minimum [Member] | Noncontrolling Interest, Chesapeake Utica L L C [Member] | ORRI [Member]
Other Long-Term Liabilities [Line Items]
Number of wells | well	1,300
Wells, drilled wells [Member] | Noncontrolling Interest, Chesapeake Utica L L C [Member] | ORRI [Member]
Other Long-Term Liabilities [Line Items]
Number of wells | well		584

Income Taxes Income Taxes - Nar

Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Income Taxes Summary [Line Items]
Income tax expense (benefit)		$ 0	$ 1
Scenario, forecast [Member]
Income Taxes Summary [Line Items]
Unrecognized tax benefit	$ 14
Income tax expense (benefit)	$ (11)

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Table (Details) - Restricted stock [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted stock, beginning balance | shares	13,178
Granted (in shares) | shares	2,805
Vested (in shares) | shares	(4,651)
Forfeited (in shares) | shares	(465)
Unvested restricted stock, beginning balance | shares	10,867
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, unvested restricted stock, beginning balance (in dollars per share) | $ / shares	$ 6.37
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	3.02
Weighted average grant date fair value, vested (in dollars per share) | $ / shares	7.64
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares	6.24
Weighted average grant date fair value, unvested restricted stock, ending balance (in dollars per share) | $ / shares	$ 4.97

Share-Based Compensation - Equi

Share-Based Compensation - Equity-Classified Valuation Table (Details) - Stock option [Member]	3 Months Ended
	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life – years	6 years
Volatility	63.55%
Risk-free interest rate	2.72%
Dividend yield	0.00%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance	16,285
Granted (in shares options)	3,611
Exercised (in shares options)	0
Expired (in shares options)	(64)
Forfeited (in shares options)	(267)
Outstanding, ending balance	19,565	16,285
Exercisable (in shares options)	8,776
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average exercise price, beginning (in dollars per share)	$ 8.25
Weighted average exercise price, granted (in dollars per share)	3.01
Weighted average exercise price, exercised (in dollars per share)	0
Weighted average exercise price, expired (in dollars per share)	20.77
Weighted average exercise price, forfeited (in dollars per share)	5.45
Weighted average exercise price, ending (in dollars per share)	7.28	$ 8.25
Weighted average exercise price, exercisable (in dollars per share)	$ 10.88
Weighted average contract life, outstanding (in years)	7 years 11 months 4 days	7 years 8 months 23 days
Weighted average contract life, exercisable (in years)	6 years 6 months 7 days
Aggregate intrinsic value, outstanding, beginning balance	$ 1
Aggregate intrinsic value, exercised	0
Aggregate intrinsic value, outstanding, ending balance	0	$ 1
Aggregate intrinsic value, exercisable	$ 0

Share-Based Compensation - Eq49

Share-Based Compensation - Equity-Classified Compensation Table (Details) - Restricted stock and stock options [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11	$ 15
General and administrative expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	8
Oil and natural gas properties [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	4
Oil, natural gas and NGL production expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2	$ 3

Share-Based Compensation - Liab

Share-Based Compensation - Liability Classified Valuation Table (Details) - Performance Share Units [Member]	3 Months Ended
	Mar. 31, 2018
Grant Date Assumptions [Member] | 2017 Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	80.65%
Risk-free interest rate	1.54%
Dividend yield	0.00%
Grant Date Assumptions [Member] | 2016 Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	49.74%
Risk-free interest rate	1.13%
Dividend yield	0.00%
Reporting Period Assumptions [Member] | 2017 Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	55.89%
Risk-free interest rate	2.23%
Dividend yield	0.00%
Reporting Period Assumptions [Member] | 2016 Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	53.77%
Risk-free interest rate	2.01%
Dividend yield	0.00%

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Breakout (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018
Performance Share Units [Member] | Award Year 2018, Payable 2019, 2020 and 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	4,031,011
Fair Value	$ 12	$ 12
Vested Liability	$ 0
Performance Share Units [Member] | Award Year 2017, Payable 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	1,217,774
Fair Value	$ 4	8
Vested Liability	$ 2
Performance Share Units [Member] | Award Year 2016, Payable 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	2,348,893
Fair Value	$ 8	10
Vested Liability	$ 7
Cash Restricted Stock Units [Member] | Award Year 2018, Payable 2019, 2020 and 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	16,976,014
Fair Value	$ 52	$ 52
Vested Liability	$ 0

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 15
Unrecognized compensation expense	$ 40
Share-based compensation expense, weighted average period for recognition	2 years 7 days
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, weighted average period for recognition	2 years 1 month 20 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	$ 23
Stock option [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, percentage	33.30%
Share-based compensation, award vesting period	3 years
Stock option [Member] | Management [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	7 years
Stock option [Member] | Management [Member] | Maximum [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
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Monte Carlo simulation
Performance Share Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Units Maximum Payout Percentage	0.00%
Performance Share Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Units Maximum Payout Percentage	200.00%
Performance Share Units [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Performance Share Units Maximum Payout Percentage	200.00%
Performance Share Grant Maximum Payout Percentage	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	less than zero
Performance Share Units [Member] | Management [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Component Percentage Performance Share Units	0.00%
Operational Component Percentage Performance Share Units	0.00%
Performance Share Units [Member] | Management [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Component Percentage Performance Share Units	100.00%
Operational Component Percentage Performance Share Units	100.00%

Derivative and Hedging Activi53

Derivative and Hedging Activities - Derivative Instruments Table (Details) gal in Millions, MMBbls in Millions, $ in Millions, MMBTU in Trillions	3 Months Ended
	Mar. 31, 2018USD ($)MMBTUgalMMBbls	Mar. 31, 2017MMBTUgalMMBbls	Dec. 31, 2017USD ($)
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ (152)		$ (35)
Energy Related Derivative [Member]
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ (152)		(35)
Energy Related Derivative [Member] | Oil [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	34	36
Derivative assets (liabilities), at fair value, net	$ (206)		(183)
Energy Related Derivative [Member] | Oil [Member] | Fixed-Price Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	24	21
Derivative assets (liabilities), at fair value, net	$ (180)		(151)
Energy Related Derivative [Member] | Oil [Member] | Three Way Collar [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	1	2
Derivative assets (liabilities), at fair value, net	$ (12)		(10)
Energy Related Derivative [Member] | Oil [Member] | Call Swaption [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	2	2
Derivative assets (liabilities), at fair value, net	$ (19)		(13)
Energy Related Derivative [Member] | Oil [Member] | Basis Protection Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	7	11
Derivative assets (liabilities), at fair value, net	$ 5		(9)
Energy Related Derivative [Member] | Natural gas [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	616	754
Derivative assets (liabilities), at fair value, net	$ 54		150
Energy Related Derivative [Member] | Natural gas [Member] | Fixed-Price Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	358	532
Derivative assets (liabilities), at fair value, net	$ 44		149
Energy Related Derivative [Member] | Natural gas [Member] | Three Way Collar [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	88	0
Derivative assets (liabilities), at fair value, net	$ 0		0
Energy Related Derivative [Member] | Natural gas [Member] | Call Option [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	93	110
Derivative assets (liabilities), at fair value, net	$ (1)		(3)
Energy Related Derivative [Member] | Natural gas [Member] | Basis Protection Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	41	65
Derivative assets (liabilities), at fair value, net	$ 3		(7)
Energy Related Derivative [Member] | Natural gas [Member] | Collar [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, energy measure | MMBTU	36	47
Derivative assets (liabilities), at fair value, net	$ 8		11
Energy Related Derivative [Member] | NGL [Member] | Fixed-Price Swap [Member]
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | gal	47	33
Derivative assets (liabilities), at fair value, net	$ 0		$ (2)

Derivative and Hedging Activi54

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net	$ (152)	$ (35)
Not designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	(152)
Derivative Liability, Fair Value, Gross Liability		(35)
Derivative Asset, Fair Value, Gross Liability		0
Derivative Liability, Fair Value, Gross Asset	0
Derivative, Fair Value, Net	(152)	(35)
Other current assets [Member] | Not designated as hedging instrument [Member] | Commodity contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	60	157
Derivative Asset, Fair Value, Gross Liability	(57)	(130)
Derivative, Fair Value, Net	3	27
Other noncurrent assets [Member] | Not designated as hedging instrument [Member] | Commodity contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	5
Derivative Asset, Fair Value, Gross Liability	(5)
Derivative, Fair Value, Net	0
Other current liabilities [Member] | Not designated as hedging instrument [Member] | Commodity contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	(206)	(188)
Derivative Liability, Fair Value, Gross Asset	57	130
Derivative, Fair Value, Net	(149)	(58)
Other noncurrent liabilities [Member] | Not designated as hedging instrument [Member] | Commodity contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	(11)	(4)
Derivative Liability, Fair Value, Gross Asset	5	0
Derivative, Fair Value, Net	$ (6)	$ (4)

Derivative and Hedging Activi55

Derivative and Hedging Activities Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Oil, natural gas and NGL revenues	$ 1,360	$ 1,147
Gains (losses) on undesignated oil, natural gas and NGL derivatives	(117)
Oil, natural gas and NGL	1,243	1,469
Oil, Natural Gas and NGL Sales [Member]
Derivative [Line Items]
Losses on terminated cash flow hedges	(10)	(10)
Oil, Natural Gas and NGL Sales [Member] | Commodity contract [Member] | Not designated as hedging instrument [Member]
Derivative [Line Items]
Gains (losses) on undesignated oil, natural gas and NGL derivatives	$ (107)	$ 332

Derivative and Hedging Activi56

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period	$ (57)
Net change in fair value, after tax	0	$ 4
Losses reclassified to income, after tax	10	10
AOCI, after tax, end of period	(47)
Cash flow hedging [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, before tax, beginning of period	(114)	(153)
AOCI, after tax, beginning of period	(57)	(96)
Net change in fair value, before tax	0	4
Net change in fair value, after tax	0	4
Losses reclassified to income, before tax	10	10
Losses reclassified to income, after tax	10	10
AOCI, before tax, end of period	(104)	(139)
AOCI, after tax, end of period	$ (47)	$ (82)

Derivative and Hedging Activi57

Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	$ (152)	$ (35)
Commodity contract [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset	65	8
Derivative Liability	(217)	(43)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Fair Value, Inputs, Level 1 [Member] | Commodity 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]
Derivative assets (liabilities), at fair value, net	(128)	(20)
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	53	0
Derivative Liability	(181)	(20)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	(24)	(15)
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	12	8
Derivative Liability	(36)	(23)
Derivative assets (liabilities), at fair value, net	$ (24)	$ (15)	$ 3	$ (10)

Derivative and Hedging Activi58

Derivative and Hedging Activities - Fair Value Level 3 Measurements Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	$ (35)
Derivative assets (liabilities), at fair value, net, end of period	(152)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	(15)
Derivative assets (liabilities), at fair value, net, end of period	(24)
Fair Value, Inputs, Level 3 [Member] | Oil, Natural Gas and NGL Sales [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Gains (loses) included in earnings	(8)	$ 12
Change in unrealized gains (losses) related to assets still held at reporting date	(10)	5
Fair Value, Inputs, Level 3 [Member] | Commodity contract [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	(15)	(10)
Gains (loses) included in earnings	(8)	12
Settlements	(1)	1
Derivative assets (liabilities), at fair value, net, end of period	$ (24)	$ 3

Derivative and Hedging Activi59

Derivative and Hedging Activities - Quantitative Disclosures Level 3 Table (Details) - Energy Related Derivative [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Oil [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	27.29%
Fair value, measurement with unobservable inputs reconciliations, recurring basis, liability value	$ (31)
Oil [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	19.20%
Oil [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	30.57%
Natural gas [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	20.73%
Fair value, measurement with unobservable inputs reconciliations, recurring basis, asset value	$ 7
Natural gas [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	14.74%
Natural gas [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Weighted Average	40.22%

Derivative and Hedging Activi60

Derivative and Hedging Activities - Narrative (Details)	Mar. 31, 2018USD ($)Derivativescounterparty	Dec. 31, 2017USD ($)Derivatives
Derivative [Line Items]
Number of interest rate derivatives held | Derivatives	0	0
Cash collateral balances for derivatives | $	$ 0	$ 0
Expected amount to be transferred of during the next 12 months | $	$ 33,000,000
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, number of instruments held | Derivatives	0	0
Credit Risk [Member]
Derivative [Line Items]
Number of counterparties in hedge facility | counterparty	11

Oil and Natural Gas Property 61

Oil and Natural Gas Property Transactions - VPP Transactions Table (Details) - VPP 9 Mid-Continent [Member] MMBbls in Millions, $ in Millions, Bcfe in Billions, Bcf in Billions	May 31, 2011USD ($)BcfeBcfMMBbls
VPP Transactions [Line Items]
Cash proceeds from Volumetric Production Payment (VPP) | $	$ 853
Proved Developed Reserves (Energy) | Bcfe	177
Oil [Member]
VPP Transactions [Line Items]
Proved developed reserves (volume)	1.7
Natural gas [Member]
VPP Transactions [Line Items]
Proved developed reserves (volume) | Bcf	138
NGL [Member]
VPP Transactions [Line Items]
Proved developed reserves (volume)	4.8

Oil and Natural Gas Property 62

Oil and Natural Gas Property Transactions - VPP Volume Remaining to Be Delivered Table (Details) - VPP 9 Mid-Continent [Member] MMBbls in Millions, Bcf in Millions, Bcfe in Billions	3 Months Ended
	Mar. 31, 2018BcfeBcfMMBbls	May 31, 2011BcfeBcfMMBbls
VPP Volumes Remaining to be Delivered [Line Items]
Proved Developed Reserves (Energy) | Bcfe		177
Reserve Volume Remaining [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Term remaining (in months)	35 months
Proved Developed Reserves (Energy) | Bcfe	38.2
Oil [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume)		1.7
Oil [Member] | Reserve Volume Remaining [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume)	0.4
Natural gas [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume) | Bcf		138,000
Natural gas [Member] | Reserve Volume Remaining [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume) | Bcf	31.3
NGL [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume)		4.8
NGL [Member] | Reserve Volume Remaining [Member]
VPP Volumes Remaining to be Delivered [Line Items]
Proved developed reserves (volume)	0.8

Oil and Natural Gas Property 63

Oil and Natural Gas Property Transactions - Narrative (Details) MMcf in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)awell	Dec. 31, 2017USD ($)awellMMcf	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties	$ 319		$ 892
Mid-Continent [Member]
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties	$ 420
Number of net acres | a	171,000
Productive gas wells, number of wells, net | well	2,150
Haynesville Shale [Member]
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties		$ 915
Number of net acres | a		119,500
Productive gas wells, number of wells, net | well		576
Haynesville Shale [Member] | Natural gas [Member]
Business Acquisition [Line Items]
Proved developed reserves (volume) | MMcf		80
Other properties [Member]
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties	$ 18	$ 20

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Marketing	$ 1,246	$ 1,284
ASU 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of accounting change	8
Difference between revenue guidance in effect before and after Topic 606 [Member] | ASU 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Marketing	$ (115)

Revenue Recognition - Impact of

Revenue Recognition - Impact of Adoption on Balance Sheet and Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current liabilities	$ 1,357		$ 1,455
Other long-term liabilities	345		354
Accumulated deficit	(16,240)		$ (16,525)
Marketing revenues	1,246	$ 1,284
Marketing operating expenses	1,268	$ 1,328
Calculated under revenue guidance in effect before Topic 606 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current liabilities	1,355
Other long-term liabilities	339
Accumulated deficit	(16,232)
Marketing revenues	1,361
Marketing operating expenses	1,383
Difference between revenue guidance in effect before and after Topic 606 [Member] | ASU 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Other current liabilities	2
Other long-term liabilities	6
Accumulated deficit	(8)
Marketing revenues	(115)
Marketing operating expenses	$ (115)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,360
Gains (losses) on oil, natural gas and NGL derivatives	(117)
Oil, natural gas and NGL	1,243	$ 1,469
Marketing	1,246	$ 1,284
Marcellus [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	294
Haynesville [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	210
Eagle Ford [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	446
Utica [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	228
Mid-Continent [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	122
Powder River Basin [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	60
Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	537
Gains (losses) on oil, natural gas and NGL derivatives	(86)
Oil, natural gas and NGL	451
Marketing	803
Oil [Member] | Marcellus [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
Oil [Member] | Haynesville [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
Oil [Member] | Eagle Ford [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	364
Oil [Member] | Utica [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	60
Oil [Member] | Mid-Continent [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	73
Oil [Member] | Powder River Basin [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	40
Natural gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	706
Gains (losses) on oil, natural gas and NGL derivatives	(32)
Oil, natural gas and NGL	674
Marketing	333
Natural gas [Member] | Marcellus [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	294
Natural gas [Member] | Haynesville [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	210
Natural gas [Member] | Eagle Ford [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	42
Natural gas [Member] | Utica [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	116
Natural gas [Member] | Mid-Continent [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32
Natural gas [Member] | Powder River Basin [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12
NGL [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	117
Gains (losses) on oil, natural gas and NGL derivatives	1
Oil, natural gas and NGL	118
Marketing	110
NGL [Member] | Marcellus [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
NGL [Member] | Haynesville [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0
NGL [Member] | Eagle Ford [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	40
NGL [Member] | Utica [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52
NGL [Member] | Mid-Continent [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17
NGL [Member] | Powder River Basin [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8
Marketing Revenue [Member]
Disaggregation of Revenue [Line Items]
Marketing	1,089
Marketing Revenue [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Marketing	686
Marketing Revenue [Member] | Natural gas [Member]
Disaggregation of Revenue [Line Items]
Marketing	293
Marketing Revenue [Member] | NGL [Member]
Disaggregation of Revenue [Line Items]
Marketing	110
Other Marketing Revenue [Member]
Disaggregation of Revenue [Line Items]
Marketing	157
Other Marketing Revenue [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Marketing	117
Other Marketing Revenue [Member] | Natural gas [Member]
Disaggregation of Revenue [Line Items]
Marketing	40
Other Marketing Revenue [Member] | NGL [Member]
Disaggregation of Revenue [Line Items]
Marketing	$ 0

Revenue Recognition - Accounts

Revenue Recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (14)	$ (30)
Accounts receivable, net	1,082	1,322
Oil, Natural Gas and NGL Sales [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	829	959
Joint Interest [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	166	209
Other [Member]
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 101	$ 184

Investments Narrative (Details)

Investments Narrative (Details) - FTS International, Inc. [Member] - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	20.00%	29.00%
Investment, realized gain (loss)	$ 61
Number of shares sold	4.3
Proceeds from sale of equity method investments	$ 74
Shares held (in shares)	22
IPO [Member]
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	24.00%
Investment, realized gain (loss)	$ 78

Other Operating Expenses - Narr

Other Operating Expenses - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Natural gas [Member]
Property, Plant and Equipment [Line Items]
Loss on contract termination	$ 103
Oil [Member]
Property, Plant and Equipment [Line Items]
Loss on contract termination	$ 290

Restructuring and Other Termi70

Restructuring and Other Termination Costs Narrative (Details) - USD ($) $ in Millions	Jan. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs, number of positions eliminated, period percent	13.00%
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance		$ 0
Initial restructuring recognition on January 30, 2018		38	$ 0
Termination benefits paid		(11)
Restructuring reserve, ending balance		27
One-time termination benefits [Member]
Restructuring Reserve [Roll Forward]
Initial restructuring recognition on January 30, 2018	$ 38	$ 38

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	$ 0	$ (3)
Other current assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	52	57
Other current liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	(52)	(60)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	0	(3)
Fair Value, Inputs, Level 1 [Member] | Other current assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	52	57
Fair Value, Inputs, Level 1 [Member] | Other current liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	(52)	(60)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	0	0
Fair Value, Inputs, Level 2 [Member] | Other current assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	0	0
Fair Value, Inputs, Level 2 [Member] | Other current liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	0	0
Fair Value, Inputs, Level 3 [Member] | Other current assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	0	0
Fair Value, Inputs, Level 3 [Member] | Other current liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	$ 0	$ 0

Condensed Consolidating Finan72

Condensed Consolidating Financial Information Narrative (Details)	Mar. 31, 2018
Senior notes [Member]
Condensed Financial Statements, Captions [Line Items]
Noncontrolling interest, ownership percentage by parent	100.00%

Condensed Consolidating Finan73

Condensed Consolidating Financial Information Balance Sheets Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 4	$ 5
Other current assets	1,220	1,520
Intercompany receivable, net	0	0
Total Current Assets	1,224	1,525
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on full cost accounting, net	9,352	9,350
Other property and equipment, net	1,224	1,314
Property and equipment held for sale, net	16	16
Total Property and Equipment, Net	10,592	10,680
LONG-TERM ASSETS:
Other long-term assets	270	220
Investments in subsidiaries and intercompany advances	0	0
TOTAL ASSETS	12,086	12,425
CURRENT LIABILITIES:
Current liabilities	2,354
Intercompany payable, net	0	0
Total Current Liabilities	2,354	2,356
LONG-TERM LIABILITIES:
Long-term debt, net	9,325	9,921
Other long-term liabilities	504	520
Total Long-Term Liabilities	9,829	10,441
EQUITY:
Chesapeake stockholders’ equity	(220)	(496)
Noncontrolling interests	123	124
Total Equity (Deficit)	(97)	(372)	$ (1,203)
TOTAL LIABILITIES AND EQUITY	12,086	12,425
Consolidation, eliminations [Member]
CURRENT ASSETS:
Cash and cash equivalents	(32)	(3)
Other current assets	(2)	(1)
Intercompany receivable, net	(8,189)	(9,133)
Total Current Assets	(8,223)	(9,137)
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	0	0
Investments in subsidiaries and intercompany advances	(884)	(660)
TOTAL ASSETS	(9,107)	(9,797)
CURRENT LIABILITIES:
Current liabilities	(34)	(4)
Intercompany payable, net	(8,189)	(9,133)
Total Current Liabilities	(8,223)	(9,137)
LONG-TERM LIABILITIES:
Long-term debt, net	0	0
Other long-term liabilities	0	0
Total Long-Term Liabilities	0	0
EQUITY:
Chesapeake stockholders’ equity	(884)	(660)
Noncontrolling interests	0	0
Total Equity (Deficit)	(884)	(660)
TOTAL LIABILITIES AND EQUITY	(9,107)	(9,797)
Parent Company [Member] | Reportable legal entities [Member]
CURRENT ASSETS:
Cash and cash equivalents	34	5
Other current assets	73	154
Intercompany receivable, net	7,987	8,697
Total Current Assets	8,094	8,856
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on full cost accounting, net	478	435
Other property and equipment, net	0	0
Property and equipment held for sale, net	0	0
Total Property and Equipment, Net	478	435
LONG-TERM ASSETS:
Other long-term assets	49	52
Investments in subsidiaries and intercompany advances	807	806
TOTAL ASSETS	9,428	10,149
CURRENT LIABILITIES:
Current liabilities	197	190
Intercompany payable, net	28	433
Total Current Liabilities	225	623
LONG-TERM LIABILITIES:
Long-term debt, net	9,325	9,921
Other long-term liabilities	98	101
Total Long-Term Liabilities	9,423	10,022
EQUITY:
Chesapeake stockholders’ equity	(220)	(496)
Noncontrolling interests	0	0
Total Equity (Deficit)	(220)	(496)
TOTAL LIABILITIES AND EQUITY	9,428	10,149
Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
CURRENT ASSETS:
Cash and cash equivalents	1	1
Other current assets	1,147	1,364
Intercompany receivable, net	29	436
Total Current Assets	1,177	1,801
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on full cost accounting, net	8,847	8,888
Other property and equipment, net	1,224	1,314
Property and equipment held for sale, net	16	16
Total Property and Equipment, Net	10,087	10,218
LONG-TERM ASSETS:
Other long-term assets	221	168
Investments in subsidiaries and intercompany advances	77	(146)
TOTAL ASSETS	11,562	12,041
CURRENT LIABILITIES:
Current liabilities	2,188	2,168
Intercompany payable, net	8,161	8,648
Total Current Liabilities	10,349	10,816
LONG-TERM LIABILITIES:
Long-term debt, net	0	0
Other long-term liabilities	406	419
Total Long-Term Liabilities	406	419
EQUITY:
Chesapeake stockholders’ equity	807	806
Noncontrolling interests	0	0
Total Equity (Deficit)	807	806
TOTAL LIABILITIES AND EQUITY	11,562	12,041
Non-Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
CURRENT ASSETS:
Cash and cash equivalents	1	2
Other current assets	2	3
Intercompany receivable, net	173	0
Total Current Assets	176	5
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on full cost accounting, net	27	27
Other property and equipment, net	0	0
Property and equipment held for sale, net	0	0
Total Property and Equipment, Net	27	27
LONG-TERM ASSETS:
Other long-term assets	0	0
Investments in subsidiaries and intercompany advances	0	0
TOTAL ASSETS	203	32
CURRENT LIABILITIES:
Current liabilities	3	2
Intercompany payable, net	0	52
Total Current Liabilities	3	54
LONG-TERM LIABILITIES:
Long-term debt, net	0	0
Other long-term liabilities	0	0
Total Long-Term Liabilities	0	0
EQUITY:
Chesapeake stockholders’ equity	77	(146)
Noncontrolling interests	123	124
Total Equity (Deficit)	200	(22)
TOTAL LIABILITIES AND EQUITY	$ 203	$ 32

Condensed Consolidating Finan74

Condensed Consolidating Financial Information Income Statements Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
REVENUES:
Oil, natural gas and NGL	$ 1,243		$ 1,469
Marketing	1,246		1,284
Total Revenues	2,489		2,753
OPERATING EXPENSES:
Oil, natural gas and NGL production	147		135
Oil, natural gas and NGL gathering, processing and transportation	356		355
Production taxes	31		22
Marketing	1,268		1,328
General and administrative	72		65
Restructuring and other termination costs	38		0
Provision for legal contingencies, net	5		(2)
Oil, natural gas and NGL depreciation, depletion and amortization	268		197
Depreciation and amortization of other assets	18		21
Other operating expense	0		391
Net losses on sales of fixed assets	8		0
Total Operating Expenses	2,211		2,512
INCOME FROM OPERATIONS	278		241
OTHER INCOME (EXPENSE):
Interest expense	(123)		(95)
Gains on investments	139		0
Losses on purchases or exchanges of debt	0	$ 7	(7)
Other income	0		3
Equity in net earnings (losses) of subsidiary	0		0
Total Other Income (Expense)	16		(99)
INCOME BEFORE INCOME TAXES	294		142
Income tax expense (benefit)	0		1
NET INCOME	294		141
Net income attributable to noncontrolling interests	(1)		(1)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	293		140
Other comprehensive income	10		14
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	303		154
Consolidation, eliminations [Member]
REVENUES:
Oil, natural gas and NGL	0		0
Marketing	0		0
Total Revenues	0		0
OPERATING EXPENSES:
Oil, natural gas and NGL production	0		0
Oil, natural gas and NGL gathering, processing and transportation	0		0
Production taxes	0		0
Marketing	0		0
General and administrative	0		0
Restructuring and other termination costs	0
Provision for legal contingencies, net	0		0
Oil, natural gas and NGL depreciation, depletion and amortization	0		0
Depreciation and amortization of other assets	0		0
Other operating expense			0
Net losses on sales of fixed assets	0
Total Operating Expenses	0		0
INCOME FROM OPERATIONS	0		0
OTHER INCOME (EXPENSE):
Interest expense	0		0
Gains on investments	0
Losses on purchases or exchanges of debt			0
Other income			0
Equity in net earnings (losses) of subsidiary	(418)		(243)
Total Other Income (Expense)	(418)		(243)
INCOME BEFORE INCOME TAXES	(418)		(243)
Income tax expense (benefit)	0		0
NET INCOME	(418)		(243)
Net income attributable to noncontrolling interests	0		0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(418)		(243)
Other comprehensive income	0		0
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	(418)		(243)
Parent Company [Member] | Reportable legal entities [Member]
REVENUES:
Oil, natural gas and NGL	0		0
Marketing	0		0
Total Revenues	0		0
OPERATING EXPENSES:
Oil, natural gas and NGL production	0		0
Oil, natural gas and NGL gathering, processing and transportation	0		0
Production taxes	0		0
Marketing	0		0
General and administrative	0		0
Restructuring and other termination costs	0
Provision for legal contingencies, net	0		0
Oil, natural gas and NGL depreciation, depletion and amortization	0		0
Depreciation and amortization of other assets	0		0
Other operating expense			0
Net losses on sales of fixed assets	0
Total Operating Expenses	0		0
INCOME FROM OPERATIONS	0		0
OTHER INCOME (EXPENSE):
Interest expense	(123)		(95)
Gains on investments	0
Losses on purchases or exchanges of debt			(7)
Other income			0
Equity in net earnings (losses) of subsidiary	416		243
Total Other Income (Expense)	293		141
INCOME BEFORE INCOME TAXES	293		141
Income tax expense (benefit)	0		1
NET INCOME	293		140
Net income attributable to noncontrolling interests	0		0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	293		140
Other comprehensive income	0		0
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	293		140
Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
REVENUES:
Oil, natural gas and NGL	1,238		1,463
Marketing	1,246		1,284
Total Revenues	2,484		2,747
OPERATING EXPENSES:
Oil, natural gas and NGL production	147		135
Oil, natural gas and NGL gathering, processing and transportation	355		353
Production taxes	31		22
Marketing	1,268		1,328
General and administrative	72		64
Restructuring and other termination costs	38
Provision for legal contingencies, net	5		(2)
Oil, natural gas and NGL depreciation, depletion and amortization	267		195
Depreciation and amortization of other assets	18		21
Other operating expense			391
Net losses on sales of fixed assets	8
Total Operating Expenses	2,209		2,507
INCOME FROM OPERATIONS	275		240
OTHER INCOME (EXPENSE):
Interest expense	0		0
Gains on investments	139
Losses on purchases or exchanges of debt			0
Other income			3
Equity in net earnings (losses) of subsidiary	2		0
Total Other Income (Expense)	141		3
INCOME BEFORE INCOME TAXES	416		243
Income tax expense (benefit)	0		0
NET INCOME	416		243
Net income attributable to noncontrolling interests	0		0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	416		243
Other comprehensive income	10		14
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	426		257
Non-Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
REVENUES:
Oil, natural gas and NGL	5		6
Marketing	0		0
Total Revenues	5		6
OPERATING EXPENSES:
Oil, natural gas and NGL production	0		0
Oil, natural gas and NGL gathering, processing and transportation	1		2
Production taxes	0		0
Marketing	0		0
General and administrative	0		1
Restructuring and other termination costs	0
Provision for legal contingencies, net	0		0
Oil, natural gas and NGL depreciation, depletion and amortization	1		2
Depreciation and amortization of other assets	0		0
Other operating expense			0
Net losses on sales of fixed assets	0
Total Operating Expenses	2		5
INCOME FROM OPERATIONS	3		1
OTHER INCOME (EXPENSE):
Interest expense	0		0
Gains on investments	0
Losses on purchases or exchanges of debt			0
Other income			0
Equity in net earnings (losses) of subsidiary	0		0
Total Other Income (Expense)	0		0
INCOME BEFORE INCOME TAXES	3		1
Income tax expense (benefit)	0		0
NET INCOME	3		1
Net income attributable to noncontrolling interests	(1)		(1)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	2		0
Other comprehensive income	0		0
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	$ 2		$ 0

Condensed Consolidating Finan75

Condensed Consolidating Financial Information Statements of Cash Flows Tables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	$ 656	$ 99
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(442)	(433)
Acquisitions of proved and unproved properties	(63)	(95)
Proceeds from divestitures of proved and unproved properties	319	892
Additions to other property and equipment	(3)	(3)
Other investing activities	142	19
Net Cash Provided By (Used In) Investing Activities	(47)	380
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	2,904	50
Payments on revolving credit facility borrowings	(3,485)	(50)
Cash paid to purchase debt	0	(982)
Cash paid for preferred stock dividends	(23)	(114)
Other financing activities	(6)	(16)
Intercompany advances, net	0	0
Net Cash Used In Financing Activities	(610)	(1,112)
Net decrease in cash and cash equivalents	(1)	(633)
Cash and cash equivalents, beginning of period	5	882
Cash and cash equivalents, end of period	4	249
Consolidation, eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	(4)	(2)
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	0	0
Acquisitions of proved and unproved properties	0	0
Proceeds from divestitures of proved and unproved properties	0	0
Additions to other property and equipment	0	0
Other investing activities	0	0
Net Cash Provided By (Used In) Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	0	0
Payments on revolving credit facility borrowings	0	0
Cash paid to purchase debt		0
Cash paid for preferred stock dividends	0	0
Other financing activities	(25)	12
Intercompany advances, net	0	0
Net Cash Used In Financing Activities	(25)	12
Net decrease in cash and cash equivalents	(29)	10
Cash and cash equivalents, beginning of period	(3)	(25)
Cash and cash equivalents, end of period	(32)	(15)
Parent Company [Member] | Reportable legal entities [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	78	1
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	0	0
Acquisitions of proved and unproved properties	0	0
Proceeds from divestitures of proved and unproved properties	0	0
Additions to other property and equipment	0	0
Other investing activities	0	0
Net Cash Provided By (Used In) Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	2,904	50
Payments on revolving credit facility borrowings	(3,485)	(50)
Cash paid to purchase debt		(982)
Cash paid for preferred stock dividends	(23)	(114)
Other financing activities	25	(24)
Intercompany advances, net	530	(476)
Net Cash Used In Financing Activities	(49)	(644)
Net decrease in cash and cash equivalents	29	(643)
Cash and cash equivalents, beginning of period	5	904
Cash and cash equivalents, end of period	34	261
Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	577	96
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(442)	(433)
Acquisitions of proved and unproved properties	(63)	(95)
Proceeds from divestitures of proved and unproved properties	319	892
Additions to other property and equipment	(3)	(3)
Other investing activities	142	19
Net Cash Provided By (Used In) Investing Activities	(47)	380
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	0	0
Payments on revolving credit facility borrowings	0	0
Cash paid to purchase debt		0
Cash paid for preferred stock dividends	0	0
Other financing activities	(2)	(1)
Intercompany advances, net	(528)	475
Net Cash Used In Financing Activities	(530)	(476)
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	1	2
Cash and cash equivalents, end of period	1	2
Non-Guarantor Subsidiaries [Member] | Reportable legal entities [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	5	4
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	0	0
Acquisitions of proved and unproved properties	0	0
Proceeds from divestitures of proved and unproved properties	0	0
Additions to other property and equipment	0	0
Other investing activities	0	0
Net Cash Provided By (Used In) Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	0	0
Payments on revolving credit facility borrowings	0	0
Cash paid to purchase debt		0
Cash paid for preferred stock dividends	0	0
Other financing activities	(4)	(3)
Intercompany advances, net	(2)	1
Net Cash Used In Financing Activities	(6)	(4)
Net decrease in cash and cash equivalents	(1)	0
Cash and cash equivalents, beginning of period	2	1
Cash and cash equivalents, end of period	$ 1	$ 1