0000895126-22-000184 | 10-Q | XBRL Viewer

Equity

9 Months Ended

Sep. 30, 2022


11.			Equity

New Common Stock

As discussed in Note 2, on the Effective Date, we issued an aggregate of 97,907,081 shares of New Common Stock, par value $0.01 per share, to the holders of allowed claims, and 2,092,918 shares of New Common Stock were reserved for future distributions under the Plan. During the 2022 Successor Period, 36,951 reserved shares were issued to resolve allowed General Unsecured Claims.

On November 1, 2021 we completed the Vine Acquisition and issued 18,709,399 shares of New Common Stock. On March 9, 2022, we completed the Marcellus Acquisition and issued 9,442,185 shares of New Common Stock. See further discussion of both acquisitions in Note 4.

Dividends

In May 2021, we initiated a new annual dividend on our shares of common stock, expected to be paid quarterly. The following table summarizes our dividend payments in the 2022 Successor Period.


Payment Date	Stockholders of Record Date	Dividend Payment		Rate Per Share
March 22, 2022	March 7, 2022	$	210	$	1.7675
June 2, 2022	May 19, 2022	$	298	$	2.34
September 1, 2022	August 17, 2022	$	280	$	2.32

On November 1, 2022, we declared a quarterly dividend payable of $3.16 per share, which will be paid on December 1, 2022 to stockholders of record at the close of business on November 15, 2022. The dividend consists of a base quarterly dividend in the amount of $0.55 per share and a variable quarterly dividend in the amount of $2.61 per share.

Share Repurchase Program

As of December 2, 2021, the Company was authorized to purchase up to $1 billion of the Company’s common stock and/or warrants under a share repurchase program. In June 2022, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for stock and/or warrants. The share repurchase program will expire on December 31, 2023.

In March 2022, we commenced our share repurchase program and repurchased 1 million shares of common stock for an aggregate price of $83 million. In June 2022, we repurchased 5.8 million shares of common stock for an aggregate price of $515 million, inclusive of shares for which cash settlement occurred in early July. During the 2022 Successor Quarter, we repurchased 0.75 million shares of common stock for an aggregate price of $69 million. The shares of common stock that were repurchased during the 2022 Successor Period were retired and recorded as a reduction to common stock and retained earnings.

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2021	10,856,852	12,313,273	11,388,371
Converted into New Common Stock(b)	(1,036,606)	(22,392)	(13,845)
Outstanding as of March 31, 2022	9,820,246	12,290,881	11,374,526
Converted into New Common Stock(b)	(68,300)	(111)	(161,849)
Issued for General Unsecured Claims	—	—	69,720
Outstanding as of June 30, 2022	9,751,946	12,290,770	11,282,397
Converted into New Common Stock(b)	(500,450)	(31)	(97,403)
Outstanding as of September 30, 2022	9,251,496	12,290,739	11,184,994

_________________________________________

(a)As of September 30, 2022, we had 2,248,726 of reserved Class C Warrants.

(b)During the 2022 Successor Period, we issued 1,329,292 shares of New Common Stock as a result of Warrant exercises.

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. 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 exercise prices of the Warrants were adjusted to prevent the dilution of rights for the effects of the quarterly dividend distribution on September 1, 2022, and the adjusted exercise prices are $25.10, $29.18, and $32.86 per share for the Class A, Class B and Class C Warrants, respectively. Additionally, we have recalculated the number of shares of New Common Stock issuable upon the exercise of each of the Class A, Class B and Class C Warrants, respectively, and as a result, 1.12 shares are issuable upon the exercise of a Class A, Class B or Class C Warrant.

On August 18, 2022, we announced exchange offers relating to our outstanding Class A Warrants, Class B Warrants and Class C Warrants. The exchange offers expired on October 7, 2022 and resulted in the issuance of 16,305,984 shares of our New Common Stock in exchange for the cancellation of (i) 4,752,207 Class A Warrants, (ii) 7,879,030 Class B Warrants and (iii) 7,252,004 Class C Warrants. Under the exchange offers, the Warrants were exchanged in a cashless transaction and were converted to shares of our New Common Stock at a ratio of 0.8636 for Class A Warrants, 0.8224 for Class B Warrants and 0.7890 for Class C Warrants, respectively.

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.

+ References

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+ Details

Fresh Start Accounting

9 Months Ended

Sep. 30, 2022

Reorganizations [Abstract]

Fresh Start Accounting


2.			Chapter 11 Emergence

As described in Note 1, on the Petition Date, 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 the Effective Date. 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 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 and to provide registration rights thereunder, among other corporate governance actions. See Note 11 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 Common 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 seven directors, including the Company’s Chief Executive Officer, Domenic J. Dell’Osso Jr., the Company’s Executive Chairman, 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 natural gas and oil properties, other property and equipment, other long-term assets, long-term debt, asset retirement obligations and warrants were estimated as of the Effective Date.

Natural gas and oil properties. The Company’s principal assets are its natural gas and oil properties, which are accounted for under the successful efforts accounting method. The Company determined the fair value of its natural gas and oil 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 proved developed properties 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 the 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 5.50% 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 condensed consolidated balance sheet is as of February 9, 2021. This condensed 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:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil 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 7)
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)Changes 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 canceled 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 natural gas and oil properties, (ii) unproved properties, (iii) other property and equipment and (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 10 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 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.

We did not have any reorganization items, net for the 2022 Successor Quarter, the 2022 Successor Period, the 2021 Successor Quarter or the 2021 Successor Period. The following table summarizes the components in reorganization items, net included in our unaudited condensed consolidated statements of operations:


	Predecessor
	Period from January 1, 2021 through February 9, 2021
Gains on the settlement of liabilities subject to compromise	$	6,443
Accrual for allowed claims	(1,002)
Gain on fresh start adjustments	201
Gain from release of commitment liabilities	55
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

Derivative and Hedging Activities

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


13.			Derivative and Hedging Activities

We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. These commodity derivative financial instruments include financial price swaps, basis protection swaps, collars, three-way collars, options and swaptions. All of our natural gas and oil derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment.

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of September 30, 2022 and December 31, 2021 are provided below:


	Successor
	September 30, 2022			December 31, 2021
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	449	$	(1,413)	637	$	(675)
Collars	547	(664)		205	(82)
Three-way collars	10	(29)		—	—
Call options	18	(63)		18	(17)
Swaptions	7	(19)		—	—
Basis protection swaps	398	16		252	(11)
Total natural gas	1,429	(2,172)		1,112	(785)
Oil (MMBbls):
Fixed-price swaps	4	(136)		13	(356)
Collars	6	23		—	—
Basis protection swaps	10	(5)		9	(2)
Total oil	20	(118)		22	(358)
Total estimated fair value		$	(2,290)		$	(1,143)

Effect of Derivative Instruments – Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 on a gross basis and after same-counterparty netting:


	Gross Fair Value(a)		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of September 30, 2022
Commodity Contracts:
Short-term derivative asset	$	118	$	(114)	$	4
Long-term derivative asset	28		(28)		—
Short-term derivative liability	(1,989)		114		(1,875)
Long-term derivative liability	(447)		28		(419)
Total derivatives	$	(2,290)	$	—	$	(2,290)

As of December 31, 2021
Commodity Contracts:
Short-term derivative asset	$	56	$	(51)	$	5
Short-term derivative liability	(950)		51		(899)
Long-term derivative liability	(249)		—		(249)
Total derivatives	$	(1,143)	$	—	$	(1,143)

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Fair Value

The fair value of our derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives.

Credit Risk Considerations

Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we enter into derivative contracts only with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of September 30, 2022, our natural gas and oil derivative instruments were spread among 13 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 September 30, 2022, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.

Effect of Derivative Instruments – Accumulated Other Comprehensive Income

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


	Predecessor
	Period from January 1, 2021 through February 9, 2021

	Before Tax		After Tax
Balance, beginning of period	$	(12)	$	45
Losses reclassified to income(a)	3		3
Fresh start adjustments	9		9
Elimination of tax effects	—		(57)
Balance, end of period	$	—	$	—

___________________________________________

(a)These losses were included as a component of total natural gas and oil derivatives.

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. We did not have any changes or items impacting other comprehensive income for the 2022 Successor Quarter, the 2022 Successor Period, the 2021 Successor Quarter or the 2021 Successor Period.

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss), basic	$ 5,383	$ 883	$ (345)	$ (489)	$ 1,356
Net income (loss), diluted	$ 5,383	$ 883	$ (345)	$ (489)	$ 1,356
Weighted average common shares outstanding, basic (in shares)	9,781	121,150	98,221	98,040	122,924
Effect of potentially dilutive securities
Preferred stock (in shares)	290	0	0	0	0
Warrants (in shares)	0	22,794	0	0	21,692
Restricted stock (in shares)	0	396	0	0	368
Performance share units (in shares)	0	50	0	0	47
Weighted average common shares outstanding, diluted (in shares)	10,071	144,390	98,221	98,040	145,031
Basic (in dollars per share)	$ 550.35	$ 7.29	$ (3.51)	$ (4.99)	$ 11.03
Diluted (in dollars per share)	$ 534.51	$ 6.12	$ (3.51)	$ (4.99)	$ 9.35

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Other current liabilities

Other current liabilities as of September 30, 2022 and December 31, 2021 are detailed below:


	Successor
	September 30, 2022		December 31, 2021
Revenues and royalties due others	$	938	$	617
Accrued drilling and production costs	324		142
Accrued hedging costs	114		113
Accrued compensation and benefits	74		91
Other accrued taxes	156		86
Operating leases	36		29
Joint interest prepayments received	23		14
Other	119		110
Total other current liabilities	$	1,784	$	1,202

Derivative and Hedging Activities - Narrative (Details)	Sep. 30, 2022 counterparty
Energy related derivative
Derivative [Line Items]
Number of counterparties (in counterparties)	13

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Restricted cash \| $	$ 56	$ 9

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 09, 2021
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 18
Share-based compensation expense, weighted average period for recognition	2 years 2 months 23 days
Performance share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%	0.00%
Performance share units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%	100.00%
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
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Intrinsic value of restricted stock, vested	$ 26
Unrecognized compensation expense	$ 45
Share-based compensation expense, weighted average period for recognition	2 years 2 months 19 days
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

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,971,136
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Class A Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Warrants to purchase Common Stock
Trading Symbol	CHKEW
Security Exchange Name	NASDAQ
Class B Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class B Warrants to purchase Common Stock
Trading Symbol	CHKEZ
Security Exchange Name	NASDAQ
Class C Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class C Warrants to purchase Common Stock
Trading Symbol	CHKEL
Security Exchange Name	NASDAQ
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CHK
Security Exchange Name	NASDAQ

Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3	$ 7	$ 4	$ 7	$ 19
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	5	2	4	14
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	1	1	2	3
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1	$ 1	$ 1	$ 2

Fresh Start Accounting - Additional Information (Details) - USD ($) $ in Millions	Feb. 09, 2021	Sep. 30, 2022	Dec. 31, 2021
Reorganization, Chapter 11 [Line Items]
Assets	$ 6,814	$ 14,089	$ 11,009
Liabilities	3,228	$ 7,742	$ 5,338
Enterprise value	4,851
Long-term debt, net	1,313
DIP Facility
Reorganization, Chapter 11 [Line Items]
Payment of roll-up of DIP Facility balance	1,179
Payment of roll-up of DIP Facility balance	1,179
Predecessor
Reorganization, Chapter 11 [Line Items]
Assets	6,595
Liabilities	13,175
Long-term debt, net	0
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Assets	359
Liabilities	149
Long-term debt, net	52
Minimum \| Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Enterprise value	$ 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]
Enterprise value	$ 4,900

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
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2020					5,563,358
Beginning balance (in shares) at Dec. 31, 2020						9,780,547
Beginning balance at Dec. 31, 2020	$ (5,341)				$ 1,631	$ 0	$ 16,937				$ (23,954)	$ 45
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition	0
Share-based compensation (in shares)						67
Share-based compensation	3						3
Hedging activity	3											3
Net income (loss)	5,383										5,383
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 common stock for warrant exercise		$ 93	$ 94	$ 68				$ 93	$ 94	$ 68
Preferred stock, shares outstanding, ending balance (in shares) at Feb. 09, 2021					0
Ending balance (in shares) at Feb. 09, 2021						97,907,081
Ending balance at Feb. 09, 2021	3,586				$ 0	$ 1	3,585				0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	295										295
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2021					0
Ending balance (in shares) at Mar. 31, 2021						97,907,081
Ending balance at Mar. 31, 2021	3,881				$ 0	$ 1	3,585				295	0
Preferred stock, shares outstanding, beginning balance (in shares) at Feb. 09, 2021					0
Beginning balance (in shares) at Feb. 09, 2021						97,907,081
Beginning balance at Feb. 09, 2021	3,586				$ 0	$ 1	3,585				0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition	0
Hedging activity	0
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2021					0
Ending balance (in shares) at Sep. 30, 2021						98,286,731
Ending balance at Sep. 30, 2021	3,038				$ 0	$ 1	3,594				(557)	0
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2021					0
Beginning balance (in shares) at Mar. 31, 2021						97,907,081
Beginning balance at Mar. 31, 2021	3,881				$ 0	$ 1	3,585				295	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)						921
Share-based compensation	3						3
Issuance of common stock for warrant exercise (in shares)						46,035
Issuance of common stock for warrant exercise	2						2
Net income (loss)	(439)										(439)
Dividends on common stock	(34)										(34)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2021					0
Ending balance (in shares) at Jun. 30, 2021						97,954,037
Ending balance at Jun. 30, 2021	3,413				$ 0	$ 1	3,590				(178)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)						761
Share-based compensation	4						4
Hedging activity	0
Issuance of common stock for warrant exercise (in shares)						6,218
Issuance of common stock for warrant exercise	0
Issuance of reserved common stock and warrants (in shares)						325,715
Issuance of reserved common stock and warrants	0
Net income (loss)	(345)										(345)
Dividends on common stock	(34)										(34)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2021					0
Ending balance (in shares) at Sep. 30, 2021						98,286,731
Ending balance at Sep. 30, 2021	3,038				$ 0	$ 1	3,594				(557)	0
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021					0
Beginning balance (in shares) at Dec. 31, 2021						117,917,349
Beginning balance at Dec. 31, 2021	5,671				$ 0	$ 1	4,845				825	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition (in shares)						9,442,185
Issuance of common stock for Marcellus Acquisition	764						764
Share-based compensation (in shares)						23,169
Share-based compensation	5						5
Issuance of common stock for warrant exercise (in shares)						669,669
Issuance of common stock for warrant exercise	1						1
Repurchase and retirement of common stock (in shares)						(1,000,000)
Repurchase and retirement of common stock	(83)										(83)
Net income (loss)	(764)										(764)
Dividends on common stock	(211)										(211)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022					0
Ending balance (in shares) at Mar. 31, 2022						127,052,372
Ending balance at Mar. 31, 2022	5,383				$ 0	$ 1	5,615				(233)	0
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021					0
Beginning balance (in shares) at Dec. 31, 2021						117,917,349
Beginning balance at Dec. 31, 2021	5,671				$ 0	$ 1	4,845				825	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition	764
Hedging activity	0
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022					0
Ending balance (in shares) at Sep. 30, 2022						121,334,663
Ending balance at Sep. 30, 2022	6,347				$ 0	$ 1	5,627				719	0
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2022					0
Beginning balance (in shares) at Mar. 31, 2022						127,052,372
Beginning balance at Mar. 31, 2022	5,383				$ 0	$ 1	5,615				(233)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)						146,054
Share-based compensation	3						3
Issuance of common stock for warrant exercise (in shares)						166,606
Issuance of common stock for warrant exercise	1						1
Issuance of reserved common stock and warrants (in shares)						36,951
Issuance of reserved common stock and warrants	0
Repurchase and retirement of common stock (in shares)						(5,811,727)
Repurchase and retirement of common stock	(515)										(515)
Net income (loss)	1,237										1,237
Dividends on common stock	(301)										(301)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022					0
Ending balance (in shares) at Jun. 30, 2022						121,590,256
Ending balance at Jun. 30, 2022	5,808				$ 0	$ 1	5,619				188	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)						991
Share-based compensation	7						7
Hedging activity	0
Issuance of common stock for warrant exercise (in shares)						493,016
Issuance of common stock for warrant exercise	$ 1						1
Repurchase and retirement of common stock (in shares)	(750,000)					(749,600)
Repurchase and retirement of common stock	$ (69)										(69)
Net income (loss)	883										883
Dividends on common stock	(283)										(283)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022					0
Ending balance (in shares) at Sep. 30, 2022						121,334,663
Ending balance at Sep. 30, 2022	$ 6,347				$ 0	$ 1	$ 5,627				$ 719	$ 0

Revenue - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (2)	$ (3)
Total accounts receivable, net	1,757	1,115
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	1,477	922
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	268	158
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 14	$ 38

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes


10.			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 2022 Successor Period is 5.9% as a result of projecting current federal and state income taxes and a full valuation allowance against our anticipated net deferred asset position at December 31, 2022.

Our estimated AETR for the 2021 Successor Period was 2.0% as a result of maintaining a full valuation allowance against our net deferred asset position. 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 resulted 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 resulted 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.

As of December 31, 2021, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2022. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that our deferred tax assets will not be realized. As such, a full valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of September 30, 2022 and December 31, 2021. A significant piece of objectively verifiable negative evidence evaluated is the cumulative loss incurred throughout the last several quarters. Should future results of operations demonstrate a trend of profitability, additional weight may be placed upon other evidence, such as forecasts of future taxable income. Additionally, future events and new evidence, such as the integration and realization of profit from recently acquired assets, could lead to increased weight being placed upon future forecasts and the conclusion that some or all of the deferred tax assets are more likely than not to be realizable. Therefore, we believe that there is a possibility that some or all of the valuation allowance could be released in the foreseeable future.

Our ability to utilize net operating loss (“NOL”) carryforwards, disallowed business interest carryforwards, tax credits and possibly other tax attributes to reduce future taxable income and federal income tax is subject to various limitations under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). The utilization of such attributes may be subject to an annual limitation under Section 382 of the Code should transactions involving our equity result in a cumulative shift of more than 50% in the beneficial ownership of our stock during any three-year testing period (an “Ownership Change”).

As a result of emergence from bankruptcy on February 9, 2021, the Company did experience an Ownership Change. 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 our 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. 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. Recognized built-in losses include a portion of our tax depreciation, depletion, and amortization deductions along with a portion of our realized hedging losses. We incurred sufficient recognized built-in losses during the 2021 tax year such that we have no further restriction on the company’s deductions for such items. 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 was $5 billion, all of which reduced our NOL carryforwards. As a result of the Section 382 limitation, $593 million of federal NOLs remaining after the CODI reduction were estimated to expire before they would become utilizable and, as such, were removed from our deferred tax assets. The states we operate in generally have similar rules for attribute reduction and Section 382 limitation which resulted in the reduction of certain of our state NOL carryforwards.

On November 1, 2021, we completed the acquisition of Vine. For federal income tax purposes, the transaction qualified as a tax-free merger under Section 368 of the Code and, as a result, we acquired carryover tax basis in Vine’s assets and liabilities. In the 2021 Successor Period, we recorded a $49 million net deferred tax liability determined through business combination accounting. Upon the completion of Vine’s tax returns in the 2022 Successor Period, the net deferred tax liability was adjusted to $30 million. As a result of this adjustment to the deferred tax liability, we increased our valuation allowance and recorded $19 million of income tax expense in the 2022 Successor Period.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022 (“IRA”), which includes provisions for a 15% corporate alternative minimum tax on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year and a 1% excise tax on stock buybacks. These changes are generally in effect for tax years beginning after December 31, 2022. We are in the process of evaluating the potential impact of the IRA.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Natural Gas and Oil Property Transactions - Narrative (Details) - USD ($) shares in Millions				1 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended	8 Months Ended	9 Months Ended
	Mar. 25, 2022	Mar. 09, 2022	Nov. 01, 2021	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Business Acquisition [Line Items]
Natural gas and oil derivatives				$ 382,000,000	$ 1,029,000,000	$ 910,000,000			$ 1,604,000,000	$ 3,668,000,000
Costs and expenses				494,000,000	2,157,000,000	1,228,000,000			2,946,000,000	6,065,000,000
Nonoperating expense				(5,560,000,000)	48,000,000	17,000,000			16,000,000	91,000,000
Share-based compensation				3,000,000					5,000,000	16,000,000
Natural gas, oil and NGL
Business Acquisition [Line Items]
Revenue				398,000,000	2,987,000,000	1,170,000,000			2,615,000,000	7,691,000,000
Marketing
Business Acquisition [Line Items]
Revenue				$ 239,000,000	$ 1,206,000,000	$ 627,000,000			$ 1,443,000,000	$ 3,296,000,000
6.75% senior notes due 2029 \| Senior Notes
Business Acquisition [Line Items]
Interest rate, stated percentage			6.75%		6.75%		6.75%	6.75%		6.75%
Debt assumed			$ 950,000,000
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures of property and equipment	$ 450,000,000
Gain (loss) on sale of oil and natural gas properties							$ 18,000,000			$ 298,000,000
Marcellus
Business Acquisition [Line Items]
Consideration transferred		$ 2,770,000,000
Cash		$ 2,000,000,000
Shares issued in acquisition (in shares)		9.4
Measurement period adjustments, cash and current liabilities		$ 39,000,000
Natural gas and oil derivatives								$ 542,000,000
Costs and expenses								329,000,000
Marcellus \| Natural gas, oil and NGL
Business Acquisition [Line Items]
Revenue								959,000,000
Marcellus \| Marketing
Business Acquisition [Line Items]
Revenue								$ 20,000,000
Marcellus \| Exit credit facility
Business Acquisition [Line Items]
Borrowings		$ 914,000,000
Vine Energy Corporation (Vine)
Business Acquisition [Line Items]
Consideration transferred			1,490,000,000
Cash			$ 253,000,000
Natural gas and oil derivatives										846,000,000
Costs and expenses										680,000,000
Nonoperating expense										30,000,000
Common stock issued in the merger (in shares)			18.7
Extinguishment of debt			$ 163,000,000
Premium paid with cash			13,000,000
Measurement period adjustments, deferred tax liabilities and unproved properties			19,000,000
Share-based compensation			6,000,000
Vine Energy Corporation (Vine) \| Natural gas, oil and NGL
Business Acquisition [Line Items]
Revenue										$ 1,480,000,000
Vine Energy Corporation (Vine) \| New RBL
Business Acquisition [Line Items]
Borrowings			0
Vine Energy Corporation (Vine) \| Scenario, Plan
Business Acquisition [Line Items]
Cash			$ 90,000,000

Share-Based Compensation - Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	1 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022
Unvested Restricted Stock Units
Unvested restricted stock, beginning balance (in shares)	1	775
Granted (in shares)	0	520
Vested (in shares)	0	(293)
Forfeited (in shares)	(1)	(103)
Unvested restricted stock, ending balance (in shares)	0	899
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in dollars per share)	$ 616.57	$ 46.77
Granted (in dollars per share)	0	76.38
Vested (in dollars per share)	0	47.78
Forfeited (in dollars per share)	611.47	53.63
Unvested restricted stock, ending balance (in dollars per share)	$ 0	$ 62.78

Natural Gas and Oil Property Transactions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 510	$ 2,254	$ 7,617
Net income (loss) available to common stockholders	$ (1,159)	$ (1,732)	$ 1,252
Earnings (loss) per common share, basic (in dollars per share)	$ (9.15)	$ (13.70)	$ 10.00
Earnings (loss) per common share, diluted (in dollars per share)	$ (9.15)	$ (13.70)	$ 8.50

Contingencies and Commitments (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of contractual obligation

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


	Successor
	September 30, 2022
Remainder of 2022	$	151
2023	546
2024	514
2025	444
2026	403
2027-2036	2,094
Total	$	4,152

Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Feb. 09, 2021
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 938	$ 617
Accrued drilling and production costs	324	142
Accrued hedging costs	114	113
Accrued compensation and benefits	74	91
Other accrued taxes	156	86
Operating leases	36	29
Joint interest prepayments received	23	14
Other	119	110
Total other current liabilities	$ 1,784	$ 1,202	$ 769

Natural Gas and Oil Property Transactions

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Natural Gas and Oil Property Transactions


4.			Natural Gas and Oil Property Transactions

Marcellus Acquisition

On March 9, 2022, we completed the Marcellus Acquisition for total consideration of approximately $2.77 billion, consisting of approximately $2 billion in cash, including working capital adjustments and approximately 9.4 million shares of our common stock, to acquire high quality producing assets and a deep inventory of premium drilling locations in the prolific Marcellus Shale in Northeast Pennsylvania. The Marcellus Acquisition was indebtedness free, effective as of January 1, 2022, subject to customary purchase price adjustments. We funded the cash portion of the consideration with cash on hand and $914 million of borrowings under the Company’s Exit Credit Facility. See Note 6 for further discussion of debt.

Preliminary Marcellus Acquisition Purchase Price Allocation

We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the preliminary allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, valuation of pre-acquisition contingencies and final appraisals of assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate. During the 2022 Successor Quarter, we recognized measurement period adjustments of $39 million to both restricted cash and current liabilities.


	Preliminary Purchase Price Allocation
Consideration:
Cash	$	2,000
Fair value of Chesapeake’s common stock issued in the merger	764
Working capital adjustments	6
Total consideration	$	2,770

Fair Value of Liabilities Assumed:
Current liabilities	$	459


Other long-term liabilities	129
Amounts attributable to liabilities assumed	$	588

Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash	$	39
Other current assets	218
Proved natural gas and oil properties	2,309
Unproved properties	788
Other property and equipment	1
Other long-term assets	3
Amounts attributable to assets acquired	$	3,358

Total identifiable net assets	$	2,770

Natural Gas and Oil Properties

For the Marcellus Acquisition, we applied applicable guidance, under which an acquirer should recognize the identifiable assets acquired and the liabilities assumed on the acquisition date at fair value. The fair value estimate of proved and unproved natural gas and oil properties as of the acquisition date was based on estimated natural gas and oil reserves and related future net cash flows discounted using a weighted average cost of capital, including estimates of future production rates and future development costs. We utilized NYMEX strip pricing adjusted for inflation to value the reserves. We then applied various discount rates depending on the classification of reserves and other risk characteristics. Management utilized the assistance of a third-party valuation expert to estimate the value of the natural gas and oil properties acquired. Additionally, the fair value estimate of proved and unproved natural gas and oil properties was corroborated by utilizing a market approach, which considers recent comparable transactions for similar assets.

The inputs used to value natural gas and oil properties require significant judgment and estimates made by management and represent Level 3 inputs.

Marcellus Acquisition Revenues and Expenses Subsequent to Acquisition

We included in our condensed consolidated statements of operations natural gas, oil and NGL revenues of $959 million, marketing revenues of $20 million, net losses on natural gas and oil derivatives of $542 million, and direct operating expenses of $329 million, including depreciation, depletion and amortization related to the Marcellus Acquisition businesses for the period from March 10, 2022 (the date immediately following the completion of the Marcellus Acquisition) through September 30, 2022.

Vine Acquisition

On November 1, 2021, we acquired Vine, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana pursuant to a definitive agreement with Vine dated August 10, 2021, for total consideration of approximately $1.5 billion, consisting of approximately 18.7 million shares of our common stock and $90 million in cash. In conjunction with the Vine Acquisition, Vine’s Second Lien Term Loan was repaid and terminated for $163 million, inclusive of a $13 million make whole premium with cash on hand due to the agreement containing a change in control provision making the term loan callable upon closing. Vine’s reserve based loan facility, which had no borrowings as of November 1, 2021, was terminated at the time of the acquisition. Additionally, Vine’s 6.75% Senior Notes, with a principal amount of $950 million, were assumed by the Company. See Note 6 for additional discussion of the assumed debt. We funded the cash portion of the consideration with cash on hand.

Vine Purchase Price Allocation

We have accounted for the Vine Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price of Vine to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction as of September 30, 2022, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 10 for additional information regarding the change to deferred tax liabilities.


	Purchase Price Allocation
Consideration:
Cash	$	253
Fair value of Chesapeake’s common stock issued in the merger	1,231
Restricted stock unit replacement awards	6
Total consideration	$	1,490

Fair Value of Liabilities Assumed:
Current liabilities	$	765
Long-term debt	1,021
Deferred tax liabilities	30
Other long-term liabilities	272
Amounts attributable to liabilities assumed	$	2,088

Fair Value of Assets Acquired:
Cash and cash equivalents	$	59
Other current assets	206
Proved natural gas and oil properties	2,181
Unproved properties	1,099
Other property and equipment	1
Other long-term assets	32
Amounts attributable to assets acquired	$	3,578

Total identifiable net assets	$	1,490

Natural Gas and Oil Properties

For the Vine Acquisition, we applied applicable guidance, under which an acquirer should recognize the identifiable assets acquired and the liabilities assumed on the acquisition date at fair value. The fair value estimate of proved and unproved natural gas and oil properties as of the acquisition date was based on estimated natural gas and oil reserves and related future net cash flows discounted using a weighted average cost of capital, including estimates of future production rates and future development costs. We utilized NYMEX strip pricing adjusted for inflation to value the reserves. We then applied various discount rates depending on the classification of reserves and other risk characteristics. Management utilized the assistance of a third-party valuation expert to estimate the value of the natural gas and oil properties acquired. Additionally, the fair value estimate of proved and unproved natural gas and oil properties was corroborated by utilizing a market approach, which considers recent comparable transactions for similar assets.

The inputs used to value natural gas and oil properties require significant judgment and estimates made by management and represent Level 3 inputs.

Financial Instruments and Other

The fair value measurements of long-term debt were estimated based on a market approach using estimates provided by an independent investment data services firm and represent Level 2 inputs.

Restricted Stock Unit Replacement Awards

Included in consideration for the Vine Acquisition is approximately $6 million related to pre-combination service recognized on Vine’s restricted stock unit (“RSU”) awards. For RSUs that were accelerated or transitioned at the time of the merger, we recognized expense for the portion of the award that was accelerated and included in consideration the portion of the award related to pre-combination service.

Vine Revenues and Expenses Subsequent to Acquisition

We included in our condensed consolidated statements of operations natural gas, oil and NGL revenues of $1,480 million, net losses on natural gas and oil derivatives of $846 million, direct operating expenses of $680 million, including depreciation, depletion and amortization, and other expense of $30 million, related to the Vine business for the nine months ended September 30, 2022.

Combined Pro Forma Financial Information

As the Vine Acquisition closed on November 1, 2021, all activity in 2022 is included in Chesapeake’s condensed consolidated statements of operations for the 2022 Successor Quarter and the 2022 Successor Period. The following unaudited pro forma financial information is based on our historical condensed consolidated financial statements adjusted to reflect as if the Marcellus Acquisition and Vine Acquisition had each occurred on February 10, 2021, the date Chesapeake emerged from bankruptcy. See Note 2 for additional information on the bankruptcy. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.


	Successor
	Nine Months Ended September 30, 2022
Revenues	$	7,617
Net income available to common stockholders	$	1,252
Earnings per common share:
Basic	$	10.00
Diluted	$	8.50


	Successor
	Three Months Ended September 30, 2021		Period from February 10, 2021 through September 30, 2021
Revenues	$	510	$	2,254
Net loss available to common stockholders	$	(1,159)	$	(1,732)
Loss per common share:
Basic	$	(9.15)	$	(13.70)
Diluted	$	(9.15)	$	(13.70)

Powder River Divestiture

On January 24, 2022, Chesapeake signed an agreement to sell its Powder River Basin assets in Wyoming to Continental Resources, Inc. (NYSE: CLR) for approximately $450 million, subject to customary closing adjustments. The divestiture, which closed on March 25, 2022, resulted in the recognition of a gain of approximately $298 million, which included $18 million of post-close adjustments, based on the difference between the carrying value of the assets and the cash received.

Fresh Start Accounting - Changes in Accounts Payable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Net impact to accounts payable	$ 539	$ 308	$ 415
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 - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Feb. 09, 2021
Current assets:
Cash and cash equivalents	$ 74	$ 905	$ 849	$ 40
Restricted cash				86
Accounts receivable, net				843
Short-term derivative assets	4	5		0
Other current assets				61
Total current assets	2,059	2,103		1,030
Property and equipment:
Proved natural gas and oil properties	11,437	7,682		4,686
Unproved properties	2,192	1,530		483
Other property and equipment	506	495		499
Total property and equipment	14,135	9,707		5,668
Less: accumulated depreciation, depletion and amortization	(2,182)	(908)		0
Property and equipment held for sale, net	1	3		2
Total property and equipment, net	11,954	8,802		5,670
Other long-term assets	76	104		114
Total assets	14,089	11,009		6,814
Current liabilities:
Accounts payable	539	308		415
Current maturities of long-term debt, net				0
Accrued interest	40	38		0
Short-term derivative liabilities	1,875	899		398
Other current liabilities	1,784	1,202		769
Total current liabilities	4,238	2,447		1,582
Long-term debt, net				1,313
Long-term derivative liabilities	419	249		90
Asset retirement obligations, net of current portion	350	349		236
Other long-term liabilities				7
Liabilities subject to compromise				0
Total liabilities	7,742	5,338		3,228
Contingencies and commitments (Note 7)
Stockholders’ equity (deficit):
Predecessor preferred stock				0
Successor additional paid-in capital	5,627	4,845
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 121,334,663 and 117,917,349 shares issued	1	1		1
Successor additional paid-in-capital				3,585
Accumulated other comprehensive income				0
Retained earnings	719	825		0
Total stockholders' equity	6,347	5,671		3,586
Total liabilities and stockholders' equity	$ 14,089	$ 11,009		6,814
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 natural gas and oil 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, net				1,929
Accrued interest				4
Short-term derivative liabilities				398
Other current liabilities				645
Total current liabilities				3,367
Long-term debt, net				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 7)
Stockholders’ equity (deficit):
Predecessor preferred stock				1,631
Successor additional paid-in capital				16,940
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 121,334,663 and 117,917,349 shares issued				0
Successor additional paid-in-capital				0
Accumulated other comprehensive income				48
Retained earnings				(25,199)
Total stockholders' equity				(6,580)
Total liabilities and stockholders' equity				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 natural gas and oil 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, net				(1,929)
Accrued interest				(4)
Short-term derivative liabilities				0
Other current liabilities				124
Total current liabilities				(1,785)
Long-term debt, net				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 7)
Stockholders’ equity (deficit):
Predecessor preferred stock				(1,631)
Successor additional paid-in capital				(16,940)
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 121,334,663 and 117,917,349 shares issued				1
Successor additional paid-in-capital				3,585
Accumulated other comprehensive income				0
Retained earnings				24,941
Total stockholders' equity				9,956
Total liabilities and stockholders' equity				(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 natural gas and oil 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
Other long-term assets				(84)
Total assets				359
Current liabilities:
Accounts payable				0
Current maturities of long-term debt, net				0
Accrued interest				0
Short-term derivative liabilities				0
Other current liabilities				0
Total current liabilities				0
Long-term debt, net				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 7)
Stockholders’ equity (deficit):
Predecessor preferred stock				0
Successor additional paid-in capital				0
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 121,334,663 and 117,917,349 shares issued				0
Successor additional paid-in-capital				0
Accumulated other comprehensive income				(48)
Retained earnings				258
Total stockholders' equity				210
Total liabilities and stockholders' equity				$ 359

Fresh Start Accounting - Reorganization Items, Net (Details) - USD ($)		1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Reorganization, Chapter 11 [Line Items]
Total reorganization items, net		$ 5,569,000,000			$ 0	$ 0
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gains on the settlement of liabilities subject to compromise	$ 6,443,000,000	6,443,000,000
Accrual for allowed claims		(1,002,000,000)
Gain on fresh start adjustments		201,000,000
Gain from release of commitment liabilities		55,000,000
Professional service provider fees and other		(60,000,000)
Success fees for professional service providers		(38,000,000)
Surrender of other receivable	18,000,000	(18,000,000)
FLLO alternative transaction fee		(12,000,000)
Total reorganization items, net	$ (6,370,000,000)	$ 5,569,000,000	$ 0	$ 0	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies


1.			Basis of Presentation and Summary of Significant Accounting Policies

Description of Company

Chesapeake Energy Corporation (“Chesapeake”, “we”, “our”, “us” or the “Company”) is a natural gas and oil exploration and production company engaged in the acquisition, exploration and development of properties for the production of natural gas, oil and NGL from underground reservoirs. Our operations are located onshore in the United States. 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 our financial position as of September 30, 2022 and December 31, 2021, the three months ended September 30, 2022 (“2022 Successor Quarter”), the nine months ended September 30, 2022 (“2022 Successor Period”), the three months ended September 30, 2021 (“2021 Successor Quarter”), the period of February 10, 2021 through September 30, 2021 (“2021 Successor Period”) and the period of January 1, 2021 through February 9, 2021 (“2021 Predecessor Period”). Our annual report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. The accompanying condensed 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 September 30, 2022, we had restricted cash of $56 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.

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 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 operated our business 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 pay 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. See Note 3 for more information regarding reorganization items.

Debt - Long-Term Debt Table (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Nov. 01, 2021	Feb. 09, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Long-term debt, fair value	$ 2,518	$ 2,313
Debt issuance costs	(8)	(9)
Total long-term debt, net	2,717	2,278
Line of Credit \| Exit Credit Facility - Tranche A Loans
Debt Instrument [Line Items]
Chesapeake revolving credit facility	450	0
Long-term debt, fair value	450	0
Line of Credit \| Exit Credit Facility - Tranche B Loans
Debt Instrument [Line Items]
Chesapeake revolving credit facility	221	221
Long-term debt, fair value	221	221
Senior Notes
Debt Instrument [Line Items]
Premiums on senior notes	$ 104	116			$ 52
Senior Notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%			5.50%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 479	526
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%			5.875%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 462	535
Senior Notes \| 6.75% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	6.75%		6.75%
Outstanding borrowings	$ 950	950
Long-term debt, fair value	906	$ 1,031
Premiums on senior notes	$ 71

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,383	$ 883	$ (345)	$ (489)	$ 1,356
Other comprehensive income, net of income tax:
Reclassification of losses on settled derivative instruments	3	0	0	0	0
Other comprehensive income	3	0	0	0	0
Comprehensive income (loss)	$ 5,386	$ 883	$ (345)	$ (489)	$ 1,356

- 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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+ Details

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Total
Disaggregation of Revenue [Line Items]
Revenue	$ 398	$ 2,987	$ 1,170	$ 2,615	$ 7,691
Total \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	119	1,324	383	772	3,085
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	53	1,093	207	401	2,733
Total \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	193	570	487	1,217	1,774
Total \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue	33		93	225	99
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	196	2,496	664	1,351	6,049
Natural Gas \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	119	1,324	383	772	3,085
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	53	1,093	207	401	2,733
Natural Gas \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	17	79	53	127	211
Natural Gas \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue	7		21	51	20
Oil
Disaggregation of Revenue [Line Items]
Revenue	179	437	437	1,115	1,456
Oil \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0	0
Oil \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	159	437	379	971	1,390
Oil \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue	20		58	144	66
NGL
Disaggregation of Revenue [Line Items]
Revenue	23	54	69	149	186
NGL \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0	0
NGL \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	17	54	55	119	173
NGL \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue	6		14	30	13
Marketing
Disaggregation of Revenue [Line Items]
Revenue	239	1,206	627	1,443	3,296
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	78	827	240	483	1,872
Oil
Disaggregation of Revenue [Line Items]
Revenue	141	328	326	828	1,231
NGL
Disaggregation of Revenue [Line Items]
Revenue	$ 20	$ 51	$ 61	$ 132	$ 193

Chapter 11 Emergence (Details) $ in Millions	Feb. 09, 2021 USD ($) boardMember shares	Sep. 30, 2022 shares
Directors
Debt Instrument [Line Items]
Number of individuals elected in Board of Directors (in individuals) \| boardMember	7
Non-Employee Directors
Debt Instrument [Line Items]
Number of individuals elected in Board of Directors (in individuals) \| boardMember	5
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]
Common stock, reserved for future issuance (in shares)		2,248,726
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 \| Rights Offering
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	62,927,320
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 \| 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]
Stock issued during period, new issues (in shares)	23,022,420
New Common Stock \| Second Lien Notes
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	3,635,118
New Common Stock \| Second Lien Notes \| Class A Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	11,111,111
New Common Stock \| Second Lien Notes \| Class B Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	12,345,679
New Common Stock \| Second Lien Notes \| Class C Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	6,858,710
Warrants issued (in shares)	6,858,710
New Common Stock \| Allowed Unsecured Notes
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares)	1,311,089
New Common Stock \| Allowed Unsecured Notes \| Class C Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	2,473,757
Warrants issued (in shares)	2,473,757
New Common Stock \| Allowed General Unsecured Claim
Debt Instrument [Line Items]
Stock issued during period, new issues (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]
Common stock, reserved for future issuance (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

Other Operating Expense (Income), Net (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Marcellus
Business Acquisition [Line Items]
Acquisition related costs	$ 40

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021
Numerator
Net income (loss), basic and diluted	$	883	$	(345)	$	1,356	$	(489)	$	5,383

Denominator (in thousands)
Weighted average common shares outstanding, basic	121,150		98,221		122,924		98,040		9,781
Effect of potentially dilutive securities
Preferred stock	—		—		—		—		290
Warrants	22,794		—		21,692		—		—
Restricted stock units	396		—		368		—		—
Performance share units	50		—		47		—		—
Weighted average common shares outstanding, diluted	144,390		98,221		145,031		98,040		10,071

Earnings (loss) per common share:
Basic	$	7.29	$	(3.51)	$	11.03	$	(4.99)	$	550.35
Diluted	$	6.12	$	(3.51)	$	9.35	$	(4.99)	$	534.51

Derivative and Hedging Activities - Derivative Instruments (Details) - Energy related derivative $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Bcf MMBbls	Dec. 31, 2021 USD ($) Bcf MMBbls
Derivative [Line Items]
Fair Value	$ (2,290)	$ (1,143)
Natural gas
Derivative [Line Items]
Notional Volume \| Bcf	1,429	1,112
Fair Value	$ (2,172)	$ (785)
Natural gas \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| Bcf	449	637
Fair Value	$ (1,413)	$ (675)
Natural gas \| Collars
Derivative [Line Items]
Notional Volume \| Bcf	547	205
Fair Value	$ (664)	$ (82)
Natural gas \| Three-way collars
Derivative [Line Items]
Notional Volume \| Bcf	10	0
Fair Value	$ (29)	$ 0
Natural gas \| Call options
Derivative [Line Items]
Notional Volume \| Bcf	18	18
Fair Value	$ (63)	$ (17)
Natural gas \| Swaptions
Derivative [Line Items]
Notional Volume \| Bcf	7	0
Fair Value	$ (19)	$ 0
Natural gas \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| Bcf	398	252
Fair Value	$ 16	$ (11)
Oil
Derivative [Line Items]
Notional Volume \| MMBbls	20	22
Fair Value	$ (118)	$ (358)
Oil \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| MMBbls	4	13
Fair Value	$ (136)	$ (356)
Oil \| Collars
Derivative [Line Items]
Notional Volume \| MMBbls	6	0
Fair Value	$ 23	$ 0
Oil \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| MMBbls	10	9
Fair Value	$ (5)	$ (2)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2021	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 5,383	$ (489)	$ 1,356
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	72	579	1,300
Deferred income tax expense (benefit)	(57)	0	19
Derivative losses, net	382	1,604	3,668
Cash payments on derivative settlements, net	(17)	(437)	(2,845)
Share-based compensation	3	5	16
Gains on sales of assets	(5)	(9)	(298)
Impairments	0	1	0
Non-cash reorganization items, net	(6,680)	0	0
Exploration	2	1	10
Other	45	10	19
Changes in assets and liabilities	851	(19)	(170)
Net cash provided by (used in) operating activities	(21)	1,246	3,075
Cash flows from investing activities:
Capital expenditures	(66)	(404)	(1,299)
Business combination, net	0	0	(1,967)
Proceeds from divestitures of property and equipment	0	9	409
Net cash used in investing activities	(66)	(395)	(2,857)
Cash flows from financing activities:
Proceeds from Exit Credit Facility - Tranche A Loans	0	30	7,255
Payments on Exit Credit Facility - Tranche A Loans	(479)	(80)	(6,805)
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	3
Debt issuance and other financing costs	(8)	(3)	0
Cash paid to repurchase and retire common stock	0	0	(667)
Cash paid for common stock dividends	0	(67)	(788)
Other	0	(1)	0
Net cash used in financing activities	(66)	(119)	(1,002)
Net increase (decrease) in cash, cash equivalents and restricted cash	(153)	732	(784)
Cash, cash equivalents and restricted cash, beginning of period	279	126	914
Cash, cash equivalents and restricted cash, end of period	126	858	130
Cash and cash equivalents	40	849	74
Restricted cash	86	9	56
Total cash, cash equivalents and restricted cash	126	858	130
Supplemental cash flow information:
Cash paid for reorganization items, net	66	65	0
Interest paid, net of capitalized interest	13	33	107
Income taxes paid, net of refunds received	0	(3)	181
Supplemental disclosure of significant non-cash investing and financing activities:
Put option premium on equity backstop agreement	60	0	0
Common stock issued for business combination	0	0	764
Operating lease obligations recognized	0	0	25
Change in accrued drilling and completion costs
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$ (5)	$ 25	$ 193

Fresh Start Accounting - Sources and Uses of Cash (Details) - USD ($) $ in Millions		1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Sep. 30, 2021	Sep. 30, 2022
Sources:
Proceeds from issuance of the Notes		$ 1,000	$ 0	$ 0
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)
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)

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

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Share-Based Compensation - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	20
Granted (in shares)	0
Exercised (in shares)	0
Expired (in shares)	(1)
Forfeited/canceled (in shares)	(19)
Outstanding, ending balance (in shares)	0	20
Exercisable (in shares)	0
Weighted Average Exercise Price Per Share
Outstanding, beginning (in dollars per share)	$ 1,429.11
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Expired (in dollars per share)	741.86
Forfeited/canceled (in dollars per share)	1,452.4
Outstanding, ending (in dollars per share)	0	$ 1,429.11
Weighted average exercise price, exercisable (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
Aggregate intrinsic value, exercisable	$ 0

Equity - Additional Information (Details) $ / shares in Units, $ in Millions					1 Months Ended		3 Months Ended
	Oct. 13, 2022 shares	Mar. 09, 2022 shares	Nov. 01, 2021 shares	Feb. 09, 2021 $ / shares shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Nov. 01, 2022 $ / shares	Dec. 31, 2021 $ / shares shares	Dec. 02, 2021 USD ($)
Class of Stock [Line Items]
Common stock, par value (in usd per share) \| $ / shares							$ 0.01				$ 0.01
Common stock, shares issued (in shares)							121,334,663				117,917,349
Authorized amount \| $							$ 2,000					$ 1,000
Additional authorized amount \| $					$ 1,000			$ 1,000
Repurchase and retirement of common stock (in shares)					5,800,000	1,000,000	750,000
Repurchase and retirement of common stock \| $					$ 515	$ 83	$ 69	$ 515	$ 83
Number of shares issuable upon exercise each warrant							1.12
Class A Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				$ 27.63			$ 25.10
Class B Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				32.13			$ 29.18
Class C Warrants
Class of Stock [Line Items]
Common stock, reserved for future issuance (in shares)							2,248,726
Warrant, exercise price (in dollars per share) \| $ / shares				$ 36.18			$ 32.86
Subsequent Event
Class of Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares										$ 3.16
Dividends payable, base (in dollars per share) \| $ / shares										0.55
Dividends payable, variable (in dollars per share) \| $ / shares										$ 2.61
Subsequent Event \| Class A Warrants
Class of Stock [Line Items]
Number of warrants exchanged for common stock (in shares)	4,752,207
Warrants exchange ratio	0.8636
Subsequent Event \| Class B Warrants
Class of Stock [Line Items]
Number of warrants exchanged for common stock (in shares)	7,879,030
Warrants exchange ratio	0.8224
Subsequent Event \| Class C Warrants
Class of Stock [Line Items]
Number of warrants exchanged for common stock (in shares)	7,252,004
Warrants exchange ratio	0.7890
Vine Energy Corporation (Vine)
Class of Stock [Line Items]
Common stock issued in the merger (in shares)			18,700,000
New Common Stock
Class of Stock [Line Items]
Stock issued during period, new issues (in shares)				97,907,081
Common stock, par value (in usd per share) \| $ / shares				$ 0.01
Common stock, reserved for future issuance (in shares)				2,092,918
Common stock, shares issued (in shares)							36,951
Number of shares initially exercisable for warrants (in shares)				1
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
New Common Stock \| Subsequent Event
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares)	16,305,984
New Common Stock \| Vine Energy Corporation (Vine)
Class of Stock [Line Items]
Common stock issued in the merger (in shares)			18,709,399
New Common Stock \| Marcellus
Class of Stock [Line Items]
Common stock issued in the merger (in shares)		9,442,185

Fresh Start Accounting - Cumulative Net Impact on Accumulated Deficit (Details) - USD ($)		1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Reorganization, Chapter 11 [Line Items]
Total reorganization items, net		$ (5,569,000,000)			$ 0	$ 0
Net impact on accumulated deficit	$ 0	0	$ 719,000,000			719,000,000	$ 825,000,000
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gains on the settlement of liabilities subject to compromise	6,443,000,000	6,443,000,000
Accrual of professional service provider success fees	(38,000,000)	(38,000,000)
Accrual of professional service provider fees	(5,000,000)	(5,000,000)
Surrender of other receivable	(18,000,000)	18,000,000
Payment of FLLO alternative transaction fee	(12,000,000)
Total reorganization items, net	6,370,000,000	(5,569,000,000)	$ 0	$ 0	$ 0	$ 0
Cancellation of predecessor equity	18,571,000,000	18,571,000,000
Net impact on accumulated deficit	$ 24,941,000,000	$ 24,941,000,000

Natural Gas and Oil Property Transactions - Purchase Price Allocation (Details) - USD ($) $ in Millions			1 Months Ended	8 Months Ended	9 Months Ended
	Mar. 09, 2022	Nov. 01, 2021	Feb. 09, 2021	Sep. 30, 2021	Sep. 30, 2022
Consideration:
Restricted stock unit replacement awards			$ 3	$ 5	$ 16
Marcellus
Consideration:
Cash	$ 2,000
Fair value of Chesapeake’s common stock issued in the merger	764
Working capital adjustments	6
Total consideration	2,770
Fair Value of Liabilities Assumed:
Current liabilities	459
Other long-term liabilities	129
Amounts attributable to liabilities assumed	588
Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash	39
Other current assets	218
Proved natural gas and oil properties	2,309
Unproved properties	788
Other property and equipment	1
Other long-term assets	3
Amounts attributable to assets acquired	3,358
Total identifiable net assets	$ 2,770
Vine Energy Corporation (Vine)
Consideration:
Cash		$ 253
Fair value of Chesapeake’s common stock issued in the merger		1,231
Restricted stock unit replacement awards		6
Total consideration		1,490
Fair Value of Liabilities Assumed:
Current liabilities		765
Long-term debt		1,021
Deferred tax liabilities		30		$ 49	$ 30
Other long-term liabilities		272
Amounts attributable to liabilities assumed		2,088
Fair Value of Assets Acquired:
Cash and cash equivalents		59
Other current assets		206
Proved natural gas and oil properties		2,181
Unproved properties		1,099
Other property and equipment		1
Other long-term assets		32
Amounts attributable to assets acquired		3,578
Total identifiable net assets		$ 1,490

Natural Gas and Oil Property Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of preliminary allocation of the total purchase price


	Preliminary Purchase Price Allocation
Consideration:
Cash	$	2,000
Fair value of Chesapeake’s common stock issued in the merger	764
Working capital adjustments	6
Total consideration	$	2,770

Fair Value of Liabilities Assumed:
Current liabilities	$	459


Other long-term liabilities	129
Amounts attributable to liabilities assumed	$	588

Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash	$	39
Other current assets	218
Proved natural gas and oil properties	2,309
Unproved properties	788
Other property and equipment	1
Other long-term assets	3
Amounts attributable to assets acquired	$	3,358

Total identifiable net assets	$	2,770

The following table represents the allocation of the total purchase price of Vine to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction as of September 30, 2022, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 10 for additional information regarding the change to deferred tax liabilities.


	Purchase Price Allocation
Consideration:
Cash	$	253
Fair value of Chesapeake’s common stock issued in the merger	1,231
Restricted stock unit replacement awards	6
Total consideration	$	1,490

Fair Value of Liabilities Assumed:
Current liabilities	$	765
Long-term debt	1,021
Deferred tax liabilities	30
Other long-term liabilities	272
Amounts attributable to liabilities assumed	$	2,088

Fair Value of Assets Acquired:
Cash and cash equivalents	$	59
Other current assets	206
Proved natural gas and oil properties	2,181
Unproved properties	1,099
Other property and equipment	1
Other long-term assets	32
Amounts attributable to assets acquired	$	3,578

Total identifiable net assets	$	1,490

Schedule of pro forma financial information

The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.


	Successor
	Nine Months Ended September 30, 2022
Revenues	$	7,617
Net income available to common stockholders	$	1,252
Earnings per common share:
Basic	$	10.00
Diluted	$	8.50


	Successor
	Three Months Ended September 30, 2021		Period from February 10, 2021 through September 30, 2021
Revenues	$	510	$	2,254
Net loss available to common stockholders	$	(1,159)	$	(1,732)
Loss per common share:
Basic	$	(9.15)	$	(13.70)
Diluted	$	(9.15)	$	(13.70)

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Feb. 09, 2021
Derivatives, Fair Value [Line Items]
Short-term derivative assets	$ 4	$ 5	$ 0
Short-term derivative liability	(1,875)	(899)	(398)
Long-term derivative liability	(419)	(249)	$ (90)
Not designated as hedging instrument \| Commodity contract
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	(2,290)	(1,143)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative assets	4	5
Long-term derivative assets	0
Short-term derivative liability	(1,875)	(899)
Long-term derivative liability	(419)	(249)
Total derivatives	2,290	1,143
Not designated as hedging instrument \| Commodity contract \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	118	56
Derivative asset, fair value, gross liability, netted	(114)	(51)
Not designated as hedging instrument \| Commodity contract \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	28
Derivative asset, fair value, gross liability, netted	(28)
Not designated as hedging instrument \| Commodity contract \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(1,989)	(950)
Derivative liability, fair value, gross asset, netted	114	51
Not designated as hedging instrument \| Commodity contract \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(447)	(249)
Derivative liability, fair value, gross asset, netted	$ 28	$ 0

Fresh Start Accounting - Successor’s Equity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Enterprise Value				$ 4,851
Plus: Cash and cash equivalents	$ 74	$ 905	$ 849	40
Less: Fair value of debt				(1,313)
Successor equity value	$ 6,347	$ 5,671		3,586
Restricted cash				86
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Plus: Cash and cash equivalents				48
Less: Fair value of debt				(52)
Successor equity value				210
Restricted cash				$ 8

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Contingencies and Commitments

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments


7.			Contingencies and Commitments

Contingencies

Chapter 11 Proceedings

Commencement of the Chapter 11 Cases automatically stayed the proceedings and actions against us that are referenced 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 were 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 natural gas and oil business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property.

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.

Other Matters

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

Commitments

Gathering, Processing and Transportation Agreements

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


	Successor
	September 30, 2022
Remainder of 2022	$	151
2023	546
2024	514
2025	444
2026	403
2027-2036	2,094
Total	$	4,152

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 Commitments

As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance.

In connection with acquisitions and divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party and/or other specified matters. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of entering into or consummating a particular transaction. For divestitures of natural gas and oil properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects.

While executing our strategic priorities, we have incurred certain cash charges, including contract termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity.

Share-Based Compensation - Assumptions (Details) - Performance share units - TSR, rTSR	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.00%
Volatility	70.20%

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt


6.			Debt

Our long-term debt consisted of the following as of September 30, 2022 and December 31, 2021:


	Successor
	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Exit Credit Facility - Tranche A Loans	$	450	$	450	$	—	$	—
Exit Credit Facility - Tranche B Loans	221		221		221		221
5.50% senior notes due 2026	500		479		500		526
5.875% senior notes due 2029	500		462		500		535
6.75% senior notes due 2029	950		906		950		1,031
Premiums on senior notes	104		—		116		—
Debt issuance costs	(8)		—		(9)		—


Total long-term debt, net	$	2,717	$	2,518	$	2,278	$	2,313

____________________________________________

(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, the Notes and the Vine Notes (as defined below).

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. The aggregate initial elected commitments of the lenders under the Exit Credit Facility were $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. Our borrowings under the Exit Credit Facility bore interest at an average interest rate of 6.0% during the 2022 Successor Period.

The Credit Agreement contains financial covenants that require the Company and the guarantors party thereto, 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 PV-10 of proved

developed producing reserves to total secured debt. The Company has no additional secured debt outstanding as of September 30, 2022.

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, 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, among the Issuer, the guarantors party thereto 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 to holders of record on the immediately preceding January 15 and July 15.

Vine Senior Notes. As a result of the completion of the Vine Acquisition, the Company and certain of its subsidiaries entered into a supplemental indenture pursuant to which the Company assumed the obligations under Vine’s $950 million aggregate principal amount of 6.75% senior notes due 2029 (the “Vine Notes”) issued under the indenture dated April 7, 2021 with Wilmington Trust, National Association, as Trustee (the “Vine Indenture”). The Vine Notes included a $71 million premium to reflect fair value adjustments at the date of acquisition.

The Company and certain of its subsidiaries have agreed to guarantee such obligations under the Vine Indenture. Additionally, certain subsidiaries of Vine entered into a supplemental indenture to the Company’s existing indenture, dated February 5, 2021 with Deutsche Bank Trust Company Americas as trustee (the “CHK Indenture”), pursuant to which such subsidiaries of Vine have agreed to guarantee obligations under the CHK Indenture.

Interest on the Vine Notes is payable semi-annually, on April 15 and October 15 of each year to holders of record on the immediately preceding April 1 and October 1.

The Notes and the Vine Notes are the Company’s senior unsecured obligations. Accordingly, they rank (i) equal in right of payment to all existing and future senior unsecured indebtedness, (ii) effectively subordinate in right of payment to all 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 for most U.S. dollar settings on June 30, 2023, 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 and can be applied prospectively to contract modifications through December 31, 2022. The adoption of this guidance will not have a material impact on our condensed consolidated financial statements and related disclosures.

- 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
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+ Details

Share-Based Compensation - Performance Share (Details) - Performance share units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Unvested Restricted Stock Units
Unvested restricted stock, beginning balance (in shares) \| shares	183
Granted (in shares) \| shares	133
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(35)
Unvested restricted stock, ending balance (in shares) \| shares	281
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in dollars per share) \| $ / shares	$ 66.12
Granted (in dollars per share) \| $ / shares	109.65
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	59.09
Unvested restricted stock, ending balance (in dollars per share) \| $ / shares	$ 87.56

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

Fresh Start Accounting - Impact on Accumulated Deficit (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net	$ 11,954	$ 8,802	$ 5,670
Other long-term assets	76	104	114
Long-term debt, net			(1,313)
Asset retirement obligations, net of current portion	$ (350)	$ (349)	(236)
Income tax effects on accumulated other comprehensive income			57
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net			443
Other long-term assets			(84)
Long-term debt, net			(52)
Asset retirement obligations, net of current portion			(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

Fresh Start Accounting - Enterprise Value Reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Enterprise Value				$ 4,851
Plus: Cash and cash equivalents	$ 74	$ 905	$ 849	40
Plus: Current liabilities	4,238	2,447		1,582
Plus: Asset retirement obligations (non-current portion)	350	349		236
Plus: Other non-current liabilities				7
Assets	$ 14,089	$ 11,009		6,814
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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+ Details

- Definition

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.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	121,334,663	117,917,349

Contingencies and Commitments (Details) - Gathering, processing and transportation agreement $ in Millions	Sep. 30, 2022 USD ($)
Other Commitments [Line Items]
Remainder of 2022	$ 151
2023	546
2024	514
2025	444
2026	403
2027-2036	2,094
Total	$ 4,152

Fresh Start Accounting (Tables)

9 Months Ended

Sep. 30, 2022

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:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil 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 7)
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)Changes 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 canceled 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:


	Predecessor
	Period from January 1, 2021 through February 9, 2021
Gains on the settlement of liabilities subject to compromise	$	6,443
Accrual for allowed claims	(1,002)
Gain on fresh start adjustments	201
Gain from release of commitment liabilities	55
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

Fresh Start Accounting - Change in Successor Additional Paid-in Capital (Details) - USD ($) $ in Millions	Feb. 09, 2021	Sep. 30, 2022	Dec. 31, 2021
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)	$ (1)
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

Equity - Schedule of Warrants (Details) - shares	3 Months Ended			9 Months Ended
Equity - Schedule of Warrants (Details) - shares	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022
Warrant
Warrants and Rights Outstanding [Roll Forward]
Conversion of stock, shares issued (in shares)				1,329,292
Class A Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, begging balance (in shares)	9,751,946	9,820,246	10,856,852	10,856,852
Converted into New Common Stock (in shares)	(500,450)	(68,300)	(1,036,606)
Issued for General Unsecured Claims (in shares)		0
Outstanding, ending balance (in shares)	9,251,496	9,751,946	9,820,246	9,251,496
Class B Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, begging balance (in shares)	12,290,770	12,290,881	12,313,273	12,313,273
Converted into New Common Stock (in shares)	(31)	(111)	(22,392)
Issued for General Unsecured Claims (in shares)		0
Outstanding, ending balance (in shares)	12,290,739	12,290,770	12,290,881	12,290,739
Class C Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, begging balance (in shares)	11,282,397	11,374,526	11,388,371	11,388,371
Converted into New Common Stock (in shares)	(97,403)	(161,849)	(13,845)
Issued for General Unsecured Claims (in shares)		69,720
Outstanding, ending balance (in shares)	11,184,994	11,282,397	11,374,526	11,184,994

Chapter 11 Emergence

9 Months Ended

Sep. 30, 2022

Reorganizations [Abstract]

Chapter 11 Emergence


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 Common 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:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil 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 7)
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)Changes 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 canceled 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


	Predecessor
	Period from January 1, 2021 through February 9, 2021
Gains on the settlement of liabilities subject to compromise	$	6,443
Accrual for allowed claims	(1,002)
Gain on fresh start adjustments	201
Gain from release of commitment liabilities	55
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

Fresh Start Accounting - Changes in Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Total other current liabilities	$ 1,784	$ 1,202	$ 769
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

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

Our long-term debt consisted of the following as of September 30, 2022 and December 31, 2021:


	Successor
	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Exit Credit Facility - Tranche A Loans	$	450	$	450	$	—	$	—
Exit Credit Facility - Tranche B Loans	221		221		221		221
5.50% senior notes due 2026	500		479		500		526
5.875% senior notes due 2029	500		462		500		535
6.75% senior notes due 2029	950		906		950		1,031
Premiums on senior notes	104		—		116		—
Debt issuance costs	(8)		—		(9)		—


Total long-term debt, net	$	2,717	$	2,518	$	2,278	$	2,313

____________________________________________

Debt - Successor Debt (Details) - USD ($)	9 Months Ended
Debt - Successor Debt (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Nov. 01, 2021	Feb. 09, 2021	Feb. 02, 2021
Line of Credit \| Exit Credit Facility - Tranche A Loans
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,750,000,000
Term	3 years
Unused capacity, commitment fee percentage	0.50%
Line of Credit \| Exit Credit Facility - Tranche B Loans
Debt Instrument [Line Items]
Maximum borrowing capacity				221,000,000
Term	4 years
Line of Credit \| Exit credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				2,500,000,000
LIBOR Floor	1.00%
Interest rate	6.00%
Line of Credit \| Exit credit facility \| Minimum
Debt Instrument [Line Items]
Current ratio	1.00
Asset coverage ratio	1.50
Line of Credit \| Exit credit facility \| Maximum
Debt Instrument [Line Items]
First lien leverage ratio	2.75
Leverage ratio	3.50
Line of Credit \| Exit credit facility \| Alternative Base Rate \| Minimum
Debt Instrument [Line Items]
Variable rate percentage	2.25%
Line of Credit \| Exit credit facility \| Alternative Base Rate \| Maximum
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Line of Credit \| Exit credit facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Line of Credit \| Exit credit facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Variable rate percentage	4.25%
Line of Credit \| Exit credit facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Secured Debt, Other
Debt Instrument [Line Items]
Outstanding borrowings	0
Senior Notes
Debt Instrument [Line Items]
Unamortized premium	104,000,000	$ 116,000,000			$ 52,000,000
Senior Notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Outstanding borrowings	$ 500,000,000	500,000,000
Debt instrument, principal amount				$ 500,000,000	500,000,000
Interest rate, stated percentage	5.50%			5.50%
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Outstanding borrowings	$ 500,000,000	500,000,000
Debt instrument, principal amount				$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.875%			5.875%
Senior Notes \| 6.75% senior notes due 2029
Debt Instrument [Line Items]
Outstanding borrowings	$ 950,000,000	$ 950,000,000
Debt instrument, principal amount	950,000,000
Unamortized premium	$ 71,000,000
Interest rate, stated percentage	6.75%		6.75%

Other Operating Expense (Income), Net

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other Operating Expense (Income), Net


14.			Other Operating Expense (Income), Net

During the 2022 Successor Period, we recognized approximately $40 million of costs related to our Marcellus Acquisition, which included integration costs, consulting fees, financial advisory fees, legal fees and change in control expense in accordance with Chief’s existing employment agreements.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 74	$ 905
Restricted cash	56	9
Accounts receivable, net	1,757	1,115
Short-term derivative assets	4	5
Other current assets	168	69
Total current assets	2,059	2,103
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	11,437	7,682
Unproved properties	2,192	1,530
Other property and equipment	506	495
Total property and equipment	14,135	9,707
Less: accumulated depreciation, depletion and amortization	(2,182)	(908)
Property and equipment held for sale, net	1	3
Total property and equipment, net	11,954	8,802
Other long-term assets	76	104
Total assets	14,089	11,009
Current liabilities:
Accounts payable	539	308
Accrued interest	40	38
Short-term derivative liabilities	1,875	899
Other current liabilities	1,784	1,202
Total current liabilities	4,238	2,447
Long-term debt, net	2,717	2,278
Long-term derivative liabilities	419	249
Asset retirement obligations, net of current portion	350	349
Other long-term liabilities	18	15
Total liabilities	7,742	5,338
Contingencies and commitments (Note 7)
Stockholders' equity:
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 121,334,663 and 117,917,349 shares issued	1	1
Successor additional paid-in capital	5,627	4,845
Retained earnings	719	825
Total stockholders' equity	6,347	5,671
Total liabilities and stockholders' equity	$ 14,089	$ 11,009

Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

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 natural gas and oil derivative instrument assets (liabilities) as of September 30, 2022 and December 31, 2021 are provided below:


	Successor
	September 30, 2022			December 31, 2021
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	449	$	(1,413)	637	$	(675)
Collars	547	(664)		205	(82)
Three-way collars	10	(29)		—	—
Call options	18	(63)		18	(17)
Swaptions	7	(19)		—	—
Basis protection swaps	398	16		252	(11)
Total natural gas	1,429	(2,172)		1,112	(785)
Oil (MMBbls):
Fixed-price swaps	4	(136)		13	(356)
Collars	6	23		—	—
Basis protection swaps	10	(5)		9	(2)
Total oil	20	(118)		22	(358)
Total estimated fair value		$	(2,290)		$	(1,143)

Schedule of effect of derivative instruments, condensed consolidated balance sheets


	Gross Fair Value(a)		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of September 30, 2022
Commodity Contracts:
Short-term derivative asset	$	118	$	(114)	$	4
Long-term derivative asset	28		(28)		—
Short-term derivative liability	(1,989)		114		(1,875)
Long-term derivative liability	(447)		28		(419)
Total derivatives	$	(2,290)	$	—	$	(2,290)

As of December 31, 2021
Commodity Contracts:
Short-term derivative asset	$	56	$	(51)	$	5
Short-term derivative liability	(950)		51		(899)
Long-term derivative liability	(249)		—		(249)
Total derivatives	$	(1,143)	$	—	$	(1,143)

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

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


	Predecessor
	Period from January 1, 2021 through February 9, 2021

	Before Tax		After Tax
Balance, beginning of period	$	(12)	$	45
Losses reclassified to income(a)	3		3
Fresh start adjustments	9		9
Elimination of tax effects	—		(57)
Balance, end of period	$	—	$	—

___________________________________________

(a)These losses were included as a component of total natural gas and oil derivatives.

Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Current Liabilities


8.			Other Current Liabilities

Other current liabilities as of September 30, 2022 and December 31, 2021 are detailed below:


	Successor
	September 30, 2022		December 31, 2021
Revenues and royalties due others	$	938	$	617
Accrued drilling and production costs	324		142
Accrued hedging costs	114		113
Accrued compensation and benefits	74		91
Other accrued taxes	156		86
Operating leases	36		29
Joint interest prepayments received	23		14
Other	119		110
Total other current liabilities	$	1,784	$	1,202

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of dividends

In May 2021, we initiated a new annual dividend on our shares of common stock, expected to be paid quarterly. The following table summarizes our dividend payments in the 2022 Successor Period.


Payment Date	Stockholders of Record Date	Dividend Payment		Rate Per Share
March 22, 2022	March 7, 2022	$	210	$	1.7675
June 2, 2022	May 19, 2022	$	298	$	2.34
September 1, 2022	August 17, 2022	$	280	$	2.32

Schedule of warrants

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2021	10,856,852	12,313,273	11,388,371
Converted into New Common Stock(b)	(1,036,606)	(22,392)	(13,845)
Outstanding as of March 31, 2022	9,820,246	12,290,881	11,374,526
Converted into New Common Stock(b)	(68,300)	(111)	(161,849)
Issued for General Unsecured Claims	—	—	69,720
Outstanding as of June 30, 2022	9,751,946	12,290,770	11,282,397
Converted into New Common Stock(b)	(500,450)	(31)	(97,403)
Outstanding as of September 30, 2022	9,251,496	12,290,739	11,184,994

_________________________________________

(a)As of September 30, 2022, we had 2,248,726 of reserved Class C Warrants.

(b)During the 2022 Successor Period, we issued 1,329,292 shares of New Common Stock as a result of Warrant exercises.

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue


9.			Revenue

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


	Successor
	Three Months Ended September 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,324	$	—	$	—	$	1,324
Haynesville	1,093		—		—		1,093
Eagle Ford	79		437		54		570
Natural gas, oil and NGL revenue	$	2,496	$	437	$	54	$	2,987

Marketing revenue	$	827	$	328	$	51	$	1,206


	Successor
	Three Months Ended September 30, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	383	$	—	$	—	$	383
Haynesville	207		—		—		207
Eagle Ford	53		379		55		487
Powder River Basin	21		58		14		93
Natural gas, oil and NGL revenue	$	664	$	437	$	69	$	1,170

Marketing revenue	$	240	$	326	$	61	$	627


	Successor
	Nine Months Ended September 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	3,085	$	—	$	—	$	3,085
Haynesville	2,733		—		—		2,733
Eagle Ford	211		1,390		173		1,774
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	6,049	$	1,456	$	186	$	7,691

Marketing revenue	$	1,872	$	1,231	$	193	$	3,296


	Successor
	Period from February 10, 2021 through September 30, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	772	$	—	$	—	$	772
Haynesville	401		—		—		401
Eagle Ford	127		971		119		1,217
Powder River Basin	51		144		30		225
Natural gas, oil and NGL revenue	$	1,351	$	1,115	$	149	$	2,615

Marketing revenue	$	483	$	828	$	132	$	1,443



	Predecessor
	Period from January 1, 2021 through February 9, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	119	$	—	$	—	$	119
Haynesville	53		—		—		53
Eagle Ford	17		159		17		193
Powder River Basin	7		20		6		33
Natural gas, oil and NGL revenue	$	196	$	179	$	23	$	398

Marketing revenue	$	78	$	141	$	20	$	239

Accounts Receivable

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

Accounts receivable as of September 30, 2022 and December 31, 2021 are detailed below:


	Successor
	September 30, 2022		December 31, 2021
Natural gas, oil and NGL sales	$	1,477	$	922
Joint interest	268		158
Other	14		38
Allowance for doubtful accounts	(2)		(3)
Total accounts receivable, net	$	1,757	$	1,115

- 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


12.			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 2021 Long-Term Incentive Plan (the “LTIP”) with a share reserve equal to 6,800,000 shares of New Common Stock. The LTIP provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors.

Restricted Stock Units. In the 2021 and 2022 Successor Periods, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2021	775	$	46.77
Granted	520	$	76.38
Vested	(293)	$	47.78
Forfeited	(103)	$	53.63
Unvested as of September 30, 2022	899	$	62.78

The aggregate intrinsic value of RSUs that vested during the 2022 Successor Period was approximately $26 million based on the stock price at the time of vesting.

As of September 30, 2022, there was approximately $45 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.22 years.

Performance Share Units. In the 2021 and 2022 Successor Periods, we granted PSUs to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”), and could result in a total payout between 0% - 200% of the target units. For the PSUs granted in 2021, the performance criteria also include share price hurdles which could result in a total payout between 0% - 100% 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 2022.


Assumption	TSR, rTSR
Risk-free interest rate	2.00	%
Volatility	70.2	%

A summary of the changes in unvested PSUs is presented below:


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2021	183	$	66.12
Granted	133	$	109.65
Vested	—	$	—
Forfeited	(35)	$	59.09
Unvested as of September 30, 2022	281	$	87.56

As of September 30, 2022, there was approximately $18 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 2.23 years.

Predecessor Share-Based Compensation

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

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


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2020	1	$	616.57
Granted	—	$	—
Vested	—	$	—
Forfeited/canceled	(1)	$	611.47
Unvested as of February 9, 2021	—	$	—

Stock Options. In the year ended December 31, 2020, 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 December 31, 2020	20	$	1,429.11	4.27	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(1)	$	741.86
Forfeited/canceled	(19)	$	1,452.40
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.

Restricted Stock Units, Stock Option, and PSU Compensation.

We recognized the following compensation costs, net of actual forfeitures, related to RSUs, stock options, and PSUs for the periods presented:


	Successor								Predecessor
	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021
General and administrative expenses	$	5	$	2	$	14	$	4	$	3
Natural gas and oil properties	1		1		3		2		—
Production expense	1		1		2		1		—
Total RSU, stock option and PSU compensation	$	7	$	4	$	19	$	7	$	3

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, after tax, beginning of period				$ 0
Losses reclassified to income, after tax	$ 3	$ 0	$ 0	0	$ 0
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
Losses reclassified to income, before tax	3
Fresh start adjustments, before tax	9
Elimination of tax effects, before tax	0
AOCI, before tax, end of period	0
AOCI, after tax, beginning of period	45			$ 0
Losses reclassified to income, after tax	3
Fresh start adjustments, after tax	9
Elimination of tax effects, after tax	(57)
AOCI, after tax, end of period	$ 0

Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 01, 2022	Jun. 02, 2022	Mar. 22, 2022
Equity [Abstract]
Dividend Payment	$ 280	$ 298	$ 210
Common stock, dividends declared (in dollars per share)	$ 2.32	$ 2.34	$ 1.7675

Fresh Start Accounting - Liabilities Subject to Compromise (Details) $ in Millions	Feb. 09, 2021 USD ($)
Reorganization, Chapter 11 [Line Items]
Liabilities subject to compromise	$ 0
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)
Gains on the 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)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Revenues and other:
Natural gas and oil derivatives	$ (382)	$ (1,029)	$ (910)	$ (1,604)	$ (3,668)
Gains (losses) on sales of assets	5	(2)	3	9	298
Total revenues and other	260	3,162	890	2,463	7,617
Operating expenses:
Production	32	121	80	194	349
Gathering, processing and transportation	102	286	219	541	802
Severance and ad valorem taxes	18	67	41	106	187
Exploration	2	2	2	4	14
General and administrative	21	40	30	69	102
Separation and other termination costs	22			11	0
Depreciation, depletion and amortization	72	440	228	579	1,300
Impairments	0			1	0
Other operating expense, net	(12)	1	3	1	32
Total operating expenses	494	2,157	1,228	2,946	6,065
Income (loss) from operations	(234)	1,005	(338)	(483)	1,552
Other income (expense):
Interest expense	(11)	(52)	(17)	(47)	(120)
Other income	2	4	0	31	29
Reorganization items, net	5,569			0	0
Total other income (expense), net	5,560	(48)	(17)	(16)	(91)
Income (loss) before income taxes	5,326	957	(355)	(499)	1,461
Income tax expense (benefit)	(57)	74	(10)	(10)	105
Net income (loss) attributable to Chesapeake	5,383	883	(345)	(489)	1,356
Net income (loss) attributable to Chesapeake	$ 5,383	$ 883	$ (345)	$ (489)	$ 1,356
Earnings (loss) per common share:
Basic (in dollars per share)	$ 550.35	$ 7.29	$ (3.51)	$ (4.99)	$ 11.03
Diluted (in dollars per share)	$ 534.51	$ 6.12	$ (3.51)	$ (4.99)	$ 9.35
Weighted average common shares outstanding (in thousands):
Basic (in shares)	9,781	121,150	98,221	98,040	122,924
Diluted (in shares)	10,071	144,390	98,221	98,040	145,031
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 398	$ 2,987	$ 1,170	$ 2,615	$ 7,691
Marketing
Revenues and other:
Revenue	239	1,206	627	1,443	3,296
Operating expenses:
Expense	$ 237	$ 1,200	$ 625	$ 1,440	$ 3,279

Fresh Start Accounting - Fresh Start Adjustments (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Reorganization, Chapter 11 [Line Items]
Inflation factor	2.00%	2.00%
Average credit-adjusted risk-free rate	5.18%	5.18%
Income tax effects on accumulated other comprehensive income	$ 57	$ 57
Income tax benefit	57	57	$ (74)	$ 10	$ 10	$ (105)
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Fresh start adjustments to accumulated other comprehensive income	9	9
Income tax effects on accumulated other comprehensive income	57	57
Senior Notes \| 5.50% senior notes due 2026
Reorganization, Chapter 11 [Line Items]
Debt, fair value adjustments	22	22
Senior Notes \| 5.875% senior notes due 2029
Reorganization, Chapter 11 [Line Items]
Debt, fair value adjustments	$ 30	$ 30

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Feb. 09, 2021
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)		14,774,330	12,851,577
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)		247,220	135,350
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)		5,479	3,508
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	2,248,726	3,334,277	3,334,277	2,248,726
Senior Notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%			5.50%	5.50%
COMMON STOCK
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	1,191,877	1,767,203	1,767,203	1,191,877

Fresh Start Accounting - Debt and Warrants (Details) - USD ($)	Sep. 30, 2022	Feb. 09, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Implied stock price (in dollars per share)		$ 20.52
Expected volatility rate		58.00%
Expected dividend yield rate		0.00%
Long-term debt, net		$ 1,313,000,000
Class A Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	$ 25.10	$ 27.63
Class B Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	29.18	32.13
Class C Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	$ 32.86	$ 36.18
Senior Notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.50%	5.50%
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.875%	5.875%
Secured Debt \| Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Long-term debt, net		$ 750,000,000

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of the changes in unvested restricted stock

A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2021	775	$	46.77
Granted	520	$	76.38
Vested	(293)	$	47.78
Forfeited	(103)	$	53.63
Unvested as of September 30, 2022	899	$	62.78

A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2020	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 2022.


Assumption	TSR, rTSR
Risk-free interest rate	2.00	%
Volatility	70.2	%

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 December 31, 2021	183	$	66.12
Granted	133	$	109.65
Vested	—	$	—
Forfeited	(35)	$	59.09
Unvested as of September 30, 2022	281	$	87.56

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 December 31, 2020	20	$	1,429.11	4.27	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(1)	$	741.86
Forfeited/canceled	(19)	$	1,452.40
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.

Share-Based Payment Arrangement, Cost by Plan

We recognized the following compensation costs, net of actual forfeitures, related to RSUs, stock options, and PSUs for the periods presented:


	Successor								Predecessor
	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021
General and administrative expenses	$	5	$	2	$	14	$	4	$	3
Natural gas and oil properties	1		1		3		2		—
Production expense	1		1		2		1		—
Total RSU, stock option and PSU compensation	$	7	$	4	$	19	$	7	$	3

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.
Restricted Cash	Restricted Cash As of September 30, 2022, we had restricted cash of $56 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.
New Accounting Pronouncements	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 for most U.S. dollar settings on June 30, 2023, 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 and can be applied prospectively to contract modifications through December 31, 2022. The adoption of this guidance will not have a material impact on our condensed consolidated financial statements and related disclosures.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share


5.			Earnings Per Share

Basic earnings (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 earnings (loss) per common share is calculated in the same manner, but includes the impact of potentially dilutive securities. Potentially dilutive securities during the Successor Periods below consist of issuable shares related to warrants, unvested RSUs, and unvested performance share units (“PSUs”) and during the Predecessor Period have historically consisted of unvested RSUs, 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 September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021
Numerator
Net income (loss), basic and diluted	$	883	$	(345)	$	1,356	$	(489)	$	5,383

Denominator (in thousands)
Weighted average common shares outstanding, basic	121,150		98,221		122,924		98,040		9,781
Effect of potentially dilutive securities
Preferred stock	—		—		—		—		290
Warrants	22,794		—		21,692		—		—
Restricted stock units	396		—		368		—		—
Performance share units	50		—		47		—		—
Weighted average common shares outstanding, diluted	144,390		98,221		145,031		98,040		10,071

Earnings (loss) per common share:
Basic	$	7.29	$	(3.51)	$	11.03	$	(4.99)	$	550.35
Diluted	$	6.12	$	(3.51)	$	9.35	$	(4.99)	$	534.51

Successor

During the 2022 Successor Quarter and 2022 Successor Period, the diluted earnings per share calculation excludes the effect of 1,191,877 reserved shares of common stock and 2,248,726 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the 2022 Successor Quarter and 2022 Successor Period.

During the 2021 Successor Quarter and the 2021 Successor Period, the diluted loss per share calculation excludes the effect of 1,767,203 reserved shares of common stock and 3,334,277 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 during the 2021 Successor Quarter and the 2021 Successor Period. Additionally, as both the 2021 Successor Quarter and the 2021 Successor Period had a net loss, the diluted loss per share calculation excludes the antidilutive effect, calculated using the treasury stock method, of

14,774,330 and 12,851,577 issuable shares related to warrants, 247,220 and 135,350 shares of restricted stock and 5,479 and 3,508 shares related to performance share units, respectively.

Predecessor

We had the option to settle conversions of the 5.50% 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 per share.

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,324	$	—	$	—	$	1,324
Haynesville	1,093		—		—		1,093
Eagle Ford	79		437		54		570
Natural gas, oil and NGL revenue	$	2,496	$	437	$	54	$	2,987

Marketing revenue	$	827	$	328	$	51	$	1,206


	Successor
	Three Months Ended September 30, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	383	$	—	$	—	$	383
Haynesville	207		—		—		207
Eagle Ford	53		379		55		487
Powder River Basin	21		58		14		93
Natural gas, oil and NGL revenue	$	664	$	437	$	69	$	1,170

Marketing revenue	$	240	$	326	$	61	$	627


	Successor
	Nine Months Ended September 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	3,085	$	—	$	—	$	3,085
Haynesville	2,733		—		—		2,733
Eagle Ford	211		1,390		173		1,774
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	6,049	$	1,456	$	186	$	7,691

Marketing revenue	$	1,872	$	1,231	$	193	$	3,296


	Successor
	Period from February 10, 2021 through September 30, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	772	$	—	$	—	$	772
Haynesville	401		—		—		401
Eagle Ford	127		971		119		1,217
Powder River Basin	51		144		30		225
Natural gas, oil and NGL revenue	$	1,351	$	1,115	$	149	$	2,615

Marketing revenue	$	483	$	828	$	132	$	1,443



	Predecessor
	Period from January 1, 2021 through February 9, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	119	$	—	$	—	$	119
Haynesville	53		—		—		53
Eagle Ford	17		159		17		193
Powder River Basin	7		20		6		33
Natural gas, oil and NGL revenue	$	196	$	179	$	23	$	398

Marketing revenue	$	78	$	141	$	20	$	239

Schedule of accounts receivable

Accounts receivable as of September 30, 2022 and December 31, 2021 are detailed below:


	Successor
	September 30, 2022		December 31, 2021
Natural gas, oil and NGL sales	$	1,477	$	922
Joint interest	268		158
Other	14		38
Allowance for doubtful accounts	(2)		(3)
Total accounts receivable, net	$	1,757	$	1,115

Income Taxes (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended	11 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Nov. 01, 2021
Business Acquisition [Line Items]
Effective income tax rate		(1.10%)					2.00%
Income tax expense (benefit)	$ (57)	$ (57)	$ 74	$ (10)	$ (10)	$ 105
Deferred tax asset, operating loss carryforward, limitations			54			54
Cancellation of debt income	5,000
Vine Energy Corporation (Vine)
Business Acquisition [Line Items]
Income tax expense (benefit)						19
Deferred tax liabilities			$ 30	$ 49	$ 49	$ 30			$ 30
Federal
Business Acquisition [Line Items]
Operating loss carryforwards, removed	$ 593	$ 593
Forecast
Business Acquisition [Line Items]
Effective income tax rate								5.90%