Expand Energy (EXE) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,954,162,667
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.01
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CHK
Security Exchange Name	NYSE
6.625% Senior Notes due 2020
Entity Information [Line Items]
Title of 12(b) Security	6.625% Senior Notes due 2020
Trading Symbol	CHK20A
Security Exchange Name	NYSE
6.875% Senior Notes due 2020
Entity Information [Line Items]
Title of 12(b) Security	6.875% Senior Notes due 2020
Trading Symbol	CHK20
Security Exchange Name	NYSE
6.125% Senior Notes due 2021
Entity Information [Line Items]
Title of 12(b) Security	6.125% Senior Notes due 2021
Trading Symbol	CHK21
Security Exchange Name	NYSE
5.375% Senior Notes due 2021
Entity Information [Line Items]
Title of 12(b) Security	5.375% Senior Notes due 2021
Trading Symbol	CHK21A
Security Exchange Name	NYSE
4.875% Senior Notes due 2022
Entity Information [Line Items]
Title of 12(b) Security	4.875% Senior Notes due 2022
Trading Symbol	CHK22
Security Exchange Name	NYSE
5.75% Senior Notes due 2023
Entity Information [Line Items]
Title of 12(b) Security	5.75% Senior Notes due 2023
Trading Symbol	CHK23
Security Exchange Name	NYSE
4.50% Cumulative Convertible Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	4.5% Cumulative Convertible Preferred Stock
Trading Symbol	CHK Pr D
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents ($2 and $1 attributable to our VIE)	$ 14	$ 4
Accounts receivable, net	977	1,247
Short-term derivative assets	272	209
Other current assets	140	138
Total Current Assets	1,403	1,598
Oil and natural gas properties, at cost based on successful efforts accounting:
Proved oil and natural gas properties ($755 and $755 attributable to our VIE)	30,288	25,407
Unproved properties	2,200	1,561
Other property and equipment	1,810	1,721
Total Property and Equipment, at Cost	34,298	28,689
Less: accumulated depreciation, depletion and amortization (($711) and ($707) attributable to our VIE)	(19,432)	(17,886)
Property and equipment held for sale, net	10	15
Total Property and Equipment, Net	14,876	10,818
LONG-TERM ASSETS:
Long-term derivative assets	51	76
Other long-term assets	249	243
TOTAL ASSETS	16,579	12,735
CURRENT LIABILITIES:
Accounts payable	526	763
Current maturities of long-term debt, net	208	381
Accrued interest	124	141
Short-term derivative liabilities	0	3
Other current liabilities ($1 and $2 attributable to our VIE)	1,490	1,599
Total Current Liabilities	2,348	2,887
LONG-TERM LIABILITIES:
Long-term debt, net	9,133	7,341
Asset retirement obligations, net of current portion	177	155
Other long-term liabilities	186	219
Total Long-Term Liabilities	9,496	7,715
CONTINGENCIES AND COMMITMENTS (Note 7)
Chesapeake Stockholders’ Equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized: 5,563,458 and 5,603,458 shares outstanding	1,631	1,671
Common stock, $0.01 par value, 3,000,000,000 and 2,000,000,000 shares authorized: 1,954,150,951 and 913,715,512 shares issued	19	9
Additional paid-in capital	16,975	14,378
Accumulated deficit	(13,896)	(13,912)
Accumulated other comprehensive income (loss)	3	(23)
Less: treasury stock, at cost; 5,623,592 and 3,246,553 common shares	(36)	(31)
Total Chesapeake Stockholders’ Equity	4,696	2,092
Noncontrolling interests	39	41
Total Equity	4,735	2,133
TOTAL LIABILITIES AND EQUITY	$ 16,579	$ 12,735

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
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)	5,563,458	5,603,458
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	3,000,000,000	2,000,000,000
Common stock, shares issued (shares)	1,954,150,951	913,715,512
Treasury stock, common shares (shares)	5,623,592	3,246,553
VIE, cash and cash equivalents	$ 14	$ 4
VIE, proved oil and natural gas properties	30,288	25,407
VIE, accumulated depreciation, depletion and amortization	(19,432)	(17,886)
VIE, other current liabilities	1,490	1,599
VIE
VIE, cash and cash equivalents	2	1
VIE, proved oil and natural gas properties	755	755
VIE, accumulated depreciation, depletion and amortization	(711)	(707)
VIE, other current liabilities	$ 1	$ 2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	[1]	Sep. 30, 2019	Sep. 30, 2018	[1]
REVENUES AND OTHER:
Revenues	$ 2,087	$ 2,424		$ 6,669	$ 7,237
Gains (losses) on sales of assets	13	(10)		33	27	[2]
OPERATING EXPENSES:
Production taxes	35	34		109	91
General and administrative	66	81		258	273
Restructuring and other termination costs	0	0		0	38
Provision for legal contingencies, net	0	8		3	17
Depreciation, depletion and amortization	573	405		1,672	1,335	[2]
Impairments	9	58		11	122	[2]
Other operating (income) expense	15	0		79	(1)
Total Operating Expenses	2,041	2,342		6,527	7,273
INCOME (LOSS) FROM OPERATIONS	46	82		142	(36)
OTHER INCOME (EXPENSE):
Interest expense	(177)	(165)		(513)	(482)
Gains (losses) on investments	(4)	0		(28)	139
Gains (losses) on purchases or exchanges of debt	70	(68)		70	(68)
Other income	3	6		30	62
Total Other Expense	(108)	(227)		(441)	(349)
LOSS BEFORE INCOME TAXES	(62)	(145)		(299)	(385)
Income tax expense (benefit)	(1)	1		(315)	(8)
NET INCOME (LOSS)	(61)	(146)	[3]	16	(377)	[2],[3]
Net income attributable to noncontrolling interests	0	0	[3]	0	(1)	[3]
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(61)	(146)		16	(378)
Preferred stock dividends	(23)	(23)		(69)	(69)
Loss on exchange of preferred stock	(17)	0		(17)	0
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (101)	$ (169)		$ (70)	$ (447)
LOSS PER COMMON SHARE:
Basic (in dollars per share)	$ (0.06)	$ (0.19)		$ (0.04)	$ (0.49)
Diluted (in dollars per share)	$ (0.06)	$ (0.19)		$ (0.04)	$ (0.49)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic (in shares)	1,698	910		1,570	909
Diluted (in shares)	1,698	910		1,570	909
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	$ 1,170	$ 1,199		$ 3,553	$ 3,424
Marketing
REVENUES AND OTHER:
Revenues	889	1,219		3,038	3,738
OPERATING EXPENSES:
Expense	901	1,238		3,071	3,798
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	2,059	2,418		6,591	7,162
Other
REVENUES AND OTHER:
Revenues	15	16		45	48
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	155	132		453	417
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	270	364		815	1,060
Exploration
OPERATING EXPENSES:
Expense	$ 17	$ 22		$ 56	$ 123
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)		$ (61)	$ (146)	[1],[2]	$ 16	$ (377)	[1],[2],[3]
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	[4]	0			0
Unrealized gains on derivative instruments	[1],[4]		0			0
Reclassification of losses on settled derivative instruments	[4]	8			26
Reclassification of losses on settled derivative instruments	[1],[4]		8			25
Other Comprehensive Income		8	8	[1]	26	25	[1]
COMPREHENSIVE INCOME (LOSS)		(53)	(138)	[1]	42	(352)	[1]
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0	0	[1]	0	(1)	[1]
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		$ (53)	$ (138)	[1]	$ 42	$ (353)	[1]
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[4]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 16	$ (377)	[1],[2],[3]
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	1,672	1,335	[2],[3]
Deferred income tax benefit	(314)	(10)	[2]
Derivative (gains) losses, net	(137)	500	[2]
Cash receipts (payments) on derivative settlements, net	129	(162)	[2]
Stock-based compensation	24	25	[2]
Gains on sales of assets	(33)	(27)	[2],[3]
Impairments	11	122	[2],[3]
Exploration	35	81	[2]
(Gains) losses on investments	21	(139)	[2]
(Gains) losses on purchases or exchanges of debt	(70)	68
Other	42	(90)	[2]
Changes in assets and liabilities	(214)	69	[2]
Net Cash Provided By Operating Activities	1,182	1,395	[2]
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,640)	(1,407)	[2]
Business combination, net	(353)	0	[2]
Acquisitions of proved and unproved properties	(31)	(118)	[2]
Proceeds from divestitures of proved and unproved properties	110	395	[2]
Additions to other property and equipment	(27)	(11)	[2]
Proceeds from sales of other property and equipment	6	75	[2]
Proceeds from sales of investments	0	74	[2]
Net Cash Used In Investing Activities	(1,935)	(992)	[2]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	8,805	9,095	[2]
Payments on revolving credit facility borrowings	(7,495)	(9,231)	[2]
Proceeds from issuance of senior notes, net	0	1,237	[2]
Cash paid to purchase debt	(457)	(1,285)	[2]
Extinguishment of other financing	0	(122)	[2]
Cash paid for preferred stock dividends	(69)	(69)	[2]
Distributions to noncontrolling interest owners	(2)	(5)	[2]
Other	(19)	(24)	[2]
Net Cash Provided By (Used In) Financing Activities	763	(404)	[2]
Net increase (decrease) in cash and cash equivalents	10	(1)	[2]
Cash and cash equivalents, beginning of period	4	5	[2]
Cash and cash equivalents, end of period	14	4	[2]
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of capitalized interest	487	527	[2]
Income taxes paid, net of refunds received	(6)	(3)	[2]
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for business combination	2,037	0	[2]
Debt exchanged for common stock	693	0	[2]
Preferred stock exchanged for common stock	40	0	[2]
Change in senior notes exchanged	35	0	[2]
Change in accrued drilling and completion costs
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in non-cash investing and financing activities	49	142	[2]
Change in divested proved and unproved properties
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in non-cash investing and financing activities	$ (144)	$ (5)	[2]
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions		Total		PREFERRED STOCK:	COMMON STOCK:	ADDITIONAL PAID-IN CAPITAL:	ADDITIONAL PAID-IN CAPITAL:Exchange of preferred stock for shares of common stock	ADDITIONAL PAID-IN CAPITAL:Exchange of senior notes for shares of common stock	ADDITIONAL PAID-IN CAPITAL:Exchange of convertible senior notes for common stock	ACCUMULATED DEFICIT:		ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):	TREASURY STOCK – COMMON:	TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY	NONCONTROLLING INTERESTS:
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2017	[1]			$ 1,671	$ 9	$ 14,437				$ (14,130)		$ (57)	$ (31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock	[1]			0
Common shares issued for WildHorse Merger	[1]				0	0
Exchange of senior notes and convertible senior notes	[1]				0
Exchange of preferred stock	[1]						$ 0
Exchange of notes	[1]							$ 0	$ 0
Equity component of convertible notes repurchases	[1]					0
Stock-based compensation	[1]					26
Dividends on preferred stock	[1]					(69)
Net income (loss) attributable to Chesapeake		$ (378)	[2]							(378)	[1]
Hedging activity	[1]											25
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans	[1]												(4)
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans	[1]												4
Chesapeake stockholders’ equity, end of period at Sep. 30, 2018	[1]			1,671	9	14,394				(14,516)		(32)	(31)	$ 1,495
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2017	[1]														$ 44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests		(1)	[2],[3]												1	[1]
Distributions to noncontrolling interest owners	[1]														(5)
Stockholders' equity attributable to noncontrolling interest, end of period at Sep. 30, 2018	[1]														40
Chesapeake stockholders’ equity, beginning of period at Jun. 30, 2018	[1]			1,671	9	14,408				(14,370)		(40)	(31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock	[1]			0
Common shares issued for WildHorse Merger	[1]				0	0
Exchange of senior notes and convertible senior notes	[1]				0
Exchange of preferred stock	[1]						0
Exchange of notes	[1]							0	0
Equity component of convertible notes repurchases	[1]					0
Stock-based compensation	[1]					9
Dividends on preferred stock	[1]					(23)
Net income (loss) attributable to Chesapeake		(146)	[2]							(146)	[1]
Hedging activity	[1]											8
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans	[1]												0
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans	[1]												0
Chesapeake stockholders’ equity, end of period at Sep. 30, 2018	[1]			1,671	9	14,394				(14,516)		(32)	(31)	1,495
Stockholders' equity attributable to noncontrolling interest, beginning of period at Jun. 30, 2018	[1]														42
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests		0	[2],[3]												0	[1]
Distributions to noncontrolling interest owners	[1]														(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Sep. 30, 2018	[1]														40
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity	[1]	1,535
Total Equity		2,133
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2018		2,092		1,671	9	14,378				(13,912)		(23)	(31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock				(40)
Common shares issued for WildHorse Merger					7	2,030
Exchange of senior notes and convertible senior notes					3
Exchange of preferred stock							40
Exchange of notes								438	134
Equity component of convertible notes repurchases						(2)
Stock-based compensation						26
Dividends on preferred stock						(69)
Net income (loss) attributable to Chesapeake		16								16
Hedging activity												26
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans													(7)
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans													2
Chesapeake stockholders’ equity, end of period at Sep. 30, 2019		4,696		1,631	19	16,975				(13,896)	[1]	3	(36)	4,696
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2018		41													41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests		0													0
Distributions to noncontrolling interest owners															(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Sep. 30, 2019		39													39
Chesapeake stockholders’ equity, beginning of period at Jun. 30, 2019				1,671	16	16,380				(13,835)		(5)	(36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock				(40)
Common shares issued for WildHorse Merger					0	0
Exchange of senior notes and convertible senior notes					3
Exchange of preferred stock							$ 40
Exchange of notes								$ 438	$ 134
Equity component of convertible notes repurchases						(2)
Stock-based compensation						8
Dividends on preferred stock						(23)
Net income (loss) attributable to Chesapeake		(61)								(61)
Hedging activity												8
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans													0
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans													0
Chesapeake stockholders’ equity, end of period at Sep. 30, 2019		4,696		$ 1,631	$ 19	$ 16,975				$ (13,896)	[1]	$ 3	$ (36)	$ 4,696
Stockholders' equity attributable to noncontrolling interest, beginning of period at Jun. 30, 2019															39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interests		0													0
Distributions to noncontrolling interest owners															0
Stockholders' equity attributable to noncontrolling interest, end of period at Sep. 30, 2019		39													$ 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity		$ 4,735
[1]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
PREFERRED STOCK
Preferred stock exchanges (in shares)	40,000	0	40,000	0
TREASURY STOCK – COMMON:
Purchase of shares for company benefit plans (in shares)	53,337	30,509	2,673,903	1,499,033
Release of shares from company benefit plans (in shares)	37,301	41,617	296,864	431,474
Exchange of preferred stock for shares of common stock | ADDITIONAL PAID-IN CAPITAL:
Preferred stock exchanges (in shares)	10,367,950	0	10,367,950	0
Exchange of senior notes for shares of common stock | ADDITIONAL PAID-IN CAPITAL:
Preferred stock exchanges (in shares)	235,563,519	0	235,563,519	0
Exchange of convertible senior notes for common stock | ADDITIONAL PAID-IN CAPITAL:
Preferred stock exchanges (in shares)	73,389,094	0	73,389,094	0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies 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 and nine months ended September 30, 2019 (the “Current Quarter” and the “Current Period”, respectively) and the three and nine months ended September 30, 2018 (the “Prior Quarter” and the “Prior Period”, respectively). Our Form 8-K dated May 9, 2019 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 . Recast Financial Information for Change in Accounting Principle In the first quarter of 2019, we voluntarily changed our method of accounting for oil and natural gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods has been recast to reflect retrospective application of the successful efforts method. Although the full cost method of accounting for oil and natural gas exploration and development activities continues to be an accepted alternative, the successful efforts method of accounting is the generally preferred method of the SEC and, because it is more widely used in the industry, we expect the change to improve the comparability of our financial statements to our peers. We also believe the successful efforts method provides a more representational depiction of assets and operating results and provides for our investments in oil and natural gas properties to be assessed for impairment in accordance with Accounting Standards Codification (ASC) Topic 360, Property Plant and Equipment, rather than valuations based on prices and costs prescribed under the full cost method as of the balance sheet date. For detailed information regarding the effects of the change to the successful efforts method, see Note 2 . Oil and Natural Gas Properties We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs, such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred. Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of oil and natural gas, are capitalized. Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (UOP) method based on total estimated proved developed oil and gas reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves. Proceeds from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base. When circumstances indicate that the carrying value of proved oil and gas properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements . If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a discount rate believed to be consistent with those applied by market participants. We have classified these fair value measurements as Level 3 in the fair value hierarchy. Capitalized Interest Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset. Recently Issued Accounting Standards In February 2016, the FASB issued Auditing Standards Update (ASU) 2016-02, Leases (Topic 842) (“ASC 842”) , which requires lessees to recognize a lease liability and a right-of-use (ROU) asset on the balance sheet for all leases, including operating leases, with terms in excess of 12 months. As the implicit rate of the lease is not always readily determinable, the company uses its incremental borrowing rate to calculate the present value of lease payments based on information available at the commencement date. Operating ROU assets are included in other long-term assets while operating lease liabilities are included in other current and other long-term liabilities on the condensed consolidated balance sheet. Finance ROU assets are reflected in total property and equipment, net, while finance lease liabilities are included in other current and other long-term liabilities on the condensed consolidated balance sheet. ASC 842 does not apply to our leases of mineral rights to explore for or use oil and natural gas resources, including the intangible rights to explore for those natural resources and rights to use the land in which those natural resources are contained. We adopted the new standard on January 1, 2019 and as permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements , we will not adjust comparative-period financial statements and will continue to apply the guidance in Topic 840, including its disclosure requirements, in the comparative periods presented prior to adoption. No cumulative-effect adjustment to retained earnings was required as a result of the modified retrospective approach. Upon adoption of ASC 842, we made certain elections permitting us to not reassess: (1) whether any expired or existing contracts contained leases (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Upon adoption of ASC 842, we also made an election permitting us to continue applying our current policy for land easements. The adoption of ASC 842 did not result in a material impact on our balance sheet, results of operations or cash flows. Short-term leases will not be recognized on the balance sheet as an asset or a liability, and the related rental expense will be expensed as incurred. We have short-term lease agreements related to most of our drilling rig arrangements and hydraulic fracturing arrangements and some of our compressor rental arrangements. See Note 9 for further information regarding leases.

Change in Accounting Principle

Change in Accounting Principle	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting Principle In the first quarter of 2019, we voluntarily changed our method of accounting for oil and natural gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods has been recast to reflect retrospective application of the successful efforts method. In general, under successful efforts, exploration costs such as exploratory dry holes, exploratory geophysical and geological costs, delay rentals, unproved leasehold impairments and exploration overhead are charged against earnings as incurred, versus being capitalized under the full cost method of accounting. The successful efforts method also provides for the assessment of potential property impairments by comparing the net carrying value of oil and natural gas properties to associated projected undiscounted pre-tax future net cash flows. If the expected undiscounted pre-tax future net cash flows are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Under the full cost method of accounting, a write-down would be required if the net carrying value of oil and natural gas properties exceeds a full cost ceiling using an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. In addition, gains or losses, if applicable, are generally recognized on the disposition of oil and natural gas property and equipment under the successful efforts method, as opposed to an adjustment to the net carrying value of the assets remaining under the full cost method. Our condensed consolidated financial statements have been recast to reflect these differences. Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 1,170 $ — $ 1,170 Marketing 889 — 889 Total Revenues 2,059 — 2,059 Other — 15 15 Gains on sales of assets — 13 13 Total Revenues and Other 2,059 28 2,087 OPERATING EXPENSES: Oil, natural gas and NGL production 155 — 155 Oil, natural gas and NGL gathering, processing and transportation 270 — 270 Production taxes 35 — 35 Exploration — 17 17 Marketing 901 — 901 General and administrative 52 14 66 Depreciation, depletion and amortization 421 152 573 Impairments 1 8 9 Other operating expense 15 — 15 Total Operating Expenses 1,850 191 2,041 INCOME FROM OPERATIONS 209 (163 ) 46 OTHER INCOME (EXPENSE): Interest expense (134 ) (43 ) (177 ) Losses on investments (4 ) — (4 ) Gains on purchases or exchanges of debt 70 — 70 Other income 2 1 3 Total Other Expense (66 ) (42 ) (108 ) INCOME (LOSS) BEFORE INCOME TAXES 143 (205 ) (62 ) Income tax benefit (1 ) — (1 ) NET INCOME (LOSS) 144 (205 ) (61 ) Net loss attributable to noncontrolling interests — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 144 (205 ) (61 ) Preferred stock dividends (23 ) — (23 ) Loss on exchange of preferred stock (17 ) — (17 ) NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 104 $ (205 ) $ (101 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.06 $ (0.12 ) $ (0.06 ) Diluted $ 0.06 $ (0.12 ) $ (0.06 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 1,698 — 1,698 Diluted 1,698 — 1,698 Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Full Cost Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 1,199 $ — $ 1,199 Marketing 1,219 — 1,219 Total Revenues 2,418 — 2,418 Other — 16 16 Losses on sales of assets — (10 ) (10 ) Total Revenues and Other 2,418 6 2,424 OPERATING EXPENSES: Oil, natural gas and NGL production 132 — 132 Oil, natural gas and NGL gathering, processing and transportation 364 — 364 Production taxes 34 — 34 Exploration — 22 22 Marketing 1,238 — 1,238 General and administrative 66 15 81 Provision for legal contingencies, net 8 — 8 Depreciation, depletion and amortization 291 114 405 Impairments 5 53 58 Total Operating Expenses 2,138 204 2,342 INCOME FROM OPERATIONS 280 (198 ) 82 OTHER INCOME (EXPENSE): Interest expense (127 ) (38 ) (165 ) Losses on purchases or exchanges of debt (68 ) — (68 ) Other income 1 5 6 Total Other Expense (194 ) (33 ) (227 ) INCOME (LOSS) BEFORE INCOME TAXES 86 (231 ) (145 ) Income tax expense 1 — 1 NET INCOME (LOSS) 85 (231 ) (146 ) Net income attributable to noncontrolling interests (1 ) 1 — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 84 (230 ) (146 ) Preferred stock dividends (23 ) — (23 ) Earnings allocated to participating securities (1 ) 1 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 60 $ (229 ) $ (169 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.07 $ (0.26 ) $ (0.19 ) Diluted $ 0.07 $ (0.26 ) $ (0.19 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 910 — 910 Diluted 911 (1 ) 910 Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 3,553 $ — $ 3,553 Marketing 3,038 — 3,038 Total Revenues 6,591 — 6,591 Other — 45 45 Gains on sales of assets — 33 33 Total Revenues and Other 6,591 78 6,669 OPERATING EXPENSES: Oil, natural gas and NGL production 453 — 453 Oil, natural gas and NGL gathering, processing and transportation 815 — 815 Production taxes 109 — 109 Exploration — 56 56 Marketing 3,071 — 3,071 General and administrative 216 42 258 Provision for legal contingencies 3 — 3 Depreciation, depletion and amortization 1,197 475 1,672 Gain on sale of oil and natural gas properties (10 ) 10 — Impairments 3 8 11 Other operating expense 79 — 79 Total Operating Expenses 5,936 591 6,527 INCOME FROM OPERATIONS 655 (513 ) 142 OTHER INCOME (EXPENSE): Interest expense (400 ) (113 ) (513 ) Losses on investments (28 ) — (28 ) Gains on purchases or exchanges of debt 70 — 70 Other income 22 8 30 Total Other Expense (336 ) (105 ) (441 ) INCOME (LOSS) BEFORE INCOME TAXES 319 (618 ) (299 ) Income tax benefit (315 ) — (315 ) NET INCOME 634 (618 ) 16 Net income attributable to noncontrolling interests (1 ) 1 — NET INCOME ATTRIBUTABLE TO CHESAPEAKE 633 (617 ) 16 Preferred stock dividends (69 ) — (69 ) Loss on exchange of preferred stock (17 ) — (17 ) Earnings allocated to participating securities (2 ) 2 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 545 $ (615 ) $ (70 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.35 $ (0.39 ) $ (0.04 ) Diluted $ 0.35 $ (0.39 ) $ (0.04 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 1,570 — 1,570 Diluted 1,570 — 1,570 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Full Cost Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 3,424 $ — $ 3,424 Marketing 3,738 — 3,738 Total Revenues 7,162 — 7,162 Other — 48 48 Gains on sales of assets — 27 27 Total Revenues and Other 7,162 75 7,237 OPERATING EXPENSES: Oil, natural gas and NGL production 417 — 417 Oil, natural gas and NGL gathering, processing and transportation 1,060 — 1,060 Production taxes 91 — 91 Exploration — 123 123 Marketing 3,798 — 3,798 General and administrative 229 44 273 Restructuring and other termination costs 38 — 38 Provision for legal contingencies, net 17 — 17 Depreciation, depletion and amortization 867 468 1,335 Impairments 51 71 122 Other operating (income) expense 6 (7 ) (1 ) Total Operating Expenses 6,574 699 7,273 INCOME (LOSS) FROM OPERATIONS 588 (624 ) (36 ) OTHER INCOME (EXPENSE): Interest expense (367 ) (115 ) (482 ) Gains on investments 139 — 139 Losses on purchases or exchanges of debt (68 ) — (68 ) Other income 63 (1 ) 62 Total Other Expense (233 ) (116 ) (349 ) INCOME (LOSS) BEFORE INCOME TAXES 355 (740 ) (385 ) Income tax benefit (8 ) — (8 ) NET INCOME (LOSS) 363 (740 ) (377 ) Net income attributable to noncontrolling interests (3 ) 2 (1 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 360 (738 ) (378 ) Preferred stock dividends (69 ) — (69 ) Earnings allocated to participating securities (3 ) 3 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 288 $ (735 ) $ (447 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.32 $ (0.81 ) $ (0.49 ) Diluted $ 0.32 $ (0.81 ) $ (0.49 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 909 — 909 Diluted 909 — 909 Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 144 $ (205 ) $ (61 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 8 — 8 Other Comprehensive Income 8 — 8 COMPREHENSIVE INCOME (LOSS) 152 (205 ) (53 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 152 $ (205 ) $ (53 ) Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 85 $ (231 ) $ (146 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 8 — 8 Other Comprehensive Income 8 — 8 COMPREHENSIVE INCOME (LOSS) 93 (231 ) (138 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1 ) 1 — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 92 $ (230 ) $ (138 ) Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME $ 634 $ (618 ) $ 16 OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 26 — 26 Other Comprehensive Income 26 — 26 COMPREHENSIVE INCOME 660 (618 ) 42 COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1 ) 1 — COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 659 $ (617 ) $ 42 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 363 $ (740 ) $ (377 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 25 — 25 Other Comprehensive Income 25 — 25 COMPREHENSIVE INCOME (LOSS) 388 (740 ) (352 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3 ) 2 (1 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 385 $ (738 ) $ (353 ) Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Under Full Cost Successful Under Successful Efforts ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 634 $ (618 ) $ 16 ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation, depletion and amortization 1,197 475 1,672 Deferred income tax benefit (314 ) — (314 ) Derivative losses, net (137 ) — (137 ) Cash receipts on derivative settlements, net 129 — 129 Stock-based compensation 24 — 24 Gains on sales of assets — (33 ) (33 ) Impairments 3 8 11 Exploration — 35 35 Losses on investments 21 — 21 Gains on purchases of debt (70 ) — (70 ) Other 33 9 42 Changes in assets and liabilities (169 ) (45 ) (214 ) Net Cash Provided By Operating Activities 1,351 (169 ) 1,182 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (1,694 ) 54 (1,640 ) Business combination, net (353 ) — (353 ) Acquisitions of proved and unproved properties (146 ) 115 (31 ) Proceeds from divestitures of proved and unproved properties 110 — 110 Additions to other property and equipment (27 ) — (27 ) Proceeds from sales of other property and equipment 6 — 6 Net Cash Used In Investing Activities (2,104 ) 169 (1,935 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 8,805 — 8,805 Payments on revolving credit facility borrowings (7,495 ) — (7,495 ) Cash paid to purchase debt (457 ) — (457 ) Cash paid for preferred stock dividends (69 ) — (69 ) Distributions to noncontrolling interest owners (2 ) — (2 ) Other (19 ) — (19 ) Net Cash Provided By Financing Activities 763 — 763 Net increase in cash and cash equivalents 10 — 10 Cash and cash equivalents, beginning of period 4 — 4 Cash and cash equivalents, end of period $ 14 $ — $ 14 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Under Full Cost Successful Under Successful Efforts ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME (LOSS) $ 363 $ (740 ) $ (377 ) ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation, depletion and amortization 867 468 1,335 Deferred income tax benefit (10 ) — (10 ) Derivative losses, net 500 — 500 Cash payments on derivative settlements, net (162 ) — (162 ) Stock-based compensation 25 — 25 Gains on sales of assets — (27 ) (27 ) Impairments 51 71 122 Exploration — 81 81 Gains on investments (139 ) — (139 ) Losses on purchases or exchanges of debt 68 — 68 Other (83 ) (7 ) (90 ) Changes in assets and liabilities 116 (47 ) 69 Net Cash Provided By Operating Activities 1,596 (201 ) 1,395 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (1,482 ) 75 (1,407 ) Acquisitions of proved and unproved properties (244 ) 126 (118 ) Proceeds from divestitures of proved and unproved properties 395 — 395 Additions to other property and equipment (11 ) — (11 ) Proceeds from sales of other property and equipment 75 — 75 Proceeds from sales of investments 74 — 74 Net Cash Used In Investing Activities (1,193 ) 201 (992 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 9,095 — 9,095 Payments on revolving credit facility borrowings (9,231 ) — (9,231 ) Proceeds from issuance of senior notes, net 1,237 — 1,237 Cash paid to purchase debt (1,285 ) — (1,285 ) Extinguishment of other financing (122 ) — (122 ) Cash paid for preferred stock dividends (69 ) — (69 ) Distributions to noncontrolling interest owners (5 ) — (5 ) Other (24 ) — (24 ) Net Cash Used In Financing Activities (404 ) — (404 ) Net decrease in cash and cash equivalents (1 ) — (1 ) Cash and cash equivalents, beginning of period 5 — 5 Cash and cash equivalents, end of period $ 4 $ — $ 4 Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning of period $ 1,671 $ — $ 1,671 Exchange of 40,000 shares of preferred stock for common stock (40 ) — (40 ) Balance, end of period 1,631 — 1,631 COMMON STOCK: Balance, beginning of period 16 — 16 Exchange of senior notes and convertible senior notes 3 — 3 Exchange of preferred stock — — — Balance, end of period 19 — 19 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 16,380 — 16,380 Exchange of preferred stock for 10,367,950 shares of common stock 40 — 40 Exchange of senior notes for 235,563,519 shares of common stock 438 — 438 Exchange of convertible senior notes for 73,389,094 shares of common stock 134 — 134 Equity component of convertible notes repurchases (2 ) — (2 ) Stock-based compensation 8 — 8 Dividends on preferred stock (23 ) — (23 ) Balance, end of period 16,975 — 16,975 ACCUMULATED DEFICIT: Balance, beginning of period (15,171 ) 1,336 (13,835 ) Net income (loss) attributable to Chesapeake 144 (205 ) (61 ) Balance, end of period (15,027 ) 1,131 (13,896 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (5 ) — (5 ) Hedging activity 8 — 8 Balance, end of period 3 — 3 TREASURY STOCK – COMMON: Balance, beginning of period (36 ) — (36 ) Purchase of 53,337 shares for company benefit plans — — — Release of 37,301 shares from company benefit plans — — — Balance, end of period (36 ) — (36 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY 3,565 1,131 4,696 NONCONTROLLING INTERESTS: Balance, beginning of period 122 (83 ) 39 Net loss attributable to noncontrolling interests — — — Distributions to noncontrolling interest owners — — — Balance, end of period 122 (83 ) 39 TOTAL EQUITY $ 3,687 $ 1,048 $ 4,735 Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning and end of period $ 1,671 $ — $ 1,671 COMMON STOCK: Balance, beginning of period 9 — 9 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,408 — 14,408 Stock-based compensation 9 — 9 Dividends on preferred stock (23 ) — (23 ) Balance, end of period 14,394 — 14,394 ACCUMULATED DEFICIT: Balance, beginning of period (16,257 ) 1,887 (14,370 ) Net income (loss) attributable to Chesapeake 84 (230 ) (146 ) Balance, end of period (16,173 ) 1,657 (14,516 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (40 ) — (40 ) Hedging activity 8 — 8 Balance, end of period (32 ) — (32 ) TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 30,509 shares for company benefit plans — — — Release of 41,617 shares from company benefit plans — — — Balance, end of period (31 ) — (31 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) (162 ) 1,657 1,495 NONCONTROLLING INTERESTS: Balance, beginning of period 123 (81 ) 42 Net income attributable to noncontrolling interests 1 (1 ) — Distributions to noncontrolling interest owners (2 ) — (2 ) Balance, end of period 122 (82 ) 40 TOTAL EQUITY (DEFICIT) $ (40 ) $ 1,575 $ 1,535 Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning of period $ 1,671 $ — $ 1,671 Exchange of 40,000 shares of preferred stock for common stock (40 ) — (40 ) Balance, end of period 1,631 — 1,631 COMMON STOCK: Balance, beginning of period 9 — 9 Common shares issued for WildHorse Merger 7 — 7 Exchange of senior notes and convertible senior notes 3 — 3 Exchange of preferred stock — — — Balance, end of period 19 — 19 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,378 — 14,378 Common shares issued for WildHorse Merger 2,030 — 2,030 Exchange of preferred stock for 10,367,950 shares of common stock 40 — 40 Exchange of senior notes for 235,563,519 shares of common stock 438 — 438 Exchange of convertible senior notes for 73,389,094 shares of common stock 134 — 134 Equity component of convertible notes repurchases (2 ) — (2 ) Stock-based compensation 26 — 26 Dividends on preferred stock (69 ) — (69 ) Balance, end of period 16,975 — 16,975 ACCUMULATED DEFICIT: Balance, beginning of period (15,660 ) 1,748 (13,912 ) Net income attributable to Chesapeake 633 (617 ) 16 Balance, end of period (15,027 ) 1,131 (13,896 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (23 ) — (23 ) Hedging activity 26 — 26 Balance, end of period 3 — 3 TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 2,673,903 shares for company benefit plans (7 ) — (7 ) Release of 296,864 shares from company benefit plans 2 — 2 Balance, end of period (36 ) — (36 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY 3,565 1,131 4,696 NONCONTROLLING INTERESTS: Balance, beginning of period 123 (82 ) 41 Net income (loss) attributable to noncontrolling interests 1 (1 ) — Distributions to noncontrolling interest owners (2 ) — (2 ) Balance, end of period 122 (83 ) 39 TOTAL EQUITY $ 3,687 $ 1,048 $ 4,735 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning and end of period $ 1,671 $ — $ 1,671 COMMON STOCK: Balance, beginning and end of period 9 — 9 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,437 — 14,437 Stock-based compensation 26 — 26 Dividends on preferred stock (69 ) — (69 ) Balance, end of period 14,394 — 14,394 ACCUMULATED DEFICIT: Balance, beginning of period (16,525 ) 2,395 (14,130 ) Net income (loss) attributable to Chesapeake 360 (738 ) (378 ) Cumulative effect of accounting change (8 ) — (8 ) Balance, end of period (16,173 ) 1,657 (14,516 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (57 ) — (57 ) Hedging activity 25 — 25 Balance, end of period (32 ) — (32 ) TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 1,499,033 shares for company benefit plans (4 ) — (4 ) Release of 431,474 shares from company benefit plans 4 — 4 Balance, end of period (31 ) — (31 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) (162 ) 1,657 1,495 NONCONTROLLING INTERESTS: Balance, beginning of period 124 (80 ) 44 Net income attributable to noncontrolling interests 3 (2 ) 1 Distributions to noncontrolling interest owners (5 ) — (5 ) Balance, end of period 122 (82 ) 40 TOTAL EQUITY (DEFICIT) $ (40 ) $ 1,575 $ 1,535

Oil and Natural Gas Property Tr

Oil and Natural Gas Property Transactions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Oil and Natural Gas Property Transactions	Oil and Natural Gas Property Transactions WildHorse Acquisition On February 1, 2019, we acquired WildHorse Resource Development Corporation (“WildHorse”), an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas for approximately 717.4 million shares of our common stock and $381 million in cash. We funded the cash portion of the consideration through borrowings under the Chesapeake revolving credit facility. In connection with the closing, we acquired all of WildHorse’s debt. See Note 6 for additional information on the acquired debt. Purchase Price Allocation We have accounted for the acquisition of WildHorse and its corresponding merger (the “Merger”) with and into our wholly owned subsidiary, Brazos Valley Longhorn, L.L.C. (“Brazos Valley Longhorn” or “BVL”), as a business combination, using the acquisition method. The following table represents the preliminary allocation of the total purchase price of WildHorse to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, valuation of pre-acquisition contingencies and final appraisals of assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate. Preliminary Purchase Price Allocation ($ in millions) Consideration: Cash $ 381 Fair value of Chesapeake’s common stock issued in the Merger (a) 2,037 Total consideration $ 2,418 Fair Value of Liabilities Assumed: Current liabilities $ 166 Long-term debt 1,379 Deferred tax liabilities 314 Other long-term liabilities 36 Amounts attributable to liabilities assumed $ 1,895 Fair Value of Assets Acquired: Cash and cash equivalents $ 28 Other current assets 128 Proved oil and natural gas properties 3,264 Unproved properties 756 Other property and equipment 77 Other long-term assets 60 Amounts attributable to assets acquired $ 4,313 Total identifiable net assets $ 2,418 ___________________________________________ (a) Based on 717,376,170 Chesapeake common shares issued at closing at $2.84 per share (closing price as of February 1, 2019). We included in our condensed consolidated statements of operations revenues of $543 million , direct operating expenses of $579 million and other expense of $67 million related to the WildHorse business for the period from February 1, 2019 to September 30, 2019. Pro Forma Financial Information The following unaudited pro forma financial information for the nine months ended September 30, 2019 and three and nine months ended September 30, 2018, respectively, is based on our historical consolidated financial statements adjusted to reflect as if the WildHorse acquisition had occurred on January 1, 2018. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including adjustments to conform the classification of expenses in WildHorse’s statements of operations to our classification for similar expenses and the estimated tax impact of pro forma adjustments. Three Months Ended September 30, Nine Months Ended September 30, 2018 2019 2018 ($ in millions except per share data) Revenues $ 2,607 $ 6,661 $ 7,692 Net income (loss) available to common stockholders $ (199 ) $ (85 ) $ (543 ) Earnings per common share: Basic $ (0.12 ) $ (0.05 ) $ (0.33 ) Diluted $ (0.12 ) $ (0.05 ) $ (0.33 ) This unaudited pro forma information has been derived from historical information. The unaudited pro forma financial information is not necessarily indicative of what actually would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it necessarily indicative of future results. Divestitures In the Prior Period, 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 $491 million , subject to certain customary closing adjustments. Included in the sales were approximately 238,500 net acres and interests in approximately 3,200 wells. Also, in the Current Quarter, the Prior Quarter, the Current Period and the Prior Period, we received proceeds of approximately $28 million , $8 million , $110 million and $31 million

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	9 Months Ended
	Sep. 30, 2019
Extractive Industries [Abstract]
Capitalized Exploratory Well Costs	Capitalized Exploratory Well Costs A summary of the changes in our capitalized well costs for the Current Period is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. 2019 ($ in millions) Balance as of January 1 $ 36 Additions pending the determination of proved reserves 14 Divestitures and other — Reclassifications to proved properties (18 ) Charges to exploration expense (8 ) Balance as of September 30 $ 24 As of September 30, 2019, approximately $1 million

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
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 convertible senior notes did not have a dilutive effect and, therefore, were excluded from the calculation of diluted EPS. Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in millions) Common stock equivalent of our preferred stock outstanding 58 60 58 60 Common stock equivalent of our convertible senior notes outstanding 124 146 124 146 Common stock equivalent of our preferred stock outstanding prior to exchange 1 — 1 — Participating securities — 2 — 1

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt consisted of the following as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Principal Amount Carrying Principal Carrying ($ in millions) Floating rate senior notes due 2019 — — 380 380 6.625% senior notes due 2020 208 208 437 437 6.875% senior notes due 2020 93 93 227 227 6.125% senior notes due 2021 167 167 548 548 5.375% senior notes due 2021 127 127 267 267 4.875% senior notes due 2022 338 338 451 451 5.75% senior notes due 2023 209 209 338 338 7.00% senior notes due 2024 850 850 850 850 6.875% senior notes due 2025 (a) 618 621 — — 8.00% senior notes due 2025 1,245 1,237 1,300 1,291 5.5% convertible senior notes due 2026 (b) 1,064 758 1,250 866 7.5% senior notes due 2026 400 400 400 400 8.00% senior notes due 2026 919 885 — — 8.00% senior notes due 2027 1,090 1,089 1,300 1,299 2.25% contingent convertible senior notes due 2038 — — 1 1 Chesapeake revolving credit facility 1,504 1,504 419 419 BVL revolving credit facility (a) 900 900 — — Debt issuance costs — (46 ) — (53 ) Interest rate derivatives — 1 — 1 Total debt, net 9,732 9,341 8,168 7,722 Less current maturities of long-term debt, net (c) (208 ) (208 ) (381 ) (381 ) Total long-term debt, net $ 9,524 $ 9,133 $ 7,787 $ 7,341 ___________________________________________ (a) On February 1, 2019, we acquired the debt of WildHorse which consisted of 6.875% Senior Notes due 2025 and a revolving credit facility. We now refer to this debt as our BVL Senior Notes and our BVL revolving credit facility, respectively. See further discussion below. (b) We are required to account for the liability and equity components of our convertible debt instrument 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 rate for our 5.5% Convertible Senior Notes due 2026 is 11.5% . Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the Current Quarter, 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 fourth quarter of 2019. (c) As of September 30, 2019, net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020. Chesapeake Revolving Credit Facility Our Chesapeake revolving credit facility matures in September 2023 and the current aggregate commitment of the lenders and borrowing base under the facility is $3.0 billion . The revolving credit facility provides for an accordion feature, pursuant to which the aggregate commitments thereunder may be increased to up to $4.0 billion from time to time, subject to agreement of the participating lenders and certain other customary conditions. Scheduled borrowing base redeterminations will continue to occur semiannually. Our borrowing base was reaffirmed on November 1, 2019, and our next borrowing base redetermination is scheduled for the second quarter of 2020. As of September 30, 2019 , we had outstanding borrowings of $1.504 billion under the Chesapeake revolving credit facility and had used $53 million of the Chesapeake revolving credit facility for various letters of credit. On February 1, 2019, we entered into a first amendment to our Chesapeake credit agreement. Among other things, the amendment (i) designated our subsidiary, Brazos Valley Longhorn, and its subsidiaries as unrestricted subsidiaries under the Chesapeake revolving credit facility and (ii) expressly permitted our initial investment in WildHorse under the limitations on investments covenant. As a result of BVL and its subsidiaries being designated as unrestricted subsidiaries under the Chesapeake revolving credit facility, transactions between BVL and its subsidiaries, on the one hand, and Chesapeake and its subsidiaries (other than BVL and its subsidiaries), on the other hand, are required to be on an arm’s-length basis, subject to certain exceptions, and Chesapeake is limited in the amount of investments it can make in BVL and its subsidiaries. Borrowings under the Chesapeake revolving credit facility bear interest at an alternative base rate (ABR) or LIBOR, at our election, plus an applicable margin ranging from 0.50% - 2.00% per annum for ABR loans and 1.50% - 3.00% per annum for LIBOR loans, depending on the percentage of the borrowing base then being utilized and whether our leverage ratio exceeds 4.00 to 1.00. In July 2017, the UK's Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR as a benchmark by the end of 2021. At the present time, the Chesapeake revolving credit facility has a term that extends beyond 2021. The Chesapeake revolving credit facility provides for a mechanism to amend the facility to reflect the establishment of an alternate rate of interest upon the occurrence of certain events related to the phase-out of LIBOR. However, we have not yet pursued any technical amendment or other contractual alternative to address this matter. We are currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate. The Chesapeake revolving credit facility is subject to various financial and other covenants. The terms of the Chesapeake credit agreement include covenants limiting, among other things, our ability to incur additional indebtedness, make investments or loans, incur liens, consummate mergers and similar fundamental changes, make restricted payments, make investments in unrestricted subsidiaries and enter into transactions with affiliates. The Chesapeake credit agreement contains financial covenants that require us to maintain (i) a leverage ratio, which is the ratio of consolidated indebtedness to consolidated EBITDAX, each as defined in the Chesapeake credit agreement to exclude amounts associated with unrestricted subsidiaries, of not more than 5.50 to 1 through the fiscal quarter ending September 30, 2019, which threshold decreases by 25 basis points each quarter until it reaches 4.00 to 1.00 for the fiscal quarter ending March 31, 2021 and every quarter thereafter, (ii) a secured leverage ratio of not more than 2.50 to 1.00 until the later of (x) the fiscal quarter ending March 31, 2021 or (y) the first fiscal quarter in which the Company’s leverage ratio does not exceed 4.00 to 1.00 and (iii) a fixed charge coverage ratio of not less than 2.00 to 1.00 through the fiscal quarter ending December 31, 2019; not less than 2.25 to 1.00 through the fiscal quarter ending June 30, 2020; and not less than 2.50 to 1.00 for the fiscal quarter ended September 30, 2020 and every quarter thereafter. As of September 30, 2019 , 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 Chesapeake revolving credit facility and had $1.443 billion of borrowing capacity thereunder. Fluctuations in oil and natural gas prices have a material impact on our financial position, results of operations, cash flows and quantities of oil, natural gas and NGL reserves that may be economically produced. Historically, oil and natural gas prices have been volatile, and may be subject to wide fluctuations in the future. If continued depressed prices persist, combined with the scheduled reductions in the leverage ratio covenant, our ability to comply with the leverage ratio covenant during the next 12 months will be adversely affected which raises substantial doubt about our ability to continue as a going concern. Failure to comply with this covenant, if not waived, would result in an event of default under our Chesapeake revolving credit facility, the potential acceleration of outstanding debt thereunder and the potential foreclosure on the collateral securing such debt, and could cause a cross-default under our other outstanding indebtedness. We are actively pursuing with support from the Board of Directors a variety of transactions and cost-cutting measures, including but not limited to, reduction in corporate discretionary expenditures, refinancing transactions by us or our subsidiaries, capital exchange transactions, asset divestitures, reductions in capital expenditures by approximately 30% in 2020 and operational efficiencies. We believe it is probable that these measures, as we continue to implement them, will enable us to comply with our leverage ratio covenant. BVL Revolving Credit Facility In connection with the acquisition of WildHorse, our subsidiary, BVL, became the borrower under the WildHorse revolving credit facility (as amended, the “BVL revolving credit facility”). The BVL revolving credit facility has a maximum credit amount of $2.0 billion , with current aggregate commitments and a borrowing base of $1.3 billion . The BVL revolving credit facility matures in December 2021. Scheduled borrowing base redeterminations occur on at least a semi-annual basis, primarily on the basis of estimated proved reserves. The scheduled borrowing base redetermination for the fourth quarter of 2019 is ongoing, and there can be no assurance that the borrowing base will remain at $1.3 billion . As of September 30, 2019, BVL had outstanding borrowings of $900 million under its credit agreement. The BVL revolving credit facility is guaranteed by certain of BVL’s subsidiaries (the “BVL Guarantors”) and is required to be secured, and is secured, by substantially all of the assets of BVL and the BVL Guarantors, including mortgages on not less than 85% of the proved reserves of their oil and gas properties. On February 1, 2019, BVL, as successor by merger to WildHorse, entered into a sixth amendment to the BVL credit agreement. Among other things, the amendment (i) amended the merger covenant and the definition of change of control to permit our acquisition of WildHorse and (ii) permits borrowings under the BVL revolving credit facility to be used to redeem or repurchase the BVL Senior Notes so long as certain conditions are met. The obligations under the BVL revolving credit facility are the senior secured obligations of BVL and the BVL Guarantors. The obligations under the BVL revolving credit facility are not obligations of Chesapeake or any of its other subsidiaries. The obligations under the BVL revolving credit facility rank equally in right of payment with all other senior secured indebtedness of BVL and the other BVL Guarantors, and are effectively senior to the BVL and the BVL Guarantors’ senior unsecured indebtedness, including their obligations under the BVL Senior Notes, to the extent of the value of the collateral securing the BVL revolving credit facility. The BVL revolving credit facility is used for the liquidity and expenses of BVL and its subsidiaries and not Chesapeake and its other subsidiaries. Revolving loans under the BVL revolving credit facility bear interest at an ABR, Eurodollar rate or LIBOR at BVL’s election, plus an applicable margin (ranging from 0.50% - 1.50% per annum for ABR loans, 1.50% - 2.50% per annum for Eurodollar loans and 1.50% - 2.50% per annum for LIBOR Market Index loans), depending on Brazos Valley Longhorn’s total commitment usage. The unused portion of the total commitments are subject to a commitment fee that varies from 0.375% to 0.500% , depending on BVL’s total commitment usage. In July 2017, the UK's Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR as a benchmark by the end of 2021. At the present time, the BVL revolving credit facility has a stated maturity date in December 2021. Under the terms of the BVL revolving credit facility, the occurrence of certain events related to the phase-out of LIBOR would make Eurodollar borrowings unavailable and require BVL to borrow at the ABR rate or at an alternate rate of interest determined by the lenders under the BVL revolving credit facility as their cost of funds. We are currently evaluating the potential impact of the eventual phasing-out of LIBOR, including the amendment of the BVL revolving credit facility to implement a market-standard approach to the transition from LIBOR. The terms of the BVL credit agreement include covenants limiting, among other things, the ability of BVL and its restricted subsidiaries (as defined in the BVL credit agreement) to incur additional indebtedness, make investments or loans, incur liens, consummate mergers or similar fundamental changes, make restricted payments, including distributions to Chesapeake, and enter into transactions with affiliates, including Chesapeake and its other subsidiaries. The BVL credit agreement also contains financial covenants that require BVL to maintain (i)(x) if there are no loans outstanding thereunder, a ratio of net debt to EBITDAX (as defined in the BVL credit agreement) of not more than 4.00 to 1.00 as of the last day of each fiscal quarter or (y) if there are such loans outstanding, a ratio of total funded debt to EBITDAX of not more than 4.00 to 1.00 as of the last day of each fiscal quarter and (ii) a ratio of current assets (including availability under the BVL revolving credit facility) to current liabilities of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. As of September 30, 2019, we were in compliance with all applicable financial covenants under the BVL credit agreement and we were able to borrow up to the full availability under the BVL revolving credit facility. Chesapeake Senior Notes In the Current Quarter, we privately negotiated exchanges of approximately $507 million principal amount of our outstanding senior notes for 235,563,519 shares of common stock and $186 million principal amount of our outstanding convertible senior notes for 73,389,094 shares of common stock. We recorded an aggregate net gain of approximately $64 million associated with the exchanges. In the Current Period, we issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes: Notes Exchanged ($ in millions) 6.625% senior notes due 2020 $ 229 6.875% senior notes due 2020 134 6.125% senior notes due 2021 381 5.375% senior notes due 2021 140 Total $ 884 We may redeem some or all of the 2026 notes at any time prior to March 15, 2022 at a price equal to 100% of the principal amount of the notes to be redeemed plus a “make-whole” premium. At any time prior to March 15, 2022, we also may redeem up to 35% of the aggregate principal amount of each series of notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a specified redemption price. In addition, we may redeem some or all of the 2026 notes at any time on or after March 15, 2022 at the redemption prices in accordance with the terms of the notes, the indenture and supplemental indenture governing the notes. These senior notes are unsecured obligations of Chesapeake and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and rank senior in right of payment to all of our future subordinated indebtedness. Our obligations under the senior notes are jointly and severally, fully and unconditionally guaranteed by all of our wholly owned subsidiaries that guarantee the Chesapeake revolving credit facility and certain other unsecured senior notes. We accounted for the exchange as a modification to existing debt and no gain or loss was recognized. In the Current Period, we repaid upon maturity $380 million principal amount of our Floating Rate Senior Notes due April 2019 with borrowings from our Chesapeake revolving credit facility. BVL Senior Notes As a result of the completion of the acquisition of WildHorse, BVL assumed the obligations under WildHorse’s $700 million aggregate principal amount of 6.875% Senior Notes due 2025 (the “BVL Senior Notes”) and Brazos Valley Longhorn Finance Corp. (“BVL Finance Corp.”), a wholly owned subsidiary of BVL, became a co-issuer of the BVL Senior Notes. On February 1, 2019, BVL, as successor by merger to WildHorse, and BVL Finance Corp. entered into a fourth supplemental indenture (the “BVL supplemental indenture”) to the indenture governing the BVL Senior Notes (as supplemented, the “BVL indenture”). Pursuant to the BVL supplemental indenture, (i) BVL assumed the rights and obligations of WildHorse as issuer under the BVL indenture and (ii) BVL Finance Corp. was named as a co-issuer of the BVL Senior Notes under the BVL indenture. The BVL Senior Notes are the senior unsecured obligations of BVL, BVL Finance Corp. and the other BVL Guarantors. The BVL Senior Notes are not obligations of Chesapeake or any of its other subsidiaries. The BVL Senior Notes rank equally in right of payment with all other senior unsecured indebtedness of BVL, BVL Finance Corp. and the other BVL Guarantors, and will be effectively subordinated to BVL’s, BVL Finance Corp.’s and the other BVL Guarantors’ senior secured indebtedness, including their obligations under the BVL revolving credit facility, to the extent of the value of the collateral securing such indebtedness. The BVL indenture contains customary reporting covenants (including furnishing quarterly and annual reports to the holders of the BVL Senior Notes) and restrictive covenants that, among other things, limit the ability of BVL and its subsidiaries to: (i) pay dividends on, purchase or redeem BVL’s equity interests or purchase or redeem subordinated debt, unless such distributions, purchases or redemptions are permitted by certain exceptions, including for amounts based on BVL’s operating results, subject to the satisfaction of certain conditions, and a $25 million basket; (ii) make certain investments; (iii) incur or guarantee additional indebtedness or issue certain types of equity securities; (iv) create or incur certain secured debt; (v) sell assets; (vi) consolidate, merge or transfer all or substantially all of BVL’s assets; (vii) enter into agreements that restrict distributions or other payments from BVL’s restricted subsidiaries to BVL; (viii) engage in transactions with affiliates, including Chesapeake and its other subsidiaries; and (ix) create unrestricted subsidiaries. These covenants are subject to a number of important qualifications and limitations. In addition, most of the covenants will be terminated before the BVL Senior Notes mature if at any time no default or event of default exists under the BVL indenture and the BVL Senior Notes receive an investment grade rating from both of two specified ratings agencies. The BVL indenture also contains customary events of default. The BVL credit agreement and the BVL indenture constrain the ability of BVL and its subsidiaries to make distributions or otherwise provide funds to, or guarantee the obligations of, Chesapeake and its other subsidiaries. The provisions of the BVL credit agreement and the BVL indenture require that all transactions between BVL and its subsidiaries, on the one hand, and Chesapeake and its other subsidiaries, on the other hand, be on an arm's-length basis, subject to certain exceptions. In the Current Quarter, we repurchased approximately $82 million principal amount of the BVL Senior Notes for $76 million and recorded a $6 million gain. Fair Value of Debt We estimate the fair value of our senior notes based on the market value of our publicly traded debt as determined based on the yield of our senior notes (Level 1). The fair value of all other debt is based on a market approach using estimates provided by an independent investment financial data services firm (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below: September 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 208 $ 208 $ 381 $ 379 Long-term debt (Level 1) $ 2,790 $ 2,245 $ 3,495 $ 3,173 Long-term debt (Level 2) $ 6,343 $ 4,980 $ 3,846 $ 3,644

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2019
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 2018 Form 10-K. Contingencies Litigation and Regulatory Proceedings We are involved in a number of litigation and regulatory proceedings including those described below. Many of these proceedings are in early stages, and many of them seek or may seek damages and penalties, the amount of which is indeterminate. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. Business Operations. We are involved in various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. We and other natural gas producers have been named in various lawsuits alleging underpayment of royalties and other shares of the proceeds of production. The suits against us allege, among other things, that we used below-market prices, made improper deductions, utilized improper measurement techniques, entered into arrangements with affiliates that resulted in underpayment of amounts owed in connection with the production and sale of natural gas and NGL, or similar theories. These lawsuits include cases filed by individual royalty owners and putative class actions, some of which seek to certify a statewide class. The lawsuits seek compensatory, consequential, treble, and punitive damages, restitution and disgorgement of profits, declaratory and injunctive relief regarding our payment practices, pre-and post-judgment interest, and attorney’s fees and costs. Royalty plaintiffs have varying provisions in their respective leases, oil and gas law varies from state to state, and royalty owners and producers differ in their interpretation of the legal effect of lease provisions governing royalty calculations. We have resolved a number of these claims through negotiated settlements of past and future royalty obligations and have prevailed in various other lawsuits. We are currently defending numerous lawsuits seeking damages with respect to underpayment of royalties or other shares of the proceeds of production in multiple states where we have operated, including those discussed below. On December 9, 2015, the Commonwealth of Pennsylvania, by the Office of Attorney General, filed a lawsuit in the Bradford County Court of Common Pleas related to royalty underpayment and lease acquisition and accounting practices with respect to properties in Pennsylvania. The lawsuit, which primarily relates to the Marcellus Shale and Utica Shale, alleges that we violated the Pennsylvania Unfair Trade Practices and Consumer Protection Law (UTPCPL) by making improper deductions and entering into arrangements with affiliates that resulted in underpayment of royalties. The lawsuit includes other UTPCPL claims and antitrust claims, including that a joint exploration agreement to which we are a party established unlawful market allocation for the acquisition of leases. The lawsuit seeks statutory restitution, civil penalties and costs, as well as a temporary injunction from exploration and drilling activities in Pennsylvania until restitution, penalties and costs have been paid, and a permanent injunction from further violations of the UTPCPL. Putative statewide class actions in Pennsylvania and Ohio and purported class arbitrations in Pennsylvania have been filed on behalf of royalty owners asserting various claims for damages related to alleged underpayment of royalties as a result of the divestiture of substantially all of our midstream business and most of our gathering assets in 2012 and 2013. These cases include claims for violation of and conspiracy to violate the federal Racketeer Influenced and Corrupt Organizations Act and for an unlawful market allocation agreement for mineral rights, intentional interference with contractual relations, and violations of antitrust laws related to purported markets for gas mineral rights, operating rights and gas gathering sources. These lawsuits seek in aggregate compensatory, consequential, treble, and punitive damages, restitution and disgorgement of profits, declaratory and injunctive relief regarding our royalty payment practices, pre-and post-judgment interest, and attorney’s fees and costs. On December 20, 2017 and August 9, 2018, we reached tentative settlements to resolve substantially all Pennsylvania civil royalty cases for a total of approximately $35 million . We believe losses are reasonably possible in certain of the pending royalty cases for which we have not accrued a loss contingency, but we are currently unable to estimate an amount or range of loss or the impact the actions could have on our future results of operations or cash flows. Uncertainties in pending royalty cases generally include the complex nature of the claims and defenses, the potential size of the class in class actions, the scope and types of the properties and agreements involved, and the applicable production years. On July 24, 2018, Healthcare of Ontario Pension Plan (HOOPP) filed a demand for arbitration with the American Arbitration Association regarding HOOPP’s purchase of our interest in Chaparral Energy, Inc. stock for $215 million on January 5, 2014. HOOPP claims that we engaged in material misrepresentations and fraud, and that we violated the Securities Exchange Act of 1934 (the “Exchange Act”) and Oklahoma Uniform Securities Act. HOOPP seeks either rescission or $215 million in monetary damages, and in either case, interest, attorney’s fees, disgorgement and punitive damages. We intend to vigorously defend these claims. In February 2019, a putative class action lawsuit was filed in the District Court of Dallas County, Texas against FTS International, Inc. (FTSI), certain investment banks, FTSI’s directors including certain of our officers and certain shareholders of FTSI including us. The lawsuit alleges various violations of Sections 11 (with respect to certain of our officers in their capacities as directors of FTSI) and 15 (with respect to such officers and us) of the Securities Act of 1933 in connection with public disclosure made during the initial public offering of FTSI. The suit seeks damages in excess of $1,000,000 and attorneys’ fees and other expenses. We intend to vigorously defend these claims. Environmental Contingencies The nature of the oil and gas business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property. We are named as a defendant in numerous lawsuits in Oklahoma alleging that we and other companies have engaged in activities that have caused earthquakes. These lawsuits seek compensation for injury to real and personal property, diminution of property value, economic losses due to business interruption, interference with the use and enjoyment of property, annoyance and inconvenience, personal injury and emotional distress. In addition, they seek the reimbursement of insurance premiums and the award of punitive damages, attorneys’ fees, costs, expenses and interest. We intend to vigorously defend these claims. We previously disclosed ongoing discussions between our subsidiary, Chesapeake Appalachia, L.L.C. ( “ CALLC ” ) and the Pennsylvania Department of Environmental Protection related to gas migration in the vicinity of certain of our wells in Bradford County. Those concerns were resolved by the parties on August 28, 2019. Pursuant to the settlement, CALLC paid a civil penalty of less than $100,000 . Other Matters Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to our business operations is likely to have a material adverse effect on our future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates. Commitments Gathering, Processing and Transportation Agreements We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of oil, natural gas and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets; however, they are reflected in our estimates of proved reserves. The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: September 30, ($ in millions) Remainder of 2019 $ 201 2020 764 2021 673 2022 570 2023 480 2024 – 2035 2,731 Total $ 5,419 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	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other current liabilities as of September 30, 2019 and December 31, 2018 are detailed below: September 30, December 31, ($ in millions) Revenues and royalties due others $ 429 $ 687 Accrued drilling and production costs 474 258 Joint interest prepayments received 49 73 VPP deferred revenue (a) 56 59 Accrued compensation and benefits 156 202 Other accrued taxes 141 108 Other 185 212 Total other current liabilities $ 1,490 $ 1,599 Other long-term liabilities as of September 30, 2019 and December 31, 2018 are detailed below: September 30, December 31, ($ in millions) VPP deferred revenue (a) $ 22 $ 63 Unrecognized tax benefits 55 53 Other 109 103 Total other long-term liabilities $ 186 $ 219 ____________________________________________ (a) At the inception of our volumetric production payment (VPP) agreements, we (i) removed the proved reserves associated with the VPP, (ii) recognized VPP proceeds as deferred revenue which are being amortized on a unit-of-production basis to other revenue over the term of the VPP, (iii) retained responsibility for the production costs and capital costs related to VPP interests and (iv) ceased recognizing production associated with the VPP volumes. The remaining deferred revenue balance will be recognized in other revenues in the consolidated statement of operations through 2021, assuming the related VPP production volumes are delivered as scheduled.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases We are a lessee under various agreements for compressors, office space, vehicles and other equipment. As of September 30, 2019, these leases have remaining terms ranging from one month to 7.3 years . Certain of our lease agreements include options to renew the lease, terminate the lease early or purchase the underlying asset at the end of the lease. We determine the lease term at the lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when we are reasonably certain to exercise the option. The company’s vehicles are the only leases with renewal options that we are reasonably certain to exercise. The renewals are reflected in the ROU asset and lease liability balances. Upon adoption of ASC 842 on January 1, 2019, we recognized a nominal operating lease liability and a nominal related ROU asset related to vehicles we lease. On February 1, 2019, we acquired WildHorse and, as part of the purchase price allocation, we recognized additional operating lease liabilities of $40 million , a related ROU asset of $38 million , and lease incentives of $2 million related to two office space leases, a long-term hydraulic fracturing agreement and other equipment leases. Regarding our long-term hydraulic fracturing agreements, we made a policy election to treat both lease and non-lease components as a single lease component. In 2018, we sold our wholly owned subsidiary, Midcon Compression, L.L.C., to a third party and subsequently leased back some natural gas compressors for 38 months . The lease is accounted for as a finance lease liability. The following table presents our ROU assets and lease liabilities as of September 30, 2019 . Financing Operating ($ in millions) ROU assets $ 20 $ 22 Lease liabilities: Current lease liabilities $ 9 $ 9 Long-term lease liabilities 11 16 Total lease liabilities $ 20 $ 25 Additional information for the Company’s operating and finance leases is presented below: Three Months Ended September 30, 2019 Nine Months Ended Lease cost: ($ in millions) Amortization of ROU assets $ 2 $ 6 Interest on lease liability — 1 Finance lease cost 2 7 Operating lease cost 7 24 Short-term lease cost 34 82 Total lease cost (a) $ 43 $ 113 Other information: Operating cash outflows from finance lease $ — $ 1 Operating cash outflows from operating leases $ 3 $ 8 Investing cash outflows from operating leases $ 38 $ 98 Financing cash outflows from finance lease $ 2 $ 6 Weighted-average remaining lease term - finance lease 2.25 years Weighted-average remaining lease term - operating leases 4.87 years Weighted-average discount rate - finance lease 7.50 % Weighted-average discount rate - operating leases 4.17 % ____________________________________________ (a) Includes $38 million and $98 million of capitalized lease costs for the Current Quarter and the Current Period, respectively. Maturity analysis of finance lease liabilities and operating lease liabilities are presented below: September 30, 2019 Financing Lease Operating Leases ($ in millions) Remainder of 2019 $ 3 $ 2 2020 10 9 2021 10 5 2022 — 3 2023 — 2 Thereafter — 7 Total lease payments 23 28 Less imputed interest (3 ) (3 ) Present value of lease liabilities 20 25 Less current maturities (9 ) (9 ) Present value of lease liabilities, less current maturities $ 11 $ 16 The aggregate undiscounted minimum future lease payments under previous lease accounting standard, ASC 840, are presented below: December 31, 2018 Capital Lease Operating Leases ($ in millions) 2019 $ 10 $ 3 2020 10 1 2021 10 — Total minimum lease payments $ 30 $ 4
Leases	Leases We are a lessee under various agreements for compressors, office space, vehicles and other equipment. As of September 30, 2019, these leases have remaining terms ranging from one month to 7.3 years . Certain of our lease agreements include options to renew the lease, terminate the lease early or purchase the underlying asset at the end of the lease. We determine the lease term at the lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when we are reasonably certain to exercise the option. The company’s vehicles are the only leases with renewal options that we are reasonably certain to exercise. The renewals are reflected in the ROU asset and lease liability balances. Upon adoption of ASC 842 on January 1, 2019, we recognized a nominal operating lease liability and a nominal related ROU asset related to vehicles we lease. On February 1, 2019, we acquired WildHorse and, as part of the purchase price allocation, we recognized additional operating lease liabilities of $40 million , a related ROU asset of $38 million , and lease incentives of $2 million related to two office space leases, a long-term hydraulic fracturing agreement and other equipment leases. Regarding our long-term hydraulic fracturing agreements, we made a policy election to treat both lease and non-lease components as a single lease component. In 2018, we sold our wholly owned subsidiary, Midcon Compression, L.L.C., to a third party and subsequently leased back some natural gas compressors for 38 months . The lease is accounted for as a finance lease liability. The following table presents our ROU assets and lease liabilities as of September 30, 2019 . Financing Operating ($ in millions) ROU assets $ 20 $ 22 Lease liabilities: Current lease liabilities $ 9 $ 9 Long-term lease liabilities 11 16 Total lease liabilities $ 20 $ 25 Additional information for the Company’s operating and finance leases is presented below: Three Months Ended September 30, 2019 Nine Months Ended Lease cost: ($ in millions) Amortization of ROU assets $ 2 $ 6 Interest on lease liability — 1 Finance lease cost 2 7 Operating lease cost 7 24 Short-term lease cost 34 82 Total lease cost (a) $ 43 $ 113 Other information: Operating cash outflows from finance lease $ — $ 1 Operating cash outflows from operating leases $ 3 $ 8 Investing cash outflows from operating leases $ 38 $ 98 Financing cash outflows from finance lease $ 2 $ 6 Weighted-average remaining lease term - finance lease 2.25 years Weighted-average remaining lease term - operating leases 4.87 years Weighted-average discount rate - finance lease 7.50 % Weighted-average discount rate - operating leases 4.17 % ____________________________________________ (a) Includes $38 million and $98 million of capitalized lease costs for the Current Quarter and the Current Period, respectively. Maturity analysis of finance lease liabilities and operating lease liabilities are presented below: September 30, 2019 Financing Lease Operating Leases ($ in millions) Remainder of 2019 $ 3 $ 2 2020 10 9 2021 10 5 2022 — 3 2023 — 2 Thereafter — 7 Total lease payments 23 28 Less imputed interest (3 ) (3 ) Present value of lease liabilities 20 25 Less current maturities (9 ) (9 ) Present value of lease liabilities, less current maturities $ 11 $ 16 The aggregate undiscounted minimum future lease payments under previous lease accounting standard, ASC 840, are presented below: December 31, 2018 Capital Lease Operating Leases ($ in millions) 2019 $ 10 $ 3 2020 10 1 2021 10 — Total minimum lease payments $ 30 $ 4

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
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 Prior Period 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 $8 million in the Prior Period did not have a material impact on our consolidated financial statements. The following table shows revenue disaggregated by operating area and product type, for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period: Three Months Ended September 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 158 $ — $ 158 Haynesville — 129 — 129 Eagle Ford 282 32 22 336 Brazos Valley 194 10 5 209 Powder River Basin 97 16 5 118 Mid-Continent 40 8 5 53 Revenue from contracts with customers 613 353 37 1,003 Gains on oil, natural gas and NGL derivatives 124 43 — 167 Oil, natural gas and NGL revenue $ 737 $ 396 $ 37 $ 1,170 Marketing revenue from contracts with customers $ 603 $ 165 $ 37 $ 805 Other marketing revenue 80 4 — 84 Losses on oil, natural gas and NGL derivatives — — — — Marketing revenue $ 683 $ 169 $ 37 $ 889 Three Months Ended September 30, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 184 $ — $ 184 Haynesville — 195 — 195 Eagle Ford 399 36 58 493 Powder River Basin 78 17 13 108 Mid-Continent 58 15 12 85 Utica 59 131 76 266 Revenue from contracts with customers 594 578 159 1,331 Losses on oil, natural gas and NGL derivatives (100 ) (18 ) (14 ) (132 ) Oil, natural gas and NGL revenue $ 494 $ 560 $ 145 $ 1,199 Marketing revenue from contracts with customers 707 211 112 1,030 Other marketing revenue 119 70 — 189 Marketing revenue $ 826 $ 281 $ 112 $ 1,219 Nine Months Ended September 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 656 $ — $ 656 Haynesville — 494 — 494 Eagle Ford 962 117 89 1,168 Brazos Valley 513 23 12 548 Powder River Basin 273 59 23 355 Mid-Continent 131 34 26 191 Revenue from contracts with customers 1,879 1,383 150 3,412 Gains (losses) on oil, natural gas and NGL derivatives (49 ) 190 — 141 Oil, natural gas and NGL revenue $ 1,830 $ 1,573 $ 150 $ 3,553 Marketing revenue from contracts with customers $ 1,830 $ 741 $ 202 $ 2,773 Other marketing revenue 230 38 — 268 Losses on oil, natural gas and NGL derivatives — (3 ) — (3 ) Marketing revenue $ 2,060 $ 776 $ 202 $ 3,038 Nine Months Ended September 30, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 646 $ — $ 646 Haynesville 2 603 — 605 Eagle Ford 1,148 120 143 1,411 Powder River Basin 173 40 30 243 Mid-Continent 196 63 42 301 Utica 179 350 189 718 Revenue from contracts with customers 1,698 1,822 404 3,924 Losses on oil, natural gas and NGL derivatives (388 ) (85 ) (27 ) (500 ) Oil, natural gas and NGL revenue $ 1,310 $ 1,737 $ 377 $ 3,424 Marketing revenue from contracts with customers 2,125 733 324 3,182 Other marketing revenue 381 175 — 556 Marketing revenue $ 2,506 $ 908 $ 324 $ 3,738 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 September 30, 2019 and December 31, 2018 are detailed below: September 30, 2019 December 31, 2018 ($ in millions) Oil, natural gas and NGL sales $ 644 $ 976 Joint interest 290 211 Other 64 77 Allowance for doubtful accounts (21 ) (17 ) Total accounts receivable, net $ 977 $ 1,247

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
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 estimated annual effective tax rate as such items are recognized as discrete items in the quarter in which they occur. For the Current Quarter, our estimated annual effective tax rate is 0.0% as a result of maintaining a full valuation allowance against our net deferred tax asset. Taking into account our projected operating results for the fourth quarter of 2019, we project remaining in a net deferred tax asset position as of December 31, 2019. Based on all available positive and negative evidence, including projections 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 objectively verifiable negative evidence evaluated is the cumulative loss incurred over the rolling thirty-six month period ended September 30, 2019. Such evidence limits our ability to consider various forms of subjective positive evidence, such as any projections for future growth and earnings. However, should we return to a level of sustained profitability, consideration will need to be given to projections of future taxable income to determine whether such projections provide an adequate source of taxable income for the realization of our deferred tax assets. A full valuation allowance was recorded against our net deferred tax asset position as of September 30, 2019 and December 31, 2018. On February 1, 2019, we completed the acquisition of WildHorse. For federal income tax purposes, the transaction qualified as a tax-free merger under Section 368 of the Internal Revenue Code of 1986, as amended, (the “Code”) and, as a result, we acquired carryover tax basis in WildHorse’s assets and liabilities. We recorded a net deferred tax liability of $314 million as part of the business combination accounting for WildHorse. As a consequence of maintaining a full valuation allowance against our net deferred tax asset, a partial release of the valuation allowance was recorded as a discrete income tax benefit of $314 million through the condensed consolidated statement of operations in the first quarter of 2019. The net deferred tax liability acquired includes deferred tax liabilities on plant, property and equipment and prepaid compensation totaling $401 million , partially offset by deferred tax assets totaling $87 million relating to federal net operating loss (NOL) carryforwards, disallowed interest carryforwards and certain other deferred tax assets. These carryforwards will be subject to an annual limitation under Section 382 of the Code of approximately $61 million . We determined that no separate valuation allowances were required to be established through business combination accounting against any of the individual deferred tax assets acquired. We are subject to U.S. federal income tax as well as income and capital taxes in various state jurisdictions in which we operate. We recorded an income tax benefit of $1 million for the Current Quarter and an income tax benefit of $315 million for the Current Period. The benefit for the Current Period was a result of the aforementioned discrete item relating to the partial release of the valuation allowance in the amount of $314 million and state income tax refunds resulting from the filing of amended state income tax returns reporting federal audit adjustments. Our ability to utilize NOL carryforwards and possibly other tax attributes to reduce future federal taxable income and federal income tax is subject to various limitations under Section 382 of the Code. The utilization of these attributes may be subject to an annual limitation under Section 382 of the Code should transactions involving our equity, including issuances of our stock or the sale or exchange of our stock by certain shareholders, result in a cumulative shift of more than 50% in the beneficial ownership of our stock during any three-year testing period (an “Ownership Change”). (For this purpose, “stock” includes certain preferred stock). Some states impose similar limitations on tax attribute utilization upon experiencing an Ownership Change. As of September 30, 2019, we do not believe that an Ownership Change has occurred that would subject us to an annual limitation on the utilization of our NOL carryforwards, disallowed interest carryforwards and other tax attributes. However, the exchanges of our common stock for certain outstanding senior notes that occurred during the Current Quarter (see Note 6 for further details of the debt exchanges) and the exchange of our common stock for certain Cumulative Convertible Preferred Stock which also occurred during the Current Quarter (see Note 12 for further details of the stock exchange) increased our cumulative shift to over 40% . As a result, future transactions involving our equity, including relatively small transactions and transactions beyond our control, could cause an Ownership Change and therefore an annual limitation on the utilization of NOL carryforwards, disallowed interest carryforwards and possibly other tax attributes. Further, proposed regulations issued on September 10, 2019, under Section 382(h) of the Code (the “Proposed Regulations”) would, if finalized in their current form, significantly reduce our annual limitation should we experience an Ownership Change on or after the date the Proposed Regulations become final. Among other changes, the Proposed Regulations would, if finalized in their current form, limit the potential increases to the annual limitation amount associated with certain built-in gains existing at the time of an Ownership Change, thereby significantly reducing the ability to utilize tax attributes. As a result, certain NOL carryforwards, disallowed interest carryforwards and other tax attributes may need to be written off or have a valuation allowance maintained against them possibly leading to a material charge to income tax expense.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Common Stock A summary of the changes in our common shares issued is detailed below. Three Months Ended September 30, Nine Months Ended, September 30, 2019 2018 2019 2018 (in thousands) Beginning balance 1,634,486 913,271 913,716 908,733 Common shares issued for WildHorse Merger (a) — — 717,376 — Exchange of convertible notes (b) 73,389 — 73,389 — Exchange of senior notes (b) 235,564 — 235,564 — Exchange of preferred stock (c) 10,368 — 10,368 — Restricted stock issuances (net of forfeitures and cancellations) (d) 344 421 3,738 4,959 Ending balance 1,954,151 913,692 1,954,151 913,692 ____________________________________________ (a) See Note 3 for discussion of WildHorse Merger. (b) See Note 6 for discussion of debt exchanges. (c) In the Current Quarter, we exchanged 10,367,950 shares of common stock for 40,000 shares of our 5.75% (Series A) Cumulative Convertible Preferred Stock. In connection with the exchange, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $17 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share. (d) See Note 13 for discussion of restricted stock. Preferred Stock A summary of the changes in our outstanding shares of preferred stock is detailed below. 5.75% 5.75% (A) 4.50% 5.00% (2005B) (in thousands) Shares outstanding as of July 1, 2019 770 463 2,559 1,811 Exchange of preferred stock (a) — (40 ) — — Shares outstanding as of September 30, 2019 770 423 2,559 1,811 Shares outstanding as of July 1, 2018 770 463 2,559 1,811 Shares outstanding as of January 1, 2019 770 463 2,559 1,811 Exchange of preferred stock (a) — (40 ) — — Shares outstanding as of September 30, 2019 770 423 2,559 1,811 Shares outstanding as of January 1, 2018 770 463 2,559 1,811 Liquidation price per share $ 1,000 $ 1,000 $ 100 $ 100 ____________________________________________ (a) See discussion above regarding the exchange of our 5.75% (Series A) Cumulative Convertible Preferred Stock in the Current Quarter.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [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 Period is presented below: Shares of Unvested Restricted Stock Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested restricted stock as of January 1, 2019 11,858 $ 4.43 Granted 5,370 $ 2.85 Vested (5,439 ) $ 4.46 Forfeited (1,241 ) $ 3.75 Unvested restricted stock as of September 30, 2019 10,548 $ 3.69 The aggregate intrinsic value of restricted stock that vested during the Current Period was approximately $15 million based on the stock price at the time of vesting. As of September 30, 2019 , there was approximately $24 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 1.92 years. Stock Options. In the Current Period and the Prior Period, we granted members of management stock options that vest ratably over a three -year period. Each stock option award has an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expire seven years to ten years from the date of grant. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the simplified method. Volatility assumptions are estimated based on the average historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option. We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period: Expected option life – years 6.0 Volatility 65.61 % Risk-free interest rate 2.47 % Dividend yield — % The following table provides information related to stock option activity in the Current Period: Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Contract Life in Years Aggregate Intrinsic Value (a) (in thousands) ($ in millions) Outstanding as of January 1, 2019 18,096 $ 7.20 7.15 $ — Granted 1,000 $ 2.97 Exercised — $ — $ — Expired (487 ) $ 6.49 Forfeited (589 ) $ 3.92 Outstanding as of September 30, 2019 18,020 $ 7.09 6.12 $ — Exercisable as of September 30, 2019 12,999 $ 8.30 5.31 $ — ___________________________________________ (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 September 30, 2019 , there was $7 million of total unrecognized compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of approximately 1.26 years , net of actual forfeitures. Restricted Stock and Stock Option Compensation. We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period: Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) General and administrative expenses $ 6 $ 7 $ 21 $ 24 Oil and natural gas properties 1 — 2 2 Oil, natural gas and NGL production expenses 1 1 3 4 Exploration expenses — — — — Total restricted stock and stock option compensation $ 8 $ 8 $ 26 $ 30 Liability-Classified Awards Performance Share Units. In the Current Period and the Prior Period, 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, 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 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 and the reporting date fair value of the 2017 awards. Grant Date Assumptions Assumption 2017 Awards Volatility 80.65 % Risk-free interest rate 1.54 % Dividend yield for value of awards — % Reporting Period Assumptions Assumption 2017 Awards Volatility 95.41 % Risk-free interest rate 1.87 % Dividend yield for value of awards — % As the above assumptions and expected satisfaction of performance metrics change, the PSU liabilities will be adjusted quarterly through the end of the performance period. For PSUs granted in 2018 and 2019, 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% . For the 2019 award, EBITDA and capital expenditures will be adjusted for changes resulting from our conversion from the full cost method of accounting to the successful efforts method. 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 PSU liability will be adjusted quarterly, based on changes in our stock price and expected satisfaction of performance metrics, through the end of the performance period. Cash Restricted Stock Units . In 2018, 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 CRSU liability will be adjusted quarterly, based on changes in our stock price, through the end of the vesting period. The following table presents a summary of our liability-classified awards: Grant Date Fair Value September 30, 2019 Units Fair Value Vested Liability ($ in millions) ($ in millions) 2019 PSU Awards: Payable 2020, 2021 and 2022 4,785,372 $ 14 $ 7 $ — 2018 PSU Awards: Payable 2020 and 2021 2,388,185 $ 7 $ 3 $ — 2017 PSU Awards: Payable 2020 1,174,973 $ 8 $ 1 $ 1 2018 CRSU Awards: Payable 2020 and 2021 9,267,227 $ 28 $ 13 $ — We recognized the following compensation costs, net of actual forfeitures, related to our liability-classified awards for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period. Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) General and administrative expenses $ (1 ) $ (1 ) $ 7 $ 20 Oil and natural gas properties 1 1 2 2 Oil, natural gas and NGL production expenses — 1 3 3 Exploration expenses — — — 1 Total liability-classified awards compensation $ — $ 1 $ 12 $ 26

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 2019
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 open oil, natural gas or NGL derivative instruments were designated for hedge accounting as of September 30, 2019 or December 31, 2018. Oil, Natural Gas and NGL Derivatives As of September 30, 2019 and December 31, 2018, 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 occasionally sell and buy call and put 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. At the time of settlement, if the market price is lower than the fixed price of the put option, we receive the difference on bought put options and pay the counterparty the difference on sold put options. If the market price settles below the fixed price of the call option or above the fixed price of the put option, no payment is due from either party. • Call Swaptions : We sell call swaptions to counterparties in exchange for a premium that allow the counterparty, on a specific date, to extend an existing fixed-price swap for a certain period of time or to increase the notional volumes of an existing fixed-price swap. • 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 September 30, 2019 and December 31, 2018 are provided below: September 30, 2019 December 31, 2018 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 22 $ 152 12 $ 157 Collars 3 33 8 98 Call swaptions 2 (1 ) — — Put options 1 (2 ) — — Basis protection swaps 2 4 7 5 Total oil 30 186 27 260 Natural gas (bcf): Fixed-price swaps 383 139 623 26 Three-way collars 15 3 88 1 Collars 9 3 55 (3 ) Call options 28 — 44 — Call swaptions 136 (7 ) 106 (9 ) Basis protection swaps 54 (1 ) 50 — Total natural gas 625 137 966 15 Contingent consideration: Utica divestiture — 7 Total estimated fair value $ 323 $ 282 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) . Contingent Consideration Arrangements In 2018, we sold our Utica Shale position to EAP Ohio, LLC (“Encino”). The purchase and sale agreement with Encino provides for additional contingent payments to us of up to $100 million comprised of $50 million in consideration in each case if, on or prior to December 31, 2019, there is a period of twenty ( 20 ) trading days out of a period of thirty ( 30 ) consecutive trading days where (i) the average of the NYMEX natural gas strip prices for the months comprising the year 2022 equals or exceeds $3.00 /mmbtu as calculated pursuant to the purchase agreement, and (ii) the average of the NYMEX natural gas strip price for the months comprising the year 2023 equals or exceeds $3.25 /mmbtu as calculated pursuant to the purchase and sale agreement. In the Current Period, based on the unlikelihood of any payout occurring related to the contingent consideration, we determined the contingent consideration had no fair value and recognized a $7 million unrealized loss, which is included as a reduction in our gains on sales of assets in the condensed consolidated statement of operations. Effect of Derivative Instruments – Condensed Consolidated Balance Sheets The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 on a gross basis and after same-counterparty netting: Balance Sheet Classification Gross Fair Value Amounts Netted in the Consolidated Balance Sheets Net Fair Value Presented in the Consolidated Balance Sheet ($ in millions) As of September 30, 2019 Commodity Contracts: Short-term derivative asset $ 294 $ (22 ) $ 272 Long-term derivative asset 55 (4 ) 51 Short-term derivative liability (22 ) 22 — Long-term derivative liability (4 ) 4 — Contingent Consideration: Short-term derivative asset — — — Total derivatives $ 323 $ — $ 323 As of December 31, 2018 Commodity Contracts: Short-term derivative asset $ 306 $ (104 ) $ 202 Long-term derivative asset 117 (41 ) 76 Short-term derivative liability (107 ) 104 (3 ) Long-term derivative liability (41 ) 41 — Contingent Consideration: Short-term derivative asset 7 — 7 Total derivatives $ 282 $ — $ 282 Effect of Derivative Instruments – Condensed Consolidated Statements of Operations The components of oil, natural gas and NGL revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) Oil, natural gas and NGL revenues $ 1,003 $ 1,331 $ 3,412 $ 3,924 Gains (losses) on undesignated oil, natural gas and NGL derivatives 175 (124 ) 167 (475 ) Losses on terminated cash flow hedges (8 ) (8 ) (26 ) (25 ) Total oil, natural gas and NGL revenues $ 1,170 $ 1,199 $ 3,553 $ 3,424 The components of marketing revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) Marketing revenues $ 889 $ 1,219 $ 3,042 $ 3,738 Losses on undesignated marketing natural gas derivatives — — (4 ) — Total marketing revenues $ 889 $ 1,219 $ 3,038 $ 3,738 Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below: Three Months Ended September 30, 2019 2018 Before After Before After ($ in millions) Balance, beginning of period $ (62 ) $ (5 ) $ (97 ) (40 ) Losses reclassified to income 8 8 8 8 Balance, end of period $ (54 ) $ 3 $ (89 ) $ (32 ) Nine Months Ended September 30, 2019 2018 Before After Before After ($ in millions) Balance, beginning of period $ (80 ) $ (23 ) $ (114 ) (57 ) Losses reclassified to income 26 26 25 25 Balance, end of period $ (54 ) $ 3 $ (89 ) $ (32 ) The accumulated other comprehensive loss as of September 30, 2019 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 September 30, 2019 , we expect to transfer approximately $34 million of net loss included in accumulated other comprehensive income (loss) 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 have a high credit rating or are deemed by us to have acceptable credit strength, and are 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 September 30, 2019 , our oil, natural gas and NGL derivative instruments were spread among 15 counterparties. Hedging Arrangements Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under the Chesapeake revolving credit facility and/or the BVL revolving credit facility. The contracts entered into with these counterparties are secured by the same collateral that secures the revolving credit facilities. 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. As of September 30, 2019 , there were no letters of credit or cash posted as collateral for our commodity derivatives. Fair Value The fair value of our derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as oil, 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 September 30, 2019 and December 31, 2018: 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 September 30, 2019 Derivative Assets (Liabilities): Commodity assets $ — $ 307 $ 40 $ 347 Commodity liabilities — (16 ) (8 ) (24 ) Utica divestiture contingent consideration — — — — Total derivatives $ — $ 291 $ 32 $ 323 As of December 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 319 $ 103 $ 422 Commodity liabilities — (131 ) (16 ) (147 ) Utica divestiture contingent consideration — — 7 7 Total derivatives $ — $ 188 $ 94 $ 282 A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Period and the Prior Period is presented below: Commodity Derivatives Utica Contingent Consideration ($ in millions) Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (47 ) (7 ) Total purchases, issuances, sales and settlements: Settlements (8 ) — Balance, as of September 30, 2019 $ 32 $ — Balance, as of January 1, 2018 $ (15 ) $ — Total gains (losses) (realized/unrealized): Included in earnings (a) (3 ) — Total purchases, issuances, sales and settlements: Settlements 13 — Balance, as of September 30, 2018 $ (5 ) $ — ___________________________________________ (a) Commodity Derivatives Utica Contingent Consideration 2019 2018 2019 2018 ($ in millions) Total gains (losses) included in earnings for the period $ (47 ) $ (3 ) $ (7 ) $ — Change in unrealized gains (losses) related to assets still held at reporting date $ (57 ) $ (3 ) $ (7 ) $ — Qualitative and Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements The significant unobservable inputs for Level 3 derivative contracts include market volatility. Changes in market volatility 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. 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 September 30, 2019 : Instrument Type Unobservable Input Range Weighted Average Fair Value ($ in millions) Oil trades Oil price volatility curves 24.62% – 48.77% 32.55% $ 33 Natural gas trades Natural gas price volatility curves 13.37% – 145.37% 37.40% $ (1 )

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments In the Current Period in connection with the acquisition of WildHorse, we obtained a 50% membership interest in JWH Midstream LLC (JWH). The carrying value of our investment in JWH, which was being accounted for as an equity method investment, was approximately $17 million as of March 31, 2019. In the Current Period, we paid approximately $7 million to terminate our involvement in the partnership. This removed us from any future obligations related to this joint venture and, therefore, we impaired the full value of the investment and recognized approximately $24 million of impairment expense in the Current Period. In the Prior Period, 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 approximately $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 approximately $61 million decreasing our ownership percentage to approximately 20% . We continue to hold approximately 22.0 million shares in the publicly traded company. In the Current Period, the hydraulic fracturing industry experienced challenging operating conditions resulting in the current fair value of our investment in FTSI to fall below book value of $65 million at the end of the Current Quarter. Given that the average NYSE closing price for FTSI shares in the Current Quarter exceeded our carrying value per share and more often than not the closing price was greater than our carrying value per share, we have not assessed the reduction in fair value of our investment in FTSI to be other-than-temporary. We will continue to monitor the hydraulic fracturing industry, FTSI operating results and FTSI share price for indications that the reduction in fair value is other-than-temporary, which could result in an impairment of our investment in FTSI.

Other Operating Expenses

Other Operating Expenses	9 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
Other Operating Expenses	Other Operating Expenses In the Current Period, we recorded approximately $34 million of costs related to our acquisition of WildHorse which consisted of consulting fees, financial advisory fees, legal fees and travel and lodging expenses. In addition, we recorded approximately $38 million of severance expense as a result of the acquisition of WildHorse. A majority of the WildHorse executives and employees were terminated. These executives and employees were entitled to severance benefits in accordance with existing employment agreements.

Restructuring and Other Termina

Restructuring and Other Termination Costs	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Restructuring and Other Termination Costs	Restructuring and Other Termination Costs 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 Prior Period of approximately $38 million for one-time termination benefits.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018: 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 September 30, 2019 Financial Assets (Liabilities): Other current assets $ 46 $ — $ — $ 46 Other current liabilities (45 ) — — (45 ) Total $ 1 $ — $ — $ 1 As of December 31, 2018 Financial Assets (Liabilities): Other current assets $ 50 $ — $ — $ 50 Other current liabilities (51 ) — — (51 ) Total $ (1 ) $ — $ — $ (1 ) See Note 6 for information regarding fair value measurement of our debt instruments. See Note 14 for information regarding fair value measurement of our derivatives.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information 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, convertible senior notes and Chesapeake revolving credit facility listed in Note 6 are fully and unconditionally guaranteed, jointly and severally, by certain of our 100% owned subsidiaries. Our BVL subsidiaries are not guarantors of Chesapeake’s indebtedness and are subject to covenants under the BVL credit agreement and BVL indenture. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are also 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 September 30, 2019 and December 31, 2018 and for the three and six months ended September 30, 2019 and 2018. 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 SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 8 $ 1 $ 10 $ (5 ) $ 14 Other current assets 56 1,231 102 — 1,389 Intercompany receivable, net 6,275 — — (6,275 ) — Total Current Assets 6,339 1,232 112 (6,280 ) 1,403 PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on successful efforts accounting, net — 9,513 4,221 — 13,734 Other property and equipment, net — 1,046 86 — 1,132 Property and equipment held for sale, net — 10 — — 10 Total Property and Equipment, Net — 10,569 4,307 — 14,876 LONG-TERM ASSETS: Other long-term assets 336 231 30 (297 ) 300 Investments in subsidiaries and intercompany advances 6,013 2,338 — (8,351 ) — TOTAL ASSETS $ 12,688 $ 14,370 $ 4,449 $ (14,928 ) $ 16,579 CURRENT LIABILITIES: Current liabilities $ 325 $ 1,805 $ 223 $ (5 ) $ 2,348 Intercompany payable, net — 6,275 — (6,275 ) — Total Current Liabilities 325 8,080 223 (6,280 ) 2,348 LONG-TERM LIABILITIES: Long-term debt, net 7,612 — 1,521 — 9,133 Deferred income tax liabilities — — 297 (297 ) — Other long-term liabilities 55 277 31 — 363 Total Long-Term Liabilities 7,667 277 1,849 (297 ) 9,496 EQUITY: Chesapeake stockholders’ equity 4,696 6,013 2,338 (8,351 ) 4,696 Noncontrolling interests — — 39 — 39 Total Equity 4,696 6,013 2,377 (8,351 ) 4,735 TOTAL LIABILITIES AND EQUITY $ 12,688 $ 14,370 $ 4,449 $ (14,928 ) $ 16,579 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 4 $ 1 $ 1 $ (2 ) $ 4 Other current assets 60 1,532 2 — 1,594 Intercompany receivable, net 6,671 — — (6,671 ) — Total Current Assets 6,735 1,533 3 (6,673 ) 1,598 PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on successful efforts accounting, net — 9,664 48 — 9,712 Other property and equipment, net — 1,091 — — 1,091 Property and equipment held for sale, net — 15 — — 15 Total Property and Equipment, Net — 10,770 48 — 10,818 LONG-TERM ASSETS: Other long-term assets 26 293 — — 319 Investments in subsidiaries and intercompany advances 3,248 9 — (3,257 ) — TOTAL ASSETS $ 10,009 $ 12,605 $ 51 $ (9,930 ) $ 12,735 CURRENT LIABILITIES: Current liabilities $ 523 $ 2,365 $ 1 $ (2 ) $ 2,887 Intercompany payable, net — 6,671 — (6,671 ) — Total Current Liabilities 523 9,036 1 (6,673 ) 2,887 LONG-TERM LIABILITIES: Long-term debt, net 7,341 — — — 7,341 Other long-term liabilities 53 321 — — 374 Total Long-Term Liabilities 7,394 321 — — 7,715 EQUITY: Chesapeake stockholders’ equity 2,092 3,248 9 (3,257 ) 2,092 Noncontrolling interests — — 41 — 41 Total Equity 2,092 3,248 50 (3,257 ) 2,133 TOTAL LIABILITIES AND EQUITY $ 10,009 $ 12,605 $ 51 $ (9,930 ) $ 12,735 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 932 $ 238 $ — $ 1,170 Marketing — 889 — — 889 Total Revenues — 1,821 238 — 2,059 Other — 15 — — 15 Gains on sales of assets — 13 — — 13 Total Revenues and Other — 1,849 238 — 2,087 OPERATING EXPENSES: Oil, natural gas and NGL production — 129 26 — 155 Oil, natural gas and NGL gathering, processing and transportation — 268 2 — 270 Production taxes — 25 10 — 35 Exploration — 17 — — 17 Marketing — 901 — — 901 General and administrative — 43 23 — 66 Depreciation, depletion and amortization — 421 152 — 573 Impairments — 9 — — 9 Other operating expense — 15 — — 15 Total Operating Expenses — 1,828 213 — 2,041 INCOME FROM OPERATIONS — 21 25 — 46 OTHER INCOME (EXPENSE): Interest income (expense) (161 ) 3 (19 ) — (177 ) Losses on investments — (4 ) — — (4 ) Gains on purchases or exchanges of debt 64 — 6 — 70 Other income — 3 — — 3 Equity in net earnings of subsidiary 25 2 — (27 ) — Total Other Income (Expense) (72 ) 4 (13 ) (27 ) (108 ) INCOME (LOSS) BEFORE INCOME TAXES (72 ) 25 12 (27 ) (62 ) INCOME TAX (BENEFIT) EXPENSE (11 ) — 10 — (1 ) NET INCOME (LOSS) (61 ) 25 2 (27 ) (61 ) Net loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (61 ) 25 2 (27 ) (61 ) Other comprehensive income — 8 — — 8 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (61 ) $ 33 $ 2 $ (27 ) $ (53 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,194 $ 5 $ — $ 1,199 Marketing — 1,219 — — 1,219 Total Revenues — 2,413 5 — 2,418 Other — 16 — — 16 Losses on sales of assets — (10 ) — — (10 ) Total Revenues and Other — 2,419 5 — 2,424 OPERATING EXPENSES: Oil, natural gas and NGL production — 132 — — 132 Oil, natural gas and NGL gathering, processing and transportation — 362 2 — 364 Production taxes — 33 1 — 34 Exploration — 22 — — 22 Marketing — 1,238 — — 1,238 General and administrative — 81 — — 81 Provision for legal contingencies, net — 8 — — 8 Depreciation, depletion and amortization — 403 2 — 405 Impairments — 58 — — 58 Total Operating Expenses — 2,337 5 — 2,342 INCOME FROM OPERATIONS — 82 — — 82 OTHER INCOME (EXPENSE): Interest expense (163 ) (2 ) — — (165 ) Losses on purchases or exchanges of debt (68 ) — — — (68 ) Other income — 6 — — 6 Equity in net earnings of subsidiary 86 — — (86 ) — Total Other Income (Expense) (145 ) 4 — (86 ) (227 ) INCOME (LOSS) BEFORE INCOME TAXES (145 ) 86 — (86 ) (145 ) INCOME TAX EXPENSE 1 — — — 1 NET INCOME (LOSS) (146 ) 86 — (86 ) (146 ) Net (income) loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (146 ) 86 — (86 ) (146 ) Other comprehensive income — 8 — — 8 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (146 ) $ 94 $ — $ (86 ) $ (138 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 3,000 $ 553 $ — $ 3,553 Marketing — 3,038 — — 3,038 Total Revenues — 6,038 553 — 6,591 Other — 45 — — 45 Gains on sales of assets — 33 — — 33 Total Revenues and Other — 6,116 553 — 6,669 OPERATING EXPENSES: Oil, natural gas and NGL production — 384 69 — 453 Oil, natural gas and NGL gathering, processing and transportation — 802 13 — 815 Production taxes — 83 26 — 109 Exploration — 53 3 — 56 Marketing — 3,071 — — 3,071 General and administrative — 193 65 — 258 Provision for legal contingencies, net — 3 — — 3 Depreciation, depletion and amortization — 1,295 377 — 1,672 Impairments — 11 — — 11 Other operating expense — 41 38 — 79 Total Operating Expenses — 5,936 591 — 6,527 INCOME (LOSS) FROM OPERATIONS — 180 (38 ) — 142 OTHER INCOME (EXPENSE): Interest income (expense) (475 ) 13 (51 ) — (513 ) Losses on investments — (4 ) (24 ) — (28 ) Gains on purchases or exchanges of debt 64 — 6 — 70 Other income — 28 2 — 30 Equity in net earnings of subsidiary 129 (88 ) — (41 ) — Total Other Expense (282 ) (51 ) (67 ) (41 ) (441 ) INCOME (LOSS) BEFORE INCOME TAXES (282 ) 129 (105 ) (41 ) (299 ) INCOME TAX BENEFIT (298 ) — (17 ) — (315 ) NET INCOME (LOSS) 16 129 (88 ) (41 ) 16 Net loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 16 129 (88 ) (41 ) 16 Other comprehensive income — 26 — — 26 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 16 $ 155 $ (88 ) $ (41 ) $ 42 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 3,410 $ 14 $ — $ 3,424 Marketing — 3,738 — — 3,738 Total Revenues — 7,148 14 — 7,162 Other — 48 — — 48 Gains on sales of assets — 27 — — 27 Total Revenues and Other — 7,223 14 — 7,237 OPERATING EXPENSES: Oil, natural gas and NGL production — 417 — — 417 Oil, natural gas and NGL gathering, processing and transportation — 1,055 5 — 1,060 Production taxes — 90 1 — 91 Exploration — 123 — — 123 Marketing — 3,798 — — 3,798 General and administrative — 272 1 — 273 Restructuring and other termination costs — 38 — — 38 Provision for legal contingencies, net — 17 — — 17 Depreciation, depletion and amortization — 1,330 5 — 1,335 Impairments — 122 — — 122 Other operating income — (1 ) — — (1 ) Total Operating Expenses — 7,261 12 — 7,273 INCOME (LOSS) FROM OPERATIONS — (38 ) 2 — (36 ) OTHER INCOME (EXPENSE): Interest expense (480 ) (2 ) — — (482 ) Gains on investments — 139 — — 139 Losses on purchases or exchanges of debt (68 ) — — — (68 ) Other income — 62 — — 62 Equity in net earnings of subsidiary 162 1 (1 ) (162 ) — Total Other Income (Expense) (386 ) 200 (1 ) (162 ) (349 ) INCOME (LOSS) BEFORE INCOME TAXES (386 ) 162 1 (162 ) (385 ) INCOME TAX BENEFIT (8 ) — — — (8 ) NET INCOME (LOSS) (378 ) 162 1 (162 ) (377 ) Net income attributable to noncontrolling interests — (1 ) — — (1 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (378 ) 161 1 (162 ) (378 ) Other comprehensive income — 25 — — 25 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (378 ) $ 186 $ 1 $ (162 ) $ (353 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ — $ 898 $ 287 $ (3 ) $ 1,182 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (1,204 ) (436 ) — (1,640 ) Business combination, net — (381 ) 28 — (353 ) Acquisitions of proved and unproved properties — (31 ) — — (31 ) Proceeds from divestitures of proved and unproved properties — 110 — — 110 Additions to other property and equipment — (12 ) (15 ) — (27 ) Other investing activities — 6 — — 6 Net Cash Used In Investing Activities — (1,512 ) (423 ) — (1,935 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 8,096 — 709 — 8,805 Payments on revolving credit facility borrowings (7,011 ) — (484 ) — (7,495 ) Cash paid to purchase debt (381 ) — (76 ) — (457 ) Cash paid for preferred stock dividends (69 ) — — — (69 ) Other financing activities (13 ) (6 ) (5 ) 3 (21 ) Intercompany advances, net (620 ) 620 1 (1 ) — Net Cash Provided By Financing Activities 2 614 145 2 763 Net increase in cash and cash equivalents 2 — 9 (1 ) 10 Cash and cash equivalents, beginning of period 4 1 1 (2 ) 4 Cash and cash equivalents, end of period $ 6 $ 1 $ 10 $ (3 ) $ 14 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 86 $ 1,312 $ 7 $ (10 ) $ 1,395 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (1,407 ) — — (1,407 ) Acquisitions of proved and unproved properties — (118 ) — — (118 ) Proceeds from divestitures of proved and unproved properties — 395 — — 395 Additions to other property and equipment — (11 ) — — (11 ) Other investing activities — 149 — — 149 Net Cash Used In Investing Activities — (992 ) — — (992 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 9,095 — — — 9,095 Payments on revolving credit facility borrowings (9,231 ) — — — (9,231 ) Proceeds from issuance of senior notes, net 1,237 — — — 1,237 Cash paid to purchase debt (1,285 ) — — — (1,285 ) Cash paid for preferred stock dividends (69 ) — — — (69 ) Other financing activities (2 ) (127 ) (9 ) (13 ) (151 ) Intercompany advances, net 170 (193 ) 1 22 — Net Cash Used In Financing Activities (85 ) (320 ) (8 ) 9 (404 ) Net increase (decrease) in cash and cash equivalents 1 — (1 ) (1 ) (1 ) Cash and cash equivalents, beginning of period 5 1 2 (3 ) 5 Cash and cash equivalents, end of period $ 6 $ 1 $ 1 $ (4 ) $ 4

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2019
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.
Recast Financial Information for Change in Accounting Principle	Recast Financial Information for Change in Accounting Principle In the first quarter of 2019, we voluntarily changed our method of accounting for oil and natural gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods has been recast to reflect retrospective application of the successful efforts method. Although the full cost method of accounting for oil and natural gas exploration and development activities continues to be an accepted alternative, the successful efforts method of accounting is the generally preferred method of the SEC and, because it is more widely used in the industry, we expect the change to improve the comparability of our financial statements to our peers. We also believe the successful efforts method provides a more representational depiction of assets and operating results and provides for our investments in oil and natural gas properties to be assessed for impairment in accordance with Accounting Standards Codification (ASC) Topic 360, Property Plant and Equipment, rather than valuations based on prices and costs prescribed under the full cost method as of the balance sheet date. For detailed information regarding the effects of the change to the successful efforts method, see Note 2 .
Oil and Natural Gas Properties	Oil and Natural Gas Properties We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs, such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred. Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of oil and natural gas, are capitalized. Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (UOP) method based on total estimated proved developed oil and gas reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves. Proceeds from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base. When circumstances indicate that the carrying value of proved oil and gas properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements . If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a discount rate believed to be consistent with those applied by market participants. We have classified these fair value measurements as Level 3 in the fair value hierarchy.
Capitalized Interest	Capitalized Interest Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the FASB issued Auditing Standards Update (ASU) 2016-02, Leases (Topic 842) (“ASC 842”) , which requires lessees to recognize a lease liability and a right-of-use (ROU) asset on the balance sheet for all leases, including operating leases, with terms in excess of 12 months. As the implicit rate of the lease is not always readily determinable, the company uses its incremental borrowing rate to calculate the present value of lease payments based on information available at the commencement date. Operating ROU assets are included in other long-term assets while operating lease liabilities are included in other current and other long-term liabilities on the condensed consolidated balance sheet. Finance ROU assets are reflected in total property and equipment, net, while finance lease liabilities are included in other current and other long-term liabilities on the condensed consolidated balance sheet. ASC 842 does not apply to our leases of mineral rights to explore for or use oil and natural gas resources, including the intangible rights to explore for those natural resources and rights to use the land in which those natural resources are contained. We adopted the new standard on January 1, 2019 and as permitted by ASU 2018-11, Leases (Topic 842): Targeted Improvements , we will not adjust comparative-period financial statements and will continue to apply the guidance in Topic 840, including its disclosure requirements, in the comparative periods presented prior to adoption. No cumulative-effect adjustment to retained earnings was required as a result of the modified retrospective approach. Upon adoption of ASC 842, we made certain elections permitting us to not reassess: (1) whether any expired or existing contracts contained leases (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. Upon adoption of ASC 842, we also made an election permitting us to continue applying our current policy for land easements. The adoption of ASC 842 did not result in a material impact on our balance sheet, results of operations or cash flows. Short-term leases will not be recognized on the balance sheet as an asset or a liability, and the related rental expense will be expensed as incurred. We have short-term lease agreements related to most of our drilling rig arrangements and hydraulic fracturing arrangements and some of our compressor rental arrangements. See Note 9 for further information regarding leases.

Change in Accounting Principle

Change in Accounting Principle (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Schedule of changes in accounting principles	Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 1,170 $ — $ 1,170 Marketing 889 — 889 Total Revenues 2,059 — 2,059 Other — 15 15 Gains on sales of assets — 13 13 Total Revenues and Other 2,059 28 2,087 OPERATING EXPENSES: Oil, natural gas and NGL production 155 — 155 Oil, natural gas and NGL gathering, processing and transportation 270 — 270 Production taxes 35 — 35 Exploration — 17 17 Marketing 901 — 901 General and administrative 52 14 66 Depreciation, depletion and amortization 421 152 573 Impairments 1 8 9 Other operating expense 15 — 15 Total Operating Expenses 1,850 191 2,041 INCOME FROM OPERATIONS 209 (163 ) 46 OTHER INCOME (EXPENSE): Interest expense (134 ) (43 ) (177 ) Losses on investments (4 ) — (4 ) Gains on purchases or exchanges of debt 70 — 70 Other income 2 1 3 Total Other Expense (66 ) (42 ) (108 ) INCOME (LOSS) BEFORE INCOME TAXES 143 (205 ) (62 ) Income tax benefit (1 ) — (1 ) NET INCOME (LOSS) 144 (205 ) (61 ) Net loss attributable to noncontrolling interests — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 144 (205 ) (61 ) Preferred stock dividends (23 ) — (23 ) Loss on exchange of preferred stock (17 ) — (17 ) NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 104 $ (205 ) $ (101 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.06 $ (0.12 ) $ (0.06 ) Diluted $ 0.06 $ (0.12 ) $ (0.06 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 1,698 — 1,698 Diluted 1,698 — 1,698 Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Full Cost Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 1,199 $ — $ 1,199 Marketing 1,219 — 1,219 Total Revenues 2,418 — 2,418 Other — 16 16 Losses on sales of assets — (10 ) (10 ) Total Revenues and Other 2,418 6 2,424 OPERATING EXPENSES: Oil, natural gas and NGL production 132 — 132 Oil, natural gas and NGL gathering, processing and transportation 364 — 364 Production taxes 34 — 34 Exploration — 22 22 Marketing 1,238 — 1,238 General and administrative 66 15 81 Provision for legal contingencies, net 8 — 8 Depreciation, depletion and amortization 291 114 405 Impairments 5 53 58 Total Operating Expenses 2,138 204 2,342 INCOME FROM OPERATIONS 280 (198 ) 82 OTHER INCOME (EXPENSE): Interest expense (127 ) (38 ) (165 ) Losses on purchases or exchanges of debt (68 ) — (68 ) Other income 1 5 6 Total Other Expense (194 ) (33 ) (227 ) INCOME (LOSS) BEFORE INCOME TAXES 86 (231 ) (145 ) Income tax expense 1 — 1 NET INCOME (LOSS) 85 (231 ) (146 ) Net income attributable to noncontrolling interests (1 ) 1 — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 84 (230 ) (146 ) Preferred stock dividends (23 ) — (23 ) Earnings allocated to participating securities (1 ) 1 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 60 $ (229 ) $ (169 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.07 $ (0.26 ) $ (0.19 ) Diluted $ 0.07 $ (0.26 ) $ (0.19 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 910 — 910 Diluted 911 (1 ) 910 Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 3,553 $ — $ 3,553 Marketing 3,038 — 3,038 Total Revenues 6,591 — 6,591 Other — 45 45 Gains on sales of assets — 33 33 Total Revenues and Other 6,591 78 6,669 OPERATING EXPENSES: Oil, natural gas and NGL production 453 — 453 Oil, natural gas and NGL gathering, processing and transportation 815 — 815 Production taxes 109 — 109 Exploration — 56 56 Marketing 3,071 — 3,071 General and administrative 216 42 258 Provision for legal contingencies 3 — 3 Depreciation, depletion and amortization 1,197 475 1,672 Gain on sale of oil and natural gas properties (10 ) 10 — Impairments 3 8 11 Other operating expense 79 — 79 Total Operating Expenses 5,936 591 6,527 INCOME FROM OPERATIONS 655 (513 ) 142 OTHER INCOME (EXPENSE): Interest expense (400 ) (113 ) (513 ) Losses on investments (28 ) — (28 ) Gains on purchases or exchanges of debt 70 — 70 Other income 22 8 30 Total Other Expense (336 ) (105 ) (441 ) INCOME (LOSS) BEFORE INCOME TAXES 319 (618 ) (299 ) Income tax benefit (315 ) — (315 ) NET INCOME 634 (618 ) 16 Net income attributable to noncontrolling interests (1 ) 1 — NET INCOME ATTRIBUTABLE TO CHESAPEAKE 633 (617 ) 16 Preferred stock dividends (69 ) — (69 ) Loss on exchange of preferred stock (17 ) — (17 ) Earnings allocated to participating securities (2 ) 2 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 545 $ (615 ) $ (70 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.35 $ (0.39 ) $ (0.04 ) Diluted $ 0.35 $ (0.39 ) $ (0.04 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 1,570 — 1,570 Diluted 1,570 — 1,570 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Under Full Cost Successful Under Successful Efforts ($ in millions except per share data) REVENUES AND OTHER: Oil, natural gas and NGL $ 3,424 $ — $ 3,424 Marketing 3,738 — 3,738 Total Revenues 7,162 — 7,162 Other — 48 48 Gains on sales of assets — 27 27 Total Revenues and Other 7,162 75 7,237 OPERATING EXPENSES: Oil, natural gas and NGL production 417 — 417 Oil, natural gas and NGL gathering, processing and transportation 1,060 — 1,060 Production taxes 91 — 91 Exploration — 123 123 Marketing 3,798 — 3,798 General and administrative 229 44 273 Restructuring and other termination costs 38 — 38 Provision for legal contingencies, net 17 — 17 Depreciation, depletion and amortization 867 468 1,335 Impairments 51 71 122 Other operating (income) expense 6 (7 ) (1 ) Total Operating Expenses 6,574 699 7,273 INCOME (LOSS) FROM OPERATIONS 588 (624 ) (36 ) OTHER INCOME (EXPENSE): Interest expense (367 ) (115 ) (482 ) Gains on investments 139 — 139 Losses on purchases or exchanges of debt (68 ) — (68 ) Other income 63 (1 ) 62 Total Other Expense (233 ) (116 ) (349 ) INCOME (LOSS) BEFORE INCOME TAXES 355 (740 ) (385 ) Income tax benefit (8 ) — (8 ) NET INCOME (LOSS) 363 (740 ) (377 ) Net income attributable to noncontrolling interests (3 ) 2 (1 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 360 (738 ) (378 ) Preferred stock dividends (69 ) — (69 ) Earnings allocated to participating securities (3 ) 3 — NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 288 $ (735 ) $ (447 ) EARNINGS (LOSS) PER COMMON SHARE: Basic $ 0.32 $ (0.81 ) $ (0.49 ) Diluted $ 0.32 $ (0.81 ) $ (0.49 ) WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic 909 — 909 Diluted 909 — 909 Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 144 $ (205 ) $ (61 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 8 — 8 Other Comprehensive Income 8 — 8 COMPREHENSIVE INCOME (LOSS) 152 (205 ) (53 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 152 $ (205 ) $ (53 ) Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 85 $ (231 ) $ (146 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 8 — 8 Other Comprehensive Income 8 — 8 COMPREHENSIVE INCOME (LOSS) 93 (231 ) (138 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1 ) 1 — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 92 $ (230 ) $ (138 ) Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME $ 634 $ (618 ) $ 16 OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 26 — 26 Other Comprehensive Income 26 — 26 COMPREHENSIVE INCOME 660 (618 ) 42 COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS (1 ) 1 — COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE $ 659 $ (617 ) $ 42 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Successful Under Successful Efforts ($ in millions) NET INCOME (LOSS) $ 363 $ (740 ) $ (377 ) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: Unrealized gains on derivative instruments — — — Reclassification of losses on settled derivative instruments 25 — 25 Other Comprehensive Income 25 — 25 COMPREHENSIVE INCOME (LOSS) 388 (740 ) (352 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3 ) 2 (1 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 385 $ (738 ) $ (353 ) Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Under Full Cost Successful Under Successful Efforts ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 634 $ (618 ) $ 16 ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation, depletion and amortization 1,197 475 1,672 Deferred income tax benefit (314 ) — (314 ) Derivative losses, net (137 ) — (137 ) Cash receipts on derivative settlements, net 129 — 129 Stock-based compensation 24 — 24 Gains on sales of assets — (33 ) (33 ) Impairments 3 8 11 Exploration — 35 35 Losses on investments 21 — 21 Gains on purchases of debt (70 ) — (70 ) Other 33 9 42 Changes in assets and liabilities (169 ) (45 ) (214 ) Net Cash Provided By Operating Activities 1,351 (169 ) 1,182 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (1,694 ) 54 (1,640 ) Business combination, net (353 ) — (353 ) Acquisitions of proved and unproved properties (146 ) 115 (31 ) Proceeds from divestitures of proved and unproved properties 110 — 110 Additions to other property and equipment (27 ) — (27 ) Proceeds from sales of other property and equipment 6 — 6 Net Cash Used In Investing Activities (2,104 ) 169 (1,935 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 8,805 — 8,805 Payments on revolving credit facility borrowings (7,495 ) — (7,495 ) Cash paid to purchase debt (457 ) — (457 ) Cash paid for preferred stock dividends (69 ) — (69 ) Distributions to noncontrolling interest owners (2 ) — (2 ) Other (19 ) — (19 ) Net Cash Provided By Financing Activities 763 — 763 Net increase in cash and cash equivalents 10 — 10 Cash and cash equivalents, beginning of period 4 — 4 Cash and cash equivalents, end of period $ 14 $ — $ 14 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Under Full Cost Successful Under Successful Efforts ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME (LOSS) $ 363 $ (740 ) $ (377 ) ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation, depletion and amortization 867 468 1,335 Deferred income tax benefit (10 ) — (10 ) Derivative losses, net 500 — 500 Cash payments on derivative settlements, net (162 ) — (162 ) Stock-based compensation 25 — 25 Gains on sales of assets — (27 ) (27 ) Impairments 51 71 122 Exploration — 81 81 Gains on investments (139 ) — (139 ) Losses on purchases or exchanges of debt 68 — 68 Other (83 ) (7 ) (90 ) Changes in assets and liabilities 116 (47 ) 69 Net Cash Provided By Operating Activities 1,596 (201 ) 1,395 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (1,482 ) 75 (1,407 ) Acquisitions of proved and unproved properties (244 ) 126 (118 ) Proceeds from divestitures of proved and unproved properties 395 — 395 Additions to other property and equipment (11 ) — (11 ) Proceeds from sales of other property and equipment 75 — 75 Proceeds from sales of investments 74 — 74 Net Cash Used In Investing Activities (1,193 ) 201 (992 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 9,095 — 9,095 Payments on revolving credit facility borrowings (9,231 ) — (9,231 ) Proceeds from issuance of senior notes, net 1,237 — 1,237 Cash paid to purchase debt (1,285 ) — (1,285 ) Extinguishment of other financing (122 ) — (122 ) Cash paid for preferred stock dividends (69 ) — (69 ) Distributions to noncontrolling interest owners (5 ) — (5 ) Other (24 ) — (24 ) Net Cash Used In Financing Activities (404 ) — (404 ) Net decrease in cash and cash equivalents (1 ) — (1 ) Cash and cash equivalents, beginning of period 5 — 5 Cash and cash equivalents, end of period $ 4 $ — $ 4 Three Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning of period $ 1,671 $ — $ 1,671 Exchange of 40,000 shares of preferred stock for common stock (40 ) — (40 ) Balance, end of period 1,631 — 1,631 COMMON STOCK: Balance, beginning of period 16 — 16 Exchange of senior notes and convertible senior notes 3 — 3 Exchange of preferred stock — — — Balance, end of period 19 — 19 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 16,380 — 16,380 Exchange of preferred stock for 10,367,950 shares of common stock 40 — 40 Exchange of senior notes for 235,563,519 shares of common stock 438 — 438 Exchange of convertible senior notes for 73,389,094 shares of common stock 134 — 134 Equity component of convertible notes repurchases (2 ) — (2 ) Stock-based compensation 8 — 8 Dividends on preferred stock (23 ) — (23 ) Balance, end of period 16,975 — 16,975 ACCUMULATED DEFICIT: Balance, beginning of period (15,171 ) 1,336 (13,835 ) Net income (loss) attributable to Chesapeake 144 (205 ) (61 ) Balance, end of period (15,027 ) 1,131 (13,896 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (5 ) — (5 ) Hedging activity 8 — 8 Balance, end of period 3 — 3 TREASURY STOCK – COMMON: Balance, beginning of period (36 ) — (36 ) Purchase of 53,337 shares for company benefit plans — — — Release of 37,301 shares from company benefit plans — — — Balance, end of period (36 ) — (36 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY 3,565 1,131 4,696 NONCONTROLLING INTERESTS: Balance, beginning of period 122 (83 ) 39 Net loss attributable to noncontrolling interests — — — Distributions to noncontrolling interest owners — — — Balance, end of period 122 (83 ) 39 TOTAL EQUITY $ 3,687 $ 1,048 $ 4,735 Three Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning and end of period $ 1,671 $ — $ 1,671 COMMON STOCK: Balance, beginning of period 9 — 9 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,408 — 14,408 Stock-based compensation 9 — 9 Dividends on preferred stock (23 ) — (23 ) Balance, end of period 14,394 — 14,394 ACCUMULATED DEFICIT: Balance, beginning of period (16,257 ) 1,887 (14,370 ) Net income (loss) attributable to Chesapeake 84 (230 ) (146 ) Balance, end of period (16,173 ) 1,657 (14,516 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (40 ) — (40 ) Hedging activity 8 — 8 Balance, end of period (32 ) — (32 ) TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 30,509 shares for company benefit plans — — — Release of 41,617 shares from company benefit plans — — — Balance, end of period (31 ) — (31 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) (162 ) 1,657 1,495 NONCONTROLLING INTERESTS: Balance, beginning of period 123 (81 ) 42 Net income attributable to noncontrolling interests 1 (1 ) — Distributions to noncontrolling interest owners (2 ) — (2 ) Balance, end of period 122 (82 ) 40 TOTAL EQUITY (DEFICIT) $ (40 ) $ 1,575 $ 1,535 Nine Months Ended September 30, 2019 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning of period $ 1,671 $ — $ 1,671 Exchange of 40,000 shares of preferred stock for common stock (40 ) — (40 ) Balance, end of period 1,631 — 1,631 COMMON STOCK: Balance, beginning of period 9 — 9 Common shares issued for WildHorse Merger 7 — 7 Exchange of senior notes and convertible senior notes 3 — 3 Exchange of preferred stock — — — Balance, end of period 19 — 19 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,378 — 14,378 Common shares issued for WildHorse Merger 2,030 — 2,030 Exchange of preferred stock for 10,367,950 shares of common stock 40 — 40 Exchange of senior notes for 235,563,519 shares of common stock 438 — 438 Exchange of convertible senior notes for 73,389,094 shares of common stock 134 — 134 Equity component of convertible notes repurchases (2 ) — (2 ) Stock-based compensation 26 — 26 Dividends on preferred stock (69 ) — (69 ) Balance, end of period 16,975 — 16,975 ACCUMULATED DEFICIT: Balance, beginning of period (15,660 ) 1,748 (13,912 ) Net income attributable to Chesapeake 633 (617 ) 16 Balance, end of period (15,027 ) 1,131 (13,896 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (23 ) — (23 ) Hedging activity 26 — 26 Balance, end of period 3 — 3 TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 2,673,903 shares for company benefit plans (7 ) — (7 ) Release of 296,864 shares from company benefit plans 2 — 2 Balance, end of period (36 ) — (36 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY 3,565 1,131 4,696 NONCONTROLLING INTERESTS: Balance, beginning of period 123 (82 ) 41 Net income (loss) attributable to noncontrolling interests 1 (1 ) — Distributions to noncontrolling interest owners (2 ) — (2 ) Balance, end of period 122 (83 ) 39 TOTAL EQUITY $ 3,687 $ 1,048 $ 4,735 Nine Months Ended September 30, 2018 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Under Successful Efforts Adjustment Under Successful Efforts ($ in millions) PREFERRED STOCK: Balance, beginning and end of period $ 1,671 $ — $ 1,671 COMMON STOCK: Balance, beginning and end of period 9 — 9 ADDITIONAL PAID-IN CAPITAL: Balance, beginning of period 14,437 — 14,437 Stock-based compensation 26 — 26 Dividends on preferred stock (69 ) — (69 ) Balance, end of period 14,394 — 14,394 ACCUMULATED DEFICIT: Balance, beginning of period (16,525 ) 2,395 (14,130 ) Net income (loss) attributable to Chesapeake 360 (738 ) (378 ) Cumulative effect of accounting change (8 ) — (8 ) Balance, end of period (16,173 ) 1,657 (14,516 ) ACCUMULATED OTHER COMPREHENSIVE LOSS: Balance, beginning of period (57 ) — (57 ) Hedging activity 25 — 25 Balance, end of period (32 ) — (32 ) TREASURY STOCK – COMMON: Balance, beginning of period (31 ) — (31 ) Purchase of 1,499,033 shares for company benefit plans (4 ) — (4 ) Release of 431,474 shares from company benefit plans 4 — 4 Balance, end of period (31 ) — (31 ) TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) (162 ) 1,657 1,495 NONCONTROLLING INTERESTS: Balance, beginning of period 124 (80 ) 44 Net income attributable to noncontrolling interests 3 (2 ) 1 Distributions to noncontrolling interest owners (5 ) — (5 ) Balance, end of period 122 (82 ) 40 TOTAL EQUITY (DEFICIT) $ (40 ) $ 1,575 $ 1,535

Oil and Natural Gas Property _2

Oil and Natural Gas Property Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Schedule of preliminary allocation of the total purchase price	The following table represents the preliminary allocation of the total purchase price of WildHorse to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, valuation of pre-acquisition contingencies and final appraisals of assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate. Preliminary Purchase Price Allocation ($ in millions) Consideration: Cash $ 381 Fair value of Chesapeake’s common stock issued in the Merger (a) 2,037 Total consideration $ 2,418 Fair Value of Liabilities Assumed: Current liabilities $ 166 Long-term debt 1,379 Deferred tax liabilities 314 Other long-term liabilities 36 Amounts attributable to liabilities assumed $ 1,895 Fair Value of Assets Acquired: Cash and cash equivalents $ 28 Other current assets 128 Proved oil and natural gas properties 3,264 Unproved properties 756 Other property and equipment 77 Other long-term assets 60 Amounts attributable to assets acquired $ 4,313 Total identifiable net assets $ 2,418 ___________________________________________ (a) Based on 717,376,170 Chesapeake common shares issued at closing at $2.84 per share (closing price as of February 1, 2019).
Schedule of pro forma financial information	The following unaudited pro forma financial information for the nine months ended September 30, 2019 and three and nine months ended September 30, 2018, respectively, is based on our historical consolidated financial statements adjusted to reflect as if the WildHorse acquisition had occurred on January 1, 2018. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including adjustments to conform the classification of expenses in WildHorse’s statements of operations to our classification for similar expenses and the estimated tax impact of pro forma adjustments. Three Months Ended September 30, Nine Months Ended September 30, 2018 2019 2018 ($ in millions except per share data) Revenues $ 2,607 $ 6,661 $ 7,692 Net income (loss) available to common stockholders $ (199 ) $ (85 ) $ (543 ) Earnings per common share: Basic $ (0.12 ) $ (0.05 ) $ (0.33 ) Diluted $ (0.12 ) $ (0.05 ) $ (0.33 )

Capitalized Exploratory Well _2

Capitalized Exploratory Well Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Extractive Industries [Abstract]
Summary of changes in capitalized well costs	A summary of the changes in our capitalized well costs for the Current Period is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. 2019 ($ in millions) Balance as of January 1 $ 36 Additions pending the determination of proved reserves 14 Divestitures and other — Reclassifications to proved properties (18 ) Charges to exploration expense (8 ) Balance as of September 30 $ 24

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Securities excluded from calculation of diluted EPS	Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive: Three Months Ended Nine Months Ended 2019 2018 2019 2018 (in millions) Common stock equivalent of our preferred stock outstanding 58 60 58 60 Common stock equivalent of our convertible senior notes outstanding 124 146 124 146 Common stock equivalent of our preferred stock outstanding prior to exchange 1 — 1 — Participating securities — 2 — 1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	Our long-term debt consisted of the following as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Principal Amount Carrying Principal Carrying ($ in millions) Floating rate senior notes due 2019 — — 380 380 6.625% senior notes due 2020 208 208 437 437 6.875% senior notes due 2020 93 93 227 227 6.125% senior notes due 2021 167 167 548 548 5.375% senior notes due 2021 127 127 267 267 4.875% senior notes due 2022 338 338 451 451 5.75% senior notes due 2023 209 209 338 338 7.00% senior notes due 2024 850 850 850 850 6.875% senior notes due 2025 (a) 618 621 — — 8.00% senior notes due 2025 1,245 1,237 1,300 1,291 5.5% convertible senior notes due 2026 (b) 1,064 758 1,250 866 7.5% senior notes due 2026 400 400 400 400 8.00% senior notes due 2026 919 885 — — 8.00% senior notes due 2027 1,090 1,089 1,300 1,299 2.25% contingent convertible senior notes due 2038 — — 1 1 Chesapeake revolving credit facility 1,504 1,504 419 419 BVL revolving credit facility (a) 900 900 — — Debt issuance costs — (46 ) — (53 ) Interest rate derivatives — 1 — 1 Total debt, net 9,732 9,341 8,168 7,722 Less current maturities of long-term debt, net (c) (208 ) (208 ) (381 ) (381 ) Total long-term debt, net $ 9,524 $ 9,133 $ 7,787 $ 7,341 ___________________________________________ (a) On February 1, 2019, we acquired the debt of WildHorse which consisted of 6.875% Senior Notes due 2025 and a revolving credit facility. We now refer to this debt as our BVL Senior Notes and our BVL revolving credit facility, respectively. See further discussion below. (b) We are required to account for the liability and equity components of our convertible debt instrument 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 rate for our 5.5% Convertible Senior Notes due 2026 is 11.5% . Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the Current Quarter, 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 fourth quarter of 2019. (c) As of September 30, 2019, net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020.
Schedule of private exchange offer for outstanding senior unsecured notes	In the Current Period, we issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes: Notes Exchanged ($ in millions) 6.625% senior notes due 2020 $ 229 6.875% senior notes due 2020 134 6.125% senior notes due 2021 381 5.375% senior notes due 2021 140 Total $ 884
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: September 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 208 $ 208 $ 381 $ 379 Long-term debt (Level 1) $ 2,790 $ 2,245 $ 3,495 $ 3,173 Long-term debt (Level 2) $ 6,343 $ 4,980 $ 3,846 $ 3,644

Contingencies and Commitments (

Contingencies and Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual obligation	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: September 30, ($ in millions) Remainder of 2019 $ 201 2020 764 2021 673 2022 570 2023 480 2024 – 2035 2,731 Total $ 5,419

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities as of September 30, 2019 and December 31, 2018 are detailed below: September 30, December 31, ($ in millions) Revenues and royalties due others $ 429 $ 687 Accrued drilling and production costs 474 258 Joint interest prepayments received 49 73 VPP deferred revenue (a) 56 59 Accrued compensation and benefits 156 202 Other accrued taxes 141 108 Other 185 212 Total other current liabilities $ 1,490 $ 1,599
Other long-term liabilities	Other long-term liabilities as of September 30, 2019 and December 31, 2018 are detailed below: September 30, December 31, ($ in millions) VPP deferred revenue (a) $ 22 $ 63 Unrecognized tax benefits 55 53 Other 109 103 Total other long-term liabilities $ 186 $ 219 ____________________________________________ (a) At the inception of our volumetric production payment (VPP) agreements, we (i) removed the proved reserves associated with the VPP, (ii) recognized VPP proceeds as deferred revenue which are being amortized on a unit-of-production basis to other revenue over the term of the VPP, (iii) retained responsibility for the production costs and capital costs related to VPP interests and (iv) ceased recognizing production associated with the VPP volumes. The remaining deferred revenue balance will be recognized in other revenues in the consolidated statement of operations through 2021, assuming the related VPP production volumes are delivered as scheduled.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of ROU assets and lease liabilities	The following table presents our ROU assets and lease liabilities as of September 30, 2019 . Financing Operating ($ in millions) ROU assets $ 20 $ 22 Lease liabilities: Current lease liabilities $ 9 $ 9 Long-term lease liabilities 11 16 Total lease liabilities $ 20 $ 25
Schedule of operating and financing lease additional information	Additional information for the Company’s operating and finance leases is presented below: Three Months Ended September 30, 2019 Nine Months Ended Lease cost: ($ in millions) Amortization of ROU assets $ 2 $ 6 Interest on lease liability — 1 Finance lease cost 2 7 Operating lease cost 7 24 Short-term lease cost 34 82 Total lease cost (a) $ 43 $ 113 Other information: Operating cash outflows from finance lease $ — $ 1 Operating cash outflows from operating leases $ 3 $ 8 Investing cash outflows from operating leases $ 38 $ 98 Financing cash outflows from finance lease $ 2 $ 6 Weighted-average remaining lease term - finance lease 2.25 years Weighted-average remaining lease term - operating leases 4.87 years Weighted-average discount rate - finance lease 7.50 % Weighted-average discount rate - operating leases 4.17 % ____________________________________________ (a) Includes $38 million and $98 million of capitalized lease costs for the Current Quarter and the Current Period, respectively.
Schedule of maturity analysis of operating lease liabilities	Maturity analysis of finance lease liabilities and operating lease liabilities are presented below: September 30, 2019 Financing Lease Operating Leases ($ in millions) Remainder of 2019 $ 3 $ 2 2020 10 9 2021 10 5 2022 — 3 2023 — 2 Thereafter — 7 Total lease payments 23 28 Less imputed interest (3 ) (3 ) Present value of lease liabilities 20 25 Less current maturities (9 ) (9 ) Present value of lease liabilities, less current maturities $ 11 $ 16 The aggregate undiscounted minimum future lease payments under previous lease accounting standard, ASC 840, are presented below: December 31, 2018 Capital Lease Operating Leases ($ in millions) 2019 $ 10 $ 3 2020 10 1 2021 10 — Total minimum lease payments $ 30 $ 4
Schedule of maturity analysis of finance lease liabilities	Maturity analysis of finance lease liabilities and operating lease liabilities are presented below: September 30, 2019 Financing Lease Operating Leases ($ in millions) Remainder of 2019 $ 3 $ 2 2020 10 9 2021 10 5 2022 — 3 2023 — 2 Thereafter — 7 Total lease payments 23 28 Less imputed interest (3 ) (3 ) Present value of lease liabilities 20 25 Less current maturities (9 ) (9 ) Present value of lease liabilities, less current maturities $ 11 $ 16 The aggregate undiscounted minimum future lease payments under previous lease accounting standard, ASC 840, are presented below: December 31, 2018 Capital Lease Operating Leases ($ in millions) 2019 $ 10 $ 3 2020 10 1 2021 10 — Total minimum lease payments $ 30 $ 4

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	The following table shows revenue disaggregated by operating area and product type, for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period: Three Months Ended September 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 158 $ — $ 158 Haynesville — 129 — 129 Eagle Ford 282 32 22 336 Brazos Valley 194 10 5 209 Powder River Basin 97 16 5 118 Mid-Continent 40 8 5 53 Revenue from contracts with customers 613 353 37 1,003 Gains on oil, natural gas and NGL derivatives 124 43 — 167 Oil, natural gas and NGL revenue $ 737 $ 396 $ 37 $ 1,170 Marketing revenue from contracts with customers $ 603 $ 165 $ 37 $ 805 Other marketing revenue 80 4 — 84 Losses on oil, natural gas and NGL derivatives — — — — Marketing revenue $ 683 $ 169 $ 37 $ 889 Three Months Ended September 30, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 184 $ — $ 184 Haynesville — 195 — 195 Eagle Ford 399 36 58 493 Powder River Basin 78 17 13 108 Mid-Continent 58 15 12 85 Utica 59 131 76 266 Revenue from contracts with customers 594 578 159 1,331 Losses on oil, natural gas and NGL derivatives (100 ) (18 ) (14 ) (132 ) Oil, natural gas and NGL revenue $ 494 $ 560 $ 145 $ 1,199 Marketing revenue from contracts with customers 707 211 112 1,030 Other marketing revenue 119 70 — 189 Marketing revenue $ 826 $ 281 $ 112 $ 1,219 Nine Months Ended September 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 656 $ — $ 656 Haynesville — 494 — 494 Eagle Ford 962 117 89 1,168 Brazos Valley 513 23 12 548 Powder River Basin 273 59 23 355 Mid-Continent 131 34 26 191 Revenue from contracts with customers 1,879 1,383 150 3,412 Gains (losses) on oil, natural gas and NGL derivatives (49 ) 190 — 141 Oil, natural gas and NGL revenue $ 1,830 $ 1,573 $ 150 $ 3,553 Marketing revenue from contracts with customers $ 1,830 $ 741 $ 202 $ 2,773 Other marketing revenue 230 38 — 268 Losses on oil, natural gas and NGL derivatives — (3 ) — (3 ) Marketing revenue $ 2,060 $ 776 $ 202 $ 3,038 Nine Months Ended September 30, 2018 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 646 $ — $ 646 Haynesville 2 603 — 605 Eagle Ford 1,148 120 143 1,411 Powder River Basin 173 40 30 243 Mid-Continent 196 63 42 301 Utica 179 350 189 718 Revenue from contracts with customers 1,698 1,822 404 3,924 Losses on oil, natural gas and NGL derivatives (388 ) (85 ) (27 ) (500 ) Oil, natural gas and NGL revenue $ 1,310 $ 1,737 $ 377 $ 3,424 Marketing revenue from contracts with customers 2,125 733 324 3,182 Other marketing revenue 381 175 — 556 Marketing revenue $ 2,506 $ 908 $ 324 $ 3,738
Schedule of accounts receivable	Accounts receivable as of September 30, 2019 and December 31, 2018 are detailed below: September 30, 2019 December 31, 2018 ($ in millions) Oil, natural gas and NGL sales $ 644 $ 976 Joint interest 290 211 Other 64 77 Allowance for doubtful accounts (21 ) (17 ) Total accounts receivable, net $ 977 $ 1,247

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Summary of changes in common shares issued	A summary of the changes in our common shares issued is detailed below. Three Months Ended September 30, Nine Months Ended, September 30, 2019 2018 2019 2018 (in thousands) Beginning balance 1,634,486 913,271 913,716 908,733 Common shares issued for WildHorse Merger (a) — — 717,376 — Exchange of convertible notes (b) 73,389 — 73,389 — Exchange of senior notes (b) 235,564 — 235,564 — Exchange of preferred stock (c) 10,368 — 10,368 — Restricted stock issuances (net of forfeitures and cancellations) (d) 344 421 3,738 4,959 Ending balance 1,954,151 913,692 1,954,151 913,692 ____________________________________________ (a) See Note 3 for discussion of WildHorse Merger. (b) See Note 6 for discussion of debt exchanges. (c) In the Current Quarter, we exchanged 10,367,950 shares of common stock for 40,000 shares of our 5.75% (Series A) Cumulative Convertible Preferred Stock. In connection with the exchange, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $17 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share. (d) See Note 13 for discussion of restricted stock.
Summary of changes in preferred stock outstanding	A summary of the changes in our outstanding shares of preferred stock is detailed below. 5.75% 5.75% (A) 4.50% 5.00% (2005B) (in thousands) Shares outstanding as of July 1, 2019 770 463 2,559 1,811 Exchange of preferred stock (a) — (40 ) — — Shares outstanding as of September 30, 2019 770 423 2,559 1,811 Shares outstanding as of July 1, 2018 770 463 2,559 1,811 Shares outstanding as of January 1, 2019 770 463 2,559 1,811 Exchange of preferred stock (a) — (40 ) — — Shares outstanding as of September 30, 2019 770 423 2,559 1,811 Shares outstanding as of January 1, 2018 770 463 2,559 1,811 Liquidation price per share $ 1,000 $ 1,000 $ 100 $ 100 ____________________________________________ (a) See discussion above regarding the exchange of our 5.75% (Series A) Cumulative Convertible Preferred Stock in the Current Quarter.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of the changes in unvested restricted stock	A summary of the changes in unvested restricted stock during the Current Period is presented below: Shares of Unvested Restricted Stock Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested restricted stock as of January 1, 2019 11,858 $ 4.43 Granted 5,370 $ 2.85 Vested (5,439 ) $ 4.46 Forfeited (1,241 ) $ 3.75 Unvested restricted stock as of September 30, 2019 10,548 $ 3.69
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 and the reporting date fair value of the 2017 awards. Grant Date Assumptions Assumption 2017 Awards Volatility 80.65 % Risk-free interest rate 1.54 % Dividend yield for value of awards — % Reporting Period Assumptions Assumption 2017 Awards Volatility 95.41 % Risk-free interest rate 1.87 % Dividend yield for value of awards — % Expected option life – years 6.0 Volatility 65.61 % Risk-free interest rate 2.47 % Dividend yield — %
Schedule of stock option activity	The following table provides information related to stock option activity in the Current Period: 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, 2019 18,096 $ 7.20 7.15 $ — Granted 1,000 $ 2.97 Exercised — $ — $ — Expired (487 ) $ 6.49 Forfeited (589 ) $ 3.92 Outstanding as of September 30, 2019 18,020 $ 7.09 6.12 $ — Exercisable as of September 30, 2019 12,999 $ 8.30 5.31 $ — ___________________________________________ (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, net of actual forfeitures, related to our liability-classified awards for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period. Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) General and administrative expenses $ (1 ) $ (1 ) $ 7 $ 20 Oil and natural gas properties 1 1 2 2 Oil, natural gas and NGL production expenses — 1 3 3 Exploration expenses — — — 1 Total liability-classified awards compensation $ — $ 1 $ 12 $ 26 Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) General and administrative expenses $ 6 $ 7 $ 21 $ 24 Oil and natural gas properties 1 — 2 2 Oil, natural gas and NGL production expenses 1 1 3 4 Exploration expenses — — — — Total restricted stock and stock option compensation $ 8 $ 8 $ 26 $ 30
Summary of liability classified awards	The following table presents a summary of our liability-classified awards: Grant Date Fair Value September 30, 2019 Units Fair Value Vested Liability ($ in millions) ($ in millions) 2019 PSU Awards: Payable 2020, 2021 and 2022 4,785,372 $ 14 $ 7 $ — 2018 PSU Awards: Payable 2020 and 2021 2,388,185 $ 7 $ 3 $ — 2017 PSU Awards: Payable 2020 1,174,973 $ 8 $ 1 $ 1 2018 CRSU Awards: Payable 2020 and 2021 9,267,227 $ 28 $ 13 $ —

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 are provided below: September 30, 2019 December 31, 2018 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 22 $ 152 12 $ 157 Collars 3 33 8 98 Call swaptions 2 (1 ) — — Put options 1 (2 ) — — Basis protection swaps 2 4 7 5 Total oil 30 186 27 260 Natural gas (bcf): Fixed-price swaps 383 139 623 26 Three-way collars 15 3 88 1 Collars 9 3 55 (3 ) Call options 28 — 44 — Call swaptions 136 (7 ) 106 (9 ) Basis protection swaps 54 (1 ) 50 — Total natural gas 625 137 966 15 Contingent consideration: Utica divestiture — 7 Total estimated fair value $ 323 $ 282
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 September 30, 2019 and December 31, 2018 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 September 30, 2019 Commodity Contracts: Short-term derivative asset $ 294 $ (22 ) $ 272 Long-term derivative asset 55 (4 ) 51 Short-term derivative liability (22 ) 22 — Long-term derivative liability (4 ) 4 — Contingent Consideration: Short-term derivative asset — — — Total derivatives $ 323 $ — $ 323 As of December 31, 2018 Commodity Contracts: Short-term derivative asset $ 306 $ (104 ) $ 202 Long-term derivative asset 117 (41 ) 76 Short-term derivative liability (107 ) 104 (3 ) Long-term derivative liability (41 ) 41 — Contingent Consideration: Short-term derivative asset 7 — 7 Total derivatives $ 282 $ — $ 282
Schedule of effect of derivative instruments, condensed consolidated statements of operations	The components of oil, natural gas and NGL revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) Oil, natural gas and NGL revenues $ 1,003 $ 1,331 $ 3,412 $ 3,924 Gains (losses) on undesignated oil, natural gas and NGL derivatives 175 (124 ) 167 (475 ) Losses on terminated cash flow hedges (8 ) (8 ) (26 ) (25 ) Total oil, natural gas and NGL revenues $ 1,170 $ 1,199 $ 3,553 $ 3,424 The components of marketing revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Nine Months Ended 2019 2018 2019 2018 ($ in millions) Marketing revenues $ 889 $ 1,219 $ 3,042 $ 3,738 Losses on undesignated marketing natural gas derivatives — — (4 ) — Total marketing revenues $ 889 $ 1,219 $ 3,038 $ 3,738
Schedule of effect of derivative instruments, accumulated other comprehensive income (loss)	A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below: Three Months Ended September 30, 2019 2018 Before After Before After ($ in millions) Balance, beginning of period $ (62 ) $ (5 ) $ (97 ) (40 ) Losses reclassified to income 8 8 8 8 Balance, end of period $ (54 ) $ 3 $ (89 ) $ (32 ) Nine Months Ended September 30, 2019 2018 Before After Before After ($ in millions) Balance, beginning of period $ (80 ) $ (23 ) $ (114 ) (57 ) Losses reclassified to income 26 26 25 25 Balance, end of period $ (54 ) $ 3 $ (89 ) $ (32 )
Schedule of financial assets (liabilities)	The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: 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 September 30, 2019 Derivative Assets (Liabilities): Commodity assets $ — $ 307 $ 40 $ 347 Commodity liabilities — (16 ) (8 ) (24 ) Utica divestiture contingent consideration — — — — Total derivatives $ — $ 291 $ 32 $ 323 As of December 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 319 $ 103 $ 422 Commodity liabilities — (131 ) (16 ) (147 ) Utica divestiture contingent consideration — — 7 7 Total derivatives $ — $ 188 $ 94 $ 282 A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Period and the Prior Period is presented below: Commodity Derivatives Utica Contingent Consideration ($ in millions) Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (47 ) (7 ) Total purchases, issuances, sales and settlements: Settlements (8 ) — Balance, as of September 30, 2019 $ 32 $ — Balance, as of January 1, 2018 $ (15 ) $ — Total gains (losses) (realized/unrealized): Included in earnings (a) (3 ) — Total purchases, issuances, sales and settlements: Settlements 13 — Balance, as of September 30, 2018 $ (5 ) $ — ___________________________________________ (a) Commodity Derivatives Utica Contingent Consideration 2019 2018 2019 2018 ($ in millions) Total gains (losses) included in earnings for the period $ (47 ) $ (3 ) $ (7 ) $ — Change in unrealized gains (losses) related to assets still held at reporting date $ (57 ) $ (3 ) $ (7 ) $ — September 30, 2019 and December 31, 2018: 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 September 30, 2019 Financial Assets (Liabilities): Other current assets $ 46 $ — $ — $ 46 Other current liabilities (45 ) — — (45 ) Total $ 1 $ — $ — $ 1 As of December 31, 2018 Financial Assets (Liabilities): Other current assets $ 50 $ — $ — $ 50 Other current liabilities (51 ) — — (51 ) Total $ (1 ) $ — $ — $ (1 )
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 September 30, 2019 : Instrument Type Unobservable Input Range Weighted Average Fair Value ($ in millions) Oil trades Oil price volatility curves 24.62% – 48.77% 32.55% $ 33 Natural gas trades Natural gas price volatility curves 13.37% – 145.37% 37.40% $ (1 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018: 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 September 30, 2019 Derivative Assets (Liabilities): Commodity assets $ — $ 307 $ 40 $ 347 Commodity liabilities — (16 ) (8 ) (24 ) Utica divestiture contingent consideration — — — — Total derivatives $ — $ 291 $ 32 $ 323 As of December 31, 2018 Derivative Assets (Liabilities): Commodity assets $ — $ 319 $ 103 $ 422 Commodity liabilities — (131 ) (16 ) (147 ) Utica divestiture contingent consideration — — 7 7 Total derivatives $ — $ 188 $ 94 $ 282 A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Period and the Prior Period is presented below: Commodity Derivatives Utica Contingent Consideration ($ in millions) Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (47 ) (7 ) Total purchases, issuances, sales and settlements: Settlements (8 ) — Balance, as of September 30, 2019 $ 32 $ — Balance, as of January 1, 2018 $ (15 ) $ — Total gains (losses) (realized/unrealized): Included in earnings (a) (3 ) — Total purchases, issuances, sales and settlements: Settlements 13 — Balance, as of September 30, 2018 $ (5 ) $ — ___________________________________________ (a) Commodity Derivatives Utica Contingent Consideration 2019 2018 2019 2018 ($ in millions) Total gains (losses) included in earnings for the period $ (47 ) $ (3 ) $ (7 ) $ — Change in unrealized gains (losses) related to assets still held at reporting date $ (57 ) $ (3 ) $ (7 ) $ — September 30, 2019 and December 31, 2018: 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 September 30, 2019 Financial Assets (Liabilities): Other current assets $ 46 $ — $ — $ 46 Other current liabilities (45 ) — — (45 ) Total $ 1 $ — $ — $ 1 As of December 31, 2018 Financial Assets (Liabilities): Other current assets $ 50 $ — $ — $ 50 Other current liabilities (51 ) — — (51 ) Total $ (1 ) $ — $ — $ (1 )

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidated Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 8 $ 1 $ 10 $ (5 ) $ 14 Other current assets 56 1,231 102 — 1,389 Intercompany receivable, net 6,275 — — (6,275 ) — Total Current Assets 6,339 1,232 112 (6,280 ) 1,403 PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on successful efforts accounting, net — 9,513 4,221 — 13,734 Other property and equipment, net — 1,046 86 — 1,132 Property and equipment held for sale, net — 10 — — 10 Total Property and Equipment, Net — 10,569 4,307 — 14,876 LONG-TERM ASSETS: Other long-term assets 336 231 30 (297 ) 300 Investments in subsidiaries and intercompany advances 6,013 2,338 — (8,351 ) — TOTAL ASSETS $ 12,688 $ 14,370 $ 4,449 $ (14,928 ) $ 16,579 CURRENT LIABILITIES: Current liabilities $ 325 $ 1,805 $ 223 $ (5 ) $ 2,348 Intercompany payable, net — 6,275 — (6,275 ) — Total Current Liabilities 325 8,080 223 (6,280 ) 2,348 LONG-TERM LIABILITIES: Long-term debt, net 7,612 — 1,521 — 9,133 Deferred income tax liabilities — — 297 (297 ) — Other long-term liabilities 55 277 31 — 363 Total Long-Term Liabilities 7,667 277 1,849 (297 ) 9,496 EQUITY: Chesapeake stockholders’ equity 4,696 6,013 2,338 (8,351 ) 4,696 Noncontrolling interests — — 39 — 39 Total Equity 4,696 6,013 2,377 (8,351 ) 4,735 TOTAL LIABILITIES AND EQUITY $ 12,688 $ 14,370 $ 4,449 $ (14,928 ) $ 16,579 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 ($ in millions) Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CURRENT ASSETS: Cash and cash equivalents $ 4 $ 1 $ 1 $ (2 ) $ 4 Other current assets 60 1,532 2 — 1,594 Intercompany receivable, net 6,671 — — (6,671 ) — Total Current Assets 6,735 1,533 3 (6,673 ) 1,598 PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on successful efforts accounting, net — 9,664 48 — 9,712 Other property and equipment, net — 1,091 — — 1,091 Property and equipment held for sale, net — 15 — — 15 Total Property and Equipment, Net — 10,770 48 — 10,818 LONG-TERM ASSETS: Other long-term assets 26 293 — — 319 Investments in subsidiaries and intercompany advances 3,248 9 — (3,257 ) — TOTAL ASSETS $ 10,009 $ 12,605 $ 51 $ (9,930 ) $ 12,735 CURRENT LIABILITIES: Current liabilities $ 523 $ 2,365 $ 1 $ (2 ) $ 2,887 Intercompany payable, net — 6,671 — (6,671 ) — Total Current Liabilities 523 9,036 1 (6,673 ) 2,887 LONG-TERM LIABILITIES: Long-term debt, net 7,341 — — — 7,341 Other long-term liabilities 53 321 — — 374 Total Long-Term Liabilities 7,394 321 — — 7,715 EQUITY: Chesapeake stockholders’ equity 2,092 3,248 9 (3,257 ) 2,092 Noncontrolling interests — — 41 — 41 Total Equity 2,092 3,248 50 (3,257 ) 2,133 TOTAL LIABILITIES AND EQUITY $ 10,009 $ 12,605 $ 51 $ (9,930 ) $ 12,735
Condensed Consolidated Income Statements	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 932 $ 238 $ — $ 1,170 Marketing — 889 — — 889 Total Revenues — 1,821 238 — 2,059 Other — 15 — — 15 Gains on sales of assets — 13 — — 13 Total Revenues and Other — 1,849 238 — 2,087 OPERATING EXPENSES: Oil, natural gas and NGL production — 129 26 — 155 Oil, natural gas and NGL gathering, processing and transportation — 268 2 — 270 Production taxes — 25 10 — 35 Exploration — 17 — — 17 Marketing — 901 — — 901 General and administrative — 43 23 — 66 Depreciation, depletion and amortization — 421 152 — 573 Impairments — 9 — — 9 Other operating expense — 15 — — 15 Total Operating Expenses — 1,828 213 — 2,041 INCOME FROM OPERATIONS — 21 25 — 46 OTHER INCOME (EXPENSE): Interest income (expense) (161 ) 3 (19 ) — (177 ) Losses on investments — (4 ) — — (4 ) Gains on purchases or exchanges of debt 64 — 6 — 70 Other income — 3 — — 3 Equity in net earnings of subsidiary 25 2 — (27 ) — Total Other Income (Expense) (72 ) 4 (13 ) (27 ) (108 ) INCOME (LOSS) BEFORE INCOME TAXES (72 ) 25 12 (27 ) (62 ) INCOME TAX (BENEFIT) EXPENSE (11 ) — 10 — (1 ) NET INCOME (LOSS) (61 ) 25 2 (27 ) (61 ) Net loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (61 ) 25 2 (27 ) (61 ) Other comprehensive income — 8 — — 8 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (61 ) $ 33 $ 2 $ (27 ) $ (53 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 1,194 $ 5 $ — $ 1,199 Marketing — 1,219 — — 1,219 Total Revenues — 2,413 5 — 2,418 Other — 16 — — 16 Losses on sales of assets — (10 ) — — (10 ) Total Revenues and Other — 2,419 5 — 2,424 OPERATING EXPENSES: Oil, natural gas and NGL production — 132 — — 132 Oil, natural gas and NGL gathering, processing and transportation — 362 2 — 364 Production taxes — 33 1 — 34 Exploration — 22 — — 22 Marketing — 1,238 — — 1,238 General and administrative — 81 — — 81 Provision for legal contingencies, net — 8 — — 8 Depreciation, depletion and amortization — 403 2 — 405 Impairments — 58 — — 58 Total Operating Expenses — 2,337 5 — 2,342 INCOME FROM OPERATIONS — 82 — — 82 OTHER INCOME (EXPENSE): Interest expense (163 ) (2 ) — — (165 ) Losses on purchases or exchanges of debt (68 ) — — — (68 ) Other income — 6 — — 6 Equity in net earnings of subsidiary 86 — — (86 ) — Total Other Income (Expense) (145 ) 4 — (86 ) (227 ) INCOME (LOSS) BEFORE INCOME TAXES (145 ) 86 — (86 ) (145 ) INCOME TAX EXPENSE 1 — — — 1 NET INCOME (LOSS) (146 ) 86 — (86 ) (146 ) Net (income) loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (146 ) 86 — (86 ) (146 ) Other comprehensive income — 8 — — 8 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (146 ) $ 94 $ — $ (86 ) $ (138 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 3,000 $ 553 $ — $ 3,553 Marketing — 3,038 — — 3,038 Total Revenues — 6,038 553 — 6,591 Other — 45 — — 45 Gains on sales of assets — 33 — — 33 Total Revenues and Other — 6,116 553 — 6,669 OPERATING EXPENSES: Oil, natural gas and NGL production — 384 69 — 453 Oil, natural gas and NGL gathering, processing and transportation — 802 13 — 815 Production taxes — 83 26 — 109 Exploration — 53 3 — 56 Marketing — 3,071 — — 3,071 General and administrative — 193 65 — 258 Provision for legal contingencies, net — 3 — — 3 Depreciation, depletion and amortization — 1,295 377 — 1,672 Impairments — 11 — — 11 Other operating expense — 41 38 — 79 Total Operating Expenses — 5,936 591 — 6,527 INCOME (LOSS) FROM OPERATIONS — 180 (38 ) — 142 OTHER INCOME (EXPENSE): Interest income (expense) (475 ) 13 (51 ) — (513 ) Losses on investments — (4 ) (24 ) — (28 ) Gains on purchases or exchanges of debt 64 — 6 — 70 Other income — 28 2 — 30 Equity in net earnings of subsidiary 129 (88 ) — (41 ) — Total Other Expense (282 ) (51 ) (67 ) (41 ) (441 ) INCOME (LOSS) BEFORE INCOME TAXES (282 ) 129 (105 ) (41 ) (299 ) INCOME TAX BENEFIT (298 ) — (17 ) — (315 ) NET INCOME (LOSS) 16 129 (88 ) (41 ) 16 Net loss attributable to noncontrolling interests — — — — — NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 16 129 (88 ) (41 ) 16 Other comprehensive income — 26 — — 26 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ 16 $ 155 $ (88 ) $ (41 ) $ 42 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated REVENUES: Oil, natural gas and NGL $ — $ 3,410 $ 14 $ — $ 3,424 Marketing — 3,738 — — 3,738 Total Revenues — 7,148 14 — 7,162 Other — 48 — — 48 Gains on sales of assets — 27 — — 27 Total Revenues and Other — 7,223 14 — 7,237 OPERATING EXPENSES: Oil, natural gas and NGL production — 417 — — 417 Oil, natural gas and NGL gathering, processing and transportation — 1,055 5 — 1,060 Production taxes — 90 1 — 91 Exploration — 123 — — 123 Marketing — 3,798 — — 3,798 General and administrative — 272 1 — 273 Restructuring and other termination costs — 38 — — 38 Provision for legal contingencies, net — 17 — — 17 Depreciation, depletion and amortization — 1,330 5 — 1,335 Impairments — 122 — — 122 Other operating income — (1 ) — — (1 ) Total Operating Expenses — 7,261 12 — 7,273 INCOME (LOSS) FROM OPERATIONS — (38 ) 2 — (36 ) OTHER INCOME (EXPENSE): Interest expense (480 ) (2 ) — — (482 ) Gains on investments — 139 — — 139 Losses on purchases or exchanges of debt (68 ) — — — (68 ) Other income — 62 — — 62 Equity in net earnings of subsidiary 162 1 (1 ) (162 ) — Total Other Income (Expense) (386 ) 200 (1 ) (162 ) (349 ) INCOME (LOSS) BEFORE INCOME TAXES (386 ) 162 1 (162 ) (385 ) INCOME TAX BENEFIT (8 ) — — — (8 ) NET INCOME (LOSS) (378 ) 162 1 (162 ) (377 ) Net income attributable to noncontrolling interests — (1 ) — — (1 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (378 ) 161 1 (162 ) (378 ) Other comprehensive income — 25 — — 25 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (378 ) $ 186 $ 1 $ (162 ) $ (353 )
Condensed Consolidated Cash Flow Statements	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2019 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ — $ 898 $ 287 $ (3 ) $ 1,182 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (1,204 ) (436 ) — (1,640 ) Business combination, net — (381 ) 28 — (353 ) Acquisitions of proved and unproved properties — (31 ) — — (31 ) Proceeds from divestitures of proved and unproved properties — 110 — — 110 Additions to other property and equipment — (12 ) (15 ) — (27 ) Other investing activities — 6 — — 6 Net Cash Used In Investing Activities — (1,512 ) (423 ) — (1,935 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 8,096 — 709 — 8,805 Payments on revolving credit facility borrowings (7,011 ) — (484 ) — (7,495 ) Cash paid to purchase debt (381 ) — (76 ) — (457 ) Cash paid for preferred stock dividends (69 ) — — — (69 ) Other financing activities (13 ) (6 ) (5 ) 3 (21 ) Intercompany advances, net (620 ) 620 1 (1 ) — Net Cash Provided By Financing Activities 2 614 145 2 763 Net increase in cash and cash equivalents 2 — 9 (1 ) 10 Cash and cash equivalents, beginning of period 4 1 1 (2 ) 4 Cash and cash equivalents, end of period $ 6 $ 1 $ 10 $ (3 ) $ 14 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 ($ in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 86 $ 1,312 $ 7 $ (10 ) $ 1,395 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs — (1,407 ) — — (1,407 ) Acquisitions of proved and unproved properties — (118 ) — — (118 ) Proceeds from divestitures of proved and unproved properties — 395 — — 395 Additions to other property and equipment — (11 ) — — (11 ) Other investing activities — 149 — — 149 Net Cash Used In Investing Activities — (992 ) — — (992 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit facility borrowings 9,095 — — — 9,095 Payments on revolving credit facility borrowings (9,231 ) — — — (9,231 ) Proceeds from issuance of senior notes, net 1,237 — — — 1,237 Cash paid to purchase debt (1,285 ) — — — (1,285 ) Cash paid for preferred stock dividends (69 ) — — — (69 ) Other financing activities (2 ) (127 ) (9 ) (13 ) (151 ) Intercompany advances, net 170 (193 ) 1 22 — Net Cash Used In Financing Activities (85 ) (320 ) (8 ) 9 (404 ) Net increase (decrease) in cash and cash equivalents 1 — (1 ) (1 ) (1 ) Cash and cash equivalents, beginning of period 5 1 2 (3 ) 5 Cash and cash equivalents, end of period $ 6 $ 1 $ 1 $ (4 ) $ 4

Change in Accounting Principl_2

Change in Accounting Principle - Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019		Sep. 30, 2018
REVENUES AND OTHER:
Revenues	$ 2,087	$ 2,424	[1]	$ 6,669		$ 7,237	[1]
Gains on sales of assets	13	(10)	[1]	33		27	[1],[2]
OPERATING EXPENSES:
Production taxes	35	34	[1]	109		91	[1]
General and administrative	66	81	[1]	258		273	[1]
Restructuring and other termination costs	0	0	[1]	0		38	[1]
Provision for legal contingencies, net	0	8	[1]	3		17	[1]
Depreciation, depletion and amortization	573	405	[1]	1,672		1,335	[1],[2]
Impairments	9	58	[1]	11		122	[1],[2]
Gain on sale of oil and natural gas properties				0
Other operating (income) expense	15	0	[1]	79		(1)	[1]
Total Operating Expenses	2,041	2,342	[1]	6,527		7,273	[1]
INCOME (LOSS) FROM OPERATIONS	46	82	[1]	142		(36)	[1]
OTHER INCOME (EXPENSE):
Interest expense	(177)	(165)	[1]	(513)		(482)	[1]
Gains (losses) on investments	(4)	0	[1]	(28)		139	[1]
Gains (losses) on purchases or exchanges of debt	70	(68)	[1]	70		(68)	[1]
Other income	3	6	[1]	30		62	[1]
Total Other Expense	(108)	(227)	[1]	(441)		(349)	[1]
LOSS BEFORE INCOME TAXES	(62)	(145)	[1]	(299)		(385)	[1]
INCOME TAX (BENEFIT) EXPENSE	(1)	1	[1]	(315)		(8)	[1]
NET INCOME (LOSS)	(61)	(146)	[1],[3]	16		(377)	[1],[2],[3]
Net income attributable to noncontrolling interests	0	0	[1],[3]	0		(1)	[1],[3]
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(61)	(146)	[1]	16		(378)	[1]
Preferred stock dividends	(23)	(23)	[1]	(69)		(69)	[1]
Earnings allocated to participating securities		0	[1]	0	[1]	0
Loss on exchange of preferred stock	(17)	0	[1]	(17)		0	[1]
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (101)	$ (169)	[1]	$ (70)		$ (447)	[1]
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ (0.06)	$ (0.19)	[1]	$ (0.04)		$ (0.49)	[1]
Diluted (in dollars per share)	$ (0.06)	$ (0.19)	[1]	$ (0.04)		$ (0.49)	[1]
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic (in shares)	1,698	910	[1]	1,570		909	[1]
Diluted (in shares)	1,698	910	[1]	1,570		909	[1]
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	$ 1,170	$ 1,199	[1]	$ 3,553		$ 3,424	[1]
Marketing
REVENUES AND OTHER:
Revenues	889	1,219	[1]	3,038		3,738	[1]
OPERATING EXPENSES:
Expense	901	1,238	[1]	3,071		3,798	[1]
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	2,059	2,418	[1]	6,591		7,162	[1]
Other
REVENUES AND OTHER:
Revenues	15	16	[1]	45		48	[1]
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	155	132	[1]	453		417	[1]
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	270	364	[1]	815		1,060	[1]
Exploration
OPERATING EXPENSES:
Expense	17	22	[1]	56		123	[1]
Under Full Cost
REVENUES AND OTHER:
Revenues	2,059	2,418		6,591		7,162
Gains on sales of assets	0	0		0		0
OPERATING EXPENSES:
Production taxes	35	34		109		91
General and administrative	52	66		216		229
Restructuring and other termination costs						38
Provision for legal contingencies, net		8		3		17
Depreciation, depletion and amortization	421	291		1,197		867
Impairments	1	5		3		51
Gain on sale of oil and natural gas properties				(10)
Other operating (income) expense	15			79		6
Total Operating Expenses	1,850	2,138		5,936		6,574
INCOME (LOSS) FROM OPERATIONS	209	280		655		588
OTHER INCOME (EXPENSE):
Interest expense	(134)	(127)		(400)		(367)
Gains (losses) on investments	(4)			(28)		139
Gains (losses) on purchases or exchanges of debt	70	(68)		70		(68)
Other income	2	1		22		63
Total Other Expense	(66)	(194)		(336)		(233)
LOSS BEFORE INCOME TAXES	143	86		319		355
INCOME TAX (BENEFIT) EXPENSE	(1)	1		(315)		(8)
NET INCOME (LOSS)	144	85		634		363
Net income attributable to noncontrolling interests	0	(1)		(1)		(3)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		84		633		360
Preferred stock dividends	(23)	(23)		(69)		(69)
Earnings allocated to participating securities		(1)		(2)		(3)
Loss on exchange of preferred stock	(17)			(17)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ 104	$ 60		$ 545		$ 288
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.06	$ 0.07		$ 0.35		$ 0.32
Diluted (in dollars per share)	$ 0.06	$ 0.07		$ 0.35		$ 0.32
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic (in shares)	1,698	910		1,570		909
Diluted (in shares)	1,698	911		1,570		909
Under Full Cost | Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	$ 1,170	$ 1,199		$ 3,553		$ 3,424
Under Full Cost | Marketing
REVENUES AND OTHER:
Revenues	889	1,219		3,038		3,738
OPERATING EXPENSES:
Expense	901	1,238		3,071		3,798
Under Full Cost | Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	2,059	2,418		6,591		7,162
Under Full Cost | Other
REVENUES AND OTHER:
Revenues	0	0		0		0
Under Full Cost | Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	155	132		453		417
Under Full Cost | Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	270	364		815		1,060
Under Full Cost | Exploration
OPERATING EXPENSES:
Expense	0	0		0		0
Successful Efforts Adjustment
REVENUES AND OTHER:
Revenues	28	6		78		75
Gains on sales of assets	13	(10)		33		27
OPERATING EXPENSES:
Production taxes	0	0		0		0
General and administrative	14	15		42		44
Restructuring and other termination costs						0
Provision for legal contingencies, net		0		0		0
Depreciation, depletion and amortization	152	114		475		468
Impairments	8	53		8		71
Gain on sale of oil and natural gas properties				10
Other operating (income) expense	0			0		(7)
Total Operating Expenses	191	204		591		699
INCOME (LOSS) FROM OPERATIONS	(163)	(198)		(513)		(624)
OTHER INCOME (EXPENSE):
Interest expense	(43)	(38)		(113)		(115)
Gains (losses) on investments	0			0		0
Gains (losses) on purchases or exchanges of debt	0	0		0		0
Other income	1	5		8		(1)
Total Other Expense	(42)	(33)		(105)		(116)
LOSS BEFORE INCOME TAXES	(205)	(231)		(618)		(740)
INCOME TAX (BENEFIT) EXPENSE	0	0		0		0
NET INCOME (LOSS)	(205)	(231)		(618)		(740)
Net income attributable to noncontrolling interests	0	1		1		2
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(205)	(230)		(617)		(738)
Preferred stock dividends	0	0		0		0
Earnings allocated to participating securities		1		2		3
Loss on exchange of preferred stock	0			0
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (205)	$ (229)		$ (615)		$ (735)
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ (0.12)	$ (0.26)		$ (0.39)		$ (0.81)
Diluted (in dollars per share)	$ (0.12)	$ (0.26)		$ (0.39)		$ (0.81)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic (in shares)	0	0		0		0
Diluted (in shares)	0	(1)		0		0
Successful Efforts Adjustment | Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	$ 0	$ 0		$ 0		$ 0
Successful Efforts Adjustment | Marketing
REVENUES AND OTHER:
Revenues	0	0		0		0
OPERATING EXPENSES:
Expense	0	0		0		0
Successful Efforts Adjustment | Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	0	0		0		0
Successful Efforts Adjustment | Other
REVENUES AND OTHER:
Revenues	15	16		45		48
Successful Efforts Adjustment | Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	0	0		0		0
Successful Efforts Adjustment | Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	0	0		0		0
Successful Efforts Adjustment | Exploration
OPERATING EXPENSES:
Expense	$ 17	$ 22		$ 56		$ 123
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Change in Accounting Principl_3

Change in Accounting Principle - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)		$ (61)	$ (146)	[1],[2]	$ 16	$ (377)	[1],[2],[3]
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	[4]	0			0
Unrealized gains on derivative instruments	[1],[4]		0			0
Reclassification of losses on settled derivative instruments	[4]	8			26
Reclassification of losses on settled derivative instruments	[1],[4]		8			25
Other Comprehensive Income		8	8	[1]	26	25	[1]
COMPREHENSIVE INCOME (LOSS)		(53)	(138)	[1]	42	(352)	[1]
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0	0	[1]	0	(1)	[1]
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		(53)	(138)	[1]	42	(353)	[1]
Under Full Cost
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)		144	85		634	363
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	[4]	0			0
Unrealized gains on derivative instruments	[4]		0			0
Reclassification of losses on settled derivative instruments		8			26
Reclassification of losses on settled derivative instruments			8			25
Other Comprehensive Income		8	8		26	25
COMPREHENSIVE INCOME (LOSS)		152	93		660	388
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0	(1)		(1)	(3)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		152	92		659	385
Successful Efforts Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)		(205)	(231)		(618)	(740)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	[4]	0			0
Unrealized gains on derivative instruments	[4]		0			0
Reclassification of losses on settled derivative instruments		0			0
Reclassification of losses on settled derivative instruments			0			0
Other Comprehensive Income		0	0		0	0
COMPREHENSIVE INCOME (LOSS)		(205)	(231)		(618)	(740)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0	1		1	2
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		$ (205)	$ (230)		$ (617)	$ (738)
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[4]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

Change in Accounting Principl_4

Change in Accounting Principle - Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (61)	$ (146)	[1],[2]	$ 16	$ (377)	[1],[2],[3]
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	573	405	[2]	1,672	1,335	[2],[3]
Deferred income tax benefit				(314)	(10)	[3]
Derivative (gains) losses, net				(137)	500	[3]
Cash receipts (payments) on derivative settlements, net				129	(162)	[3]
Stock-based compensation				24	25	[3]
Gains on sales of assets	(13)	10	[2]	(33)	(27)	[2],[3]
Impairments	9	58	[2]	11	122	[2],[3]
Exploration				35	81	[3]
(Gains) losses on investments				21	(139)	[3]
(Gains) losses on purchases or exchanges of debt				(70)	68
Other				42	(90)	[3]
Changes in assets and liabilities				(214)	69	[3]
Net Cash Provided By Operating Activities				1,182	1,395	[3]
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs				(1,640)	(1,407)	[3]
Business combination, net				(353)	0	[3]
Acquisitions of proved and unproved properties				(31)	(118)	[3]
Proceeds from divestitures of proved and unproved properties				110	395	[3]
Additions to other property and equipment				(27)	(11)	[3]
Proceeds from sales of other property and equipment				6	75	[3]
Proceeds from sales of investments				0	74	[3]
Net Cash Used In Investing Activities				(1,935)	(992)	[3]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings				8,805	9,095	[3]
Payments on revolving credit facility borrowings				(7,495)	(9,231)	[3]
Proceeds from issuance of senior notes, net				0	1,237	[3]
Cash paid to purchase debt				(457)	(1,285)	[3]
Extinguishment of other financing				0	(122)	[3]
Cash paid for preferred stock dividends				(69)	(69)	[3]
Distributions to noncontrolling interest owners				(2)	(5)	[3]
Other				(19)	(24)	[3]
Net Cash Provided By (Used In) Financing Activities				763	(404)	[3]
Net increase (decrease) in cash and cash equivalents				10	(1)	[3]
Cash and cash equivalents, beginning of period				4	5	[3]
Cash and cash equivalents, end of period	14	4	[3]	14	4	[3]
Under Full Cost
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	144	85		634	363
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	421	291		1,197	867
Deferred income tax benefit				(314)	(10)
Derivative (gains) losses, net				(137)	500
Cash receipts (payments) on derivative settlements, net				129	(162)
Stock-based compensation				24	25
Gains on sales of assets	0	0		0	0
Impairments	1	5		3	51
Exploration				0	0
(Gains) losses on investments				21	(139)
(Gains) losses on purchases or exchanges of debt				(70)	68
Other				33	(83)
Changes in assets and liabilities				(169)	116
Net Cash Provided By Operating Activities				1,351	1,596
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs				(1,694)	(1,482)
Business combination, net				(353)
Acquisitions of proved and unproved properties				(146)	(244)
Proceeds from divestitures of proved and unproved properties				110	395
Additions to other property and equipment				(27)	(11)
Proceeds from sales of other property and equipment				6	75
Proceeds from sales of investments					74
Net Cash Used In Investing Activities				(2,104)	(1,193)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings				8,805	9,095
Payments on revolving credit facility borrowings				(7,495)	(9,231)
Proceeds from issuance of senior notes, net					1,237
Cash paid to purchase debt				(457)	(1,285)
Extinguishment of other financing					(122)
Cash paid for preferred stock dividends				(69)	(69)
Distributions to noncontrolling interest owners				(2)	(5)
Other				(19)	(24)
Net Cash Provided By (Used In) Financing Activities				763	(404)
Net increase (decrease) in cash and cash equivalents				10	(1)
Cash and cash equivalents, beginning of period				4	5
Cash and cash equivalents, end of period	14	4		14	4
Successful Efforts Adjustment
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	(205)	(231)		(618)	(740)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	152	114		475	468
Deferred income tax benefit				0	0
Derivative (gains) losses, net				0	0
Cash receipts (payments) on derivative settlements, net				0	0
Stock-based compensation				0	0
Gains on sales of assets	(13)	10		(33)	(27)
Impairments	8	53		8	71
Exploration				35	81
(Gains) losses on investments				0	0
(Gains) losses on purchases or exchanges of debt				0	0
Other				9	(7)
Changes in assets and liabilities				(45)	(47)
Net Cash Provided By Operating Activities				(169)	(201)
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs				54	75
Business combination, net				0
Acquisitions of proved and unproved properties				115	126
Proceeds from divestitures of proved and unproved properties				0	0
Additions to other property and equipment				0	0
Proceeds from sales of other property and equipment				0	0
Proceeds from sales of investments					0
Net Cash Used In Investing Activities				169	201
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings				0	0
Payments on revolving credit facility borrowings				0	0
Proceeds from issuance of senior notes, net					0
Cash paid to purchase debt				0	0
Extinguishment of other financing					0
Cash paid for preferred stock dividends				0	0
Distributions to noncontrolling interest owners				0	0
Other				0	0
Net Cash Provided By (Used In) Financing Activities				0	0
Net increase (decrease) in cash and cash equivalents				0	0
Cash and cash equivalents, beginning of period				0	0
Cash and cash equivalents, end of period	$ 0	$ 0		$ 0	$ 0
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Change in Accounting Principl_5

Change in Accounting Principle - Statements of Shareholders' Equity (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018		Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period					$ 2,092
Net income (loss) attributable to Chesapeake		$ (61)	$ (146)	[1]	16	$ (378)	[1]
Chesapeake stockholders’ equity, end of period		4,696			4,696
Stockholders' equity attributable to noncontrolling interest, beginning of period					41
Net income attributable to noncontrolling interests		0	0	[1],[2]	0	(1)	[1],[2]
Stockholders' equity attributable to noncontrolling interest, end of period		39			39
TOTAL EQUITY		4,735	1,535	[3]	4,735	1,535	[3]		$ 2,133
PREFERRED STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		1,671	1,671	[3]	1,671	1,671	[3]
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock		(40)	0	[3]	(40)	0	[3]
Chesapeake stockholders’ equity, end of period		$ 1,631	$ 1,671	[3]	$ 1,631	$ 1,671	[3]
Preferred stock exchanges (in shares)		40,000	0		40,000	0
COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		$ 16	$ 9	[3]	$ 9	$ 9	[3]
Exchange of senior notes and convertible senior notes		3	0	[3]	3	0	[3]
Exchange of preferred stock		0			0
Common shares issued for WildHorse Merger		0	0	[3]	7	0	[3]
Chesapeake stockholders’ equity, end of period		19	9	[3]	19	9	[3]
ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		16,380	14,408	[3]	14,378	14,437	[3]
Common shares issued for WildHorse Merger		0	0	[3]	2,030	0	[3]
Equity component of convertible notes repurchases		(2)	0	[3]	(2)	0	[3]
Stock-based compensation		8	9	[3]	26	26	[3]
Dividends on preferred stock		(23)	(23)	[3]	(69)	(69)	[3]
Chesapeake stockholders’ equity, end of period		16,975	14,394	[3]	16,975	14,394	[3]
ACCUMULATED DEFICIT
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(13,835)	(14,370)	[3]	(13,912)	(14,130)	[3]
Net income (loss) attributable to Chesapeake		(61)	(146)	[3]	16	(378)	[3]
Cumulative effect of accounting change								$ 0		$ (8)	[3]
Chesapeake stockholders’ equity, end of period	[3]	(13,896)	(14,516)		(13,896)	(14,516)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(5)	(40)	[3]	(23)	(57)	[3]
Hedging activity		8	8	[3]	26	25	[3]
Chesapeake stockholders’ equity, end of period		3	(32)	[3]	3	(32)	[3]
TREASURY STOCK – COMMON:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(36)	(31)	[3]	(31)	(31)	[3]
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans		0	0	[3]	(7)	(4)	[3]
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans		0	0	[3]	2	4	[3]
Chesapeake stockholders’ equity, end of period		$ (36)	$ (31)	[3]	$ (36)	$ (31)	[3]
Purchase of shares for company benefit plans (in shares)		53,337	30,509		2,673,903	1,499,033
Release of shares from company benefit plans (in shares)		37,301	41,617		296,864	431,474
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, end of period		$ 4,696	$ 1,495	[3]	$ 4,696	$ 1,495	[3]
NONCONTROLLING INTERESTS:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity attributable to noncontrolling interest, beginning of period		39	42	[3]	41	44	[3]
Net income attributable to noncontrolling interests		0	0	[3]	0	1	[3]
Distributions to noncontrolling interest owners		0	(2)	[3]	(2)	(5)	[3]
Stockholders' equity attributable to noncontrolling interest, end of period		39	40	[3]	39	40	[3]
Under Full Cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Chesapeake			84		633	360
Net income attributable to noncontrolling interests		0	(1)		(1)	(3)
TOTAL EQUITY		3,687	(40)		3,687	(40)
Under Full Cost | PREFERRED STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		1,671	1,671		1,671	1,671
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock		(40)			(40)
Chesapeake stockholders’ equity, end of period		1,631	1,671		1,631	1,671
Under Full Cost | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		16	9		9	9
Exchange of senior notes and convertible senior notes		3			3
Exchange of preferred stock		0			0
Common shares issued for WildHorse Merger					7
Chesapeake stockholders’ equity, end of period		19	9		19	9
Under Full Cost | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		16,380	14,408		14,378	14,437
Common shares issued for WildHorse Merger					2,030
Equity component of convertible notes repurchases		(2)			(2)
Stock-based compensation		8	9		26	26
Dividends on preferred stock		(23)	(23)		(69)	(69)
Chesapeake stockholders’ equity, end of period		16,975	14,394		16,975	14,394
Under Full Cost | ACCUMULATED DEFICIT
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(15,171)	(16,257)		(15,660)	(16,525)
Net income (loss) attributable to Chesapeake		144	84			360
Cumulative effect of accounting change										(8)
Chesapeake stockholders’ equity, end of period		(15,027)	(16,173)		(15,027)	(16,173)
Under Full Cost | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(5)	(40)		(23)	(57)
Hedging activity		8	8		26	25
Chesapeake stockholders’ equity, end of period		3	(32)		3	(32)
Under Full Cost | TREASURY STOCK – COMMON:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		(36)	(31)		(31)	(31)
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans		0	0		(7)	(4)
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans		0	0		2	4
Chesapeake stockholders’ equity, end of period		(36)	(31)		(36)	(31)
Under Full Cost | TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, end of period		3,565	(162)		3,565	(162)
Under Full Cost | NONCONTROLLING INTERESTS:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity attributable to noncontrolling interest, beginning of period		122	123		123	124
Net income attributable to noncontrolling interests		0	1		1	3
Distributions to noncontrolling interest owners		0	(2)		(2)	(5)
Stockholders' equity attributable to noncontrolling interest, end of period		122	122		122	122
Successful Efforts Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Chesapeake		(205)	(230)		(617)	(738)
Net income attributable to noncontrolling interests		0	1		1	2
TOTAL EQUITY		1,048	1,575		1,048	1,575
Successful Efforts Adjustment | PREFERRED STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		0	0		0	0
Exchange of 40,000, 0, 40,000 and 0 shares of preferred stock for common stock		0			0
Chesapeake stockholders’ equity, end of period		0	0		0	0
Successful Efforts Adjustment | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		0	0		0	0
Exchange of senior notes and convertible senior notes		0			0
Exchange of preferred stock		0			0
Common shares issued for WildHorse Merger					0
Chesapeake stockholders’ equity, end of period		0	0		0	0
Successful Efforts Adjustment | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		0	0		0	0
Common shares issued for WildHorse Merger					0
Equity component of convertible notes repurchases		0			0
Stock-based compensation		0	0		0	0
Dividends on preferred stock		0	0		0	0
Chesapeake stockholders’ equity, end of period		0	0		0	0
Successful Efforts Adjustment | ACCUMULATED DEFICIT
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		1,336	1,887		1,748	2,395
Net income (loss) attributable to Chesapeake		(205)	(230)			(738)
Cumulative effect of accounting change										$ 0
Chesapeake stockholders’ equity, end of period		1,131	1,657		1,131	1,657
Successful Efforts Adjustment | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		0	0		0	0
Hedging activity		0	0		0	0
Chesapeake stockholders’ equity, end of period		0	0		0	0
Successful Efforts Adjustment | TREASURY STOCK – COMMON:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, beginning of period		0	0		0	0
Purchase of 53,337, 30,509, 2,673,903, and 1,499,033 shares for company benefit plans		0	0		0	0
Release of 37,301, 41,617, 296,864 and 431,474 shares from company benefit plans		0	0		0	0
Chesapeake stockholders’ equity, end of period		0	0		0	0
Successful Efforts Adjustment | TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Chesapeake stockholders’ equity, end of period		1,131	1,657		1,131	1,657
Successful Efforts Adjustment | NONCONTROLLING INTERESTS:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' equity attributable to noncontrolling interest, beginning of period		(83)	(81)		(82)	(80)
Net income attributable to noncontrolling interests		0	(1)		(1)	(2)
Distributions to noncontrolling interest owners		0	0		0	0
Stockholders' equity attributable to noncontrolling interest, end of period		$ (83)	$ (82)		$ (83)	$ (82)
Exchange of preferred stock for shares of common stock | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		10,367,950	0		10,368,000	0
Exchange of preferred stock for shares of common stock | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock		$ 40	$ 0	[3]	$ 40	$ 0	[3]
Preferred stock exchanges (in shares)		10,367,950	0		10,367,950	0
Exchange of preferred stock for shares of common stock | Under Full Cost | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock		$ 40			$ 40
Exchange of preferred stock for shares of common stock | Successful Efforts Adjustment | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock		$ 0			$ 0
Exchange of senior notes for shares of common stock | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		235,564,000	0		235,564,000	0
Exchange of senior notes for shares of common stock | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 438	$ 0	[3]	$ 438	$ 0	[3]
Preferred stock exchanges (in shares)		235,563,519	0		235,563,519	0
Exchange of senior notes for shares of common stock | Under Full Cost | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 438			$ 438
Exchange of senior notes for shares of common stock | Successful Efforts Adjustment | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 0			$ 0
Exchange of convertible senior notes for common stock | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		73,389,000	0		73,389,000	0
Exchange of convertible senior notes for common stock | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 134	$ 0	[3]	$ 134	$ 0	[3]
Preferred stock exchanges (in shares)		73,389,094	0		73,389,094	0
Exchange of convertible senior notes for common stock | Under Full Cost | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 134			$ 134
Exchange of convertible senior notes for common stock | Successful Efforts Adjustment | ADDITIONAL PAID-IN CAPITAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of notes		$ 0			$ 0
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Oil and Natural Gas Property _3

Oil and Natural Gas Property Transactions - Narrative (Details) shares in Millions, $ in Millions	Feb. 01, 2019USD ($)shares	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2018USD ($)well		Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)awell
Business Acquisition [Line Items]
Revenues		$ 2,087		$ 2,424	[1]		$ 6,669	$ 7,237	[1]
Proceeds from divestitures of proved and unproved properties							110	395	[2]
Mid-Continent
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties								$ 491
Number of net acres included in sale | a								238,500
Productive gas wells, number of wells, net | well				3,200				3,200
Other properties
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties		$ 28	$ 8				$ 110	$ 31
Wildhorse Resource Development Corporation
Business Acquisition [Line Items]
Common stock issued in the merger (in shares) | shares	717.4
Cash	$ 381
Revenues						$ 543
Operating expenses						579
Other expenses						$ 67
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Oil and Natural Gas Property _4

Oil and Natural Gas Property Transactions - Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 01, 2019	Mar. 31, 2019
Fair Value of Assets Acquired:
Common shares, outstanding (in shares)	717,376,170
Share price (in dollars per share)	$ 2.84
Wildhorse Resource Development Corporation
Consideration:
Cash	$ 381
Fair value of Chesapeake’s common stock issued in the Merger (a)	2,037
Total consideration	2,418
Fair Value of Liabilities Assumed:
Current liabilities	166
Long-term debt	1,379
Deferred tax liabilities	314	$ 314
Other long-term liabilities	36
Amounts attributable to liabilities assumed	1,895
Fair Value of Assets Acquired:
Cash and cash equivalents	28
Other current assets	128
Proved oil and natural gas properties	3,264
Unproved properties	756
Other property and equipment	77
Other long-term assets	60
Amounts attributable to assets acquired	4,313
Total identifiable net assets	$ 2,418

Oil and Natural Gas Property _5

Oil and Natural Gas Property Transactions - Pro Forma Financial Information (Details) - Wildhorse Resource Development Corporation - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Revenues	$ 2,607	$ 6,661	$ 7,692
Net income (loss) available to common stockholders	$ (199)	$ (85)	$ (543)
Earnings per common share, basic (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.33)
Earnings per common share, diluted (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.33)

Capitalized Exploratory Well _3

Capitalized Exploratory Well Costs (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Changes in Capitalized Well Costs
Beginning balance	$ 36
Additions pending the determination of proved reserves	14
Divestitures and other	0
Reclassifications to proved properties	(18)
Charges to exploration expense	(8)
Ending balance	24
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common stock equivalent of our preferred stock outstanding prior to exchange
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock that were excluded from the calculation of diluted EPS (in shares)	1	0	1	0
Common stock equivalent of our convertible senior notes outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock that were excluded from the calculation of diluted EPS (in shares)	124	146	124	146
Participating securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock that were excluded from the calculation of diluted EPS (in shares)	0	2	0	1
Common stock equivalent of our preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock that were excluded from the calculation of diluted EPS (in shares)	58	60	58	60

Debt - Long-Term Debt Table (De

Debt - Long-Term Debt Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Feb. 01, 2019	Dec. 31, 2018
Long-Term Debt Instrument [Line Items]
Principal amount	$ 9,732		$ 8,168
Carrying amount	9,341		7,722
Debt issuance costs	(46)		(53)
Debt, current	(208)		(381)
Current maturities of long-term debt, net	(208)		(381)
Long-term debt, fair value	9,524		7,787
Long-term debt, net	9,133		7,341
Interest rate derivatives
Long-Term Debt Instrument [Line Items]
Principal amount	0		0
Interest rate derivatives	1		1
Senior notes | Floating rate senior notes due 2019
Long-Term Debt Instrument [Line Items]
Principal amount	0		380
Carrying amount	0		380
Senior notes | 6.625% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Principal amount	208		437
Carrying amount	$ 208		437
Interest rate, stated percentage	6.625%
Senior notes | 6.875% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Principal amount	$ 93		227
Carrying amount	$ 93		227
Interest rate, stated percentage	6.875%
Senior notes | 6.125% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Principal amount	$ 167		548
Carrying amount	$ 167		548
Interest rate, stated percentage	6.125%
Senior notes | 5.375% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Principal amount	$ 127		267
Carrying amount	$ 127		267
Interest rate, stated percentage	5.375%
Senior notes | 4.875% senior notes due 2022
Long-Term Debt Instrument [Line Items]
Principal amount	$ 338		451
Carrying amount	$ 338		451
Interest rate, stated percentage	4.875%
Senior notes | 5.75% senior notes due 2023
Long-Term Debt Instrument [Line Items]
Principal amount	$ 209		338
Carrying amount	$ 209		338
Interest rate, stated percentage	5.75%
Senior notes | 7.00% senior notes due 2024
Long-Term Debt Instrument [Line Items]
Principal amount	$ 850		850
Carrying amount	$ 850		850
Interest rate, stated percentage	7.00%
Senior notes | 6.875% senior notes due 2025
Long-Term Debt Instrument [Line Items]
Principal amount	$ 618		0
Carrying amount	$ 621		0
Chesapeake revolving credit facility		$ 700
Interest rate, stated percentage	6.875%	6.875%
Senior notes | 8.00% senior notes due 2025
Long-Term Debt Instrument [Line Items]
Principal amount	$ 1,245		1,300
Carrying amount	$ 1,237		1,291
Interest rate, stated percentage	8.00%
Senior notes | 7.5% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Principal amount	$ 400		400
Carrying amount	400		400
Senior notes | 8.00% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Principal amount	919		0
Carrying amount	885		0
Chesapeake revolving credit facility	$ 919
Interest rate, stated percentage	8.00%
Senior notes | 8.00% senior notes due 2027
Long-Term Debt Instrument [Line Items]
Principal amount	$ 1,090		1,300
Carrying amount	$ 1,089		1,299
Interest rate, stated percentage	8.00%
Convertible debt | 5.5% convertible senior notes due 2026
Long-Term Debt Instrument [Line Items]
Principal amount	$ 1,064		1,250
Carrying amount	$ 758		866
Interest rate, stated percentage	5.50%
Interest rate, effective percentage	11.50%
Convertible debt | 7.5% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	7.50%
Convertible debt | 8.00% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%
Convertible debt | 2.25% contingent convertible senior notes due 2038
Long-Term Debt Instrument [Line Items]
Principal amount	$ 0		1
Carrying amount	$ 0		1
Interest rate, stated percentage	2.25%
Line of credit | Chesapeake revolving credit facility | Revolving credit facility
Long-Term Debt Instrument [Line Items]
Principal amount			419
Chesapeake revolving credit facility	$ 1,504		419
Line of credit | BVL revolving credit facility | Revolving credit facility
Long-Term Debt Instrument [Line Items]
Principal amount	900		0
Chesapeake revolving credit facility	$ 900		$ 0

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 01, 2019USD ($)	Sep. 30, 2019USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018USD ($)
Long-Term Debt Instrument [Line Items]
Gain (loss) on purchases or exchanges of debt			$ 70,000,000	$ (68,000,000)
Chesapeake senior notes
Long-Term Debt Instrument [Line Items]
Gain (loss) on purchases or exchanges of debt		$ 64,000,000
Senior notes
Long-Term Debt Instrument [Line Items]
Debt redemption, percent of principal amount of notes to be redeemed			100.00%
Debt redemption, percent of aggregate amount of notes to be redeemed			35.00%
Repayments of senior debt		380,000,000
Senior notes | Chesapeake senior notes
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount		$ 507,000,000	$ 507,000,000
Conversation of common stock shares outstanding (in shares) | shares		235,563,519
Senior notes | 8.00% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount		$ 919,000,000	$ 919,000,000
Interest rate, stated percentage		8.00%	8.00%
Senior notes | 6.875% senior notes due 2025
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount	$ 700,000,000
Gain (loss) on purchases or exchanges of debt		$ 6,000,000
Interest rate, stated percentage	6.875%	6.875%	6.875%
Debt covenant, basket	$ 25,000,000
Debt repurchased, principal		$ 82,000,000	$ 82,000,000
Repayment of senior notes		76,000,000
Convertible senior notes | Chesapeake senior notes
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount		$ 186,000,000	$ 186,000,000
Conversation of common stock shares outstanding (in shares) | shares		73,389,094
Convertible senior notes | 8.00% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage		8.00%	8.00%
Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000,000,000	$ 3,000,000,000
Line of credit facility, maximum borrowing capacity, increased maximum		4,000,000,000	4,000,000,000
Letters of credit outstanding, amount		$ 53,000,000	$ 53,000,000
Leverage ratio	4	5.50	5.50
Leverage ratio, decrease by quarter		0.0025	0.0025
Line of credit facility, current borrowing capacity		$ 1,443,000,000	$ 1,443,000,000
Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,000,000,000	2,000,000,000
Line of credit facility, current borrowing capacity		$ 1,300,000,000	$ 1,300,000,000
Mortgage guarantee, secured percent on proved reserves		85.00%	85.00%
Ratio of net debt to EBITDAX	4
Ratio of funded debt to EBITDAX	4
Current ratio	1
Revolving credit facility | Line of credit | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount		$ 1,504,000,000	$ 1,504,000,000						$ 419,000,000
Revolving credit facility | Line of credit | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount		$ 900,000,000	$ 900,000,000						$ 0
Minimum | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Commitment fee	0.375%
Minimum | Alternative Base Rate (ABR) | Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	0.50%
Minimum | Alternative Base Rate (ABR) | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	0.50%
Minimum | Eurodollar | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	1.50%
Minimum | London Interbank Offered Rate (LIBOR) | Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	1.50%
Minimum | London Interbank Offered Rate (LIBOR) | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	1.50%
Maximum | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Commitment fee	0.50%
Maximum | Alternative Base Rate (ABR) | Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	2.00%
Maximum | Alternative Base Rate (ABR) | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	1.50%
Maximum | Eurodollar | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	2.50%
Maximum | London Interbank Offered Rate (LIBOR) | Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	3.00%
Maximum | London Interbank Offered Rate (LIBOR) | Revolving credit facility | BVL revolving credit facility
Long-Term Debt Instrument [Line Items]
Variable rate percentage	2.50%
Forecast | Revolving credit facility | Chesapeake revolving credit facility
Long-Term Debt Instrument [Line Items]
Leverage ratio					4
Secured leverage ratio					2.50
Fixed charge coverage ratio						2.50	2.25	2

Debt - Conversion (Details)

Debt - Conversion (Details) - Senior notes $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Debt Conversion [Line Items]
Amount of notes exchanged	$ 884
6.625% senior notes due 2020
Debt Conversion [Line Items]
Amount of notes exchanged	229
6.875% senior notes due 2020
Debt Conversion [Line Items]
Amount of notes exchanged	134
6.125% senior notes due 2021
Debt Conversion [Line Items]
Amount of notes exchanged	381
5.375% senior notes due 2021
Debt Conversion [Line Items]
Amount of notes exchanged	$ 140

- Fair Value of Debt Table (Det

- Fair Value of Debt Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 9,524	$ 7,787
Quoted Prices in Active Markets (Level 1) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	208	381
Long-term debt, fair value	2,790	3,495
Quoted Prices in Active Markets (Level 1) | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	208	379
Long-term debt, fair value	2,245	3,173
Significant Other Observable Inputs (Level 2) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	6,343	3,846
Significant Other Observable Inputs (Level 2) | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 4,980	$ 3,644

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) - USD ($)	Aug. 28, 2019	Jan. 05, 2014	Feb. 28, 2019	Aug. 09, 2018
Commonwealth of Pennsylvania, royalty underpayment | Settled litigation
Loss Contingencies [Line Items]
Settlement amount				$ 35,000,000
Pennsylvania Department of Environmental Protection | Settled litigation | Chesapeake Appalachia, L.L.C.
Loss Contingencies [Line Items]
Settlement amount	$ 100,000
Chaparral Energy, Inc. | Healthcare of Ontario Pension Plan (HOOPP) | Pending litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 215,000,000
FTS International, Inc. | Putative class action lawsuit | Pending litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 1,000,000

Contingencies and Commitments_2

Contingencies and Commitments - Gathering Processing and Transportation Commitments Table (Details) - Gathering, processing and transportation agreement $ in Millions	Sep. 30, 2019USD ($)
Other Commitments [Line Items]
Remainder of 2019	$ 201
2020	764
2021	673
2022	570
2023	480
2024 – 2035	2,731
Total	$ 5,419

Other Liabilities - Current Tab

Other Liabilities - Current Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 429	$ 687
Accrued drilling and production costs	474	258
Joint interest prepayments received	49	73
VPP deferred revenue	56	59
Accrued compensation and benefits	156	202
Other accrued taxes	141	108
Other	185	212
Total other current liabilities	$ 1,490	$ 1,599

Other Liabilities - Long-Term T

Other Liabilities - Long-Term Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
VPP deferred revenue	$ 22	$ 63
Unrecognized tax benefits	55	53
Other	109	103
Total other long-term liabilities	$ 186	$ 219

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Feb. 01, 2019USD ($)contract	Sep. 30, 2019USD ($)	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease liability		$ 25
Operating lease, right-of-use asset		$ 22
Natural Gas Compressors | Midcon Compression, L.L.C.
Lessee, Lease, Description [Line Items]
Lease terms			38 months
Wildhorse Resource Development Corporation
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 40
Operating lease, right-of-use asset	38
Lease incentive	$ 2
Number of leases | contract	2
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term		1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term		7 years 3 months 18 days

Leases - ROU Assets and Liabili

Leases - ROU Assets and Liabilities (Details) $ in Millions	Sep. 30, 2019USD ($)
Assets and Liabilities, Lessee [Abstract]
Financing, ROU assets	$ 20
Financing, current lease liabilities	9
Financing, long-term lease liabilities	11
Financing, present value of lease liabilities	20
Operating, ROU assets	22
Operating, current lease liabilities	9
Operating, long-term lease liabilities	16
Operating, present value of lease liabilities	$ 25

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Lease cost:
Amortization of ROU assets	$ 2	$ 6
Interest on lease liability	0	1
Finance lease cost	2	7
Operating lease cost	7	24
Short-term lease cost	34	82
Total lease cost	43	113
Other information:
Operating cash outflows from finance lease	0	1
Operating cash outflows from operating leases	3	8
Investing cash outflows from operating leases	38	98
Financing cash outflows from finance lease	$ 2	$ 6
Weighted-average remaining lease term - finance lease	2 years 3 months	2 years 3 months
Weighted-average remaining lease term - operating leases	4 years 10 months 13 days	4 years 10 months 13 days
Weighted-average discount rate - finance lease	7.50%	7.50%
Weighted-average discount rate - operating leases	4.17%	4.17%
Capitalized lease costs	$ 38	$ 98

Leases - Maturity Analysis of F

Leases - Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finance Leases, After Adoption of 842:
Remainder of 2019	$ 3
2020	10
2021	10
2022	0
2023	0
Thereafter	0
Total lease payments	23
Less imputed interest	(3)
Financing, present value of lease liabilities	20
Less current maturities	(9)
Present value of lease liabilities, less current maturities	11
Operating Leases, After Adoption of 842:
Remainder of 2019	2
2020	9
2021	5
2022	3
2023	2
Thereafter	7
Total lease payments	28
Less imputed interest	(3)
Operating, present value of lease liabilities	25
Less current maturities	(9)
Present value of lease liabilities, less current maturities	$ 16
Capital Leases, Before Adoption of 842:
2019		$ 10
2020		10
2021		10
Total minimum lease payments		30
Operating Leases, After Adoption of 842:
2019		3
2020		1
2021		0
Total minimum lease payments		$ 4

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - Retained Earnings - USD ($) $ in Millions	Jan. 01, 2019	Jan. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of accounting change	$ 0	$ (8)	[1]
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of accounting change		$ (8)
[1]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 1,003	$ 1,331		$ 3,412	$ 3,924
Gains (losses) on oil, natural gas and NGL derivatives	167	(132)		141	(500)
Revenues	2,087	2,424	[1]	6,669	7,237	[1]
Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	1,170	1,199	[1]	3,553	3,424	[1]
Marketing
Disaggregation of Revenue [Line Items]
Revenues	805	1,030		2,773	3,182
Gains (losses) on oil, natural gas and NGL derivatives	0			(3)
Revenues	889	1,219	[1]	3,038	3,738	[1]
Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	84	189		268	556
Marcellus
Disaggregation of Revenue [Line Items]
Revenues	158	184		656	646
Haynesville
Disaggregation of Revenue [Line Items]
Revenues	129	195		494	605
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	336	493		1,168	1,411
Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	209			548
Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	118	108		355	243
Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	53	85		191	301
Utica
Disaggregation of Revenue [Line Items]
Revenues		266			718
Oil
Disaggregation of Revenue [Line Items]
Revenues	613	594		1,879	1,698
Gains (losses) on oil, natural gas and NGL derivatives	124	(100)		(49)	(388)
Oil | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	737	494		1,830	1,310
Oil | Marketing
Disaggregation of Revenue [Line Items]
Revenues	603	707		1,830	2,125
Gains (losses) on oil, natural gas and NGL derivatives	0			0
Revenues	683	826		2,060	2,506
Oil | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	80	119		230	381
Oil | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0		0	0
Oil | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0		0	2
Oil | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	282	399		962	1,148
Oil | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	194			513
Oil | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	97	78		273	173
Oil | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	40	58		131	196
Oil | Utica
Disaggregation of Revenue [Line Items]
Revenues		59			179
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	353	578		1,383	1,822
Gains (losses) on oil, natural gas and NGL derivatives	43	(18)		190	(85)
Natural Gas | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	396	560		1,573	1,737
Natural Gas | Marketing
Disaggregation of Revenue [Line Items]
Revenues	165	211		741	733
Gains (losses) on oil, natural gas and NGL derivatives	0			(3)
Revenues	169	281		776	908
Natural Gas | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	4	70		38	175
Natural Gas | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	158	184		656	646
Natural Gas | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	129	195		494	603
Natural Gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	32	36		117	120
Natural Gas | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	10			23
Natural Gas | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	16	17		59	40
Natural Gas | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	8	15		34	63
Natural Gas | Utica
Disaggregation of Revenue [Line Items]
Revenues		131			350
NGL
Disaggregation of Revenue [Line Items]
Revenues	37	159		150	404
Gains (losses) on oil, natural gas and NGL derivatives	0	(14)		0	(27)
NGL | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	37	145		150	377
NGL | Marketing
Disaggregation of Revenue [Line Items]
Revenues	37	112		202	324
Gains (losses) on oil, natural gas and NGL derivatives	0			0
Revenues	37	112		202	324
NGL | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0		0	0
NGL | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0		0	0
NGL | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0		0	0
NGL | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	22	58		89	143
NGL | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	5			12
NGL | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	5	13		23	30
NGL | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	$ 5	12		$ 26	42
NGL | Utica
Disaggregation of Revenue [Line Items]
Revenues		$ 76			$ 189
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Revenue Recognition - Accounts

Revenue Recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (21)	$ (17)
Total accounts receivable, net	977	1,247
Oil, natural gas and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	644	976
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	290	211
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 64	$ 77

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	[1]	Sep. 30, 2019	Sep. 30, 2018	[1]	Feb. 01, 2019
Business Acquisition [Line Items]
Effective income tax rate	0.00%
Income tax benefit	$ 1,000,000		$ (1,000,000)		$ 315,000,000	$ 8,000,000
Ownership change, cumulative shift					40.00%
Wildhorse Resource Development Corporation
Business Acquisition [Line Items]
Deferred tax liabilities		$ 314,000,000						$ 314,000,000
Income tax benefit	1,000,000	314,000,000			$ 315,000,000
Deferred tax liability, plant, property and equipment and prepaid compensation		401,000,000
Deferred tax assets, operating loss carryforward, limitations	$ 61,000,000				61,000,000
Wildhorse Resource Development Corporation | Federal
Business Acquisition [Line Items]
Deferred tax asset, operating loss carryforward		$ 87,000,000
Wildhorse Resource Development Corporation | State
Business Acquisition [Line Items]
Income tax benefit					$ 314,000,000
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued, beginning balance (shares)	1,634,486,000	913,271,000		913,715,512	908,733,000
Restricted stock issuances (net of forfeitures and cancellations)	344,000	421,000		3,738,000	4,959,000
Common stock, shares issued, ending balance (shares)	1,954,150,951	913,692,000		1,954,150,951	913,692,000
Loss on exchange of preferred stock	$ 17,000	$ 0	[1]	$ 17,000	$ 0	[1]
Wildhorse Resource Development Corporation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger	0	0		717,376	0
COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger	$ 0	$ 0	[2]	$ 7,000	$ 0	[2]
COMMON STOCK | Exchange of convertible notes for shares of common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, exchanged (in shares)	73,389,000	0		73,389,000	0
COMMON STOCK | Exchange of senior notes for shares of common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, exchanged (in shares)	235,564,000	0		235,564,000	0
COMMON STOCK | Exchange of preferred stock for shares of common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, exchanged (in shares)	10,367,950	0		10,368,000	0
PREFERRED STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, exchanged (in shares)	40,000	0		40,000	0
PREFERRED STOCK | 5.75% Series A Cumulative Convertible Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, exchanged (in shares)				40,000
Interest rate, stated percentage	5.75%			5.75%
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (shares)				5,603,458
Preferred stock, shares outstanding, ending balance (shares)	5,563,458			5,563,458
5.75%
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (shares)	770,000	770,000		770,000	770,000
Preferred stock, shares outstanding, ending balance (shares)	770,000	770,000		770,000	770,000
Liquidation price per share (in dollars per share)	$ 1,000			$ 1,000
5.75% (A)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (shares)	463,000	463,000		463,000	463,000
Preferred stock, shares outstanding, ending balance (shares)	423,000	463,000		423,000	463,000
Liquidation price per share (in dollars per share)	$ 1,000			$ 1,000
4.50%
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (shares)	2,559,000	2,559,000		2,559,000	2,559,000
Preferred stock, shares outstanding, ending balance (shares)	2,559,000	2,559,000		2,559,000	2,559,000
Liquidation price per share (in dollars per share)	$ 100			$ 100
5.00% (2005B)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning balance (shares)	1,811,000	1,811,000		1,811,000	1,811,000
Preferred stock, shares outstanding, ending balance (shares)	1,811,000	1,811,000		1,811,000	1,811,000
Liquidation price per share (in dollars per share)	$ 100			$ 100
PREFERRED STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock	$ (40,000)	$ 0	[1]	$ (40,000)	$ 0	[1]
PREFERRED STOCK | 5.75%
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock	0			0
PREFERRED STOCK | 5.75% (A)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock	$ (40)			$ (40)
Interest rate, stated percentage	5.75%			5.75%
PREFERRED STOCK | 4.50%
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock	$ 0			$ 0
PREFERRED STOCK | 5.00% (2005B)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of preferred stock	$ 0			$ 0
[1]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock (Details) - Participating securities shares in Thousands	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Shares of Unvested Restricted Stock
Unvested restricted stock, beginning balance (in shares) | shares	11,858
Granted (in shares) | shares	5,370
Vested (in shares) | shares	(5,439)
Forfeited (in shares) | shares	(1,241)
Unvested restricted stock, ending balance (in shares) | shares	10,548
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in dollars per share) | $ / shares	$ 4.43
Granted (in dollars per share) | $ / shares	2.85
Vested (in dollars per share) | $ / shares	4.46
Forfeited (in dollars per share) | $ / shares	3.75
Unvested restricted stock, ending balance (in dollars per share) | $ / shares	$ 3.69

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Participating securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 15
Unrecognized compensation expense	$ 24
Share-based compensation expense, weighted average period for recognition	1 year 11 months 1 day
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, weighted average period for recognition	1 year 3 months 3 days
Unrecognized compensation expense	$ 7
Stock option | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Stock option | Management | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Stock option | Management | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Performance Share Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share units maximum payout percentage	0.00%
Performance Share Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share units maximum payout percentage	200.00%
Performance Share Units | Management
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%
Terms of award	less than zero
Performance Share Units | Management | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR component percentage performance share units	0.00%
Operational component percentage performance share ufnits	0.00%
Performance Share Units | Management | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR component percentage performance share units	100.00%
Operational component percentage performance share ufnits	100.00%
Cash Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period		3 years

Share-Based Compensation - Equi

Share-Based Compensation - Equity-Classified Valuation Table (Details) - Stock option	9 Months Ended
	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life – years	6 years
Volatility	65.61%
Risk-free interest rate	2.47%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares options)	18,096
Granted (in shares options)	1,000
Exercised (in shares options)	0
Expired (in shares options)	(487)
Forfeited (in shares options)	(589)
Outstanding, ending balance (in shares options)	18,020	18,096
Weighted Average Exercise Price Per Share
Outstanding, beginning (in dollars per share)	$ 7.20
Granted (in dollars per share)	2.97
Exercised (in dollars per share)	0
Expired (in dollars per share)	6.49
Forfeited (in dollars per share)	3.92
Outstanding, ending (in dollars per share)	$ 7.09	$ 7.20
Weighted average contract life, outstanding	6 years 1 month 13 days	7 years 1 month 24 days
Aggregate intrinsic value, outstanding	$ 0	$ 0
Aggregate intrinsic value, exercised	$ 0
Exercisable (in shares options)	12,999
Weighted average exercise price, exercisable (in dollars per share)	$ 8.30
Weighted average contract life, exercisable (in years)	5 years 3 months 21 days
Aggregate intrinsic value, exercisable	$ 0

Share-Based Compensation - Eq_2

Share-Based Compensation - Equity-Classified Compensation Table (Details) - Restricted stock and stock options - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8	$ 8	$ 26	$ 30
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	6	7	21	24
Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	0	2	2
Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1	3	4
Exploration expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0	$ 0

Share-Based Compensation - Liab

Share-Based Compensation - Liability Classified Valuation Table (Details) - 2017 Awards - Performance Share Units	9 Months Ended
	Sep. 30, 2019
Grant Date Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	80.65%
Risk-free interest rate	1.54%
Dividend yield for value of awards	0.00%
Reporting Period Assumptions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	95.41%
Risk-free interest rate	1.87%
Dividend yield for value of awards	0.00%

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Breakout (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Performance Share Units | Award Year 2019, Payable 2020, 2021 and 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	4,785,372
Fair Value	$ 7	$ 14
Vested Liability	$ 0
Performance Share Units | Award Year 2018, Payable 2020 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	2,388,185
Fair Value	$ 3	7
Vested Liability	$ 0
Performance Share Units | Award Year 2017, Payable 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	1,174,973
Fair Value	$ 1	8
Vested Liability	$ 1
Cash Restricted Stock Units | Award Year 2018, Payable 2020 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units	9,267,227
Fair Value	$ 13	$ 28
Vested Liability	$ 0

Share-Based Compensation - Li_2

Share-Based Compensation - Liability-Classified Compensation Table (Details) - Performance Share Units - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1	$ 12	$ 26
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(1)	(1)	7	20
Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1	2	2
Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	1	3	3
Exploration expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0	$ 1

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Derivative Instruments (Details) MMBbls in Millions, $ in Millions, Bcf in Trillions	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)BcfMMBbls	Dec. 31, 2018USD ($)BcfMMBbls
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 323	$ 282
Energy related derivative
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	323	282
Energy related derivative | Future Natural Gas Prices | Utica Shale
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 0	$ 7
Energy related derivative | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	30	27
Derivative assets (liabilities), at fair value, net	$ 186	$ 260
Energy related derivative | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	625	966
Derivative assets (liabilities), at fair value, net	$ 137	$ 15
Energy related derivative | Fixed-price swaps | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	22	12
Derivative assets (liabilities), at fair value, net	$ 152	$ 157
Energy related derivative | Fixed-price swaps | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	383	623
Derivative assets (liabilities), at fair value, net	$ 139	$ 26
Energy related derivative | Three-way collars | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	15	88
Derivative assets (liabilities), at fair value, net	$ 3	$ 1
Energy related derivative | Collars | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	3	8
Derivative assets (liabilities), at fair value, net	$ 33	$ 98
Energy related derivative | Collars | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	9	55
Derivative assets (liabilities), at fair value, net	$ 3	$ (3)
Energy related derivative | Call options | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	28	44
Derivative assets (liabilities), at fair value, net	$ 0	$ 0
Energy related derivative | Call swaptions | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	2
Derivative assets (liabilities), at fair value, net	$ (1)
Energy related derivative | Call swaptions | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	136	106
Derivative assets (liabilities), at fair value, net	$ (7)	$ (9)
Energy related derivative | Put options | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	1
Derivative assets (liabilities), at fair value, net	$ (2)
Energy related derivative | Basis protection swaps | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	2	7
Derivative assets (liabilities), at fair value, net	$ 4	$ 5
Energy related derivative | Basis protection swaps | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	54	50
Derivative assets (liabilities), at fair value, net	$ (1)	$ 0

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 323	$ 282
Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset	347	422
Derivative liability	(24)	(147)
Energy related derivative
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	323	282
Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	323	282
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Derivative assets (liabilities), at fair value, net	323	282
Short-term derivative asset | Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	294	306
Derivative asset, fair value, gross liability, netted	(22)	(104)
Derivative asset	272	202
Long-term derivative asset | Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	55	117
Derivative asset, fair value, gross liability, netted	(4)	(41)
Derivative asset	51	76
Short-term derivative liability | Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(22)	(107)
Derivative liability, fair value, gross asset, netted	22	104
Derivative liability	0	(3)
Long-term derivative liability | Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(4)	(41)
Derivative liability, fair value, gross asset, netted	4	41
Derivative liability	0	0
Future Natural Gas Prices | Short-term derivative asset | Not designated as hedging instrument | Energy related derivative
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	7
Derivative asset, fair value, gross liability, netted	0	0
Derivative asset	$ 0	$ 7

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Gains (losses) on undesignated oil, natural gas and NGL derivatives	$ 167	$ (132)		$ 141	$ (500)
Revenues	2,087	2,424	[1]	6,669	7,237	[1]
Oil, natural gas and NGL sales
Derivative [Line Items]
Losses on terminated cash flow hedges	(8)	(8)		(26)	(25)
Oil, natural gas and NGL sales | Commodity contract | Not designated as hedging instrument
Derivative [Line Items]
Gains (losses) on undesignated oil, natural gas and NGL derivatives	175	(124)		167	(475)
Oil, natural gas and NGL
Derivative [Line Items]
Oil, natural gas and NGL revenues	1,003	1,331		3,412	3,924
Revenues	$ 1,170	$ 1,199	[1]	$ 3,553	$ 3,424	[1]
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Derivative and Hedging Activi_6

Derivative and Hedging Activities - Marketing Revenues (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Revenues	$ 1,003	$ 1,331		$ 3,412	$ 3,924
Losses on undesignated marketing natural gas derivatives	167	(132)		141	(500)
Revenues	2,087	2,424	[1]	6,669	7,237	[1]
Marketing, Gathering And Compression | Other contract
Derivative [Line Items]
Losses on undesignated marketing natural gas derivatives	0	0		(4)	0
Marketing | Marketing, Gathering And Compression
Derivative [Line Items]
Revenues	889	1,219		3,042	3,738
Marketing
Derivative [Line Items]
Revenues	805	1,030		2,773	3,182
Losses on undesignated marketing natural gas derivatives	0			(3)
Revenues	$ 889	$ 1,219	[1]	$ 3,038	$ 3,738	[1]
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Derivative and Hedging Activi_7

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period				$ (23)
Losses reclassified to income, after tax	[1]	$ 8		26
Losses reclassified to income, after tax	[1],[2]		$ 8		$ 25
AOCI, after tax, end of period		3		3
Cash flow hedging
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, before tax, beginning of period		(62)	(97)	(80)	(114)
AOCI, after tax, beginning of period		(5)	(40)	(23)	(57)
Losses reclassified to income, before tax		8		26
Losses reclassified to income, after tax		8		26
Losses reclassified to income, before tax			8		25
Losses reclassified to income, after tax			8		25
AOCI, before tax, end of period		(54)	(89)	(54)	(89)
AOCI, after tax, end of period		$ 3	$ (32)	$ 3	$ (32)
[1]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Derivative and Hedging Activi_8

Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	$ 323	$ 282
Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	347	422
Derivative liability	24	147
Energy related derivative
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	323	282
Energy related derivative | Future Natural Gas Prices | Utica Shale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	7
Derivative assets (liabilities), at fair value, net	0	7
Quoted Prices in Active Markets (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Quoted Prices in Active Markets (Level 1) | Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Quoted Prices in Active Markets (Level 1) | Energy related derivative | Future Natural Gas Prices | Utica Shale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	291	188
Significant Other Observable Inputs (Level 2) | Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	307	319
Derivative liability	16	131
Significant Other Observable Inputs (Level 2) | Energy related derivative | Future Natural Gas Prices | Utica Shale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	32	94
Significant Unobservable Inputs (Level 3) | Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	40	103
Derivative liability	8	16
Derivative assets (liabilities), at fair value, net	32	87	$ (5)	$ (15)
Significant Unobservable Inputs (Level 3) | Energy related derivative | Future Natural Gas Prices | Utica Shale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	7
Derivative assets (liabilities), at fair value, net	$ 0	$ 7	$ 0	$ 0

Derivative and Hedging Activi_9

Derivative and Hedging Activities - Fair Value Level 3 Measurements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	$ 282
Derivative assets (liabilities), at fair value, net, end of period	323
Energy related derivative
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	282
Derivative assets (liabilities), at fair value, net, end of period	323
Future Natural Gas Prices | Utica Shale | Energy related derivative
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	7
Derivative assets (liabilities), at fair value, net, end of period	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	94
Derivative assets (liabilities), at fair value, net, end of period	32
Significant Unobservable Inputs (Level 3) | Commodity contract
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	87	$ (15)
Gains (loses) included in earnings	(47)	(3)
Settlements	(8)	13
Derivative assets (liabilities), at fair value, net, end of period	32	(5)
Significant Unobservable Inputs (Level 3) | Commodity contract | Oil, natural gas and NGL sales
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Gains (loses) included in earnings	(47)	(3)
Change in unrealized gains (losses) related to assets still held at reporting date	(57)	(3)
Significant Unobservable Inputs (Level 3) | Future Natural Gas Prices | Utica Shale | Energy related derivative
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	7	0
Gains (loses) included in earnings	(7)	0
Settlements	0	0
Derivative assets (liabilities), at fair value, net, end of period	0	0
Significant Unobservable Inputs (Level 3) | Future Natural Gas Prices | Utica Shale | Energy related derivative | Oil, natural gas and NGL sales
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Gains (loses) included in earnings	(7)	0
Change in unrealized gains (losses) related to assets still held at reporting date	$ (7)	$ 0

Derivative and Hedging Activ_10

Derivative and Hedging Activities - Quantitative Disclosures Level 3 (Details) - Energy related derivative $ in Millions	Sep. 30, 2019USD ($)
Oil
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value, measurement with unobservable inputs reconciliations, recurring basis, asset value	$ 33
Natural Gas
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value, measurement with unobservable inputs reconciliations, recurring basis, liability value	$ (1)
Price volatility | Oil | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.3255
Price volatility | Oil | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.2462
Price volatility | Oil | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.4877
Price volatility | Natural Gas | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.3740
Price volatility | Natural Gas | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.1337
Price volatility | Natural Gas | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	1.4537

Derivative and Hedging Activ_11

Derivative and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)counterpartyderivative	Dec. 31, 2018USD ($)dayderivative$ / BTU
Derivative [Line Items]
Expected amount to be transferred of during the next 12 months	$ 34
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, number of instruments held | derivative	0	0
Credit Risk
Derivative [Line Items]
Number of counterparties in hedge facility | counterparty	15
Disposal group, disposed of by sale, not discontinued operations | Utica Shale | Future Natural Gas Prices
Derivative [Line Items]
Disposal group, including discontinued operation, consideration		$ 100
Debt instrument, convertible, threshold trading days | day		20
Debt instrument, convertible, threshold consecutive trading days | day		30
Unrealized gain (loss)	$ (7)
2022 NYMEX Natural Gas | Disposal group, disposed of by sale, not discontinued operations | Utica Shale | Future Natural Gas Prices
Derivative [Line Items]
Disposal group, including discontinued operation, consideration		$ 50
2022 NYMEX Natural Gas | Disposal group, disposed of by sale, not discontinued operations | Utica Shale | Future Natural Gas Prices 2022
Derivative [Line Items]
Average sales prices (in dollars per mmbtu) | $ / BTU		3
2022 NYMEX Natural Gas | Disposal group, disposed of by sale, not discontinued operations | Utica Shale | Future Natural Gas Prices 2023
Derivative [Line Items]
Average sales prices (in dollars per mmbtu) | $ / BTU		3.25

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
JWH Midstream LLC (JWH)
Schedule of Equity Method Investments [Line Items]
Business acquisition, percent acquired	50.00%	50.00%
Equity method investments			$ 17
Payments to terminate involvement in partnership	$ 7
Impairment expense		$ 24
FTS International, Inc.
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	20.00%	20.00%		29.00%
Investment, realized gain (loss)		$ 61
Number of shares sold (in shares)		4.3
Proceeds from sale of equity method investments		$ 74
Shares held (in shares)	22	22
Book value	$ 65	$ 65
FTS International, Inc. | IPO
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage	24.00%	24.00%
Investment, realized gain (loss)		$ 78

Other Operating Expenses - Narr

Other Operating Expenses - Narrative (Details) - Wildhorse Resource Development Corporation $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Acquisition related costs	$ 34
Severance expense	$ 38

Restructuring and Other Termi_2

Restructuring and Other Termination Costs (Details) - USD ($) $ in Millions	Jan. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	[1]	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs, number of positions eliminated, period percent	13.00%
Restructuring and other termination costs		$ 0	$ 0		$ 0	$ 38	[1]
One-time termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs						$ 38
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Table (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	$ 1	$ (1)
Short-term derivative asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	46	50
Short-term derivative liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	(45)	(51)
Quoted Prices in Active Markets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	1	(1)
Quoted Prices in Active Markets (Level 1) | Short-term derivative asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	46	50
Quoted Prices in Active Markets (Level 1) | Short-term derivative liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	(45)	(51)
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	0	0
Significant Other Observable Inputs (Level 2) | Short-term derivative asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	0	0
Significant Other Observable Inputs (Level 2) | Short-term derivative liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, net asset (liability), total	0	0
Significant Unobservable Inputs (Level 3) | Short-term derivative asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current assets	0	0
Significant Unobservable Inputs (Level 3) | Short-term derivative liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other current liabilities	$ 0	$ 0

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Narrative (Details)	Sep. 30, 2019
Owned subsidiaries | Senior notes
Condensed Financial Statements, Captions [Line Items]
Noncontrolling interest, ownership percentage by parent	100.00%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	[1]
CURRENT ASSETS:
Cash and cash equivalents	$ 14	$ 4
Other current assets	1,389	1,594
Intercompany receivable, net	0	0
Total Current Assets	1,403	1,598
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on successful efforts accounting, net	13,734	9,712
Other property and equipment, net	1,132	1,091
Property and equipment held for sale, net	10	15
Total Property and Equipment, Net	14,876	10,818
LONG-TERM ASSETS:
Other long-term assets	300	319
Investments in subsidiaries and intercompany advances	0	0
TOTAL ASSETS	16,579	12,735
CURRENT LIABILITIES:
Current liabilities	2,348	2,887
Intercompany payable, net	0	0
Total Current Liabilities	2,348	2,887
LONG-TERM LIABILITIES:
Long-term debt, net	9,133	7,341
Deferred income tax liabilities	0
Other long-term liabilities	363	374
Total Long-Term Liabilities	9,496	7,715
EQUITY:
Chesapeake stockholders’ equity	4,696	2,092
Noncontrolling interests	39	41
Total Equity	4,735	2,133	$ 1,535
TOTAL LIABILITIES AND EQUITY	16,579	12,735
Eliminations
CURRENT ASSETS:
Cash and cash equivalents	(5)	(2)
Other current assets	0	0
Intercompany receivable, net	(6,275)	(6,671)
Total Current Assets	(6,280)	(6,673)
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on successful efforts 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	(297)	0
Investments in subsidiaries and intercompany advances	(8,351)	(3,257)
TOTAL ASSETS	(14,928)	(9,930)
CURRENT LIABILITIES:
Current liabilities	(5)	(2)
Intercompany payable, net	(6,275)	(6,671)
Total Current Liabilities	(6,280)	(6,673)
LONG-TERM LIABILITIES:
Long-term debt, net	0	0
Deferred income tax liabilities	(297)
Other long-term liabilities	0	0
Total Long-Term Liabilities	(297)	0
EQUITY:
Chesapeake stockholders’ equity	(8,351)	(3,257)
Noncontrolling interests	0	0
Total Equity	(8,351)	(3,257)
TOTAL LIABILITIES AND EQUITY	(14,928)	(9,930)
Parent | Reportable legal entities
CURRENT ASSETS:
Cash and cash equivalents	8	4
Other current assets	56	60
Intercompany receivable, net	6,275	6,671
Total Current Assets	6,339	6,735
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on successful efforts 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	336	26
Investments in subsidiaries and intercompany advances	6,013	3,248
TOTAL ASSETS	12,688	10,009
CURRENT LIABILITIES:
Current liabilities	325	523
Intercompany payable, net	0	0
Total Current Liabilities	325	523
LONG-TERM LIABILITIES:
Long-term debt, net	7,612	7,341
Deferred income tax liabilities	0
Other long-term liabilities	55	53
Total Long-Term Liabilities	7,667	7,394
EQUITY:
Chesapeake stockholders’ equity	4,696	2,092
Noncontrolling interests	0	0
Total Equity	4,696	2,092
TOTAL LIABILITIES AND EQUITY	12,688	10,009
Guarantor Subsidiaries | Reportable legal entities
CURRENT ASSETS:
Cash and cash equivalents	1	1
Other current assets	1,231	1,532
Intercompany receivable, net	0	0
Total Current Assets	1,232	1,533
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on successful efforts accounting, net	9,513	9,664
Other property and equipment, net	1,046	1,091
Property and equipment held for sale, net	10	15
Total Property and Equipment, Net	10,569	10,770
LONG-TERM ASSETS:
Other long-term assets	231	293
Investments in subsidiaries and intercompany advances	2,338	9
TOTAL ASSETS	14,370	12,605
CURRENT LIABILITIES:
Current liabilities	1,805	2,365
Intercompany payable, net	6,275	6,671
Total Current Liabilities	8,080	9,036
LONG-TERM LIABILITIES:
Long-term debt, net	0	0
Deferred income tax liabilities	0
Other long-term liabilities	277	321
Total Long-Term Liabilities	277	321
EQUITY:
Chesapeake stockholders’ equity	6,013	3,248
Noncontrolling interests	0	0
Total Equity	6,013	3,248
TOTAL LIABILITIES AND EQUITY	14,370	12,605
Non-Guarantor Subsidiaries | Reportable legal entities
CURRENT ASSETS:
Cash and cash equivalents	10	1
Other current assets	102	2
Intercompany receivable, net	0	0
Total Current Assets	112	3
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on successful efforts accounting, net	4,221	48
Other property and equipment, net	86	0
Property and equipment held for sale, net	0	0
Total Property and Equipment, Net	4,307	48
LONG-TERM ASSETS:
Other long-term assets	30	0
Investments in subsidiaries and intercompany advances	0	0
TOTAL ASSETS	4,449	51
CURRENT LIABILITIES:
Current liabilities	223	1
Intercompany payable, net	0	0
Total Current Liabilities	223	1
LONG-TERM LIABILITIES:
Long-term debt, net	1,521	0
Deferred income tax liabilities	297
Other long-term liabilities	31	0
Total Long-Term Liabilities	1,849	0
EQUITY:
Chesapeake stockholders’ equity	2,338	9
Noncontrolling interests	39	41
Total Equity	2,377	50
TOTAL LIABILITIES AND EQUITY	$ 4,449	$ 51
[1]	Financial information for prior periods has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2018
REVENUES AND OTHER:
Revenues	$ 2,087	$ 2,424	[1]	$ 6,669	$ 7,237	[1]
Gains on sales of assets	13	(10)	[1]	33	27	[1],[2]
OPERATING EXPENSES:
Production taxes	35	34	[1]	109	91	[1]
General and administrative	66	81	[1]	258	273	[1]
Restructuring and other termination costs	0	0	[1]	0	38	[1]
Provision for legal contingencies, net	0	8	[1]	3	17	[1]
Depreciation, depletion and amortization	573	405	[1]	1,672	1,335	[1],[2]
Impairments	9	58	[1]	11	122	[1],[2]
Other operating (income) expense	15	0	[1]	79	(1)	[1]
Total Operating Expenses	2,041	2,342	[1]	6,527	7,273	[1]
INCOME (LOSS) FROM OPERATIONS	46	82	[1]	142	(36)	[1]
OTHER INCOME (EXPENSE):
Interest expense	(177)	(165)	[1]	(513)	(482)	[1]
Gains (losses) on investments	(4)	0	[1]	(28)	139	[1]
Gains (losses) on purchases or exchanges of debt	70	(68)	[1]	70	(68)	[1]
Other income	3	6	[1]	30	62	[1]
Equity in net earnings of subsidiary	0	0		0	0
Total Other Expense	(108)	(227)	[1]	(441)	(349)	[1]
LOSS BEFORE INCOME TAXES	(62)	(145)	[1]	(299)	(385)	[1]
INCOME TAX (BENEFIT) EXPENSE	(1)	1	[1]	(315)	(8)	[1]
NET INCOME (LOSS)	(61)	(146)	[1],[3]	16	(377)	[1],[2],[3]
Net income attributable to noncontrolling interests	0	0	[1],[3]	0	(1)	[1],[3]
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(61)	(146)	[1]	16	(378)	[1]
Other comprehensive income	8	8	[3]	26	25	[3]
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(53)	(138)	[3]	42	(353)	[3]
Eliminations
REVENUES AND OTHER:
Revenues	0	0		0	0
Gains on sales of assets	0	0		0	0
OPERATING EXPENSES:
Production taxes	0	0		0	0
General and administrative	0	0		0	0
Restructuring and other termination costs					0
Provision for legal contingencies, net		0		0	0
Depreciation, depletion and amortization	0	0		0	0
Impairments	0	0		0	0
Other operating (income) expense	0			0	0
Total Operating Expenses	0	0		0	0
INCOME (LOSS) FROM OPERATIONS	0	0		0	0
OTHER INCOME (EXPENSE):
Interest expense	0	0		0	0
Gains (losses) on investments	0			0	0
Gains (losses) on purchases or exchanges of debt	0	0		0	0
Other income	0	0		0	0
Equity in net earnings of subsidiary	(27)	(86)		(41)	(162)
Total Other Expense	(27)	(86)		(41)	(162)
LOSS BEFORE INCOME TAXES	(27)	(86)		(41)	(162)
INCOME TAX (BENEFIT) EXPENSE	0	0		0	0
NET INCOME (LOSS)	(27)	(86)		(41)	(162)
Net income attributable to noncontrolling interests	0	0		0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(27)	(86)		(41)	(162)
Other comprehensive income	0	0		0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(27)	(86)		(41)	(162)
Parent | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
Gains on sales of assets	0	0		0	0
OPERATING EXPENSES:
Production taxes	0	0		0	0
General and administrative	0	0		0	0
Restructuring and other termination costs					0
Provision for legal contingencies, net		0		0	0
Depreciation, depletion and amortization	0	0		0	0
Impairments	0	0		0	0
Other operating (income) expense	0			0	0
Total Operating Expenses	0	0		0	0
INCOME (LOSS) FROM OPERATIONS	0	0		0	0
OTHER INCOME (EXPENSE):
Interest expense	(161)	(163)		(475)	(480)
Gains (losses) on investments	0			0	0
Gains (losses) on purchases or exchanges of debt	64	(68)		64	(68)
Other income	0	0		0	0
Equity in net earnings of subsidiary	25	86		129	162
Total Other Expense	(72)	(145)		(282)	(386)
LOSS BEFORE INCOME TAXES	(72)	(145)		(282)	(386)
INCOME TAX (BENEFIT) EXPENSE	(11)	1		(298)	(8)
NET INCOME (LOSS)	(61)	(146)		16	(378)
Net income attributable to noncontrolling interests	0	0		0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(61)	(146)		16	(378)
Other comprehensive income	0	0		0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(61)	(146)		16	(378)
Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	1,849	2,419		6,116	7,223
Gains on sales of assets	13	(10)		33	27
OPERATING EXPENSES:
Production taxes	25	33		83	90
General and administrative	43	81		193	272
Restructuring and other termination costs					38
Provision for legal contingencies, net		8		3	17
Depreciation, depletion and amortization	421	403		1,295	1,330
Impairments	9	58		11	122
Other operating (income) expense	15			41	(1)
Total Operating Expenses	1,828	2,337		5,936	7,261
INCOME (LOSS) FROM OPERATIONS	21	82		180	(38)
OTHER INCOME (EXPENSE):
Interest expense	3	(2)		13	(2)
Gains (losses) on investments	(4)			(4)	139
Gains (losses) on purchases or exchanges of debt	0	0		0	0
Other income	3	6		28	62
Equity in net earnings of subsidiary	2	0		(88)	1
Total Other Expense	4	4		(51)	200
LOSS BEFORE INCOME TAXES	25	86		129	162
INCOME TAX (BENEFIT) EXPENSE	0	0		0	0
NET INCOME (LOSS)	25	86		129	162
Net income attributable to noncontrolling interests	0	0		0	(1)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	25	86		129	161
Other comprehensive income	8	8		26	25
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	33	94		155	186
Non-Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	238	5		553	14
Gains on sales of assets	0	0		0	0
OPERATING EXPENSES:
Production taxes	10	1		26	1
General and administrative	23	0		65	1
Restructuring and other termination costs					0
Provision for legal contingencies, net		0		0	0
Depreciation, depletion and amortization	152	2		377	5
Impairments	0	0		0	0
Other operating (income) expense	0			38	0
Total Operating Expenses	213	5		591	12
INCOME (LOSS) FROM OPERATIONS	25	0		(38)	2
OTHER INCOME (EXPENSE):
Interest expense	(19)	0		(51)	0
Gains (losses) on investments	0			(24)	0
Gains (losses) on purchases or exchanges of debt	6	0		6	0
Other income	0	0		2	0
Equity in net earnings of subsidiary	0	0		0	(1)
Total Other Expense	(13)	0		(67)	(1)
LOSS BEFORE INCOME TAXES	12	0		(105)	1
INCOME TAX (BENEFIT) EXPENSE	10	0		(17)	0
NET INCOME (LOSS)	2	0		(88)	1
Net income attributable to noncontrolling interests	0	0		0	0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	2	0		(88)	1
Other comprehensive income	0	0		0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	2	0		(88)	1
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	1,170	1,199	[1]	3,553	3,424	[1]
Oil, natural gas and NGL | Eliminations
REVENUES AND OTHER:
Revenues	0	0		0	0
Oil, natural gas and NGL | Parent | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
Oil, natural gas and NGL | Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	932	1,194		3,000	3,410
Oil, natural gas and NGL | Non-Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	238	5		553	14
Marketing
REVENUES AND OTHER:
Revenues	889	1,219	[1]	3,038	3,738	[1]
OPERATING EXPENSES:
Expense	901	1,238	[1]	3,071	3,798	[1]
Marketing | Eliminations
REVENUES AND OTHER:
Revenues	0	0		0	0
OPERATING EXPENSES:
Expense	0	0		0	0
Marketing | Parent | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
OPERATING EXPENSES:
Expense	0	0		0	0
Marketing | Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	889	1,219		3,038	3,738
OPERATING EXPENSES:
Expense	901	1,238		3,071	3,798
Marketing | Non-Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
OPERATING EXPENSES:
Expense	0	0		0	0
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	2,059	2,418	[1]	6,591	7,162	[1]
Oil, natural gas and NGL and Marketing | Eliminations
REVENUES AND OTHER:
Revenues	0	0		0	0
Oil, natural gas and NGL and Marketing | Parent | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
Oil, natural gas and NGL and Marketing | Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	1,821	2,413		6,038	7,148
Oil, natural gas and NGL and Marketing | Non-Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	238	5		553	14
Other
REVENUES AND OTHER:
Revenues	15	16	[1]	45	48	[1]
Other | Eliminations
REVENUES AND OTHER:
Revenues	0	0		0	0
Other | Parent | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
Other | Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	15	16		45	48
Other | Non-Guarantor Subsidiaries | Reportable legal entities
REVENUES AND OTHER:
Revenues	0	0		0	0
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	155	132	[1]	453	417	[1]
Oil, natural gas and NGL production | Eliminations
OPERATING EXPENSES:
Expense	0	0		0	0
Oil, natural gas and NGL production | Parent | Reportable legal entities
OPERATING EXPENSES:
Expense	0	0		0	0
Oil, natural gas and NGL production | Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	129	132		384	417
Oil, natural gas and NGL production | Non-Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	26	0		69	0
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	270	364	[1]	815	1,060	[1]
Oil, natural gas and NGL gathering, processing and transportation | Eliminations
OPERATING EXPENSES:
Expense	0	0		0	0
Oil, natural gas and NGL gathering, processing and transportation | Parent | Reportable legal entities
OPERATING EXPENSES:
Expense	0	0		0	0
Oil, natural gas and NGL gathering, processing and transportation | Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	268	362		802	1,055
Oil, natural gas and NGL gathering, processing and transportation | Non-Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	2	2		13	5
Exploration
OPERATING EXPENSES:
Expense	17	22	[1]	56	123	[1]
Exploration | Eliminations
OPERATING EXPENSES:
Expense	0	0		0	0
Exploration | Parent | Reportable legal entities
OPERATING EXPENSES:
Expense	0	0		0	0
Exploration | Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	17	22		53	123
Exploration | Non-Guarantor Subsidiaries | Reportable legal entities
OPERATING EXPENSES:
Expense	$ 0	$ 0		$ 3	$ 0
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[2]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .
[3]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	$ 1,182	$ 1,395	[1]
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,640)	(1,407)	[1]
Business combination, net	(353)	0	[1]
Acquisitions of proved and unproved properties	(31)	(118)	[1]
Proceeds from divestitures of proved and unproved properties	110	395	[1]
Additions to other property and equipment	(27)	(11)	[1]
Other investing activities	6	149
Net Cash Used In Investing Activities	(1,935)	(992)	[1]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	8,805	9,095	[1]
Payments on revolving credit facility borrowings	(7,495)	(9,231)	[1]
Proceeds from issuance of senior notes, net	0	1,237	[1]
Cash paid to purchase debt	(457)	(1,285)	[1]
Cash paid for preferred stock dividends	(69)	(69)	[1]
Other financing activities	(21)	(151)
Intercompany advances, net	0	0
Net Cash Provided By (Used In) Financing Activities	763	(404)	[1]
Net increase (decrease) in cash and cash equivalents	10	(1)	[1]
Cash and cash equivalents, beginning of period	4	5	[1]
Cash and cash equivalents, end of period	14	4	[1]
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	(3)	(10)
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	0	0
Business combination, net	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 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
Proceeds from issuance of senior notes, net		0
Cash paid to purchase debt	0	0
Cash paid for preferred stock dividends	0	0
Other financing activities	3	(13)
Intercompany advances, net	(1)	22
Net Cash Provided By (Used In) Financing Activities	2	9
Net increase (decrease) in cash and cash equivalents	(1)	(1)
Cash and cash equivalents, beginning of period	(2)	(3)
Cash and cash equivalents, end of period	(3)	(4)
Parent | Reportable legal entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	0	86
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	0	0
Business combination, net	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 Used In Investing Activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	8,096	9,095
Payments on revolving credit facility borrowings	(7,011)	(9,231)
Proceeds from issuance of senior notes, net		1,237
Cash paid to purchase debt	(381)	(1,285)
Cash paid for preferred stock dividends	(69)	(69)
Other financing activities	(13)	(2)
Intercompany advances, net	(620)	170
Net Cash Provided By (Used In) Financing Activities	2	(85)
Net increase (decrease) in cash and cash equivalents	2	1
Cash and cash equivalents, beginning of period	4	5
Cash and cash equivalents, end of period	6	6
Guarantor Subsidiaries | Reportable legal entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	898	1,312
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,204)	(1,407)
Business combination, net	(381)
Acquisitions of proved and unproved properties	(31)	(118)
Proceeds from divestitures of proved and unproved properties	110	395
Additions to other property and equipment	(12)	(11)
Other investing activities	6	149
Net Cash Used In Investing Activities	(1,512)	(992)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	0	0
Payments on revolving credit facility borrowings	0	0
Proceeds from issuance of senior notes, net		0
Cash paid to purchase debt	0	0
Cash paid for preferred stock dividends	0	0
Other financing activities	(6)	(127)
Intercompany advances, net	620	(193)
Net Cash Provided By (Used In) Financing Activities	614	(320)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	1	1
Cash and cash equivalents, end of period	1	1
Non-Guarantor Subsidiaries | Reportable legal entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	287	7
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(436)	0
Business combination, net	28
Acquisitions of proved and unproved properties	0	0
Proceeds from divestitures of proved and unproved properties	0	0
Additions to other property and equipment	(15)	0
Other investing activities	0	0
Net Cash Used In Investing Activities	(423)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	709	0
Payments on revolving credit facility borrowings	(484)	0
Proceeds from issuance of senior notes, net		0
Cash paid to purchase debt	(76)	0
Cash paid for preferred stock dividends	0	0
Other financing activities	(5)	(9)
Intercompany advances, net	1	1
Net Cash Provided By (Used In) Financing Activities	145	(8)
Net increase (decrease) in cash and cash equivalents	9	(1)
Cash and cash equivalents, beginning of period	1	2
Cash and cash equivalents, end of period	$ 10	$ 1
[1]	Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1 .