Expand Energy (EXE) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,072,227
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Class A Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Warrants to purchase Common Stock
Trading Symbol	CHKEW
Security Exchange Name	NASDAQ
Class B Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class B Warrants to purchase Common Stock
Trading Symbol	CHKEZ
Security Exchange Name	NASDAQ
Class C Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class C Warrants to purchase Common Stock
Trading Symbol	CHKEL
Security Exchange Name	NASDAQ
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CHK
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 713	$ 130
Restricted cash	73	62
Accounts receivable, net	685	1,438
Short-term derivative assets	361	34
Assets held for sale	520	819
Other current assets	163	215
Total current assets	2,515	2,698
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	11,002	11,096
Unproved properties	1,907	2,022
Other property and equipment	496	500
Total property and equipment	13,405	13,618
Less: accumulated depreciation, depletion and amortization	(3,299)	(2,431)
Total property and equipment, net	10,106	11,187
Long-term derivative assets	30	47
Deferred income tax assets	1,032	1,351
Other long-term assets	565	185
Total assets	14,248	15,468
Current liabilities:
Accounts payable	540	603
Accrued interest	41	42
Short-term derivative liabilities	20	432
Other current liabilities	1,013	1,627
Total current liabilities	1,614	2,704
Long-term debt, net	2,032	3,093
Long-term derivative liabilities	40	174
Asset retirement obligations, net of current portion	273	323
Other long-term liabilities	21	50
Total liabilities	3,980	6,344
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 131,182,918 and 134,715,094 shares issued	1	1
Additional paid-in capital	5,735	5,724
Retained earnings	4,532	3,399
Total stockholders' equity	10,268	9,124
Total liabilities and stockholders' equity	$ 14,248	$ 15,468

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	131,182,918	134,715,094

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues and other:
Natural gas and oil derivatives	$ 106	$ (1,029)	$ 1,195	$ (3,668)
Gains (losses) on sales of assets	0	(2)	807	298
Total revenues and other	1,512	3,162	6,773	7,617
Operating expenses:
Production	73	121	293	349
Gathering, processing and transportation	192	286	663	802
Severance and ad valorem taxes	27	67	136	187
Exploration	4	2	19	14
General and administrative	29	40	95	102
Separation and other termination costs	0	0	3	0
Depreciation, depletion and amortization	382	440	1,148	1,300
Other operating expense, net	3	1	15	32
Total operating expenses	1,433	2,157	4,357	6,065
Income from operations	79	1,005	2,416	1,552
Other income (expense):
Interest expense	(23)	(52)	(82)	(120)
Other income	15	4	48	29
Total other expense	(8)	(48)	(34)	(91)
Income before income taxes	71	957	2,382	1,461
Income tax expense	1	74	532	105
Net income, basic	70	883	1,850	1,356
Net income, diluted	$ 70	$ 883	$ 1,850	$ 1,356
Earnings per common share:
Basic (in dollars per share)	$ 0.53	$ 7.29	$ 13.86	$ 11.03
Diluted (in dollars per share)	$ 0.49	$ 6.12	$ 12.90	$ 9.35
Weighted average common shares outstanding (in thousands):
Basic (in shares)	132,153	121,150	133,460	122,924
Diluted (in shares)	142,348	144,390	143,463	145,031
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 682	$ 2,987	$ 2,784	$ 7,691
Marketing
Revenues and other:
Revenue	724	1,206	1,987	3,296
Operating expenses:
Marketing	$ 723	$ 1,200	$ 1,985	$ 3,279

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 1,850	$ 1,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,148	1,300
Deferred income tax expense	319	19
Derivative (gains) losses, net	(1,195)	3,668
Cash receipts (payments) on derivative settlements, net	167	(2,845)
Share-based compensation	25	16
Gains on sales of assets	(807)	(298)
Exploration	9	10
Other	26	19
Changes in assets and liabilities	368	(170)
Net cash provided by operating activities	1,910	3,075
Cash flows from investing activities:
Capital expenditures	(1,450)	(1,299)
Business combination, net	0	(1,967)
Contributions to investments	(149)	0
Proceeds from divestitures of property and equipment	1,967	409
Net cash provided by (used in) investing activities	368	(2,857)
Cash flows from financing activities:
Proceeds from New Credit Facility	1,125	0
Payments on New Credit Facility	(2,175)	0
Proceeds from Exit Credit Facility	0	7,255
Payments on Exit Credit Facility	0	(6,805)
Funds held for transition services	91	0
Proceeds from warrant exercise	0	3
Cash paid to repurchase and retire common stock	(313)	(667)
Cash paid for common stock dividends	(412)	(788)
Net cash used in financing activities	(1,684)	(1,002)
Net increase (decrease) in cash, cash equivalents and restricted cash	594	(784)
Cash, cash equivalents and restricted cash, beginning of period	192	914
Cash, cash equivalents and restricted cash, end of period	786	130
Cash and cash equivalents	713	74
Restricted cash	73	56
Total cash, cash equivalents and restricted cash	786	130
Supplemental cash flow information:
Interest paid, net of capitalized interest	90	107
Income taxes paid (refunds) received, net	(18)	181
Supplemental disclosure of significant non-cash investing and financing activities:
Common stock issued for business combination	0	764
Operating lease obligations recognized	65	25
Change in accrued drilling and completion costs
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$ (39)	$ 193

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning balance at Dec. 31, 2021	$ 5,671	$ 1	$ 4,845	$ 825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition (in shares)		9,442,185
Issuance of common stock for Marcellus Acquisition	764		764
Share-based compensation (in shares)		23,169
Share-based compensation	5		5
Issuance of common stock for warrant exercise (in shares)		669,669
Issuance of common stock for warrant exercise	$ 1		1
Repurchase and retirement of common stock (in shares)	(1,000,000)	(1,000,000)
Repurchase and retirement of common stock	$ (83)			(83)
Net income (loss)	(764)			(764)
Dividends on common stock	(211)			(211)
Ending balance (in shares) at Mar. 31, 2022		127,052,372
Ending balance at Mar. 31, 2022	5,383	$ 1	5,615	(233)
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning balance at Dec. 31, 2021	5,671	$ 1	4,845	825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,356
Ending balance (in shares) at Sep. 30, 2022		121,334,663
Ending balance at Sep. 30, 2022	6,347	$ 1	5,627	719
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning balance at Dec. 31, 2021	$ 5,671	$ 1	4,845	825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock (in shares)	(15,413,000)
Repurchase and retirement of common stock	$ (1,378)
Ending balance (in shares) at Sep. 30, 2023		131,182,918
Ending balance at Sep. 30, 2023	10,268	$ 1	5,735	4,532
Beginning balance (in shares) at Mar. 31, 2022		127,052,372
Beginning balance at Mar. 31, 2022	5,383	$ 1	5,615	(233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		146,054
Share-based compensation	3		3
Issuance of common stock for warrant exercise (in shares)		166,606
Issuance of common stock for warrant exercise	$ 1		1
Issuance of reserved common stock and warrants (in shares)		36,951
Repurchase and retirement of common stock (in shares)	(5,812,000)	(5,811,727)
Repurchase and retirement of common stock	$ (515)			(515)
Net income (loss)	1,237			1,237
Dividends on common stock	(301)			(301)
Ending balance (in shares) at Jun. 30, 2022		121,590,256
Ending balance at Jun. 30, 2022	5,808	$ 1	5,619	188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		991
Share-based compensation	7		7
Issuance of common stock for warrant exercise (in shares)		493,016
Issuance of common stock for warrant exercise	$ 1		1
Repurchase and retirement of common stock (in shares)	(750,000)	(749,600)
Repurchase and retirement of common stock	$ (69)			(69)
Net income (loss)	883			883
Dividends on common stock	(283)			(283)
Ending balance (in shares) at Sep. 30, 2022		121,334,663
Ending balance at Sep. 30, 2022	$ 6,347	$ 1	5,627	719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock (in shares)	(4,105,000)
Repurchase and retirement of common stock	$ (406)
Ending balance (in shares) at Dec. 31, 2022		134,715,094
Ending balance at Dec. 31, 2022	9,124	$ 1	5,724	3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		92,048
Share-based compensation	5		5
Issuance of common stock for warrant exercise (in shares)		4,654
Issuance of common stock for warrant exercise	$ 0
Repurchase and retirement of common stock (in shares)	(793,000)	(792,543)
Repurchase and retirement of common stock	$ (60)			(60)
Net income (loss)	1,389			1,389
Dividends on common stock	(175)			(175)
Ending balance (in shares) at Mar. 31, 2023		134,019,253
Ending balance at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Beginning balance (in shares) at Dec. 31, 2022		134,715,094
Beginning balance at Dec. 31, 2022	9,124	$ 1	5,724	3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for warrant exercise (in shares)		7,341
Net income (loss)	1,850
Ending balance (in shares) at Sep. 30, 2023		131,182,918
Ending balance at Sep. 30, 2023	10,268	$ 1	5,735	4,532
Beginning balance (in shares) at Mar. 31, 2023		134,019,253
Beginning balance at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		109,012
Share-based compensation	7		7
Issuance of common stock for warrant exercise (in shares)		878
Issuance of common stock for warrant exercise	$ 0
Repurchase and retirement of common stock (in shares)	(1,444,000)	(1,444,402)
Repurchase and retirement of common stock	$ (125)		(10)	(115)
Net income (loss)	391			391
Dividends on common stock	(160)			(160)
Ending balance (in shares) at Jun. 30, 2023		132,684,741
Ending balance at Jun. 30, 2023	10,396	$ 1	5,726	4,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		5,859
Share-based compensation	10		10
Issuance of common stock for warrant exercise (in shares)		1,809
Issuance of common stock for warrant exercise	$ 0
Repurchase and retirement of common stock (in shares)	(1,509,000)	(1,509,491)
Repurchase and retirement of common stock	$ (131)		(1)	(130)
Net income (loss)	70			70
Dividends on common stock	(77)			(77)
Ending balance (in shares) at Sep. 30, 2023		131,182,918
Ending balance at Sep. 30, 2023	$ 10,268	$ 1	$ 5,735	$ 4,532

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1. Basis of Presentation and Summary of Significant Accounting Policies Description of Company Chesapeake Energy Corporation (“Chesapeake,” “we,” “our,” “us” or the “Company”) is a natural gas and oil exploration and production company engaged in the acquisition, exploration and development of properties for the production of natural gas, oil and NGL from underground reservoirs. Our operations are located onshore in the United States. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP 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 our financial position as of September 30, 2023 and December 31, 2022, and our results of operations for the three months ended September 30, 2023 (“Current Quarter”), the nine months ended September 30, 2023 (“Current Period”), the three months ended September 30, 2022 (“Prior Quarter”) and the nine months ended September 30, 2022 (“Prior Period”). Our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, 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. For the time periods covered by this Form 10-Q, we did not have any changes or items impacting other comprehensive income. Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations. Restricted Cash As of September 30, 2023, we had restricted cash of $73 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties. Assets Held for Sale We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets. See Note 2

Natural Gas and Oil Property Tr

Natural Gas and Oil Property Transactions	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Natural Gas and Oil Property Transactions	2. Natural Gas and Oil Property Transactions Marcellus Acquisition On March 9, 2022, we closed the Marcellus Acquisition for total consideration of approximately $2.77 billion, consisting of approximately $2 billion in cash, including working capital adjustments and approximately 9.4 million shares of our common stock, to acquire high quality producing assets and a deep inventory of premium drilling locations in the prolific Marcellus Shale in Northeast Pennsylvania. The Marcellus Acquisition was indebtedness free, effective as of January 1, 2022, and was subject to customary purchase price adjustments. We funded the cash portion of the consideration with cash on hand and $914 million of borrowings under the Company’s Exit Credit Facility. During the Prior Period , we recognized approximately $40 million of costs related to the Marcellus Acquisition, which included integration costs, consulting fees, financial advisory fees, legal fees and change in control expense in accordance with Chief’s existing employment agreements. These acquisition-related costs are included within other operating expense, net within our condensed consolidated statements of operations. Marcellus Acquisition Purchase Price Allocation We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during 2022. Purchase Price Allocation Consideration: Cash $ 2,000 Fair value of Chesapeake’s common stock issued in the merger (a) 764 Working capital adjustments 6 Total consideration $ 2,770 Fair Value of Liabilities Assumed: Current liabilities $ 459 Other long-term liabilities 129 Amounts attributable to liabilities assumed $ 588 Fair Value of Assets Acquired: Cash, cash equivalents and restricted cash $ 39 Other current assets 218 Proved natural gas and oil properties 2,309 Unproved properties 788 Other property and equipment 1 Other long-term assets 3 Amounts attributable to assets acquired $ 3,358 Total identifiable net assets $ 2,770 ____________________________________________ (a) The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date. Natural Gas and Oil Properties For the Marcellus Acquisition, we applied applicable guidance, under which an acquirer should recognize the identifiable assets acquired and the liabilities assumed on the acquisition date at fair value. The fair value estimate of proved and unproved natural gas and oil properties as of the acquisition date was based on estimated natural gas and oil reserves and related future net cash flows discounted using a weighted average cost of capital, including estimates of future production rates and future development costs. We utilized NYMEX strip pricing adjusted for inflation to value the reserves. We then applied various discount rates depending on the classification of reserves and other risk characteristics. Management utilized the assistance of a third-party valuation expert to estimate the value of the natural gas and oil properties acquired. Additionally, the fair value estimate of proved and unproved natural gas and oil properties was corroborated by utilizing a market approach, which considers recent comparable transactions for similar assets. The inputs used to value natural gas and oil properties require significant judgment and estimates made by management and represent Level 3 inputs. Marcellus Acquisition Revenues and Expenses Subsequent to Acquisition For the period from March 10, 2022 to September 30, 2022, we included in our condensed consolidated statements of operations natural gas, oil and NGL revenues of $959 million, marketing revenues of $20 million, net losses on natural gas and oil derivatives of $542 million, and direct operating expenses of $329 million, including depreciation, depletion and amortization related to the Marcellus Acquisition businesses. Pro Forma Financial Information As the Marcellus Acquisition closed on March 9, 2022, the condensed consolidated statements of operations for the Prior Quarter and Current Period include all activity related to the acquired properties. The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Marcellus Acquisition occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments. Nine Months Ended September 30, 2022 Revenues $ 7,617 Net income $ 1,252 Earnings per common share: Basic $ 10.00 Diluted $ 8.50 Eagle Ford Divestitures In January 2023, we entered into an agreement to sell a portion of our Eagle Ford assets to WildFire Energy I LLC for approximately $1.425 billion, subject to customary closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of $60 million per year for the next three years, with $45 million to be paid in the fourth year following the transaction close date. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $57 million of the deferred consideration is reflected within other current assets and approximately $132 million is reflected within other long-term assets on the condensed consolidated balance sheets as of September 30, 2023. The divestiture, which closed on March 20, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $337 million, inclusive of post-closing adjustments, based on the difference between the carrying value of the assets and consideration received. As of December 31, 2022, approximately $811 million of property and equipment, net, and $8 million of other assets were classified as assets held for sale on the condensed consolidated balance sheets. Additionally, approximately $65 million of derivative liabilities, $57 million of asset retirement obligations and $22 million of other liabilities were classified as held for sale and included within other current liabilities on the condensed consolidated balance sheets as of December 31, 2022. In February 2023, we entered into an agreement to sell a portion of our remaining Eagle Ford assets to INEOS Upstream Holdings Limited (“INEOS Energy”) for approximately $1.4 billion, subject to customary closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of approximately $56 million per year for the next four years. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $54 million of the deferred consideration is reflected within other current assets and approximately $141 million is reflected within other long-term assets on the condensed consolidated balance sheets as of September 30, 2023. The divestiture, which closed on April 28, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $470 million, based on the difference between the carrying value of the assets and consideration received. Included within the liabilities assumed by INEOS Energy was approximately $53 million of asset retirement obligations. As part of the transition services agreement related to this divestiture, we have continued to collect and disburse cash on behalf of the parties in the divested properties. On our condensed consolidated balance sheets as of September 30, 2023, cash and cash equivalents includes approximately $91 million representing the net of cash inflows and outflows associated with these properties, with the corresponding liabilities reflected in accounts payable and other current liabilities. In August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets to SilverBow Resources, Inc. (“SilverBow”) for approximately $700 million, subject to customary post-closing adjustments. Subject to the satisfaction of certain commodity price triggers, we may receive additional cash consideration in an amount of up to $50 million shortly following the first anniversary of the transaction close date. We classified approximately $510 million of property and equipment, net and $10 million of other assets as held for sale included within current assets held for sale on the condensed consolidated balance sheets as of September 30, 2023. Additionally, approximately $11 million of asset retirement obligation liabilities were classified as held for sale and included within other current liabilities on the condensed consolidated balance sheets as of September 30, 2023. We expect this transaction to close during the fourth quarter of 2023. Powder River Divestiture

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”). The reconciliations between basic and diluted earnings per share are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net income, basic and diluted $ 70 $ 883 $ 1,850 $ 1,356 Denominator (in thousands) Weighted average common shares outstanding, basic 132,153 121,150 133,460 122,924 Effect of potentially dilutive securities Warrants 9,841 22,794 9,639 21,692 Restricted stock units 306 396 316 368 Performance share units 48 50 48 47 Weighted average common shares outstanding, diluted 142,348 144,390 143,463 145,031 Earnings per common share: Basic $ 0.53 $ 7.29 $ 13.86 $ 11.03 Diluted $ 0.49 $ 6.12 $ 12.90 $ 9.35 During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 789,458 reserved shares of common stock and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	4. Debt Our long-term debt consisted of the following as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) New Credit Facility $ — $ — $ 1,050 $ 1,050 5.50% senior notes due 2026 500 484 500 485 5.875% senior notes due 2029 500 470 500 475 6.75% senior notes due 2029 950 928 950 917 Premiums on senior notes 88 — 100 — Debt issuance costs (6) — (7) — Total long-term debt, net $ 2,032 $ 1,882 $ 3,093 $ 2,927 ____________________________________________ (a) The carrying value of borrowings under our New Credit Facility approximate fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value. New Credit Facility. In December 2022, we entered into a senior secured reserve-based credit agreement (the “New Credit Agreement”) with the lenders and issuing banks party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (the “New Credit Facility”) with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion. The New Credit Facility matures in December 2027. The New Credit Facility provides for a $200 million sublimit available for the issuance of letters of credit and a $50 million sublimit available for swingline loans. Initially, the obligations under the New Credit Facility are guaranteed by certain of Chesapeake’s subsidiaries (the “Guarantors”), and the New Credit Facility is secured by substantially all of the assets owned by the Company and the Guarantors (subject to customary exceptions), including mortgages on not less than 85% of the total PV-9 of the borrowing base properties evaluated in the most recent reserve report (where PV-9 is the net present value, discounted at 9% per annum, of the estimated future net revenues). The borrowing base will be redetermined semi-annually in or around April and October of each year, with one interim “wildcard” redetermination available to each of the Company and the Administrative Agent, the latter at the direction of the Required Lenders (as defined in the New Credit Agreement), between scheduled redeterminations. Our borrowing base was reaffirmed in October 2023, and the next scheduled redetermination will be in or around April 2024. The New Credit Agreement contains restrictive covenants that limit Chesapeake and its subsidiaries’ ability to, among other things but subject to exceptions customary to reserve-based credit facilities: (i) incur additional indebtedness, (ii) make investments, (iii) enter into mergers; (iv) make or declare dividends; (v) repurchase or redeem certain indebtedness; (vi) enter into certain hedges; (vii) incur liens; (viii) sell assets; and (ix) engage in certain transactions with affiliates. The New Credit Agreement requires Chesapeake to maintain compliance with the following financial ratios: (A) a current ratio, which is the ratio of Chesapeake’s and its restricted subsidiaries’ consolidated current assets (including unused commitments under the New Credit Facility but excluding certain non-cash assets) to their consolidated current liabilities (excluding the current portion of long-term debt and certain non-cash liabilities), of not less than 1.00 to 1.00; (B) a net leverage ratio, which is the ratio of total indebtedness (less unrestricted cash up to a specified threshold) to Consolidated EBITDAX (as defined in the Credit Agreement) for the prior four fiscal quarters, of not greater than 3.50 to 1.00 and (C) a PV-9 coverage ratio of the net present value, discounted at 9% per annum, of the estimated future net revenues expected in the proved reserves to Chesapeake’s and its restricted subsidiaries’ total indebtedness of not less than 1.50 to 1.00. Borrowings under the New Credit Agreement may be alternate base rate loans or term SOFR loans, at our election. Interest is payable quarterly for alternate base rate loans and at the end of the applicable interest period for term SOFR loa ns. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 175 to 275 basis points per annum, depending on the percentage of the commitments utilized, plus an additional 10 basis points per annum credit spread adjustment. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 75 to 175 basis points per annum, depending on the percentage of the commitments utilized. Chesapeake also pays a commitment fee on unused commitment amounts under the Credit Facility ranging from 37.5 to 50 basis points per annum, depending on the percentage of the commitments utilized. The New Credit Facility is subject to customary events of default, remedies, and cure rights for credit facilities of this nature. The Company has no additional secured debt outstanding as of September 30, 2023.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	5. Contingencies and Commitments Contingencies Business Operations and Litigation and Regulatory Proceedings We are involved in, and expect to continue to be 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. 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. The majority of the Company’s pre-petition legal proceedings were settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court, together with actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. Any allowed claim related to such litigation will be treated in accordance with the Plan. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate. Environmental Contingencies The nature of the natural gas and oil 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. 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 natural gas, oil and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets; however, they are reflected in our estimates of proved reserves. The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: September 30, 2023 Remainder of 2023 $ 79 2024 352 2025 323 2026 303 2027 276 2028-2036 1,321 Total $ 2,654 During the Current Period, certain gathering, processing and transportation agreements were transferred to the buyer of a portion of our Eagle Ford assets. In addition, we have 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 Commitments As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance. In connection with acquisitions and divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party and/or other specified matters. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of entering into or consummating a particular transaction. For divestitures of natural gas and oil properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	6. Other Current Liabilities Other current liabilities as of September 30, 2023 and December 31, 2022 are detailed below: September 30, 2023 December 31, 2022 Revenues and royalties due to others $ 411 $ 734 Accrued drilling and production costs 194 253 Accrued hedging costs — 109 Accrued compensation and benefits 51 72 Taxes payable 189 84 Operating leases 75 86 Joint interest prepayments received 22 34 Current liabilities held for sale (a) 11 144 Other 60 111 Total other current liabilities $ 1,013 $ 1,627 _________________________________________ (a) Current liabilities held for sale are associated with the divestiture transactions related to our Eagle Ford assets. See Note 2 for additional information.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue The following table shows revenue disaggregated by operating area and product type: Three Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 259 $ — $ — $ 259 Haynesville 310 — — 310 Eagle Ford 18 71 24 113 Natural gas, oil and NGL revenue $ 587 $ 71 $ 24 $ 682 Marketing revenue $ 219 $ 448 $ 57 $ 724 Three Months Ended September 30, 2022 Natural Gas Oil NGL Total Marcellus $ 1,324 $ — $ — $ 1,324 Haynesville 1,093 — — 1,093 Eagle Ford 79 437 54 570 Natural gas, oil and NGL revenue $ 2,496 $ 437 $ 54 $ 2,987 Marketing revenue $ 827 $ 328 $ 51 $ 1,206 Nine Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 1,126 $ — $ — $ 1,126 Haynesville 968 — — 968 Eagle Ford 59 548 83 690 Natural gas, oil and NGL revenue $ 2,153 $ 548 $ 83 $ 2,784 Marketing revenue $ 735 $ 1,117 $ 135 $ 1,987 Nine Months Ended September 30, 2022 Natural Gas Oil NGL Total Marcellus $ 3,085 $ — $ — $ 3,085 Haynesville 2,733 — — 2,733 Eagle Ford 211 1,390 173 1,774 Powder River Basin 20 66 13 99 Natural gas, oil and NGL revenue $ 6,049 $ 1,456 $ 186 $ 7,691 Marketing revenue $ 1,872 $ 1,231 $ 193 $ 3,296 Accounts Receivable Our accounts receivable are primarily from purchasers of natural gas, oil and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties, and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible. Accounts receivable as of September 30, 2023 and December 31, 2022 are detailed below: September 30, 2023 December 31, 2022 Natural gas, oil and NGL sales $ 483 $ 1,171 Joint interest 196 246 Other 6 24 Allowance for doubtful accounts — (3) Total accounts receivable, net $ 685 $ 1,438

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. 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 during the Current Period was 22.4% as a result of projecting current and deferred federal and state income taxes and a partial valuation allowance against our anticipated net deferred tax asset position at December 31, 2023. Our estimated AETR during the Prior Period was 5.9% as a result of projecting current federal and state income taxes and maintaining a full valuation allowance against our net deferred tax asset position. As of December 31, 2022, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2023. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some of our deferred tax assets will not be realized. As such, a partial valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of September 30, 2023 and December 31, 2022. On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022, which includes provisions for a 15% corporate alternative minimum tax (“CAMT”) on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year and a 1% excise tax on stock buybacks. These changes are generally in effect for tax years beginning after December 31, 2022. Although we do not currently project that we will be subject to the CAMT on book income for the 2023 tax period, we do anticipate that we will be subject to the CAMT on book income in the foreseeable future. The impact of the 1% excise tax was immaterial during the Current Period.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	9. Equity Dividends In May 2021, we initiated a new annual dividend on our shares of common stock, expected to be paid quarterly. The table below presents the dividends paid during the Current Period and Prior Period: Base Variable Rate Per Share Total 2023: First Quarter $ 0.55 $ 0.74 $ 1.29 $ 175 Second Quarter $ 0.55 $ 0.63 $ 1.18 $ 160 Third Quarter $ 0.575 $ — $ 0.575 $ 77 2022: First Quarter $ 0.4375 $ 1.33 $ 1.7675 $ 210 Second Quarter $ 0.50 $ 1.84 $ 2.34 $ 298 Third Quarter $ 0.55 $ 1.77 $ 2.32 $ 280 On October 31, 2023, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on December 6, 2023 to stockholders of record at the close of business on November 16, 2023. Share Repurchase Program As of December 2, 2021, the Company was authorized to purchase up to $1.0 billion of the Company’s common stock and/or warrants under a share repurchase program, and in March 2022, we commenced our share repurchase program. In June 2022, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for stock and/or warrants. The share repurchase program will expire on December 31, 2023. The table below presents the shares purchased under our share repurchase program: Shares Purchased (thousands) Dollar Value of Shares Purchased Average Price Per Share 2022 First Quarter 1,000 $ 83 $ 82.98 Second Quarter 5,812 $ 515 $ 88.67 Third Quarter 750 $ 69 $ 92.14 Fourth Quarter 4,105 $ 406 $ 98.90 2023 First Quarter 793 $ 60 $ 74.95 Second Quarter (a) 1,444 $ 115 $ 78.77 Third Quarter (b) 1,509 $ 130 $ 86.16 Total to date 15,413 $ 1,378 _____________________________________ (a) On May 26, 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 515,265 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on July 31, 2023, we received an additional 108,556 shares of common stock. (b) On September 15, 2023, we entered into an ASR agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 468,055 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on October 26, 2023, we received an additional 116,250 shares of common stock. The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against the issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the Current Period. Warrants Class A Warrants Class B Warrants Class C Warrants (a) Outstanding as of December 31, 2022 4,495,004 4,404,564 4,006,229 Converted into common stock (b) (3,000) (1,000) (170) Outstanding as of March 31, 2023 4,492,004 4,403,564 4,006,059 Converted into common stock (b) — (500) (467) Outstanding as of June 30, 2023 4,492,004 4,403,064 4,005,592 Converted into common stock (b) — — (2,575) Outstanding as of September 30, 2023 4,492,004 4,403,064 4,003,017 _________________________________________ (a) As of September 30, 2023, we had 1,489,337 of reserved Class C Warrants.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	10. Share-Based Compensation On the Effective Date, the Board of Directors adopted the 2021 Long-Term Incentive Plan (the “LTIP”) with a share reserve equal to 6,800,000 shares of common stock. The LTIP provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors. Restricted Stock Units. During the Current Period, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2022 957 $ 68.91 Granted 439 $ 72.20 Vested (319) $ 60.79 Forfeited (100) $ 67.54 Unvested as of September 30, 2023 977 $ 73.17 The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $24 million based on the stock price at the time of vesting. As of September 30, 2023, there was approximately $54 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximatel y 2.34 years. Performance Share Units. During the Current Period, we granted PSUs to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria. The following table presents the assumptions used in the valuation of the PSUs granted in 2023. Assumption TSR, rTSR Risk-free interest rate 3.85 % Volatility 64.4 % A summary of the changes in unvested PSUs is presented below: Unvested Performance Share Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2022 276 $ 88.28 Granted 131 $ 78.78 Vested — $ — Forfeited (13) $ 69.79 Unvested as of September 30, 2023 394 $ 85.72 As of September 30, 2023 , there was approximatel y $17 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximat ely 1.87 years . RSU and PSU Compensation. We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented: Three Months Ended Nine Months Ended 2023 2022 2023 2022 General and administrative expenses $ 7 $ 5 $ 21 $ 14 Natural gas and oil properties 2 1 5 3 Production expense 1 1 3 2 Total RSU and PSU compensation $ 10 $ 7 $ 29 $ 19 Related income tax benefit $ 2 $ — $ 6 $ —

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	11. 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. These commodity derivative financial instruments include financial price swaps, basis protection swaps, collars, three-way collars and options. All of our natural gas and oil 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. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment. As of December 31, 2022, approximately $65 million of derivative liabilities (notional volume of 9.6 Bcf of natural gas and notional volume of 4.8 MMBbls of oil) were classified as liabilities held for sale. These derivative instruments were novated to WildFire Energy I LLC upon completion of the sale of a portion of our Eagle Ford assets on March 20, 2023. See Note 2 for more details. The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of September 30, 2023 and December 31, 2022 are provided below: September 30, 2023 December 31, 2022 Notional Volume Fair Value Notional Volume Fair Value Natural gas (Bcf): Fixed-price swaps 370 $ — 382 $ (494) Collars 589 338 721 49 Three-way collars 1 1 4 (2) Call options — — 18 (22) Basis protection swaps 572 (8) 652 (32) Total natural gas 1,532 331 1,777 (501) Oil (MMBbls): Fixed-price swaps — — 1 (32) Collars — — 2 7 Basis protection swaps — — 6 1 Total oil — — 9 (24) Total estimated fair value $ 331 $ (525) The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 on a gross basis and after same-counterparty netting: Gross Fair Value (a) Amounts Netted in the Condensed Consolidated Balance Sheets Net Fair Value Presented in the Condensed Consolidated Balance Sheets As of September 30, 2023 Commodity Contracts: Short-term derivative asset $ 434 $ (73) $ 361 Long-term derivative asset 60 (30) 30 Short-term derivative liability (93) 73 (20) Long-term derivative liability (70) 30 (40) Total derivatives $ 331 $ — $ 331 As of December 31, 2022 Commodity Contracts: Short-term derivative asset $ 200 $ (166) $ 34 Long-term derivative asset 87 (40) 47 Short-term derivative liability (598) 166 (432) Long-term derivative liability (214) 40 (174) Total derivatives $ (525) $ — $ (525) ___________________________________________ (a) These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below. 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 natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. 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. Credit Risk Considerations Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we enter into derivative contracts only with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of September 30, 2023, our derivative instruments were spread among 14 counterparties. Hedging Arrangements Certain of our hedging arrangements are with counterparties that were also lenders (or affiliates of lenders) under our New Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the New Credit Facility. The counterparties’ obligations must be secured by cash or letters of credit to the extent that any mark-to-market amounts owed to us exceed defined thresholds. As of September 30, 2023, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	12. Investments

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 70	$ 391	$ 1,389	$ 883	$ 1,237	$ (764)	$ 1,850	$ 1,356

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.
Restricted Cash	Restricted Cash As of September 30, 2023, we had restricted cash of $73 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.
Assets Held for Sale	Assets Held for Sale We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets. See Note 2

Natural Gas and Oil Property _2

Natural Gas and Oil Property Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of the Allocation of the Total Purchase Price	We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during 2022. Purchase Price Allocation Consideration: Cash $ 2,000 Fair value of Chesapeake’s common stock issued in the merger (a) 764 Working capital adjustments 6 Total consideration $ 2,770 Fair Value of Liabilities Assumed: Current liabilities $ 459 Other long-term liabilities 129 Amounts attributable to liabilities assumed $ 588 Fair Value of Assets Acquired: Cash, cash equivalents and restricted cash $ 39 Other current assets 218 Proved natural gas and oil properties 2,309 Unproved properties 788 Other property and equipment 1 Other long-term assets 3 Amounts attributable to assets acquired $ 3,358 Total identifiable net assets $ 2,770 ____________________________________________
Schedule of Pro Forma Financial Information	As the Marcellus Acquisition closed on March 9, 2022, the condensed consolidated statements of operations for the Prior Quarter and Current Period include all activity related to the acquired properties. The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Marcellus Acquisition occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments. Nine Months Ended September 30, 2022 Revenues $ 7,617 Net income $ 1,252 Earnings per common share: Basic $ 10.00 Diluted $ 8.50

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The reconciliations between basic and diluted earnings per share are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator Net income, basic and diluted $ 70 $ 883 $ 1,850 $ 1,356 Denominator (in thousands) Weighted average common shares outstanding, basic 132,153 121,150 133,460 122,924 Effect of potentially dilutive securities Warrants 9,841 22,794 9,639 21,692 Restricted stock units 306 396 316 368 Performance share units 48 50 48 47 Weighted average common shares outstanding, diluted 142,348 144,390 143,463 145,031 Earnings per common share: Basic $ 0.53 $ 7.29 $ 13.86 $ 11.03 Diluted $ 0.49 $ 6.12 $ 12.90 $ 9.35

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Our long-term debt consisted of the following as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) New Credit Facility $ — $ — $ 1,050 $ 1,050 5.50% senior notes due 2026 500 484 500 485 5.875% senior notes due 2029 500 470 500 475 6.75% senior notes due 2029 950 928 950 917 Premiums on senior notes 88 — 100 — Debt issuance costs (6) — (7) — Total long-term debt, net $ 2,032 $ 1,882 $ 3,093 $ 2,927 ____________________________________________ (a) The carrying value of borrowings under our New Credit Facility approximate fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

Contingencies and Commitments (

Contingencies and Commitments (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligation	The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below: September 30, 2023 Remainder of 2023 $ 79 2024 352 2025 323 2026 303 2027 276 2028-2036 1,321 Total $ 2,654

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	Other current liabilities as of September 30, 2023 and December 31, 2022 are detailed below: September 30, 2023 December 31, 2022 Revenues and royalties due to others $ 411 $ 734 Accrued drilling and production costs 194 253 Accrued hedging costs — 109 Accrued compensation and benefits 51 72 Taxes payable 189 84 Operating leases 75 86 Joint interest prepayments received 22 34 Current liabilities held for sale (a) 11 144 Other 60 111 Total other current liabilities $ 1,013 $ 1,627 _________________________________________ (a) Current liabilities held for sale are associated with the divestiture transactions related to our Eagle Ford assets. See Note 2 for additional information.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table shows revenue disaggregated by operating area and product type: Three Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 259 $ — $ — $ 259 Haynesville 310 — — 310 Eagle Ford 18 71 24 113 Natural gas, oil and NGL revenue $ 587 $ 71 $ 24 $ 682 Marketing revenue $ 219 $ 448 $ 57 $ 724 Three Months Ended September 30, 2022 Natural Gas Oil NGL Total Marcellus $ 1,324 $ — $ — $ 1,324 Haynesville 1,093 — — 1,093 Eagle Ford 79 437 54 570 Natural gas, oil and NGL revenue $ 2,496 $ 437 $ 54 $ 2,987 Marketing revenue $ 827 $ 328 $ 51 $ 1,206 Nine Months Ended September 30, 2023 Natural Gas Oil NGL Total Marcellus $ 1,126 $ — $ — $ 1,126 Haynesville 968 — — 968 Eagle Ford 59 548 83 690 Natural gas, oil and NGL revenue $ 2,153 $ 548 $ 83 $ 2,784 Marketing revenue $ 735 $ 1,117 $ 135 $ 1,987 Nine Months Ended September 30, 2022 Natural Gas Oil NGL Total Marcellus $ 3,085 $ — $ — $ 3,085 Haynesville 2,733 — — 2,733 Eagle Ford 211 1,390 173 1,774 Powder River Basin 20 66 13 99 Natural gas, oil and NGL revenue $ 6,049 $ 1,456 $ 186 $ 7,691 Marketing revenue $ 1,872 $ 1,231 $ 193 $ 3,296
Schedule of Accounts Receivable	Accounts receivable as of September 30, 2023 and December 31, 2022 are detailed below: September 30, 2023 December 31, 2022 Natural gas, oil and NGL sales $ 483 $ 1,171 Joint interest 196 246 Other 6 24 Allowance for doubtful accounts — (3) Total accounts receivable, net $ 685 $ 1,438

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends	The table below presents the dividends paid during the Current Period and Prior Period: Base Variable Rate Per Share Total 2023: First Quarter $ 0.55 $ 0.74 $ 1.29 $ 175 Second Quarter $ 0.55 $ 0.63 $ 1.18 $ 160 Third Quarter $ 0.575 $ — $ 0.575 $ 77 2022: First Quarter $ 0.4375 $ 1.33 $ 1.7675 $ 210 Second Quarter $ 0.50 $ 1.84 $ 2.34 $ 298 Third Quarter $ 0.55 $ 1.77 $ 2.32 $ 280
Schedule of Share Repurchase Program	The table below presents the shares purchased under our share repurchase program: Shares Purchased (thousands) Dollar Value of Shares Purchased Average Price Per Share 2022 First Quarter 1,000 $ 83 $ 82.98 Second Quarter 5,812 $ 515 $ 88.67 Third Quarter 750 $ 69 $ 92.14 Fourth Quarter 4,105 $ 406 $ 98.90 2023 First Quarter 793 $ 60 $ 74.95 Second Quarter (a) 1,444 $ 115 $ 78.77 Third Quarter (b) 1,509 $ 130 $ 86.16 Total to date 15,413 $ 1,378 _____________________________________ (a) On May 26, 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 515,265 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on July 31, 2023, we received an additional 108,556 shares of common stock.
Schedule of Warrants	Warrants Class A Warrants Class B Warrants Class C Warrants (a) Outstanding as of December 31, 2022 4,495,004 4,404,564 4,006,229 Converted into common stock (b) (3,000) (1,000) (170) Outstanding as of March 31, 2023 4,492,004 4,403,564 4,006,059 Converted into common stock (b) — (500) (467) Outstanding as of June 30, 2023 4,492,004 4,403,064 4,005,592 Converted into common stock (b) — — (2,575) Outstanding as of September 30, 2023 4,492,004 4,403,064 4,003,017 _________________________________________ (a) As of September 30, 2023, we had 1,489,337 of reserved Class C Warrants.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Changes in Unvested Restricted Stock	A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2022 957 $ 68.91 Granted 439 $ 72.20 Vested (319) $ 60.79 Forfeited (100) $ 67.54 Unvested as of September 30, 2023 977 $ 73.17
Schedule of Valuation Assumptions	The following table presents the assumptions used in the valuation of the PSUs granted in 2023. Assumption TSR, rTSR Risk-free interest rate 3.85 % Volatility 64.4 %
Schedule of Changes in Unvested Performance Share	A summary of the changes in unvested PSUs is presented below: Unvested Performance Share Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2022 276 $ 88.28 Granted 131 $ 78.78 Vested — $ — Forfeited (13) $ 69.79 Unvested as of September 30, 2023 394 $ 85.72
Schedule of Compensation Costs	We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented: Three Months Ended Nine Months Ended 2023 2022 2023 2022 General and administrative expenses $ 7 $ 5 $ 21 $ 14 Natural gas and oil properties 2 1 5 3 Production expense 1 1 3 2 Total RSU and PSU compensation $ 10 $ 7 $ 29 $ 19 Related income tax benefit $ 2 $ — $ 6 $ —

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)	The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of September 30, 2023 and December 31, 2022 are provided below: September 30, 2023 December 31, 2022 Notional Volume Fair Value Notional Volume Fair Value Natural gas (Bcf): Fixed-price swaps 370 $ — 382 $ (494) Collars 589 338 721 49 Three-way collars 1 1 4 (2) Call options — — 18 (22) Basis protection swaps 572 (8) 652 (32) Total natural gas 1,532 331 1,777 (501) Oil (MMBbls): Fixed-price swaps — — 1 (32) Collars — — 2 7 Basis protection swaps — — 6 1 Total oil — — 9 (24) Total estimated fair value $ 331 $ (525)
Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets	The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 on a gross basis and after same-counterparty netting: Gross Fair Value (a) Amounts Netted in the Condensed Consolidated Balance Sheets Net Fair Value Presented in the Condensed Consolidated Balance Sheets As of September 30, 2023 Commodity Contracts: Short-term derivative asset $ 434 $ (73) $ 361 Long-term derivative asset 60 (30) 30 Short-term derivative liability (93) 73 (20) Long-term derivative liability (70) 30 (40) Total derivatives $ 331 $ — $ 331 As of December 31, 2022 Commodity Contracts: Short-term derivative asset $ 200 $ (166) $ 34 Long-term derivative asset 87 (40) 47 Short-term derivative liability (598) 166 (432) Long-term derivative liability (214) 40 (174) Total derivatives $ (525) $ — $ (525) ___________________________________________

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Restricted cash | $	$ 73	$ 62

Natural Gas and Oil Property _3

Natural Gas and Oil Property Transactions - Marcellus Acquisition (Details) - Marcellus - USD ($) shares in Millions, $ in Millions		9 Months Ended
	Mar. 09, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Consideration transferred	$ 2,770
Cash	$ 2,000
Shares issued in acquisition (in shares)	9.4
Acquisition related costs		$ 40
Exit Credit Facility
Business Acquisition [Line Items]
Borrowings	$ 914

Natural Gas and Oil Property _4

Natural Gas and Oil Property Transactions - Schedule of the Allocation of the Total Purchase Price (Details) - Marcellus $ in Millions	Mar. 09, 2022 USD ($)
Consideration:
Cash	$ 2,000
Fair value of Chesapeake’s common stock issued in the merger	764
Working capital adjustments	6
Total consideration	2,770
Fair Value of Liabilities Assumed:
Current liabilities	459
Other long-term liabilities	129
Amounts attributable to liabilities assumed	588
Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash	39
Other current assets	218
Proved natural gas and oil properties	2,309
Unproved properties	788
Other property and equipment	1
Other long-term assets	3
Amounts attributable to assets acquired	3,358
Total identifiable net assets	$ 2,770

Natural Gas and Oil Property _5

Natural Gas and Oil Property Transactions - Narrative (Details) - USD ($) $ in Millions

3 Months Ended

7 Months Ended

9 Months Ended

Apr. 28, 2023

Mar. 20, 2023

Mar. 25, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Aug. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss on natural gas and oil derivatives

$ (106)

$ 1,029

$ (1,195)

$ 3,668

Costs and expenses

1,433

2,157

4,357

6,065

Funds held for transition services

91

0

Disposed of by Sale | Portion of Remaining Eagle Ford Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration

$ 1,400

Purchase price

$ 225

Gain (loss) on sale of oil and natural gas properties

470

Asset retirement obligations

53

Funds held for transition services

91

Disposed of by Sale | Portion of Remaining Eagle Ford Assets | Other Current Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration reflected with assets

54

54

Disposed of by Sale | Portion of Remaining Eagle Ford Assets | Other Noncurrent Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration reflected with assets

141

141

Disposed of by Sale | Portion of Eagle Ford Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration

$ 1,425

Purchase price

$ 225

Gain (loss) on sale of oil and natural gas properties

337

Property, plant and equipment

$ 811

Other assets held-for-sale

8

Derivative liabilities

65

Asset retirement obligations

57

Other liabilities

$ 22

Disposed of by Sale | Portion of Eagle Ford Assets | Other Current Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration reflected with assets

57

57

Disposed of by Sale | Portion of Eagle Ford Assets | Other Noncurrent Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration reflected with assets

132

132

Disposed of by Sale | Portion Eagle Ford Assets to SilverBow Resources, Inc

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Property, plant and equipment

510

510

Other assets held-for-sale

10

10

Asset retirement obligations

11

11

Disposed of by Sale | Portion Eagle Ford Assets to SilverBow Resources, Inc | Scenario, Plan

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration

$ 700

Disposed of by Sale | Portion Eagle Ford Assets to SilverBow Resources, Inc | If Transaction Closes by 2023 and Satisfaction of Certain Commodity Price Are Met

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration

$ 50

Disposed of by Sale | Powder River Basin

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sale of oil and natural gas properties

$ 293

Proceeds from divestitures of property and equipment

450

Disposed of by Sale | Powder River Basin | Post-Close Adjustments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sale of oil and natural gas properties

$ 13

Disposed of by Sale | First Three Years | Portion of Eagle Ford Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration paid in installments

60

Disposed of by Sale | Fourth Year | Portion of Eagle Ford Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration paid in installments

$ 45

Disposed of by Sale | Next Four Years | Portion of Remaining Eagle Ford Assets

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Deferred consideration paid in installments

$ 56

Natural gas, oil and NGL

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

682

2,987

2,784

7,691

Natural gas, oil and NGL | Powder River Basin

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

99

Marketing

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

$ 724

$ 1,206

$ 20

$ 1,987

$ 3,296

Marcellus

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss on natural gas and oil derivatives

542

Costs and expenses

329

Marcellus | Natural gas, oil and NGL

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue

$ 959

Natural Gas and Oil Property _6

Natural Gas and Oil Property Transactions - Schedule of Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Property, Plant and Equipment [Abstract]
Revenues | $	$ 7,617
Net income | $	$ 1,252
Earnings per common share:
Basic (in dollars per share) | $ / shares	$ 10
Diluted (in dollars per share) | $ / shares	$ 8.50

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income, basic	$ 70	$ 883	$ 1,850	$ 1,356
Net income, diluted	$ 70	$ 883	$ 1,850	$ 1,356
Weighted average common shares outstanding, basic (in shares)	132,153	121,150	133,460	122,924
Effect of potentially dilutive securities
Warrants (in shares)	9,841	22,794	9,639	21,692
Restricted stock units (in shares)	306	396	316	368
Performance share units (in shares)	48	50	48	47
Weighted average common shares outstanding, diluted (in shares)	142,348	144,390	143,463	145,031
Basic (in dollars per share)	$ 0.53	$ 7.29	$ 13.86	$ 11.03
Diluted (in dollars per share)	$ 0.49	$ 6.12	$ 12.90	$ 9.35

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	1,489,337	2,248,726	1,489,337	2,248,726
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	789,458	1,191,877	789,458	1,191,877

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,882	$ 2,927
Premiums on senior notes	88	100
Debt issuance costs	(6)	(7)
Total long-term debt, net	2,032	3,093
Line of Credit | New Credit Facility
Debt Instrument [Line Items]
Chesapeake revolving credit facility	0	1,050
Long-term debt, fair value	$ 0	1,050
Senior Notes | 5.50% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 484	485
Senior Notes | 5.875% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 470	475
Senior Notes | 6.75% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	6.75%
Outstanding borrowings	$ 950	950
Long-term debt, fair value	$ 928	$ 917

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Line of Credit | New Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 3,500,000,000
Aggregate commitments		2,000,000,000
Future net revenues discount percentage	9%
Credit spread adjustment	0.10%
Line of Credit | New Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage	0.50%
Line of Credit | New Credit Facility | S O F R One Month Period
Debt Instrument [Line Items]
Variable rate percentage	1%
Line of Credit | New Credit Facility | Minimum
Debt Instrument [Line Items]
Debt instrument, collateral percentage	85%
Current ratio	1
Asset coverage ratio	1.50
Variable rate percentage	1.75%
Unused capacity, commitment fee percentage	0.375%
Line of Credit | New Credit Facility | Minimum | S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	0.75%
Line of Credit | New Credit Facility | Maximum
Debt Instrument [Line Items]
Leverage ratio	3.50
Variable rate percentage	2.75%
Unused capacity, commitment fee percentage	0.50%
Line of Credit | New Credit Facility | Maximum | S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	1.75%
Line of Credit | New Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		200,000,000
Line of Credit | New Credit Facility | Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Secured Debt
Debt Instrument [Line Items]
Outstanding borrowings	$ 0

Contingencies and Commitments_2

Contingencies and Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Sep. 30, 2023 USD ($)
Other Commitments [Line Items]
Remainder of 2023	$ 79
2024	352
2025	323
2026	303
2027	276
2028-2036	1,321
Total	$ 2,654

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Revenues and royalties due to others	$ 411	$ 734
Accrued drilling and production costs	194	253
Accrued hedging costs	0	109
Accrued compensation and benefits	51	72
Taxes payable	189	84
Operating leases	75	86
Joint interest prepayments received	22	34
Current liabilities held for sale	11	144
Other	60	111
Total other current liabilities	$ 1,013	$ 1,627

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total
Disaggregation of Revenue [Line Items]
Revenue	$ 682	$ 2,987		$ 2,784	$ 7,691
Total | Marcellus
Disaggregation of Revenue [Line Items]
Revenue	259	1,324		1,126	3,085
Total | Haynesville
Disaggregation of Revenue [Line Items]
Revenue	310	1,093		968	2,733
Total | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	113	570		690	1,774
Total | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue					99
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	587	2,496		2,153	6,049
Natural Gas | Marcellus
Disaggregation of Revenue [Line Items]
Revenue	259	1,324		1,126	3,085
Natural Gas | Haynesville
Disaggregation of Revenue [Line Items]
Revenue	310	1,093		968	2,733
Natural Gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	18	79		59	211
Natural Gas | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue					20
Oil
Disaggregation of Revenue [Line Items]
Revenue	71	437		548	1,456
Oil | Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0		0	0
Oil | Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0		0	0
Oil | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	71	437		548	1,390
Oil | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue					66
NGL
Disaggregation of Revenue [Line Items]
Revenue	24	54		83	186
NGL | Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0		0	0
NGL | Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0		0	0
NGL | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	24	54		83	173
NGL | Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue					13
Marketing
Disaggregation of Revenue [Line Items]
Revenue	724	1,206	$ 20	1,987	3,296
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	219	827		735	1,872
Oil
Disaggregation of Revenue [Line Items]
Revenue	448	328		1,117	1,231
NGL
Disaggregation of Revenue [Line Items]
Revenue	$ 57	$ 51		$ 135	$ 193

Revenue - Schedule of Accounts

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ 0	$ (3)
Total accounts receivable, net	685	1,438
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	483	1,171
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	196	246
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 6	$ 24

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate		5.90%
Forecast
Income Tax Contingency [Line Items]
Effective income tax rate	22.40%

Equity - Schedule of Dividends

Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Dividends payable, base (in dollars per share)	$ 0.575	$ 0.55	$ 0.55	$ 0.55	$ 0.50	$ 0.4375
Dividends payable, variable (in dollars per share)	0	0.63	0.74	1.77	1.84	1.33
Rate Per Share (in dollars per share)	$ 0.575	$ 1.18	$ 1.29	$ 2.32	$ 2.34	$ 1.7675
Dividends	$ 77	$ 160	$ 175	$ 280	$ 298	$ 210

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended							21 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Oct. 31, 2023	Dec. 02, 2021
Dividends Payable [Line Items]
Authorized amount	$ 2,000							$ 2,000		$ 1,000
Additional authorized amount						$ 1,000
Repurchase and retirement of common stock (in shares)	1,509	1,444	793	4,105	750	5,812	1,000	15,413
Repurchase and retirement of common stock	$ 131	$ 125	$ 60	$ 406	$ 69	$ 515	$ 83	$ 1,378
Subsequent Event
Dividends Payable [Line Items]
Dividends payable (in dollars per share)									$ 0.575

Equity - Schedule of Share Repu

Equity - Schedule of Share Repurchase Program (Details) - USD ($)				1 Months Ended	3 Months Ended							21 Months Ended
	Oct. 26, 2023	Sep. 15, 2023	May 26, 2023	Jul. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 02, 2021
Equity, Class of Treasury Stock [Line Items]
Shares Purchased (in shares)					1,509,000	1,444,000	793,000	4,105,000	750,000	5,812,000	1,000,000	15,413,000
Dollar Value of Shares Purchased					$ 131,000,000	$ 125,000,000	$ 60,000,000	$ 406,000,000	$ 69,000,000	$ 515,000,000	$ 83,000,000	$ 1,378,000,000
Average Price Per Share (in dollars per share)					$ 86.16	$ 78.77	$ 74.95	$ 98.90	$ 92.14	$ 88.67	$ 82.98
Authorized amount					$ 2,000,000,000							$ 2,000,000,000	$ 1,000,000,000
Shares delivered (in shares)		468,055	515,265
Percentage of accelerated share repurchase program initially delivered		80%	80%
Additional shares delivered (in shares)				108,556
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Additional shares delivered (in shares)	116,250
Accelerated Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized amount		$ 50,000,000	$ 50,000,000
Excluding Remaining ASR
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Purchased					$ 130,000,000	$ 115,000,000

Equity - Schedule of Warrants (

Equity - Schedule of Warrants (Details) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock
Warrants and Rights Outstanding [Roll Forward]
Warrants reserved for future issuance (in shares)	789,458			1,191,877			789,458	1,191,877
Issuance of common stock for warrant exercise (in shares)	1,809	878	4,654	493,016	166,606	669,669	7,341
Class A Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,492,004	4,492,004	4,495,004				4,495,004
Converted into common stock (in shares)	0	0	(3,000)
Outstanding, ending balance (in shares)	4,492,004	4,492,004	4,492,004				4,492,004
Class B Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,403,064	4,403,564	4,404,564				4,404,564
Converted into common stock (in shares)	0	(500)	(1,000)
Outstanding, ending balance (in shares)	4,403,064	4,403,064	4,403,564				4,403,064
Class C Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,005,592	4,006,059	4,006,229				4,006,229
Converted into common stock (in shares)	(2,575)	(467)	(170)
Outstanding, ending balance (in shares)	4,003,017	4,005,592	4,006,059				4,003,017
Warrants reserved for future issuance (in shares)	1,489,337			2,248,726			1,489,337	2,248,726

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Feb. 09, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 24
Unrecognized compensation expense	$ 54
Share-based compensation expense, weighted average period for recognition	2 years 4 months 2 days
Restricted Stock Units (RSUs) | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Restricted Stock Units (RSUs) | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 17
Share-based compensation expense, weighted average period for recognition	1 year 10 months 13 days
Performance Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	0%
Performance Share Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	200%
Performance Share Units (PSUs) | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares)		6,800,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Unvested Restricted Stock Units
Unvested units, beginning balance (in shares) | shares	957
Granted (in shares) | shares	439
Vested (in shares) | shares	(319)
Forfeited (in shares) | shares	(100)
Unvested units, ending balance (in shares) | shares	977
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 68.91
Granted (in dollars per share) | $ / shares	72.20
Vested (in dollars per share) | $ / shares	60.79
Forfeited (in dollars per share) | $ / shares	67.54
Unvested, ending balance (in dollars per share) | $ / shares	$ 73.17

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.85%
Volatility	64.40%

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Changes in Unvested Performance Share (Details) - Performance Share Units (PSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Unvested Performance Share Units
Unvested units, beginning balance (in shares) | shares	276
Granted (in shares) | shares	131
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(13)
Unvested units, ending balance (in shares) | shares	394
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 88.28
Granted (in dollars per share) | $ / shares	78.78
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	69.79
Unvested, ending balance (in dollars per share) | $ / shares	$ 85.72

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10	$ 7	$ 29	$ 19
Related income tax benefit	2	0	6	0
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	5	21	14
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	1	5	3
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1	$ 3	$ 2

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Bcf	Dec. 31, 2022 USD ($) MMBbls	Sep. 30, 2023 USD ($) counterparty
Derivative [Line Items]
Derivative liability, held for sale	$ 65,000,000	$ 65,000,000
Energy Related Derivative
Derivative [Line Items]
Number of counterparties (in counterparties) | counterparty			14
Energy Related Derivative | Eagle Ford
Derivative [Line Items]
Notional volume	9.6	4.8
Commodity Contract
Derivative [Line Items]
Collateral held			$ 0
Collateral posted			$ 0

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) (Details) - Energy Related Derivative $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) Bcf MMBbls	Dec. 31, 2022 USD ($) Bcf MMBbls
Derivative [Line Items]
Fair Value	$ 331	$ (525)
Natural Gas
Derivative [Line Items]
Notional Volume | Bcf	1,532	1,777
Fair Value	$ 331	$ (501)
Natural Gas | Fixed-price swaps
Derivative [Line Items]
Notional Volume | Bcf	370	382
Fair Value	$ 0	$ (494)
Natural Gas | Collars
Derivative [Line Items]
Notional Volume | Bcf	589	721
Fair Value	$ 338	$ 49
Natural Gas | Three-way collars
Derivative [Line Items]
Notional Volume | Bcf	1	4
Fair Value	$ 1	$ (2)
Natural Gas | Call options
Derivative [Line Items]
Notional Volume | Bcf	0	18
Fair Value	$ 0	$ (22)
Natural Gas | Basis protection swaps
Derivative [Line Items]
Notional Volume | Bcf	572	652
Fair Value	$ (8)	$ (32)
Oil
Derivative [Line Items]
Notional Volume | MMBbls	0	9
Fair Value	$ 0	$ (24)
Oil | Fixed-price swaps
Derivative [Line Items]
Notional Volume | MMBbls	0	1
Fair Value	$ 0	$ (32)
Oil | Collars
Derivative [Line Items]
Notional Volume | MMBbls	0	2
Fair Value	$ 0	$ 7
Oil | Basis protection swaps
Derivative [Line Items]
Notional Volume | MMBbls	0	6
Fair Value	$ 0	$ 1

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Short-term derivative assets	$ 361	$ 34
Long-term derivative assets	30	47
Short-term derivative liability	(20)	(432)
Long-term derivative liability	(40)	(174)
Not Designated as Hedging Instrument | Commodity Contract
Derivatives, Fair Value [Line Items]
Total derivatives	331	(525)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative assets	361	34
Long-term derivative assets	30	47
Short-term derivative liability	(20)	(432)
Long-term derivative liability	(40)	(174)
Total derivatives	331	(525)
Not Designated as Hedging Instrument | Commodity Contract | Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	434	200
Derivative asset, fair value, gross liability, netted	(73)	(166)
Not Designated as Hedging Instrument | Commodity Contract | Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	60	87
Derivative asset, fair value, gross liability, netted	(30)	(40)
Not Designated as Hedging Instrument | Commodity Contract | Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(93)	(598)
Derivative liability, fair value, gross asset, netted	73	166
Not Designated as Hedging Instrument | Commodity Contract | Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(70)	(214)
Derivative liability, fair value, gross asset, netted	$ 30	$ 40

Investments (Details)

Investments (Details) MT in Millions, $ in Millions	Sep. 30, 2023 USD ($) billionOfCubicFeetPerDay MT	Dec. 31, 2022 USD ($)
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35%
Equity method investments | $	$ 166	$ 18
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Contractual obligation | $	$ 184
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Sequester volume | MT	2
Momentum Sustainable Ventures L L C | Scenario, Plan
Schedule of Equity Method Investments [Line Items]
Initial capacity | billionOfCubicFeetPerDay	1.7
Expandable capacity | billionOfCubicFeetPerDay	2.2