Expand Energy (EXE) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CHKAQ
Security Exchange Name	NONE
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		9,780,335
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents ($2 and $2 attributable to our VIE)		$ 82	$ 6
Accounts receivable, net		513	990
Short-term derivative assets		0	134
Other current assets		95	121
Total Current Assets		690	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)		31,401	30,765
Unproved properties		1,743	2,173
Other property and equipment		1,803	1,810
Total Property and Equipment, at Cost		34,947	34,748
Less: accumulated depreciation, depletion and amortization (($748) and ($713) attributable to our VIE)		(29,255)	(20,002)
Property and equipment held for sale, net		10	10
Total Property and Equipment, Net		5,702	14,756
Other long-term assets		161	186
TOTAL ASSETS		6,553	16,193
CURRENT LIABILITIES:
Accounts payable		39	498
Current maturities of long-term debt, net		1,929	385
Accrued interest		3	75
Short-term derivative liabilities		0	2
Other current liabilities (nominal and $1 attributable to our VIE)		418	1,432
Total Current Liabilities		2,389	2,392
Long-term debt, net		0	9,073
Long-term derivative liabilities		0	2
Asset retirement obligations, net of current portion		209	200
Other long-term liabilities		8	125
Liabilities subject to compromise		8,135	0
Total Liabilities		10,741	11,792
CONTINGENCIES AND COMMITMENTS (Note 5)
Chesapeake Stockholders’ Equity (Deficit):
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: 9,780,202 and 9,772,793 shares issued(a)	[1]	0	0
Additional paid-in capital(a)	[1]	16,924	16,973
Accumulated deficit		(22,793)	(14,220)
Accumulated other comprehensive income		29	12
Less: treasury stock, at cost; 0 and 26,224 common shares	[1]	0	(32)
Total Chesapeake Stockholders’ Equity (Deficit)		(4,209)	4,364
Noncontrolling interests		21	37
Total Equity (Deficit)		(4,188)	4,401
TOTAL LIABILITIES AND EQUITY (DEFICIT)		$ 6,553	$ 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 9 for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) $ in Millions	Jun. 30, 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	9,780,202	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	31,401	30,765
VIE, accumulated depreciation, depletion and amortization	(29,255)	(20,002)
VIE, other current liabilities	418	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	$ 0	$ 1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES AND OTHER:
Revenues		$ 521	$ 2,386	$ 3,062	$ 4,582
Gains on sales of assets		0	1	0	20
OPERATING EXPENSES:
Severance and ad valorem taxes		25	62	79	113
General and administrative		112	89	177	192
Separation and other termination costs		22	0	27	0
Provision for legal contingencies, net		7	3	8	3
Depreciation, depletion and amortization		158	580	761	1,099
Impairments		0	1	8,522	2
Other operating expense		5	3	88	64
Total Operating Expenses		1,062	2,108	11,830	4,486
INCOME (LOSS) FROM OPERATIONS		(541)	278	(8,768)	96
OTHER INCOME (EXPENSE):
Interest expense (contractual interest for the three and six months ended June 30, 2020 of $173 and $355)		(137)	(175)	(282)	(336)
Losses on investments		0	(23)	(23)	(24)
Gains on purchases or exchanges of debt		2	0	65	0
Other income		6	18	12	27
Reorganization items, net		394	0	394	0
Total Other Income (Expense)		265	(180)	166	(333)
INCOME (LOSS) BEFORE INCOME TAXES		(276)	98	(8,602)	(237)
Income tax benefit		0	0	(13)	(314)
NET INCOME (LOSS)		(276)	98	(8,589)	77
Net loss attributable to noncontrolling interests		0	0	16	0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		(276)	98	(8,573)	77
Preferred stock dividends		0	(23)	(22)	(46)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		$ (276)	$ 75	$ (8,595)	$ 31
EARNINGS (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	[1]	$ (28.22)	$ 9.21	$ (880.18)	$ 4.12
Diluted (in dollars per share)	[1]	$ (28.22)	$ 9.21	$ (880.18)	$ 4.12
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING
Basic (in shares)	[1]	9,779	8,141	9,765	7,524
Diluted (in shares)	[1]	9,779	8,141	9,765	7,524
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues		$ 267	$ 1,454	$ 2,068	$ 2,383
Marketing
REVENUES AND OTHER:
Revenues		240	916	964	2,149
OPERATING EXPENSES:
Expense		242	940	988	2,170
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues		507	2,370	3,032	4,532
Other
REVENUES AND OTHER:
Revenues		14	15	30	30
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense		91	144	213	259
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense		270	271	555	545
Exploration
OPERATING EXPENSES:
Expense		$ 130	$ 15	$ 412	$ 39
[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 9 for additional information.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Income Statement [Abstract]
Contractual interest	$ 173	$ 355

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)		$ (276)	$ 98	$ (8,589)	$ 77
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Reclassification of losses on settled derivative instruments	[1]	8	8	17	18
Other Comprehensive Income		8	8	17	18
COMPREHENSIVE INCOME (LOSS)		(268)	106	(8,572)	95
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0	0	16	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE		$ (268)	$ 106	$ (8,556)	$ 95
[1]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (8,589)	$ 77
ADJUSTMENTS TO RECONCILE NET LOSS TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	761	1,099
Deferred income tax benefit	(10)	(314)
Derivative (gains) losses, net	(734)	30
Cash receipts on derivative settlements, net	880	15
Stock-based compensation	9	17
Gains on sales of assets	0	(20)
Impairments	8,522	2
Non-cash reorganization items, net	(449)	0
Exploration	406	25
Losses on investments	23	18
Gains on purchases or exchanges of debt	(65)	0
Other	(22)	41
Changes in assets and liabilities	41	(137)
Net Cash Provided By Operating Activities	773	853
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(843)	(1,070)
Business combination, net	0	(353)
Acquisitions of proved and unproved properties	(9)	(17)
Proceeds from divestitures of proved and unproved properties	7	82
Additions to other property and equipment	(15)	(18)
Proceeds from sales of other property and equipment	4	4
Net Cash Used In Investing Activities	(856)	(1,372)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,806	6,416
Payments on pre-petition revolving credit facility borrowings	(3,467)	(5,452)
Cash paid to purchase debt	(95)	(381)
DIP credit facility financing costs	(55)	0
Cash paid for preferred stock dividends	(22)	(46)
Other	(8)	(18)
Net Cash Provided By Financing Activities	159	519
Net increase in cash and cash equivalents	76	0
Cash and cash equivalents, beginning of period	6	4
Cash and cash equivalents, end of period	82	4
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for reorganization items, net	55	0
Interest paid, net of capitalized interest	177	296
Income taxes paid, net of refunds received	(2)	(5)
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for business combination	0	2,037
Change in senior notes exchanged	0	35
Change in accrued drilling and completion costs
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in accrued drilling and completion costs	$ (223)	$ 17

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions		Total	TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT)	PREFERRED STOCK:	COMMON STOCK:	ADDITIONAL PAID-IN CAPITAL:		ACCUMULATED DEFICIT:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):	TREASURY STOCK – COMMON:		NONCONTROLLING INTERESTS:
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2018				$ 1,671	$ 0	$ 14,387	[1]	$ (13,912)	$ (23)	$ (31)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	2,037	[1]
Stock-based compensation	[1]					18
Dividends on preferred stock	[1]					(46)
Net income (loss) attributable to Chesapeake		$ 77						77
Hedging activity									18
Purchase of 0, 405, 17,901 and 13,102 shares for company benefit plans	[1]									(7)
Release of 0, 744, 44,126 and 1,297 shares from company benefit plans	[1]									2
Chesapeake stockholders’ equity, end of period at Jun. 30, 2019			$ 4,191		0	16,396	[1]	(13,835)	(5)	(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
Distributions to noncontrolling interest owners												(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Jun. 30, 2019												39
Chesapeake stockholders’ equity, beginning of period at Mar. 31, 2019				1,671	0	16,408	[1]	(13,933)	(13)	(36)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	0	[1]
Stock-based compensation	[1]					11
Dividends on preferred stock	[1]					(23)
Net income (loss) attributable to Chesapeake		98						98
Hedging activity									8
Purchase of 0, 405, 17,901 and 13,102 shares for company benefit plans	[1]									(1)
Release of 0, 744, 44,126 and 1,297 shares from company benefit plans	[1]									1
Chesapeake stockholders’ equity, end of period at Jun. 30, 2019			4,191		0	16,396	[1]	(13,835)	(5)	(36)	[1]
Stockholders' equity attributable to noncontrolling interest, beginning of period at Mar. 31, 2019												41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to noncontrolling interests		0										0
Distributions to noncontrolling interest owners												(2)
Stockholders' equity attributable to noncontrolling interest, end of period at Jun. 30, 2019												39
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity (Deficit)		4,230
Total Equity (Deficit)		4,401
Chesapeake stockholders’ equity, beginning of period at Dec. 31, 2019		4,364		1,631	0	16,973	[1]	(14,220)	12	(32)	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	0	[1]
Stock-based compensation	[1]					(27)
Dividends on preferred stock	[1]					(22)
Net income (loss) attributable to Chesapeake		(8,573)						(8,573)
Hedging activity									17
Purchase of 0, 405, 17,901 and 13,102 shares for company benefit plans	[1]									(2)
Release of 0, 744, 44,126 and 1,297 shares from company benefit plans	[1]									34
Chesapeake stockholders’ equity, end of period at Jun. 30, 2020		(4,209)	(4,209)		0	16,924	[1]	(22,793)	29	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)
Distributions to noncontrolling interest owners												0
Stockholders' equity attributable to noncontrolling interest, end of period at Jun. 30, 2020		21										21
Chesapeake stockholders’ equity, beginning of period at Mar. 31, 2020				$ 1,631	0	16,920	[1]	(22,517)	21	0	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for WildHorse Merger					0	0	[1]
Stock-based compensation	[1]					4
Dividends on preferred stock	[1]					0
Net income (loss) attributable to Chesapeake		(276)						(276)
Hedging activity									8
Purchase of 0, 405, 17,901 and 13,102 shares for company benefit plans	[1]									0
Release of 0, 744, 44,126 and 1,297 shares from company benefit plans	[1]									0
Chesapeake stockholders’ equity, end of period at Jun. 30, 2020		(4,209)	$ (4,209)		$ 0	$ 16,924	[1]	$ (22,793)	$ 29	$ 0	[1]
Stockholders' equity attributable to noncontrolling interest, beginning of period at Mar. 31, 2020												21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to noncontrolling interests		0										0
Distributions to noncontrolling interest owners												0
Stockholders' equity attributable to noncontrolling interest, end of period at Jun. 30, 2020		21										$ 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total Equity (Deficit)		$ (4,188)
[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 9 for additional information.

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2020shares	Jun. 30, 2019shares	Jun. 30, 2020shares	Jun. 30, 2019shares
TREASURY STOCK – COMMON:
Purchase of shares for company benefit plans (in shares)	0	405	17,901	13,102
Release of shares from company benefit plans (in shares)	0	744	44,126	1,297

Chapter 11 Proceedings

Chapter 11 Proceedings	6 Months Ended
	Jun. 30, 2020
Reorganizations [Abstract]
Chapter 11 Proceedings	Chapter 11 Proceedings Unless the context otherwise requires, references to “Chesapeake”, the “Company”, “us”, “we” and “our” in this report are to Chesapeake Energy Corporation together with its subsidiaries. On June 28, 2020, (the “Petition Date”) we and certain of our subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) for relief (the “Bankruptcy Filing”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On June 29, 2020, the Bankruptcy Court entered an order authorizing the joint administration of the Chapter 11 Cases under the caption In re Chesapeake Energy Corporation , Case No. 20-33233 (DRJ) . Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries (collectively, the “Non-Filing Entities”) were not part of the Bankruptcy Filing. The Non-Filing Entities will continue to operate in the ordinary course of business. Debtor-In-Possession We are currently operating as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Court granted the first day relief we requested that was designed primarily to mitigate the impact of the Chapter 11 Cases on our operations, customers and employees. As a result, we are able to conduct normal business activities and pay all associated obligations for the period following the Bankruptcy Filing and are also authorized to pay owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided prior to the Bankruptcy Filing. During the pendency of the Chapter 11 Cases, all transactions outside the ordinary course of business require the prior approval of the Bankruptcy Court. Automatic Stay Subject to certain specific exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed all judicial or administrative actions against us and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities are subject to settlement under the Bankruptcy Code. Restructuring Support Agreement On June 28, 2020, the Debtors entered into a restructuring support agreement (the "RSA") with certain holders (collectively, the "Consenting Stakeholders") of (i) obligations under that certain Amended and Restated Credit Agreement, dated as of September 12, 2018, by and among Chesapeake, as borrower, the Debtor guarantors party thereto, MUFG Union Bank, N.A., as administrative agent, and the other lender, issuer, and agent parties thereto (the "pre-petition revolving credit facility"); (ii) obligations under that certain Term Loan Agreement, dated as of December 19, 2019, by and among Chesapeake, as borrower, the Debtor guarantors party thereto, GLAS USA LLC., as administrative agent, and the lender parties thereto (the "FLLO Term Loan"); and (iii) obligations under the 11.5% Senior Secured Second Lien Notes due 2025 (the "Second Lien Notes") issued pursuant to that certain indenture, dated as of December 19, 2019, by and among Chesapeake, as issuer, certain guarantors party thereto, and Deutsche Bank Trust Company Americas, as trustee and collateral trustee to support a restructuring (the "Restructuring") on the terms set forth in the RSA and the term sheet annexed to the RSA (the "Restructuring Term Sheet"). Certain Consenting Stakeholders also hold Unsecured Notes (as defined in the Restructuring Term Sheet) and their Unsecured Notes are also subject to the terms and obligations under the RSA. The RSA contemplates that the Company will implement the Restructuring through the Chapter 11 Cases pursuant to a consensual plan of reorganization (the "Plan") and the various related transactions set forth in or contemplated by the RSA and the Restructuring Term Sheet. The RSA contains certain covenants on the part of each of the Company and the Consenting Stakeholders, including limitations on the parties’ ability to pursue alternative transactions (subject to customary provisions regarding the ability of the Company’s Board of Directors to satisfy its fiduciary duties), commitments by the Consenting Stakeholders to vote in favor of the Plan and commitments of the Company and the Consenting Stakeholders to negotiate in good faith to finalize the documents and agreements contemplated by and required to implement the Plan. The RSA also provides for certain conditions to the obligations of the parties and for termination upon the occurrence of certain events, including, without limitation, the failure to achieve certain milestones and certain breaches by the parties under the RSA. One such condition is the requirement to obtain sufficient savings on certain midstream obligations (as determined by the required plan sponsors, defined in the RSA) through rejection of such contracts and/or renegotiation of terms. The RSA includes a hedging order that authorizes the Debtors to enter into post-petition hedge agreements with the lenders under the DIP Credit Facility (as defined below). Beginning 30 days after the Petition Date, the Debtors are required to, at a minimum, hedge 50% of the anticipated projected monthly production from proved developed producing oil and natural gas reserves (in each case, calculated separately for (i) crude oil and (ii) natural gas and natural gas liquids, taken together) for a rolling 24 -month period. The Debtors notional hedge volumes shall not exceed (a) for the 24 -month period from the date such commodity hedge transaction is executed, 90% of the anticipated projected monthly production from proved developed producing oil and natural gas reserves and (b) for the 24 -month period thereafter, 80% of the anticipated projected monthly production from proved developed producing oil and natural gas reserves. Although the Company intends to pursue the Restructuring in accordance with the terms set forth in the RSA, there can be no assurance that the Company will be successful in completing the Restructuring or any other similar transaction on the terms set forth in the RSA, on different terms, or at all. Pursuant to the terms of the RSA and the Restructuring Term Sheet, below is a summary of the treatment that the stakeholders of the Company would receive under the Plan: • Holders of Other Secured Claims . Each holder of Other Secured Claims (as defined in the RSA) would receive, at the Company's option and in consultation with a requisite number of holders of claims who are backstopping a rights offering pursuant to the Plan: (a) payment in full in cash; (b) the collateral securing its secured claim; (c) reinstatement of its secured claim; or (d) such other treatment rendering its secured claim unimpaired in accordance with Section 1124 of the Bankruptcy Code. • Holders of Other Priority Claims . Each holder of Other Priority Claims (as defined in the RSA) would receive treatment in a manner consistent with Section 1129(a)(9) of the Bankruptcy Code. • Holders of Pre-Petition Revolving Credit Facility Claims . On the effective date of the Plan (the "Plan Effective Date"), each holder of obligations under the pre-petition revolving credit facility would receive, at such holder's option, its pro rata share of either Tranche A RBL Exit Facility Loans or Tranche B RBL Exit Facility Loans (each as defined in the Exit Facilities Term Sheet, defined below), each on a dollar for dollar basis. • Holders of FLLO Term Loan Facility Claims. On the Plan Effective Date, each holder of obligations under the FLLO Term Loan Facility would receive its pro rata share of (i) 76% of the reorganized Company's new common equity interests (the "New Common Stock"), subject to the terms set forth in the Restructuring Term Sheet and (ii) the right to participate in a rights offering on the terms set forth in the Restructuring Term Sheet. • Holders of Second Lien Notes Claims . On the Plan Effective Date, each holder of the Second Lien Notes would receive its pro rata share of (i) 12% of the New Common Stock, subject to the terms set forth in the Restructuring Term Sheet, (ii) the right to participate in a rights offering on the terms set forth in the Restructuring Term Sheet, and (iii) warrants to purchase 10% of the New Common Stock on certain terms set forth in the Restructuring Term Sheet, warrants to purchase another 10% of the New Common Stock on certain other terms set forth in the Restructuring Term Sheet, and 50% of warrants to purchase another 10% of the New Common Stock on certain other terms set forth in the Restructuring Term Sheet (the "New Class C Warrants"). • Holders of Unsecured Notes Claims . On the Plan Effective Date, each holder of the Unsecured Notes (as defined in the RSA) would receive its pro rata share of (i) 12% of the New Common Stock, subject to the terms set forth in the Restructuring Term Sheet (the "Unsecured Claims Recovery"), and (ii) 50% of the New Class C Warrants. • Holders of General Unsecured Claims . On the Plan Effective Date, each holder of allowed general unsecured claims would receive its pro rata share of the Unsecured Claims Recovery. • Equity Holders . Each holder of an equity interest in Chesapeake, including our common and preferred stock, would have such interest canceled, released, and extinguished without any distribution. DIP Credit Facility On June 28, 2020, prior to the commencement of the Chapter 11 Cases, the Company entered into a commitment letter (the “Commitment Letter”) with certain of the lenders under the pre-petition revolving credit facility and/or their affiliates (collectively, the “Commitment Parties”), pursuant to which, and subject to the satisfaction of certain customary conditions, including the approval of the Bankruptcy Court, the Commitment Parties agreed to provide the Debtors with a post-petition senior secured super-priority debtor-in-possession revolving credit facility in an aggregate principal amount of up to approximately $2.104 billion (the “DIP Credit Facility”), consisting of a revolving loan facility of new money in an aggregate principal amount of up to $925 million , which includes a sub-facility of up to $200 million for the issuance of letters of credit, and an up to approximately $1.179 billion term loan that reflects the roll-up of a portion of outstanding borrowings under the pre-petition revolving credit facility. Pursuant to the Commitment Letter, the Commitment parties have also committed to provide, subject to certain conditions, an up to $2.5 billion exit credit facility, consisting of an up to $1.75 billion revolving credit facility (the “Exit Revolving Facility”) and an up to $750 million senior secured term loan facility (the “Exit Term Loan Facility” and, together with the Exit Revolving Facility, the “Exit Credit Facilities”). The terms and conditions of the DIP Credit Facility are set forth in the DIP Credit Agreement (the “DIP Credit Agreement”) attached to the Commitment Letter. The proceeds of the DIP Credit Facility may be used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases, payment of court approved adequate protection obligations, and other such purposes consistent with the DIP Credit Facility. The terms and conditions of the Exit Credit Facilities are reflected in an exit facilities term sheet attached as an exhibit to the Restructuring Term Sheet (the “Exit Facilities Term Sheet”). The Exit Credit Facilities are subject to satisfaction of certain conditions set forth in the Exit Facilities Term Sheet, including compliance with (i) a minimum liquidity of $500 million , (ii) a 2.25 :1.00 leverage ratio test and (iii) asset coverage of credit facilities to PV-10 of at least 1.50 :1.00. See Note 4 for additional information. Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, we may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves us from performing our future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against our estate for such damages. Generally, the assumption of an executory contract or unexpired lease requires us to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with us, including where applicable a quantification of our obligations under any such executory contract or unexpired lease of us, is qualified by any overriding rejection rights we have under the Bankruptcy Code. Potential Claims We have filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of us and each of our subsidiaries, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition claims that are not governmental units are required to file proofs of claim by the deadline for general claims, (the “bar date”), which was set by the Bankruptcy Court as September 25, 2020. As of August 5, 2020, the Debtors have received approximately 250 proofs of claim, not including proofs of claim related to the Healthcare of Ontario Pension Plan (HOOPP) disclosed in Note 5 , primarily representing general unsecured claims, for an aggregate amount of approximately $75 million . Differences between amounts scheduled by us and claims by creditors are being investigated and will be reconciled and resolved to within an immaterial amount in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and likely will continue after we emerge from bankruptcy. Financial Statement Classification of Liabilities Subject to Compromise The accompanying unaudited condensed consolidated balance sheet as of June 30, 2020, includes amounts classified as liabilities subject to compromise, which represent liabilities we anticipate will be allowed as claims in the Chapter 11 Cases. These amounts represent our current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases, and may differ from actual future settlement amounts paid. Differences between liabilities estimated and claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. We will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material. Liabilities subject to compromise includes amounts related to the rejection of various executory contracts and unexpired leases. Additional amounts may be included in liabilities subject to compromise in future periods if additional executory contracts and unexpired leases are rejected. The nature of many of the potential claims arising under our executory contracts and unexpired leases has not been determined at this time, and therefore, such claims are not reasonably estimable at this time and may be material. The following table summarizes the components of liabilities subject to compromise included on our unaudited condensed consolidated balance sheet as of June 30, 2020: June 30, ($ in millions) Debt $ 7,166 Accounts payable 250 Accrued interest 235 Other liabilities 484 Liabilities subject to compromise $ 8,135 Reorganization Items, Net We have incurred and will continue to incur significant expenses, gains and losses associated with the reorganization, primarily the write-off of unamortized debt issuance costs and related unamortized premiums and discounts and legal and professional fees incurred subsequent to the Chapter 11 filings for the restructuring process. The amount of these items, which are being incurred in reorganization items, net within our accompanying unaudited condensed consolidated statements of operations, are expected to significantly affect our results of operations. In future periods, we may also incur adjustments for allowable claims related to our legal proceedings and executory contracts approved for rejections by the Bankruptcy Court. The following table summarizes the components included in reorganization items for the three and six months ended June 30, 2020: Three and Six Months Ended June 30, 2020 ($ in millions) Write off of unamortized debt premiums (discounts) $ 518 Write off of unamortized debt issuance costs (61 ) DIP credit facility financing costs (63 ) Reorganization items, net $ 394

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to the three and six months ended June 30, 2020 (the “Current Quarter” and the “Current Period”, respectively) and the three and six months ended June 30, 2019 (the “Prior Quarter” and the “Prior Period”, respectively). 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. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern and contemplate the realization of assets and satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is contingent on our ability to comply with the financial and other covenants contained in our DIP Credit Facility, the Bankruptcy Court’s approval of the Plan and our ability to successfully implement the Plan and obtain exit financing, among other factors. As a result of the Bankruptcy Filing, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter 11, we may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Credit Facility), for amounts other than those reflected in the accompanying condensed consolidated financial statements. Further, the Plan could materially change the amounts and classifications of assets and liabilities reported in the condensed consolidated financial statements. The factors noted above raise substantial doubt about our ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should we be unable to continue as a going concern or as a consequence of the Bankruptcy Filing. Accounting During Bankruptcy We have applied Accounting Standards Codification (ASC) 852 Reorganizations in preparing the unaudited condensed consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 Cases, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred during the bankruptcy proceedings, including losses related to executory contracts that have been approved for rejection by the Bankruptcy Court, and unamortized deferred financing costs, premiums and discounts associated with debt classified as liabilities subject to compromise, are recorded as reorganization items. In addition, pre-petition obligations that may be impacted by the Chapter 11 process have been classified on the unaudited condensed consolidated balance sheet as of June 30, 2020 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. See Note 1 for more information regarding reorganization items. Risks and Uncertainties The global spread of COVID-19 created significant volatility, uncertainty, and economic disruption during the first six months of 2020. 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. State and local authorities have also implemented multi-step policies with the goal of re-opening. However, certain jurisdictions began re-opening only to return to restrictions in the face of increases in new COVID-19 cases. 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. As a result, since mid-March, we have restricted access to all of our offices and for a period of time directed employees to work remotely to the extent possible. We began to re-open our offices in phases beginning mid-May and special precautions have been implemented to minimize the risk of exposure. These actions have allowed us to maintain the engagement and connectivity of our personnel. However, due to severe impacts from the global COVID-19 pandemic on the global demand for oil and natural gas, financial results may not be necessarily indicative of operating results for the entire year. 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. Further, in April 2020, OPEC+ finalized an agreement to cut oil production by 9.7 million barrels per day during May and June 2020. On June 6, 2020, OPEC+ agreed to extend such production cuts until the end of July 2020. However, prices in the oil and gas market have remained depressed, as the oversupply and lack of demand in the market persist. Oil and natural gas prices are expected to continue to be volatile as a result of the near-term production instability and the ongoing COVID-19 outbreaks and as changes in oil and natural gas inventories, industry demand and global and national economic performance are reported. 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. 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. The continued low level of demand and prices for oil and natural gas or otherwise has had and will continue to have a 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 (in thousands) Common stock equivalent of our preferred stock outstanding (a) 290 298 290 298 Common stock equivalent of our convertible senior notes outstanding (a) 621 729 621 729 Participating securities (a) — 3 — 5 ____________________________________________ (a) Amount has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 9 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 9 for additional information.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt consisted of the following as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Principal Amount Carrying Principal Carrying ($ in millions) Pre-petition revolving credit facility $ 1,929 $ 1,929 $ 1,590 $ 1,590 Term loan due 2024 1,500 1,500 1,500 1,470 11.5% senior secured second lien notes due 2025 2,330 2,330 2,330 3,248 6.625% senior notes due 2020 176 176 208 208 6.875% senior notes due 2020 73 73 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 246 246 246 245 5.5% convertible senior notes due 2026 1,064 1,064 1,064 765 7.5% senior notes due 2026 119 119 119 119 8.00% senior notes due 2026 46 46 46 44 8.00% senior notes due 2027 253 253 253 253 Debt issuance costs — — — (44 ) Total debt, net 9,095 9,095 8,916 9,458 Less current maturities of long-term debt (1,929 ) (1,929 ) (385 ) (385 ) Less amounts reclassified to liabilities subject to compromise (7,166 ) (7,166 ) — — Total long-term debt, net $ — $ — $ 8,531 $ 9,073 Chapter 11 Proceedings Filing of the Chapter 11 Cases constituted an event of default with respect to certain of our secured and unsecured debt obligations. As a result of the Chapter 11 Cases, the principal and interest due under these debt instruments became immediately due and payable. However, Section 362 of the Bankruptcy Code stays the creditors from taking any action as a result of the default. The principal amounts outstanding under the FLLO Term Loan, Second Lien Notes and all of our other unsecured senior and convertible senior notes have been reclassified as liabilities subject to compromise on the accompanying unaudited condensed consolidated balance sheet at June 30, 2020. Additionally, non-cash adjustments were made to write off all of the related unamortized debt issuance costs and associated discounts and premiums of approximately $457 million are included in reorganization items, net in the accompanying unaudited condensed consolidated statements of operations for the three and six-month periods ended June 30, 2020, as discussed in Note 1 . Debtor-in-Possession Credit Agreement On June 28, 2020, prior to the commencement of Chapter 11 Cases, the Company entered into a commitment letter with certain of the lenders (“New Money Lenders”) under the pre-petition revolving credit facility and/or their affiliates to provide the Debtors with a DIP Credit Facility in an aggregate principal amount of up to approximately $2.104 billion in commitments and loans from the New Money Lenders. The DIP Credit Facility consists of a revolving loan facility of new money in an aggregate principal amount of up to $925 million (the “New Money Facility”), which includes a sub-facility of up to $200 million for the issuance of letters of credit, and a $1.179 billion term loan that reflects the roll-up of a portion of outstanding borrowings under the pre-petition revolving credit facility: (i) a $925 million term loan reflecting the roll-up of a portion of outstanding existing borrowings made by the New Money Lenders under the existing revolving credit agreement (the “New Money Roll-Up Loans”) and (ii) an up to approximately $254 million term loan reflecting the roll-up or a portion of outstanding existing borrowings made by certain other lenders under the pre-petition revolving credit facility agreement (the “Incremental Roll-Up Loans”). The proceeds of the DIP Credit Facility may be used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases, payment of court approved adequate protection obligations and other such purposes consistent with the DIP Credit Facility. The DIP Credit Facility was approved by the Bankruptcy Court on a final basis on July 31, 2020. Borrowings under the DIP Credit Facility will mature, and the lending commitments thereunder will terminate, upon the earliest to occur of: (a) March 28, 2021 (the 9-month anniversary of the Petition Date); (b) the date of the termination of the commitments and/or the acceleration of all of obligations following the occurrence and continuance of an event of default defined the DIP Credit Facility; (c) the first business day on which the interim order, as defined in the DIP Credit Facility, expires or is terminated; (d) the conversion of any of Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code; (e) the dismissal of any of the Chapter 11 Cases; (f) the closing of a sale of all or substantially all of the equity or assets of the Debtors; (g) the date of the payment in full in cash of all obligations and termination of all the commitments of the Debtors and; (h) the effective date of any of the Debtors’ approved plan of reorganization. Borrowings under the DIP Credit Facility bear interest at an alternative base rate (ABR) or LIBOR, at our election, plus an applicable margin of 5.00% per annum for ABR loans and 6.00% per annum for LIBOR loans for the New Money Facility and bear interest at an ABR or LIBOR, at our election, plus an applicable margin of 4.50% per annum for ABR loans and 5.50% per annum for LIBOR loans for the New Money Roll-Up Loans and Incremental Roll-up Loans. In addition to paying interest on outstanding principal under the DIP Credit Facility, we are required to pay a commitment fee of 0.50% per annum to the lenders of the DIP Credit Facility in respect of the unutilized revolving commitments thereunder and a letter of credit fee equal to 0.125% per annum. The DIP Credit Facility includes negative covenants that, subject to significant exceptions, limit our ability and the ability of our restricted subsidiaries to, among other things, (i) incur additional indebtedness, (ii) create liens on assets, (iii) engage in mergers, consolidations, liquidations and dissolutions, (iv) sell assets, (v) make investments, loans or advances, except as described in the DIP Credit Facility, (vi) pay dividends and distributions or repurchase capital stock, (vii) engage in certain transactions with affiliates and (viii) change lines of business. The DIP Credit Facility includes certain customary representations and warranties, affirmative covenants and events of default, including but not limited to, payment defaults, breach of representations and warranties, covenant defaults, certain bankruptcy-related events, certain events under ERISA, material judgments and a change in control. If an event of default occurs, the lenders under the DIP Credit Facility will be entitled to take various actions, including the acceleration of all amounts due under the DIP Credit Facility and all actions permitted to be taken under the loan documents or application of law. In addition, the DIP Credit Facility is subject to various other financial covenants, including compliance with certain financial metrics to an approved budget and a required Asset Coverage Ratio (as defined in the DIP Credit Agreement) of not less than 1.25 :1.00. Senior Notes In the Current Period, we repurchased approximately $160 million aggregate principal amount of the following senior notes for $95 million and recorded an aggregate gain of approximately $65 million . Notes Repurchased ($ in millions) 6.625% senior notes due 2020 $ 32 6.875% senior notes due 2020 20 4.875% senior notes due 2022 66 5.75% senior notes due 2023 42 Total $ 160 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 pre-petition revolving credit facility and our term loan have terms that extend beyond 2021. Our pre-petition 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 pre-petition 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. Upon emergence from the Chapter 11 Cases, the pre-petition revolving credit facility will be paid in full with proceeds from our exit financing and, therefore, the estimated fair value equals the carrying value and is excluded from the table below. June 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ — $ — $ 385 $ 360 Long-term debt (Level 1) $ — $ — $ 753 $ 622 Long-term debt (Level 2) $ — $ — $ 8,320 $ 6,085 Liabilities subject to compromise (Level 1) $ 982 $ 28 $ — $ — Liabilities subject to compromise (Level 2) $ 6,184 $ 1,191 $ — $ —

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 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 Chapter 11 Proceedings Commencement of the Chapter 11 Cases automatically stayed the proceedings and actions against us that are described below, in addition to actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. The plan contemplated by the RSA, if confirmed, will provide for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that have not been satisfied or addressed during the Chapter 11 Cases. See Note 1 for additional information. 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, 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 million and attorneys’ fees and other expenses. On June 18, 2020, we were dismissed from the case without prejudice. 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: June 30, ($ in millions) Remainder of 2020 $ 547 2021 988 2022 882 2023 754 2024 683 2025 – 2034 3,485 Total $ 7,339 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	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other current liabilities as of June 30, 2020 and December 31, 2019 are detailed below: June 30, December 31, ($ in millions) Revenues and royalties due others $ 138 $ 516 Accrued drilling and production costs 24 326 Joint interest prepayments received 28 52 VPP deferred revenue (a) 36 55 Accrued compensation and benefits (b) 52 156 Other accrued taxes 114 150 Other 26 177 Total other current liabilities $ 418 $ 1,432 Other long-term liabilities as of June 30, 2020 and December 31, 2019 are detailed below: June 30, December 31, ($ in millions) VPP deferred revenue (a) $ — $ 9 Other 8 116 Total other long-term liabilities $ 8 $ 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 Period, 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	6 Months Ended
	Jun. 30, 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 the Prior Quarter, the Current Period and the Prior Period: Three Months Ended June 30, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 131 $ — $ 131 Haynesville — 67 — 67 Eagle Ford 73 21 14 108 Brazos Valley 76 3 1 80 Powder River Basin 29 7 3 39 Mid-Continent 8 5 2 15 Revenue from contracts with customers 186 234 20 440 Losses on oil, natural gas and NGL derivatives (148 ) (25 ) — (173 ) Oil, natural gas and NGL revenue $ 38 $ 209 $ 20 $ 267 Marketing revenue from contracts with customers $ 121 $ 96 $ 15 $ 232 Other marketing revenue 6 2 — 8 Marketing revenue $ 127 $ 98 $ 15 $ 240 Three Months Ended June 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 198 $ — $ 198 Haynesville — 164 — 164 Eagle Ford 349 37 20 406 Brazos Valley 199 9 5 213 Powder River Basin 102 18 8 128 Mid-Continent 50 10 10 70 Revenue from contracts with customers 700 436 43 1,179 Gains on oil, natural gas and NGL derivatives 86 189 — 275 Oil, natural gas and NGL revenue $ 786 $ 625 $ 43 $ 1,454 Marketing revenue from contracts with customers $ 614 $ 162 $ 48 $ 824 Other marketing revenue 78 15 — 93 Losses on marketing derivatives — (1 ) — (1 ) Marketing revenue $ 692 $ 176 $ 48 $ 916 Six Months Ended June 30, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 306 $ — $ 306 Haynesville — 151 — 151 Eagle Ford 350 52 34 436 Brazos Valley 248 7 5 260 Powder River Basin 97 23 10 130 Mid-Continent 30 15 6 51 Revenue from contracts with customers 725 554 55 1,334 Gains on oil, natural gas and NGL derivatives 691 43 — 734 Oil, natural gas and NGL revenue $ 1,416 $ 597 $ 55 $ 2,068 Marketing revenue from contracts with customers $ 629 $ 220 $ 45 $ 894 Other marketing revenue 67 3 — 70 Marketing revenue $ 696 $ 223 $ 45 $ 964 Six Months Ended June 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 500 $ — $ 500 Haynesville — 365 — 365 Eagle Ford 680 85 66 831 Brazos Valley 320 13 7 340 Powder River Basin 176 43 18 237 Mid-Continent 90 25 21 136 Revenue from contracts with customers 1,266 1,031 112 2,409 Gains (losses) on oil, natural gas and NGL derivatives (173 ) 147 — (26 ) Oil, natural gas and NGL revenue $ 1,093 $ 1,178 $ 112 $ 2,383 Marketing revenue from contracts with customers $ 1,227 $ 575 $ 165 $ 1,967 Other marketing revenue 150 35 — 185 Losses on marketing derivatives — (3 ) — (3 ) Marketing revenue $ 1,377 $ 607 $ 165 $ 2,149 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 June 30, 2020 and December 31, 2019 are detailed below: June 30, 2020 December 31, 2019 ($ in millions) Oil, natural gas and NGL sales $ 385 $ 737 Joint interest 102 200 Other 53 74 Allowance for doubtful accounts (27 ) (21 ) Total accounts receivable, net $ 513 $ 990

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We estimate our annual effective tax rate (AETR) for continuing operations in recording our interim quarterly income tax provision for the various jurisdictions in which we operate. The tax effects of statutory rate changes, significant unusual or infrequently occurring 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 of long-lived assets recorded during the first quarter of 2020 (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 of December 31, 2019, we reported Texas as the only tax jurisdiction being in a net deferred tax liability position and recorded an associated income tax expense of $10 million . The $10 million of net deferred tax liability attributable to Texas is being reversed through the determination of the estimated AETR for the year ended December 31, 2020. The estimated AETR is otherwise 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, including the deferred tax assets attributable to Texas. A significant piece of objectively verifiable negative evidence evaluated is the cumulative loss incurred over the rolling thirty-six-month period ended June 30, 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 and state 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 June 30, 2020 and, with the exception of Texas which was in a net deferred tax liability position, 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 having 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 business 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 and local jurisdictions in which we operate. As a result of having a full valuation allowance against our net deferred tax asset position, we did not record an income tax provision for the Current Quarter. However, we recorded an income tax benefit of $13 million for the Current Period, which includes the impact of Texas reverting back to a net deferred tax asset position as well as recording a receivable for amounts previously sequestered from refunds of corporate alternative minimum tax (AMT) credits. Our ability to utilize NOL carryforwards and other tax attributes to reduce future federal taxable income and federal income tax is subject to various limitations under Section 382 of the Code. The utilization of these attributes may be subject to an annual limitation under Section 382 of the Code should transactions involving our equity, including issuances of our stock or the sale or exchange of our stock by certain shareholders, result in a cumulative shift of more than 50% in the beneficial ownership of our stock during any three-year testing period (an “Ownership Change”). (For this purpose, “stock” includes certain preferred stock.) Some states impose similar limitations on tax attribute utilization upon experiencing an Ownership Change. As of June 30, 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, our current ownership shift remains at greater than 40% . On April 23, 2020, our Board of Directors approved the adoption of a rights plan that is designed to protect the availability of NOL carryforwards and other tax attributes by reducing the likelihood of an Ownership Change (see Note 9 for additional information on the rights plan). Further, as part of the Chapter 11 Cases, the Bankruptcy Court has granted a first day motion for entry of an order seeking relief that will enable the Company to closely monitor certain transfers of beneficial ownership of our stock so as to be in a position to prevent such transfers with the purpose of avoiding an Ownership Change, thereby preserving the value of our NOL carryforwards and other tax attributes. Certain of the restructuring transactions contemplated by the RSA may have a material impact on the Company’s tax attributes, the full extent of which is currently unknown. Cancellation of indebtedness income resulting from such restructuring transactions may significantly reduce the Company’s tax attributes, including but not limited to NOL carryforwards. Further, the Company will experience an Ownership Change under Section 382 of the Code upon confirmation of the Plan by the Bankruptcy Court which will subject certain remaining tax attributes to an annual limitation under Section 382 of the Code. Additionally, the Company will incur significant one-time costs associated with the Plan, a material amount of which are non-deductible for tax purposes under the Code. 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 NOLs incurred from 2018 through 2020, 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 and the Current Period, there was no impact on our income tax provision from the enactment of the CARES Act.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	Equity Common Stock A summary of the changes in our common shares issued is detailed below. Six Months Ended June 30, 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) 7 17 Ending balance (a) 9,780 8,172 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See below for additional information. (b) See Note 10 for discussion of restricted stock. 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.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 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. On May 5, 2020, all of the outstanding share-based compensation issued to executive officers and designated vice presidents was canceled and replaced with cash retention incentives. Refer to 2020 Compensation Adjustments below for more information. Equity-Classified Awards Restricted Stock. We grant restricted stock units to employees and non-employee directors. A summary of the changes in unvested restricted stock during the Current Period is presented below: Shares of Unvested Restricted Stock (a) Weighted Average Grant Date Fair Value Per Share (a) (in thousands) Unvested as of January 1, 2020 52 $ 710 Granted 68 $ 60 Vested (21 ) $ 793 Forfeited/canceled (97 ) $ 243 Unvested as of June 30, 2020 2 $ 630 ____________________________________________ (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 9 for additional information. The aggregate intrinsic value of restricted stock that vested during the Current Period was approximately $1 million based on the stock price at the time of vesting. As of June 30, 2020 , there was approximately $1 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 1.31 years. Stock Options. In the Prior Period, we granted members of management stock options that vest ratably over a three -year period. Each stock option award has an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expire seven years to ten years from the date of grant. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the simplified method. Volatility assumptions are estimated based on the average historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option. The following table provides information related to stock option activity in the Current Period: Number of Shares Underlying Options (a) Weighted Average Exercise Price Per Share (a) Weighted Average Contract Life in Years Aggregate Intrinsic Value (b) (in thousands) ($ in millions) Outstanding as of January 1, 2020 90 $ 1,420 5.70 $ — Granted — $ — Exercised — $ — $ — Expired (20 ) $ 888 Forfeited/canceled (47 ) $ 1,666 Outstanding as of June 30, 2020 23 $ 1,385 4.91 $ — Exercisable as of June 30, 2020 22 $ 1,397 4.99 $ — ___________________________________________ (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 9 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 June 30, 2020 , there was no unrecognized compensation expense related to unvested stock options. 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, the Prior Quarter, the Current Period and the Prior Period: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) General and administrative expenses $ 4 $ 9 $ 8 $ 15 Oil and natural gas properties — — 1 1 Oil, natural gas and NGL production expenses — 1 1 2 Total restricted stock and stock option compensation $ 4 $ 10 $ 10 $ 18 Liability-Classified Awards Performance Share Units. In the Prior Period, we granted PSUs to senior management that vest ratably over a three -year performance period and are settled in cash. The ultimate amount earned is based on achievement of performance metrics established by the Compensation Committee of the Board of Directors. Compensation expense associated with PSU awards is recognized over the service period based on the graded-vesting method. The value of the PSU awards at the end of each reporting period is dependent upon our estimates of the underlying performance measures. 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 June 30, 2020 Units (a) Fair Value Vested Liability ($ in millions) ($ in millions) 2018 CRSU Awards: Payable 2021 16,322 $ 10 $ — $ — ____________________________________________ (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 9 for additional information. We recognized the following compensation costs (credits), net of actual forfeitures, related to our liability-classified awards for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period. Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) General and administrative expenses $ — $ (1 ) $ (3 ) $ 8 Oil and natural gas properties — — — 1 Oil, natural gas and NGL production expenses — 1 (1 ) 3 Exploration expenses — (1 ) — — Total liability-classified awards compensation $ — $ (1 ) $ (4 ) $ 12 2020 Compensation Adjustments On May 5, 2020, all of the outstanding share-based compensation, including restricted stock, stock options, PSUs and CRSUs, granted to our executive officers and designated vice presidents was canceled and replaced with cash retention incentives. The cash retention incentives granted to executive officers are equally weighted between achievement of certain specified performance metrics and a service period. The cash retention incentives may be clawed back if an executive officer or vice president terminates employment for any reason other than a qualifying termination prior to the earlier of (i) the effective date of a plan of reorganization under Chapter 11 of the Bankruptcy Code or (ii) May 8, 2021. The transactions were considered a modification to the previously issued equity-classified awards. As such, the remaining unrecognized expense related to restricted stock and stock options will result in $18 million of share-based compensation expense to be amortized over the relevant service period of the new cash retention incentives. The $15 million after-tax fair value of the cash retention incentives was capitalized to other current assets in the condensed consolidated balance sheets in the Current Quarter and will be amortized over the relevant service period. The difference between the cash and after-tax value of the cash retention incentives of approximately $10 million , which is not subject to the claw back provisions contained within the agreements, was expensed to general and administrative expenses in the condensed consolidated statements of operations for the Current Quarter.

Derivative and Hedging Activiti

Derivative and Hedging Activities	6 Months Ended
	Jun. 30, 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 oil, natural gas or NGL derivative instruments were designated for hedge accounting as of December 31, 2019. As of June 30, 2020, we had no open derivative contracts. All of our existing contracts were settled in the Current Quarter prior to the Bankruptcy Filing. Pursuant to the RSA associated with our Chapter 11 Cases, we are required to hedge a certain amount of our production with our DIP Credit Facility lenders. See Note 1 for additional details regarding these hedging requirements and see Note 19 for details regarding hedges entered into subsequent to June 30, 2020. Oil, Natural Gas and NGL Derivatives Our oil, natural gas and NGL derivative instruments consist 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 June 30, 2020 and December 31, 2019 are provided below: June 30, 2020 December 31, 2019 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps — $ — 24 $ (7 ) Call options (sold) — — — — Collars — — 2 14 Basis protection swaps — — 8 (2 ) Total oil — — 34 5 Natural gas (bcf): Fixed-price swaps — — 265 125 Call options (sold) — — 22 — Call swaptions — — 29 (2 ) Put spreads — — — — Basis protection swaps — — 30 2 Total natural gas — — 346 125 Total estimated fair value $ — $ 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 As of June 30, 2020, we had no open derivative contracts. The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of December 31, 2019 on a gross basis and after same-counterparty netting: December 31, 2019 Balance Sheet Classification Gross Fair Value Amounts Netted in the Consolidated Balance Sheets Net Fair Value Presented in the Consolidated Balance Sheets ($ in millions) 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, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Oil, natural gas and NGL revenues $ 440 $ 1,179 $ 1,334 $ 2,409 Gains (losses) on undesignated oil, natural gas and NGL derivatives (165 ) 283 751 (8 ) Losses on terminated cash flow hedges (8 ) (8 ) (17 ) (18 ) Total oil, natural gas and NGL revenues $ 267 $ 1,454 $ 2,068 $ 2,383 The components of marketing revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Marketing revenues $ 240 $ 917 $ 964 $ 2,152 Losses on undesignated marketing natural gas derivatives — (1 ) — (3 ) Total marketing revenues $ 240 $ 916 $ 964 $ 2,149 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 June 30, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (36 ) $ 21 $ (70 ) $ (13 ) Losses reclassified to income 8 8 8 8 Balance, end of period $ (28 ) $ 29 $ (62 ) $ (5 ) Six Months Ended June 30, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (45 ) $ 12 $ (80 ) $ (23 ) Losses reclassified to income 17 17 18 18 Balance, end of period $ (28 ) $ 29 $ (62 ) $ (5 ) The accumulated other comprehensive loss as of June 30, 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 June 30, 2020 , we expect to transfer approximately $22 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. Hedging Arrangements Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under our pre-petition revolving credit facility. The contracts entered into with these counterparties are secured by the same collateral that secures the pre-petition 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 June 30, 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. As of June 30, 2020, we had no open derivative contracts. The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2019: December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Derivative Assets (Liabilities): ($ in millions) 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 Period and the Prior Period 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) 3 — Total purchases, issuances, sales and settlements: Settlements (15 ) — Balance, as of June 30, 2020 $ — $ — Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (64 ) (7 ) Total purchases, issuances, sales and settlements: Settlements (1 ) — Balance, as of June 30, 2019 $ 22 $ — ___________________________________________ (a) Commodity Derivatives Utica Contingent Consideration 2020 2019 2020 2019 ($ in millions) Total gains (losses) included in earnings for the period $ 3 $ (64 ) $ — $ (7 ) Change in unrealized gains (losses) related to assets still held at reporting date $ — $ (66 ) $ — $ 7

Exploration Expense

Exploration Expense	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
Exploration Expense	Exploration Expense A summary of our exploration expense for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Impairments of unproved properties $ 127 $ 7 $ 399 $ 25 Dry hole expense — — 7 — Geological and geophysical expense and other 3 8 6 14 Exploration expense $ 130 $ 15 $ 412 $ 39 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 Haynesville operating area. The exploration expense charges during the Current Period 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	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Impairments	Impairments During the Current Period, 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 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 in the Current Period. The inputs used are classified as Level 3 fair value assumptions.

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	6 Months Ended
	Jun. 30, 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 Period is detailed below. Six Months Ended June 30, 2020 ($ in millions) Balance as of January 1 $ 7 Charges to exploration expense (7 ) Balance as of June 30 $ — As of June 30, 2020 , there were no drilling and completion costs on exploratory wells pending determination of proved reserves capitalized for greater than one year.

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments In the Current Period, 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 Period. Based on FTSI’s operating results, 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 . In the Prior Period, in connection with the acquisition of WildHorse, we obtained a 50% membership interest in JWH Midstream LLC (JWH). The carrying value of our investment in JWH, which was being accounted for as an equity method investment, was approximately $17 million as of March 31, 2019. In the Prior Quarter, we paid approximately $7 million to terminate our involvement in the partnership. This removed us from any future obligations related to this joint venture and, therefore, we impaired the full value of the investment and recognized an approximate $23 million expense in the Prior Quarter.

Other Operating Expense

Other Operating Expense	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Other Operating Expenses	Other Operating Expense In the Current Period, we terminated certain gathering, processing and transportation contracts and recognized a non-recurring $80 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 Period, we recorded approximately $26 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.

Separation and Other Terminatio

Separation and Other Termination Costs	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Separation and Other Termination Costs	Separation and Other Termination Costs In the Current Quarter and the Current Period, we incurred charges of approximately $22 million and $27 million , respectively, related to one-time termination benefits for certain employees.

Condensed Combined Debtor-in-Po

Condensed Combined Debtor-in-Possession Financial Information	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Combined Debtor-in-Possession Financial Information	Condensed Combined Debtor-in-Possession Financial Information The financial statements below represent the condensed combined financial statements of the Debtors as of June 30, 2020 and December 31, 2019 and for the three and six months ended June 30, 2020 and 2019. CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, ASSETS ($ in millions) CURRENT ASSETS: Cash and cash equivalents $ 80 $ 4 Other current assets 608 1,244 Total Current Assets 688 1,248 PROPERTY AND EQUIPMENT: Oil and natural gas properties, based on successful efforts accounting, net 4,671 13,586 Other property and equipment, net 1,014 1,118 Property and equipment held for sale, net 10 10 Total Property and Equipment, Net 5,695 14,714 Other long-term assets 161 187 Investments in subsidiaries and intercompany advances (12 ) 6 TOTAL ASSETS $ 6,532 $ 16,155 LIABILITIES AND EQUITY (DEFICIT) CURRENT LIABILITIES: Current liabilities $ 2,389 $ 2,391 Total Current Liabilities 2,389 2,391 Long-term debt, net — 9,073 Deferred income tax liabilities — 10 Other long-term liabilities 217 317 Liabilities subject to compromise 8,135 — Total Liabilities 10,741 11,791 EQUITY (DEFICIT): Chesapeake Stockholders’ Equity (Deficit) (4,209 ) 4,364 Total Equity (Deficit) (4,209 ) 4,364 TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 6,532 $ 16,155 CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) REVENUES AND OTHER: Oil, natural gas and NGL $ 265 $ 1,451 $ 2,064 $ 2,376 Marketing 240 916 964 2,149 Total Revenues 505 2,367 3,028 4,525 Other 14 15 30 30 Gains on sales of assets — 1 — 20 Total Revenues and Other 519 2,383 3,058 4,575 OPERATING EXPENSES: Oil, natural gas and NGL production 91 144 213 259 Oil, natural gas and NGL gathering, processing and transportation 269 270 553 542 Severance and ad valorem taxes 25 62 79 113 Exploration 130 15 412 39 Marketing 242 940 988 2,170 General and administrative 111 88 176 191 Separation and other termination costs 22 — 27 — Provision for legal contingencies, net 7 3 8 3 Depreciation, depletion and amortization 157 578 759 1,096 Impairments — 1 8,489 2 Other operating expense 5 3 88 64 Total Operating Expenses 1,059 2,104 11,792 4,479 INCOME (LOSS) FROM OPERATIONS (540 ) 279 (8,734 ) 96 OTHER INCOME (EXPENSE): Interest expense (137 ) (175 ) (282 ) (336 ) Losses on investments — (23 ) (23 ) (24 ) Gains on purchases or exchanges of debt 2 — 65 — Other income 6 18 12 27 Reorganization items, net 394 — 394 — Equity in net earnings (losses) of subsidiary (1 ) (1 ) (18 ) — Total Other Income (Expense) 264 (181 ) 148 (333 ) INCOME (LOSS) BEFORE INCOME TAXES (276 ) 98 (8,586 ) (237 ) Income tax benefit — — (13 ) (314 ) NET INCOME (LOSS) (276 ) 98 (8,573 ) 77 Other comprehensive income 8 8 17 18 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (268 ) $ 106 $ (8,556 ) $ 95 CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended 2020 2019 ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 771 $ 850 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (843 ) (1,070 ) Business combination, net — (353 ) Acquisitions of proved and unproved properties (9 ) (17 ) Proceeds from divestitures of proved and unproved properties 7 82 Additions to other property and equipment (15 ) (18 ) Proceeds from sales of other property and equipment 4 4 Net Cash Used In Investing Activities (856 ) (1,372 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from pre-petition revolving credit facility borrowings 3,806 6,416 Payments on pre-petition revolving credit facility borrowings (3,467 ) (5,452 ) Cash paid to purchase debt (95 ) (381 ) DIP credit facility financing costs (55 ) — Cash paid for preferred stock dividends (22 ) (46 ) Other financing activities (6 ) (16 ) Net Cash Provided By Financing Activities 161 521 Net increase (decrease) in cash and cash equivalents 76 (1 ) Cash and cash equivalents, beginning of period 4 3 Cash and cash equivalents, end of period $ 80 $ 2

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 1, 2020, the Company, as borrower, entered into the DIP Credit Agreement, which was approved by the Bankruptcy Court on July 31, 2020. Subsequent to June 30, 2020, pursuant to requirements of the RSA associated with our Chapter 11 Cases, we were required to enter into hedge agreements with certain of our DIP Credit Facility lenders, within 30 days of the Petition Date, for at least 50% of the projected monthly production from proved developed producing oil and natural gas reserves for a forward 24 -month period. These hedge agreements provide downside price protection through swaps on 23 mmbbls of oil at an average price of $41.74 per bbl and 532 bcf of natural gas at an average price of $2.45 per mcf.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 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.

Chapter 11 Proceedings (Tables)

Chapter 11 Proceedings (Tables)	6 Months Ended
	Jun. 30, 2020
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table summarizes the components of liabilities subject to compromise included on our unaudited condensed consolidated balance sheet as of June 30, 2020: June 30, ($ in millions) Debt $ 7,166 Accounts payable 250 Accrued interest 235 Other liabilities 484 Liabilities subject to compromise $ 8,135
Schedule of Reorganization under Chapter 11 of US Bankruptcy Code	The following table summarizes the components included in reorganization items for the three and six months ended June 30, 2020: Three and Six Months Ended June 30, 2020 ($ in millions) Write off of unamortized debt premiums (discounts) $ 518 Write off of unamortized debt issuance costs (61 ) DIP credit facility financing costs (63 ) Reorganization items, net $ 394

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 (in thousands) Common stock equivalent of our preferred stock outstanding (a) 290 298 290 298 Common stock equivalent of our convertible senior notes outstanding (a) 621 729 621 729 Participating securities (a) — 3 — 5 ____________________________________________ (a) Amount has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See Note 9 for additional information.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Our long-term debt consisted of the following as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Principal Amount Carrying Principal Carrying ($ in millions) Pre-petition revolving credit facility $ 1,929 $ 1,929 $ 1,590 $ 1,590 Term loan due 2024 1,500 1,500 1,500 1,470 11.5% senior secured second lien notes due 2025 2,330 2,330 2,330 3,248 6.625% senior notes due 2020 176 176 208 208 6.875% senior notes due 2020 73 73 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 246 246 246 245 5.5% convertible senior notes due 2026 1,064 1,064 1,064 765 7.5% senior notes due 2026 119 119 119 119 8.00% senior notes due 2026 46 46 46 44 8.00% senior notes due 2027 253 253 253 253 Debt issuance costs — — — (44 ) Total debt, net 9,095 9,095 8,916 9,458 Less current maturities of long-term debt (1,929 ) (1,929 ) (385 ) (385 ) Less amounts reclassified to liabilities subject to compromise (7,166 ) (7,166 ) — — Total long-term debt, net $ — $ — $ 8,531 $ 9,073
Schedule of debt repurchased	In the Current Period, we repurchased approximately $160 million aggregate principal amount of the following senior notes for $95 million and recorded an aggregate gain of approximately $65 million . Notes Repurchased ($ in millions) 6.625% senior notes due 2020 $ 32 6.875% senior notes due 2020 20 4.875% senior notes due 2022 66 5.75% senior notes due 2023 42 Total $ 160
Schedule of fair value of debt	Upon emergence from the Chapter 11 Cases, the pre-petition revolving credit facility will be paid in full with proceeds from our exit financing and, therefore, the estimated fair value equals the carrying value and is excluded from the table below. June 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in millions) Short-term debt (Level 1) $ — $ — $ 385 $ 360 Long-term debt (Level 1) $ — $ — $ 753 $ 622 Long-term debt (Level 2) $ — $ — $ 8,320 $ 6,085 Liabilities subject to compromise (Level 1) $ 982 $ 28 $ — $ — Liabilities subject to compromise (Level 2) $ 6,184 $ 1,191 $ — $ —

Contingencies and Commitments (

Contingencies and Commitments (Tables)	6 Months Ended
	Jun. 30, 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: June 30, ($ in millions) Remainder of 2020 $ 547 2021 988 2022 882 2023 754 2024 683 2025 – 2034 3,485 Total $ 7,339

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities as of June 30, 2020 and December 31, 2019 are detailed below: June 30, December 31, ($ in millions) Revenues and royalties due others $ 138 $ 516 Accrued drilling and production costs 24 326 Joint interest prepayments received 28 52 VPP deferred revenue (a) 36 55 Accrued compensation and benefits (b) 52 156 Other accrued taxes 114 150 Other 26 177 Total other current liabilities $ 418 $ 1,432
Other long-term liabilities	Other long-term liabilities as of June 30, 2020 and December 31, 2019 are detailed below: June 30, December 31, ($ in millions) VPP deferred revenue (a) $ — $ 9 Other 8 116 Total other long-term liabilities $ 8 $ 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 Period, 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)	6 Months Ended
	Jun. 30, 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 the Prior Quarter, the Current Period and the Prior Period: Three Months Ended June 30, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 131 $ — $ 131 Haynesville — 67 — 67 Eagle Ford 73 21 14 108 Brazos Valley 76 3 1 80 Powder River Basin 29 7 3 39 Mid-Continent 8 5 2 15 Revenue from contracts with customers 186 234 20 440 Losses on oil, natural gas and NGL derivatives (148 ) (25 ) — (173 ) Oil, natural gas and NGL revenue $ 38 $ 209 $ 20 $ 267 Marketing revenue from contracts with customers $ 121 $ 96 $ 15 $ 232 Other marketing revenue 6 2 — 8 Marketing revenue $ 127 $ 98 $ 15 $ 240 Three Months Ended June 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 198 $ — $ 198 Haynesville — 164 — 164 Eagle Ford 349 37 20 406 Brazos Valley 199 9 5 213 Powder River Basin 102 18 8 128 Mid-Continent 50 10 10 70 Revenue from contracts with customers 700 436 43 1,179 Gains on oil, natural gas and NGL derivatives 86 189 — 275 Oil, natural gas and NGL revenue $ 786 $ 625 $ 43 $ 1,454 Marketing revenue from contracts with customers $ 614 $ 162 $ 48 $ 824 Other marketing revenue 78 15 — 93 Losses on marketing derivatives — (1 ) — (1 ) Marketing revenue $ 692 $ 176 $ 48 $ 916 Six Months Ended June 30, 2020 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 306 $ — $ 306 Haynesville — 151 — 151 Eagle Ford 350 52 34 436 Brazos Valley 248 7 5 260 Powder River Basin 97 23 10 130 Mid-Continent 30 15 6 51 Revenue from contracts with customers 725 554 55 1,334 Gains on oil, natural gas and NGL derivatives 691 43 — 734 Oil, natural gas and NGL revenue $ 1,416 $ 597 $ 55 $ 2,068 Marketing revenue from contracts with customers $ 629 $ 220 $ 45 $ 894 Other marketing revenue 67 3 — 70 Marketing revenue $ 696 $ 223 $ 45 $ 964 Six Months Ended June 30, 2019 Oil Natural Gas NGL Total ($ in millions) Marcellus $ — $ 500 $ — $ 500 Haynesville — 365 — 365 Eagle Ford 680 85 66 831 Brazos Valley 320 13 7 340 Powder River Basin 176 43 18 237 Mid-Continent 90 25 21 136 Revenue from contracts with customers 1,266 1,031 112 2,409 Gains (losses) on oil, natural gas and NGL derivatives (173 ) 147 — (26 ) Oil, natural gas and NGL revenue $ 1,093 $ 1,178 $ 112 $ 2,383 Marketing revenue from contracts with customers $ 1,227 $ 575 $ 165 $ 1,967 Other marketing revenue 150 35 — 185 Losses on marketing derivatives — (3 ) — (3 ) Marketing revenue $ 1,377 $ 607 $ 165 $ 2,149
Schedule of accounts receivable	Accounts receivable as of June 30, 2020 and December 31, 2019 are detailed below: June 30, 2020 December 31, 2019 ($ in millions) Oil, natural gas and NGL sales $ 385 $ 737 Joint interest 102 200 Other 53 74 Allowance for doubtful accounts (27 ) (21 ) Total accounts receivable, net $ 513 $ 990

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Summary of changes in common shares issued	A summary of the changes in our common shares issued is detailed below. Six Months Ended June 30, 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) 7 17 Ending balance (a) 9,780 8,172 ____________________________________________ (a) All share information has been retroactively adjusted to reflect a 1-for- 200 (1: 200 ) reverse stock split effective April 14, 2020. See below for additional information. (b) See Note 10 for discussion of restricted stock.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 Period is presented below: Shares of Unvested Restricted Stock (a) Weighted Average Grant Date Fair Value Per Share (a) (in thousands) Unvested as of January 1, 2020 52 $ 710 Granted 68 $ 60 Vested (21 ) $ 793 Forfeited/canceled (97 ) $ 243 Unvested as of June 30, 2020 2 $ 630 ____________________________________________ (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 9 for additional information.
Schedule of stock option activity	The following table provides information related to stock option activity in the Current Period: 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 (20 ) $ 888 Forfeited/canceled (47 ) $ 1,666 Outstanding as of June 30, 2020 23 $ 1,385 4.91 $ — Exercisable as of June 30, 2020 22 $ 1,397 4.99 $ — ___________________________________________ (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 9 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 (credits), net of actual forfeitures, related to our liability-classified awards for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period. Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) General and administrative expenses $ — $ (1 ) $ (3 ) $ 8 Oil and natural gas properties — — — 1 Oil, natural gas and NGL production expenses — 1 (1 ) 3 Exploration expenses — (1 ) — — Total liability-classified awards compensation $ — $ (1 ) $ (4 ) $ 12 Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) General and administrative expenses $ 4 $ 9 $ 8 $ 15 Oil and natural gas properties — — 1 1 Oil, natural gas and NGL production expenses — 1 1 2 Total restricted stock and stock option compensation $ 4 $ 10 $ 10 $ 18
Summary of liability classified awards	The following table presents a summary of our liability-classified awards: Grant Date Fair Value June 30, 2020 Units (a) Fair Value Vested Liability ($ in millions) ($ in millions) 2018 CRSU Awards: Payable 2021 16,322 $ 10 $ — $ — ____________________________________________ (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 9 for additional information.

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 are provided below: June 30, 2020 December 31, 2019 Notional Volume Fair Value Notional Volume Fair Value ($ in millions) ($ in millions) Oil (mmbbl): Fixed-price swaps — $ — 24 $ (7 ) Call options (sold) — — — — Collars — — 2 14 Basis protection swaps — — 8 (2 ) Total oil — — 34 5 Natural gas (bcf): Fixed-price swaps — — 265 125 Call options (sold) — — 22 — Call swaptions — — 29 (2 ) Put spreads — — — — Basis protection swaps — — 30 2 Total natural gas — — 346 125 Total estimated fair value $ — $ 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 December 31, 2019 on a gross basis and after same-counterparty netting: December 31, 2019 Balance Sheet Classification Gross Fair Value Amounts Netted in the Consolidated Balance Sheets Net Fair Value Presented in the Consolidated Balance Sheets ($ in millions) 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, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Oil, natural gas and NGL revenues $ 440 $ 1,179 $ 1,334 $ 2,409 Gains (losses) on undesignated oil, natural gas and NGL derivatives (165 ) 283 751 (8 ) Losses on terminated cash flow hedges (8 ) (8 ) (17 ) (18 ) Total oil, natural gas and NGL revenues $ 267 $ 1,454 $ 2,068 $ 2,383 The components of marketing revenues for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period are presented below: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Marketing revenues $ 240 $ 917 $ 964 $ 2,152 Losses on undesignated marketing natural gas derivatives — (1 ) — (3 ) Total marketing revenues $ 240 $ 916 $ 964 $ 2,149
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 June 30, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (36 ) $ 21 $ (70 ) $ (13 ) Losses reclassified to income 8 8 8 8 Balance, end of period $ (28 ) $ 29 $ (62 ) $ (5 ) Six Months Ended June 30, 2020 2019 Before After Before After ($ in millions) Balance, beginning of period $ (45 ) $ 12 $ (80 ) $ (23 ) Losses reclassified to income 17 17 18 18 Balance, end of period $ (28 ) $ 29 $ (62 ) $ (5 )
Schedule of financial assets (liabilities)	The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2019: December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Derivative Assets (Liabilities): ($ in millions) 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 Period and the Prior Period 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) 3 — Total purchases, issuances, sales and settlements: Settlements (15 ) — Balance, as of June 30, 2020 $ — $ — Balance, as of January 1, 2019 $ 87 $ 7 Total gains (losses) (realized/unrealized): Included in earnings (a) (64 ) (7 ) Total purchases, issuances, sales and settlements: Settlements (1 ) — Balance, as of June 30, 2019 $ 22 $ — ___________________________________________ (a) Commodity Derivatives Utica Contingent Consideration 2020 2019 2020 2019 ($ in millions) Total gains (losses) included in earnings for the period $ 3 $ (64 ) $ — $ (7 ) Change in unrealized gains (losses) related to assets still held at reporting date $ — $ (66 ) $ — $ 7

Exploration Expense (Tables)

Exploration Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
Schedule of exploration expense	A summary of our exploration expense for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) Impairments of unproved properties $ 127 $ 7 $ 399 $ 25 Dry hole expense — — 7 — Geological and geophysical expense and other 3 8 6 14 Exploration expense $ 130 $ 15 $ 412 $ 39

Capitalized Exploratory Well _2

Capitalized Exploratory Well Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Extractive Industries [Abstract]
Summary of changes in capitalized well costs	A summary of the changes in our capitalized well costs for the Current Period is detailed below. Six Months Ended June 30, 2020 ($ in millions) Balance as of January 1 $ 7 Charges to exploration expense (7 ) Balance as of June 30 $ —

Condensed Combined Debtor-in-_2

Condensed Combined Debtor-in-Possession Financial Information (Tables)	6 Months Ended
	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidated Balance Sheets	CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, ASSETS ($ in millions) CURRENT ASSETS: Cash and cash equivalents $ 80 $ 4 Other current assets 608 1,244 Total Current Assets 688 1,248 PROPERTY AND EQUIPMENT: Oil and natural gas properties, based on successful efforts accounting, net 4,671 13,586 Other property and equipment, net 1,014 1,118 Property and equipment held for sale, net 10 10 Total Property and Equipment, Net 5,695 14,714 Other long-term assets 161 187 Investments in subsidiaries and intercompany advances (12 ) 6 TOTAL ASSETS $ 6,532 $ 16,155 LIABILITIES AND EQUITY (DEFICIT) CURRENT LIABILITIES: Current liabilities $ 2,389 $ 2,391 Total Current Liabilities 2,389 2,391 Long-term debt, net — 9,073 Deferred income tax liabilities — 10 Other long-term liabilities 217 317 Liabilities subject to compromise 8,135 — Total Liabilities 10,741 11,791 EQUITY (DEFICIT): Chesapeake Stockholders’ Equity (Deficit) (4,209 ) 4,364 Total Equity (Deficit) (4,209 ) 4,364 TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 6,532 $ 16,155
Condensed Consolidated Income Statements	CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended 2020 2019 2020 2019 ($ in millions) REVENUES AND OTHER: Oil, natural gas and NGL $ 265 $ 1,451 $ 2,064 $ 2,376 Marketing 240 916 964 2,149 Total Revenues 505 2,367 3,028 4,525 Other 14 15 30 30 Gains on sales of assets — 1 — 20 Total Revenues and Other 519 2,383 3,058 4,575 OPERATING EXPENSES: Oil, natural gas and NGL production 91 144 213 259 Oil, natural gas and NGL gathering, processing and transportation 269 270 553 542 Severance and ad valorem taxes 25 62 79 113 Exploration 130 15 412 39 Marketing 242 940 988 2,170 General and administrative 111 88 176 191 Separation and other termination costs 22 — 27 — Provision for legal contingencies, net 7 3 8 3 Depreciation, depletion and amortization 157 578 759 1,096 Impairments — 1 8,489 2 Other operating expense 5 3 88 64 Total Operating Expenses 1,059 2,104 11,792 4,479 INCOME (LOSS) FROM OPERATIONS (540 ) 279 (8,734 ) 96 OTHER INCOME (EXPENSE): Interest expense (137 ) (175 ) (282 ) (336 ) Losses on investments — (23 ) (23 ) (24 ) Gains on purchases or exchanges of debt 2 — 65 — Other income 6 18 12 27 Reorganization items, net 394 — 394 — Equity in net earnings (losses) of subsidiary (1 ) (1 ) (18 ) — Total Other Income (Expense) 264 (181 ) 148 (333 ) INCOME (LOSS) BEFORE INCOME TAXES (276 ) 98 (8,586 ) (237 ) Income tax benefit — — (13 ) (314 ) NET INCOME (LOSS) (276 ) 98 (8,573 ) 77 Other comprehensive income 8 8 17 18 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE $ (268 ) $ 106 $ (8,556 ) $ 95
Condensed Consolidated Cash Flow Statements	CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES (DEBTOR-IN-POSSESSION) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended 2020 2019 ($ in millions) CASH FLOWS FROM OPERATING ACTIVITIES: Net Cash Provided By Operating Activities $ 771 $ 850 CASH FLOWS FROM INVESTING ACTIVITIES: Drilling and completion costs (843 ) (1,070 ) Business combination, net — (353 ) Acquisitions of proved and unproved properties (9 ) (17 ) Proceeds from divestitures of proved and unproved properties 7 82 Additions to other property and equipment (15 ) (18 ) Proceeds from sales of other property and equipment 4 4 Net Cash Used In Investing Activities (856 ) (1,372 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from pre-petition revolving credit facility borrowings 3,806 6,416 Payments on pre-petition revolving credit facility borrowings (3,467 ) (5,452 ) Cash paid to purchase debt (95 ) (381 ) DIP credit facility financing costs (55 ) — Cash paid for preferred stock dividends (22 ) (46 ) Other financing activities (6 ) (16 ) Net Cash Provided By Financing Activities 161 521 Net increase (decrease) in cash and cash equivalents 76 (1 ) Cash and cash equivalents, beginning of period 4 3 Cash and cash equivalents, end of period $ 80 $ 2

Chapter 11 Proceedings (Details

Chapter 11 Proceedings (Details)	Aug. 05, 2020USD ($)proof_of_claim	Jun. 28, 2020USD ($)	Aug. 10, 2020	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Period to enter		30 days
Percent of projected monthly production under hedge		50.00%
Duration period		24 months
Warrants to purchase percent of new common stock		10.00%
Warrants to purchase additional percent of new common stock		10.00%
Percent of warrants to purchase percent of new common stock		50.00%
Percent of new common stock purchased with warrants		10.00%
Liabilities Subject to Compromise
Debt				$ 7,166,000,000		$ 7,166,000,000
Accounts payable				250,000,000		250,000,000
Accrued interest				235,000,000		235,000,000
Other liabilities				484,000,000		484,000,000
Liabilities subject to compromise				8,135,000,000		8,135,000,000		$ 0
Reorganization Items
Write off of unamortized debt premiums (discounts)				518,000,000
Write off of unamortized debt issuance costs				(61,000,000)
DIP credit facility financing costs				(63,000,000)
Reorganization items, net				$ 394,000,000	$ 0	$ 394,000,000	$ 0
During 24 Months
Debt Instrument [Line Items]
Percent of anticipated projected monthly production from proved developed production		90.00%
After 24 Months
Debt Instrument [Line Items]
Percent of projected monthly production under hedge		80.00%
Subsequent Event
Debt Instrument [Line Items]
Period to enter			30 days
Percent of projected monthly production under hedge			50.00%
Duration period			24 months
Subsequent Event | Pending litigation | Healthcare of Ontario Pension Plan (HOOPP)
Debt Instrument [Line Items]
Number of proofs of claim | proof_of_claim	250
Loss contingency, damages sought, value	$ 75,000,000
Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,104,000,000
Exit credit facilities borrowing capacity		$ 2,500,000,000
Debtor-in-Possession Credit Agreement | Minimum
Debt Instrument [Line Items]
Asset coverage ratio		1.25
Debtor-in-Possession Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 925,000,000
Letters of credit outstanding, amount		200,000,000
Exit credit facilities borrowing capacity		1,750,000,000
Exit Credit Facilities | Minimum
Debt Instrument [Line Items]
Liquidity		$ 500,000,000
Leverage ratio		2.25
Asset coverage ratio		1.50
Senior notes | 11.5% senior secured second lien notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage				11.50%		11.50%
Holders of obligation, pro rata share as percent of new common stock		12.00%
Term Loan | FLLO Term Loan Facility
Debt Instrument [Line Items]
Holders of obligation, pro rata share as percent of new common stock		76.00%
Term Loan | Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Debt		$ 1,179,000,000
Unsecured Debt
Debt Instrument [Line Items]
Holders of obligation, pro rata share as percent of new common stock		12.00%
Holders of obligation, pro rata share as percent of new warrants		50.00%
Secured Debt | Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Exit credit facilities borrowing capacity		$ 750,000,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) bbl in Millions	2 Months Ended
	Jun. 30, 2020bbl
Accounting Policies [Abstract]
Decrease in oil production, barrels per day	9.7

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	Jun. 30, 2020shares	Jun. 30, 2019shares	Jun. 30, 2020shares	Jun. 30, 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	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)			0	3	0	5
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	290	298
COMMON STOCK
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock split, conversion ratio	0.005	0.005

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	Jun. 30, 2020
4.50% Cumulative Convertible Preferred Stock
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%
5.00% (2005B)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.00%
5.75% Cumulative Convertible Non-Voting Preferred Stock (Series A)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
5.75% Cumulative Non-Voting Convertible Preferred Stock
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Convertible debt | 5.5% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%

Debt - Long-Term Debt Table (De

Debt - Long-Term Debt Table (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount	$ 9,095,000,000	$ 8,916,000,000
Carrying amount	9,095,000,000	9,458,000,000
Debt issuance costs	0	(44,000,000)
Debt, current	(1,929,000,000)	(385,000,000)
Current maturities of long-term debt, net	(1,929,000,000)	(385,000,000)
Less amounts reclassified to liabilities subject to compromise	(7,166,000,000)	0
Long-term debt, fair value	0	8,531,000,000
Long-term debt, net	0	9,073,000,000
Line of credit | Revolving credit facility | Pre-petition revolving credit facility
Debt Instrument [Line Items]
Principal amount	1,929,000,000	1,590,000,000
Chesapeake revolving credit facility	1,929,000,000	1,590,000,000
Term loan
Debt Instrument [Line Items]
Principal amount	1,500,000,000	1,500,000,000
Carrying amount	$ 1,500,000,000	1,470,000,000
Senior notes | 11.5% senior secured second lien notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	11.50%
Principal amount	$ 2,330,000,000	2,330,000,000
Carrying amount	$ 2,330,000,000	3,248,000,000
Senior notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	6.625%
Principal amount	$ 176,000,000	208,000,000
Carrying amount	$ 176,000,000	208,000,000
Senior notes | 6.875% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	6.875%
Principal amount	$ 73,000,000	93,000,000
Carrying amount	$ 73,000,000	93,000,000
Senior notes | 6.125% senior notes due 2021
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
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
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
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
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
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
Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%
Principal amount	$ 246,000,000	246,000,000
Carrying amount	246,000,000	245,000,000
Senior notes | 7.5% senior notes due 2026
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
Debt Instrument [Line Items]
Principal amount	46,000,000	46,000,000
Carrying amount	$ 46,000,000	44,000,000
Senior notes | 8.00% senior notes due 2027
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
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Principal amount	$ 1,064,000,000	1,064,000,000
Carrying amount	$ 1,064,000,000	$ 765,000,000
Convertible debt | 7.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	7.50%
Convertible debt | 8.00% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	8.00%

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 28, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Write-off of debt issuance costs and debt discounts or premiums		$ 457,000,000	$ 480,000,000
Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,104,000,000
Commitment fee percentage	0.50%
Debtor-in-Possession Credit Agreement | Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.25
Debtor-in-Possession Credit Agreement | Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Variable rate percentage	5.00%
Debtor-in-Possession Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate percentage	6.00%
Debtor-in-Possession Credit Agreement | Term Loan
Debt Instrument [Line Items]
Debt	$ 1,179,000,000
Debtor-in-Possession Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	925,000,000
Letters of credit outstanding, amount	200,000,000
Debtor-in-Possession Credit Agreement | New Money Roll-Up Loans | Term Loan
Debt Instrument [Line Items]
Debt	$ 925,000,000
Debtor-in-Possession Credit Agreement | New Money Roll-Up Loans | Term Loan | Alternative Base Rate (ABR)
Debt Instrument [Line Items]
Variable rate percentage	4.50%
Debtor-in-Possession Credit Agreement | New Money Roll-Up Loans | Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate percentage	5.50%
Debtor-in-Possession Credit Agreement | Incremental Roll-Up Loans | Term Loan
Debt Instrument [Line Items]
Debt	$ 254,000,000
Debtor-in-Possession Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Commitment fee percentage	0.125%

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 160
Senior notes
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	160
Debt repurchased, principal	95
Gain on repurchase of debt	65
Senior notes | 6.625% senior notes due 2020
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	32
Senior notes | 6.875% senior notes due 2020
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	20
Senior notes | 4.875% senior notes due 2022
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	66
Senior notes | 5.375% senior notes due 2021
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 42

- Fair Value of Debt Table (Det

- Fair Value of Debt Table (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 8,531
Liabilities subject to compromise	8,135	0
Quoted Prices in Active Markets (Level 1) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt, fair value	0	385
Long-term debt, fair value	0	753
Liabilities subject to compromise	982	0
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	0	360
Long-term debt, fair value	0	622
Liabilities subject to compromise	28	0
Significant Other Observable Inputs (Level 2) | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	8,320
Liabilities subject to compromise	6,184	0
Significant Other Observable Inputs (Level 2) | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	6,085
Liabilities subject to compromise	$ 1,191	$ 0

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) - USD ($) $ in Millions	Jan. 05, 2014	Feb. 28, 2019	Aug. 09, 2018
Commonwealth of Pennsylvania, royalty underpayment | Settled litigation
Loss Contingencies [Line Items]
Settlement amount			$ 36
Chaparral Energy, Inc. | Healthcare of Ontario Pension Plan (HOOPP) | Pending litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 215
FTS International, Inc. | Putative class action lawsuit | Pending litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 1

Contingencies and Commitments_2

Contingencies and Commitments - Gathering Processing and Transportation Commitments Table (Details) - Gathering, processing and transportation agreement $ in Millions	Jun. 30, 2020USD ($)
Other Commitments [Line Items]
Remainder of 2020	$ 547
2021	988
2022	882
2023	754
2024	683
2025 – 2034	3,485
Total	$ 7,339

Other Liabilities - Current Tab

Other Liabilities - Current Table (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 138	$ 516
Accrued drilling and production costs	24	326
Joint interest prepayments received	28	52
VPP deferred revenue	36	55
Accrued compensation and benefits	52	156
Other accrued taxes	114	150
Other	26	177
Total other current liabilities	$ 418	$ 1,432

Other Liabilities - Long-Term T

Other Liabilities - Long-Term Table (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
VPP deferred revenue	$ 0	$ 9
Other	8	116
Total other long-term liabilities	8	$ 125
Deferred compensation plan, liabilities terminated	$ 43

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 440	$ 1,179	$ 1,334	$ 2,409
Gains (losses) on oil, natural gas and NGL derivatives	(173)	275	734	(26)
Revenues	521	2,386	3,062	4,582
Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	267	1,454	2,068	2,383
Marketing
Disaggregation of Revenue [Line Items]
Revenues	232	824	894	1,967
Gains (losses) on oil, natural gas and NGL derivatives		(1)		(3)
Revenues	240	916	964	2,149
Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	8	93	70	185
Marcellus
Disaggregation of Revenue [Line Items]
Revenues	131	198	306	500
Haynesville
Disaggregation of Revenue [Line Items]
Revenues	67	164	151	365
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	108	406	436	831
Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	80	213	260	340
Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	39	128	130	237
Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	15	70	51	136
Oil
Disaggregation of Revenue [Line Items]
Revenues	186	700	725	1,266
Gains (losses) on oil, natural gas and NGL derivatives	(148)	86	691	(173)
Oil | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	38	786	1,416	1,093
Oil | Marketing
Disaggregation of Revenue [Line Items]
Revenues	121	614	629	1,227
Gains (losses) on oil, natural gas and NGL derivatives		0		0
Revenues	127	692	696	1,377
Oil | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	6	78	67	150
Oil | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	73	349	350	680
Oil | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	76	199	248	320
Oil | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	29	102	97	176
Oil | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	8	50	30	90
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	234	436	554	1,031
Gains (losses) on oil, natural gas and NGL derivatives	(25)	189	43	147
Natural Gas | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	209	625	597	1,178
Natural Gas | Marketing
Disaggregation of Revenue [Line Items]
Revenues	96	162	220	575
Gains (losses) on oil, natural gas and NGL derivatives		(1)		(3)
Revenues	98	176	223	607
Natural Gas | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	2	15	3	35
Natural Gas | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	131	198	306	500
Natural Gas | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	67	164	151	365
Natural Gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	21	37	52	85
Natural Gas | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	3	9	7	13
Natural Gas | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	7	18	23	43
Natural Gas | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	5	10	15	25
NGL
Disaggregation of Revenue [Line Items]
Revenues	20	43	55	112
Gains (losses) on oil, natural gas and NGL derivatives	0	0	0	0
NGL | Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Revenues	20	43	55	112
NGL | Marketing
Disaggregation of Revenue [Line Items]
Revenues	15	48	45	165
Gains (losses) on oil, natural gas and NGL derivatives		0		0
Revenues	15	48	45	165
NGL | Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL | Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL | Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	14	20	34	66
NGL | Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	1	5	5	7
NGL | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	3	8	10	18
NGL | Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues	$ 2	$ 10	$ 6	$ 21

Revenue - Accounts Receivable (

Revenue - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (27)	$ (21)
Total accounts receivable, net	513	990
Oil, natural gas and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	385	737
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	102	200
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 53	$ 74

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 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	$ 0		$ 0		$ 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				314,000,000	$ 13,000,000
Deferred tax liability, plant, property and equipment and prepaid compensation				401,000,000
Deferred tax asset, operating loss carryforward, limitations	$ 61,000,000				$ 61,000,000
Wildhorse Resource Development Corporation | Federal
Business Acquisition [Line Items]
Deferred tax asset, operating loss carryforward				$ 87,000,000

Equity - Common Stock (Details)

Equity - Common Stock (Details)	Apr. 14, 2020	Apr. 13, 2020	Jun. 30, 2020shares	Jun. 30, 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) (shares)			7,000	17,000
Common stock, shares issued, ending balance (shares)			9,780,202	8,172,000
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 (shares)			0	3,587,000

Equity - Reverse Stock Split (D

Equity - Reverse Stock Split (Details) $ / shares in Units, $ in Billions	Apr. 23, 2020$ / shares	Apr. 14, 2020	Apr. 13, 2020shares	Dec. 31, 2019USD ($)$ / sharesshares	Jun. 30, 2020$ / sharesshares	Apr. 10, 2020shares
Class of Stock [Line Items]
Common shares, outstanding (in shares)						1,957,000,000
Common stock, shares authorized (shares)				15,000,000	22,500,000
Common stock, par value (usd per share) | $ / shares	$ 0.01			$ 0.01	$ 0.01
Preferred stock, par value (usd per share) | $ / shares				$ 0.01	$ 0.01
Net operating loss, domestic | $				$ 7.6
Maximum beneficial ownership, percent	4.90%
Preferred Class B
Class of Stock [Line Items]
Preferred stock, par value (usd per share) | $ / shares	$ 0.01
Share price (in dollars per share) | $ / shares	$ 90
COMMON STOCK
Class of Stock [Line Items]
Stock split, conversion ratio		0.005	0.005
Reverse stock split, number of shares (in shares)			9,784,000
Shares authorized prior to reverse stock split (in shares)						3,000,000,000
Common stock, shares authorized (shares)						22,500,000
PREFERRED STOCK | Preferred Class B
Class of Stock [Line Items]
Share purchase ratio	0.10%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock (Details) shares in Thousands	Apr. 14, 2020	Apr. 13, 2020	Jun. 30, 2020$ / sharesshares
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			(21)
Forfeited/canceled (in shares) | shares			(97)
Unvested restricted stock, ending balance (in shares) | shares			2
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			793
Forfeited/canceled (in dollars per share) | $ / shares			243
Unvested restricted stock, ending balance (in dollars per share) | $ / shares			$ 630

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($)	May 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 18,000,000
Cash retention incentives capitalized to other current assets	15,000,000
Difference between cash and cash retention incentives	$ 10,000,000
Participating securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested				$ 1,000,000
Unrecognized compensation expense		$ 1,000,000		$ 1,000,000
Share-based compensation expense, weighted average period for recognition				1 year 3 months 21 days
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		0		$ 0
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
Share-based compensation expense		$ 0	$ (1,000,000)	$ (4,000,000)	$ 12,000,000
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	Jun. 30, 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			(20)
Forfeited/canceled (in shares options) | shares			(47)
Outstanding, ending balance (in shares options) | shares			23	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			888
Forfeited/canceled (in dollars per share) | $ / shares			1,666
Outstanding, ending (in dollars per share) | $ / shares			$ 1,385	$ 1,420
Weighted average contract life, outstanding			4 years 10 months 28 days	5 years 8 months 12 days
Aggregate intrinsic value, outstanding | $			$ 0	$ 0
Aggregate intrinsic value, exercised | $			$ 0
Exercisable (in shares options) | shares			22
Weighted average exercise price, exercisable (in dollars per share) | $ / shares			$ 1,397
Weighted average contract life, exercisable (in years)			4 years 11 months 26 days
Aggregate intrinsic value, exercisable | $			$ 0
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) - USD ($) $ in Millions	May 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 18
Restricted stock and stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 4	$ 10	$ 10	$ 18
Restricted stock and stock options | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		4	9	8	15
Restricted stock and stock options | Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	0	1	1
Restricted stock and stock options | Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 1	$ 1	$ 2

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Breakout (Details) $ in Millions	Apr. 14, 2020	Apr. 13, 2020	Jun. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)
COMMON STOCK
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio	0.005	0.005
Cash Restricted Stock Units | Award Year 2018, Payable 2020 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units | shares			16,322
Fair Value			$ 0	$ 10
Vested Liability			$ 0

Share-Based Compensation - Liab

Share-Based Compensation - Liability-Classified Compensation Table (Details) - USD ($) $ in Millions	May 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 18
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ (1)	$ (4)	$ 12
Performance Share Units | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	(1)	(3)	8
Performance Share Units | Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	0	0	1
Performance Share Units | Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	1	(1)	3
Performance Share Units | Exploration expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ (1)	$ 0	$ 0

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2020USD ($)derivative	Dec. 31, 2019derivative
Derivative [Line Items]
Derivative, number of instruments held	0
Expected amount to be transferred of during the next 12 months | $	$ 22
Designated as Hedging Instrument
Derivative [Line Items]
Derivative, number of instruments held		0

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Derivative Instruments (Details) bbl in Millions, Bcf in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)bblBcf	Dec. 31, 2019USD ($)bblBcf
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net		$ 130
Energy related derivative
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 0	$ 130
Energy related derivative | Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	0	34
Derivative assets (liabilities), at fair value, net	$ 0	$ 5
Energy related derivative | Oil | Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	0	24
Derivative assets (liabilities), at fair value, net	$ 0	$ (7)
Energy related derivative | Oil | Call options (sold)
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	0	0
Derivative assets (liabilities), at fair value, net	$ 0	$ 0
Energy related derivative | Oil | Collars
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	0	2
Derivative assets (liabilities), at fair value, net	$ 0	$ 14
Energy related derivative | Oil | Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | bbl	0	8
Derivative assets (liabilities), at fair value, net	$ 0	$ (2)
Energy related derivative | Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	346
Derivative assets (liabilities), at fair value, net	$ 0	$ 125
Energy related derivative | Natural Gas | Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	265
Derivative assets (liabilities), at fair value, net	$ 0	$ 125
Energy related derivative | Natural Gas | Call options (sold)
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	22
Derivative assets (liabilities), at fair value, net	$ 0	$ 0
Energy related derivative | Natural Gas | Call swaptions
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	29
Derivative assets (liabilities), at fair value, net	$ 0	$ (2)
Energy related derivative | Natural Gas | Put spreads
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	0
Derivative assets (liabilities), at fair value, net	$ 0	$ 0
Energy related derivative | Natural Gas | Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume | Bcf	0	30
Derivative assets (liabilities), at fair value, net	$ 0	$ 2

Derivative and Hedging Activi_5

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

Derivative and Hedging Activi_6

Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Gains (losses) on undesignated oil, natural gas and NGL derivatives	$ (173)	$ 275	$ 734	$ (26)
Revenues	521	2,386	3,062	4,582
Oil, natural gas and NGL sales
Derivative [Line Items]
Losses on terminated cash flow hedges	(8)	(8)	(17)	(18)
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	(165)	283	751	(8)
Oil, natural gas and NGL
Derivative [Line Items]
Oil, natural gas and NGL revenues	440	1,179	1,334	2,409
Revenues	$ 267	$ 1,454	$ 2,068	$ 2,383

Derivative and Hedging Activi_7

Derivative and Hedging Activities - Marketing Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Revenues	$ 440	$ 1,179	$ 1,334	$ 2,409
Losses on undesignated marketing natural gas derivatives	(173)	275	734	(26)
Revenues	521	2,386	3,062	4,582
Marketing, Gathering and Compression | Other contract
Derivative [Line Items]
Losses on undesignated marketing natural gas derivatives	0	(1)	0	(3)
Marketing | Marketing, Gathering and Compression
Derivative [Line Items]
Revenues	240	917	964	2,152
Marketing
Derivative [Line Items]
Revenues	232	824	894	1,967
Losses on undesignated marketing natural gas derivatives		(1)		(3)
Revenues	$ 240	$ 916	$ 964	$ 2,149

Derivative and Hedging Activi_8

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period				$ 12
Losses reclassified to income, after tax	[1]	$ 8	$ 8	17	$ 18
AOCI, after tax, end of period		29		29
Cash flow hedging
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, before tax, beginning of period		(36)	(70)	(45)	(80)
AOCI, after tax, beginning of period		21	(13)	12	(23)
Losses reclassified to income, before tax		8	8	17	18
Losses reclassified to income, after tax		8	8	17	18
AOCI, before tax, end of period		(28)	(62)	(28)	(62)
AOCI, after tax, end of period		$ 29	$ (5)	$ 29	$ (5)
[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	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 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		$ 130
Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset		174
Derivative liability		(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
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
Derivative liability		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		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		160
Derivative liability		(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		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		14
Derivative liability		(2)
Derivative assets (liabilities), at fair value, net	$ 0	$ 12	$ 22	$ 87

Derivative and Hedging Activ_10

Derivative and Hedging Activities - Fair Value Level 3 Measurements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	$ 130
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	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative assets (liabilities), at fair value, net, beginning of period	12
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	3	(64)
Settlements	(15)	(1)
Derivative assets (liabilities), at fair value, net, end of period	0	22
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	3	(64)
Change in unrealized gains (losses) related to assets still held at reporting date	0	(66)
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	(7)
Settlements	0	0
Derivative assets (liabilities), at fair value, net, end of period	0	0
Significant Unobservable Inputs (Level 3) | Future Natural Gas Prices | Utica Shale | Energy related derivative | Oil, natural gas and NGL sales
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Gains (loses) included in earnings	0	(7)
Change in unrealized gains (losses) related to assets still held at reporting date	$ 0	$ 7

Exploration Expense (Details)

Exploration Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Extractive Industries [Abstract]
Impairments of unproved properties	$ 127	$ 7	$ 399	$ 25
Dry hole expense	0	0	7	0
Geological and geophysical expense and other	3	8	6	14
Exploration expense	$ 130	$ 15	$ 412	$ 39

Impairments (Details)

Impairments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Property, Plant and Equipment [Line Items]
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)	6 Months Ended
	Jun. 30, 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) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019
FTS International, Inc.
Schedule of Equity Method Investments [Line Items]
Book value		$ 23
Other than temporary impairment		$ 23
JWH Midstream LLC (JWH)
Schedule of Equity Method Investments [Line Items]
Business acquisition, percent acquired				50.00%
Equity method investments				$ 17
Payments to terminate involvement in partnership			$ 7
Impairment expense	$ 23

Other Operating Expense (Detail

Other Operating Expense (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Other Income and Expenses [Abstract]
Termination agreement, expenses recognized	$ 80
Decrease In future commitments	169
Wildhorse Resource Development Corporation
Business Acquisition [Line Items]
Acquisition related costs	26
Severance expense	$ 38

Separation and Other Terminat_2

Separation and Other Termination Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs	$ 22	$ 0	$ 27	$ 0
One-time termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs	$ 22		$ 27

Condensed Combined Debtor-in-_3

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 82	$ 6
Total Current Assets	690	1,251
PROPERTY AND EQUIPMENT:
TOTAL ASSETS	6,553	16,193
CURRENT LIABILITIES:
Total Current Liabilities	2,389	2,392
Long-term debt, net	0	9,073
Liabilities subject to compromise	8,135	0
EQUITY (DEFICIT):
Chesapeake stockholders’ equity	(4,209)	4,364
Total Equity (Deficit)	(4,188)	4,401	$ 4,230
TOTAL LIABILITIES AND EQUITY (DEFICIT)	6,553	16,193
Debtor-in-Possession
CURRENT ASSETS:
Cash and cash equivalents	80	4
Other current assets	608	1,244
Total Current Assets	688	1,248
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, based on successful efforts accounting, net	4,671	13,586
Other property and equipment, net	1,014	1,118
Property and equipment held for sale, net	10	10
Total Property and Equipment, Net	5,695	14,714
Other long-term assets	161	187
Investments in subsidiaries and intercompany advances	(12)	6
TOTAL ASSETS	6,532	16,155
CURRENT LIABILITIES:
Current liabilities	2,389	2,391
Total Current Liabilities	2,389	2,391
Long-term debt, net	0	9,073
Deferred income tax liabilities	0	10
Other long-term liabilities	217	317
Liabilities subject to compromise	8,135	0
Total Liabilities	10,741	11,791
EQUITY (DEFICIT):
Chesapeake stockholders’ equity	(4,209)	4,364
Total Equity (Deficit)	(4,209)	4,364
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 6,532	$ 16,155

Condensed Combined Debtor-in-_4

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidated Statement of Operations (Details) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES AND OTHER:
Revenues	$ 521	$ 2,386	$ 3,062	$ 4,582
Gains on sales of assets	0	1	0	20
OPERATING EXPENSES:
Severance and ad valorem taxes	25	62	79	113
General and administrative	112	89	177	192
Separation and other termination costs	22	0	27	0
Provision for legal contingencies, net	7	3	8	3
Depreciation, depletion and amortization	158	580	761	1,099
Impairments	0	1	8,522	2
Other operating expense	5	3	88	64
Total Operating Expenses	1,062	2,108	11,830	4,486
INCOME (LOSS) FROM OPERATIONS	(541)	278	(8,768)	96
OTHER INCOME (EXPENSE):
Interest expense	(137)	(175)	(282)	(336)
Losses on investments	0	(23)	(23)	(24)
Gains on purchases or exchanges of debt	2	0	65	0
Other income	6	18	12	27
Reorganization items, net	394	0	394	0
Total Other Income (Expense)	265	(180)	166	(333)
INCOME (LOSS) BEFORE INCOME TAXES	(276)	98	(8,602)	(237)
INCOME TAX (BENEFIT) EXPENSE	0	0	(13)	(314)
NET INCOME (LOSS)	(276)	98	(8,589)	77
Other comprehensive income	8	8	17	18
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(268)	106	(8,556)	95
Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	267	1,454	2,068	2,383
Marketing
REVENUES AND OTHER:
Revenues	240	916	964	2,149
OPERATING EXPENSES:
Expense	242	940	988	2,170
Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	507	2,370	3,032	4,532
Other
REVENUES AND OTHER:
Revenues	14	15	30	30
Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	91	144	213	259
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	270	271	555	545
Exploration
OPERATING EXPENSES:
Expense	130	15	412	39
Debtor-in-Possession
REVENUES AND OTHER:
Revenues	519	2,383	3,058	4,575
Gains on sales of assets	0	1	0	20
OPERATING EXPENSES:
Severance and ad valorem taxes	25	62	79	113
General and administrative	111	88	176	191
Separation and other termination costs	22	0	27	0
Provision for legal contingencies, net	7	3	8	3
Depreciation, depletion and amortization	157	578	759	1,096
Impairments	0	1	8,489	2
Other operating expense	5	3	88	64
Total Operating Expenses	1,059	2,104	11,792	4,479
INCOME (LOSS) FROM OPERATIONS	(540)	279	(8,734)	96
OTHER INCOME (EXPENSE):
Interest expense	(137)	(175)	(282)	(336)
Losses on investments	0	(23)	(23)	(24)
Gains on purchases or exchanges of debt	2	0	65	0
Other income	6	18	12	27
Reorganization items, net	394	0	394	0
Equity in net earnings of subsidiary	(1)	(1)	(18)	0
Total Other Income (Expense)	264	(181)	148	(333)
INCOME (LOSS) BEFORE INCOME TAXES	(276)	98	(8,586)	(237)
INCOME TAX (BENEFIT) EXPENSE	0	0	(13)	(314)
NET INCOME (LOSS)	(276)	98	(8,573)	77
Other comprehensive income	8	8	17	18
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(268)	106	(8,556)	95
Debtor-in-Possession | Oil, natural gas and NGL
REVENUES AND OTHER:
Revenues	265	1,451	2,064	2,376
Debtor-in-Possession | Marketing
REVENUES AND OTHER:
Revenues	240	916	964	2,149
OPERATING EXPENSES:
Expense	242	940	988	2,170
Debtor-in-Possession | Oil, natural gas and NGL and Marketing
REVENUES AND OTHER:
Revenues	505	2,367	3,028	4,525
Debtor-in-Possession | Other
REVENUES AND OTHER:
Revenues	14	15	30	30
Debtor-in-Possession | Oil, natural gas and NGL production
OPERATING EXPENSES:
Expense	91	144	213	259
Debtor-in-Possession | Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Expense	269	270	553	542
Debtor-in-Possession | Exploration
OPERATING EXPENSES:
Expense	$ 130	$ 15	$ 412	$ 39

Condensed Combined Debtor-in-_5

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidated Statements of Cash Flows (Details) (Details) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	$ 773	$ 853
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(843)	(1,070)
Business combination, net	0	(353)
Acquisitions of proved and unproved properties	(9)	(17)
Proceeds from divestitures of proved and unproved properties	7	82
Additions to other property and equipment	(15)	(18)
Proceeds from sales of other property and equipment	4	4
Net Cash Used In Investing Activities	(856)	(1,372)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,806	6,416
Payments on pre-petition revolving credit facility borrowings	(3,467)	(5,452)
Cash paid to purchase debt	(95)	(381)
DIP credit facility financing costs	(55)	0
Cash paid for preferred stock dividends	(22)	(46)
Other financing activities	(8)	(18)
Net Cash Provided By Financing Activities	159	519
Net increase in cash and cash equivalents	76	0
Cash and cash equivalents, beginning of period	6	4
Cash and cash equivalents, end of period	82	4
Debtor-in-Possession
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	771	850
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(843)	(1,070)
Business combination, net	0	(353)
Acquisitions of proved and unproved properties	(9)	(17)
Proceeds from divestitures of proved and unproved properties	7	82
Additions to other property and equipment	(15)	(18)
Proceeds from sales of other property and equipment	4	4
Net Cash Used In Investing Activities	(856)	(1,372)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,806	6,416
Payments on pre-petition revolving credit facility borrowings	(3,467)	(5,452)
Cash paid to purchase debt	(95)	(381)
DIP credit facility financing costs	(55)	0
Cash paid for preferred stock dividends	(22)	(46)
Other financing activities	(6)	(16)
Net Cash Provided By Financing Activities	161	521
Net increase in cash and cash equivalents	76	(1)
Cash and cash equivalents, beginning of period	4	3
Cash and cash equivalents, end of period	$ 80	$ 2

Subsequent Events (Details)

Subsequent Events (Details) bbl in Millions	Jun. 28, 2020	Aug. 10, 2020$ / bbl$ / BcfbblBcf
Subsequent Event [Line Items]
Period to enter	30 days
Percent of projected monthly production under hedge	50.00%
Duration period	24 months
Subsequent Event
Subsequent Event [Line Items]
Period to enter		30 days
Percent of projected monthly production under hedge		50.00%
Duration period		24 months
Number of barrels in protection swaps (in bbl) | bbl		23
Number of barrels in protection swaps (in dollars per barrel) | $ / bbl		41.74
Number of cubic feet of natural gas in protection swaps (in mcf) | Bcf		532
Number of cubic feet of natural gas in protection swaps price (in dollars per cubic foot) | $ / Bcf		2.45