EXHIBIT 12
CHESAPEAKE ENERGY CORPORATION
Preferred Stock Offering - 3,000,000 Shares
(In 000's)
<Table>
<Caption>
Year Year Six Months Year Year Year Nine Months
Ended Ended Ended Ended Ended Ended Ended
June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Sept. 30,
1996 1997 1997 1998 1999 2000 2001
-------- -------- ---------- -------- -------- -------- -----------
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED DIVIDENDS
Income before income taxes and
extraordinary item $36,209 $(180,330) $(31,574) $(920,520) $35,030 $196,162 $369,400
Interest 13,679 18,550 17,448 68,249 81,052 86,256 72,977
Amortization of capitalized interest 234 8,771 4,386 12,240 1,047 1,226 930
Bond discount amortization (A) -- -- --
Loan cost amortization 1,288 1,455 794 2,516 3,338 3,669 2,871
-------- -------- -------- -------- -------- -------- --------
Earnings 51,410 (151,554) (8,947) (837,515) 120,467 287,313 446,178
Interest expense 13,679 18,550 17,448 68,249 81,052 86,256 72,977
Capitalized interest 6,428 12,935 5,087 6,470 3,356 2,452 3,290
Bond discount amortization (A) -- -- -- -- -- -- --
Loan cost amortization 1,288 1,455 794 2,516 3,338 3,669 2,871
Preferred dividend requirements -- -- -- 12,077 16,711 8,484 728
Ratio of income before provision
for income taxes to net income (B) -- -- -- N/A 1.05 N/A 1.67
-------- -------- -------- -------- -------- -------- --------
Preferred dividends on a pretax basis -- -- -- 12,077 17,547 8,484 1,216
-------- -------- -------- -------- -------- -------- --------
Fixed Charges and Preferred
Dividends $21,395 $32,940 $23,329 $89,312 $105,293 $100,861 $80,354
Ratio 2.4 1.1 2.8 5.6
Insufficient coverage N/A 184494 32275.5 926,827 N/A N/A N/A
</Table>
(A) Bond discount excluded since it is included in interest expense
(B) Represents income (loss) before income taxes and extraordinary
item divided by income (loss) before extraordinary item, which
adjusts dividends on preferred stock to a pre-tax basis
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