Expand Energy (EXE) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 07, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		9,783,101
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents ($2 and $2 attributable to our VIE)		$ 82	$ 6
Accounts receivable, net		762	990
Short-term derivative assets		884	134
Other current assets		90	121
Total Current Assets		1,818	1,251
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)		31,251	30,765
Unproved properties		1,870	2,173
Other property and equipment		1,812	1,810
Total Property and Equipment, at Cost		34,933	34,748
Less: accumulated depreciation, depletion and amortization (($748) and ($713) attributable to our VIE)		(29,110)	(20,002)
Property and equipment held for sale, net		10	10
Total Property and Equipment, Net		5,833	14,756
LONG-TERM ASSETS:
Other long-term assets		157	186
TOTAL ASSETS		7,808	16,193
CURRENT LIABILITIES:
Accounts payable		552	498
Current maturities of long-term debt, net		420	385
Accrued interest		136	75
Short-term derivative liabilities		0	2
Other current liabilities ($1 and $1 attributable to our VIE)		1,152	1,432
Total Current Liabilities		2,260	2,392
LONG-TERM LIABILITIES:
Long-term debt, net		9,163	9,073
Long-term derivative liabilities		22	2
Asset retirement obligations, net of current portion		206	200
Other long-term liabilities		81	125
Total Long-Term Liabilities		9,472	9,400
CONTINGENCIES AND COMMITMENTS (Note 5)
Chesapeake Stockholders’ Equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized 5,563,458 shares outstanding		1,631	1,631
Common stock, $0.01 par value, 22,500,000 and 15,000,000 shares authorized: 9,783,773 and 9,772,793 shares issued(a)	[1]	0	0
Additional paid-in capital(a)	[1]	16,920	16,973
Accumulated deficit		(22,517)	(14,220)
Accumulated other comprehensive income		21	12
Less: treasury stock, at cost; 0 and 26,224 common shares	[1]	0	(32)
Total Chesapeake Stockholders’ Equity (Deficit)		(3,945)	4,364
Noncontrolling interests		21	37
Total Equity (Deficit)		(3,924)	4,401
TOTAL LIABILITIES AND EQUITY		$ 7,808	$ 16,193
[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) $ in Millions	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Preferred stock, par value (usd per share) | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares) | shares	20,000,000	20,000,000
Preferred stock, shares outstanding (shares) | shares	5,563,458	5,563,458
Common stock, par value (usd per share) | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (shares) | shares	22,500,000	15,000,000
Common stock, shares issued (shares) | shares	9,783,773	9,772,793
Treasury stock, common shares (shares) | shares	0	26,224
VIE, cash and cash equivalents	$ 82	$ 6
VIE, proved oil and natural gas properties	31,251	30,765
VIE, accumulated depreciation, depletion and amortization	(29,110)	(20,002)
VIE, other current liabilities	1,152	1,432
VIE
VIE, cash and cash equivalents	2	2
VIE, proved oil and natural gas properties	755	755
VIE, accumulated depreciation, depletion and amortization	(748)	(713)
VIE, other current liabilities	$ 1	$ 1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares
REVENUES AND OTHER:
Revenues		$ 2,541	$ 2,196
Gains on sales of assets		0	19
OPERATING EXPENSES:
Severance and ad valorem taxes		54	51
General and administrative		65	103
Restructuring and other termination costs		5	0
Provision for legal contingencies, net		1	0
Depreciation, depletion and amortization		603	519
Impairments		8,522	1
Other operating expense		83	61
Total Operating Expenses		10,768	2,378
LOSS FROM OPERATIONS		(8,227)	(182)
OTHER INCOME (EXPENSE):
Interest expense		(145)	(161)
Losses on investments		(23)	(1)
Gains on purchases or exchanges of debt		63	0
Other income		6	9
Total Other Expense		(99)	(153)
LOSS BEFORE INCOME TAXES		(8,326)	(335)
Income tax benefit		(13)	(314)
NET LOSS		(8,313)	(21)
Net loss attributable to noncontrolling interests		16	0
NET LOSS ATTRIBUTABLE TO CHESAPEAKE		(8,297)	(21)
Preferred stock dividends		(22)	(23)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS		$ (8,319)	$ (44)
LOSS PER COMMON SHARE:
Basic (in dollars per share) | $ / shares	[1]	$ (852.97)	$ (6.37)
Diluted (in dollars per share) | $ / shares	[1]	$ (852.97)	$ (6.37)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING
Basic (in shares) | shares	[1]	9,753	6,902
Diluted (in shares) | shares	[1]	9,753	6,902
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues		$ 1,801	$ 929
Marketing
REVENUES AND OTHER:
Revenues		724	1,233
OPERATING EXPENSES:
Expense		746	1,230
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues		2,525	2,162
Other
REVENUES AND OTHER:
Revenues		16	15
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense		122	115
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense		285	274
Exploration
OPERATING EXPENSES:
Expense		$ 282	$ 24
[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
NET LOSS		$ (8,313)	$ (21)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Reclassification of losses on settled derivative instruments	[1]	9	10
Other Comprehensive Income		9	10
COMPREHENSIVE LOSS		(8,304)	(11)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		16	0
COMPREHENSIVE LOSS ATTRIBUTABLE TO CHESAPEAKE		$ (8,288)	$ (11)
[1]	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	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	$ (8,313)		$ (21)
ADJUSTMENTS TO RECONCILE NET LOSS TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	603		519
Deferred income tax benefit	(10)	$ 10	(314)
Derivative (gains) losses, net	(907)		304
Cash receipts on derivative settlements, net	89		14
Stock-based compensation	5		6
Gains on sales of assets	0		(19)
Impairments	8,522		1
Exploration	279		18
Losses on investments	23		1
Gains on purchases or exchanges of debt	(63)		0
Other	8		40
Changes in assets and liabilities	161		(93)
Net Cash Provided By Operating Activities	397		456
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(501)		(515)
Business combination, net	0		(353)
Acquisitions of proved and unproved properties	(6)		(6)
Proceeds from divestitures of proved and unproved properties	7		26
Additions to other property and equipment	(11)		(9)
Proceeds from sales of other property and equipment	0		1
Net Cash Used In Investing Activities	(511)		(856)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	2,331		3,572
Payments on revolving credit facility borrowings	(2,021)		(3,136)
Cash paid to purchase debt	(93)		(1)
Cash paid for preferred stock dividends	(22)		(23)
Other	(5)		(8)
Net Cash Provided By Financing Activities	190		404
Net increase in cash and cash equivalents	76		4
Cash and cash equivalents, beginning of period	6		4
Cash and cash equivalents, end of period	82	$ 6	8
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid, net of capitalized interest	113		145
Income taxes paid, net of refunds received	0		(5)
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for business combination	0		2,037
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	$ (29)		$ 39

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions		Total	TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT)	PREFERRED STOCK:	COMMON STOCK:(a)	ADDITIONAL PAID-IN CAPITAL:(a)	ACCUMULATED DEFICIT:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):	TREASURY STOCK – COMMON:(a)		NONCONTROLLING INTERESTS:
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2018				$ 1,671	$ 0	$ 14,387	$ (13,912)	$ (23)	$ (31)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	2,037
Stock-based compensation						7
Dividends on preferred stock						(23)
Net loss attributable to Chesapeake		$ (21)					(21)
Hedging activity								10
Purchase of 17,901 and 12,697 shares for company benefit plans	[1]								(6)
Release of 44,126 and 553 shares from company benefit plans	[1]								1
Chesapeake stockholders’ equity, end of period at Mar. 31, 2019			$ 4,097		0	16,408	(13,933)	(13)	(36)	[1]
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2018											$ 41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to noncontrolling interests		0									0
Stockholders' equity attributable to noncontrolling interest, end of period at Mar. 31, 2019											41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity (Deficit)		4,138
Total Equity (Deficit)		4,401
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2019		4,364		$ 1,631	0	16,973	(14,220)	12	(32)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	0
Stock-based compensation						(31)
Dividends on preferred stock						(22)
Net loss attributable to Chesapeake		(8,297)					(8,297)
Hedging activity								9
Purchase of 17,901 and 12,697 shares for company benefit plans	[1]								(2)
Release of 44,126 and 553 shares from company benefit plans	[1]								34
Chesapeake stockholders’ equity, end of period at Mar. 31, 2020		(3,945)	$ (3,945)		$ 0	$ 16,920	$ (22,517)	$ 21	$ 0	[1]
Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2019		37									37
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to noncontrolling interests		16									(16)
Stockholders' equity attributable to noncontrolling interest, end of period at Mar. 31, 2020		21									$ 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity (Deficit)		$ (3,924)
[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2020shares	Mar. 31, 2019shares
TREASURY STOCK – COMMON:(a)
Purchase of shares for company benefit plans (in shares)	17,901	12,697
Release of shares from company benefit plans (in shares)	44,126	553

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted. This Form 10-Q relates to the three months ended March 31, 2020 (the “Current Quarter”) and the three months ended March 31, 2019 (the “Prior Quarter”). Our annual report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the ongoing coronavirus (COVID-19) outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic has reached more than 200 countries and territories and has resulted in widespread adverse impacts on the global economy and on our customers and other parties with whom we have business relations. To date, we have experienced limited operational impacts as a result of the restrictions from working remotely or COVID-19 directly. As an essential business under the guidelines issued by each of the states in which we operate, we have been allowed to continue operations, although for the health and safety of our employees we chose to have our non-essential personnel work remotely. As a result, since mid-March, we have restricted access to all of our offices and have directed employees to work remotely to the extent possible. Those employees who are unable to work remotely are being closely monitored and are taking safety precautions to minimize the risk of exposure. These restrictions have allowed us to maintain the engagement and connectivity of our personnel, as well as minimize the number of employees required in the office and field. However, due to severe impacts from the global COVID-19 pandemic on the global demand for oil and natural gas, operating results for the three months ended March 31, 2020 are not necessarily indicative of financial results for the entire year as only one month of the Current Quarter was impacted by COVID-19 and the related economic volatility. Moreover, future operations could be negatively affected if a significant number of our employees are quarantined as a result of exposure to the virus. There is considerable uncertainty regarding the extent to which COVID-19 will continue to spread and the extent and duration of governmental and other measures implemented to try to slow the spread of the virus, such as large-scale travel bans and restrictions, border closures, quarantines, shelter-in-place orders and business and government shutdowns. One of the largest impacts of the pandemic has been a significant reduction in global demand for oil and, to a lesser extent, natural gas. This significant decline in demand has been met with a sharp decline in oil prices following the announcement of price reductions and production increases in March 2020 by members of the Organization of Petroleum Exporting Countries (OPEC+) and other foreign, oil-exporting countries. The resulting supply/demand imbalance is having disruptive impacts on the oil and natural gas exploration and production industry and on other industries that serve exploration and production companies. These industry conditions, coupled with those resulting from the COVID-19 pandemic, are expected to lead to significant global economic contraction generally and in our industry in particular. Oil and natural gas prices have historically been volatile; however, the volatility in the prices for these commodities has substantially increased as a result of COVID-19 and the OPEC+ decisions mentioned above. While an agreement to cut production has since been announced by OPEC+ and its allies, the situation, coupled with the impact of COVID-19, has continued to result in a significant downturn in the oil and gas industry. Oil prices declined sharply in April 2020 and remain volatile. Strip pricing for natural gas has increased as a result of the oil price war; however, the impact of these recent developments and our business are unpredictable. We expect to see continued volatility in oil and natural gas prices for the foreseeable future, and such volatility, combined with the current depressed prices, has impacted and is expected to continue to adversely impact our business. A continued low level of demand or prices for oil and natural gas or otherwise would have a continued material adverse effect on our business, cash flows, liquidity, financial condition and results of operations. We cannot predict the full impact that COVID-19 or the significant disruption and volatility currently being experienced in the oil and natural gas markets will have on our business, cash flows, liquidity, financial condition and results of operations at this time due to numerous uncertainties. The ultimate impacts will depend on future developments, including the ultimate geographic spread of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development of effective treatments, the duration of the outbreak, actions taken by members of OPEC+ and other foreign, oil-exporting countries, governmental authorities, customers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. Reverse Stock Split On April 13, 2020, our Board of Directors and our shareholders approved a 1-for- 200 (1: 200 ) reverse stock split of our common stock and a reduction in the total number of authorized shares of our common stock as determined by a formula based on two-thirds of the reverse stock split ratio. The reverse stock split became effective as of the close of business on April 14, 2020. Our common stock began trading on a split-adjusted basis on the New York Stock Exchange (NYSE) at the market open on April 15, 2020. The par value of the common stock was not adjusted as a result of the reverse stock split. All share and per share data have been retroactively adjusted to reflect this reverse stock split, including reclassifying an amount equal to the reduction in par value of our common stock to additional paid-in capital. See Note 17 for additional information.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Going Concern 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; however, the volatility in the prices for these commodities has substantially increased as a result of COVID-19 and the OPEC+ decisions discussed in Note 1 . We expect to see continued volatility in oil and natural gas prices for the foreseeable future, and such volatility, combined with the current depressed prices has impacted and is expected to continue to adversely impact our business. If the current depressed prices persist, combined with the scheduled reductions in the leverage ratio covenant and an expected significant reduction in our borrowing base in our scheduled determination, then our liquidity and our ability to comply with our financial covenants during the next 12 months will be adversely affected. Based on our current forecast, we do not expect to be in compliance with our financial covenants beginning in the fourth quarter of 2020. Failure to comply with these covenants, if not waived, would result in an event of default under our 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. As a result of the impacts to the Company’s financial position resulting from declining industry conditions and in consideration of the substantial amount of long-term debt outstanding, the Company has engaged advisors to assist with the evaluation of strategic alternatives, which may include, but not be limited to, seeking a restructuring, amendment or refinancing of existing debt through a private restructuring or reorganization under Chapter 11 of the Bankruptcy Code. However, there can be no assurances that the Company will be able to successfully restructure its indebtedness, improve its financial position or complete any strategic transactions. As a result of these uncertainties and the likelihood of a restructuring or reorganization, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements (i) have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and other commitments in the normal course of business and (ii) do not include any adjustments to reflect the possible future effects of the uncertainty on the recoverability or classification of recorded asset amounts or the amounts or classifications of liabilities.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt consisted of the following as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Principal Amount Carrying Principal Carrying ($ in millions) Revolving credit facility $ 1,900 $ 1,900 $ 1,590 $ 1,590 Term loan due 2024 1,500 1,472 1,500 1,470 11.5% senior secured second lien notes due 2025 2,330 3,205 2,330 3,248 6.625% senior notes due 2020 177 177 208 208 6.875% senior notes due 2020 76 76 93 93 6.125% senior notes due 2021 167 167 167 167 5.375% senior notes due 2021 127 127 127 127 4.875% senior notes due 2022 272 272 338 338 5.75% senior notes due 2023 167 167 209 209 7.00% senior notes due 2024 624 624 624 624 6.875% senior notes due 2025 2 2 2 2 8.00% senior notes due 2025 246 245 246 245 5.5% convertible senior notes due 2026 (a)(b) 1,064 773 1,064 765 7.5% senior notes due 2026 119 119 119 119 8.00% senior notes due 2026 46 44 46 44 8.00% senior notes due 2027 253 253 253 253 Debt issuance costs — (40 ) — (44 ) Total debt, net 9,070 9,583 8,916 9,458 Less current maturities of long-term debt, net (c) (420 ) (420 ) (385 ) (385 ) Total long-term debt, net $ 8,650 $ 9,163 $ 8,531 $ 9,073 ___________________________________________ (a) 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% . (b) 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 second quarter of 2020. (c) As of March 31, 2020 , net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020, our 6.875% Senior Notes due November 2020 and our 6.125% Senior Notes due February 2021. As of December 31, 2019, net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020 and our 6.875% Senior Notes due November 2020. Senior Notes In the Current Quarter, we repurchased approximately $156 million aggregate principal amount of the following senior notes for $93 million and recorded an aggregate gain of approximately $63 million . Notes Repurchased ($ in millions) 6.625% senior notes due 2020 $ 31 6.875% senior notes due 2020 17 4.875% senior notes due 2022 66 5.75% senior notes due 2023 42 Total $ 156 Revolving Credit Facility Our 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. As of March 31, 2020 , we had outstanding borrowings of $1.900 billion under our revolving credit facility and had used $89 million for various letters of credit. Our next borrowing base redetermination, scheduled for the second quarter of 2020, is not complete. Although we believe we have adequate reserves value to support the reaffirmation of our full borrowing base, we believe it is likely the lending group will reduce our borrowing base due to our distressed financial position. Borrowings under our revolving credit facility bear interest at an alternative base rate (ABR) or LIBOR, at our election, plus an applicable margin ranging from 1.50% - 2.50% per annum for ABR loans and 2.50% - 3.50% per annum for LIBOR loans, depending on the percentage of the borrowing base then being utilized. Our revolving credit facility is subject to various financial and other covenants. The terms of the 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. On December 3, 2019, we entered into the second amendment to our credit agreement. Among other things, the amendment (i) permitted the issuance of certain secured indebtedness with a lien priority or proceeds recovery behind the obligations under the credit agreement without a corresponding 25% reduction in the borrowing base under the credit agreement, if issued by the next scheduled redetermination of the borrowing base, (ii) increased the amount of indebtedness that can be secured on a pari passu first-lien basis with (and with recovery proceeds behind) the obligations under the credit agreement from $1 billion to $1.5 billion , (iii) increased the applicable margin as defined in the credit agreement on borrowings under the credit agreement by 100 basis points, (iv) requires liquidity of at least $250 million at all times, (v) for each fiscal quarter commencing with the fiscal quarter ending December 31, 2019, replaced the secured leverage ratio financial covenant with a requirement that the first lien secured leverage ratio not exceed 2.50 to 1 as of the end of such fiscal quarter, (vi) increased the maximum permitted total leverage ratio as of the end of each fiscal quarter to 4.50 to1 through the fiscal quarter ending December 31, 2021, with step-downs to 4.25 to 1 for the fiscal quarter ending March 31, 2022 and to 4.00 to 1 for each fiscal quarter ending thereafter, and (vii) required that we use the aggregate net cash proceeds of certain asset sales in excess of $50 million to prepay certain indebtedness and/or reduce commitments under our credit agreement, until the retirement of all of our senior notes maturing before September 12, 2023. On December 26, 2019, we entered into the third amendment to our credit agreement, which, among other things, permitted the issuance of certain secured indebtedness with a lien priority behind the obligations under the credit agreement without a corresponding 25% reduction in the borrowing base under the credit agreement, if issued by December 31, 2019 and issued in exchange for, or the proceeds used to refinance, our senior notes . As of March 31, 2020 , 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 our revolving credit facility. If the current depressed prices persist, combined with the scheduled reductions in the leverage ratio covenant and an expected significant reduction in our borrowing base in our scheduled determination, then our liquidity and our ability to comply with our financial covenants during the next 12 months will be adversely affected. Based on our current forecast, we do not expect to be in compliance with our financial covenants beginning in the fourth quarter of 2020. Failure to comply with these covenants, if not waived, would result in an event of default under our 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. Phase-Out of LIBOR 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, our revolving credit facility and our term loan have terms that extend beyond 2021. Our revolving credit facility and our term loan each provide for a mechanism to amend the underlying agreements 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 our revolving credit facility or term loan to address this matter. We are currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate. Fair Value of Debt We estimate the fair value of our Level 1 debt based on the market value of our publicly traded debt as determined based on the yield of our senior notes. The fair value of our Level 2 debt is based on a market approach using estimates provided by an independent investment financial data services firm. Fair value is compared to the carrying value in the table below: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 420 $ 103 $ 385 $ 360 Long-term debt (Level 1) $ 565 $ 68 $ 753 $ 622 Long-term debt (Level 2) $ 8,598 $ 3,042 $ 8,320 $ 6,085

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 2020 2019 (in thousands) Common stock equivalent of our preferred stock outstanding (a) 290 298 Common stock equivalent of our convertible senior notes outstanding (a) 621 729 Participating securities (a) 4 2 ____________________________________________ (a) Amount has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information. As a result of the Company’s reverse stock split effective on April 14, 2020 , proportionate adjustments were made to the conversion price of Chesapeake’s outstanding 5.5% Convertible Senior Notes due 2026, 4.5% Cumulative Convertible Preferred Stock, 5.00% Cumulative Convertible Preferred Stock (Series 2005B), 5.75% Cumulative Convertible Non-Voting Preferred Stock (Series A) and 5.75% Cumulative Non-Voting Convertible Preferred Stock and to the outstanding awards and number of shares issued and issuable under the Company's equity compensation plans. See Note 17 for additional information.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Mar. 31, 2020
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. 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 lawsuits 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. We intend to vigorously defend these claims. 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 $36 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. 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: March 31, ($ in millions) Remainder of 2020 $ 815 2021 986 2022 880 2023 752 2024 681 2025 – 2034 3,479 Total $ 7,593 In addition, we have entered into long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other current liabilities as of March 31, 2020 and December 31, 2019 are detailed below: March 31, December 31, ($ in millions) Revenues and royalties due others $ 396 $ 516 Accrued drilling and production costs 260 326 Joint interest prepayments received 57 52 VPP deferred revenue (a) 50 55 Accrued compensation and benefits (b) 56 156 Other accrued taxes 132 150 Other 201 177 Total other current liabilities $ 1,152 $ 1,432 Other long-term liabilities as of March 31, 2020 and December 31, 2019 are detailed below: March 31, December 31, ($ in millions) VPP deferred revenue (a) $ — $ 9 Other 81 116 Total other long-term liabilities $ 81 $ 125 ____________________________________________ (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. (b) In the Current Quarter, we terminated our nonqualified deferred compensation plan. Accordingly, we derecognized the asset associated with the plan after the participants’ investments were liquidated. The cash was distributed to the participants and we extinguished the corresponding $43 million accrued liability.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table shows revenue disaggregated by operating area and product type, for the Current Quarter and the Prior Quarter: Three Months Ended March 31, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 175 $ — $ 175 Haynesville — 85 — 85 Eagle Ford 277 31 20 328 Brazos Valley 172 4 4 180 Powder River Basin 68 15 7 90 Mid-Continent 22 10 4 36 Revenue from contracts with customers 539 320 35 894 Gains on oil, natural gas and NGL derivatives 839 68 — 907 Oil, natural gas and NGL revenue $ 1,378 $ 388 $ 35 $ 1,801 Marketing revenue from contracts with customers $ 508 $ 124 $ 30 $ 662 Other marketing revenue 61 1 — 62 Marketing revenue $ 569 $ 125 $ 30 $ 724 Three Months Ended March 31, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 302 $ — $ 302 Haynesville — 201 — 201 Eagle Ford 331 48 46 425 Brazos Valley 121 4 2 127 Powder River Basin 74 25 10 109 Mid-Continent 40 15 11 66 Revenue from contracts with customers 566 595 69 1,230 Losses on oil, natural gas and NGL derivatives (259 ) (42 ) — (301 ) Oil, natural gas and NGL revenue $ 307 $ 553 $ 69 $ 929 Marketing revenue from contracts with customers $ 613 $ 413 $ 117 $ 1,143 Other marketing revenue 72 20 — 92 Losses on marketing derivatives — (2 ) — (2 ) Marketing revenue $ 685 $ 431 $ 117 $ 1,233 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 estimate expected credit losses using forecasts based on historical information and current information, in addition to specifically identifying receivables that may be uncollectible. On January 1, 2020 we adopted ASU 2016-03, Financial Instruments-Credit Losses . The standard, as further amended, affects trade receivables, financial assets and certain other instruments that are not measured at fair value through net income. This ASU replaced the previously required incurred loss approach for estimating credit losses with an expected loss model. The adoption and implementation of this ASU did not have a material impact on our accounts receivable. Accounts receivable as of March 31, 2020 and December 31, 2019 are detailed below: March 31, 2020 December 31, 2019 ($ in millions) Oil, natural gas and NGL sales $ 458 $ 737 Joint interest 178 200 Other 150 74 Allowance for doubtful accounts (24 ) (21 ) Total accounts receivable, net $ 762 $ 990

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We estimate our annual effective tax rate (AETR) for continuing operations in recording our quarterly income tax provision 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 AETR as such items are recognized as discrete items in the quarter in which they occur. Our estimated AETR for the Current Quarter is 0.1% . The impairments recorded during the Current Quarter (See Note 13 for additional information on the impairments) resulted in the deferred tax position attributable to Texas reverting back to a net asset before valuation allowance. As such, the $10 million of deferred tax expense recorded during the fourth quarter of 2019 is being reversed through the determination of the estimated AETR and application of such to the year-to-date pre-tax book income. The estimated AETR is low as a result of projecting a full valuation allowance for the year with only the $10 million going through the estimated AETR as a deferred tax benefit. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that our 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 March 31, 2020. Such evidence limits our ability to consider various forms of subjective positive evidence, such as any projections of 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, primarily federal net operating loss (NOL) carryforwards. A full valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of March 31, 2020 and, with the exception of Texas, as of December 31, 2019. On February 1, 2019, we completed the acquisition of WildHorse Resource Development Corporation (“WildHorse”). For federal income tax purposes, the transaction (the “WildHorse Merger”) 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 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 $13 million for the Current Quarter. The benefit for the Current Quarter was primarily a result of reversing substantially all of the deferred tax liability associated with Texas through the estimated AETR and recording a receivable for amounts previously sequestered from refunds of corporate alternative minimum tax (AMT) credits. 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. On April 23, 2020, our Board of Directors approved the adoption of a rights plan that is intended to protect value by preserving our ability to use our tax attributes, such as NOLs, to offset potential future income taxes for federal income tax purposes. See Note 17 for additional information. As of March 31, 2020, 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 and other tax attributes. However, with our cumulative shift in excess of 40% , 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 and possibly other tax attributes (which annual limitation could potentially be very low). On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act provides relief to corporate taxpayers by permitting a five year carryback of 2018 through 2020 NOLs, removing the 80% limitation on the utilization of certain NOLs carried forward to years beginning before January 1, 2021, increasing the 30% limitation on interest expense deductibility under Section 163(j) of the Code to 50% of adjusted taxable income for 2019 and 2020 and accelerating refunds for AMT credit carryforwards, along with a few other provisions. With respect to the Current Quarter, there was no impact on our income tax provision from the enactment of the CARES Act.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Common Stock A summary of the changes in our common shares issued is detailed below. Three Months Ended March 31, 2020 2019 (in thousands) Beginning balance (a) 9,773 4,568 Common shares issued for WildHorse Merger (a) — 3,587 Restricted stock issuances (net of forfeitures and cancellations) (a)(b) 11 13 Ending balance (a) 9,784 8,168 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information. (b) See Note 10 for discussion of restricted stock.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
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 Quarter is presented below: Shares of Unvested Restricted Stock (a) Weighted Average Grant Date Fair Value Per Share (a) (in thousands) Unvested restricted stock as of January 1, 2020 52 $ 710 Granted 68 $ 60 Vested (18 ) $ 828 Forfeited — $ 1,042 Unvested restricted stock as of March 31, 2020 102 $ 256 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information. The aggregate intrinsic value of restricted stock that vested during the Current Quarter was approximately $1 million based on the stock price at the time of vesting. As of March 31, 2020 , there was approximately $18 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 2.15 years. Stock Options. In the Prior Quarter, we granted members of management stock options that vest ratably over a three -year period. Each stock option award has an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expire seven years to ten years from the date of grant. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the simplified method. Volatility assumptions are estimated based on the average historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option. The following table provides information related to stock option activity in the Current Quarter: Number of Shares Underlying Options (a) Weighted Average Exercise Price Per Share (a) Weighted Average Contract Life in Years Aggregate Intrinsic Value (b) (in thousands) ($ in millions) Outstanding as of January 1, 2020 90 $ 1,420 5.70 $ — Granted — $ — Exercised — $ — $ — Expired (1 ) $ 1,090 Forfeited — $ — Outstanding as of March 31, 2020 89 $ 1,424 5.47 $ — Exercisable as of March 31, 2020 80 $ 1,510 5.18 $ — ___________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information. (b) The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option. As of March 31, 2020 , there was $3 million of total unrecognized compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of approximately 1.35 years , net of actual forfeitures. Restricted Stock and Stock Option Compensation. We recognized the following compensation costs, net of actual forfeitures, related to restricted stock and stock options for the Current Quarter and the Prior Quarter: Three Months Ended 2020 2019 ($ in millions) General and administrative expenses $ 4 $ 6 Oil and natural gas properties 1 1 Oil, natural gas and NGL production expenses 1 1 Total restricted stock and stock option compensation $ 6 $ 8 Liability-Classified Awards Performance Share Units. In the Prior Quarter, 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. The performance period for the 2017 awards ended on December 31, 2019. 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 March 31, 2020 Units (a) Fair Value Vested Liability ($ in millions) ($ in millions) 2019 PSU Awards: Payable 2021 and 2022 15,581 $ 9 $ 1 $ — 2018 PSU Awards: Payable 2021 5,822 $ 4 $ — $ — 2017 PSU Awards: Payable 2020 428 $ 1 $ — $ — 2018 CRSU Awards: Payable 2021 19,928 $ 12 $ 1 $ — ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information. We recognized the following compensation costs (credits), net of actual forfeitures, related to our liability-classified awards for the Current Quarter and the Prior Quarter. Three Months Ended 2020 2019 ($ in millions) General and administrative expenses $ (3 ) $ 9 Oil and natural gas properties — 1 Oil, natural gas and NGL production expenses (1 ) 3 Exploration expenses — 1 Total liability-classified awards compensation $ (4 ) $ 14

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 or December 31, 2019. Oil, Natural Gas and NGL Derivatives As of March 31, 2020 and December 31, 2019, our oil, natural gas and NGL derivative instruments consisted of the following types of instruments: • Swaps : We receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. In exchange for higher fixed prices on certain of our swap trades, we may sell call options and call swaptions. • Options : We sell, and occasionally buy, call options in exchange for a premium. At the time of settlement, if the market price exceeds the fixed price of the call option, we pay the counterparty the excess on sold call options and we receive the excess on bought call options. If the market price is lower than the fixed price of the call option, no payment is due from either party. • Call Swaptions : We sell call swaptions to counterparties in exchange for a premium. Swaptions 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. • Put spreads: These instruments contain a fixed floor price (bought put) and sub floor price (sold put). If the market price exceeds the bought put strike, we receive the market price. If the market price is between the bought put and sold put strike prices, we receive the bought put price. If the market price falls below the sub floor, we receive the market price plus the difference between the sold put and bought put. The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of March 31, 2020 and December 31, 2019 are provided below: March 31, 2020 December 31, 2019 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 21 $ 640 24 $ (7 ) Call options (sold) 9 (9 ) — — Collars 1 48 2 14 Basis protection swaps 10 38 8 (2 ) Total oil 41 717 34 5 Natural gas (bcf): Fixed-price swaps 199 152 265 125 Call options 113 (19 ) 22 — Call swaptions 29 (4 ) 29 (2 ) Put spreads 94 15 — — Basis protection swaps 46 1 30 2 Total natural gas 481 145 346 125 Total estimated fair value $ 862 $ 130 We have terminated certain commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. See further discussion below under Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) . Effect of Derivative Instruments – Condensed Consolidated Balance Sheets The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 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 Sheets ($ in millions) As of March 31, 2020 Commodity Contracts: Short-term derivative asset $ 889 $ (5 ) $ 884 Short-term derivative liability (5 ) 5 — Long-term derivative liability (22 ) — (22 ) Total derivatives $ 862 $ — $ 862 As of December 31, 2019 Commodity Contracts: Short-term derivative asset $ 174 $ (40 ) $ 134 Short-term derivative liability (42 ) 40 (2 ) Long-term derivative liability (2 ) — (2 ) Total derivatives $ 130 $ — $ 130 Effect of Derivative Instruments – Condensed Consolidated Statements of Operations The components of oil, natural gas and NGL revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended 2020 2019 ($ in millions) Oil, natural gas and NGL revenues $ 894 $ 1,230 Gains (losses) on undesignated oil, natural gas and NGL derivatives 916 (291 ) Losses on terminated cash flow hedges (9 ) (10 ) Total oil, natural gas and NGL revenues $ 1,801 $ 929 The components of marketing revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended 2020 2019 ($ in millions) Marketing revenues $ 724 $ 1,235 Losses on undesignated marketing natural gas derivatives — (2 ) Total marketing revenues $ 724 $ 1,233 Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss) A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below: Three Months Ended March 31, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (45 ) $ 12 $ (80 ) $ (23 ) Losses reclassified to income 9 9 10 10 Balance, end of period $ (36 ) $ 21 $ (70 ) $ (13 ) The accumulated other comprehensive loss as of March 31, 2020 represents the net deferred loss associated with commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. Remaining deferred gain or loss amounts will be recognized in earnings in the month for which the original contract months are to occur. As of March 31, 2020 , we expect to transfer approximately $29 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 March 31, 2020 , our oil, natural gas and NGL derivative instruments were spread among 11 counterparties. Hedging Arrangements Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under our revolving credit facility. The contracts entered into with these counterparties are secured by the same collateral that secures the revolving credit facility. 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 March 31, 2020 , we did not have any cash or letters of credit 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 March 31, 2020 and December 31, 2019: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2020 Derivative Assets (Liabilities): Commodity assets $ — $ 831 $ 46 $ 877 Commodity liabilities — — (15 ) (15 ) Total derivatives $ — $ 831 $ 31 $ 862 As of December 31, 2019 Derivative Assets (Liabilities): Commodity assets $ — $ 160 $ 14 $ 174 Commodity liabilities — (42 ) (2 ) (44 ) Total derivatives $ — $ 118 $ 12 $ 130 A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below: Commodity Derivatives Utica Contingent Consideration ($ in millions) Balance, as of January 1, 2020 $ 12 $ — Total gains (losses) (realized/unrealized): Included in earnings (a) 28 — Total purchases, issuances, sales and settlements: Settlements (9 ) — Balance, as of March 31, 2020 $ 31 $ — Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (88 ) — Total purchases, issuances, sales and settlements: Settlements 4 — Balance, as of March 31, 2019 $ 3 $ 7 ___________________________________________ (a) Commodity Derivatives 2020 2019 ($ in millions) Total gains (losses) included in earnings for the period $ 28 $ (88 ) Change in unrealized gains (losses) related to assets still held at reporting date $ 19 $ (84 ) 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 March 31, 2020 : Instrument Type Unobservable Input Range Weighted Average (a) Fair Value ($ in millions) Oil trades Oil price volatility curves 26.50% – 242.41% 42.97% $ 39 Natural gas trades Natural gas price volatility curves 20.56% – 141.43% 42.77% $ (8 ) ____________________________________________ (a) Weighted average volatility is weighted by relative volume.

Exploration Expense

Exploration Expense	3 Months Ended
	Mar. 31, 2020
Extractive Industries [Abstract]
Exploration Expense	Exploration Expense A summary of our exploration expense for the Current Quarter and the Prior Quarter is as follows: Three Months Ended 2020 2019 ($ in millions) Impairments of unproved properties $ 272 $ 18 Dry hole expense 7 — Geological and geophysical expense and other 3 6 Exploration expense $ 282 $ 24 Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The exploration expense charges during the Current Quarter are the result of non-cash impairment charges in unproved properties, primarily in our Brazos Valley, Powder River Basin, Haynesville and Mid-Continent operating areas.

Impairments

Impairments	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Impairments	Impairments During the Current Quarter, the decrease in demand for crude oil primarily due to COVID-19 and sharp decline in commodity prices related to the combined impact of falling demand and recent increases in production from OPEC+ resulted in decreases in current and expected long-term crude oil and NGL sale prices. These conditions resulted in reductions to the market capitalization of peer companies in the energy industry. We determined these adverse market conditions represent a triggering event to perform an impairment assessment of our long-lived assets used in, and in support of, our operations, including proved oil and gas properties, and our sand mine assets. Proved Oil and Gas Properties Our impairment test involved a Step 1 assessment to determine if the net book value of our proved oil and natural gas properties is expected to be recovered from the estimated undiscounted future cash flows. • We calculated the expected undiscounted future net cash flows of our long-lived assets using management’s assumptions and expectations of (i) commodity prices, which are based on the NYMEX strip pricing escalated by an inflationary rate after 2 years , (ii) pricing adjustments for differentials, (iii) operating costs, (iv) capital investment plans, (v) future production volumes, and (vi) estimated proved reserves. • Unprecedented volatility in the price of oil due to the decrease in demand has led us to rely on NYMEX strip pricing, which represents a Level 1 input. Certain oil and gas properties in our Eagle Ford, Brazos Valley, Powder River Basin, and Mid-Continent and other non-core operating areas failed the Step 1 assessment. For these assets, we used a discounted cash flow analysis to estimate fair value. The expected future net cash flows were discounted using a rate of 11% , which we believe represents the estimated weighted average cost of capital of a theoretical market participant. Based on Step 2 of our long-lived assets impairment test, we recognized an $8.446 billion impairment because the carrying value exceeded estimated fair market value as of March 31, 2020. • Significant inputs associated with the calculation of discounted future net cash flows include estimates of (i) recoverable reserves, (ii) production rates, (iii) future operating and development costs, (iv) future commodity prices escalated by an inflationary rate after two years , adjusted for differentials, and (v) a market-based weighted average cost of capital. We utilized NYMEX strip pricing, adjusted for differentials, to value the reserves. The NYMEX strip pricing inputs used are classified as Level 1 fair value assumptions and all other inputs are classified as Level 3 fair value assumptions. Sand Mine Our in-field sand mine assets predominately service the oil and gas properties in our Brazos Valley operating area. Based on management’s assumptions and expectations of (i) future commodity prices, (ii) capital investment plans in the Brazos Valley operating area, and (iii) future operating cost of the sand mine, management expects the market for sand to significantly decrease for the foreseeable future. As a result, we recognized a $76 million impairment related to our sand mine assets for the difference between fair value and the carrying value as of March 31, 2020. The inputs used are classified as Level 3 fair value assumptions.

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	3 Months Ended
	Mar. 31, 2020
Extractive Industries [Abstract]
Capitalized Exploratory Well Costs	Capitalized Exploratory Well Costs A summary of the changes in our capitalized well costs for the Current Quarter is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. Three Months Ended March 31, 2020 ($ in millions) Balance as of January 1 $ 7 Charges to exploration expense (7 ) Balance as of March 31 $ — As of March 31, 2020 , there were no drilling and completion costs on exploratory wells pending determination of proved reserves capitalized for greater than one year.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments In the Current Quarter, the hydraulic fracturing industry experienced challenging operating conditions resulting in the current fair value of our investment in FTS International, Inc. (NYSE: FTSI) falling below book value of $23 million and remaining below that value as of the end of the Current Quarter. Based on FTSI’s operating results and FTSI’s share price of $0.22 per share as of March 31, 2020, we determined that the reduction in fair value is other-than-temporary, and recognized an impairment of our entire investment in FTSI of $23 million .

Other Operating Expense

Other Operating Expense	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Operating Expenses	Other Operating Expense In the Current Quarter, we terminated certain gathering, processing and transportation contracts and recognized a non-recurring $79 million expense related to the contract terminations. The contract terminations removed approximately $169 million of future commitments related to gathering, processing and transportation agreements. See Note 5 for further discussion of contingencies and commitments. In the Prior Quarter, we recorded approximately $23 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Reverse Stock Split On April 13, 2020, our Board of Directors and our shareholders approved a 1-for- 200 (1: 200 ) reverse stock split of our common stock and a reduction of the total number of authorized shares of our common stock as determined by a formula based on two-thirds of the reverse stock split ratio. The reverse stock split became effective as of the close of business on April 14, 2020. Our common stock began trading on a split-adjusted basis on the NYSE at the market open on April 15, 2020. The par value of the common stock was not adjusted as a result of the reverse stock split. The reverse stock split was intended to, among other things, increase the per share trading price of our common shares to satisfy the $1.00 minimum closing price requirement for continued listing on the NYSE. As a result of the reverse stock split, each 200 pre-split shares of common stock outstanding were automatically combined into one issued and outstanding share of common stock. The fractional shares that resulted from the reverse stock split were canceled by paying cash in lieu of the fair value. The number of outstanding shares of common stock were reduced from approximately 1.957 billion as of April 10, 2020 to approximately 9.784 million shares (without giving effect to the liquidation of fractional shares). The total number of shares of common stock that we are authorized to issue was reduced from 3,000,000,000 to 22,500,000 shares. All share and per share amounts in the accompanying condensed consolidated financial statements and notes thereto were retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of our common stock to additional paid-in capital. Preferred Stock Dividend Suspension On April 17, 2020, we announced that we were suspending payment of dividends on each series of our outstanding convertible preferred stock. Suspension of the dividends did not constitute an event of default under any of our debt instruments. Adoption of Rights Plan On April 23, 2020, the Board of Directors of the Company declared a dividend of one preferred share purchase right (a “Right”), payable on May 4, 2020, for each share of common stock, par value $0.01 per share, of the Company (the “Common Stock”) outstanding on May 4, 2020 to the stockholders of record on that date. In connection with the distribution of the Rights, the Company entered into a Section 382 Rights Agreement (the “Rights Agreement”), dated as of April 23, 2020, between the Company and Computershare Trust Company, N.A., as rights agent. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series B Preferred Stock, par value $0.01 per share, of the Company at a price of $90.00 subject to adjustment. The purpose of the Rights Agreement is to protect value by preserving the Company’s ability to use its tax attributes (e.g., federal NOLs) to offset potential future income taxes for federal income tax purposes. As of December 31, 2019, the Company had federal NOLs of approximately $7.6 billion available to offset future federal taxable income. The Company’s ability to use its federal NOLs as well as other tax attributes would be substantially limited if it experiences an Ownership Change. The Rights Agreement is intended to reduce the likelihood of an Ownership Change by deterring any person or group of affiliated or associated persons from acquiring beneficial ownership of 4.9% or more of the outstanding shares of Common Stock. The Rights Agreement will expire on the close of business on the day following the certification of the voting results from the Company’s 2021 annual meeting, unless the Company’s shareholders ratify the Rights Agreement at or prior to such meeting, in which case it will continue in effect until April 22, 2023, unless terminated earlier in accordance with its terms.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2020
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 and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Our long-term debt consisted of the following as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Principal Amount Carrying Principal Carrying ($ in millions) Revolving credit facility $ 1,900 $ 1,900 $ 1,590 $ 1,590 Term loan due 2024 1,500 1,472 1,500 1,470 11.5% senior secured second lien notes due 2025 2,330 3,205 2,330 3,248 6.625% senior notes due 2020 177 177 208 208 6.875% senior notes due 2020 76 76 93 93 6.125% senior notes due 2021 167 167 167 167 5.375% senior notes due 2021 127 127 127 127 4.875% senior notes due 2022 272 272 338 338 5.75% senior notes due 2023 167 167 209 209 7.00% senior notes due 2024 624 624 624 624 6.875% senior notes due 2025 2 2 2 2 8.00% senior notes due 2025 246 245 246 245 5.5% convertible senior notes due 2026 (a)(b) 1,064 773 1,064 765 7.5% senior notes due 2026 119 119 119 119 8.00% senior notes due 2026 46 44 46 44 8.00% senior notes due 2027 253 253 253 253 Debt issuance costs — (40 ) — (44 ) Total debt, net 9,070 9,583 8,916 9,458 Less current maturities of long-term debt, net (c) (420 ) (420 ) (385 ) (385 ) Total long-term debt, net $ 8,650 $ 9,163 $ 8,531 $ 9,073 ___________________________________________ (a) 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% . (b) 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 second quarter of 2020. (c) As of March 31, 2020 , net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020, our 6.875% Senior Notes due November 2020 and our 6.125% Senior Notes due February 2021. As of December 31, 2019, net current maturities of long-term debt includes our 6.625% Senior Notes due August 2020 and our 6.875% Senior Notes due November 2020.
Schedule of debt repurchased	In the Current Quarter, we repurchased approximately $156 million aggregate principal amount of the following senior notes for $93 million and recorded an aggregate gain of approximately $63 million . Notes Repurchased ($ in millions) 6.625% senior notes due 2020 $ 31 6.875% senior notes due 2020 17 4.875% senior notes due 2022 66 5.75% senior notes due 2023 42 Total $ 156
Schedule of fair value of debt	Fair value is compared to the carrying value in the table below: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ 420 $ 103 $ 385 $ 360 Long-term debt (Level 1) $ 565 $ 68 $ 753 $ 622 Long-term debt (Level 2) $ 8,598 $ 3,042 $ 8,320 $ 6,085

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 (in thousands) Common stock equivalent of our preferred stock outstanding (a) 290 298 Common stock equivalent of our convertible senior notes outstanding (a) 621 729 Participating securities (a) 4 2 ____________________________________________ (a) Amount has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information.

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, ($ in millions) Remainder of 2020 $ 815 2021 986 2022 880 2023 752 2024 681 2025 – 2034 3,479 Total $ 7,593

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities as of March 31, 2020 and December 31, 2019 are detailed below: March 31, December 31, ($ in millions) Revenues and royalties due others $ 396 $ 516 Accrued drilling and production costs 260 326 Joint interest prepayments received 57 52 VPP deferred revenue (a) 50 55 Accrued compensation and benefits (b) 56 156 Other accrued taxes 132 150 Other 201 177 Total other current liabilities $ 1,152 $ 1,432
Other long-term liabilities	Other long-term liabilities as of March 31, 2020 and December 31, 2019 are detailed below: March 31, December 31, ($ in millions) VPP deferred revenue (a) $ — $ 9 Other 81 116 Total other long-term liabilities $ 81 $ 125 ____________________________________________ (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. (b) In the Current Quarter, we terminated our nonqualified deferred compensation plan. Accordingly, we derecognized the asset associated with the plan after the participants’ investments were liquidated. The cash was distributed to the participants and we extinguished the corresponding $43 million accrued liability.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
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 and the Prior Quarter: Three Months Ended March 31, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 175 $ — $ 175 Haynesville — 85 — 85 Eagle Ford 277 31 20 328 Brazos Valley 172 4 4 180 Powder River Basin 68 15 7 90 Mid-Continent 22 10 4 36 Revenue from contracts with customers 539 320 35 894 Gains on oil, natural gas and NGL derivatives 839 68 — 907 Oil, natural gas and NGL revenue $ 1,378 $ 388 $ 35 $ 1,801 Marketing revenue from contracts with customers $ 508 $ 124 $ 30 $ 662 Other marketing revenue 61 1 — 62 Marketing revenue $ 569 $ 125 $ 30 $ 724 Three Months Ended March 31, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 302 $ — $ 302 Haynesville — 201 — 201 Eagle Ford 331 48 46 425 Brazos Valley 121 4 2 127 Powder River Basin 74 25 10 109 Mid-Continent 40 15 11 66 Revenue from contracts with customers 566 595 69 1,230 Losses on oil, natural gas and NGL derivatives (259 ) (42 ) — (301 ) Oil, natural gas and NGL revenue $ 307 $ 553 $ 69 $ 929 Marketing revenue from contracts with customers $ 613 $ 413 $ 117 $ 1,143 Other marketing revenue 72 20 — 92 Losses on marketing derivatives — (2 ) — (2 ) Marketing revenue $ 685 $ 431 $ 117 $ 1,233
Schedule of accounts receivable	Accounts receivable as of March 31, 2020 and December 31, 2019 are detailed below: March 31, 2020 December 31, 2019 ($ in millions) Oil, natural gas and NGL sales $ 458 $ 737 Joint interest 178 200 Other 150 74 Allowance for doubtful accounts (24 ) (21 ) Total accounts receivable, net $ 762 $ 990

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (in thousands) Beginning balance (a) 9,773 4,568 Common shares issued for WildHorse Merger (a) — 3,587 Restricted stock issuances (net of forfeitures and cancellations) (a)(b) 11 13 Ending balance (a) 9,784 8,168 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 17 for additional information. (b) See Note 10 for discussion of restricted stock.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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 Quarter is presented below: Shares of Unvested Restricted Stock (a) Weighted Average Grant Date Fair Value Per Share (a) (in thousands) Unvested restricted stock as of January 1, 2020 52 $ 710 Granted 68 $ 60 Vested (18 ) $ 828 Forfeited — $ 1,042 Unvested restricted stock as of March 31, 2020 102 $ 256 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information.
Schedule of stock option activity	The following table provides information related to stock option activity in the Current Quarter: Number of Shares Underlying Options (a) Weighted Average Exercise Price Per Share (a) Weighted Average Contract Life in Years Aggregate Intrinsic Value (b) (in thousands) ($ in millions) Outstanding as of January 1, 2020 90 $ 1,420 5.70 $ — Granted — $ — Exercised — $ — $ — Expired (1 ) $ 1,090 Forfeited — $ — Outstanding as of March 31, 2020 89 $ 1,424 5.47 $ — Exercisable as of March 31, 2020 80 $ 1,510 5.18 $ — ___________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information. (b) 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 restricted stock and stock options for the Current Quarter and the Prior Quarter: Three Months Ended 2020 2019 ($ in millions) General and administrative expenses $ 4 $ 6 Oil and natural gas properties 1 1 Oil, natural gas and NGL production expenses 1 1 Total restricted stock and stock option compensation $ 6 $ 8 We recognized the following compensation costs (credits), net of actual forfeitures, related to our liability-classified awards for the Current Quarter and the Prior Quarter. Three Months Ended 2020 2019 ($ in millions) General and administrative expenses $ (3 ) $ 9 Oil and natural gas properties — 1 Oil, natural gas and NGL production expenses (1 ) 3 Exploration expenses — 1 Total liability-classified awards compensation $ (4 ) $ 14
Summary of liability classified awards	The following table presents a summary of our liability-classified awards: Grant Date Fair Value March 31, 2020 Units (a) Fair Value Vested Liability ($ in millions) ($ in millions) 2019 PSU Awards: Payable 2021 and 2022 15,581 $ 9 $ 1 $ — 2018 PSU Awards: Payable 2021 5,822 $ 4 $ — $ — 2017 PSU Awards: Payable 2020 428 $ 1 $ — $ — 2018 CRSU Awards: Payable 2021 19,928 $ 12 $ 1 $ — ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 17 for additional information.

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of estimated fair values of oil, natural gas and NGL derivative instruments	The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of March 31, 2020 and December 31, 2019 are provided below: March 31, 2020 December 31, 2019 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps 21 $ 640 24 $ (7 ) Call options (sold) 9 (9 ) — — Collars 1 48 2 14 Basis protection swaps 10 38 8 (2 ) Total oil 41 717 34 5 Natural gas (bcf): Fixed-price swaps 199 152 265 125 Call options 113 (19 ) 22 — Call swaptions 29 (4 ) 29 (2 ) Put spreads 94 15 — — Basis protection swaps 46 1 30 2 Total natural gas 481 145 346 125 Total estimated fair value $ 862 $ 130
Schedule of effect of derivative instruments, condensed consolidated balance sheets	The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 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 Sheets ($ in millions) As of March 31, 2020 Commodity Contracts: Short-term derivative asset $ 889 $ (5 ) $ 884 Short-term derivative liability (5 ) 5 — Long-term derivative liability (22 ) — (22 ) Total derivatives $ 862 $ — $ 862 As of December 31, 2019 Commodity Contracts: Short-term derivative asset $ 174 $ (40 ) $ 134 Short-term derivative liability (42 ) 40 (2 ) Long-term derivative liability (2 ) — (2 ) Total derivatives $ 130 $ — $ 130
Schedule of effect of derivative instruments, condensed consolidated statements of operations	The components of oil, natural gas and NGL revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended 2020 2019 ($ in millions) Oil, natural gas and NGL revenues $ 894 $ 1,230 Gains (losses) on undesignated oil, natural gas and NGL derivatives 916 (291 ) Losses on terminated cash flow hedges (9 ) (10 ) Total oil, natural gas and NGL revenues $ 1,801 $ 929 The components of marketing revenues for the Current Quarter and the Prior Quarter are presented below: Three Months Ended 2020 2019 ($ in millions) Marketing revenues $ 724 $ 1,235 Losses on undesignated marketing natural gas derivatives — (2 ) Total marketing revenues $ 724 $ 1,233
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 March 31, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (45 ) $ 12 $ (80 ) $ (23 ) Losses reclassified to income 9 9 10 10 Balance, end of period $ (36 ) $ 21 $ (70 ) $ (13 )
Schedule of financial assets (liabilities)	The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019: Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value ($ in millions) As of March 31, 2020 Derivative Assets (Liabilities): Commodity assets $ — $ 831 $ 46 $ 877 Commodity liabilities — — (15 ) (15 ) Total derivatives $ — $ 831 $ 31 $ 862 As of December 31, 2019 Derivative Assets (Liabilities): Commodity assets $ — $ 160 $ 14 $ 174 Commodity liabilities — (42 ) (2 ) (44 ) Total derivatives $ — $ 118 $ 12 $ 130 A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during the Current Quarter and the Prior Quarter is presented below: Commodity Derivatives Utica Contingent Consideration ($ in millions) Balance, as of January 1, 2020 $ 12 $ — Total gains (losses) (realized/unrealized): Included in earnings (a) 28 — Total purchases, issuances, sales and settlements: Settlements (9 ) — Balance, as of March 31, 2020 $ 31 $ — Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (88 ) — Total purchases, issuances, sales and settlements: Settlements 4 — Balance, as of March 31, 2019 $ 3 $ 7 ___________________________________________ (a) Commodity Derivatives 2020 2019 ($ in millions) Total gains (losses) included in earnings for the period $ 28 $ (88 ) Change in unrealized gains (losses) related to assets still held at reporting date $ 19 $ (84 )
Schedule of quantitative information about level 3 inputs used	The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts at fair value as of March 31, 2020 : Instrument Type Unobservable Input Range Weighted Average (a) Fair Value ($ in millions) Oil trades Oil price volatility curves 26.50% – 242.41% 42.97% $ 39 Natural gas trades Natural gas price volatility curves 20.56% – 141.43% 42.77% $ (8 ) ____________________________________________ (a) Weighted average volatility is weighted by relative volume.

Exploration Expense (Tables)

Exploration Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Extractive Industries [Abstract]
Schedule of exploration expense	A summary of our exploration expense for the Current Quarter and the Prior Quarter is as follows: Three Months Ended 2020 2019 ($ in millions) Impairments of unproved properties $ 272 $ 18 Dry hole expense 7 — Geological and geophysical expense and other 3 6 Exploration expense $ 282 $ 24

Capitalized Exploratory Well _2

Capitalized Exploratory Well Costs (Tables)	3 Months Ended
	Mar. 31, 2020
Extractive Industries [Abstract]
Summary of changes in capitalized well costs	A summary of the changes in our capitalized well costs for the Current Quarter is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year. Three Months Ended March 31, 2020 ($ in millions) Balance as of January 1 $ 7 Charges to exploration expense (7 ) Balance as of March 31 $ —

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	Apr. 14, 2020	Apr. 13, 2020
Subsequent Event | COMMON STOCK
Subsequent Event [Line Items]
Stock split, conversion ratio	0.005	0.005

Debt - Long-Term Debt Table (De

Debt - Long-Term Debt Table (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Long-Term Debt Instrument [Line Items]
Principal amount	$ 9,070,000,000	$ 8,916,000,000
Carrying amount	9,583,000,000	9,458,000,000
Debt issuance costs	(40,000,000)	(44,000,000)
Debt, current	(420,000,000)	(385,000,000)
Current maturities of long-term debt, net	(420,000,000)	(385,000,000)
Long-term debt, fair value	8,650,000,000	8,531,000,000
Long-term debt, net	9,163,000,000	9,073,000,000
Line of credit | Revolving credit facility | Revolving credit facility
Long-Term Debt Instrument [Line Items]
Principal amount	1,900,000,000	1,590,000,000
Chesapeake revolving credit facility	1,900,000,000	1,590,000,000
Term loan
Long-Term Debt Instrument [Line Items]
Principal amount	1,500,000,000	1,500,000,000
Carrying amount	$ 1,472,000,000	1,470,000,000
Senior notes | 11.5% senior secured second lien notes due 2025
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	11.50%
Principal amount	$ 2,330,000,000	2,330,000,000
Carrying amount	$ 3,205,000,000	3,248,000,000
Senior notes | 6.625% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	6.625%
Principal amount	$ 177,000,000	208,000,000
Carrying amount	$ 177,000,000	208,000,000
Senior notes | 6.875% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	6.875%
Principal amount	$ 76,000,000	93,000,000
Carrying amount	$ 76,000,000	93,000,000
Senior notes | 6.125% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	6.125%
Principal amount	$ 167,000,000	167,000,000
Carrying amount	$ 167,000,000	167,000,000
Senior notes | 5.375% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Principal amount	$ 127,000,000	127,000,000
Carrying amount	$ 127,000,000	127,000,000
Senior notes | 4.875% senior notes due 2022
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%
Principal amount	$ 272,000,000	338,000,000
Carrying amount	$ 272,000,000	338,000,000
Senior notes | 5.75% senior notes due 2023
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Principal amount	$ 167,000,000	209,000,000
Carrying amount	$ 167,000,000	209,000,000
Senior notes | 7.00% senior notes due 2024
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	7.00%
Principal amount	$ 624,000,000	624,000,000
Carrying amount	$ 624,000,000	624,000,000
Senior notes | 6.875% senior notes due 2025
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	6.875%
Principal amount	$ 2,000,000	2,000,000
Carrying amount	$ 2,000,000	2,000,000
Senior notes | 8.00% senior notes due 2025
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%
Principal amount	$ 246,000,000	246,000,000
Carrying amount	245,000,000	245,000,000
Senior notes | 7.5% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Principal amount	119,000,000	119,000,000
Carrying amount	119,000,000	119,000,000
Senior notes | 8.00% senior notes due 2026
Long-Term Debt Instrument [Line Items]
Principal amount	46,000,000	46,000,000
Carrying amount	$ 44,000,000	44,000,000
Senior notes | 8.00% senior notes due 2027
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%
Principal amount	$ 253,000,000	253,000,000
Carrying amount	$ 253,000,000	253,000,000
Convertible debt | 5.5% convertible senior notes due 2026
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Principal amount	$ 1,064,000,000	1,064,000,000
Carrying amount	$ 773,000,000	$ 765,000,000
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%

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) shares in Millions	Apr. 14, 2020	Apr. 13, 2020	Mar. 31, 2020shares	Mar. 31, 2019shares
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)			621	729
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)			4	2
PREFERRED STOCK
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)			290	298
COMMON STOCK | Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock split, conversion ratio	0.005	0.005

Debt - Notes Repurchased (Detai

Debt - Notes Repurchased (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 156
Senior notes
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	156
Debt repurchased, principal	93
Gain on repurchase of debt	63
Senior notes | 6.625% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	31
Senior notes | 6.875% senior notes due 2020
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	17
Senior notes | 6.125% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	66
Senior notes | 5.375% senior notes due 2021
Long-Term Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 42

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	Mar. 31, 2020
4.50% Cumulative Convertible Preferred Stock
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%
5.00% (2005B)
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.00%
5.75% Cumulative Convertible Non-Voting Preferred Stock (Series A)
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
5.75% Cumulative Non-Voting Convertible Preferred Stock
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Convertible debt | 5.5% convertible senior notes due 2026
Long-Term Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%

Debt - Narrative (Details)

Debt - Narrative (Details)	Dec. 03, 2019USD ($)	Feb. 01, 2019	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 02, 2019USD ($)
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount						$ 9,070,000,000	$ 8,916,000,000
Revolving credit facility | Revolving credit facility
Long-Term Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000					3,000,000,000		$ 1,000,000,000
Line of credit facility, maximum borrowing capacity, increased maximum						4,000,000,000
Letters of credit outstanding, amount						89,000,000
Borrowing base rate reduction	25.00%
Applicable margin increase	0.0001
Covenant, liquidity	$ 250,000,000
Leverage ratio	2.50
Covenant, cash proceeds	$ 50,000,000
Revolving credit facility | Revolving credit facility | Forecast
Long-Term Debt Instrument [Line Items]
Leverage ratio			4	4.25	4.50
Revolving credit facility | Revolving credit facility | Alternative Base Rate (ABR) | Minimum
Long-Term Debt Instrument [Line Items]
Variable rate percentage		1.50%
Revolving credit facility | Revolving credit facility | Alternative Base Rate (ABR) | Maximum
Long-Term Debt Instrument [Line Items]
Variable rate percentage		2.50%
Revolving credit facility | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum
Long-Term Debt Instrument [Line Items]
Variable rate percentage		2.50%
Revolving credit facility | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum
Long-Term Debt Instrument [Line Items]
Variable rate percentage		3.50%
Revolving credit facility | Revolving credit facility | Line of credit
Long-Term Debt Instrument [Line Items]
Debt instrument, principal amount						$ 1,900,000,000	$ 1,590,000,000

- Fair Value of Debt Table (Det

- Fair Value of Debt Table (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 8,650	$ 8,531
Quoted Prices in Active Markets (Level 1) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	420	385
Long-term debt, fair value	565	753
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	103	360
Long-term debt, fair value	68	622
Significant Other Observable Inputs (Level 2) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	8,598	8,320
Significant Other Observable Inputs (Level 2) | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 3,042	$ 6,085

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) - USD ($)	Jan. 05, 2014	Feb. 28, 2019	Aug. 09, 2018
Commonwealth of Pennsylvania, royalty underpayment | Settled litigation
Loss Contingencies [Line Items]
Settlement amount			$ 36,000,000
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	Mar. 31, 2020USD ($)
Other Commitments [Line Items]
Remainder of 2020	$ 815
2021	986
2022	880
2023	752
2024	681
2025 – 2034	3,479
Total	$ 7,593

Other Liabilities - Current Tab

Other Liabilities - Current Table (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 396	$ 516
Accrued drilling and production costs	260	326
Joint interest prepayments received	57	52
VPP deferred revenue	50	55
Accrued compensation and benefits	56	156
Other accrued taxes	132	150
Other	201	177
Total other current liabilities	$ 1,152	$ 1,432

Other Liabilities - Long-Term T

Other Liabilities - Long-Term Table (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
VPP deferred revenue	$ 0	$ 9
Other	81	116
Total other long-term liabilities	81	$ 125
Deferred compensation plan, liabilities terminated	$ 43

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 894	$ 1,230
Gains (losses) on oil, natural gas and NGL derivatives	907	(301)
Revenues	2,541	2,196
Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	1,801	929
Marketing
Disaggregation of Revenue [Line Items]
Revenues	662	1,143
Gains (losses) on oil, natural gas and NGL derivatives		(2)
Revenues	724	1,233
Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	62	92
Marcellus
Disaggregation of Revenue [Line Items]
Revenues	175	302
Haynesville
Disaggregation of Revenue [Line Items]
Revenues	85	201
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	328	425
Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	180	127
Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	90	109
Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	36	66
Oil
Disaggregation of Revenue [Line Items]
Revenues	539	566
Gains (losses) on oil, natural gas and NGL derivatives	839	(259)
Oil | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	1,378	307
Oil | Marketing
Disaggregation of Revenue [Line Items]
Revenues	508	613
Gains (losses) on oil, natural gas and NGL derivatives		0
Revenues	569	685
Oil | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	61	72
Oil | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0
Oil | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0
Oil | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	277	331
Oil | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	172	121
Oil | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	68	74
Oil | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	22	40
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	320	595
Gains (losses) on oil, natural gas and NGL derivatives	68	(42)
Natural Gas | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	388	553
Natural Gas | Marketing
Disaggregation of Revenue [Line Items]
Revenues	124	413
Gains (losses) on oil, natural gas and NGL derivatives		(2)
Revenues	125	431
Natural Gas | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	1	20
Natural Gas | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	175	302
Natural Gas | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	85	201
Natural Gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	31	48
Natural Gas | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	4	4
Natural Gas | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	15	25
Natural Gas | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	10	15
NGL
Disaggregation of Revenue [Line Items]
Revenues	35	69
Gains (losses) on oil, natural gas and NGL derivatives	0	0
NGL | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	35	69
NGL | Marketing
Disaggregation of Revenue [Line Items]
Revenues	30	117
Gains (losses) on oil, natural gas and NGL derivatives		0
Revenues	30	117
NGL | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0
NGL | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0
NGL | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0
NGL | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	20	46
NGL | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	4	2
NGL | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	7	10
NGL | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	$ 4	$ 11

Revenue - Accounts Receivable (

Revenue - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (24)	$ (21)
Total accounts receivable, net	762	990
Oil, natural gas and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	458	737
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	178	200
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 150	$ 74

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Business Acquisition [Line Items]
Effective income tax rate	0.10%
Deferred income tax expense	$ (10,000,000)	$ 10,000,000	$ (314,000,000)
Income tax benefit	$ 13,000,000		314,000,000
Ownership change, cumulative shift	40.00%
Wildhorse Resource Development Corporation
Business Acquisition [Line Items]
Deferred tax liabilities			314,000,000
Income tax benefit	$ 13,000,000		314,000,000
Deferred tax liability, plant, property and equipment and prepaid compensation			401,000,000
Deferred tax assets, operating loss carryforward, limitations	$ 61,000,000
Wildhorse Resource Development Corporation | Federal
Business Acquisition [Line Items]
Deferred tax asset, operating loss carryforward			$ 87,000,000

Equity (Details)

Equity (Details)	Apr. 14, 2020	Apr. 13, 2020	Mar. 31, 2020shares	Mar. 31, 2019shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued, beginning balance (shares)			9,772,793	4,568,000
Restricted stock issuances (net of forfeitures and cancellations)			11,000	13,000
Common stock, shares issued, ending balance (shares)			9,783,773	8,168,000
Subsequent Event | COMMON STOCK
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock split, conversion ratio	0.005	0.005
Wildhorse Resource Development Corporation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger			0	3,587,000

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock (Details) shares in Thousands	Apr. 14, 2020	Apr. 13, 2020	Mar. 31, 2020$ / sharesshares
Subsequent Event | COMMON STOCK
Weighted Average Grant Date Fair Value Per Share(a)
Stock split, conversion ratio	0.005	0.005
Participating securities
Shares of Unvested Restricted Stock(a)
Unvested restricted stock, beginning balance (in shares) | shares			52
Granted (in shares) | shares			68
Vested (in shares) | shares			(18)
Forfeited (in shares) | shares			0
Unvested restricted stock, ending balance (in shares) | shares			102
Weighted Average Grant Date Fair Value Per Share(a)
Unvested restricted stock, beginning balance (in dollars per share) | $ / shares			$ 710
Granted (in dollars per share) | $ / shares			60
Vested (in dollars per share) | $ / shares			828
Forfeited (in dollars per share) | $ / shares			1,042
Unvested restricted stock, ending balance (in dollars per share) | $ / shares			$ 256

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2018
Participating securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 1
Unrecognized compensation expense	$ 18
Share-based compensation expense, weighted average period for recognition	2 years 1 month 24 days
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, weighted average period for recognition	1 year 4 months 6 days
Unrecognized compensation expense	$ 3
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 payout percentage	0.00%
Performance Share Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share units payout percentage	200.00%
Performance Share Units | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
Performance share units payout percentage	200.00%
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 - Stoc

Share-Based Compensation - Stock Option Activity Table (Details) $ / shares in Units, shares in Thousands, $ in Millions	Apr. 14, 2020	Apr. 13, 2020	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares options) | shares			90
Granted (in shares options) | shares			0
Exercised (in shares options) | shares			0
Expired (in shares options) | shares			(1)
Forfeited (in shares options) | shares			0
Outstanding, ending balance (in shares options) | shares			89	90
Weighted Average Exercise Price Per Share(a)
Outstanding, beginning (in dollars per share) | $ / shares			$ 1,420
Granted (in dollars per share) | $ / shares			0
Exercised (in dollars per share) | $ / shares			0
Expired (in dollars per share) | $ / shares			1,090
Forfeited (in dollars per share) | $ / shares			0
Outstanding, ending (in dollars per share) | $ / shares			$ 1,424	$ 1,420
Weighted average contract life, outstanding			5 years 5 months 19 days	5 years 8 months 12 days
Aggregate intrinsic value, outstanding | $			$ 0	$ 0
Aggregate intrinsic value, exercised | $			$ 0
Exercisable (in shares options) | shares			80
Weighted average exercise price, exercisable (in dollars per share) | $ / shares			$ 1,510
Weighted average contract life, exercisable (in years)			5 years 2 months 4 days
Aggregate intrinsic value, exercisable | $			$ 0
Subsequent Event | COMMON STOCK
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio	0.005	0.005

Share-Based Compensation - Equi

Share-Based Compensation - Equity-Classified Compensation Table (Details) - Restricted stock and stock options - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6	$ 8
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4	6
Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1
Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Breakout (Details) $ in Millions	Apr. 14, 2020	Apr. 13, 2020	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)
Subsequent Event | COMMON STOCK
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio	0.005	0.005
Performance Share Units | Award Year 2019, Payable 2020, 2021 and 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units | shares			15,581
Fair Value			$ 1	$ 9
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 | shares			5,822
Fair Value			$ 0	4
Vested Liability			$ 0
Performance Share Units | Award Year 2017, Payable 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units | shares			428
Fair Value			$ 0	1
Vested Liability			$ 0
Cash Restricted Stock Units | Award Year 2018, Payable 2020 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units | shares			19,928
Fair Value			$ 1	$ 12
Vested Liability			$ 0

Share-Based Compensation - Liab

Share-Based Compensation - Liability-Classified Compensation Table (Details) - Performance Share Units - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ (4)	$ 14
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(3)	9
Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	1
Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(1)	3
Exploration expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)counterpartyderivative	Dec. 31, 2019derivative
Derivative [Line Items]
Expected amount to be transferred of during the next 12 months | $	$ 29
Credit Risk
Derivative [Line Items]
Number of counterparties in hedge facility | counterparty	11
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, number of instruments held | derivative	0	0

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Derivative Instruments (Details) MMBbls in Millions, Bcf in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)BcfMMBbls	Dec. 31, 2019USD ($)BcfMMBbls
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 862	$ 130
Energy related derivative
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 862	$ 130
Energy related derivative | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	41	34
Derivative assets (liabilities), at fair value, net	$ 717	$ 5
Energy related derivative | Oil | Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	21	24
Derivative assets (liabilities), at fair value, net	$ 640	$ (7)
Energy related derivative | Oil | Call options
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	9	0
Derivative assets (liabilities), at fair value, net	$ (9)	$ 0
Energy related derivative | Oil | Collars
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	1	2
Derivative assets (liabilities), at fair value, net	$ 48	$ 14
Energy related derivative | Oil | Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | MMBbls	10	8
Derivative assets (liabilities), at fair value, net	$ 38	$ (2)
Energy related derivative | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	481	346
Derivative assets (liabilities), at fair value, net	$ 145	$ 125
Energy related derivative | Natural Gas | Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	199	265
Derivative assets (liabilities), at fair value, net	$ 152	$ 125
Energy related derivative | Natural Gas | Call options
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	113	22
Derivative assets (liabilities), at fair value, net	$ (19)	$ 0
Energy related derivative | Natural Gas | Call swaptions
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	29	29
Derivative assets (liabilities), at fair value, net	$ (4)	$ (2)
Energy related derivative | Natural Gas | Put spreads
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	94	0
Derivative assets (liabilities), at fair value, net	$ 15	$ 0
Energy related derivative | Natural Gas | Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	46	30
Derivative assets (liabilities), at fair value, net	$ 1	$ 2

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative assets (liabilities), at fair value, net	$ 862	$ 130
Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset	877	174
Derivative liability	(15)	(44)
Not designated as hedging instrument | Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	862	130
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Derivative assets (liabilities), at fair value, net	862	130
Not designated as hedging instrument | Commodity contract | Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	889	174
Derivative asset, fair value, gross liability, netted	(5)	(40)
Derivative asset	884	134
Not designated as hedging instrument | Commodity contract | Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(5)	(42)
Derivative liability, fair value, gross asset, netted	5	40
Derivative liability	0	(2)
Not designated as hedging instrument | Commodity contract | Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(22)	(2)
Derivative liability, fair value, gross asset, netted	0	0
Derivative liability	$ (22)	$ (2)

Derivative and Hedging Activi_6

Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Gains (losses) on undesignated oil, natural gas and NGL derivatives	$ 907	$ (301)
Revenues	2,541	2,196
Oil, natural gas and NGL sales
Derivative [Line Items]
Losses on terminated cash flow hedges	(9)	(10)
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	916	(291)
Oil, natural gas and NGL
Derivative [Line Items]
Oil, natural gas and NGL revenues	894	1,230
Revenues	$ 1,801	$ 929

Derivative and Hedging Activi_7

Derivative and Hedging Activities - Marketing Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Revenues	$ 894	$ 1,230
Losses on undesignated marketing natural gas derivatives	907	(301)
Revenues	2,541	2,196
Marketing, Gathering And Compression | Other contract
Derivative [Line Items]
Losses on undesignated marketing natural gas derivatives	0	(2)
Marketing | Marketing, Gathering And Compression
Derivative [Line Items]
Revenues	724	1,235
Marketing
Derivative [Line Items]
Revenues	662	1,143
Losses on undesignated marketing natural gas derivatives		(2)
Revenues	$ 724	$ 1,233

Derivative and Hedging Activi_8

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period		$ 12
Losses reclassified to income, after tax	[1]	9	$ 10
AOCI, after tax, end of period		21
Cash flow hedging
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, before tax, beginning of period		(45)	(80)
AOCI, after tax, beginning of period		12	(23)
Losses reclassified to income, before tax		9
Losses reclassified to income, after tax		9
Losses reclassified to income, before tax			10
Losses reclassified to income, after tax			10
AOCI, before tax, end of period		(36)	(70)
AOCI, after tax, end of period		$ 21	$ (13)
[1]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

Derivative and Hedging Activi_9

Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	$ 862	$ 130
Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	877	174
Derivative liability	(15)	(44)
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
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	831	118
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	831	160
Derivative liability	0	(42)
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	31	12
Significant Unobservable Inputs (Level 3) | Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	46	14
Derivative liability	(15)	(2)
Derivative assets (liabilities), at fair value, net	$ 31	$ 12	$ 3	$ 87

Derivative and Hedging Activ_10

Derivative and Hedging Activities - Fair Value Level 3 Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	$ 130
Derivative assets (liabilities), at fair value, net, end of period	862
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	130
Derivative assets (liabilities), at fair value, net, end of period	862
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	12
Derivative assets (liabilities), at fair value, net, end of period	31
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	12	$ 87
Gains (loses) included in earnings	28	(88)
Settlements	(9)	4
Derivative assets (liabilities), at fair value, net, end of period	31	3
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	28	(88)
Change in unrealized gains (losses) related to assets still held at reporting date	19	(84)
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	0	7
Gains (loses) included in earnings	0	0
Settlements	0	0
Derivative assets (liabilities), at fair value, net, end of period	$ 0	$ 7

Derivative and Hedging Activ_11

Derivative and Hedging Activities - Quantitative Disclosures Level 3 (Details) - Energy related derivative $ in Millions	Mar. 31, 2020USD ($)
Oil
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value, measurement with unobservable inputs reconciliations, recurring basis, asset value	$ 39
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	$ (8)
Price volatility | Oil | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.2650
Price volatility | Oil | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	2.4241
Price volatility | Oil | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.4297
Price volatility | Natural Gas | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.2056
Price volatility | Natural Gas | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	1.4143
Price volatility | Natural Gas | Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.4277

Exploration Expense (Details)

Exploration Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Extractive Industries [Abstract]
Impairments of unproved properties	$ 272	$ 18
Dry hole expense	7	0
Geological and geophysical expense and other	3	6
Exploration expense	$ 282	$ 24

Impairments (Details)

Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Total impairments	$ 8,522	$ 1
Future commodity prices escalated by an inflationary rate, period	2 years
Proved oil and natural gas properties
Property, Plant and Equipment [Line Items]
Rate used to discount expected future net cash flows	11.00%
Total impairments	$ 8,446
Sand Mine
Property, Plant and Equipment [Line Items]
Total impairments	$ 76

Capitalized Exploratory Well _3

Capitalized Exploratory Well Costs (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Changes in Capitalized Well Costs
Beginning balance	$ 7,000,000
Charges to exploration expense	(7,000,000)
Ending balance	0
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 0

Investments (Details)

Investments (Details) - FTS International, Inc. $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares
Schedule of Equity Method Investments [Line Items]
Book value	$ 23
Share price (in dollars per share) | $ / shares	$ 0.22
Other than temporary impairment	$ 23

Other Operating Expense (Detail

Other Operating Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Other Income and Expenses [Abstract]
Termination agreement, expenses recognized	$ 79
Decrease In future commitments	169
Wildhorse Resource Development Corporation
Business Acquisition [Line Items]
Acquisition related costs	23
Severance expense	$ 38

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Billions	Apr. 23, 2020$ / shares	Apr. 14, 2020	Apr. 13, 2020shares	Dec. 31, 2019USD ($)$ / sharesshares	Apr. 10, 2020shares	Mar. 31, 2020$ / sharesshares
Subsequent Event [Line Items]
Common stock, shares authorized (shares) | shares				15,000,000		22,500,000
Common stock, par value (usd per share) | $ / shares				$ 0.01		$ 0.01
Preferred stock, par value (usd per share) | $ / shares				$ 0.01		$ 0.01
Net operating loss, domestic | $				$ 7.6
Subsequent Event
Subsequent Event [Line Items]
Common shares, outstanding (in shares) | shares					1,957,000,000
Common stock, par value (usd per share) | $ / shares	$ 0.01
Maximum beneficial ownership, percent	4.90%
Subsequent Event | Preferred Class B
Subsequent Event [Line Items]
Preferred stock, par value (usd per share) | $ / shares	$ 0.01
Share price (in dollars per share) | $ / shares	$ 90
Subsequent Event | COMMON STOCK
Subsequent Event [Line Items]
Stock split, conversion ratio		0.005	0.005
Reverse stock split, number of shares (in shares) | shares			9,784,000
Shares authorized prior to reverse stock split (in shares) | shares					3,000,000,000
Common stock, shares authorized (shares) | shares					22,500,000
Subsequent Event | PREFERRED STOCK | Preferred Class B
Subsequent Event [Line Items]
Share purchase ratio	0.10%