0000895126-21-000136 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 05, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,280,695
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Common Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CHK
Security Exchange Name	NASDAQ
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 612	$ 279
Restricted cash	10	0
Accounts receivable, net	674	746
Short-term derivative assets	0	19
Other current assets	58	64
Total current assets	1,354	1,108
Oil and natural gas properties, successful efforts method
Proved oil and natural gas properties	4,960	25,734
Unproved properties	442	1,550
Other property and equipment	491	1,754
Total property and equipment	5,893	29,038
Less: accumulated depreciation, depletion and amortization	(346)	(23,806)
Property and equipment held for sale, net	3	10
Total property and equipment, net	5,550	5,242
Other long-term assets	95	234
Total assets	6,999	6,584
Current liabilities:
Accounts payable	281	346
Current maturities of long-term debt	0	1,929
Accrued interest	24	3
Short-term derivative liabilities	780	93
Other current liabilities	781	723
Total current liabilities	1,866	3,094
Long-term debt, net	1,261	0
Long-term derivative liabilities	211	44
Asset retirement obligations, net of current portion	241	139
Other long-term liabilities	7	5
Liabilities subject to compromise	0	8,643
Total liabilities	3,586	11,925
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock, $0.01 par value, 20,000,000 shares authorized: 0 and 5,563,458 shares outstanding		1,631
Common stock	1	0
Additional paid-in capital	3,590	16,937
Predecessor accumulated other comprehensive income		45
Accumulated deficit	(178)	(23,954)
Total stockholders’ equity (deficit)	3,413	(5,341)
Total liabilities and stockholders’ equity (deficit)	$ 6,999	$ 6,584
Common stock, shares issued (shares)	97,954,037	9,780,547
Preferred stock, shares outstanding (shares)	0	5,563,458
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	20,000,000	20,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (shares)	0	5,563,458
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	450,000,000	22,500,000
Common stock, shares issued (shares)	97,954,037	9,780,547

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues and other:
Oil and natural gas derivatives	$ (382,000)	$ (740,000)	$ (173,000)	$ (694,000)	$ 734,000
Gains on sales of assets	5,000	2,000	0	6,000	0
Total revenues and other	260,000	693,000	507,000	1,573,000	3,032,000
Operating expenses:
Severance and ad valorem taxes	18,000	41,000	25,000	65,000	79,000
General and administrative	21,000	24,000	112,000	39,000	177,000
Separation and other termination costs	22,000	11,000	22,000	11,000	27,000
Depreciation, depletion and amortization	72,000	229,000	158,000	351,000	761,000
Impairments	0	1,000	0	1,000	8,522,000
Other operating expense (income), net	(12,000)	(4,000)	(2,000)	(2,000)	66,000
Total operating expenses	494,000	1,123,000	1,048,000	1,718,000	11,800,000
Loss from operations	(234,000)	(430,000)	(541,000)	(145,000)	(8,768,000)
Other income (expense):
Interest expense	(11,000)	(18,000)	(137,000)	(30,000)	(282,000)
Gains on purchases or exchanges of debt	0	0	2,000	0	65,000
Other income (expense)	2,000	9,000	6,000	31,000	(11,000)
Reorganization items, net	5,569,000	0	394,000	0	394,000
Total other income	5,560,000	(9,000)	265,000	1,000	166,000
Income (loss) before income taxes	5,326,000	(439,000)	(276,000)	(144,000)	(8,602,000)
Income tax benefit	(57,000)	0	0	0	(13,000)
Net income (loss)	5,383,000	(439,000)	(276,000)	(144,000)	(8,589,000)
Net loss attributable to noncontrolling interests	0	0	0	0	16,000
Net income (loss) attributable to Chesapeake	5,383,000	(439,000)	(276,000)	(144,000)	(8,573,000)
Preferred stock dividends	0	0	0	0	(22,000)
Net income (loss) available to common stockholders	5,383,000	(439,000)	(276,000)		(8,595,000)
Net income (loss), basic and diluted	$ 5,383	$ (439,000)	$ (276,000)	$ (144,000)	$ (8,595)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 550.35	$ (4.48)	$ (28.22)	$ (1.47)	$ (880.18)
Diluted (in dollars per share)	$ 534.51	$ (4.48)	$ (28.22)	$ (1.47)	$ (880.18)
Weighted average common shares outstanding (in thousands):
Basic (in shares)	9,781	97,931	9,779	97,922	9,765
Diluted (in shares)	10,071	97,931	9,779	97,922	9,765
Oil, natural gas and NGL
Revenues and other:
Revenue		$ 892,000	$ 440,000
Total revenues and other	$ 398,000	892,000	440,000	$ 1,445,000	$ 1,334,000
Marketing
Revenues and other:
Revenue		539,000	240,000
Total revenues and other	239,000	539,000	240,000	816,000	964,000
Operating expenses:
Expense	237,000	535,000	242,000	815,000	988,000
Production
Operating expenses:
Expense	32,000	74,000	91,000	114,000	213,000
Gathering, processing and transportation
Operating expenses:
Expense	102,000	211,000	270,000	322,000	555,000
Exploration
Operating expenses:
Expense	$ 2,000	$ 1,000	$ 130,000	$ 2,000	$ 412,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,383	$ (439)	$ (276)	$ (144)	$ (8,589)
Other comprehensive income, net of income tax:
Reclassification of losses on settled derivative instruments	3	0	8	0	17
Other comprehensive income	3	0	8	0	17
Comprehensive income (loss)	5,386	(439)	(268)	(144)	(8,572)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0	16
Comprehensive income (loss) attributable to Chesapeake	$ 5,386	$ (439)	$ (268)	$ (144)	$ (8,556)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 5,383	$ (144)	$ (8,589)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, depletion and amortization	72	351	761
Deferred income tax benefit	(57)	0	(10)
Derivative (gains) losses, net	382	694	(734)
Cash receipts (payments) on derivative settlements, net	(17)	(145)	880
Stock-based compensation	3	3	9
Gains on sales of assets	(5)	(6)	0
Impairments	0	1	8,522
Non-cash reorganization items, net	(6,680)	0	(449)
Exploration	2	1	406
Gains on purchases or exchanges of debt	0	0	(65)
Other	45	(3)	1
Changes in assets and liabilities	851	51	41
Net cash provided by (used in) operating activities	(21)	803	773
Cash flows from investing activities:
Capital expenditures	(66)	(226)	(867)
Proceeds from divestitures of property and equipment	0	6	11
Net cash used in investing activities	(66)	(220)	(856)
Cash flows from financing activities:
Proceeds from Exit Credit Facility - Tranche A Loans	0	30	0
Payments on Exit Credit Facility - Tranche A Loans	(479)	(80)	0
Proceeds from pre-petition revolving credit facility borrowings	0	0	3,806
Payments on pre-petition revolving credit facility borrowings	0	0	(3,467)
Payments on DIP Facility borrowings	(1,179)	0	0
Proceeds from issuance of senior notes, net	1,000	0	0
Proceeds from issuance of common stock	600	0	0
Proceeds from warrant exercise	0	2	0
Debt issuance and other financing costs	(8)	(3)	(55)
Cash paid to purchase debt	0	0	(95)
Cash paid for common stock dividends	0	(34)	0
Cash paid for preferred stock dividends	0	0	(22)
Other	0	(2)	(8)
Net cash provided by (used in) financing activities	(66)	(87)	159
Net increase (decrease) in cash, cash equivalents and restricted cash	(153)	496	76
Cash, cash equivalents and restricted cash, beginning of period	279	126	6
Cash, cash equivalents and restricted cash, end of period	126	622	82
Cash and cash equivalents	40	612	82
Restricted cash	86	10	0
Total cash, cash equivalents and restricted cash	126	622	82
Supplemental cash flow information:
Cash paid for reorganization items, net	66	65	55
Interest paid, net of capitalized interest	13	3	177
Income taxes paid, net of refunds received	0	(3)	(2)
Supplemental disclosure of significant non-cash investing and financing activities:
Put option premium on equity backstop agreement	60	0	0
Change in accrued drilling and completion costs
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$ (5)	$ 14	$ (223)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Class A Warrants	Class B Warrants	Class C Warrants	Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Class A Warrants	Additional Paid-in Capital Class B Warrants	Additional Paid-in Capital Class C Warrants	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Treasury Stock	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2019					5,563,458	9,772,793
Beginning balance at Dec. 31, 2019	$ 4,401				$ 1,631	$ 0	$ 16,973				$ (14,220)	$ 12	$ (32)	$ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)						7,409
Stock-based compensation	(27)						(27)
Dividends, Preferred Stock	(22)						(22)
Net income (loss) attributable to Chesapeake	(8,573)										(8,573)
Hedging activity	17											17
Purchase of shares for company benefit plans	(2)												(2)
Release of shares for company benefit plans	34												34
Net loss attributable to noncontrolling interests	(16)													(16)
Ending balance (in shares) at Jun. 30, 2020					5,563,458	9,780,202
Ending balance at Jun. 30, 2020	(4,188)				$ 1,631	$ 0	16,924				(22,793)	29	0	21
Beginning balance (in shares) at Mar. 31, 2020					5,563,458	9,783,773
Beginning balance at Mar. 31, 2020	(3,924)				$ 1,631	$ 0	16,920				(22,517)	21	0	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)						3,571
Stock-based compensation	4						4
Net income (loss) attributable to Chesapeake	(276)										(276)
Hedging activity	8											8
Net loss attributable to noncontrolling interests	0
Ending balance (in shares) at Jun. 30, 2020					5,563,458	9,780,202
Ending balance at Jun. 30, 2020	(4,188)				$ 1,631	$ 0	16,924				(22,793)	29	0	21
Beginning balance (in shares) at Dec. 31, 2020					5,563,358	9,780,547
Beginning balance at Dec. 31, 2020	(5,341)				$ 1,631	$ 0	16,937				(23,954)	45	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)						67
Stock-based compensation	3						3
Net income (loss) attributable to Chesapeake	5,383										5,383
Hedging activity	3											3
Cancellation of Predecessor Equity (in shares)					(5,563,358)	(9,780,614)
Cancellation of Predecessor Equity	(48)				$ (1,631)		(16,940)				18,571	(48)
Issuance of Successor common stock (in shares)						97,907,081
Issuance of Successor common stock	3,331					$ 1	3,330
Issuance of Successor warrants		$ 93	$ 94	$ 68				$ 93	$ 94	$ 68
Net loss attributable to noncontrolling interests	0
Ending balance (in shares) at Feb. 09, 2021					0	97,907,081
Ending balance at Feb. 09, 2021	3,586				$ 0	$ 1	3,585				0	0	0	0
Ending balance (in shares) at Mar. 31, 2021					0	97,907,081
Ending balance at Mar. 31, 2021	3,881				$ 0	$ 1	3,585				295	0	0	0
Beginning balance (in shares) at Feb. 09, 2021					0	97,907,081
Beginning balance at Feb. 09, 2021	3,586				$ 0	$ 1	3,585				0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)						921
Stock-based compensation	3						3
Net income (loss) attributable to Chesapeake	(144)										(144)
Hedging activity	0
Dividends on common stock	(34)										(34)
Issuance of common stock for warrant exercise (in shares)						46,035
Issuance of Successor warrants	2						2
Net loss attributable to noncontrolling interests	0
Ending balance (in shares) at Jun. 30, 2021					0	97,954,037
Ending balance at Jun. 30, 2021	3,413				$ 0	$ 1	3,590				(178)	0	0	0
Beginning balance (in shares) at Mar. 31, 2021					0	97,907,081
Beginning balance at Mar. 31, 2021	3,881				$ 0	$ 1	3,585				295	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)						921
Stock-based compensation	3						3
Net income (loss) attributable to Chesapeake	(439)										(439)	0
Hedging activity	0
Dividends on common stock	(34)										(34)
Issuance of common stock for warrant exercise (in shares)						46,035
Issuance of Successor warrants	2						2
Net loss attributable to noncontrolling interests	0
Ending balance (in shares) at Jun. 30, 2021					0	97,954,037
Ending balance at Jun. 30, 2021	$ 3,413				$ 0	$ 1	$ 3,590				$ (178)	$ 0	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

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 an oil and natural gas exploration and production company engaged in the acquisition, exploration and development of properties for the production of oil, natural gas and NGL from underground reservoirs. Our operations are located onshore in the United States. As discussed in Note 2 below, we filed the Chapter 11 Cases on the Petition Date and subsequently operated as a debtor-in-possession, in accordance with applicable provisions of the Bankruptcy Code, until emergence on February 9, 2021. To facilitate our financial statement presentations, we refer to the post-emergence reorganized Company in these condensed consolidated financial statements and footnotes as the “Successor” for periods subsequent to February 9, 2021, and to the pre-emergence company as “Predecessor” for periods on or prior to February 9, 2021.

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 the financial position and periods of February 10, 2021 through June 30, 2021 (“2021 Successor Period”), and January 1, 2021 through February 9, 2021 (“2021 Predecessor Period”), the three months ended June 30, 2021 (“2021 Successor Quarter”), and the three and six months ended June 30, 2020 (“2020 Predecessor Quarter” and “2020 Predecessor Period”, respectively). Our annual report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) should be read in conjunction with this Form 10-Q. Except as disclosed herein, and with the exception of information in this report related to our emergence from Chapter 11 and fresh start accounting, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the 2020 Form 10-K. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly-owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.

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 June 30, 2021, we had restricted cash of $10 million. The restricted funds are maintained primarily to pay certain convenience class unsecured claims following our emergence from bankruptcy.

Voluntary Filing under Chapter 11 Bankruptcy

On the Petition Date the Debtors filed the Chapter 11 Cases under the Bankruptcy Code in the Bankruptcy Court. On June 29, 2020, the Bankruptcy Court entered an order authorizing the joint administration of the Chapter 11 Cases under the caption In re Chesapeake Energy Corporation, Case No. 20-33233. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries (collectively, the “Non-Filing Entities”) were not part of the Bankruptcy Filing. The Non-Filing Entities have continued to operate in the ordinary course of business.

The Bankruptcy Court confirmed the Plan and entered the Confirmation Order on January 16, 2021. The Debtors emerged from the Chapter 11 Cases on the Effective Date. The Company’s bankruptcy proceedings and related matters have been summarized below.

During the pendency of the Chapter 11 Cases, we continued to operate our business in the ordinary course as debtors-in-possession in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Court granted the first day relief we requested that was designed primarily to mitigate the impact of the Chapter 11 Cases on our operations, vendors, suppliers, customers and employees. As a result, we were able to conduct normal business activities and satisfy all associated obligations for the period following the Petition Date and were also authorized to pay mineral interest owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided prior to the Petition Date. During the pendency of the Chapter 11 Cases, all transactions outside the ordinary course of business required the prior approval of the Bankruptcy Court.

Subject to certain specific exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed all judicial or administrative actions against us and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities were subject to compromise and discharge under the Bankruptcy Code. The automatic stay was lifted on the Effective Date.

We have applied ASC 852, Reorganizations, in preparing the unaudited condensed consolidated financial statements for the period ended February 9, 2021. ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 Cases, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that were realized or incurred during the bankruptcy proceedings, including gain on settlement of liabilities subject to compromise, losses related to executory contracts that have been approved for rejection by the Bankruptcy Court, and unamortized debt issuance costs, premiums and discounts associated with debt classified as liabilities subject to compromise, were recorded as reorganization items, net. In addition, pre-petition obligations that may be impacted by the Chapter 11 process have been classified on the condensed consolidated balance sheet as of December 31, 2020 as liabilities subject to compromise. See Note 3 for more information regarding reorganization items.

Chapter 11 Emergence

6 Months Ended

Jun. 30, 2021

Reorganizations [Abstract]

Chapter 11 Emergence


2.			Chapter 11 Emergence

As described in Note 1, on June 28, 2020, the Debtors filed the Chapter 11 Cases and on September 11, 2020, the Debtors filed the Plan, which was subsequently amended, and entered the Confirmation Order on January 16, 2021. The Debtors then emerged from bankruptcy upon effectiveness of the Plan on February 9, 2021. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan.

Plan of Reorganization

In accordance with the Plan confirmed by the Bankruptcy Court, the following significant transactions occurred upon the Company’s emergence from bankruptcy on February 9, 2021:

•On the Effective Date, we issued approximately 97,907,081 shares of New Common Stock, reserved 2,092,918 shares of New Common Stock for future issuance to eligible holders of Allowed Unsecured Notes Claims and Allowed General Unsecured Claims and reserved 37,174,210 shares of New Common Stock for issuance upon exercise of the Warrants, which were the result of the transactions described below. We also entered into a registration rights agreement, warrant agreements and amended our articles of incorporation and bylaws for the authorization of the New Common Stock among other corporate governance actions. See Note 10 for further discussion of our post-emergence equity.

•Each holder of an equity interest in the Predecessor, including Predecessor’s common and preferred stock, had such interest canceled, released, and extinguished without any distribution.

•Each holder of obligations under the pre-petition revolving credit facility received, at such holder's prior determined allocation, its pro rata share of either Tranche A Loans or Tranche B Loans, on a dollar for dollar basis.

•Each holder of obligations under the FLLO Term Loan Facility received its pro rata share of 23,022,420 shares of New Common Stock.

•Each holder of an Allowed Second Lien Notes Claim received its pro rata share of 3,635,118 shares of New Common Stock, 11,111,111 Class A Warrants to purchase 11,111,111 shares of New Common Stock, 12,345,679 Class B Warrants to purchase 12,345,679 shares of New Common Stock, and 6,858,710 Class C Warrants to purchase 6,858,710 shares of New Common Stock.

•Each holder of an Allowed Unsecured Notes Claim received its pro rata share of 1,311,089 shares of New Common Stock and 2,473,757 Class C Warrants to purchase 2,473,757 shares of New Common Stock.

•Each holder of an Allowed General Unsecured Claim received its pro rata share of 231,112 shares of New Common Stock and 436,060 Class C Warrants to purchase 436,060 shares of New Common Stock; provided that to the extent such Allowed General Unsecured Claim is a Convenience Claim, such holder instead received its pro rata share of $10 million, which pro rata share shall not exceed five percent of such Convenience Claim.

•Participants in the Rights Offering extending to the applicable classes under the Plan received 62,927,320 shares of New Common Stock.

•In connection with the Rights Offering described above, the Backstop Parties under the Backstop Commitment Agreement received 6,337,031 shares of New Common Stock in respect to the Put Option Premium, and 442,991 shares of New Common Stock were issued in connection with the backstop obligation thereunder to purchase unsubscribed shares of the New Common Stock.

•2,092,918 shares of New Common Stock and 3,948,893 Class C Warrants were reserved for future issuance to eligible holders of Allowed Unsecured Notes Claims and Allowed General Unsecured Claims. The reserved New Common Stock and Class C Warrants will be issued on a pro rata basis upon the determination of the allowed portion of all disputed General Unsecured Claims and Unsecured Notes Claims.

•The 2021 Long Term Incentive Plan (the “LTIP”) was approved with a share reserve equal to 6,800,000 shares of New Company Stock.

•Each holder of an Allowed Other Secured Claim will receive, at the Company's option and in consultation with the Required Consenting Stakeholders (as defined in the Plan): (a) payment in full in cash; (b) the collateral securing its secured claim; (c) reinstatement of its secured claim; or (d) such other treatment that renders its secured claim unimpaired in accordance with Section 1124 of the Bankruptcy Code.

•Each holder of an Allowed Other Priority Claim will receive cash up to the allowed amount of its claim.

Additionally, pursuant to the Plan confirmed by the Bankruptcy Court, the Company’s post-emergence Board of Directors is comprised of six directors, including the Company’s Interim Chief Executive Officer, Michael Wichterich, and five non-employee directors, Timothy S. Duncan, Benjamin C. Duster, IV, Sarah Emerson, Matthew M. Gallagher and Brian Steck.


3.			Fresh Start Accounting

Fresh Start Accounting

In connection with our emergence from bankruptcy and in accordance with ASC 852, we qualified for and applied fresh start accounting on the Effective Date. We were required to apply fresh start accounting because (i) the holders of existing voting shares of the Company prior to its emergence received less than 50% of the voting shares of the Company outstanding following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan of approximately $6.8 billion was less than the post-petition liabilities and allowed claims of $13.2 billion.

In accordance with ASC 852, with the application of fresh start accounting, the Company allocated its reorganization value to its individual assets based on their estimated fair value in conformity with FASB ASC Topic 820 - Fair Value Measurements and FASB ASC Topic 805 - Business Combinations. Accordingly, the consolidated financial statements after February 9, 2021 are not comparable with the consolidated financial statements as of or prior to that date. The Effective Date fair values of the Successor’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheet of the Predecessor.

Reorganization Value

Reorganization value is derived from an estimate of enterprise value, or fair value of the Company’s interest-bearing debt and stockholders’ equity. Under ASC 852, reorganization value generally approximates fair value of the entity before considering liabilities and is intended to approximate the amount a willing buyer would pay for the assets immediately after the effects of a restructuring. As set forth in the disclosure statement, amended for updated pricing, and approved by the Bankruptcy Court, the enterprise value of the Successor was estimated to be between $3.5 billion and $4.9 billion. With the assistance of third-party valuation advisors, we determined the enterprise value and corresponding implied equity value of the Successor using various valuation approaches and methods, including: (i) income approach using a calculation of present value of future cash flows based on our financial projections, (ii) the market approach using selling prices of similar assets and (iii) the cost approach. For GAAP purposes, the Company valued the Successor’s individual assets, liabilities and equity instruments and determined an estimate of the enterprise value within the estimated range. Management concluded that the best estimate of enterprise value was $4.85 billion. Specific valuation approaches and key assumptions used to arrive at reorganization value, and the value of discrete assets and liabilities resulting from the application of fresh start accounting, are described below in greater detail within the valuation process.

The enterprise value and corresponding implied equity value are dependent upon achieving the future financial results set forth in our valuation using an asset-based methodology of estimated proved reserves, undeveloped properties, and other financial information, considerations and projections, applying a combination of the income, cost and market approaches as of the fresh start reporting date of February 9, 2021. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, there is no assurance that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.

The following table reconciles the enterprise value to the implied fair value of the Successor’s equity as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Less: Fair value of debt	(1,313)
Successor equity value	$	3,586

____________________________________________

(a)Cash and cash equivalents includes $8 million that was initially classified as restricted cash as of the Effective Date but subsequently released from escrow and returned to the Successor. Restricted cash exclusive of the $8 million is not included in the table above.

The following table reconciles the enterprise value to the reorganization value as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Plus: Current liabilities	1,582
Plus: Asset retirement obligations (non-current portion)	236
Plus: Other non-current liabilities	97
Reorganization value of Successor assets	$	6,814

____________________________________________

Valuation Process

The fair values of our oil and natural gas properties, other property and equipment, other long-term assets, long-term debt, asset retirement obligations and warrants were estimated as of the Effective Date.

Oil and natural gas properties. The Company’s principal assets are its oil and natural gas properties, which are accounted for under the successful efforts accounting method. The Company determined the fair value of its oil and natural gas properties based on the discounted future net cash flows expected to be generated from these assets. Discounted cash flow models by operating area were prepared using the estimated future revenues and operating costs for all developed wells and undeveloped properties comprising the proved and unproved reserves. Significant inputs associated with the calculation of discounted future net cash flows include estimates of (i) recoverable reserves, (ii) production rates, (iii) future operating and development costs, (iv) future commodity prices escalated by an inflationary rate after five years, adjusted for differentials, and (v) a market-based weighted average cost of capital by operating area. The Company utilized NYMEX strip pricing, adjusted for differentials, to value the reserves. The NYMEX strip pricing inputs used are classified as Level 1 fair value assumptions and all other inputs are classified as Level 3 fair value assumptions. The discount rates utilized were derived using a weighted average cost of capital computation, which included an estimated cost of debt and equity for market participants with similar geographies and asset development type by operating area.

Other property and equipment. The fair value of other property and equipment such as buildings, land, computer equipment, and other equipment was determined using replacement cost method under the cost approach which considers historical acquisition costs for the assets adjusted for inflation, as well as factors in any potential obsolescence based on the current condition of the assets and the ability of those assets to generate cash flow.

Long-term debt. A market approach, based upon quotes from major financial institutions, was used to measure the fair value of the $500 million aggregate principal amount of 5.5% Senior Notes due 2026 (the “2026 Notes”) and $500 million aggregate principal amount of 5.875% Senior Notes due 2029 (the “2029 Notes” and, together with the 2026 Notes, the “Notes”). The carrying value of borrowings under our Exit Credit Facility approximated fair value as the terms and interest rates are based on prevailing market rates.

Asset retirement obligations. The fair value of the Company’s asset retirement obligations was revalued based upon estimated current reclamation costs for our assets with reclamation obligations, an appropriate long-term inflation adjustment, and our revised credit adjusted risk-free rate. The credit adjusted risk-free rate was based on an evaluation of an interest rate that equates to a risk-free interest rate adjusted for the effect of our credit standing.

Warrants. The fair values of the Warrants issued upon the Effective Date were estimated using a Black-Scholes model, a commonly used option-pricing model. The Black-Scholes model was used to estimate the fair value of the warrants with an implied stock price of $20.52; initial exercise price per share of $27.63, $32.13 and $36.18 for Class A, Class B and Class C Warrants, respectively; expected volatility of 58% estimated using volatilities of similar entities; risk-free rate using a 5-year Treasury bond rate; and an expected annual dividend yield which was estimated to be zero.

Condensed Consolidated Balance Sheet

The following consolidated balance sheet is as of February 9, 2021. This consolidated balance sheet includes adjustments that reflect the consummation of the transactions contemplated by the Plan (reflected in the column “Reorganization Adjustments”) as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column “Fresh Start Adjustments”) as of the Effective Date. The explanatory notes following the table below provide further details on the adjustments, including the assumptions and methods used to determine fair value for its assets, liabilities and warrants.


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor

Assets
Current assets:
Cash and cash equivalents	$	243	$	(203)	(a)	$	—		$	40
Restricted cash	—		86		(b)	—			86
Accounts receivable, net	861		(18)		(c)	—			843
Short-term derivative assets	—		—			—			—
Other current assets	66		(5)		(d)	—			61
Total current assets	1,170		(140)			—			1,030
Property and equipment:
Oil and natural gas properties, successful efforts method
Proved oil and natural gas properties	25,794		—			(21,108)		(o)	4,686
Unproved properties	1,546		—			(1,063)		(o)	483
Other property and equipment	1,755		—			(1,256)		(o)	499
Total property and equipment	29,095		—			(23,427)		(o)	5,668
Less: accumulated depreciation, depletion and amortization	(23,877)		—			23,877		(o)	—
Property and equipment held for sale, net	9		—			(7)		(o)	2
Total property and equipment, net	5,227		—			443		(o)	5,670
Other long-term assets	198		—			(84)		(p)	114
Total assets	$	6,595	$	(140)		$	359		$	6,814


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor


Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	391	$	24	(e)	$	—		$	415
Current maturities of long-term debt, net	1,929		(1,929)		(f)	—			—
Accrued interest	4		(4)		(g)	—			—
Short-term derivative liabilities	398		—			—			398
Other current liabilities	645		124		(h)	—			769
Total current liabilities	3,367		(1,785)			—			1,582
Long-term debt, net	—		1,261		(i)	52		(q)	1,313
Long-term derivative liabilities	90		—			—			90
Asset retirement obligations, net of current portion	139		—			97		(r)	236
Other long-term liabilities	5		2		(j)	—			7
Liabilities subject to compromise	9,574		(9,574)		(k)	—			—
Total liabilities	13,175		(10,096)			149			3,228
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock	1,631		(1,631)		(l)	—			—
Predecessor common stock	—		—			—			—
Predecessor additional paid-in capital	16,940		(16,940)		(l)	—			—
Successor common stock	—		1		(m)	—			1
Successor additional paid-in-capital	—		3,585		(m)	—			3,585
Accumulated other comprehensive income	48		—			(48)		(s)	—
Accumulated deficit	(25,199)		24,941		(n)	258		(t)	—
Total stockholders’ equity (deficit)	(6,580)		9,956			210			3,586
Total liabilities and stockholders’ equity (deficit)	$	6,595	$	(140)		$	359		$	6,814

Reorganization Adjustments

(a)The table below reflects the sources and uses of cash on the Effective Date from implementation of the Plan:


Sources:
Proceeds from issuance of the Notes	$	1,000
Proceeds from Rights Offering	600
Proceeds from refunds of interest deposit for the Notes	5
Total sources of cash	$	1,605
Uses:
Payment of roll-up of DIP Facility balance	$	(1,179)
Payment of Exit Credit Facility - Tranche A Loan	(479)
Transfers to restricted cash for professional fee reserve	(76)
Transfers to restricted cash for convenience claim distribution reserve	(10)
Payment of professional fees	(31)
Payment of DIP Facility interest and fees	(12)
Payment of FLLO alternative transaction fee	(12)
Payment of the Notes fees funded out of escrow	(8)
Payment of RBL interest and fees	(1)
Total uses of cash	$	(1,808)
Net cash used	$	(203)

(b)Represents the transfer of funds to a restricted cash account for purposes of funding the professional fee reserve and the convenience claim distribution reserve.

(c)Reflects the removal of an insurance receivable associated with a discharged legal liability.

(d)Reflects the collection of an interest deposit for the senior unsecured notes.

(e)Changes in accounts payable include the following:


Accrual of professional service provider success fees	$	38
Accrual of convenience claim distribution reserve	10
Accrual of professional service provider fees	5
Reinstatement of accounts payable from liabilities subject to compromise	2
Payment of professional fees	(31)
Net impact to accounts payable	$	24

(f)Reflects payment of the pre-petition credit facility for $1.179 billion and transfer of the Tranche A and Tranche B Loans to long-term debt for $750 million.

(g)Reflect payments of accrued interest and fees on the DIP Facility.

(h)Changes in other current liabilities include the following:


Reinstatement of other current liabilities from liabilities subject to compromise	$	191
Accrual of the Notes fees	2
Settlement of Put Option Premium through issuance of Successor Common Stock	(60)
Payment of DIP Facility fees	(9)
Net impact to other current liabilities	$	124

(i)Change in long-term debt include the following:


Issuance of the Notes	$	1,000
Issuance of Tranche A and Tranche B Loans	750
Payments on Tranche A Loans	(479)
Debt issuance costs for the Notes	(10)
Net impact to long-term debt, net	$	1,261

(j) Reflects reinstatement of a long-term lease liability.

(k) On the Effective Date, liabilities subject to compromise were settled in accordance with the Plan as follows:


Liabilities subject to compromise pre-emergence	$	9,574
To be reinstated on the Effective Date:
Accounts payable	$	(2)
Other current liabilities	(191)
Other long-term liabilities	(2)
Total liabilities reinstated	$	(195)
Consideration provided to settle amounts per the Plan or Reorganization:
Issuance of Successor common stock associated with the Rights Offering and Backstop Commitment and settlement of the Put Option Premium	$	(2,311)
Proceeds from issuance of Successor common stock associated with the Rights Offering and Backstop Commitment	600
Issuance of Successor common stock to FLLO Term Loan holders, incremental to the Rights Offering and Backstop Commitment	(783)
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	(124)
Issuance of Successor common stock to unsecured note holders	(45)
Issuance of Successor common stock to general unsecured claims	(8)
Fair value of Class A Warrants	(93)
Fair value of Class B Warrants	(94)
Fair value of Class C Warrants	(68)
Proceeds to holders of general unsecured claims	(10)
Total consideration provided to settle amounts per the Plan	$	(2,936)
Gain on settlement of liabilities subject to compromise	$	6,443

(l)Pursuant to the Plan, as of the Effective Date, all equity interests in Predecessor, including Predecessor’s common and preferred stock, were cancelled without any distribution.

(m)Reflects the Successor equity including the issuance of 97,907,081 shares of New Common Stock, 11,111,111 shares of Class A Warrants, 12,345,679 shares of Class B Warrants and 9,768,527 shares of Class C Warrants pursuant to the Plan.


Issuance of Successor equity associated with the Rights Offering and Backstop Commitment	$	2,371
Issuance of Successor equity to holders of the FLLO Term Loan, incremental to the Rights Offering and Backstop Commitment	783
Issuance of Successor equity to holders of the Second Lien Notes, incremental to the Rights Offering and Backstop Commitment	124
Issuance of Successor equity to holders of the unsecured senior notes	45
Issuance of Successor equity to holders of allowed general unsecured claims	8
Fair value of Class A warrants	93
Fair value of Class B warrants	94
Fair value of Class C warrants	68
Total change in Successor common stock and additional paid-in capital	3,586
Less: par value of Successor common stock	(1)
Change in Successor additional paid-in capital	$	3,585

(n) Reflects the cumulative net impact of the effects on accumulated deficit as follows:


Gain on settlement of liabilities subject to compromise	$	6,443
Accrual of professional service provider success fees	(38)
Accrual of professional service provider fees	(5)
Surrender of other receivable	(18)
Payment of FLLO alternative transaction fee	(12)
Total reorganization items, net	6,370
Cancellation of predecessor equity	18,571
Net impact on accumulated deficit	$	24,941

Fresh Start Adjustments

(o)Reflects fair value adjustments to our (i) proved oil and natural gas properties, (ii) unproved properties, (iii) other property and equipment (iv) property and equipment held for sale, and the elimination of accumulated depletion, depreciation and amortization.

(p)Reflects the fair value adjustment to record historical contracts at their fair values.

(q)Reflects the fair value adjustments to the 2026 Notes and 2029 Notes for $22 million and $30 million, respectively.

(r)Reflects the adjustment to our asset retirement obligations using assumptions as of the Effective Date, including an inflation factor of 2% and an average credit-adjusted risk-free rate of 5.18%.

(s)Reflects the fair value adjustment to eliminate the accumulated other comprehensive income of $9 million related to hedging settlements offset by the elimination of $57 million of income tax effects which has resulted in the recording of an income tax benefit of $57 million. See Note 9 for a discussion of income taxes.

(t)Reflects the net cumulative impact of the fresh start adjustments on accumulated deficit as follows:


Fresh start adjustments to property and equipment	$	443
Fresh start adjustments to other long-term assets	(84)
Fresh start adjustments to long-term debt	(52)
Fresh start adjustments to long-term asset retirement obligations	(97)
Fresh start adjustments to accumulated other comprehensive income	(9)
Total fresh start adjustments impacting reorganizations items, net	201
Income tax effects on accumulated other comprehensive income	57
Net impact to accumulated deficit	$	258

Reorganization Items, Net

We have incurred significant expenses, gains and losses associated with the reorganization, primarily the gain on settlement of liabilities subject to compromise, write-off of unamortized debt issuance costs and related unamortized premiums and discounts, debt and equity financing fees, provision for allowed claims and legal and professional fees incurred subsequent to the Chapter 11 filings for the restructuring process. The accrual for allowed claims primarily represents damages from contract rejections and settlements attributable to the midstream savings requirement as stipulated in the Plan. While the claims reconciliation process is ongoing, we do not believe any existing unresolved claims will result in a material adjustment to the financial statements. The amount of these items, which were incurred in reorganization items, net within our accompanying unaudited condensed consolidated statements of operations, have significantly affected our statements of operations.

The following table summarizes the components in reorganization items, net included in our unaudited condensed consolidated statements of operations:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Write off of unamortized debt premiums (discounts) on Predecessor debt	$	—	$	518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
DIP Facility financing costs	—		(63)
Total reorganization items, net	$	—	$	394


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Gains on the settlement of liabilities subject to compromise	$	—	$	6,443	$	—
Accrual for allowed claims	—		(1,002)		—
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		—		(61)
Gain on fresh start adjustments	—		201		—
Gain from release of commitment liabilities	—		55		—
DIP Facility financing costs	—		—		(63)
Professional service provider fees and other	—		(60)		—
Success fees for professional service providers	—		(38)		—
Surrender of other receivable	—		(18)		—
FLLO alternative transaction fee	—		(12)		—
Total reorganization items, net	$	—	$	5,569	$	394

Fresh Start Accounting

6 Months Ended

Jun. 30, 2021

Reorganizations [Abstract]

Fresh Start Accounting


2.			Chapter 11 Emergence

Plan of Reorganization

In accordance with the Plan confirmed by the Bankruptcy Court, the following significant transactions occurred upon the Company’s emergence from bankruptcy on February 9, 2021:

•Each holder of an equity interest in the Predecessor, including Predecessor’s common and preferred stock, had such interest canceled, released, and extinguished without any distribution.

•Each holder of obligations under the FLLO Term Loan Facility received its pro rata share of 23,022,420 shares of New Common Stock.

•Each holder of an Allowed Unsecured Notes Claim received its pro rata share of 1,311,089 shares of New Common Stock and 2,473,757 Class C Warrants to purchase 2,473,757 shares of New Common Stock.

•Participants in the Rights Offering extending to the applicable classes under the Plan received 62,927,320 shares of New Common Stock.

•The 2021 Long Term Incentive Plan (the “LTIP”) was approved with a share reserve equal to 6,800,000 shares of New Company Stock.

•Each holder of an Allowed Other Priority Claim will receive cash up to the allowed amount of its claim.


3.			Fresh Start Accounting

Fresh Start Accounting

Reorganization Value

The following table reconciles the enterprise value to the implied fair value of the Successor’s equity as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Less: Fair value of debt	(1,313)
Successor equity value	$	3,586

____________________________________________

The following table reconciles the enterprise value to the reorganization value as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Plus: Current liabilities	1,582
Plus: Asset retirement obligations (non-current portion)	236
Plus: Other non-current liabilities	97
Reorganization value of Successor assets	$	6,814

____________________________________________

Valuation Process

Condensed Consolidated Balance Sheet


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor

Assets
Current assets:
Cash and cash equivalents	$	243	$	(203)	(a)	$	—		$	40
Restricted cash	—		86		(b)	—			86
Accounts receivable, net	861		(18)		(c)	—			843
Short-term derivative assets	—		—			—			—
Other current assets	66		(5)		(d)	—			61
Total current assets	1,170		(140)			—			1,030
Property and equipment:
Oil and natural gas properties, successful efforts method
Proved oil and natural gas properties	25,794		—			(21,108)		(o)	4,686
Unproved properties	1,546		—			(1,063)		(o)	483
Other property and equipment	1,755		—			(1,256)		(o)	499
Total property and equipment	29,095		—			(23,427)		(o)	5,668
Less: accumulated depreciation, depletion and amortization	(23,877)		—			23,877		(o)	—
Property and equipment held for sale, net	9		—			(7)		(o)	2
Total property and equipment, net	5,227		—			443		(o)	5,670
Other long-term assets	198		—			(84)		(p)	114
Total assets	$	6,595	$	(140)		$	359		$	6,814


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor


Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	391	$	24	(e)	$	—		$	415
Current maturities of long-term debt, net	1,929		(1,929)		(f)	—			—
Accrued interest	4		(4)		(g)	—			—
Short-term derivative liabilities	398		—			—			398
Other current liabilities	645		124		(h)	—			769
Total current liabilities	3,367		(1,785)			—			1,582
Long-term debt, net	—		1,261		(i)	52		(q)	1,313
Long-term derivative liabilities	90		—			—			90
Asset retirement obligations, net of current portion	139		—			97		(r)	236
Other long-term liabilities	5		2		(j)	—			7
Liabilities subject to compromise	9,574		(9,574)		(k)	—			—
Total liabilities	13,175		(10,096)			149			3,228
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock	1,631		(1,631)		(l)	—			—
Predecessor common stock	—		—			—			—
Predecessor additional paid-in capital	16,940		(16,940)		(l)	—			—
Successor common stock	—		1		(m)	—			1
Successor additional paid-in-capital	—		3,585		(m)	—			3,585
Accumulated other comprehensive income	48		—			(48)		(s)	—
Accumulated deficit	(25,199)		24,941		(n)	258		(t)	—
Total stockholders’ equity (deficit)	(6,580)		9,956			210			3,586
Total liabilities and stockholders’ equity (deficit)	$	6,595	$	(140)		$	359		$	6,814

Reorganization Adjustments

(a)The table below reflects the sources and uses of cash on the Effective Date from implementation of the Plan:


Sources:
Proceeds from issuance of the Notes	$	1,000
Proceeds from Rights Offering	600
Proceeds from refunds of interest deposit for the Notes	5
Total sources of cash	$	1,605
Uses:
Payment of roll-up of DIP Facility balance	$	(1,179)
Payment of Exit Credit Facility - Tranche A Loan	(479)
Transfers to restricted cash for professional fee reserve	(76)
Transfers to restricted cash for convenience claim distribution reserve	(10)
Payment of professional fees	(31)
Payment of DIP Facility interest and fees	(12)
Payment of FLLO alternative transaction fee	(12)
Payment of the Notes fees funded out of escrow	(8)
Payment of RBL interest and fees	(1)
Total uses of cash	$	(1,808)
Net cash used	$	(203)

(b)Represents the transfer of funds to a restricted cash account for purposes of funding the professional fee reserve and the convenience claim distribution reserve.

(c)Reflects the removal of an insurance receivable associated with a discharged legal liability.

(d)Reflects the collection of an interest deposit for the senior unsecured notes.

(e)Changes in accounts payable include the following:


Accrual of professional service provider success fees	$	38
Accrual of convenience claim distribution reserve	10
Accrual of professional service provider fees	5
Reinstatement of accounts payable from liabilities subject to compromise	2
Payment of professional fees	(31)
Net impact to accounts payable	$	24

(f)Reflects payment of the pre-petition credit facility for $1.179 billion and transfer of the Tranche A and Tranche B Loans to long-term debt for $750 million.

(g)Reflect payments of accrued interest and fees on the DIP Facility.

(h)Changes in other current liabilities include the following:


Reinstatement of other current liabilities from liabilities subject to compromise	$	191
Accrual of the Notes fees	2
Settlement of Put Option Premium through issuance of Successor Common Stock	(60)
Payment of DIP Facility fees	(9)
Net impact to other current liabilities	$	124

(i)Change in long-term debt include the following:


Issuance of the Notes	$	1,000
Issuance of Tranche A and Tranche B Loans	750
Payments on Tranche A Loans	(479)
Debt issuance costs for the Notes	(10)
Net impact to long-term debt, net	$	1,261

(j) Reflects reinstatement of a long-term lease liability.

(k) On the Effective Date, liabilities subject to compromise were settled in accordance with the Plan as follows:


Liabilities subject to compromise pre-emergence	$	9,574
To be reinstated on the Effective Date:
Accounts payable	$	(2)
Other current liabilities	(191)
Other long-term liabilities	(2)
Total liabilities reinstated	$	(195)
Consideration provided to settle amounts per the Plan or Reorganization:
Issuance of Successor common stock associated with the Rights Offering and Backstop Commitment and settlement of the Put Option Premium	$	(2,311)
Proceeds from issuance of Successor common stock associated with the Rights Offering and Backstop Commitment	600
Issuance of Successor common stock to FLLO Term Loan holders, incremental to the Rights Offering and Backstop Commitment	(783)
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	(124)
Issuance of Successor common stock to unsecured note holders	(45)
Issuance of Successor common stock to general unsecured claims	(8)
Fair value of Class A Warrants	(93)
Fair value of Class B Warrants	(94)
Fair value of Class C Warrants	(68)
Proceeds to holders of general unsecured claims	(10)
Total consideration provided to settle amounts per the Plan	$	(2,936)
Gain on settlement of liabilities subject to compromise	$	6,443

(l)Pursuant to the Plan, as of the Effective Date, all equity interests in Predecessor, including Predecessor’s common and preferred stock, were cancelled without any distribution.


Issuance of Successor equity associated with the Rights Offering and Backstop Commitment	$	2,371
Issuance of Successor equity to holders of the FLLO Term Loan, incremental to the Rights Offering and Backstop Commitment	783
Issuance of Successor equity to holders of the Second Lien Notes, incremental to the Rights Offering and Backstop Commitment	124
Issuance of Successor equity to holders of the unsecured senior notes	45
Issuance of Successor equity to holders of allowed general unsecured claims	8
Fair value of Class A warrants	93
Fair value of Class B warrants	94
Fair value of Class C warrants	68
Total change in Successor common stock and additional paid-in capital	3,586
Less: par value of Successor common stock	(1)
Change in Successor additional paid-in capital	$	3,585

(n) Reflects the cumulative net impact of the effects on accumulated deficit as follows:


Gain on settlement of liabilities subject to compromise	$	6,443
Accrual of professional service provider success fees	(38)
Accrual of professional service provider fees	(5)
Surrender of other receivable	(18)
Payment of FLLO alternative transaction fee	(12)
Total reorganization items, net	6,370
Cancellation of predecessor equity	18,571
Net impact on accumulated deficit	$	24,941

Fresh Start Adjustments

(p)Reflects the fair value adjustment to record historical contracts at their fair values.

(q)Reflects the fair value adjustments to the 2026 Notes and 2029 Notes for $22 million and $30 million, respectively.

(r)Reflects the adjustment to our asset retirement obligations using assumptions as of the Effective Date, including an inflation factor of 2% and an average credit-adjusted risk-free rate of 5.18%.

(t)Reflects the net cumulative impact of the fresh start adjustments on accumulated deficit as follows:


Fresh start adjustments to property and equipment	$	443
Fresh start adjustments to other long-term assets	(84)
Fresh start adjustments to long-term debt	(52)
Fresh start adjustments to long-term asset retirement obligations	(97)
Fresh start adjustments to accumulated other comprehensive income	(9)
Total fresh start adjustments impacting reorganizations items, net	201
Income tax effects on accumulated other comprehensive income	57
Net impact to accumulated deficit	$	258

Reorganization Items, Net

The following table summarizes the components in reorganization items, net included in our unaudited condensed consolidated statements of operations:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Write off of unamortized debt premiums (discounts) on Predecessor debt	$	—	$	518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
DIP Facility financing costs	—		(63)
Total reorganization items, net	$	—	$	394


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Gains on the settlement of liabilities subject to compromise	$	—	$	6,443	$	—
Accrual for allowed claims	—		(1,002)		—
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		—		(61)
Gain on fresh start adjustments	—		201		—
Gain from release of commitment liabilities	—		55		—
DIP Facility financing costs	—		—		(63)
Professional service provider fees and other	—		(60)		—
Success fees for professional service providers	—		(38)		—
Surrender of other receivable	—		(18)		—
FLLO alternative transaction fee	—		(12)		—
Total reorganization items, net	$	—	$	5,569	$	394

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share


4.			Earnings Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is calculated in the same manner, but includes the impact of potentially dilutive securities. Potentially dilutive securities during the Successor Period consist of issuable shares related to warrants and unvested restricted stock and during the Predecessor Period have historically consisted of unvested restricted stock, contingently issuable shares related to preferred stock and convertible senior notes unless their effect was antidilutive.

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Numerator



Net loss, basic and diluted	$	(439)	$	(276)

Denominator (in thousands)
Weighted average common shares outstanding, basic	97,931		9,779
Effect of potentially dilutive securities
Preferred stock	—		—
Warrants	—		—
Restricted stock	—		—
Weighted average common shares outstanding, diluted	97,931		9,779

Loss per common share
Loss per common share, basic	$	(4.48)	$	(28.22)
Loss per common share, diluted	$	(4.48)	$	(28.22)

Successor

During the 2021 Successor Quarter, the diluted earnings (loss) per share calculation excludes the effect of 2,092,918 reserved shares of common stock and 3,948,893 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 to be considered dilutive shares as of the 2021 Successor Quarter. Additionally, the 2021 Successor Quarter had a net loss and therefore the diluted earnings (loss) per share calculation excludes the antidilutive effect of 12,186,128 issuable shares related to warrants and 121,348 shares of restricted stock.

Predecessor

The diluted earnings (loss) per share calculation for the 2020 Predecessor Quarter excludes the antidilutive effect of 290,716 shares of common stock equivalent of our preferred stock.

We had the option to settle conversions of the 5.5% convertible senior notes due 2026 with cash, shares or common stock or any combination thereof. As the price of our common stock was below the conversion threshold level for any time during the conversion period, there was no impact to diluted earnings (loss) per share.


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Numerator



Net income (loss), basic and diluted	$	(144)	$	5,383	$	(8,595)

Denominator (in thousands)
Weighted average common shares outstanding, basic	97,922		9,781		9,765
Effect of potentially dilutive securities
Preferred stock	—		290		—
Warrants	—		—		—
Restricted stock	—		—		—
Weighted average common shares outstanding, diluted	97,922		10,071		9,765

Earnings (loss) per common share
Earnings (loss) per common share, basic	$	(1.47)	$	550.35	$	(880.18)
Earnings (loss) per common share, diluted	$	(1.47)	$	534.51	$	(880.18)

Successor

During the 2021 Successor Period, the diluted earnings (loss) per share calculation excludes the effect of 2,092,918 reserved shares of common stock and 3,948,893 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 to be considered dilutive shares as of the 2021 Successor Period. Additionally, the 2021 Successor Period had a net loss and therefore the diluted earnings (loss) per share calculation excludes the antidilutive effect of 11,275,229 issuable shares related to warrants and 66,817 shares of restricted stock.

Predecessor

The diluted earnings (loss) per share calculation for the 2020 Predecessor Period excludes the antidilutive effect of 290,716 shares of common stock equivalent of our preferred stock.

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt


5.			Debt

Our long-term debt consisted of the following as of June 30, 2021 and December 31, 2020:


	Successor				Predecessor
	June 30, 2021				December 31, 2020
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Exit Credit Facility - Tranche A Loans	$	—	$	—	$	—	$	—
Exit Credit Facility - Tranche B Loans	221		221		—		—
5.5% senior notes due 2026	500		527		—		—
5.875% senior notes due 2029	500		541		—		—
DIP Facility	—		—		—		—
Pre-petition revolving credit facility	—		—		1,929		1,929
Term loan due 2024	—		—		1,500		1,220
11.5% senior secured second lien notes due 2025	—		—		2,330		373
6.625% senior notes due 2020	—		—		176		8
6.875% senior notes due 2020	—		—		73		3
6.125% senior notes due 2021	—		—		167		7
5.375% senior notes due 2021	—		—		127		5
4.875% senior notes due 2022	—		—		272		12
5.75% senior notes due 2023	—		—		167		8
7.00% senior notes due 2024	—		—		624		29
6.875% senior notes due 2025	—		—		2		2
8.00% senior notes due 2025	—		—		246		10
5.5% convertible senior notes due 2026	—		—		1,064		42
7.5% senior notes due 2026	—		—		119		5
8.00% senior notes due 2026	—		—		46		2
8.00% senior notes due 2027	—		—		253		11
Premiums on senior notes	50		—		—		—
Debt issuance costs	(10)		—		—		—
Total debt, net	1,261		1,289		9,095		3,666
Less current maturities of long-term debt	—		—		(1,929)		(1,929)
Less amounts reclassified to liabilities subject to compromise	—		—		(7,166)		(1,737)
Total long-term debt, net	$	1,261	$	1,289	$	—	$	—

____________________________________________

(a)The carrying value of borrowings under our Exit 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.

Successor Debt

Our post-emergence exit financing consists of the Exit Credit Facility, which includes a reserve-based revolving credit facility and a non-revolving loan facility, and the Notes.

Exit Credit Facility. On the Effective Date, pursuant to the terms of the Plan, the Company, as borrower, entered into a reserve-based credit agreement (the “Credit Agreement”) providing for a reserve-based credit facility

with an initial borrowing base of $2.5 billion. The borrowing base will be redetermined semiannually on or around May 1 and November 1 of each year and the next scheduled redetermination will be on or about October 1, 2021. The aggregate initial elected commitments of the lenders under the Exit Credit Facility will be $1.75 billion of Tranche A Loans and $221 million of fully funded Tranche B Loans.

The Exit Credit Facility provides for a $200 million sublimit of the aggregate commitments that are available for the issuance of letters of credit. The Exit Credit Facility bears interest at the ABR (alternate base rate) or LIBOR, at our election, plus an applicable margin (ranging from 2.25–3.25% per annum for ABR loans and 3.25–4.25% per annum for LIBOR loans, subject to a 1.00% LIBOR floor), depending on the percentage of the borrowing base then being utilized. The Tranche A Loans mature three years after the Effective Date and the Tranche B Loans mature four years after the Effective Date. The Tranche B Loans can be repaid if no Tranche A Loans are outstanding.

The Credit Agreement contains financial covenants that require the Company and its Guarantors, on a consolidated basis, to maintain (i) a first lien leverage ratio of not more than 2.75 to 1:00, (ii) a total leverage ratio of not more than 3.50 to 1:00, (iii) a current ratio of not less than 1.00 to 1:00 and (iv) at any time additional secured debt is outstanding, an asset coverage ratio of not less than 1.50 to 1:00, defined as PV10 of PDP reserves to total secured debt. The Company had no additional secured debt outstanding at emergence.

The Credit Agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements, conduct of business, maintenance of property, maintenance of insurance, restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments, and other customary covenants.

The Company is required to pay a commitment fee of 0.50% per annum on the average daily unused portion of the current aggregate commitments under the Tranche A Loans. The Company is also required to pay customary letter of credit and fronting fees.

Outstanding Senior Notes. On February 2, 2021, Chesapeake Escrow Issuer LLC (the “Escrow Issuer”) then an indirect wholly-owned subsidiary of the Company, issued $500 million aggregate principal amount of its 2026 Notes and $500 million aggregate principal amount of its 2029 Notes. The Notes included a $52 million premium to reflect fair value adjustments at the date of emergence.

The Notes are guaranteed on a senior unsecured basis by each of the Company’s subsidiaries that guarantee the Exit Credit Facility.

The Notes were issued pursuant to an indenture, dated as of February 5, 2021 (the “Indenture”), among the Issuer, the Guarantors and Deutsche Bank Trust Company Americas, as trustee.

Interest on the Notes is payable semi-annually, on February 1 and August 1 of each year, commencing on August 1, 2021, to holders of record on the immediately preceding January 15 and July 15.

The Notes are the Company’s senior unsecured obligations. Accordingly, they rank (i) equal in right of payment to all existing and future senior indebtedness, including borrowings under the Exit Credit Facility, (ii) effectively subordinate in right of payment to all of existing and future secured indebtedness, including indebtedness under the Exit Credit Facility, to the extent of the value of the collateral securing such indebtedness, (iii) structurally subordinate in right of payment to all existing and future indebtedness and other liabilities of any future subsidiaries that do not guarantee the Notes and any entity that is not a subsidiary that does not guarantee the Notes and (iv) senior in right of payment to all future subordinated indebtedness. Each guarantee of the Notes by a guarantor is a general, unsecured, senior obligation of such guarantor. Accordingly, the guarantees (i) rank equally in right of payment with all existing and future senior indebtedness of such guarantor (including such guarantor’s guarantee of indebtedness under the Exit Credit Facility), (ii) are subordinated to all existing and future secured indebtedness of such guarantor, including such guarantor’s guarantee of indebtedness under our Exit Credit Facility, to the extent of the value of the collateral of such guarantor securing such secured indebtedness, (iii) are structurally subordinated to all indebtedness and other liabilities of any future subsidiaries of such guarantor that do not guarantee the notes and (iv) rank senior in right of payment to all future subordinated indebtedness of such guarantor.

Phase-Out of LIBOR

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The purpose of ASU 2020-04 is to provide optional guidance to ease the potential effects on financial reporting of the market-wide migration away from Interbank Offered Rates such as LIBOR, which is expected to be phased out at the end of calendar year 2021, to alternative reference rates. ASU 2020-04 applies only to contracts, hedging relationships, debt arrangements and other transactions that reference a benchmark reference rate expected to be discontinued because of reference rate reform. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and related disclosures.

Chapter 11 Proceedings - Predecessor Debt

Filing of the Chapter 11 Cases constituted an event of default with respect to certain of our previous secured and unsecured debt obligations. As a result of the Chapter 11 Cases, the principal and interest due under these debt instruments became immediately due and payable. However, Section 362 of the Bankruptcy Code stayed the creditors from taking any action as a result of the default.

The principal amounts outstanding under the FLLO Term Loan, Second Lien Notes and all of our other unsecured senior and convertible senior notes were reclassified as liabilities subject to compromise on the accompanying condensed consolidated balance sheet as of December 31, 2020.

The agreements for our FLLO Term Loan, Second Lien Notes, and unsecured senior and convertible senior notes contain provisions regarding the calculation of interest upon default. Upon default, the interest rate on the FLLO Term Loan increased from LIBOR plus 8.00% to alternative base rate (ABR) (3.25% during the 2021 Predecessor Period) plus Applicable Margin (7.00% during the 2021 Predecessor Period) plus 2.00%. For the Second Lien Notes and all of our other unsecured senior and convertible senior notes, the interest rate remained the same upon default. However, interest accrued on the amount of unpaid interest in addition to the principal balance. We did not pay or recognize interest on the FLLO Term Loan, Second Lien Notes, or unsecured senior and convertible senior notes during the Chapter 11 process.

Debtor-in-Possession Credit Agreement

On June 28, 2020, prior to the commencement of Chapter 11 Cases, the Company entered into a commitment letter with certain of the lenders (“New Money Lenders”) under the pre-petition revolving credit facility and/or their affiliates to provide the Debtors with a debtor-in-possession credit agreement in an aggregate principal amount of up to approximately $2.104 billion in commitments and loans from the New Money Lenders. The DIP Facility consisted of a revolving loan facility of new money in an aggregate principal amount of up to $925 million, which included a sub-facility of up to $200 million for the issuance of letters of credit, and a $1.179 billion term loan that reflected the roll-up of a portion of outstanding borrowings under the pre-petition revolving credit facility: (i) a $925 million term loan reflected the roll-up of a portion of outstanding existing borrowings made by the New Money Lenders under the existing revolving credit agreement and (ii) an up to approximately $254 million term loan reflected the roll-up or a portion of outstanding existing borrowings made by certain other lenders under the pre-petition revolving credit facility agreement. The $750 million of outstanding borrowings under the pre-petition revolving credit facility that were not rolled up remained outstanding throughout the Chapter 11 Cases but accrued interest at a lower rate than the rolled-up loans. The proceeds of the DIP Facility were used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases, payment of court approved adequate protection obligations and other such purposes consistent with the DIP Facility. On the Effective Date, the DIP Facility was terminated and the holders of obligations under the DIP Facility received payment in full in cash; provided that to the extent such lender under the DIP Facility was also a lender under the Exit Credit Facility, such lender’s allowed DIP claims were first reduced dollar-for-dollar and satisfied by the amount of its Exit RBL Loans provided as of the Effective Date.

Predecessor Senior Notes

In the 2020 Predecessor Period, we repurchased approximately $160 million aggregate principal amount of certain senior notes for $95 million and recorded an aggregate gain of approximately $65 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 470
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-Subparagraph (h)
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
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+ Details

Contingencies and Commitments

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments


6.			Contingencies and Commitments

There have been no material developments in previously reported legal or environmental contingencies or commitments other than the items discussed below.

Contingencies

Chapter 11 Proceedings

Commencement of the Chapter 11 Cases automatically stayed the proceedings and actions against us that are described below, in addition to actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. The Plan 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. See Note 2 for additional information.

Litigation and Regulatory Proceedings

We were involved in a number of litigation and regulatory proceedings as of the Petition Date. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different.

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. The majority of the prepetition legal proceedings have been settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court. Any allowed claim related to such prepetition litigation will be treated in accordance with the Plan.

Environmental Contingencies

The nature of the oil and gas business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and addressing the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property.

We were recently dismissed as a defendant from numerous lawsuits in Oklahoma alleging that we and other companies engaged in activities that have caused earthquakes. The lawsuits sought compensation for injury to real and personal property, diminution of property value, economic losses due to business interruption, interference with the use and enjoyment of property, annoyance and inconvenience, personal injury and emotional distress. In addition, they sought the reimbursement of insurance premiums and the award of punitive damages, attorneys’ fees, costs, expenses and interest. Any allowed claim related to such prepetition litigation will be treated in accordance with the Plan.

We settled outstanding violations with the Pennsylvania Department of Environmental Protection (“PADEP”) regarding gas migration in the vicinity of certain of our wells in Wyoming County, Pennsylvania. The resolution of the matter resulted in monetary sanctions of more than $300,000, which were assessed pursuant to a Proof of Claim filed by PADEP in the Chapter 11 proceedings. Chesapeake will allow the Proof of Claim as a General Unsecured Claim in accordance with the Consent Order and Agreement executed by the parties and Chesapeake’s approved Plan of Reorganization.

Other Matters

Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to our business operations is likely to have a material adverse effect on our future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

Commitments

Gathering, Processing and Transportation Agreements

We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of oil, natural gas and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets; however, they are reflected in our estimates of proved reserves.

The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below:


	Successor
	June 30, 2021
Remainder of 2021	$	330
2022	569
2023	458
2024	390
2025	310
2026 – 2033	1,539
Total	$	3,596

In addition, we have entered into long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement.

Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Current Liabilities


7.			Other Current Liabilities

Other current liabilities as of June 30, 2021 and December 31, 2020 are detailed below:


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Revenues and royalties due others	$	404	$	236
Accrued drilling and production costs	91		104
Other accrued taxes	62		82
Accrued compensation and benefits	48		59
Hedging	45		7
Operating leases	18		24
Debt and equity financing fees	—		69
Joint interest prepayments received	13		8
Other	100		134
Total other current liabilities	$	781	$	723

Revenue

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue


8.			Revenue

The following table shows revenue disaggregated by operating area and product type:


	Successor
	Three months ended June 30, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	226	$	—	$	226
Gulf Coast	—		124		—		124
South Texas	224		25		36		285
Brazos Valley	162		6		5		173
Powder River Basin	58		16		10		84
Oil, natural gas and NGL revenue	$	444	$	397	$	51	$	892

Marketing revenue	$	340	$	146	$	53	$	539

	Predecessor
	Three months ended June 30, 2020
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	131	$	—	$	131
Gulf Coast	—		67		—		67
South Texas	73		21		14		108
Brazos Valley	76		3		1		80
Powder River Basin	29		7		3		39
Mid-Continent	8		5		2		15
Oil, natural gas and NGL revenue	$	186	$	234	$	20	$	440

Marketing revenue from contracts with customers	$	121	$	96	$	15	$	232
Other marketing revenue	6		2		—		8
Marketing revenue	$	127	$	98	$	15	$	240


	Successor
	Period from February 10, 2021 through June 30, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	389	$	—	$	389
Gulf Coast	—		194		—		194
South Texas	341		53		55		449
Brazos Valley	251		21		9		281
Powder River Basin	86		30		16		132
Oil, natural gas and NGL revenue	$	678	$	687	$	80	$	1,445

Marketing revenue	$	502	$	243	$	71	$	816

	Predecessor
	Period from January 1, 2021 through February 9, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	119	$	—	$	119
Gulf Coast	—		53		—		53
South Texas	92		15		15		122
Brazos Valley	67		2		2		71
Powder River Basin	20		7		6		33
Oil, natural gas and NGL revenue	$	179	$	196	$	23	$	398

Marketing revenue	$	141	$	78	$	20	$	239


	Predecessor
	Six Months Ended June 30, 2020
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	306	$	—	$	306
Gulf Coast	—		151		—		151
South Texas	350		52		34		436
Brazos Valley	248		7		5		260
Powder River Basin	97		23		10		130
Mid-Continent	30		15		6		51
Oil, natural gas and NGL revenue	$	725	$	554	$	55	$	1,334

Marketing revenue from contracts with customers	$	629	$	220	$	45	$	894
Other marketing revenue	67		3		—		70
Marketing revenue	$	696	$	223	$	45	$	964

Accounts Receivable

Our accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We estimate expected credit losses using forecasts based on historical information and current information, in addition to specifically identifying receivables that may be uncollectible.

Accounts receivable as of June 30, 2021 and December 31, 2020 are detailed below:


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Oil, natural gas and NGL sales	$	531	$	589
Joint interest	117		119
Other	27		68
Allowance for doubtful accounts	(1)		(30)
Total accounts receivable, net	$	674	$	746

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes


9.			Income Taxes

We estimate our annual effective tax rate (“AETR”) for continuing operations in recording our interim quarterly income tax provision for the various jurisdictions in which we operate. The tax effects of statutory rate changes, significant unusual or infrequently occurring items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of our estimated AETR as such items are recognized as discrete items in the quarter in which they occur. Our estimated AETR for the 2021 Successor Period is 0.0% as a result of projecting a full valuation allowance against our anticipated net deferred asset position at December 31, 2021.

The income tax provision for the 2021 Predecessor Period was determined based on actual results for the period ended February 9, 2021, including those resulting from fresh start accounting. The effective tax rate for the 2021 Predecessor Period was (1.1%) which results from the elimination of the income tax effects associated with hedging settlements from accumulated other comprehensive income as part of fresh start accounting. We recorded an income tax benefit of $57 million in the 2021 Predecessor Period for the elimination of such income tax effects. Any changes to our deferred tax assets and liabilities for the 2021 Predecessor Period (whether resulting from Reorganization Adjustments, Fresh Start Adjustments or otherwise) were completely offset with a corresponding adjustment to our valuation allowance which results in the low effective tax rate. Accordingly, there are no balances shown for deferred tax assets or liabilities in the condensed consolidated balance sheet table shown in Note 3.

For the 2020 Predecessor Period, we recorded an income tax benefit of $13 million, which included the reversal of substantially all of the deferred tax liability associated with Texas through the application of the estimated AETR as well as recording a receivable for amounts previously sequestered from refunds of corporate alternative minimum tax credits. This resulted in a 0.2% effective tax rate for the 2020 Predecessor Period.

As of the Effective Date, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2021. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some or all of our deferred tax assets will not be realized. Our deferred tax assets relate primarily to the excess tax basis over post emergence book value of oil and natural gas properties along with federal and state net operating loss (“NOL”) carryforwards. A significant piece of objectively verifiable negative evidence evaluated is the cumulative loss incurred over the rolling thirty-six-month period ended June 30, 2021. Such evidence limits our ability to consider various forms of subjective positive evidence, such as any projections of future growth and earnings. However, should we begin to achieve a level of sustained profitability as a restructured entity, increased consideration will need to be given to projections of future taxable income to determine whether such projections provide an adequate source of taxable income for the

realization of our deferred tax assets. A full valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of June 30, 2021 and December 31, 2020.

We have evaluated the income tax impact of the Plan, including the ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as a result of emergence from bankruptcy. Section 382(b) of the Code provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes existing at the time of an ownership change against future taxable income. We did not qualify for the exception under Section 382(l)(5) of the Code, and therefore an annual limitation was determined under Section 382(l)(6) of the Code, which is based on the post-emergence value of the taxpayer’s equity multiplied by the adjusted federal long-term rate in effect for the month in which the ownership change occurred. The amount of the annual limitation has been computed to be $54 million and will be prorated for the current year based on the number of days attributable to the post-Effective Date portion of the year. The limitation applies to our NOL carryforwards, disallowed business interest carryforwards and general business credits until such attributes expire or are fully utilized. As we believe we were in an overall net unrealized built-in loss position at the Effective Date, the limitation also applies to any recognized built-in losses incurred for a period of five years but only to the extent of the overall net unrealized built-in loss. We estimate that this will occur during the current year such that no further limitation for recognized built-in losses will occur in subsequent years. Some states impose similar limitations on tax attribute utilization upon experiencing an ownership change.

In Chapter 11 bankruptcy cases, the cancellation of debt income (“CODI”) realized upon emergence from bankruptcy is excludible from taxable income but results in a reduction of tax attributes in accordance with the attribute reduction and ordering rules of Section 108 of the Code. The amount of our CODI is estimated to be $5 billion and will be taken completely against, and therefore will reduce, our NOL carryforwards. After taking into account the CODI and the impact of Section 382 of the Code, the remaining federal NOL carryforwards are estimated to be in the range of $2.5 billion to $3.0 billion. Approximately $900 million are NOL carryforwards which expire in 2037 and $1.6 billion to $2.1 billion are NOL carryforwards which do not expire. The reductions in NOL carryforwards for the CODI and expiring NOL carryforwards are expected to be fully offset by a corresponding decrease to our valuation allowance at December 31, 2021. Some states have similar rules for attribute reduction which will result in the reduction of certain of our state NOL carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity


10.			Equity

New Common Stock. As discussed in Note 2, on the Effective Date, we issued an aggregate of approximately 97,907,081 shares of New Common Stock, par value $0.01 per share, to the holders of allowed claims, and approximately 2,092,918 shares of New Common Stock were reserved for future distributions under the Plan.

On August 10, 2021 we declared a quarterly dividend payable of $0.34375 per share, which will be paid on September 9, 2021 to stockholders of record at the close of business on August 24, 2021.

Warrants. As discussed in Note 2, on the Effective Date, we issued 11,111,111 Class A Warrants, 12,345,679 Class B Warrants and 9,768,527 Class C Warrants, that are initially exercisable for one share of New Common Stock per Warrant at initial exercise prices of $27.63, $32.13 and $36.18 per share, respectively, subject to adjustments pursuant to the terms of the Warrants. Additionally, 3,948,893 Class C Warrants were reserved for future issuance. The Warrants are exercisable from the Effective Date until February 9, 2026. The Warrants contain customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions. The initial exercise prices of the Warrants were adjusted to prevent the dilution of rights for the effects of the quarterly dividend distribution on June 10, 2021, and the adjusted exercise prices are $27.44, $31.91, and $35.93 per share for the Class A, Class B and Class C Warrants, respectively. During the Successor Period, 9,068 Class A, 32,221 Class B, and 5,702 Class C Warrants were converted into 46,035 common shares.

Chapter 11 Proceedings

Upon emergence from Chapter 11 on February 9, 2021, as discussed in Note 2, Predecessor common stock and preferred stock were canceled and released under the Plan without receiving any recovery on account thereof.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation


11.			Share-Based Compensation

As discussed in Note 2, on the Effective Date, our Predecessor common stock was canceled and New Common Stock was issued. Accordingly, our then existing share-based compensation awards were also canceled, which resulted in the recognition of any previously unamortized expense related to the canceled awards on the date of cancellation. Share-based compensation for the Predecessor and Successor Periods is not comparable.

Successor Share-Based Compensation

As of the Effective Date, the Board of Directors adopted the LTIP with a share reserve equal to 6,800,000 shares of New Common Stock. The LTIP provides for the grant of restricted stock units, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors.

Successor Restricted Stock

In the 2021 Successor Period, we granted restricted stock awards to employees and non-employee directors under the LTIP, which will vest over a three-year and one-year period, respectively. The fair value of restricted stock awards 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 restricted stock is presented below:


	Shares of Unvested Restricted Stock	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted	727	$	44.28
Vested	(1)	$	44.30
Forfeited/canceled	(18)	$	44.30
Unvested as of June 30, 2021	708	$	44.28

The aggregate intrinsic value of restricted stock that vested during the 2021 Successor Period was approximately $0.1 million based on the stock price at the time of vesting.

As of June 30, 2021, there was approximately $28 million of total unrecognized compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of approximately 2.67 years.

Successor Performance Share Units

In the 2021 Successor Period, we granted performance share units (“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 share price hurdles, total shareholder return (“TSR”), and relative TSR (“rTSR”). The share price hurdle award could result in a payout between 0% - 100% of the target units, and the TSR and relative TSR awards 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 2021.


Assumption	Share Price Hurdle		TSR, rTSR
Risk-free interest rate	0.30	%	0.23	%
Volatility	68.4	%	71.4	%

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 February 10, 2021	—	$	—
Granted	142	$	54.23
Vested	—	$	—
Forfeited/canceled	—	$	—
Unvested as of June 30, 2021	142	$	54.23

As of June 30, 2021, there was approximately $7 million of total unrecognized compensation expense related to unvested PSU awards. The expense is expected to be recognized over a weighted average period of approximately 2.87 years.

Predecessor Share-Based Compensation

Our Predecessor share-based compensation program consisted of restricted stock, stock options, PSUs and cash restricted stock units (“CRSUs”) granted to employees and restricted stock granted to non-employee directors under our long-term incentive plans. The restricted stock and stock options were equity-classified awards and the PSUs and CRSUs were liability-classified awards.

Restricted Stock. We granted restricted stock units to employees and non-employee directors. A summary of the changes in unvested restricted stock is presented below:


	Shares of Unvested Restricted Stock	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of January 1, 2021	1	$	616.57
Granted	—	$	—
Vested	—	$	—
Forfeited/canceled	(1)	$	611.47
Unvested as of February 9, 2021	—	$	—

Stock Options. In the 2020 Predecessor Period, we granted members of management stock options that vested ratably over a three-year period. Each stock option award had an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expired seven years to ten years from the date of grant.

We utilized the Black-Scholes option-pricing model to measure the fair value of stock options. The expected life of an option was determined using the simplified method. Volatility assumptions were estimated based on the average historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate was based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield was based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option.

The following table provides information related to stock option activity:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)
Outstanding as of January 1, 2021	20	$	1,429	4.27	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(1)	$	742
Forfeited/canceled	(19)	$	1,452
Outstanding as of February 9, 2021	—	$	—	—	$	—
Exercisable as of February 9, 2021	—	$	—	—	$	—

___________________________________________

(a)The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option.

Derivative and Hedging Activities

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


12.			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, and collars. All of our oil and natural gas 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.

The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of June 30, 2021 and December 31, 2020 are provided below:


	Successor			Predecessor
	June 30, 2021			December 31, 2020
	Notional Volume	Fair Value		Notional Volume	Fair Value
Oil (MMBbl):
Fixed-price swaps	22	$	(524)	27	$	(136)
Basis protection swaps	13	(5)		7	(1)
Total oil	35	(529)		34	(137)
Natural gas (Bcf):
Fixed-price swaps	536	(410)		728	10
Collars	113	(46)		53	8
Basis protection swaps	179	(6)		66	1
Total natural gas	828	(462)		847	19
Total estimated fair value		$	(991)		$	(118)

We have terminated certain commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. See further discussion below under Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss).

Effect of Derivative Instruments – Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 on a gross basis and after same-counterparty netting:


	Gross Fair Value		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of June 30, 2021
Commodity Contracts:
Short-term derivative asset	$	23	$	(23)	$	—
Long-term derivative asset	6		(6)		—
Short-term derivative liability	(803)		23		(780)
Long-term derivative liability	(217)		6		(211)
Total derivatives	$	(991)	$	—	$	(991)

Predecessor
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset	$	84	$	(65)	$	19
Long-term derivative asset	5		(5)		—
Short-term derivative liability	(158)		65		(93)
Long-term derivative liability	(49)		5		(44)
Total derivatives	$	(118)	$	—	$	(118)

Effect of Derivative Instruments – Condensed Consolidated Statements of Operations

The components of oil and natural gas derivatives are presented below:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Losses on undesignated oil and natural gas derivatives	$	(740)	$	(165)
Losses on terminated cash flow hedges	—		(8)
Total oil and natural gas derivatives	$	(740)	$	(173)


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Gains (losses) on undesignated oil and natural gas derivatives	$	(694)	$	(379)	$	751
Losses on terminated cash flow hedges	—		(3)		(17)
Total oil and natural gas derivatives	$	(694)	$	(382)	$	734

Effect of Derivative Instruments – Accumulated Other Comprehensive Income (Loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:


	Successor				Predecessor
	Three Months Ended June 30, 2021				Three Months Ended June 30, 2020
	Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	—	$	—	$	(36)	$	21
Losses reclassified to income	—		—		8		8


Balance, end of period	$	—	$	—	$	(28)	$	29


	Successor				Predecessor
	Period from February 10, 2021 through June 30, 2021				Period from January 1, 2021 through February 9, 2021				Six Months Ended June 30, 2020
	Before Tax		After Tax		Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	—	$	—	$	(12)	$	45	$	(45)	$	12
Losses reclassified to income	—		—		3		3		17		17
Fresh start adjustments	—		—		9		9		—		—
Elimination of tax effects	—		—		—		(57)		—		—
Balance, end of period	$	—	$	—	$	—	$	—	$	(28)	$	29

Our accumulated other comprehensive loss balance represented the net deferred loss associated with commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months were yet to occur. The remaining deferred gain or loss amounts were to be recognized in earnings in the

month for which the original contract months were to occur. In connection with our adoption of fresh start accounting we recorded a fair value adjustment to eliminate the accumulated other comprehensive income related to hedging settlements including the elimination of tax effects. See Note 3 for a discussion of fresh start accounting adjustments.

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 are 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 June 30, 2021, our oil and natural gas derivative instruments were spread among eight counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that are also lenders (or affiliates of lenders) under our Exit Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the Exit 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 June 30, 2021, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.

Fair Value

The fair value of our derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as oil, natural gas and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes. These values are compared to the values given by our counterparties for reasonableness. As our oil, natural gas and NGL derivatives do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives.

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:


	Successor		Predecessor
Significant Other Observable Inputs (Level 2)	June 30, 2021		December 31, 2020
Derivative Assets (Liabilities):
Commodity assets	$	29	$	88
Commodity liabilities	(1,020)		(206)
Total derivatives	$	(991)	$	(118)

Exploration Expense

6 Months Ended

Jun. 30, 2021

Extractive Industries [Abstract]

Exploration Expense


13.			Exploration Expense

A summary of our exploration expense is as follows:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Impairments of unproved properties	$	—	$	127

Geological and geophysical expense and other	1		3
Exploration expense	$	1	$	130


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Impairments of unproved properties	$	—	$	2	$	399
Dry hole expense	—		—		7
Geological and geophysical expense and other	2		—		6
Exploration expense	$	2	$	2	$	412

Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The exploration expense charges during the 2020 Predecessor Quarter are the result of non-cash impairment charges in unproved properties, primarily in our Gulf Coast operating area. The exploration expense charges during the 2020 Predecessor Period are primarily the result of non-cash impairment charges in unproved properties, primarily in our Brazos Valley, Gulf Coast, Powder River Basin and Mid-Continent operating areas.

Impairments

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Impairments


14.			Impairments

During the 2020 Predecessor Period, the decrease in demand for crude oil primarily due to the combined impacts of COVID-19 and the OPEC+ production increases resulted in decreases in current and expected long-term crude oil and NGL sale prices. These conditions resulted in reductions to the market capitalization of peer companies in the energy industry. We determined these adverse market conditions represented a triggering event to perform an impairment assessment of our long-lived assets used in, and in support of, our operations, including proved oil and gas properties, and our sand mine assets.

Proved Oil and Gas Properties

Our impairment test involved a Step 1 assessment to determine if the net book value of our proved oil and natural gas properties is expected to be recovered from the estimated undiscounted future cash flows.

•We calculated the expected undiscounted future net cash flows of our long-lived assets using management’s assumptions and expectations of (i) commodity prices, which are based on the NYMEX strip pricing escalated by an inflationary rate, (ii) pricing adjustments for differentials, (iii) operating costs, (iv) capital investment plans, (v) future production volumes, and (vi) estimated proved reserves.

•Unprecedented volatility in the price of oil due to the decrease in demand has led us to rely on NYMEX strip pricing, which represents a Level 1 input.

Certain oil and gas properties in our South Texas, Brazos Valley, Powder River Basin, and Mid-Continent and other non-core operating areas failed the Step 1 assessment. For these assets, we used a discounted cash flow analysis to estimate fair value. The expected future net cash flows were discounted using a rate of 11%, which we believe represents the estimated weighted average cost of capital of a theoretical market participant. Based on Step 2 of our long-lived assets impairment test, we recognized an $8.446 billion impairment because the carrying value exceeded estimated fair market value as of March 31, 2020.

•Significant inputs associated with the calculation of discounted future net cash flows include estimates of (i) recoverable reserves, (ii) production rates, (iii) future operating and development costs, (iv) future commodity prices escalated by an inflationary rate, adjusted for differentials, and (v) a market-based weighted average cost of capital. We utilized NYMEX strip pricing, adjusted for differentials, to value the reserves. The NYMEX strip pricing inputs used are classified as Level 1 fair value assumptions and all other inputs are classified as Level 3 fair value assumptions.

Sand Mine

Our in-field sand mine assets predominately service the oil and gas properties in our Brazos Valley operating area. Based on management’s assumptions and expectations of (i) future commodity prices, (ii) capital investment plans in the Brazos Valley operating area, and (iii) future operating cost of the sand mine, management expects the market for sand to significantly decrease for the foreseeable future. As a result, we recognized a $76 million impairment related to our sand mine assets for the difference between fair value and the carrying value as of March 31, 2020. The inputs used are classified as Level 3 fair value assumptions.

Other Operating Expense (Income), Net

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Operating Expense (Income), Net


15.			Other Operating Expense (Income), Net

In the 2020 Predecessor Period, we terminated certain gathering, processing and transportation contracts and recognized a non-recurring $80 million expense related to the contract terminations. The contract terminations removed approximately $169 million of future commitments related to gathering, processing and transportation agreements. See Note 6 for further discussion of contingencies and commitments. The 2020 Predecessor Period contract termination expense is partially offset by $28 million of income from the amortization of volumetric production payment deferred revenue.

Separation and Other Termination Costs

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Separation and Other Termination Costs


16.			Separation and Other Termination Costs

In the 2021 Successor Period, 2021 Predecessor Period and the 2020 Predecessor Period, we incurred charges of approximately $11 million, $22 million and $27 million, respectively, related to one-time termination benefits for certain employees.

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, we had restricted cash of $10 million. The restricted funds are maintained primarily to pay certain convenience class unsecured claims following our emergence from bankruptcy.

Fresh Start Accounting (Tables)

6 Months Ended

Jun. 30, 2021

Reorganizations [Abstract]

Schedule of Fresh Start Accounting Adjustments

The following table reconciles the enterprise value to the implied fair value of the Successor’s equity as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Less: Fair value of debt	(1,313)
Successor equity value	$	3,586

____________________________________________

The following table reconciles the enterprise value to the reorganization value as of the Effective Date:


	February 9, 2021
Enterprise Value	$	4,851
Plus: Cash and cash equivalents(a)	48
Plus: Current liabilities	1,582
Plus: Asset retirement obligations (non-current portion)	236
Plus: Other non-current liabilities	97
Reorganization value of Successor assets	$	6,814

____________________________________________


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor

Assets
Current assets:
Cash and cash equivalents	$	243	$	(203)	(a)	$	—		$	40
Restricted cash	—		86		(b)	—			86
Accounts receivable, net	861		(18)		(c)	—			843
Short-term derivative assets	—		—			—			—
Other current assets	66		(5)		(d)	—			61
Total current assets	1,170		(140)			—			1,030
Property and equipment:
Oil and natural gas properties, successful efforts method
Proved oil and natural gas properties	25,794		—			(21,108)		(o)	4,686
Unproved properties	1,546		—			(1,063)		(o)	483
Other property and equipment	1,755		—			(1,256)		(o)	499
Total property and equipment	29,095		—			(23,427)		(o)	5,668
Less: accumulated depreciation, depletion and amortization	(23,877)		—			23,877		(o)	—
Property and equipment held for sale, net	9		—			(7)		(o)	2
Total property and equipment, net	5,227		—			443		(o)	5,670
Other long-term assets	198		—			(84)		(p)	114
Total assets	$	6,595	$	(140)		$	359		$	6,814


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor


Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	391	$	24	(e)	$	—		$	415
Current maturities of long-term debt, net	1,929		(1,929)		(f)	—			—
Accrued interest	4		(4)		(g)	—			—
Short-term derivative liabilities	398		—			—			398
Other current liabilities	645		124		(h)	—			769
Total current liabilities	3,367		(1,785)			—			1,582
Long-term debt, net	—		1,261		(i)	52		(q)	1,313
Long-term derivative liabilities	90		—			—			90
Asset retirement obligations, net of current portion	139		—			97		(r)	236
Other long-term liabilities	5		2		(j)	—			7
Liabilities subject to compromise	9,574		(9,574)		(k)	—			—
Total liabilities	13,175		(10,096)			149			3,228
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock	1,631		(1,631)		(l)	—			—
Predecessor common stock	—		—			—			—
Predecessor additional paid-in capital	16,940		(16,940)		(l)	—			—
Successor common stock	—		1		(m)	—			1
Successor additional paid-in-capital	—		3,585		(m)	—			3,585
Accumulated other comprehensive income	48		—			(48)		(s)	—
Accumulated deficit	(25,199)		24,941		(n)	258		(t)	—
Total stockholders’ equity (deficit)	(6,580)		9,956			210			3,586
Total liabilities and stockholders’ equity (deficit)	$	6,595	$	(140)		$	359		$	6,814

Reorganization Adjustments

(a)The table below reflects the sources and uses of cash on the Effective Date from implementation of the Plan:


Sources:
Proceeds from issuance of the Notes	$	1,000
Proceeds from Rights Offering	600
Proceeds from refunds of interest deposit for the Notes	5
Total sources of cash	$	1,605
Uses:
Payment of roll-up of DIP Facility balance	$	(1,179)
Payment of Exit Credit Facility - Tranche A Loan	(479)
Transfers to restricted cash for professional fee reserve	(76)
Transfers to restricted cash for convenience claim distribution reserve	(10)
Payment of professional fees	(31)
Payment of DIP Facility interest and fees	(12)
Payment of FLLO alternative transaction fee	(12)
Payment of the Notes fees funded out of escrow	(8)
Payment of RBL interest and fees	(1)
Total uses of cash	$	(1,808)
Net cash used	$	(203)

(b)Represents the transfer of funds to a restricted cash account for purposes of funding the professional fee reserve and the convenience claim distribution reserve.

(c)Reflects the removal of an insurance receivable associated with a discharged legal liability.

(d)Reflects the collection of an interest deposit for the senior unsecured notes.

(e)Changes in accounts payable include the following:


Accrual of professional service provider success fees	$	38
Accrual of convenience claim distribution reserve	10
Accrual of professional service provider fees	5
Reinstatement of accounts payable from liabilities subject to compromise	2
Payment of professional fees	(31)
Net impact to accounts payable	$	24

(f)Reflects payment of the pre-petition credit facility for $1.179 billion and transfer of the Tranche A and Tranche B Loans to long-term debt for $750 million.

(g)Reflect payments of accrued interest and fees on the DIP Facility.

(h)Changes in other current liabilities include the following:


Reinstatement of other current liabilities from liabilities subject to compromise	$	191
Accrual of the Notes fees	2
Settlement of Put Option Premium through issuance of Successor Common Stock	(60)
Payment of DIP Facility fees	(9)
Net impact to other current liabilities	$	124

(i)Change in long-term debt include the following:


Issuance of the Notes	$	1,000
Issuance of Tranche A and Tranche B Loans	750
Payments on Tranche A Loans	(479)
Debt issuance costs for the Notes	(10)
Net impact to long-term debt, net	$	1,261

(j) Reflects reinstatement of a long-term lease liability.

(k) On the Effective Date, liabilities subject to compromise were settled in accordance with the Plan as follows:


Liabilities subject to compromise pre-emergence	$	9,574
To be reinstated on the Effective Date:
Accounts payable	$	(2)
Other current liabilities	(191)
Other long-term liabilities	(2)
Total liabilities reinstated	$	(195)
Consideration provided to settle amounts per the Plan or Reorganization:
Issuance of Successor common stock associated with the Rights Offering and Backstop Commitment and settlement of the Put Option Premium	$	(2,311)
Proceeds from issuance of Successor common stock associated with the Rights Offering and Backstop Commitment	600
Issuance of Successor common stock to FLLO Term Loan holders, incremental to the Rights Offering and Backstop Commitment	(783)
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	(124)
Issuance of Successor common stock to unsecured note holders	(45)
Issuance of Successor common stock to general unsecured claims	(8)
Fair value of Class A Warrants	(93)
Fair value of Class B Warrants	(94)
Fair value of Class C Warrants	(68)
Proceeds to holders of general unsecured claims	(10)
Total consideration provided to settle amounts per the Plan	$	(2,936)
Gain on settlement of liabilities subject to compromise	$	6,443

(l)Pursuant to the Plan, as of the Effective Date, all equity interests in Predecessor, including Predecessor’s common and preferred stock, were cancelled without any distribution.


Issuance of Successor equity associated with the Rights Offering and Backstop Commitment	$	2,371
Issuance of Successor equity to holders of the FLLO Term Loan, incremental to the Rights Offering and Backstop Commitment	783
Issuance of Successor equity to holders of the Second Lien Notes, incremental to the Rights Offering and Backstop Commitment	124
Issuance of Successor equity to holders of the unsecured senior notes	45
Issuance of Successor equity to holders of allowed general unsecured claims	8
Fair value of Class A warrants	93
Fair value of Class B warrants	94
Fair value of Class C warrants	68
Total change in Successor common stock and additional paid-in capital	3,586
Less: par value of Successor common stock	(1)
Change in Successor additional paid-in capital	$	3,585

(n) Reflects the cumulative net impact of the effects on accumulated deficit as follows:


Gain on settlement of liabilities subject to compromise	$	6,443
Accrual of professional service provider success fees	(38)
Accrual of professional service provider fees	(5)
Surrender of other receivable	(18)
Payment of FLLO alternative transaction fee	(12)
Total reorganization items, net	6,370
Cancellation of predecessor equity	18,571
Net impact on accumulated deficit	$	24,941

Fresh Start Adjustments

(p)Reflects the fair value adjustment to record historical contracts at their fair values.

(q)Reflects the fair value adjustments to the 2026 Notes and 2029 Notes for $22 million and $30 million, respectively.

(r)Reflects the adjustment to our asset retirement obligations using assumptions as of the Effective Date, including an inflation factor of 2% and an average credit-adjusted risk-free rate of 5.18%.

(t)Reflects the net cumulative impact of the fresh start adjustments on accumulated deficit as follows:


Fresh start adjustments to property and equipment	$	443
Fresh start adjustments to other long-term assets	(84)
Fresh start adjustments to long-term debt	(52)
Fresh start adjustments to long-term asset retirement obligations	(97)
Fresh start adjustments to accumulated other comprehensive income	(9)
Total fresh start adjustments impacting reorganizations items, net	201
Income tax effects on accumulated other comprehensive income	57
Net impact to accumulated deficit	$	258

Schedule of Reorganization Items

The following table summarizes the components in reorganization items, net included in our unaudited condensed consolidated statements of operations:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Write off of unamortized debt premiums (discounts) on Predecessor debt	$	—	$	518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
DIP Facility financing costs	—		(63)
Total reorganization items, net	$	—	$	394


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Gains on the settlement of liabilities subject to compromise	$	—	$	6,443	$	—
Accrual for allowed claims	—		(1,002)		—
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		—		(61)
Gain on fresh start adjustments	—		201		—
Gain from release of commitment liabilities	—		55		—
DIP Facility financing costs	—		—		(63)
Professional service provider fees and other	—		(60)		—
Success fees for professional service providers	—		(38)		—
Surrender of other receivable	—		(18)		—
FLLO alternative transaction fee	—		(12)		—
Total reorganization items, net	$	—	$	5,569	$	394

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Numerator



Net loss, basic and diluted	$	(439)	$	(276)

Denominator (in thousands)
Weighted average common shares outstanding, basic	97,931		9,779
Effect of potentially dilutive securities
Preferred stock	—		—
Warrants	—		—
Restricted stock	—		—
Weighted average common shares outstanding, diluted	97,931		9,779

Loss per common share
Loss per common share, basic	$	(4.48)	$	(28.22)
Loss per common share, diluted	$	(4.48)	$	(28.22)

Successor

Predecessor

The diluted earnings (loss) per share calculation for the 2020 Predecessor Quarter excludes the antidilutive effect of 290,716 shares of common stock equivalent of our preferred stock.


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Numerator



Net income (loss), basic and diluted	$	(144)	$	5,383	$	(8,595)

Denominator (in thousands)
Weighted average common shares outstanding, basic	97,922		9,781		9,765
Effect of potentially dilutive securities
Preferred stock	—		290		—
Warrants	—		—		—
Restricted stock	—		—		—
Weighted average common shares outstanding, diluted	97,922		10,071		9,765

Earnings (loss) per common share
Earnings (loss) per common share, basic	$	(1.47)	$	550.35	$	(880.18)
Earnings (loss) per common share, diluted	$	(1.47)	$	534.51	$	(880.18)

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

Our long-term debt consisted of the following as of June 30, 2021 and December 31, 2020:


	Successor				Predecessor
	June 30, 2021				December 31, 2020
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Exit Credit Facility - Tranche A Loans	$	—	$	—	$	—	$	—
Exit Credit Facility - Tranche B Loans	221		221		—		—
5.5% senior notes due 2026	500		527		—		—
5.875% senior notes due 2029	500		541		—		—
DIP Facility	—		—		—		—
Pre-petition revolving credit facility	—		—		1,929		1,929
Term loan due 2024	—		—		1,500		1,220
11.5% senior secured second lien notes due 2025	—		—		2,330		373
6.625% senior notes due 2020	—		—		176		8
6.875% senior notes due 2020	—		—		73		3
6.125% senior notes due 2021	—		—		167		7
5.375% senior notes due 2021	—		—		127		5
4.875% senior notes due 2022	—		—		272		12
5.75% senior notes due 2023	—		—		167		8
7.00% senior notes due 2024	—		—		624		29
6.875% senior notes due 2025	—		—		2		2
8.00% senior notes due 2025	—		—		246		10
5.5% convertible senior notes due 2026	—		—		1,064		42
7.5% senior notes due 2026	—		—		119		5
8.00% senior notes due 2026	—		—		46		2
8.00% senior notes due 2027	—		—		253		11
Premiums on senior notes	50		—		—		—
Debt issuance costs	(10)		—		—		—
Total debt, net	1,261		1,289		9,095		3,666
Less current maturities of long-term debt	—		—		(1,929)		(1,929)
Less amounts reclassified to liabilities subject to compromise	—		—		(7,166)		(1,737)
Total long-term debt, net	$	1,261	$	1,289	$	—	$	—

____________________________________________

Contingencies and Commitments (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of contractual obligation


	Successor
	June 30, 2021
Remainder of 2021	$	330
2022	569
2023	458
2024	390
2025	310
2026 – 2033	1,539
Total	$	3,596

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Other current liabilities

Other current liabilities as of June 30, 2021 and December 31, 2020 are detailed below:


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Revenues and royalties due others	$	404	$	236
Accrued drilling and production costs	91		104
Other accrued taxes	62		82
Accrued compensation and benefits	48		59
Hedging	45		7
Operating leases	18		24
Debt and equity financing fees	—		69
Joint interest prepayments received	13		8
Other	100		134
Total other current liabilities	$	781	$	723

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table shows revenue disaggregated by operating area and product type:


	Successor
	Three months ended June 30, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	226	$	—	$	226
Gulf Coast	—		124		—		124
South Texas	224		25		36		285
Brazos Valley	162		6		5		173
Powder River Basin	58		16		10		84
Oil, natural gas and NGL revenue	$	444	$	397	$	51	$	892

Marketing revenue	$	340	$	146	$	53	$	539

	Predecessor
	Three months ended June 30, 2020
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	131	$	—	$	131
Gulf Coast	—		67		—		67
South Texas	73		21		14		108
Brazos Valley	76		3		1		80
Powder River Basin	29		7		3		39
Mid-Continent	8		5		2		15
Oil, natural gas and NGL revenue	$	186	$	234	$	20	$	440

Marketing revenue from contracts with customers	$	121	$	96	$	15	$	232
Other marketing revenue	6		2		—		8
Marketing revenue	$	127	$	98	$	15	$	240


	Successor
	Period from February 10, 2021 through June 30, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	389	$	—	$	389
Gulf Coast	—		194		—		194
South Texas	341		53		55		449
Brazos Valley	251		21		9		281
Powder River Basin	86		30		16		132
Oil, natural gas and NGL revenue	$	678	$	687	$	80	$	1,445

Marketing revenue	$	502	$	243	$	71	$	816

	Predecessor
	Period from January 1, 2021 through February 9, 2021
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	119	$	—	$	119
Gulf Coast	—		53		—		53
South Texas	92		15		15		122
Brazos Valley	67		2		2		71
Powder River Basin	20		7		6		33
Oil, natural gas and NGL revenue	$	179	$	196	$	23	$	398

Marketing revenue	$	141	$	78	$	20	$	239


	Predecessor
	Six Months Ended June 30, 2020
	Oil		Natural Gas		NGL		Total
Appalachia	$	—	$	306	$	—	$	306
Gulf Coast	—		151		—		151
South Texas	350		52		34		436
Brazos Valley	248		7		5		260
Powder River Basin	97		23		10		130
Mid-Continent	30		15		6		51
Oil, natural gas and NGL revenue	$	725	$	554	$	55	$	1,334

Marketing revenue from contracts with customers	$	629	$	220	$	45	$	894
Other marketing revenue	67		3		—		70
Marketing revenue	$	696	$	223	$	45	$	964

Schedule of accounts receivable

Accounts receivable as of June 30, 2021 and December 31, 2020 are detailed below:


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Oil, natural gas and NGL sales	$	531	$	589
Joint interest	117		119
Other	27		68
Allowance for doubtful accounts	(1)		(30)
Total accounts receivable, net	$	674	$	746

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of the changes in unvested restricted stock

A summary of the changes in unvested restricted stock is presented below:


	Shares of Unvested Restricted Stock	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted	727	$	44.28
Vested	(1)	$	44.30
Forfeited/canceled	(18)	$	44.30
Unvested as of June 30, 2021	708	$	44.28

A summary of the changes in unvested restricted stock is presented below:


	Shares of Unvested Restricted Stock	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of January 1, 2021	1	$	616.57
Granted	—	$	—
Vested	—	$	—
Forfeited/canceled	(1)	$	611.47
Unvested as of February 9, 2021	—	$	—

Schedule Valuation Assumptions

The following table presents the assumptions used in the valuation of the PSUs granted in 2021.


Assumption	Share Price Hurdle		TSR, rTSR
Risk-free interest rate	0.30	%	0.23	%
Volatility	68.4	%	71.4	%

Summary of the 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 February 10, 2021	—	$	—
Granted	142	$	54.23
Vested	—	$	—
Forfeited/canceled	—	$	—
Unvested as of June 30, 2021	142	$	54.23

Schedule of stock option activity

The following table provides information related to stock option activity:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)
Outstanding as of January 1, 2021	20	$	1,429	4.27	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(1)	$	742
Forfeited/canceled	(19)	$	1,452
Outstanding as of February 9, 2021	—	$	—	—	$	—
Exercisable as of February 9, 2021	—	$	—	—	$	—

___________________________________________

(a)The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option.

Schedule of Share-based Compensation Arrangements

We recognized the following compensation costs, net of actual forfeitures, related to restricted stock, stock options, and PSUs for the Successor and Predecessor Periods:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
General and administrative expenses	$	2	$	4
Oil and natural gas properties	1		—


Total restricted stock, stock option, and PSU compensation	$	3	$	4


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
General and administrative expenses	$	2	$	3	$	8
Oil and natural gas properties	1		—		1
Oil, natural gas and NGL production expenses	—		—		1

Total restricted stock, stock option, and PSU compensation	$	3	$	3	$	10

Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair values of oil, natural gas and NGL derivative instruments

The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of June 30, 2021 and December 31, 2020 are provided below:


	Successor			Predecessor
	June 30, 2021			December 31, 2020
	Notional Volume	Fair Value		Notional Volume	Fair Value
Oil (MMBbl):
Fixed-price swaps	22	$	(524)	27	$	(136)
Basis protection swaps	13	(5)		7	(1)
Total oil	35	(529)		34	(137)
Natural gas (Bcf):
Fixed-price swaps	536	(410)		728	10
Collars	113	(46)		53	8
Basis protection swaps	179	(6)		66	1
Total natural gas	828	(462)		847	19
Total estimated fair value		$	(991)		$	(118)

Schedule of effect of derivative instruments, condensed consolidated balance sheets


	Gross Fair Value		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of June 30, 2021
Commodity Contracts:
Short-term derivative asset	$	23	$	(23)	$	—
Long-term derivative asset	6		(6)		—
Short-term derivative liability	(803)		23		(780)
Long-term derivative liability	(217)		6		(211)
Total derivatives	$	(991)	$	—	$	(991)

Predecessor
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset	$	84	$	(65)	$	19
Long-term derivative asset	5		(5)		—
Short-term derivative liability	(158)		65		(93)
Long-term derivative liability	(49)		5		(44)
Total derivatives	$	(118)	$	—	$	(118)

Schedule of effect of derivative instruments, condensed consolidated statements of operations

The components of oil and natural gas derivatives are presented below:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Losses on undesignated oil and natural gas derivatives	$	(740)	$	(165)
Losses on terminated cash flow hedges	—		(8)
Total oil and natural gas derivatives	$	(740)	$	(173)


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Gains (losses) on undesignated oil and natural gas derivatives	$	(694)	$	(379)	$	751
Losses on terminated cash flow hedges	—		(3)		(17)
Total oil and natural gas derivatives	$	(694)	$	(382)	$	734

Schedule of effect of derivative instruments, accumulated other comprehensive income (loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:


	Successor				Predecessor
	Three Months Ended June 30, 2021				Three Months Ended June 30, 2020
	Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	—	$	—	$	(36)	$	21
Losses reclassified to income	—		—		8		8


Balance, end of period	$	—	$	—	$	(28)	$	29


	Successor				Predecessor
	Period from February 10, 2021 through June 30, 2021				Period from January 1, 2021 through February 9, 2021				Six Months Ended June 30, 2020
	Before Tax		After Tax		Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	—	$	—	$	(12)	$	45	$	(45)	$	12
Losses reclassified to income	—		—		3		3		17		17
Fresh start adjustments	—		—		9		9		—		—
Elimination of tax effects	—		—		—		(57)		—		—
Balance, end of period	$	—	$	—	$	—	$	—	$	(28)	$	29

Schedule of financial assets (liabilities)

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:


	Successor		Predecessor
Significant Other Observable Inputs (Level 2)	June 30, 2021		December 31, 2020
Derivative Assets (Liabilities):
Commodity assets	$	29	$	88
Commodity liabilities	(1,020)		(206)
Total derivatives	$	(991)	$	(118)

Exploration Expense (Tables)

6 Months Ended

Jun. 30, 2021

Extractive Industries [Abstract]

Schedule of exploration expense

A summary of our exploration expense is as follows:


	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Impairments of unproved properties	$	—	$	127

Geological and geophysical expense and other	1		3
Exploration expense	$	1	$	130


	Successor		Predecessor
	Period from February 10, 2021 through June 30, 2021		Period from January 1, 2021 through February 9, 2021		Six Months Ended June 30, 2020
Impairments of unproved properties	$	—	$	2	$	399
Dry hole expense	—		—		7
Geological and geophysical expense and other	2		—		6
Exploration expense	$	2	$	2	$	412

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of reportable segments	1
Number of operating segments	1
Restricted cash \| $	$ 10	$ 0

Chapter 11 Emergence (Details) - USD ($) $ in Millions	Feb. 09, 2021	Jun. 28, 2020
2021 Long Term Incentive Plan
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)		6,800,000
Class C Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	9,768,527
New Common Stock
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	97,907,081
Common stock, reserved for future issuance (in shares)	2,092,918
New Common Stock \| Backstop Parties, Put Option Premium
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	6,337,031
New Common Stock \| Backstop Parties, Obligations
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	442,991
New Common Stock \| 2021 Long Term Incentive Plan
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	62,927,320
New Common Stock \| Class A Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	11,111,111
New Common Stock \| Class B Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	12,345,679
New Common Stock \| Class C Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	3,948,893
Warrants issued (in shares)	9,768,527
New Common Stock \| FLLO Term Loan Facility
Debt Instrument [Line Items]
Pro rata share received by holder (in shares)	23,022,420
New Common Stock \| Second Lien Notes
Debt Instrument [Line Items]
Pro rata share received by holder (in shares)	3,635,118
New Common Stock \| Second Lien Notes \| Class A Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	11,111,111
Warrants issued (in shares)	11,111,111
New Common Stock \| Second Lien Notes \| Class B Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	12,345,679
Warrants issued (in shares)	12,345,679
New Common Stock \| Second Lien Notes \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	6,858,710
Warrants issued (in shares)	6,858,710
New Common Stock \| Allowed Unsecured Notes
Debt Instrument [Line Items]
Pro rata share received by holder (in shares)	1,311,089
New Common Stock \| Allowed Unsecured Notes \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	2,473,757
Warrants issued (in shares)	2,473,757
New Common Stock \| Allowed General Unsecured Claim
Debt Instrument [Line Items]
Pro rata share received by holder (in shares)	231,112
Pro rata share received by holder	$ 10
Percent of convenience claim	5.00%
New Common Stock \| Allowed General Unsecured Claim \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	436,060
Warrants issued (in shares)	436,060
New Common Stock \| Upon Exercise of Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	37,174,210

Fresh Start Accounting - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Assets	$ 6,999	$ 6,814	$ 6,584
Liabilities	3,586	3,228	11,925
Liabilities and Equity	6,999	6,814	$ 6,584
Enterprise value		4,851
Predecessor
Reorganization, Chapter 11 [Line Items]
Assets		6,595
Liabilities		13,175
Liabilities and Equity		6,595
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Assets		359
Liabilities		149
Liabilities and Equity	$ 201	359
Minimum \| Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Assets		3,500
Liabilities and Equity		$ 3,500
Maximum
Reorganization, Chapter 11 [Line Items]
Percent of voting shares received by holders		50.00%
Maximum \| Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Assets		$ 4,900
Liabilities and Equity		$ 4,900

Fresh Start Accounting - Successor’s Equity (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020	Jun. 30, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value		$ 4,851
Plus: Cash and cash equivalents	$ 612	40	$ 279	$ 82
Less: Fair value of debt		(1,313)
Successor equity value	3,413	3,586	$ (5,341)
Restricted cash		86
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Plus: Cash and cash equivalents		48
Less: Fair value of debt	$ 52	(52)
Successor equity value		210
Restricted cash		$ 8

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Fresh Start Accounting - Enterprise Value Reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020	Jun. 30, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value		$ 4,851
Plus: Cash and cash equivalents	$ 612	40	$ 279	$ 82
Plus: Current liabilities	1,866	1,582	3,094
Plus: Asset retirement obligations (non-current portion)		236
Plus: Other non-current liabilities		7
Assets	$ 6,999	6,814	$ 6,584
Restricted cash		86
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Plus: Cash and cash equivalents		48
Plus: Current liabilities		0
Plus: Asset retirement obligations (non-current portion)		97
Plus: Other non-current liabilities		97
Assets		359
Restricted cash		$ 8

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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+ Details

Fresh Start Accounting - Debt and Warrants (Details) - USD ($)	Jun. 30, 2021	Jun. 10, 2021	Feb. 09, 2021	Jun. 28, 2020
Debt Instrument [Line Items]
Implied stock price (in dollars per share)			$ 20.52
Expected volatility rate			58.00%
Debt			$ 1,313,000,000
Class A Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)		$ 27.44	$ 27.63
Class B Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)		31.91	32.13
Class C Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)		$ 35.93	$ 36.18
5.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Senior Notes \| 5.5% senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 500,000,000
Interest rate, stated percentage	0.055%		5.50%
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Debt instrument, principal amount			$ 500,000,000
Interest rate, stated percentage	0.05875%		5.875%
Term Loan \| Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Debt				$ 1,179,000,000
Secured Debt \| Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Exit credit facilities borrowing capacity				$ 750,000,000

Fresh Start Accounting - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 612	$ 40	$ 279	$ 82
Restricted cash		86
Accounts receivable, net		843
Short-term derivative assets		0
Other current assets		61
Total current assets	1,354	1,030	1,108
Property and equipment:
Proved oil and natural gas properties		4,686
Unproved properties		483
Other property and equipment	491	499	1,754
Total property and equipment		5,668
Less: accumulated depreciation, depletion and amortization	(346)	0	(23,806)
Property and equipment held for sale, net		2
Total property and equipment, net		5,670
Other long-term assets	95	114	234
Total assets	6,999	6,814	6,584
Current liabilities:
Accounts payable	281	415	346
Current maturities of long-term debt	0	0	1,929
Accrued interest		0
Short-term derivative liabilities		398
Other current liabilities	781	769	723
Total current liabilities	1,866	1,582	3,094
Debt		1,313
Long-term derivative liabilities		90
Asset retirement obligations, net of current portion		236
Other long-term liabilities		7
Liabilities subject to compromise	0	0	8,643
Total liabilities	3,586	3,228	11,925
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock		0	1,631
Additional paid-in capital	3,590		16,937
Common stock	1	1	0
Successor additional paid-in-capital		3,585
Predecessor accumulated other comprehensive income		0	45
Accumulated deficit	(178)	0	(23,954)
Total stockholders’ equity (deficit)	3,413	3,586	(5,341)
Total liabilities and stockholders’ equity (deficit)	6,999	6,814	$ 6,584
Predecessor
Current assets:
Cash and cash equivalents		243
Restricted cash		0
Accounts receivable, net		861
Short-term derivative assets		0
Other current assets		66
Total current assets		1,170
Property and equipment:
Proved oil and natural gas properties		25,794
Unproved properties		1,546
Other property and equipment		1,755
Total property and equipment		29,095
Less: accumulated depreciation, depletion and amortization		(23,877)
Property and equipment held for sale, net		9
Total property and equipment, net		5,227
Other long-term assets		198
Total assets		6,595
Current liabilities:
Accounts payable		391
Current maturities of long-term debt		1,929
Accrued interest		4
Short-term derivative liabilities		398
Other current liabilities		645
Total current liabilities		3,367
Debt		0
Long-term derivative liabilities		90
Asset retirement obligations, net of current portion		139
Other long-term liabilities		5
Liabilities subject to compromise		9,574
Total liabilities		13,175
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock		1,631
Additional paid-in capital		16,940
Common stock		0
Successor additional paid-in-capital		0
Predecessor accumulated other comprehensive income		48
Accumulated deficit		(25,199)
Total stockholders’ equity (deficit)		(6,580)
Total liabilities and stockholders’ equity (deficit)		6,595
Reorganization Adjustments
Current assets:
Cash and cash equivalents		(203)
Restricted cash		86
Accounts receivable, net		(18)
Short-term derivative assets		0
Other current assets		(5)
Total current assets		(140)
Property and equipment:
Proved oil and natural gas properties		0
Unproved properties		0
Other property and equipment		0
Total property and equipment		0
Less: accumulated depreciation, depletion and amortization		0
Property and equipment held for sale, net		0
Total property and equipment, net		0
Other long-term assets		0
Total assets		(140)
Current liabilities:
Accounts payable		24
Current maturities of long-term debt		(1,929)
Accrued interest		(4)
Short-term derivative liabilities		0
Other current liabilities		124
Total current liabilities		(1,785)
Debt		1,261
Long-term derivative liabilities		0
Asset retirement obligations, net of current portion		0
Other long-term liabilities		2
Liabilities subject to compromise		(9,574)
Total liabilities		(10,096)
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock		(1,631)
Additional paid-in capital		(16,940)
Common stock		1
Successor additional paid-in-capital		3,585
Predecessor accumulated other comprehensive income		0
Accumulated deficit		24,941
Total stockholders’ equity (deficit)		9,956
Total liabilities and stockholders’ equity (deficit)		(140)
Fresh Start Adjustments
Current assets:
Cash and cash equivalents		48
Restricted cash		8
Accounts receivable, net		0
Short-term derivative assets		0
Other current assets		0
Total current assets		0
Property and equipment:
Proved oil and natural gas properties		(21,108)
Unproved properties		(1,063)
Other property and equipment		(1,256)
Total property and equipment		(23,427)
Less: accumulated depreciation, depletion and amortization		23,877
Property and equipment held for sale, net		(7)
Total property and equipment, net	(443)	443
Other long-term assets	84	(84)
Total assets		359
Current liabilities:
Accounts payable		0
Current maturities of long-term debt		0
Accrued interest		0
Short-term derivative liabilities		0
Other current liabilities		0
Total current liabilities		0
Debt	(52)	52
Long-term derivative liabilities		0
Asset retirement obligations, net of current portion		97
Other long-term liabilities		97
Liabilities subject to compromise		0
Total liabilities		149
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock		0
Additional paid-in capital		0
Common stock		0
Successor additional paid-in-capital		0
Predecessor accumulated other comprehensive income	(9)	(48)
Accumulated deficit		258
Total stockholders’ equity (deficit)		210
Total liabilities and stockholders’ equity (deficit)	$ 201	$ 359

Fresh Start Accounting - Sources and Uses of Cash (Details) - USD ($) $ in Millions		1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020
Sources:
Proceeds from issuance of the Notes		$ 1,000	$ 0	$ 0
Uses:
Payments on pre-petition revolving credit facility borrowings		$ 0	$ 0	$ (3,467)
Reorganization Adjustments
Sources:
Proceeds from issuance of the Notes	$ 1,000
Proceeds from Rights Offering	600
Proceeds from refunds of interest deposit for the Notes	5
Total sources of cash	1,605
Uses:
Payment of roll-up of DIP Facility balance	(1,179)
Payments on pre-petition revolving credit facility borrowings	(479)
Transfers to restricted cash for professional fee reserve	(76)
Transfers to restricted cash for convenience claim distribution reserve	(10)
Payment of professional fees	(31)
Payment of DIP Facility interest and fees	(12)
Payment of FLLO alternative transaction fee	(12)
Payment of the Notes fees funded out of escrow	(8)
Payment of RBL interest and fees	(1)
Total uses of cash	(1,808)
Net cash used	$ (203)

Fresh Start Accounting - Changes in Accounts Payable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Net impact to accounts payable	$ 281	$ 415	$ 346
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Accrual of professional service provider success fees		38
Accrual of convenience claim distribution reserve		10
Accrual of professional service provider fees		5
Reinstatement of accounts payable from liabilities subject to compromise		2
Payment of professional fees		(31)
Net impact to accounts payable		$ 24

Fresh Start Accounting - Changes in Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Total other current liabilities	$ 781	$ 769	$ 723
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of other current liabilities from liabilities subject to compromise		191
Accrual of the Notes fees		2
Settlement of Put Option Premium through issuance of Successor Common Stock		(60)
Payment of DIP Facility fees		(9)
Total other current liabilities		$ 124

Fresh Start Accounting - Changes in Long-Term Debt (Details) $ in Millions	Feb. 09, 2021 USD ($)
Reorganization, Chapter 11 [Line Items]
Debt	$ 1,313
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Issuance of the Notes	1,000
Issuance of Tranche A and Tranche B Loans	750
Payments on Tranche A Loans	(479)
Debt issuance costs for the Notes	(10)
Debt	$ 1,261

- Definition

+ References + Details

Fresh Start Accounting - Liabilities Subject to Compromise (Details) - USD ($) $ in Millions	Feb. 09, 2021	Jun. 30, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Liabilities subject to compromise	$ 0	$ 0	$ 8,643
Consideration provided to settle amounts per the Plan or Reorganization:
Issuance of Successor common stock to FLLO Term Loan holders, incremental to the Rights Offering and Backstop Commitment	(783)
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	(124)
Issuance of Successor common stock to unsecured note holders	(45)
Issuance of Successor common stock to general unsecured claims	(8)
Class A Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(93)
Class B Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(94)
Class C Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(68)
Predecessor
Reorganization, Chapter 11 [Line Items]
Liabilities subject to compromise	9,574
To be reinstated on the Effective Date:
Accounts payable	(2)
Other current liabilities	(191)
Other long-term liabilities	(2)
Total liabilities reinstated	(195)
Consideration provided to settle amounts per the Plan or Reorganization:
Issuance of Successor common stock associated with the Rights Offering and Backstop Commitment and settlement of the Put Option Premium	(2,311)
Proceeds from issuance of Successor common stock associated with the Rights Offering and Backstop Commitment	600
Issuance of Successor common stock to FLLO Term Loan holders, incremental to the Rights Offering and Backstop Commitment	(783)
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	(124)
Issuance of Successor common stock to unsecured note holders	(45)
Issuance of Successor common stock to general unsecured claims	(8)
Proceeds to holders of general unsecured claims	(10)
Total consideration provided to settle amounts per the Plan	(2,936)
Gain on settlement of liabilities subject to compromise	6,443
Predecessor \| Class A Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(93)
Predecessor \| Class B Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(94)
Predecessor \| Class C Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	$ (68)

Fresh Start Accounting - Equity Issuance (Details)	Feb. 09, 2021 shares
Class C Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	9,768,527
New Common Stock
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	97,907,081
New Common Stock \| Class A Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	11,111,111
New Common Stock \| Class B Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	12,345,679
New Common Stock \| Class C Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	9,768,527

Fresh Start Accounting - Change in Successor Additional Paid-in Capital (Details) - USD ($) $ in Millions	Feb. 09, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Issuance of Successor equity associated with the Rights Offering and Backstop Commitment	$ 2,371
Issuance of Successor equity to holders of the FLLO Term Loan, incremental to the Rights Offering and Backstop Commitment	783
Issuance of Successor common stock to second lien note holders, incremental to the Rights Offering and Backstop Commitment	124
Issuance of Successor common stock to unsecured note holders	45
Issuance of Successor common stock to general unsecured claims	8
Total change in Successor common stock and additional paid-in capital	3,586
Less: par value of Successor common stock	(1)	$ (1)	$ 0
Change in Successor additional paid-in capital	3,585
Class A Warrants
Class of Stock [Line Items]
Warrants	93
Class B Warrants
Class of Stock [Line Items]
Warrants	94
Class C Warrants
Class of Stock [Line Items]
Warrants	$ 68

Fresh Start Accounting - Cumulative Net Impact on Accumulated Deficit (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Total reorganization items, net		$ (5,569)	$ 0	$ (394)	$ 0	$ (394)
Net impact on accumulated deficit	$ 0	0	$ (178)		(178)		$ (23,954)
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gain on settlement of liabilities subject to compromise	6,443
Accrual of professional service provider success fees	(38)	(38)
Accrual of professional service provider fees	(5)	(5)
Surrender of other receivable	(18)	(18)			0	0
Payment of FLLO alternative transaction fee	(12)
Total reorganization items, net	6,370	(5,569)			$ 0	$ (394)
Cancellation of predecessor equity	18,571	18,571
Net impact on accumulated deficit	$ 24,941	$ 24,941

Fresh Start Accounting - Fresh Start Adjustments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Predecessor accumulated other comprehensive income	$ 0						$ 45
Inflation factor	2.00%
Average credit-adjusted risk-free rate	5.18%
Income tax effects on accumulated other comprehensive income		$ 57		$ 57	$ 57
Income tax benefit	$ 57	0	$ 0	0	57	$ 13
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Predecessor accumulated other comprehensive income	(48)	(9)		(9)	(9)
Income tax effects on accumulated other comprehensive income		$ 57		$ 57	$ 57
Senior Notes \| 5.5% senior notes due 2026
Reorganization, Chapter 11 [Line Items]
Debt, fair value adjustments	22
Senior Notes \| 5.875% senior notes due 2029
Reorganization, Chapter 11 [Line Items]
Debt, fair value adjustments	$ 30

Fresh Start Accounting - Impact on Accumulated Deficit (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net		$ (5,670)
Other long-term assets	$ (95)	(114)	$ (234)
Debt		1,313
Asset retirement obligations, net of current portion	241		139
Predecessor accumulated other comprehensive income		0	45
Total liabilities and stockholders’ equity (deficit)	6,999	6,814	$ 6,584
Income tax effects on accumulated other comprehensive income	57
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net	443	(443)
Other long-term assets	(84)	84
Debt	(52)	52
Asset retirement obligations, net of current portion	(97)
Predecessor accumulated other comprehensive income	(9)	(48)
Total liabilities and stockholders’ equity (deficit)	201	$ 359
Income tax effects on accumulated other comprehensive income	57
Net impact to accumulated deficit	$ 258

Fresh Start Accounting - Reorganization Items, Net (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reorganization, Chapter 11 [Line Items]
Write off of unamortized debt premiums (discounts) on Predecessor debt		$ 0	$ 0	$ 518	$ 0	$ 518
Write off of unamortized debt issuance costs on Predecessor debt		0	0	(61)	0	(61)
DIP Facility financing costs		0	0	(63)	0	(63)
Total reorganization items, net		5,569	$ 0	$ 394	0	394
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gains on the settlement of liabilities subject to compromise		6,443			0	0
Accrual for allowed claims		(1,002)			0	0
Gain on fresh start adjustments		201			0	0
Gain from release of commitment liabilities		55			0	0
Professional service provider fees and other		(60)			0	0
Success fees for professional service providers		(38)			0	0
Surrender of other receivable	$ (18)	(18)			0	0
FLLO alternative transaction fee		(12)			0	0
Total reorganization items, net	$ (6,370)	$ 5,569			$ 0	$ 394

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss), basic and diluted	$ 5,383	$ (439,000)	$ (276,000)	$ (144,000)	$ (8,595)
Weighted average common shares outstanding, basic (in shares)	9,781	97,931	9,779	97,922	9,765
Effect of potentially dilutive securities
Preferred stock (in shares)	290	0	0	0	0
Warrants (in shares)	0	0	0	0	0
Restricted stock (in shares)	0	0	0	0	0
Diluted (in shares)	10,071	97,931	9,779	97,922	9,765
Loss per common share
Loss per common share, basic (in dollars per share)	$ 550.35	$ (4.48)	$ (28.22)	$ (1.47)	$ (880.18)
Loss per common share, diluted (in dollars per share)	$ 534.51	$ (4.48)	$ (28.22)	$ (1.47)	$ (880.18)

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)			3,948,893
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	12,186,128		11,275,229
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	121,348		66,817
Convertible Debt \| 5.5% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	0.00055%		0.00055%
PREFERRED STOCK \| Common stock equivalent of our preferred stock outstanding prior to exchange
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)				290,716
COMMON STOCK \| Common stock equivalent of our convertible senior notes outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)		290,716	2,092,918

Debt - Long-Term Debt Table (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020	Jun. 28, 2020
Debt Instrument [Line Items]
Carrying amount	$ 1,261		$ 9,095
Fair value	1,289		3,666
Debt issuance costs	(10)		0
Less current maturities of long-term debt	0	$ 0	(1,929)
Less current maturities of long-term debt	0		(1,929)
Less amounts reclassified to liabilities subject to compromise	0		(7,166)
Less amounts reclassified to liabilities subject to compromise	0		(1,737)
Total long-term debt, net	1,261		0
Total long-term debt, net	$ 1,289		0
5.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Line of Credit \| Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Chesapeake revolving credit facility	$ 0		0
Fair value	0		0
Line of Credit \| Exit Credit Facility - Tranche A Loans
Debt Instrument [Line Items]
Chesapeake revolving credit facility	0		0
Fair value	0		0
Line of Credit \| Exit Credit Facility - Tranche B Loans
Debt Instrument [Line Items]
Chesapeake revolving credit facility	221		0
Fair value	221		0
Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Chesapeake revolving credit facility	0		1,929
Fair value	0		1,929
Line of Credit \| Revolving credit facility \| Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Carrying amount				$ 750
Term Loan
Debt Instrument [Line Items]
Carrying amount	0		1,500
Fair value	0		1,220
Senior Notes
Debt Instrument [Line Items]
Unamortized premium	$ 50		0
Senior Notes \| 5.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	0.055%	5.50%
Carrying amount	$ 500		0
Fair value	$ 527		0
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	0.05875%	5.875%
Carrying amount	$ 500		0
Fair value	$ 541		0
Senior Notes \| 11.5% senior secured second lien notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	0.00115%
Carrying amount	$ 0		2,330
Fair value	$ 0		373
Senior Notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	0.06625%
Carrying amount	$ 0		176
Fair value	$ 0		8
Senior Notes \| 6.875% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	0.06875%
Carrying amount	$ 0		73
Fair value	$ 0		3
Senior Notes \| 6.125% senior notes due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	0.06125%
Carrying amount	$ 0		167
Fair value	$ 0		7
Senior Notes \| 5.375% senior notes due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	0.05375%
Carrying amount	$ 0		127
Fair value	$ 0		5
Senior Notes \| 4.875% senior notes due 2022
Debt Instrument [Line Items]
Interest rate, stated percentage	0.04875%
Carrying amount	$ 0		272
Fair value	$ 0		12
Senior Notes \| 5.75% senior notes due 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	0.00058%
Carrying amount	$ 0		167
Fair value	$ 0		8
Senior Notes \| 7.00% senior notes due 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	0.0007%
Carrying amount	$ 0		624
Fair value	$ 0		29
Senior Notes \| 6.875% senior notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	0.06875%
Carrying amount	$ 0		2
Fair value	$ 0		2
Senior Notes \| 8.00% senior notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	0.0008%
Carrying amount	$ 0		246
Fair value	$ 0		10
Senior Notes \| 7.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	0.00075%
Carrying amount	$ 0		119
Fair value	$ 0		5
Senior Notes \| 8.00% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	0.0008%
Carrying amount	$ 0		46
Fair value	$ 0		2
Senior Notes \| 8.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	0.0008%
Carrying amount	$ 0		253
Fair value	$ 0		11
Convertible Debt \| 5.5% convertible senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	0.00055%
Carrying amount	$ 0		1,064
Fair value	$ 0		$ 42

Debt - Successor Debt (Details)	Jun. 28, 2020 USD ($)	Jun. 30, 2021 USD ($)	Feb. 09, 2021 USD ($)	Feb. 02, 2021 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit \| Exit credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
LIBOR Floor	1.00%
First lien leverage ratio	2.75
Leverage ratio	3.50
Current ratio	1.00
Unused capacity, commitment fee percentage	0.50%
Line of Credit \| Exit credit facility \| Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.50
Line of Credit \| Exit credit facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Line of Credit \| Exit credit facility \| Letter of Credit \| Alternative Base Rate \| Minimum
Debt Instrument [Line Items]
Variable rate percentage	2.25%
Line of Credit \| Exit credit facility \| Letter of Credit \| Alternative Base Rate \| Maximum
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Line of Credit \| Exit credit facility \| Letter of Credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Line of Credit \| Exit credit facility \| Letter of Credit \| LIBOR \| Maximum
Debt Instrument [Line Items]
Variable rate percentage	4.25%
Line of Credit \| Revolving Tranche A \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,750,000,000
Term	3 years
Line of Credit \| Tranche B Loans
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 221,000,000
Term	4 years
Senior Notes
Debt Instrument [Line Items]
Unamortized premium		$ 50,000,000			$ 0
Senior Notes \| 5.5% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 500,000,000
Unamortized premium			$ 52,000,000
Senior Notes \| 5.875% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument, principal amount				$ 500,000,000

Debt - Chapter 11 Proceedings - Predecessor Debt (Details) - FLLO Term Loan, Second Lien Notes, and Unsecured Senior and Convertible Senior Notes	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Applicable margin	7.00%	2.00%
LIBOR
Debt Instrument [Line Items]
Variable rate percentage			8.00%
Alternative Base Rate
Debt Instrument [Line Items]
Variable rate percentage	3.25%

Debt - Debtor-in-Possession Credit Agreement (Details) - USD ($)	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020	Jun. 28, 2020
Debt Instrument [Line Items]
Debt		$ 1,313,000,000
Outstanding borrowings	$ 1,261,000,000		$ 9,095,000,000
Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,104,000,000
Debtor-in-Possession Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt				1,179,000,000
Debtor-in-Possession Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				925,000,000
Letters of credit outstanding, amount				200,000,000
Debtor-in-Possession Credit Agreement \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings				750,000,000
Debtor-in-Possession Credit Agreement \| New Money Roll-Up Loans \| Term Loan
Debt Instrument [Line Items]
Debt				925,000,000
Debtor-in-Possession Credit Agreement \| Incremental Roll-Up Loans \| Term Loan
Debt Instrument [Line Items]
Debt				$ 254,000,000

Debt - Senior Notes (Details) - Senior Notes $ in Millions	6 Months Ended
Debt - Senior Notes (Details) - Senior Notes $ in Millions	Jun. 30, 2020 USD ($)
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	$ 160
Debt repurchased, principal	95
Gain on repurchase of debt	$ 65

Contingencies and Commitments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Pennsylvania Department of Environmental Protection (PADEP) \| Pending litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 0.3

Contingencies and Commitments - Gathering Processing and Transportation Commitments Table (Details) - Gathering, processing and transportation agreement $ in Millions	Jun. 30, 2021 USD ($)
Other Commitments [Line Items]
Remainder of 2021	$ 330
2022	569
2023	458
2024	390
2025	310
2026 – 2033	1,539
Total	$ 3,596

Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 09, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 404		$ 236
Accrued drilling and production costs	91		104
Other accrued taxes	62		82
Accrued compensation and benefits	48		59
Hedging	45		7
Operating leases	18		24
Debt and equity financing fees	0		69
Joint interest prepayments received	13		8
Other	100		134
Total other current liabilities	$ 781	$ 769	$ 723

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues and other	$ 260	$ 693	$ 507	$ 1,573	$ 3,032
Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Total revenues and other	398	892	440	1,445	1,334
Marketing
Disaggregation of Revenue [Line Items]
Revenues			232		894
Total revenues and other	239	539	240	816	964
Other marketing revenue
Disaggregation of Revenue [Line Items]
Total revenues and other			8		70
Appalachia
Disaggregation of Revenue [Line Items]
Revenues	119	226	131	389	306
Gulf Coast
Disaggregation of Revenue [Line Items]
Revenues	53	124	67	194	151
South Texas
Disaggregation of Revenue [Line Items]
Revenues	122	285	108	449	436
Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	71	173	80	281	260
Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	33	84	39	132	130
Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues			15		51
Oil \| Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Total revenues and other	179	444	186	678	725
Oil \| Marketing
Disaggregation of Revenue [Line Items]
Revenues			121		629
Total revenues and other	141	340	127	502	696
Oil \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Total revenues and other			6		67
Oil \| Appalachia
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0	0
Oil \| Gulf Coast
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0	0
Oil \| South Texas
Disaggregation of Revenue [Line Items]
Revenues	92	224	73	341	350
Oil \| Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	67	162	76	251	248
Oil \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	20	58	29	86	97
Oil \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues			8		30
Natural Gas \| Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Total revenues and other	196	397	234	687	554
Natural Gas \| Marketing
Disaggregation of Revenue [Line Items]
Revenues			96		220
Total revenues and other	78	146	98	243	223
Natural Gas \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Total revenues and other			2		3
Natural Gas \| Appalachia
Disaggregation of Revenue [Line Items]
Revenues	119	226	131	389	306
Natural Gas \| Gulf Coast
Disaggregation of Revenue [Line Items]
Revenues	53	124	67	194	151
Natural Gas \| South Texas
Disaggregation of Revenue [Line Items]
Revenues	15	25	21	53	52
Natural Gas \| Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	2	6	3	21	7
Natural Gas \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	7	16	7	30	23
Natural Gas \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues			5		15
NGL \| Oil, natural gas and NGL revenue
Disaggregation of Revenue [Line Items]
Total revenues and other	23	51	20	80	55
NGL \| Marketing
Disaggregation of Revenue [Line Items]
Revenues			15		45
Total revenues and other	20	53	15	71	45
NGL \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Total revenues and other			0		0
NGL \| Appalachia
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0	0
NGL \| Gulf Coast
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0	0
NGL \| South Texas
Disaggregation of Revenue [Line Items]
Revenues	15	36	14	55	34
NGL \| Brazos Valley
Disaggregation of Revenue [Line Items]
Revenues	2	5	1	9	5
NGL \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	$ 6	$ 10	3	$ 16	10
NGL \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues			$ 2		$ 6

Revenue - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (1)	$ (30)
Total accounts receivable, net	674	746
Oil, natural gas and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	531	589
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	117	119
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 27	$ 68

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Effective income tax rate	1.10%			0.00%		0.20%
Income tax benefit	$ 57	$ 0	$ 0	$ 0	$ 57	$ 13
Deferred tax asset, operating loss carryforward, limitations		54		54	54
Cancellation of debt income					5,000
Federal
Business Acquisition [Line Items]
NOL carryforwards, subject to expiration		900		900	900
Federal \| Minimum
Business Acquisition [Line Items]
NOL carryforwards							$ 2,500
NOL carryforwards, not subject to expiration		1,600		1,600	1,600
Federal \| Maximum
Business Acquisition [Line Items]
NOL carryforwards							$ 3,000
NOL carryforwards, not subject to expiration		$ 2,100		$ 2,100	$ 2,100

Equity (Details) - $ / shares		5 Months Ended
Equity (Details) - $ / shares	Feb. 09, 2021	Jun. 30, 2021	Aug. 10, 2021	Jun. 10, 2021
Class of Stock [Line Items]
Conversion of Stock, Shares Issued		46,035
Class A Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share)	$ 27.63			$ 27.44
Warrant converted to shares (in shares)		9,068
Class B Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share)	$ 32.13			31.91
Warrant converted to shares (in shares)		32,221
Class C Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	9,768,527
Warrant, exercise price (in dollars per share)	$ 36.18			$ 35.93
Warrants reserved for future issuance (in shares)	3,948,893
Warrant converted to shares (in shares)		5,702
Subsequent Event
Class of Stock [Line Items]
Dividends payable (in dollars per share)			$ 0.34375
New Common Stock
Class of Stock [Line Items]
Stock issued during period, new issues (in shares)	97,907,081
Shares issued (in dollars per share)	$ 0.01
Common stock, reserved for future issuance (in shares)	2,092,918
New Common Stock \| Class A Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	11,111,111
New Common Stock \| Class B Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	12,345,679
New Common Stock \| Class C Warrants
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)	3,948,893
Warrants issued (in shares)	9,768,527

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	5 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 28, 2020
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 0.1
Unrecognized compensation expense	$ 28.0	$ 28.0
Share-based compensation expense, weighted average period for recognition	2 years 8 months 1 day
Restricted stock \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Restricted stock \| Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.0	$ 7.0
Share-based compensation expense, weighted average period for recognition	2 years 10 months 13 days
Performance share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price hurdle, percent of payout of target units	0.00%
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%
Performance share units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price hurdle, percent of payout of target units	100.00%
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%
Performance share units \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period		3 years
Stock option \| Management \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		7 years
Stock option \| Management \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
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 - Restricted Stock (Details) - Participating securities - $ / shares shares in Thousands	1 Months Ended	5 Months Ended
	Feb. 09, 2021	Jun. 30, 2021
Shares of Unvested Restricted Stock
Unvested restricted stock, beginning balance (in shares)	1	0
Granted (in shares)	0	727
Vested (in shares)	0	(1)
Forfeited/canceled (in shares)	(1)	(18)
Unvested restricted stock, ending balance (in shares)	0	708
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in dollars per share)	$ 616.57	$ 0
Granted (in dollars per share)	0	44.28
Vested (in dollars per share)	0	44.30
Forfeited/canceled (in dollars per share)	611.47	44.30
Unvested restricted stock, ending balance (in dollars per share)	$ 0	$ 44.28

Share-Based Compensation - Assumptions (Details) - Performance share units	5 Months Ended
	Jun. 30, 2021
Share Price Hurdle
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.30%
Volatility	68.40%
TSR, rTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.23%
Volatility	71.40%

Share-Based Compensation - Performance Share (Details) - Performance share units shares in Thousands	5 Months Ended
	Jun. 30, 2021 $ / shares shares
Shares of Unvested Restricted Stock
Unvested restricted stock, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	142
Vested (in shares) \| shares	0
Forfeited/canceled (in shares) \| shares	0
Unvested restricted stock, ending balance (in shares) \| shares	142
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	54.23
Vested (in dollars per share) \| $ / shares	0
Forfeited/canceled (in dollars per share) \| $ / shares	0
Unvested restricted stock, ending balance (in dollars per share) \| $ / shares	$ 54.23

Share-Based Compensation - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 09, 2021	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares options)	20	20
Granted (in shares options)	0
Exercised (in shares options)	0
Expired (in shares options)	(1)
Forfeited/canceled (in shares options)	(19)
Outstanding, ending balance (in shares options)	0
Weighted Average Exercise Price Per Share
Outstanding, beginning (in dollars per share)	$ 1,429	$ 1,429
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Expired (in dollars per share)	742
Forfeited/canceled (in dollars per share)	1,452
Outstanding, ending (in dollars per share)	$ 0
Weighted average contract life, outstanding		4 years 3 months 7 days
Aggregate intrinsic value, outstanding	$ 0		$ 0
Aggregate intrinsic value, exercised	$ 0
Exercisable (in shares options)	0
Weighted average exercise price, exercisable (in dollars per share)	$ 0
Aggregate intrinsic value, exercisable	$ 0

Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3	$ 3	$ 4	$ 3	$ 10
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	2	4	2	8
Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	$ 1	$ 0	1	1
Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0			$ 0	$ 1

Derivative and Hedging Activities - Derivative Instruments (Details) - Energy related derivative $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021 MMBbls Bcf	Jun. 30, 2021 USD ($) MMBbls Bcf	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net		$ (991)	$ (118)
Oil
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| MMBbls	34,000,000	35,000,000
Derivative assets (liabilities), at fair value, net		$ (529)	(137)
Oil \| Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| MMBbls	27,000,000	22,000,000
Derivative assets (liabilities), at fair value, net		$ (524)	(136)
Oil \| Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| MMBbls	7,000,000	13,000,000
Derivative assets (liabilities), at fair value, net		$ (5)	(1)
Natural Gas
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	847,000,000	828,000,000
Derivative assets (liabilities), at fair value, net		$ (462)	19
Natural Gas \| Fixed-price swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	728,000,000	536,000,000
Derivative assets (liabilities), at fair value, net		$ (410)	10
Natural Gas \| Collars
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	53,000,000	113,000,000
Derivative assets (liabilities), at fair value, net		$ (46)	8
Natural Gas \| Basis protection swaps
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	66,000,000	179,000,000
Derivative assets (liabilities), at fair value, net		$ (6)	$ 1

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - Not designated as hedging instrument - Commodity contract - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	$ (991)	$ (118)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Derivative assets (liabilities), at fair value, net	(991)	(118)
Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	23	84
Derivative asset, fair value, gross liability, netted	(23)	(65)
Derivative asset	0	19
Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	6	5
Derivative asset, fair value, gross liability, netted	(6)	(5)
Derivative asset	0	0
Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(803)	(158)
Derivative liability, fair value, gross asset, netted	23	65
Derivative liability	(780)	(93)
Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(217)	(49)
Derivative liability, fair value, gross asset, netted	6	5
Derivative liability	$ (211)	$ (44)

Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Total revenues and other	$ 260	$ 693	$ 507	$ 1,573	$ 3,032
Not designated as hedging instrument \| Oil, natural gas and NGL sales
Derivative [Line Items]
Losses on terminated cash flow hedges	(3)	0	(8)	0	(17)
Total revenues and other	(382)	(740)	(173)	(694)	734
Not designated as hedging instrument \| Oil, natural gas and NGL sales \| Commodity contract
Derivative [Line Items]
Gains (losses) on undesignated oil and natural gas derivatives	$ (379)	$ (740)	$ (165)	$ (694)	$ 751

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
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+ Details

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period	$ 45	$ 0			$ 0
Losses reclassified to income, after tax	3		$ 0	$ 8	0	$ 17
AOCI, after tax, end of period	0
Cash flow hedging
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, before tax, beginning of period	(12)	0	0	(36)	0	(45)
AOCI, after tax, beginning of period	45	0	0	21	0	12
Losses reclassified to income, before tax	3	0	0	8		17
Losses reclassified to income, after tax	3	0	0	8		17
Fresh start adjustments, before tax	9	0				0
Fresh start adjustments, after tax	9	0				0
Elimination of tax effects, before tax	0	0				0
Elimination of tax effects, after tax	(57)	0				0
AOCI, before tax, end of period	0	0	0	(28)	0	(28)
AOCI, after tax, end of period	$ 0	$ 0	$ 0	$ 29	$ 0	$ 29

Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets (liabilities), at fair value, net	$ (991)	$ (118)
Commodity contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	29	88
Derivative liability	$ (1,020)	$ (206)

Exploration Expense (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Exploration Expense (Details) - USD ($) $ in Millions	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Extractive Industries [Abstract]
Impairments of unproved properties	$ 2	$ 0	$ 127	$ 0	$ 399
Dry hole expense	0			0	7
Geological and geophysical expense and other	0	1	3	2	6
Exploration expense	$ 2	$ 1	$ 130	$ 2	$ 412

Impairments (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Impairments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jun. 30, 2021
Proved oil and natural gas properties
Property, Plant and Equipment [Line Items]
Rate used to discount expected future net cash flows		11.00%
Total impairments		$ 8,446
Sand Mine
Property, Plant and Equipment [Line Items]
Total impairments	$ 76

Other Operating Expense (Income), Net (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Other Income and Expenses [Abstract]
Termination agreement, expenses recognized	$ 80
Decrease In future commitments	169
Income from amortization of volumetric production payment deferred revenue	$ 28

Separation and Other Termination Costs (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 09, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs	$ 22	$ 11	$ 22	$ 11	$ 27
One-time termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and other termination costs	$ 22			$ 11	$ 27