0000895126-23-000022 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.6
Entity Common Stock, Shares Outstanding		134,719,821
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEPortions of the proxy statement for the 2023 Annual Meeting of Stockholders are incorporated by reference in Part III.
Amendment Flag	false
Entity Central Index Key	0000895126
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Oklahoma City, Oklahoma
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 130	$ 905
Restricted cash	62	9
Accounts receivable, net	1,438	1,115
Short-term derivative assets	34	5
Assets held for sale	819	0
Other current assets	215	69
Total current assets	2,698	2,103
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	11,096	7,682
Unproved properties	2,022	1,530
Other property and equipment	500	495
Total property and equipment	13,618	9,707
Less: accumulated depreciation, depletion and amortization	(2,431)	(908)
Property and equipment held for sale, net	0	3
Total property and equipment, net	11,187	8,802
Long-term derivative assets	47	0
Deferred income tax assets	1,351	0
Other long-term assets	185	104
Total assets	15,468	11,009
Current liabilities:
Accounts payable	603	308
Accrued interest	42	38
Short-term derivative liabilities	432	899
Other current liabilities	1,627	1,202
Total current liabilities	2,704	2,447
Long-term debt, net	3,093	2,278
Long-term derivative liabilities	174	249
Asset retirement obligations, net of current portion	323	349
Other long-term liabilities	50	15
Total liabilities	6,344	5,338
Commitments and Contingencies
Stockholders' equity:
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 134,715,094 and 117,917,349 shares issued	1	1
Successor additional paid-in capital	5,724	4,845
Retained earnings	3,399	825
Total stockholders' equity	9,124	5,671
Total liabilities and stockholders' equity	$ 15,468	$ 11,009

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	134,715,094	117,917,349

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Revenues and other:
Natural gas and oil derivatives	$ (382)	$ (1,127)	$ (2,680)	$ 596
Gains on sales of assets	5	12	300	30
Total revenues and other	260	5,549	11,743	5,240
Operating expenses:
Production	32	297	475	373
Gathering, processing and transportation	102	780	1,059	1,082
Severance and ad valorem taxes	18	158	242	149
Exploration	2	7	23	427
General and administrative	21	97	142	267
Separation and other termination costs	22	11	5	44
Depreciation, depletion and amortization	72	919	1,753	1,097
Impairments	0	1	0	8,535
Other operating expense (income), net	(12)	84	49	80
Total operating expenses	494	4,611	7,963	13,943
Income (loss) from operations	(234)	938	3,780	(8,703)
Other income (expense):
Interest expense	(11)	(73)	(160)	(331)
Gains (losses) on purchases, exchanges or extinguishments of debt	0	0	(5)	65
Other income (expense)	2	31	36	(4)
Reorganization items, net	5,569	0	0	(796)
Total other income (expense)	5,560	(42)	(129)	(1,066)
Income (loss) before income taxes	5,326	896	3,651	(9,769)
Income tax benefit	(57)	(49)	(1,285)	(19)
Net income (loss)	5,383	945	4,936	(9,750)
Net loss attributable to noncontrolling interests	0	0	0	16
Net income (loss) available to Chesapeake	5,383	945	4,936	(9,734)
Deemed dividend on warrants	0	0	(67)	0
Preferred stock dividends	0	0	0	(22)
Net income (loss) available to common stockholders, Basic	5,383	945	4,869	(9,756)
Net income (loss) available to common stockholders, Diluted	$ 5,383	$ 945	$ 4,869	$ (9,756)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 550.35	$ 9.29	$ 38.71	$ (998.26)
Diluted (in dollars per share)	$ 534.51	$ 8.12	$ 33.36	$ (998.26)
Weighted average common shares outstanding (in thousands):
Basic (in shares)	9,781	101,754	125,785	9,773
Diluted (in shares)	10,071	116,341	145,961	9,773
Natural gas, oil and NGL
Revenues and other:
Revenues	$ 398	$ 4,401	$ 9,892	$ 2,745
Marketing
Revenues and other:
Revenues	239	2,263	4,231	1,869
Operating expenses:
Cost of goods and services	$ 237	$ 2,257	$ 4,215	$ 1,889

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,383	$ 945	$ 4,936	$ (9,750)
Other comprehensive income, net of income tax:
Reclassification of losses on settled derivative instruments	3	0	0	33
Other comprehensive income	3	0	0	33
Comprehensive income (loss)	5,386	945	4,936	(9,717)
Comprehensive loss attributable to noncontrolling interests	0	0	0	16
Comprehensive income (loss) attributable to Chesapeake	$ 5,386	$ 945	$ 4,936	$ (9,701)

- Definition

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

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- Definition

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

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- Definition

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

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CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	Feb. 09, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 5,383	$ 945	$ 4,936	$ (9,750)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	72	919	1,753	1,097
Deferred income tax benefit	(57)	(49)	(1,332)	(10)
Derivative (gains) losses, net	382	1,127	2,680	(596)
Cash receipts (payments) on derivative settlements, net	(17)	(1,142)	(3,561)	884
Share-based compensation	3	9	22	21
Gains on sales of assets	(5)	(12)	(300)	(30)
Impairments	0	1	0	8,535
Non-cash reorganization items, net	(6,680)	0	0	(213)
Exploration	2	2	14	417
(Gains) losses on purchases, exchanges or extinguishments of debt	0	0	5	(65)
Other	45	46	31	(41)
Changes in assets and liabilities	851	(37)	(123)	915
Net cash provided by (used in) operating activities	(21)	1,809	4,125	1,164
Cash flows from investing activities:
Capital expenditures	(66)	(669)	(1,823)	(1,142)
Business combination, net	0	(194)	(1,967)	0
Contributions to investments	0	0	(18)	0
Proceeds from divestitures of property and equipment	0	13	407	150
Net cash used in investing activities	(66)	(850)	(3,401)	(992)
Cash flows from financing activities:
Proceeds from New Credit Facility	0	0	1,600	0
Payments on New Credit Facility	0	0	(550)	0
Proceeds from Exit Credit Facility	0	30	9,583	0
Payments on Exit Credit Facility	(479)	(80)	(9,804)	0
Proceeds from pre-petition revolving credit facility borrowings	0	0	0	3,656
Payments on pre-petition revolving credit facility borrowings	0	0	0	(3,317)
Proceeds from DIP Facility borrowings	0	0	0	60
Payments on DIP Facility borrowings	(1,179)	0	0	(60)
Proceeds from issuance of senior notes, net	1,000	0	0	0
Proceeds from issuance of common stock	600	0	0	0
Proceeds from warrant exercise	0	2	27	0
Debt issuance and other financing costs	(8)	(3)	(17)	(109)
Cash paid to repurchase and retire common stock	0	0	(1,073)	0
Cash paid to purchase debt	0	0	0	(94)
Cash paid for common stock dividends	0	(119)	(1,212)	0
Cash paid for preferred stock dividends	0	0	0	(22)
Other	0	(1)	0	(13)
Net cash provided by (used in) financing activities	(66)	(171)	(1,446)	101
Net increase (decrease) in cash, cash equivalents and restricted cash	(153)	788	(722)	273
Cash, cash equivalents and restricted cash, beginning of period	279	126	914	6
Cash, cash equivalents and restricted cash, end of period	126	914	192	279
Cash and cash equivalents	40	905	130	279
Restricted cash	86	9	62	0
Total cash, cash equivalents and restricted cash	126	914	192	279
Supplemental cash flow information:
Cash paid for reorganization items, net	66	65	0	140
Interest paid, net of capitalized interest	13	34	146	224
Income taxes paid, net of refunds received	0	(9)	193	0
Supplemental disclosure of significant non-cash investing and financing activities:
Put option premium on equity backstop agreement	60	0	0	60
Common stock issued for business combination	0	1,232	764	0
Operating lease obligations recognized	0	0	120	32
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)	$ 30	$ 148	$ (216)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Preferred stock, exchanged for shares of common stock	Class A Warrants	Class B Warrants	Class C Warrants	Preferred Stock	Preferred Stock Preferred stock, exchanged for shares of common stock	Common Stock	Common Stock Preferred stock, exchanged for shares of common stock	Additional Paid-in Capital	Additional Paid-in Capital Class A Warrants	Additional Paid-in Capital Class B Warrants	Additional Paid-in Capital Class C Warrants	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Treasury Stock	Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)								9,772,793
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2019						5,563,458
Beginning balance at Dec. 31, 2019	$ 4,401					$ 1,631		$ 0		$ 16,973				$ (14,220)	$ 12	$ (32)	$ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)								7,753
Share-based compensation	(14)									(14)
Dividends on preferred stock	(22)									(22)
Hedging activity	33														33
Net income (loss)	(9,734)													(9,734)
Exchange of preferred stock into common stock (in shares)							(100)		1
Exchange of preferred stock into common stock		$ 0
Purchase of shares for company benefit plans	(2)															(2)
Release of shares for company benefit plans	34															34
Comprehensive loss attributable to noncontrolling interests	(16)																(16)
Divestiture of underlying assets	(21)																(21)
Preferred stock, shares outstanding, end of period (in shares) at Dec. 31, 2020						5,563,358
Ending balance (in shares) at Dec. 31, 2020								9,780,547
Ending balance at Dec. 31, 2020	(5,341)					$ 1,631		$ 0		16,937				(23,954)	45	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)								9,780,547
Share-based compensation (in shares)								67
Share-based compensation	3									3
Hedging activity	3														3
Net income (loss)	5,383													5,383
Comprehensive loss attributable to noncontrolling interests	0
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 warrants			$ 93	$ 94	$ 68						$ 93	$ 94	$ 68
Preferred stock, shares outstanding, end of period (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	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)								97,907,081
Share-based compensation (in shares)								248,487
Share-based compensation	21									21
Issuance of common stock for Acquisition (in shares)								18,709,399
Issuance of common stock for Acquisition	1,237									1,237
Issuance of common stock for warrant exercise (in shares)								188,292
Issuance of common stock for warrant exercise	2									2
Issuance of reserved common stock and warrants (in shares)								864,090
Issuance of reserved common stock and warrants	0
Hedging activity	0
Net income (loss)	945													945
Comprehensive loss attributable to noncontrolling interests	0
Dividends on common stock	(120)													(120)
Preferred stock, shares outstanding, end of period (in shares) at Dec. 31, 2021						0
Ending balance (in shares) at Dec. 31, 2021								117,917,349
Ending balance at Dec. 31, 2021	5,671					$ 0		$ 1		4,845				825	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)								117,917,349
Share-based compensation (in shares)								174,740
Share-based compensation	21									21
Issuance of common stock for Acquisition (in shares)								9,442,185
Issuance of common stock for Acquisition	764									764
Issuance of common stock for warrant exchange offer (in shares)								16,305,984
Issuance of common stock for warrant exchange offer	67									67
Issuance of common stock for warrant exercise (in shares)								2,102,244
Issuance of common stock for warrant exercise	27									27
Issuance of reserved common stock and warrants (in shares)								439,370
Issuance of reserved common stock and warrants	$ 0
Repurchase and retirement of common stock (in shares)	(11,700,000)							(11,666,778)
Repurchase and retirement of common stock	$ (1,073)													(1,073)
Hedging activity	0
Net income (loss)	4,936													4,936
Comprehensive loss attributable to noncontrolling interests	0
Dividends on common stock	(1,222)													(1,222)
Deemed dividend on warrants	(67)													(67)
Preferred stock, shares outstanding, end of period (in shares) at Dec. 31, 2022						0
Ending balance (in shares) at Dec. 31, 2022								134,715,094
Ending balance at Dec. 31, 2022	$ 9,124					$ 0		$ 1		$ 5,724				$ 3,399	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)								134,715,094

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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 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 consolidated financial statements of Chesapeake were prepared in accordance with GAAP and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified.

This Annual Report on Form 10-K (this “Form 10-K”) relates to the financial position of the Successor as of December 31, 2022 and as of December 31, 2021, and the year ended December 31, 2022 (“2022 Successor Period”), the periods of February 10, 2021 through December 31, 2021 (“2021 Successor Period”), January 1, 2021 through February 9, 2021 (“2021 Predecessor Period”), and the year ended December 31, 2020 (“2020 Predecessor Period”).

Accounting During Bankruptcy

We have applied Accounting Standards Codification (ASC) 852, Reorganizations, in preparing the consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the filing of a petition of 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 losses related to executory contracts that were approved for rejection by the Bankruptcy Court, and unamortized debt issuance costs, premiums and discounts associated with debt classified as liabilities subject to compromise, are recorded as reorganization items, net on our accompanying consolidated statements of operations. See Note 2 for more information regarding reorganization items.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures in the financial statements. Management evaluates its estimates and related assumptions regularly, including those related to the impairment of natural gas and oil properties, natural gas and oil reserves, derivatives, income taxes, impairment of other property and equipment, environmental remediation costs, asset retirement obligations, litigation and regulatory proceedings and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ significantly from these estimates.

Consolidation

We consolidate entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (“VIEs”) in which we are the primary beneficiary. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether we own a variable interest in a VIE, we perform a qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. See Note 12 for further discussion of our previous VIE. We use the equity method of accounting to record our net interests where we have the ability to exercise significant influence through our investment but lack a controlling financial interest. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. See Note 18 for further discussion of our investments. Undivided interests in natural gas and oil properties are consolidated on a proportionate basis.

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.

Noncontrolling Interests

Noncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity. See Note 12 for further discussion of noncontrolling interests.

Cash and Cash Equivalents

For purposes of the consolidated financial statements, we consider investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

As of December 31, 2022, we had restricted cash of $62 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.

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. See Note 10 for additional information regarding our accounts receivable.

Natural Gas and Oil Properties

We follow the successful efforts method of accounting for our natural gas and oil properties. Under this method, exploration costs such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred.

Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural gas and oil are capitalized.

Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (“UOP”) method based on total estimated proved developed gas and oil reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves.

Proceeds from the sales of individual natural gas and oil properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base.

When circumstances indicate that the carrying value of proved natural gas and oil properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future natural gas and crude oil prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a market-based weighted average cost of capital. We have classified these fair value measurements as Level 3 in the fair value hierarchy.

Other Property and Equipment

Other property and equipment consists primarily of buildings and improvements, computers and office equipment, land and other assets that support our operations. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. Other property and equipment costs, excluding land, are depreciated on a straight-line basis and recorded within depreciation, depletion and amortization in the consolidated statement of operations.

Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including any disposal value, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow. See Note 17 for further discussion of other property and equipment.

Assets Held for Sale

We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. As of December 31, 2022, the asset and liabilities held for sale are in connection with the portion of the Eagle Ford assets for which we have entered into an agreement to sell to WildFire Energy I LLC. See Note 2 3 for further discussion.

Capitalized Interest

Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset.

Accounts Payable

Included in accounts payable as of December 31, 2022 and as of December 31, 2021 are liabilities of approximately $150 million and $23 million, respectively, representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts.

Debt Issuance Costs

Costs associated with the arrangement of our credit facilities are included in other long-term assets and are amortized over the life of the facility using the straight-line method. As of December 31, 2022, these costs were $24 million. Upon the termination of the Exit Credit Facility, we recognized $5 million of losses on purchases, exchanges or extinguishment of debt relating to lenders who had previously participated in the Exit Credit Facility that chose not to participate in the New Credit Facility. Costs associated with the issuance of the Successor senior notes are included in long-term debt and the remaining unamortized issuance costs are amortized over the life of the senior notes using the straight-line method. Unamortized issuance costs associated with the Successor senior notes as of December 31, 2022 totaled $7 million.

Costs associated with the issuance and amendments of our pre-petition revolving credit facility were included in other long-term assets and the remaining unamortized issuance costs were being amortized over the life of the facility using the straight-line method. Costs associated with the issuance of our Predecessor senior notes were included in long-term debt and the remaining unamortized issuance costs were being amortized over the life of the Predecessor senior notes using the effective interest method. In 2020, our Chapter 11 Cases constituted an event of default under our pre-petition revolving credit facility and our senior notes, and non-cash adjustments were made to write off all related unamortized debt issuance costs which are included in reorganization items, net in the accompanying consolidated statements of operations for the year ended December 31, 2020. See Note 2 and Note 6 herein for further discussion of our Chapter 11 Cases and debt issuance costs, respectively.

Litigation Contingencies

We are subject to litigation and regulatory proceedings, claims and liabilities that arise in the ordinary course of business. We accrue losses associated with litigation and regulatory claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, our best estimate within the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or third-party recoveries. Legal defense costs associated with loss contingencies are expensed in the period incurred. See Note 7 for further discussion of litigation contingencies.

Environmental Remediation Costs

We record environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized. See Note 7 for discussion of environmental contingencies.

Asset Retirement Obligations

We recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For natural gas and oil properties, this is the period in which a natural gas or oil well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our natural gas and oil properties. See Note 2 2 for further discussion of asset retirement obligations.

Revenue Recognition

Revenue from the sale of natural gas, oil and NGL is recognized upon the transfer of control of the products, which is typically when the products are delivered to customers. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products.

Revenue from contracts with customers includes the sale of our natural gas, oil and NGL production (recorded as natural gas, oil and NGL revenues in the consolidated statements of operations) as well as the sale of certain of our joint interest holders’ production which we purchase under joint operating arrangements (recorded in marketing revenues in the consolidated statements of operations). In connection with the marketing of these products, we obtain control of the natural gas, oil and NGL we purchase from other interest owners at defined delivery points and deliver the product to third parties, at which time revenues are recorded. See Note 10 for a presentation of the disaggregation of revenue.

Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. There are no significant judgments that significantly affect the amount or timing of revenue from contracts with customers.

We also generate revenue from other sources, including from a variety of derivative and hedging activities to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility, as well as a variety of natural gas, oil and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and satisfaction of our pipeline delivery commitments (recorded within marketing revenues in the consolidated statements of operations). In circumstances where we act as an agent rather than a principal, our results of operations related to natural gas, oil and NGL marketing activities are presented on a net basis.

Fair Value Measurements

Certain financial instruments are reported on a recurring basis at fair value on our consolidated balance sheets. We also use fair value measurements on a nonrecurring basis when a qualitative assessment of our assets indicates a potential impairment. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority.

The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The carrying values of financial instruments comprising cash and cash equivalents, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments. See Notes 6 and 15 for further discussion of fair value measurements.

Derivatives

Derivative instruments are recorded at fair value, and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. As of December 31, 2022, none of our open derivative instruments were designated as cash flow hedges.

Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next 12 months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets.

We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives. See Note 15 for further discussion of our derivative instruments.

Share-Based Compensation

Our share-based compensation program consists of restricted stock and performance share units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize the cost of services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. This value is amortized over the vesting period, which is generally three years from the grant date. Forfeitures on our share-based compensation awards are recognized as they occur. Because performance share units are settled in shares, they are classified as equity and are measured at fair value as of the grant date.

To the extent compensation expense relates to employees directly involved in the acquisition of natural gas and oil leasehold and development activities, these amounts are capitalized to natural gas and oil properties. Amounts not capitalized to natural gas and oil properties are recognized as general and administrative expense, production expense, exploration expense, or marketing expense, based on the employees involved in those activities. See Note 13 for further discussion of share-based compensation.

Chapter 11 Emergence

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

Chapter 11 Emergence


2.			Chapter 11 Emergence

On June 28, 2020 (the “Petition Date”), the Debtors filed voluntary petitions for relief 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. The Non-Filing Entities were not part of the Chapter 11 Cases. The Debtors and the Non-Filing Entities continued to operate in the ordinary course of business during the Chapter 11 Cases.

The Bankruptcy Court confirmed the Plan in a bench ruling on January 13, 2021 and entered the Confirmation Order on January 16, 2021. The Debtors emerged from bankruptcy on February 9, 2021 (the “Effective Date”). The Company’s bankruptcy proceedings and related matters have been summarized below.

Debtor-In-Possession

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.

Automatic Stay

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

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 12 for further discussion of our post-emergence equity.

•Each holder of an equity interest in the Predecessor, including the 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 (as defined in the Plan) 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 Chairman of the Board, Michael Wichterich, and five non-employee directors, Timothy S. Duncan, Benjamin C. Duster, IV, Sarah A. 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 were based on prevailing market rates.

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

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

Condensed Consolidated Balance Sheet

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


	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor

Assets
Current assets:
Cash and cash equivalents	$	243	$	(203)	(a)	$	—		$	40
Restricted cash	—		86		(b)	—			86
Accounts receivable, net	861		(18)		(c)	—			843
Short-term derivative assets	—		—			—			—
Other current assets	66		(5)		(d)	—			61
Total current assets	1,170		(140)			—			1,030
Property and equipment:
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)Reflects 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 11 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 consolidated statements of operations, have significantly affected our statements of operations.

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


	Predecessor
	Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Gains on the settlement of liabilities subject to compromise	$	6,443	$	12
Accrual for allowed claims	(1,002)		(879)
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
Gain on fresh start adjustments	201		—
Gain from release of commitment liabilities	55		—
Debt and equity financing fees	—		(145)
Loss on divested assets	—		(128)
Professional service provider fees and other	(60)		(113)
Success fees for professional service providers	(38)		—
Surrender of other receivable	(18)		—
FLLO alternative transaction fee	(12)		—
Total reorganization items, net	$	5,569	$	(796)

Fresh Start Accounting

12 Months Ended

Dec. 31, 2022

Reorganizations [Abstract]

Fresh Start Accounting


2.			Chapter 11 Emergence

Debtor-In-Possession

Automatic Stay

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 the 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 (as defined in the Plan) 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)Reflects 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		Year Ended December 31, 2020
Gains on the settlement of liabilities subject to compromise	$	6,443	$	12
Accrual for allowed claims	(1,002)		(879)
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
Gain on fresh start adjustments	201		—
Gain from release of commitment liabilities	55		—
Debt and equity financing fees	—		(145)
Loss on divested assets	—		(128)
Professional service provider fees and other	(60)		(113)
Success fees for professional service providers	(38)		—
Surrender of other receivable	(18)		—
FLLO alternative transaction fee	(12)		—
Total reorganization items, net	$	5,569	$	(796)

Natural Gas and Oil Property Transactions

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Oil and Natural Gas Property Transactions


4.			Natural Gas and Oil Property Transactions

Marcellus Acquisition

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

Marcellus Acquisition Purchase Price Allocation

We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during the 2022 Successor Period, which resulted in measurement period adjustments of $39 million to both restricted cash and current liabilities, to reflect funds restricted for future payment of certain royalties.


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

Fair Value of Liabilities Assumed:
Current liabilities	$	459


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

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

Total identifiable net assets	$	2,770

____________________________________________

(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Natural Gas and Oil Properties

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

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

Marcellus Acquisition Revenues and Expenses Subsequent to Acquisition

We included in our consolidated statements of operations natural gas, oil and NGL revenues of $1,331 million, marketing revenues of $20 million, net losses on natural gas and oil derivatives of $379 million, and direct operating expenses of $483 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 December 31, 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 during the 2022 Successor Period, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 11 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 (a)	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

____________________________________________

(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Natural Gas and Oil Properties

For the 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 awards. For restricted stock units 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 consolidated statements of operations natural gas, oil and NGL revenues of $290 million, net gains on natural gas and oil derivatives of $144 million, direct operating expenses of $177 million, including depreciation, depletion and amortization, and other expense of $12 million related to the Vine business for the period from November 1, 2021 to December 31, 2021. We included in our consolidated statements of operations natural gas, oil and NGL revenues of $1,863 million, net losses on natural gas and oil derivatives of $624 million, direct operating expenses of $924 million, including depreciation, depletion and amortization, and other expense of $39 million related to the Vine business for the 2022 Successor Period.

Combined Pro Forma Financial Information

As the Vine Acquisition closed on November 1, 2021, all activity in 2022 is included in Chesapeake’s consolidated statements of operations for the 2022 Successor Period. The following unaudited pro forma financial information is based on our historical 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
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021
Revenues	$	11,743	$	5,891
Net income (loss) available to common stockholders	$	4,765	$	(5)
Earnings (loss) per common share:
Basic	$	37.37	$	(0.04)
Diluted	$	32.26	$	(0.04)

Powder River Divestiture

On January 24, 2022, Chesapeake signed an agreement to sell its Powder River Basin assets in Wyoming to Continental Resources, Inc. 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 $293 million, which included $13 million of post-close adjustments, based on the difference between the carrying value of the assets and the cash received.

Mid-Continent Divestiture

On October 13, 2020, we filed a notice with the Bankruptcy Court that we reached an agreement with Tapstone Energy in a Section 363 transaction under the Bankruptcy Code. An auction supervised by the Bankruptcy Court was held on November 10, 2020 in which other pre-qualified buyers submitted bids for the asset. We presented the results of the auction process to the Bankruptcy Court and the sale was approved on November 13, 2020. On December 11, 2020, we closed the transaction with Tapstone Energy for $130 million, subject to post-closing adjustments which resulted in the recognition of a gain of approximately $27 million.

Haynesville Exchange

On November 22, 2020, we filed notice with the Bankruptcy Court that we had reached an agreement with Williams Companies to transfer certain Haynesville assets, including interests in 144 producing wells and approximately 50,000 net acres, in exchange for improved midstream contract terms with respect to assets we retained. On December 15, 2020, the Court approved the transaction with Williams Companies and the exchange resulted in the recognition of loss of approximately $128 million based on the difference between the carrying value of the assets and the fair value of the assets surrendered. The exchange was executed to obtain sufficient savings on midstream obligations as required by the Plan. Therefore, the loss was recorded to reorganization items, net in our consolidated statements of operations.

Earnings Per Share

12 Months Ended

Dec. 31, 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) available 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 Period consist of issuable shares related to warrants, unvested restricted stock units, and unvested performance share units and during the Predecessor Period have historically consisted of unvested restricted stock units, 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
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Numerator
Net income (loss) available to common stockholders, basic and diluted	$	4,869	$	945	$	5,383	$	(9,756)

Denominator (in thousands)
Weighted average common shares outstanding, basic	125,785		101,754		9,781		9,773
Effect of potentially dilutive securities
Preferred stock	—		—		290		—
Warrants	19,734		14,376		—		—
Restricted stock units	395		200		—		—
Performance share units	47		11		—		—
Weighted average common shares outstanding, diluted	145,961		116,341		10,071		9,773

Earnings (loss) per common share:
Basic	$	38.71	$	9.29	$	550.35	$	(998.26)
Diluted	$	33.36	$	8.12	$	534.51	$	(998.26)

Successor

During the 2022 and 2021 Successor Periods, the diluted earnings per share calculation excludes the effect of 789,458 and 1,228,828 reserved shares of common stock and 1,489,337 and 2,318,446 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 and 2021 Successor Periods, respectively.

Predecessor

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

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 (loss) per share.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt


6.			Debt

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


	Successor
	December 31, 2022				December 31, 2021
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
New Credit Facility	$	1,050	$	1,050	$	—	$	—
Exit Credit Facility - Tranche A Loans	—		—		—		—
Exit Credit Facility - Tranche B Loans	—		—		221		221
5.50% senior notes due 2026	500		485		500		526
5.875% senior notes due 2029	500		475		500		535
6.75% senior notes due 2029(b)	950		917		950		1,031
Premiums on senior notes	100		—		116		—
Debt issuance costs	(7)		—		(9)		—
Total long-term debt, net	$	3,093	$	2,927	$	2,278	$	2,313

____________________________________________

(a)The carrying value of borrowings under each respective Credit Facility approximates 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.

(b)On November 1, 2021, we acquired the debt of Vine, which consisted of 6.75% senior notes due 2029. See further discussion below.

The table below presents debt maturities as of December 31, 2022, excluding debt issuance costs and premiums:


	Total
2023	$	—
2024	—
2025	—
2026	500
2027	1,050
Thereafter	1,450
Total long-term debt, net	$	3,000

New Credit Facility. In December 2022, we entered into a senior secured reserve-based credit agreement (the “New Credit Agreement”) with the lenders and issuing banks party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (the “New Credit Facility”) with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion. The New Credit Facility matures in December 2027. The New Credit Facility provides for a $200.0 million sublimit available for the issuance of letters of credit and a $50.0 million sublimit available for swingline loans.

Initially, the obligations under the New Credit Facility are guaranteed by certain of Chesapeake’s subsidiaries (the “Guarantors”), and the New Credit Facility is secured by substantially all of the assets owned by the Company and the Guarantors (subject to customary exceptions), including mortgages on not less than 85% of the total PV-9 of the borrowing base properties evaluated in the most recent reserve report (where PV-9 is the net present value, discounted at 9% per annum, of the estimated future net revenues). The borrowing base will be redetermined semi-annually on or around April 15 and October 15 of each year, with one interim “wildcard” redetermination available to each of the Company and the Administrative Agent, the latter at the direction of the Required Lenders (as defined in the New Credit Agreement), between scheduled redeterminations. The next scheduled redetermination will be on or about April 15, 2023. The New Credit Agreement contains restrictive covenants that limit Chesapeake and its subsidiaries’ ability to, among other things but subject to exceptions customary to reserve-based credit facilities: (i) incur additional indebtedness, (ii) make investments, (iii) enter into mergers; (iv) make or declare dividends; (v) repurchase or redeem certain indebtedness; (vi) enter into certain hedges; (vii) incur liens; (viii) sell assets; and (ix) engage in certain transactions with affiliates. The New Credit Agreement requires Chesapeake to maintain compliance with the following financial ratios (“Financial Covenants”) beginning with the first quarter of 2023: (A) a current ratio, which is the ratio of Chesapeake’s and its restricted subsidiaries’ consolidated current assets (including unused commitments under the New Credit Facility but excluding certain non-cash assets) to their consolidated current liabilities (excluding the current portion of long-term debt and certain non-cash liabilities), of not less than 1.00 to 1.00; (B) a net leverage ratio, which is the ratio of total indebtedness (less unrestricted cash up to a specified threshold) to Consolidated EBITDAX (as defined in the Credit Agreement) for the prior four fiscal quarters, of not greater than 3.50 to 1.00 and (C) a PV-9 coverage ratio of the net present value, discounted at 9% per annum, of the estimated future net revenues expected in the proved reserves to Chesapeake’s and its restricted subsidiaries’ total indebtedness of not less than 1.50 to 1.00 (“PV-9 Coverage Ratio”).

Borrowings under the New Credit Agreement may be alternate base rate loans or term SOFR loans, at our election. Interest is payable quarterly for alternate base rate loans and at the end of the applicable interest period for term SOFR loans. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 175 to 275 basis points per annum, depending on the percentage of the commitments utilized, plus an additional 10 basis points per annum credit spread adjustment. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 75 to 175 basis points per annum, depending on the percentage of the commitments utilized. Chesapeake also pays a commitment fee on unused commitment amounts under the Credit Facility ranging from 37.5 to 50 basis points per annum, depending on the percentage of the commitments utilized.

The New Credit Facility is subject to customary events of default, remedies, and cure rights for credit facilities of this nature.

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 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 provided for a $200 million sublimit of the aggregate commitments that was available for the issuance of letters of credit. The Exit Credit Facility bore 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 were due to mature three years after the Effective Date and the Tranche B Loans were due to mature four years after the Effective Date. The Company was 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 Credit Agreement was subject to various financial and other covenants and also contained 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. In December 2022, the Tranche A Loans and Tranche B Loans were both repaid and the Exit Credit Facility was terminated.

Borrowings under our credit agreements bore interest at an average interest rate of 8.7% during the 2022 Successor Period. The Company has no additional secured debt outstanding as of December 31, 2022.

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 guaranteed the Exit Credit Facility.

The Notes were issued pursuant to an indenture, dated as of February 5, 2021, among the Issuer, the guarantor 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 New 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 New Credit Facility), (ii) are subordinated to all existing and future secured indebtedness of such guarantor, including such guarantor’s guarantee of indebtedness under our New 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. In December 2022, we terminated our only agreement that referenced LIBOR, the Exit Credit Facility, and entered into the New Credit Facility. We no longer have any arrangements that reference LIBOR and the adoption of this guidance did not have a material impact on our 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Contingencies and Commitments

12 Months Ended

Dec. 31, 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 described below, in addition to actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. See Note 2 for additional information.

Litigation and Regulatory Proceedings

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

We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. The majority of the prepetition legal proceedings have been settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court. Any allowed claim related to such prepetition litigation will be treated in accordance with the Plan.

Environmental Contingencies

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

Other Matters

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

Commitments

Gathering, Processing and Transportation Agreements

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

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


	Successor
	December 31, 2022
2023	$	565
2024	555
2025	481
2026	442
2027	407
2028-2036	1,832
Total	$	4,282

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

Other Commitments

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

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

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.

Other Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Liabilities


8.			Other Liabilities

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


	Successor
	December 31, 2022		December 31, 2021
Revenues and royalties due others	$	734	$	617
Accrued drilling and production costs	253		142
Accrued hedging costs	109		113
Accrued compensation and benefits	72		91
Other accrued taxes	84		86
Operating leases	86		29
Joint interest prepayments received	34		14
Current liabilities held for sale(a)	144		—
Other	111		110
Total other current liabilities	$	1,627	$	1,202

_________________________________________

(a)As of December 31, 2022, certain liabilities associated with the sale of a portion of our Eagle Ford assets have been classified as current liabilities held for sale. See Note 2 3 for additional information.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases


9.			Leases

We are a lessee under various agreements for drilling rigs, compressors, vehicles, office space and gas treating plants. As of December 31, 2022, these leases have remaining terms ranging from one month to three years. Certain of our lease agreements include options to renew the lease, terminate the lease early or purchase the underlying asset at the end of the lease. We determine the lease term at the lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when we are reasonably certain to exercise the option. The company’s vehicles are the only leases with renewal options that we are reasonably certain to exercise. The renewals are reflected in the right of use (“ROU”) asset and lease liability balances.

Our operating ROU assets are included in other long-term assets while operating lease liabilities are included in other current and other long-term liabilities on the consolidated balance sheet. Finance ROU assets are reflected in total property and equipment, net, while finance lease liabilities are included in other current and other long-term liabilities on the consolidated balance sheet.

On November 1, 2021, we acquired Vine and, as part of the purchase price allocation, we recognized additional operating lease liabilities of $32 million and a related ROU asset of $32 million related to drilling rig leases, an office space lease and gas treating plant leases.

The following table presents our ROU assets and lease liabilities as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, we did not have any finance leases.


	Successor
	Operating Leases
	December 31, 2022		December 31, 2021
ROU assets	$	119	$	38

Lease liabilities:
Current lease liabilities	$	86	$	29
Long-term lease liabilities	33		9
Total lease liabilities, net	$	119	$	38

As of December 31, 2022, we had operating leases of $73 million related to drilling rig leases, which have been executed but not yet commenced. These operating leases are expected to commence in 2023 with lease terms expiring through 2025.

Additional information for the Company’s operating and finance leases is presented below:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Lease cost:
Amortization of ROU assets	$	—	$	—	$	1	$	9
Interest on lease liability	—		—		—		1
Finance lease cost	—		—		1		10
Operating lease cost	51		33		3		17
Short-term lease cost	74		13		—		32
Total lease cost	$	125	$	46	$	4	$	59

Other information:
Operating cash outflows from finance lease	$	—	$	—	$	—	$	1
Operating cash outflows from operating leases	$	15	$	7	$	—	$	9
Investing cash outflows from operating leases	$	110	$	39	$	3	$	40
Financing cash outflows from finance lease	$	—	$	—	$	1	$	9

Successor

December 31, 2022

December 31, 2021

Weighted average remaining lease term - operating leases

1.54 years

1.44 years

Weighted average discount rate - operating leases

6.64

3.80

Maturity analysis of operating lease liabilities are presented below:


	Successor
	December 31, 2022
2023	$	88
2024	38
2025	—
Total lease payments	126
Less imputed interest	(7)
Present value of lease liabilities	119
Less current maturities	(86)
Present value of lease liabilities, less current maturities	$	33

Leases


9.			Leases

The following table presents our ROU assets and lease liabilities as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, we did not have any finance leases.


	Successor
	Operating Leases
	December 31, 2022		December 31, 2021
ROU assets	$	119	$	38

Lease liabilities:
Current lease liabilities	$	86	$	29
Long-term lease liabilities	33		9
Total lease liabilities, net	$	119	$	38

Additional information for the Company’s operating and finance leases is presented below:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Lease cost:
Amortization of ROU assets	$	—	$	—	$	1	$	9
Interest on lease liability	—		—		—		1
Finance lease cost	—		—		1		10
Operating lease cost	51		33		3		17
Short-term lease cost	74		13		—		32
Total lease cost	$	125	$	46	$	4	$	59

Other information:
Operating cash outflows from finance lease	$	—	$	—	$	—	$	1
Operating cash outflows from operating leases	$	15	$	7	$	—	$	9
Investing cash outflows from operating leases	$	110	$	39	$	3	$	40
Financing cash outflows from finance lease	$	—	$	—	$	1	$	9

Successor

December 31, 2022

December 31, 2021

Weighted average remaining lease term - operating leases

1.54 years

1.44 years

Weighted average discount rate - operating leases

6.64

3.80

Maturity analysis of operating lease liabilities are presented below:


	Successor
	December 31, 2022
2023	$	88
2024	38
2025	—
Total lease payments	126
Less imputed interest	(7)
Present value of lease liabilities	119
Less current maturities	(86)
Present value of lease liabilities, less current maturities	$	33

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue


10.			Revenue

The following tables show revenue disaggregated by operating area and product type, for the periods presented:


	Successor
	Year Ended December 31, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	4,041	$	—	$	—	$	4,041
Haynesville	3,481		—		—		3,481
Eagle Ford	261		1,798		212		2,271
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	7,803	$	1,864	$	225	$	9,892

Marketing revenue	$	2,455	$	1,547	$	229	$	4,231


	Successor
	Period from February 10, 2021 through December 31, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,370	$	—	$	—	$	1,370
Haynesville	998		—		—		998
Eagle Ford	179		1,354		179		1,712
Powder River Basin	75		202		44		321
Natural gas, oil and NGL revenue	$	2,622	$	1,556	$	223	$	4,401

Marketing revenue	$	908	$	1,158	$	197	$	2,263


	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


	Predecessor
	Year Ended December 31, 2020
	Natural Gas		Oil		NGL		Total
Marcellus	$	631	$	—	$	—	$	631
Haynesville	362		—		—		362
Eagle Ford	129		1,202		97		1,428
Powder River Basin	41		170		20		231
Mid-Continent	25		55		13		93
Natural gas, oil and NGL revenue	$	1,188	$	1,427	$	130	$	2,745

Marketing revenue from contracts with customers	$	494	$	1,195	$	110	$	1,799
Other marketing revenue	3		67		—		70
Marketing revenue	$	497	$	1,262	$	110	$	1,869

Major Customers

For the 2022 Successor Period, sales to Shell Energy North America and Valero Energy Corporation accounted for approximately 13% and 10%, respectively, of total revenues (before the effects of hedging). For the 2021 Successor Period, sales to Valero Energy Corporation and Energy Transfer Crude Marketing accounted for approximately 14% and 11%, respectively, of total revenues (before the effects of hedging). For the 2021 Predecessor Period and 2020 Predecessor Period, sales to Valero Energy Corporation accounted for approximately 19% and 17%, respectively, of total revenues (before the effects of hedging). No other purchasers accounted for more than 10% of our total revenues during the 2022 Successor Period, 2021 Successor Period, 2021 Predecessor Period or 2020 Predecessor Period.

Accounts Receivable

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


	Successor
	December 31, 2022		December 31, 2021
Natural gas, oil and NGL sales	$	1,171	$	922
Joint interest	246		158
Other	24		38
Allowance for doubtful accounts	(3)		(3)
Total accounts receivable, net	$	1,438	$	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
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-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
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-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

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes


11.			Income Taxes

The components of the income tax expense (benefit) for each of the periods presented below are as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Current
Federal	$	37	$	—	$	—	$	(3)
State	10		—		—		(6)
Current Income Taxes	47		—		—		(9)
Deferred
Federal	(1,112)		(45)		(54)		—
State	(220)		(4)		(3)		(10)
Deferred Income Taxes	(1,332)		(49)		(57)		(10)
Total	$	(1,285)	$	(49)	$	(57)	$	(19)

The income tax expense (benefit) reported in our consolidated statement of operations is different from the federal income tax expense (benefit) computed using the federal statutory rate for the following reasons:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Income tax expense (benefit) at the federal statutory rate of 21%	$	767	$	188	$	1,119	$	(2,051)
State income taxes (net of federal income tax benefit)	75		(86)		238		(41)
Change in valuation allowance due to Acquisitions	19		(49)		—		—
Change in valuation allowance excluding impact of Acquisitions	(2,147)		(179)		(1,191)		2,010
Reorganization items	—		60		(173)		41
Transaction costs	2		11		—		—
Removal of stranded tax effects in accumulated other comprehensive income	—		—		(57)		—
Other	(1)		6		7		22
Total	$	(1,285)	$	(49)	$	(57)	$	(19)

We recognize certain permanent book-to-tax differences relating to reorganization items such as differences in the treatment of the extinguishment of liabilities, differences due to the non-deductibility of certain expenses associated with administering the plan of reorganization, and the adjustment to deferred tax assets which are subject to expiration before they are utilizable. In the Successor Period, we recognized a difference due to the non-deductibility of certain transaction costs and other post-combination expenses. Our state income tax provision can fluctuate as a result of changing state apportionment factors and state tax rates. The 2021 Successor Period resulted in a state tax benefit before valuation allowance. The shift of our state profile towards a higher overall state tax rate as a consequence of the Vine Acquisition caused an increase to our state deferred tax assets. Such increase was offset in full by an increase to our valuation allowance. The Marcellus Acquisition during the 2022 Successor Period resulted in a similar, but lessened effect.

Deferred income taxes are provided to reflect temporary differences in the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax-effected temporary differences, net operating loss (“NOL”)

carryforwards and excess business interest expense carryforwards that comprise our deferred income taxes are as follows:


	Successor
	December 31, 2022		December 31, 2021
Deferred tax liabilities:
Property, plant and equipment	$	(253)	$	—
Other	(5)		(3)
Deferred tax liabilities	(258)		(3)

Deferred tax assets:
Property, plant and equipment	—		340
Net operating loss carryforwards	870		784
Carrying value of debt	29		31
Excess business interest expense carryforward	665		684
Asset retirement obligations	91		86
Investments	11		66
Accrued liabilities	21		38
Derivative instruments	137		289
Other	130		68
Deferred tax assets	1,954		2,386
Valuation allowance	(345)		(2,383)
Deferred tax assets after valuation allowance	1,609		3
Net deferred tax asset	$	1,351	$	—

As of December 31, 2022, and 2021, we had deferred tax assets of $1.954 billion and $2.386 billion, respectively, upon which we had a valuation allowance of $345 million and $2.383 billion, respectively. Of the net change in the valuation allowance of $2.038 billion, $1.351 billion was attributable to the valuation allowance release during the fourth quarter of 2022 and $687 million was associated primarily with pre-tax income for the year.

A valuation allowance against deferred tax assets, including NOL carryforwards and disallowed business interest carryforwards, is recognized when it is more likely than not that all or some portion of the benefit from the deferred tax assets will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of existing taxable temporary differences, tax planning strategies, as well as the current and forecasted business economics of our industry. Management assesses all available evidence, both positive and negative, to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets.

For the years ended December 31, 2021 and 2020, we maintained a full valuation allowance against our deferred tax assets based upon the conclusion that it was more likely than not that the deferred tax assets would not be realized. An item of negative evidence consisted of the cumulative pre-tax book losses over rolling three-year periods, primarily due to recurring operational losses and $8.446 billion of impairments of proved natural gas and oil properties recorded in the quarter ended March 31, 2020 (see Note 19). For the cumulative three-year period ended December 31, 2022, we are in a cumulative loss position, but given the magnitude of the 2020 losses rolling off relative to the 2021 and 2022 positive pre-tax book income, we anticipate a return to cumulative pre-tax income during 2023. The expectation of future earnings along with reversals of existing taxable timing differences provide us with sufficient positive evidence to conclude that $1.351 billion of our federal and state deferred tax assets are more likely than not to be realized. Accordingly, we have released the valuation allowance for this amount during 2022. We continue to maintain a partial valuation allowance of $345 million against the portion of our federal and state deferred tax assets such as NOLs, credit carryovers, and capital losses, which may expire before we are able to utilize those due to the application of the limitations under Section 382 and the ordering in which such attributes may be applied.

Our ability to utilize 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 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 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 deduction 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, $307 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. Additionally, we acquired NOL and interest expense carryforwards which are subject to a base annual Section 382 limitation of approximately $2 million. The base annual limitation is estimated to be increased over the first five years for recognized built-in gains of approximately $12 million per year resulting in approximately $14 million per year of available utilization in those years.

The Marcellus Acquisition during the 2022 Successor Period was treated as a taxable asset acquisition with no tax carryovers acquired.

As of December 31, 2022, we have an income tax receivable of $168 million included in other current assets within our consolidated balance sheets.

As of December 31, 2022, and after taking into account each of the foregoing matters, the federal NOLs and excess business interest attributes are as follows:


	Attributes subject to Section 382 base annual limitation				Attributes not subject to Section 382 limitation
	$54 million		$2 million
Net operating losses, by year of expiration:
2037	$	814	$	24	$	—
Indefinitely lived	2,265		102		—
Total federal net operating losses	$	3,079	$	126	$	—

Excess business interest expense (indefinitely lived)	$	1,435	$	90	$	1,368

We had state NOL carryforwards of approximately $3.901 billion. Several states adopt the federal NOL carryforward period such that our more recent state NOLs do not expire. The state NOL carryforwards are subject to apportioned amounts of the federal Section 382 limitations.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022 (“IRA”) which, among other things, 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. Based on our book income in the past three years, we do not believe we will be subject to the corporate alternative minimum tax in 2023. However, we may become subject to the corporate alternative minimum tax in future years. It is our policy that we view the alternative minimum tax as an excess tax over regular income tax and therefore, our deferred tax assets will continue to be assessed for realizability on the basis of whether they reduce a regular tax liability. Should we pay alternative minimum tax in the future and thus acquire credit carryovers related thereto, such deferred tax assets on these will be separately evaluated for valuation allowance purposes.

Accounting guidance for recognizing and measuring uncertain tax positions requires a more likely than not threshold condition be met on a tax position, based solely on the technical merits of being sustained, before any benefit of the tax position can be recognized in the financial statements. Guidance is also provided regarding recognition, classification and disclosure of uncertain tax positions. As of December 31, 2022, and 2021, the amount of unrecognized tax benefits related to NOL carryforwards, tax credit carryforwards, and tax liabilities associated with uncertain tax positions was $69 million and $74 million, respectively. As of December 31, 2022, $29 million is related to state tax receivables not expected to be recovered, $4 million is related to tax credit carryforwards, and the remainder is related to NOL carryforwards. As of December 31, 2021, $29 million is related to state tax receivables not expected to be recovered and the remainder is related to NOL carryforwards. If recognized, $33 million of the uncertain tax positions identified would have an effect on the effective tax rate. As of December 31, 2022, and 2021, we had no amounts accrued for interest related to these uncertain tax positions. We recognize interest related to uncertain tax positions as a component of interest expense. Penalties, if any, related to uncertain tax positions would be recorded in other expenses. $24 million of the state tax receivable relates to claims for refund of Pennsylvania income taxes. During the fourth quarter of 2021, a court case with similar claims as ours was decided in favor of the taxpayer. We considered this information and determined that we had no change to our assessment of the recognition and measurement of our position. Should the state exhaust its appeals so that the taxpayer ultimately prevails we may be successful in applying that precedent to our claims. As such, it is possible that we may reassess that refund claim in the next 12 months and ascertain it to be more likely than not to be sustained. Should this occur, we will record a current tax benefit and income tax receivable for the amount we determine we are likely to sustain.

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020


Unrecognized tax benefits at beginning of period	$	74	$	74	$	74	$	74
Additions based on tax positions related to the current year	2		—		—		—
Additions to tax positions of prior years	2		—		—		—
Settlements	—		—		—		—
Expiration of the applicable statute of limitations	—		—		—		—
Reductions to tax positions of prior years	(9)		—		—		—
Unrecognized tax benefits at end of period	$	69	$	74	$	74	$	74

Our federal and state income tax returns are subject to examination by federal and state tax authorities. Our tax years 2019 through 2022 remain open for all purposes of examination by the IRS as do the WildHorse short period return for January 1, 2019, through February 1, 2019, the Vine 2019 and 2020 federal income tax returns and the Vine short period return for January 1, 2021 through November 1, 2021. However, certain earlier tax years remain open for adjustment to the extent of their NOL carryforwards available for future utilization.

In addition, tax years 2019 through 2022 as well as certain earlier years remain open for examination by state tax authorities. Currently, several state examinations are in progress of various years. We do not anticipate that the outcome of any federal or state audit will have a significant impact on our financial position or results of operations.

- 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.

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+ Details

Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity


12.			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 and 2021 Successor Periods, 439,370 and 864,090 reserved shares, respectively, 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. We declared the first quarterly dividend on our New Common Stock in the second quarter of 2021, which consisted of a base dividend per share. In March 2022, we adopted a variable return program that resulted in the payment of an additional variable dividend equal to the sum of Adjusted Free Cash Flow from the prior quarter less the base quarterly dividend, multiplied by 50%. The following table summarizes our dividend payments in the 2022 and 2021 Successor Periods:


Payment Date	Stockholders of Record Date	Dividend Payment		Rate Per Share
June 10, 2021	May 24, 2021	$	34	$	0.34375
September 9, 2021	August 24, 2021	33		$	0.34375
December 9, 2021	November 24, 2021	52		$	0.43750
Total dividends paid 2021		$	119

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
December 1, 2022	November 15, 2022	424		$	3.16
Total dividends paid 2022		$	1,212

On February 21, 2023, we declared a quarterly dividend payable of $1.29 per share, which will be paid on March 23, 2023 to stockholders of record at the close of business on March 7, 2023. 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 $0.74 per share.

Share Repurchase Program

As of December 2, 2021, the Company was authorized to purchase up to $1.0 billion of the Company’s common stock and/or warrants under a share repurchase program. 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 throughout the 2022 Successor Period, we repurchased 11.7 million shares of common stock for an aggregate price of $1.1 billion. 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 February 10, 2021	11,111,111	12,345,679	9,768,527
Converted into New Common Stock	(254,259)	(32,406)	(10,603)
Issued for General Unsecured Claims	—	—	1,630,447
Outstanding as of December 31, 2021	10,856,852	12,313,273	11,388,371
Converted into New Common Stock(b)	(1,609,641)	(29,679)	(959,247)
Converted in warrant exchange offer(b)	(4,752,207)	(7,879,030)	(7,252,004)
Issued for General Unsecured Claims	—	—	829,109
Outstanding as of December 31, 2022	4,495,004	4,404,564	4,006,229

_________________________________________

(a)As of December 31, 2022, we had 1,489,337 of reserved Class C Warrants.

(b)During the 2022 Successor Period, we issued 18,408,228 common shares as a result of Warrant exercises, inclusive of the shares issued as part of the Warrant exchange offers described below.

As discussed in Note 2, on the Effective Date, we issued Class A, Class B and Class C Warrants that were 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 December 1, 2022, and the adjusted exercise prices are $24.32, $28.28, and $31.84 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. As the fair value of the New Common Stock issued was greater than the fair value of the Warrants tendered in the exchange offers due to stated exchange premiums, we recorded a non-cash deemed dividend of $67 million. Such fair values were determined using our stock price that is considered a Level 1 input.

Chapter 11 Proceedings

Upon our 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.

Noncontrolling Interests

During part of the 2020 Predecessor Period, we owned 23,750,000 common units in the Chesapeake Granite Wash Trust (the “Trust”) representing a 51% beneficial interest. We determined that the Trust was a VIE and that we were the primary beneficiary. As a result, the Trust was included in our consolidated financial statements. In the 2020 Predecessor Period, we sold our interests in the Mid-Continent operating area and the units we owned in the Trust. See Note 4 for additional discussion.

- Definition

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

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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


13.			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 adopted the LTIP with a share reserve equal to 6,800,000 shares of New Common Stock. The LTIP provides for the grant of restricted stock units (“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 2022 and 2021 Successor Periods, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year to five-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted (a)	1,202	$	52.60
Vested (a)	(377)	$	65.66
Forfeited	(50)	$	44.37
Unvested as of December 31, 2021	775	$	46.77
Granted	666	$	81.87
Vested	(300)	$	48.11
Forfeited	(184)	$	56.54
Unvested as of December 31, 2022	957	$	68.91

_________________________________________

(a)Due to the Vine Acquisition, each Vine restricted stock unit was converted into a Company restricted stock unit. As a result, approximately 430 thousand Vine restricted stock units were converted to Company restricted stock units, of which approximately 375 thousand restricted stock units were accelerated. We recognized accelerated share-based compensation expense in other operating expense on our consolidated statement of operations.

The aggregate intrinsic value of restricted stock units that vested during the 2022 and 2021 Successor Periods was approximately and $26 million and $25 million based on the stock price at the time of vesting, respectively.

As of December 31, 2022, there was approximately $50 million of total unrecognized compensation expense related to unvested restricted stock units. The expense is expected to be recognized over a weighted average period of approximately 2.71 years.

Performance Share Units. In the 2022 and 2021 Successor Periods, we granted performance share units (“PSUs”) to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include 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 tables present the assumptions used in the valuation of the PSUs granted in the 2022 and 2021 Successor Periods.


2022 PSU Awards
Assumption	TSR, rTSR
Risk-free interest rate	2.00	%
Volatility	70.2	%

2021 PSU Awards
Assumption	TSR, rTSR		Share Price Hurdle
Risk-free interest rate	0.23	%	0.30	%
Volatility	71.4	%	68.4	%

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


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted	201	$	64.41
Vested	(9)	$	38.95
Forfeited	(9)	$	55.42
Unvested as of December 31, 2021	183	$	66.12
Granted	133	$	109.65
Vested	—	$	—
Forfeited	(40)	$	57.48
Unvested as of December 31, 2022	276	$	88.28

The aggregate intrinsic value of PSUs that vested during the 2021 Successor Period was approximately $0.6 million based on the stock price at the time of vesting.

As of December 31, 2022, there was approximately $16 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 1.99 years.

Predecessor Share-Based Compensation

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

Restricted Stock Units. We granted restricted stock units to employees and non-employee directors. The following table provides information related to restricted stock units activity for the Predecessor periods presented:


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

Unvested as of January 1, 2020	52	$	709.85
Granted	68	$	60.00
Vested	(21)	$	791.69
Forfeited	(98)	$	243.13
Unvested as of December 31, 2020	1	$	616.57

The aggregate intrinsic value of restricted stock units that vested during the 2020 Predecessor Period was approximately $1 million based on the stock price at the time of vesting.

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

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

The following table provides information related to stock option activity for the Predecessor periods presented:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)				($ in millions)
Outstanding as of January 1, 2021	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	—	$	—	—	$	—

Outstanding as of January 1, 2020	90	$	1,420.90	5.70	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(23)	$	914.50
Forfeited	(47)	$	1,666.21
Outstanding as of December 31, 2020	20	$	1,429.11	4.27	$	—
Exercisable as of December 31, 2020	19	$	1,439.55	4.35	$	—

___________________________________________

(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, 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
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
General and administrative expenses	$	19	$	7	$	3	$	20
Natural gas and oil properties	4		2		—		1
Production expense	3		2		—		1
Total RSU, stock option and PSU compensation	$	26	$	11	$	3	$	22
Related income tax benefit	$	6	$	—	$	—	$	—

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans


14.			Employee Benefit Plans

Our qualified 401(k) profit sharing plan (“401(k) Plan”) is the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan, which is open to employees of Chesapeake and all our subsidiaries. Eligible employees may elect to defer compensation through voluntary contributions to their 401(k) Plan accounts, subject to plan limits and those set by the IRS. We match employee contributions dollar for dollar (subject to a maximum contribution of 6% of an employee's base salary and performance bonus) in cash. In April 2021, the 401(k) match was changed from 15% to 6%. In addition to our employer match contributions, in 2022 we commenced a discretionary fixed dollar contribution benefit for all employees, paid quarterly, which is based upon a calculation of 1% of Adjusted Free Cash Flow less the base quarterly dividend. This discretionary fixed dollar contribution is subject to an annual maximum contribution of $15,000 per employee. We contributed $22 million, $8 million, $2 million and $24 million to the 401(k) Plan in the 2022 Successor Period, 2021 Successor Period, 2021 Predecessor Period and 2020 Predecessor Period, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


15.			Derivative and Hedging Activities

We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. All of our 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. None of our open natural gas and oil derivative instruments were designated for hedge accounting as of December 31, 2022 and 2021.

As of December 31, 2022, we reclassified $65 million of derivative liabilities (notional volume of 9.6 bcf of natural gas and notional volume of 4.8 mmbbls of oil) to liabilities held for sale, as these open hedge positions will be novated to WildFire Energy I LLC upon completion of the sale of a portion of our Eagle Ford assets. See Note 2 3 for more details.

Natural Gas and Oil Derivatives

As of December 31, 2022 and 2021, our natural gas and oil derivative instruments consisted of the following types of instruments:

•Swaps: We receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. In exchange for higher fixed prices on certain of our swap trades, we may sell call options and swap options.

•Options: We sell, and occasionally buy, call options in exchange for a premium. At the time of settlement, if the market price exceeds the fixed price of the call option, we pay the counterparty the excess on sold call options and we receive the excess on bought call options. If the market price settles below the fixed price of the call option, no payment is due from either party.

•Collars: These instruments contain a fixed floor price (put) and ceiling price (call). If the market price exceeds the call strike price or falls below the put strike price, we receive the fixed price and pay the market price. If the market price is between the put and the call strike prices, no payments are due from either party. Three-way collars include the sale by us of an additional put option in exchange for a more favorable strike price on the call option. This eliminates the counterparty’s downside exposure below the second put option strike price.

•Basis Protection Swaps: These instruments are arrangements that guarantee a fixed price differential to NYMEX from a specified delivery point. We receive the fixed price differential and pay the floating market price differential to the counterparty for the hedged commodity.

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


	Successor
	December 31, 2022			December 31, 2021
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	382	$	(494)	637	$	(675)
Collars	721	49		205	(82)
Three-way collars	4	(2)		—	—
Call options	18	(22)		18	(17)
Basis protection swaps	652	(32)		252	(11)
Total natural gas	1,777	(501)		1,112	(785)
Oil (MMBbls):
Fixed-price swaps	1	(32)		13	(356)
Collars	2	7		—	—
Basis protection swaps	6	1		9	(2)
Total oil	9	(24)		22	(358)
Total estimated fair value		$	(525)		$	(1,143)

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

Effect of Derivative Instruments – Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2022 and 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 December 31, 2022
Commodity Contracts:
Short-term derivative asset	$	200	$	(166)	$	34
Long-term derivative asset	87		(40)		47
Short-term derivative liability	(598)		166		(432)
Long-term derivative liability	(214)		40		(174)
Total derivatives	$	(525)	$	—	$	(525)

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 December 31, 2022, our natural gas and oil derivative instruments were spread among 12 counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that were also lenders (or affiliates of lenders) under our New Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the revolving 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 December 31, 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 (Loss)

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


	Predecessor
	Period from January 1, 2021 through February 9, 2021				Year Ended December 31, 2020
	Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	(12)	$	45	$	(45)	$	12
Losses reclassified to income(a)	3		3		33		33
Fresh start adjustments	9		9		—		—
Elimination of tax effects	—		(57)		—		—
Balance, end of period	$	—	$	—	$	(12)	$	45

___________________________________________

(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 are 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 Period or the 2021 Successor Period.

Capitalized Exploratory Well Costs

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Capitalized Exploratory Well Costs


16.			Capitalized Exploratory Well Costs

A summary of the changes in our capitalized exploratory well costs for the periods presented is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year.


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Balance, beginning of period	$	14	$	—	$	—	$	7
Additions pending the determination of proved reserves	1		24		—		—
Divestitures and other	—		—		—		—
Reclassifications to proved properties	—		(10)		—		—
Charges to exploration expense	(5)		—		—		(7)
Balance, end of period(a)	$	10	$	14	$	—	$	—

___________________________________________

(a)Our capitalized exploratory well costs balance as of December 31, 2022, consisted of one project for which we had suspended exploratory well costs capitalized for a period greater than one year. As of December 31, 2022, we are currently evaluating the project.

We had no projects with suspended exploratory well costs capitalized for a period greater than one year as of both December 31, 2021 and 2020.

Other Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Other Property and Equipment


17.			Other Property and Equipment

A summary of other property and equipment held for use and the estimated useful lives thereof is as follows:


	Successor				Estimated Useful Life
	December 31, 2022		December 31, 2021
					(in years)
Buildings and improvements	$	325	$	330	10 - 39
Computer equipment	92		87		5
Land	32		37
Sand mine(a)	—		2		10 - 30
Other	51		39		5 - 20
Total other property and equipment, at cost	500		495
Less: accumulated depreciation	(58)		(26)
Total other property and equipment, net	$	442	$	469

___________________________________________

(a) These assets were transferred to assets held for sale as of December 31, 2022.

Investments

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments


18.			Investments

Momentum Sustainable Ventures LLC. During the fourth quarter of 2022, Chesapeake entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture and sequestration project, which will gather natural gas produced in the Haynesville Shale for re-delivery to Gulf Coast markets, including LNG export. The pipeline is expected to have an initial capacity of 1.7 Bcf/d expandable to 2.2 Bcf/d. The carbon capture portion of the project anticipates capturing and permanently sequestering up to 2.0 million tons per annum of CO2. The natural gas gathering pipeline in-service is projected for the fourth quarter of 2024, and the carbon sequestration portion of the project is subject to regulatory approvals. We have a 35% interest in the project and have committed approximately $330 million to the project through the end of 2024. We have accounted for this investment as an equity method investment and its carrying value as of December 31, 2022 was $18 million.

FTS International, Inc. (FTSI). In the 2020 Predecessor Period, FTSI filed for Chapter 11 bankruptcy and we recognized an impairment of our entire investment of $23 million. FTSI emerged from bankruptcy on November 19, 2020, and this restructuring resulted in a reduction of the common stock we owned in FTSI from 20% to less than 2%. The decreased ownership percentage and the loss of significant influence required us to measure the investment at fair value as of December 31, 2020. In the 2021 Successor Period, FTSI announced it would be acquired in an all cash deal that closed during 2022.

Impairments

12 Months Ended

Dec. 31, 2022

Asset Impairment Charges [Abstract]

Impairments


19.			Impairments

Impairments of Natural Gas and Oil Properties

During the 2020 Predecessor Period we recognized $8.446 billion of impairments related to our natural gas and oil properties. In the 2020 Predecessor Period, the decrease in demand for crude oil primarily due to the combined impacts of COVID-19 and the OPEC+ production increases resulted in decreases in then current and then expected long-term crude oil and NGL sale prices. These conditions resulted in reductions to the market capitalization of peer companies in the energy industry. We determined these adverse market conditions represented a triggering event to perform an impairment assessment of our long-lived assets used in, and in support of, our operations, including proved natural gas and oil properties, and our sand mine assets.

Proved Gas and Oil Properties

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

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

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

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

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

Impairments of Fixed Assets

In the 2020 Predecessor Period, we recorded a $76 million impairment of our sand mine assets that support our Eagle Ford operating area for the difference between the fair value and carrying value of the assets as well as a $13 million impairment of compressor inventory due to a lack of a current market for compressors.

During the 2022 Successor Period, 2021 Successor Period and 2021 Predecessor Period, we did not have any material impairments of our natural gas and oil properties or fixed assets.

Exploration Expense

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Exploration Expense


20.			Exploration Expense

During the 2022 Successor Period, exploration expense charges of $23 million were primarily the result of non-cash impairment charges in unproved properties of $8 million, $6 million of charges related to dry hole expense and $6 million of geological and geophysical expense. We did not have material exploration expenses during the 2021 Successor Period or 2021 Predecessor Period. The exploration expense charges of $427 million during the 2020 Predecessor Period were primarily the result of non-cash impairment charges in unproved properties of $411 million, primarily in our Eagle Ford, Haynesville, Powder River Basin and Mid-Continent operating areas.

Unproved natural gas and oil properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects.

Other Operating Expense (Income), Net

12 Months Ended

Dec. 31, 2022

Asset Impairment Charges [Abstract]

Other Operating Expense (Income), Net


21.			Other Operating Expense (Income), Net

In the 2022 Successor Period, we recognized approximately $41 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.

In the 2021 Successor Period, we recognized approximately $59 million of costs related to our acquisition of Vine, which included consulting fees, financial advisory fees, and legal fees. Additionally, we recognized approximately $36 million of severance expense as a result of the Vine Acquisition, which included $15 million of cash severance and $21 million of non-cash severance, primarily related to the issuance of New Common Stock for the acceleration of certain Vine restricted stock unit awards. A majority of Vine executives and employees were terminated on the date of the acquisition. These executives and employees were entitled to severance benefits in accordance with existing employment agreements.

In the 2020 Predecessor Period, we terminated certain gathering, processing and transportation contracts and recognized a non-recurring $80 million expense related to the contract terminations. The contract terminations removed approximately $169 million of future commitments related to gathering, processing and transportation agreements. Additionally, we recognized $9 million of expense related to the impairment of sand mine inventory and $42 million of other operating expense primarily related to royalty settlements and other legal matters offset by $51 million of income from the amortization of VPP deferred revenue. In the 2020 Predecessor Period, we sold the assets related to our remaining volumetric production payment and extinguished the liability related to the production volume delivery obligation.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations


22.			Asset Retirement Obligations

The components of the change in our asset retirement obligations are shown below:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021
Asset retirement obligations, beginning of period	$	360	$	241	$	144
Additions(a)	53		48		—
Revisions(b)	16		63		—
Settlements and disposals(c)	(54)		(3)		(1)
Held for sale(d)	(57)		—		—
Accretion expense	17		11		1
Impact of fresh start accounting	—		—		97
Asset retirement obligations, end of period	335		360		241
Less current portion	12		11		5
Asset retirement obligations, long-term	$	323	$	349	$	236

___________________________________________

(a) During the 2022 Successor Period, approximately $27 million of additions relate to the Marcellus Acquisition. During the 2021 Successor Period, approximately $44 million of additions relate to the Vine Acquisition. See Note 4 for further discussion of these transactions.

(b) Revisions primarily represent changes in the present value of liabilities resulting from changes in estimated costs and economic lives of producing properties.

(c) During the 2022 Successor Period, approximately $47 million of disposals related to our Powder River Basin assets. See Note 4 for further discussion of these transactions.

(d) As of December 31, 2022, approximately $57 million of asset retirement obligations associated with the sale of a portion of our Eagle Ford assets have been reclassified as other current liabilities held for sale.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events


23.			Subsequent Events

In January 2023, we entered into an agreement to sell a portion of our Eagle Ford assets to WildFire Energy I LLC for approximately $1.425 billion. This transaction, which is subject to certain customary closing conditions, including certain regulatory approvals, is expected to close in the first quarter of 2023. As of December 31, 2022, we ceased depreciation on the assets associated with the sale and classified approximately $811 million of property and equipment, net and $8 million of other assets as held for sale included within current assets held for sale on the consolidated balance sheets. Additionally, approximately $65 million of derivative liabilities, $57 million of asset retirement obligations liabilities and $22 million of other liabilities were classified as held for sale and included within other current liabilities on the consolidated balance sheets as of December 31, 2022.

In February 2023, we entered into an agreement to sell a portion of our remaining Eagle Ford assets to INEOS Energy for approximately $1.4 billion. This transaction, which is subject to certain customary closing conditions, including certain regulatory approvals, is expected to close in the second quarter of 2023.

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Exploration Expense


Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited)

Certain reserves and production information was previously disclosed in a per barrel of oil equivalent. As the majority of our production profile consists of natural gas, we have converted this information, including prior periods, from a per barrel of oil equivalent, to a per one thousand cubic feet of natural gas equivalent, referred to, on such a converted basis, as per Mcfe.

Net Capitalized Costs

Capitalized costs related to our natural gas, oil and NGL producing activities are summarized as follows:


	Successor
	December 31, 2022		December 31, 2021
Natural gas and oil properties:
Proved	$	11,096	$	7,682
Unproved	2,022		1,530
Total	13,118		9,212
Less accumulated depreciation, depletion and amortization	(2,373)		(882)
Net capitalized costs	$	10,745	$	8,330

Unproved properties as of December 31, 2022 and 2021, consisted mainly of leasehold acquired through our Vine Acquisition and Marcellus Acquisition. We will continue to evaluate our unproved properties, and although the timing of the ultimate evaluation or disposition of the properties cannot be determined, we can expect the majority of our unproved properties not held by production to be transferred into the amortization base over the next five years.

Costs Incurred in Natural Gas and Oil Property Acquisition, Exploration and Development

Costs incurred in natural gas and oil property acquisition, exploration and development, including capitalized interest and asset retirement costs, are summarized as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Acquisition of properties(a):
Proved properties	$	2,321	$	2,183	$	—	$	3
Unproved properties	795		1,121		—		6
Exploratory costs	15		31		—		8
Development costs	1,918		717		58		887
Costs incurred	$	5,049	$	4,052	$	58	$	904

___________________________________________

(a) Includes $2.31 billion and $0.79 billion of proved and unproved property acquisitions, respectively, related to our Marcellus Acquisition in 2022. Includes $2.18 billion and $1.10 billion of proved and unproved property acquisitions, respectively, related to our Vine Acquisition in 2021.

Results of Operations from Natural Gas, Oil and NGL Producing Activities

The following table includes revenues and expenses associated directly with our natural gas, oil and NGL producing activities for the periods presented. It does not include any derivative activity, interest costs or indirect general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of our natural gas, oil and NGL operations.


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Natural gas, oil and NGL sales	$	9,892	$	4,401	$	398	$	2,745
Production expenses	(475)		(297)		(32)		(373)
Gathering, processing and transportation expenses	(1,059)		(780)		(102)		(1,082)
Severance and ad valorem taxes	(242)		(158)		(18)		(149)
Exploration	(23)		(7)		(2)		(427)
Depletion and depreciation	(1,703)		(882)		(64)		(1,014)
Accretion of asset retirement obligations	(17)		(11)		(1)		(12)
Impairment of natural gas and oil properties	—		—		—		(8,446)
Imputed income tax provision(a)	(1,440)		(535)		(42)		1,988
Results of operations from natural gas, oil and NGL producing activities	$	4,933	$	1,731	$	137	$	(6,770)

___________________________________________

(a) The imputed income tax provision is hypothetical (at the statutory tax rate) and determined without regard to our deduction for general and administrative expenses, interest costs and other income tax credits and deductions, nor whether the hypothetical tax provision (benefit) will be payable (receivable).

Natural Gas, Oil and NGL Reserve Quantities

Our petroleum engineers and independent petroleum engineering firms estimated all of our proved reserves as of December 31, 2022, 2021 and 2020. Independent petroleum engineering firm Netherland, Sewell & Associates, Inc. estimated an aggregate of 92% of our estimated proved reserves (by volume) as of December 31, 2022.

Proved natural gas, oil and NGL reserves are those quantities of natural gas, oil and NGL which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. Based on reserve reporting rules, the price is calculated using the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within the period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. A project to extract hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. The area of the reservoir considered as proved includes: (i) the area identified by drilling and limited by fluid contacts, if any, and (ii) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible natural gas or oil on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering or performance data and reliable technology establish a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated natural gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery

techniques (including, but not limited to, fluid injection) are included in the proved classification when: (i) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (ii) the project has been approved for development by all necessary parties and entities, including governmental entities.

The information provided below on our natural gas, oil and NGL reserves is presented in accordance with regulations prescribed by the SEC. Our reserve estimates are generally based upon extrapolation of historical production trends, analogy to similar properties and volumetric calculations. Accordingly, these estimates will change as future information becomes available and as commodity prices change. These changes could be material and could occur in the near term.

Presented below is a summary of changes in estimated proved reserves for the periods presented:


	Natural Gas	Oil	NGL	Total
	(bcf)	(mmbbl)	(mmbbl)	(bcfe)
December 31, 2022
Proved reserves, beginning of period (Successor)	7,824	209.7	82.0	9,573
Extensions, discoveries and other additions	60	2.1	1.5	82
Revisions of previous estimates	1,989	22.5	5.0	2,155
Production	(1,308)	(19.4)	(6.0)	(1,461)
Sale of reserves-in-place	(122)	(16.5)	(8.6)	(273)
Purchase of reserves-in-place	2,926	—	—	2,926
Proved reserves, end of period (Successor)	11,369	198.4	73.9	13,002
Proved developed reserves:
Beginning of period (Successor)	4,246	165.7	61.7	5,610
End of period (Successor)	7,385	157.2	58.9	8,681
Proved undeveloped reserves:
Beginning of period (Successor)	3,578	44.0	20.3	3,963
End of period(a) (Successor)	3,984	41.2	15.0	4,321


	Natural Gas	Oil	NGL	Total
	(bcf)	(mmbbl)	(mmbbl)	(bcfe)
December 31, 2021
Proved reserves, beginning of period (Predecessor)	3,530	161.3	52.0	4,809
Extensions, discoveries and other additions	1,744	41.0	16.9	2,091
Revisions of previous estimates	1,522	33.3	21.1	1,848
Production	(807)	(25.9)	(8.0)	(1,010)
Sale of reserves-in-place	—	—	—	—
Purchase of reserves-in-place	1,835	—	—	1,835
Proved reserves, end of period (Successor)	7,824	209.7	82.0	9,573
Proved developed reserves:
Beginning of period (Predecessor)	3,196	158.1	51.4	4,452
End of period (Successor)	4,246	165.7	61.7	5,610
Proved undeveloped reserves:
Beginning of period (Predecessor)	334	3.2	0.6	357
End of period(a) (Successor)	3,578	44.0	20.3	3,963

December 31, 2020
Proved reserves, beginning of period (Predecessor)	6,566	358.0	120.0	9,434
Extensions, discoveries and other additions	100	1.1	0.4	109
Revisions of previous estimates	(2,326)	(148.2)	(50.6)	(3,519)
Production	(684)	(37.3)	(11.3)	(976)
Sale of reserves-in-place	(126)	(12.3)	(6.5)	(239)
Purchase of reserves-in-place	—	—	—	—
Proved reserves, end of period (Predecessor)	3,530	161.3	52.0	4,809
Proved developed reserves:
Beginning of period (Predecessor)	3,377	201.4	82.1	5,078
End of period (Predecessor)	3,196	158.1	51.4	4,452
Proved undeveloped reserves:
Beginning of period (Predecessor)	3,189	156.6	37.9	4,356
End of period(a) (Predecessor)	334	3.2	0.6	357

___________________________________________

(a) As of December 31, 2022, 2021 and 2020, there were no PUDs that had remained undeveloped for five years or more.

During 2022, we acquired 2,926 bcfe primarily related to the Marcellus Acquisition. We recorded extensions and discoveries of 82 bcfe primarily related to new PUDs and previously unproved producing wells in emerging plays. We recorded 2,155 bcfe of upward revisions of previous estimates, which consisted of 866 bcfe of revisions to PUDs primarily due to development plan optimization through prioritizing longer laterals and multi-well pad development in the Haynesville, 1,156 bcfe of revisions to existing or new proved developed properties primarily due to performance and 133 bcfe of revisions due to higher natural gas, oil and NGL prices in 2022. The natural gas, oil and NGL prices used in computing our reserves as of December 31, 2022, were $6.36 per mcf, $93.67 per bbl and $43.58 per bbl, respectively, before basis differential adjustments.

During 2021, we acquired 1,835 bcfe primarily related to the Vine Acquisition. We recorded extensions and discoveries of 2,091 bcfe following our emergence from bankruptcy on February 9, 2021, and certainty regarding our ability to finance the development of our proved reserves over a five-year period. We recorded 1,848 bcfe of upward revisions of previous estimates, which consisted of 1,284 bcfe due to lateral length adjustments, performance and updates to our five-year development plan and 564 bcfe due to higher natural gas, oil and NGL prices in 2021. The natural gas, oil and NGL prices used in computing our reserves as of December 31, 2021, were $3.60 per mcf, $66.56 per bbl and $35.81 per bbl, respectively, before basis differential adjustments.

During 2020, we recorded extensions and discoveries of 109 bcfe primarily in the Marcellus and Haynesville primarily related to successfully drilled new well additions. We sold 239 bcfe of proved reserves for approximately $136 million primarily in the Mid-Continent. We recorded 3,519 bcfe of downward revisions of previous estimates consisting of 2,538 bcfe of downward revisions due to updates to our five-year development plan in contemplation of ongoing market conditions and uncertainty regarding our ability to finance the development of our proved reserves over a five-year period, downward revisions of 1,248 bcfe due to lower natural gas, oil and NGL prices in 2020, and upward revisions of 267 bcfe due to ongoing portfolio evaluation including performance adjustments. The natural gas, oil and NGL prices used in computing our reserves as of December 31, 2020, were $1.98 per mcf, $39.57 per bbl and $17.32 per bbl, respectively, before basis differential adjustments.

Standardized Measure of Discounted Future Net Cash Flows

Accounting Standards Codification Topic 932 prescribes guidelines for computing a standardized measure of future net cash flows and changes therein relating to estimated proved reserves. Chesapeake has followed these guidelines which are briefly discussed below.

Future cash inflows and future production and development costs as of December 31, 2022, 2021 and 2020 were determined by applying the average of the first-day-of-the-month prices for the 12 months of the year and year-end costs to the estimated quantities of natural gas, oil and NGL to be produced. Actual future prices and costs may be materially higher or lower than the prices and costs used. For each year, estimates are made of quantities of proved reserves and the future periods during which they are expected to be produced based on continuation of the economic conditions applied for that year. Estimated future income taxes are computed using current statutory income tax rates including consideration of the current tax basis of the properties and related carryforwards, giving effect to permanent differences and tax credits. The resulting future net cash flows are reduced to present value amounts by applying a 10% annual discount factor.

The assumptions used to compute the standardized measure are those prescribed by the Financial Accounting Standards Board and do not necessarily reflect our expectations of actual revenue to be derived from those reserves nor their present worth. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these estimates reflect the valuation process.

The following summary sets forth our future net cash flows relating to proved natural gas, oil and NGL reserves based on the standardized measure:


	Years Ended December 31,
	2022			2021			2020
Future cash inflows	$	76,626	(a)	$	33,700	(b)	$	8,247	(c)
Future production costs	(10,177)			(6,735)			(2,963)
Future development costs	(5,343)		(d)	(3,687)		(e)	(563)		(f)
Future income tax provisions	(10,440)			(2,254)			(9)
Future net cash flows	50,666			21,024			4,712
Less effect of a 10% discount factor	(24,361)			(8,737)			(1,626)
Standardized measure of discounted future net cash flows	$	26,305		$	12,287		$	3,086

___________________________________________

(a) Calculated using prices of $6.36 per mcf of natural gas, $93.67 per bbl of oil and $43.58 per bbl of NGL, before basis differential adjustments.

(b) Calculated using prices of $3.60 per mcf of natural gas, $66.56 per bbl of oil and $35.81 per bbl of NGL, before basis differential adjustments.

(c) Calculated using prices of $1.98 per mcf of natural gas, $39.57 per bbl of oil and $17.32 per bbl of NGL, before basis differential adjustments.

(d) Included approximately $979 million of future plugging and abandonment costs as of December 31, 2022.

(e) Included approximately $846 million of future plugging and abandonment costs as of December 31, 2021.

(f) Included approximately $429 million of future plugging and abandonment costs as of December 31, 2020.

The principal sources of change in the standardized measure of discounted future net cash flows are as follows:


	Years Ended December 31,
	2022		2021		2020
Standardized measure, beginning of period(a)	$	12,287	$	3,086	$	9,000
Sales of natural gas and oil produced, net of production costs and gathering processing and transportation(b)	(8,116)		(3,414)		(1,140)
Net changes in prices and production costs	14,256		6,674		(5,576)
Extensions and discoveries, net of production and development costs	251		2,834		71
Changes in estimated future development costs	(1,512)		(459)		1,933
Previously estimated development costs incurred during the period	690		130		665
Revisions of previous quantity estimates	6,697		2,034		(1,839)
Purchase of reserves-in-place	7,047		2,807		—
Sales of reserves-in-place	(402)		—		(112)
Accretion of discount	1,371		309		902
Net change in income taxes	(4,972)		(1,423)		14
Changes in production rates and other	(1,292)		(291)		(832)
Standardized measure, end of period(a)	$	26,305	$	12,287	$	3,086

___________________________________________

(a) The impact of cash flow hedges has not been included in any of the periods presented.

(b) Excludes gains and losses on derivatives. Production costs includes severance and ad valorem taxes.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Chesapeake were prepared in accordance with GAAP and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. This Annual Report on Form 10-K (this “Form 10-K”) relates to the financial position of the Successor as of December 31, 2022 and as of December 31, 2021, and the year ended December 31, 2022 (“2022 Successor Period”), the periods of February 10, 2021 through December 31, 2021 (“2021 Successor Period”), January 1, 2021 through February 9, 2021 (“2021 Predecessor Period”), and the year ended December 31, 2020 (“2020 Predecessor Period”). Accounting During Bankruptcy We have applied Accounting Standards Codification (ASC) 852, Reorganizations, in preparing the consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the filing of a petition of 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 losses related to executory contracts that were approved for rejection by the Bankruptcy Court, and unamortized debt issuance costs, premiums and discounts associated with debt classified as liabilities subject to compromise, are recorded as reorganization items, net on our accompanying consolidated statements of operations.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures in the financial statements. Management evaluates its estimates and related assumptions regularly, including those related to the impairment of natural gas and oil properties, natural gas and oil reserves, derivatives, income taxes, impairment of other property and equipment, environmental remediation costs, asset retirement obligations, litigation and regulatory proceedings and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ significantly from these estimates.
Consolidation	Consolidation We consolidate entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (“VIEs”) in which we are the primary beneficiary. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether we own a variable interest in a VIE, we perform a qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. See Note 12 for further discussion of our previous VIE. We use the equity method of accounting to record our net interests where we have the ability to exercise significant influence through our investment but lack a controlling financial interest. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. See Note 18 for further discussion of our investments. Undivided interests in natural gas and oil properties are consolidated on a proportionate basis.
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.
Noncontrolling Interests	Noncontrolling InterestsNoncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity.
Cash and Cash Equivalents	Cash and Cash EquivalentsFor purposes of the consolidated financial statements, we consider investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents
Restricted Cash	Restricted CashAs of December 31, 2022, we had restricted cash of $62 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.
Accounts Receivable	Accounts ReceivableOur 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.
Natural Gas and Oil Properties	Natural Gas and Oil Properties We follow the successful efforts method of accounting for our natural gas and oil properties. Under this method, exploration costs such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred. Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of natural gas and oil are capitalized. Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (“UOP”) method based on total estimated proved developed gas and oil reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves. Proceeds from the sales of individual natural gas and oil properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base. When circumstances indicate that the carrying value of proved natural gas and oil properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future natural gas and crude oil prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a market-based weighted average cost of capital. We have classified these fair value measurements as Level 3 in the fair value hierarchy.
Other Property and Equipment	Other Property and Equipment Other property and equipment consists primarily of buildings and improvements, computers and office equipment, land and other assets that support our operations. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. Other property and equipment costs, excluding land, are depreciated on a straight-line basis and recorded within depreciation, depletion and amortization in the consolidated statement of operations. Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including any disposal value, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow.
Assets Held for Sale	Assets Held for Sale We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale.
Capitalized Interest	Capitalized Interest Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset.
Debt Issuance Costs	Debt Issuance Costs Costs associated with the arrangement of our credit facilities are included in other long-term assets and are amortized over the life of the facility using the straight-line method. As of December 31, 2022, these costs were $24 million. Upon the termination of the Exit Credit Facility, we recognized $5 million of losses on purchases, exchanges or extinguishment of debt relating to lenders who had previously participated in the Exit Credit Facility that chose not to participate in the New Credit Facility. Costs associated with the issuance of the Successor senior notes are included in long-term debt and the remaining unamortized issuance costs are amortized over the life of the senior notes using the straight-line method. Unamortized issuance costs associated with the Successor senior notes as of December 31, 2022 totaled $7 million. Costs associated with the issuance and amendments of our pre-petition revolving credit facility were included in other long-term assets and the remaining unamortized issuance costs were being amortized over the life of the facility using the straight-line method. Costs associated with the issuance of our Predecessor senior notes were included in long-term debt and the remaining unamortized issuance costs were being amortized over the life of the Predecessor senior notes using the effective interest method. In 2020, our Chapter 11 Cases constituted an event of default under our pre-petition revolving credit facility and our senior notes, and non-cash adjustments were made to write off all related unamortized debt issuance costs which are included in reorganization items, net in the accompanying consolidated statements of operations for the year ended December 31, 2020.
Litigation Contingencies	Litigation ContingenciesWe are subject to litigation and regulatory proceedings, claims and liabilities that arise in the ordinary course of business. We accrue losses associated with litigation and regulatory claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, our best estimate within the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or third-party recoveries. Legal defense costs associated with loss contingencies are expensed in the period incurred.
Environmental Remediation Costs	Environmental Remediation CostsWe record environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized.
Asset Retirement Obligations	Asset Retirement ObligationsWe recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For natural gas and oil properties, this is the period in which a natural gas or oil well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our natural gas and oil properties.
Revenue Recognition	Revenue Recognition Revenue from the sale of natural gas, oil and NGL is recognized upon the transfer of control of the products, which is typically when the products are delivered to customers. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Revenue from contracts with customers includes the sale of our natural gas, oil and NGL production (recorded as natural gas, oil and NGL revenues in the consolidated statements of operations) as well as the sale of certain of our joint interest holders’ production which we purchase under joint operating arrangements (recorded in marketing revenues in the consolidated statements of operations). In connection with the marketing of these products, we obtain control of the natural gas, oil and NGL we purchase from other interest owners at defined delivery points and deliver the product to third parties, at which time revenues are recorded. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. There are no significant judgments that significantly affect the amount or timing of revenue from contracts with customers. We also generate revenue from other sources, including from a variety of derivative and hedging activities to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility, as well as a variety of natural gas, oil and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and satisfaction of our pipeline delivery commitments (recorded within marketing revenues in the consolidated statements of operations). In circumstances where we act as an agent rather than a principal, our results of operations related to natural gas, oil and NGL marketing activities are presented on a net basis.
Fair Value Measurements	Fair Value Measurements Certain financial instruments are reported on a recurring basis at fair value on our consolidated balance sheets. We also use fair value measurements on a nonrecurring basis when a qualitative assessment of our assets indicates a potential impairment. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The carrying values of financial instruments comprising cash and cash equivalents, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments.
Derivatives	Derivatives Derivative instruments are recorded at fair value, and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. As of December 31, 2022, none of our open derivative instruments were designated as cash flow hedges. Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next 12 months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets. We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives.
Share-Based Compensation	Share-Based Compensation Our share-based compensation program consists of restricted stock and performance share units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize the cost of services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. This value is amortized over the vesting period, which is generally three years from the grant date. Forfeitures on our share-based compensation awards are recognized as they occur. Because performance share units are settled in shares, they are classified as equity and are measured at fair value as of the grant date. To the extent compensation expense relates to employees directly involved in the acquisition of natural gas and oil leasehold and development activities, these amounts are capitalized to natural gas and oil properties. Amounts not capitalized to natural gas and oil properties are recognized as general and administrative expense, production expense, exploration expense, or marketing expense, based on the employees involved in those activities.
Recently Issued Accounting Standards	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. In December 2022, we terminated our only agreement that referenced LIBOR, the Exit Credit Facility, and entered into the New Credit Facility. We no longer have any arrangements that reference LIBOR and the adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 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)Reflects 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 consolidated statements of operations:


	Predecessor
	Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Gains on the settlement of liabilities subject to compromise	$	6,443	$	12
Accrual for allowed claims	(1,002)		(879)
Write off of unamortized debt premiums (discounts) on Predecessor debt	—		518
Write off of unamortized debt issuance costs on Predecessor debt	—		(61)
Gain on fresh start adjustments	201		—
Gain from release of commitment liabilities	55		—
Debt and equity financing fees	—		(145)
Loss on divested assets	—		(128)
Professional service provider fees and other	(60)		(113)
Success fees for professional service providers	(38)		—
Surrender of other receivable	(18)		—
FLLO alternative transaction fee	(12)		—
Total reorganization items, net	$	5,569	$	(796)

Natural Gas and Oil Property Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of preliminary allocation of the total purchase price


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

Fair Value of Liabilities Assumed:
Current liabilities	$	459


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

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

Total identifiable net assets	$	2,770

____________________________________________(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.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 during the 2022 Successor Period, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 11 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 (a)	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

____________________________________________

(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Schedule of pro forma financial information


	Successor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021
Revenues	$	11,743	$	5,891
Net income (loss) available to common stockholders	$	4,765	$	(5)
Earnings (loss) per common share:
Basic	$	37.37	$	(0.04)
Diluted	$	32.26	$	(0.04)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Numerator
Net income (loss) available to common stockholders, basic and diluted	$	4,869	$	945	$	5,383	$	(9,756)

Denominator (in thousands)
Weighted average common shares outstanding, basic	125,785		101,754		9,781		9,773
Effect of potentially dilutive securities
Preferred stock	—		—		290		—
Warrants	19,734		14,376		—		—
Restricted stock units	395		200		—		—
Performance share units	47		11		—		—
Weighted average common shares outstanding, diluted	145,961		116,341		10,071		9,773

Earnings (loss) per common share:
Basic	$	38.71	$	9.29	$	550.35	$	(998.26)
Diluted	$	33.36	$	8.12	$	534.51	$	(998.26)

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

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


	Successor
	December 31, 2022				December 31, 2021
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
New Credit Facility	$	1,050	$	1,050	$	—	$	—
Exit Credit Facility - Tranche A Loans	—		—		—		—
Exit Credit Facility - Tranche B Loans	—		—		221		221
5.50% senior notes due 2026	500		485		500		526
5.875% senior notes due 2029	500		475		500		535
6.75% senior notes due 2029(b)	950		917		950		1,031
Premiums on senior notes	100		—		116		—
Debt issuance costs	(7)		—		(9)		—
Total long-term debt, net	$	3,093	$	2,927	$	2,278	$	2,313

____________________________________________

(b)On November 1, 2021, we acquired the debt of Vine, which consisted of 6.75% senior notes due 2029. See further discussion below.

Schedule of debt maturities

The table below presents debt maturities as of December 31, 2022, excluding debt issuance costs and premiums:


	Total
2023	$	—
2024	—
2025	—
2026	500
2027	1,050
Thereafter	1,450
Total long-term debt, net	$	3,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Contingencies and Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of undiscounted commitments


	Successor
	December 31, 2022
2023	$	565
2024	555
2025	481
2026	442
2027	407
2028-2036	1,832
Total	$	4,282

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other current liabilities

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


	Successor
	December 31, 2022		December 31, 2021
Revenues and royalties due others	$	734	$	617
Accrued drilling and production costs	253		142
Accrued hedging costs	109		113
Accrued compensation and benefits	72		91
Other accrued taxes	84		86
Operating leases	86		29
Joint interest prepayments received	34		14
Current liabilities held for sale(a)	144		—
Other	111		110
Total other current liabilities	$	1,627	$	1,202

_________________________________________

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of ROU assets and lease liabilities

The following table presents our ROU assets and lease liabilities as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, we did not have any finance leases.


	Successor
	Operating Leases
	December 31, 2022		December 31, 2021
ROU assets	$	119	$	38

Lease liabilities:
Current lease liabilities	$	86	$	29
Long-term lease liabilities	33		9
Total lease liabilities, net	$	119	$	38

Schedule of operating and financing lease additional information

Additional information for the Company’s operating and finance leases is presented below:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Lease cost:
Amortization of ROU assets	$	—	$	—	$	1	$	9
Interest on lease liability	—		—		—		1
Finance lease cost	—		—		1		10
Operating lease cost	51		33		3		17
Short-term lease cost	74		13		—		32
Total lease cost	$	125	$	46	$	4	$	59

Other information:
Operating cash outflows from finance lease	$	—	$	—	$	—	$	1
Operating cash outflows from operating leases	$	15	$	7	$	—	$	9
Investing cash outflows from operating leases	$	110	$	39	$	3	$	40
Financing cash outflows from finance lease	$	—	$	—	$	1	$	9

Successor

December 31, 2022

December 31, 2021

Weighted average remaining lease term - operating leases

1.54 years

1.44 years

Weighted average discount rate - operating leases

6.64

3.80

Schedule of maturity analysis of operating lease liabilities

Maturity analysis of operating lease liabilities are presented below:


	Successor
	December 31, 2022
2023	$	88
2024	38
2025	—
Total lease payments	126
Less imputed interest	(7)
Present value of lease liabilities	119
Less current maturities	(86)
Present value of lease liabilities, less current maturities	$	33

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following tables show revenue disaggregated by operating area and product type, for the periods presented:


	Successor
	Year Ended December 31, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	4,041	$	—	$	—	$	4,041
Haynesville	3,481		—		—		3,481
Eagle Ford	261		1,798		212		2,271
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	7,803	$	1,864	$	225	$	9,892

Marketing revenue	$	2,455	$	1,547	$	229	$	4,231


	Successor
	Period from February 10, 2021 through December 31, 2021
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,370	$	—	$	—	$	1,370
Haynesville	998		—		—		998
Eagle Ford	179		1,354		179		1,712
Powder River Basin	75		202		44		321
Natural gas, oil and NGL revenue	$	2,622	$	1,556	$	223	$	4,401

Marketing revenue	$	908	$	1,158	$	197	$	2,263


	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


	Predecessor
	Year Ended December 31, 2020
	Natural Gas		Oil		NGL		Total
Marcellus	$	631	$	—	$	—	$	631
Haynesville	362		—		—		362
Eagle Ford	129		1,202		97		1,428
Powder River Basin	41		170		20		231
Mid-Continent	25		55		13		93
Natural gas, oil and NGL revenue	$	1,188	$	1,427	$	130	$	2,745

Marketing revenue from contracts with customers	$	494	$	1,195	$	110	$	1,799
Other marketing revenue	3		67		—		70
Marketing revenue	$	497	$	1,262	$	110	$	1,869

Schedule of accounts receivable

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


	Successor
	December 31, 2022		December 31, 2021
Natural gas, oil and NGL sales	$	1,171	$	922
Joint interest	246		158
Other	24		38
Allowance for doubtful accounts	(3)		(3)
Total accounts receivable, net	$	1,438	$	1,115

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision (benefit)

The components of the income tax expense (benefit) for each of the periods presented below are as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Current
Federal	$	37	$	—	$	—	$	(3)
State	10		—		—		(6)
Current Income Taxes	47		—		—		(9)
Deferred
Federal	(1,112)		(45)		(54)		—
State	(220)		(4)		(3)		(10)
Deferred Income Taxes	(1,332)		(49)		(57)		(10)
Total	$	(1,285)	$	(49)	$	(57)	$	(19)

Schedule of effective income tax expense (benefit)


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Income tax expense (benefit) at the federal statutory rate of 21%	$	767	$	188	$	1,119	$	(2,051)
State income taxes (net of federal income tax benefit)	75		(86)		238		(41)
Change in valuation allowance due to Acquisitions	19		(49)		—		—
Change in valuation allowance excluding impact of Acquisitions	(2,147)		(179)		(1,191)		2,010
Reorganization items	—		60		(173)		41
Transaction costs	2		11		—		—
Removal of stranded tax effects in accumulated other comprehensive income	—		—		(57)		—
Other	(1)		6		7		22
Total	$	(1,285)	$	(49)	$	(57)	$	(19)

Schedule of deferred tax assets and liabilities

The tax-effected temporary differences, net operating loss (“NOL”)

carryforwards and excess business interest expense carryforwards that comprise our deferred income taxes are as follows:


	Successor
	December 31, 2022		December 31, 2021
Deferred tax liabilities:
Property, plant and equipment	$	(253)	$	—
Other	(5)		(3)
Deferred tax liabilities	(258)		(3)

Deferred tax assets:
Property, plant and equipment	—		340
Net operating loss carryforwards	870		784
Carrying value of debt	29		31
Excess business interest expense carryforward	665		684
Asset retirement obligations	91		86
Investments	11		66
Accrued liabilities	21		38
Derivative instruments	137		289
Other	130		68
Deferred tax assets	1,954		2,386
Valuation allowance	(345)		(2,383)
Deferred tax assets after valuation allowance	1,609		3
Net deferred tax asset	$	1,351	$	—

Schedule of federal NOLs and excess business interest

As of December 31, 2022, and after taking into account each of the foregoing matters, the federal NOLs and excess business interest attributes are as follows:


	Attributes subject to Section 382 base annual limitation				Attributes not subject to Section 382 limitation
	$54 million		$2 million
Net operating losses, by year of expiration:
2037	$	814	$	24	$	—
Indefinitely lived	2,265		102		—
Total federal net operating losses	$	3,079	$	126	$	—

Excess business interest expense (indefinitely lived)	$	1,435	$	90	$	1,368

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020


Unrecognized tax benefits at beginning of period	$	74	$	74	$	74	$	74
Additions based on tax positions related to the current year	2		—		—		—
Additions to tax positions of prior years	2		—		—		—
Settlements	—		—		—		—
Expiration of the applicable statute of limitations	—		—		—		—
Reductions to tax positions of prior years	(9)		—		—		—
Unrecognized tax benefits at end of period	$	69	$	74	$	74	$	74

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Dividends

The following table summarizes our dividend payments in the 2022 and 2021 Successor Periods:


Payment Date	Stockholders of Record Date	Dividend Payment		Rate Per Share
June 10, 2021	May 24, 2021	$	34	$	0.34375
September 9, 2021	August 24, 2021	33		$	0.34375
December 9, 2021	November 24, 2021	52		$	0.43750
Total dividends paid 2021		$	119

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
December 1, 2022	November 15, 2022	424		$	3.16
Total dividends paid 2022		$	1,212

Schedule of Warrants

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of February 10, 2021	11,111,111	12,345,679	9,768,527
Converted into New Common Stock	(254,259)	(32,406)	(10,603)
Issued for General Unsecured Claims	—	—	1,630,447
Outstanding as of December 31, 2021	10,856,852	12,313,273	11,388,371
Converted into New Common Stock(b)	(1,609,641)	(29,679)	(959,247)
Converted in warrant exchange offer(b)	(4,752,207)	(7,879,030)	(7,252,004)
Issued for General Unsecured Claims	—	—	829,109
Outstanding as of December 31, 2022	4,495,004	4,404,564	4,006,229

_________________________________________

(a)As of December 31, 2022, we had 1,489,337 of reserved Class C Warrants.

(b)During the 2022 Successor Period, we issued 18,408,228 common shares as a result of Warrant exercises, inclusive of the shares issued as part of the Warrant exchange offers described below.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of changes in unvested restricted stock

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


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted (a)	1,202	$	52.60
Vested (a)	(377)	$	65.66
Forfeited	(50)	$	44.37
Unvested as of December 31, 2021	775	$	46.77
Granted	666	$	81.87
Vested	(300)	$	48.11
Forfeited	(184)	$	56.54
Unvested as of December 31, 2022	957	$	68.91

_________________________________________

The following table provides information related to restricted stock units activity for the Predecessor periods presented:


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

Unvested as of January 1, 2020	52	$	709.85
Granted	68	$	60.00
Vested	(21)	$	791.69
Forfeited	(98)	$	243.13
Unvested as of December 31, 2020	1	$	616.57

Schedule Valuation Assumptions

The following tables present the assumptions used in the valuation of the PSUs granted in the 2022 and 2021 Successor Periods.


2022 PSU Awards
Assumption	TSR, rTSR
Risk-free interest rate	2.00	%
Volatility	70.2	%

2021 PSU Awards
Assumption	TSR, rTSR		Share Price Hurdle
Risk-free interest rate	0.23	%	0.30	%
Volatility	71.4	%	68.4	%

Summary of the changes in unvested performance share

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


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of February 10, 2021	—	$	—
Granted	201	$	64.41
Vested	(9)	$	38.95
Forfeited	(9)	$	55.42
Unvested as of December 31, 2021	183	$	66.12
Granted	133	$	109.65
Vested	—	$	—
Forfeited	(40)	$	57.48
Unvested as of December 31, 2022	276	$	88.28

Schedule of information related to stock option activity

The following table provides information related to stock option activity for the Predecessor periods presented:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)				($ in millions)
Outstanding as of January 1, 2021	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	—	$	—	—	$	—

Outstanding as of January 1, 2020	90	$	1,420.90	5.70	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(23)	$	914.50
Forfeited	(47)	$	1,666.21
Outstanding as of December 31, 2020	20	$	1,429.11	4.27	$	—
Exercisable as of December 31, 2020	19	$	1,439.55	4.35	$	—

___________________________________________

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

Schedule of Share-based Compensation Arrangements

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


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
General and administrative expenses	$	19	$	7	$	3	$	20
Natural gas and oil properties	4		2		—		1
Production expense	3		2		—		1
Total RSU, stock option and PSU compensation	$	26	$	11	$	3	$	22
Related income tax benefit	$	6	$	—	$	—	$	—

Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair value of oil, natural gas and NGL derivative instrument asset (liabilities)

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


	Successor
	December 31, 2022			December 31, 2021
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	382	$	(494)	637	$	(675)
Collars	721	49		205	(82)
Three-way collars	4	(2)		—	—
Call options	18	(22)		18	(17)
Basis protection swaps	652	(32)		252	(11)
Total natural gas	1,777	(501)		1,112	(785)
Oil (MMBbls):
Fixed-price swaps	1	(32)		13	(356)
Collars	2	7		—	—
Basis protection swaps	6	1		9	(2)
Total oil	9	(24)		22	(358)
Total estimated fair value		$	(525)		$	(1,143)

Schedule of effects of dividend instruments in 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 December 31, 2022
Commodity Contracts:
Short-term derivative asset	$	200	$	(166)	$	34
Long-term derivative asset	87		(40)		47
Short-term derivative liability	(598)		166		(432)
Long-term derivative liability	(214)		40		(174)
Total derivatives	$	(525)	$	—	$	(525)

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 effects of derivative instruments in accumulated other comprehensive income (loss)

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


	Predecessor
	Period from January 1, 2021 through February 9, 2021				Year Ended December 31, 2020
	Before Tax		After Tax		Before Tax		After Tax
Balance, beginning of period	$	(12)	$	45	$	(45)	$	12
Losses reclassified to income(a)	3		3		33		33
Fresh start adjustments	9		9		—		—
Elimination of tax effects	—		(57)		—		—
Balance, end of period	$	—	$	—	$	(12)	$	45

___________________________________________

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

Capitalized Exploratory Well Costs (Tables)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Summary of changes in capitalized well costs


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Balance, beginning of period	$	14	$	—	$	—	$	7
Additions pending the determination of proved reserves	1		24		—		—
Divestitures and other	—		—		—		—
Reclassifications to proved properties	—		(10)		—		—
Charges to exploration expense	(5)		—		—		(7)
Balance, end of period(a)	$	10	$	14	$	—	$	—

___________________________________________

Other Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of other property and equipment held for use and estimated useful lives

A summary of other property and equipment held for use and the estimated useful lives thereof is as follows:


	Successor				Estimated Useful Life
	December 31, 2022		December 31, 2021
					(in years)
Buildings and improvements	$	325	$	330	10 - 39
Computer equipment	92		87		5
Land	32		37
Sand mine(a)	—		2		10 - 30
Other	51		39		5 - 20
Total other property and equipment, at cost	500		495
Less: accumulated depreciation	(58)		(26)
Total other property and equipment, net	$	442	$	469

___________________________________________

(a) These assets were transferred to assets held for sale as of December 31, 2022.

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

The components of the change in our asset retirement obligations are shown below:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021
Asset retirement obligations, beginning of period	$	360	$	241	$	144
Additions(a)	53		48		—
Revisions(b)	16		63		—
Settlements and disposals(c)	(54)		(3)		(1)
Held for sale(d)	(57)		—		—
Accretion expense	17		11		1
Impact of fresh start accounting	—		—		97
Asset retirement obligations, end of period	335		360		241
Less current portion	12		11		5
Asset retirement obligations, long-term	$	323	$	349	$	236

___________________________________________

(b) Revisions primarily represent changes in the present value of liabilities resulting from changes in estimated costs and economic lives of producing properties.

(c) During the 2022 Successor Period, approximately $47 million of disposals related to our Powder River Basin assets. See Note 4 for further discussion of these transactions.

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Extractive Industries [Abstract]

Schedule of capitalized costs

Capitalized costs related to our natural gas, oil and NGL producing activities are summarized as follows:


	Successor
	December 31, 2022		December 31, 2021
Natural gas and oil properties:
Proved	$	11,096	$	7,682
Unproved	2,022		1,530
Total	13,118		9,212
Less accumulated depreciation, depletion and amortization	(2,373)		(882)
Net capitalized costs	$	10,745	$	8,330

Schedule of exploration expense and cost incurred

Costs incurred in natural gas and oil property acquisition, exploration and development, including capitalized interest and asset retirement costs, are summarized as follows:


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Acquisition of properties(a):
Proved properties	$	2,321	$	2,183	$	—	$	3
Unproved properties	795		1,121		—		6
Exploratory costs	15		31		—		8
Development costs	1,918		717		58		887
Costs incurred	$	5,049	$	4,052	$	58	$	904

___________________________________________

Schedule of revenues and expenses


	Successor				Predecessor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021		Year Ended December 31, 2020
Natural gas, oil and NGL sales	$	9,892	$	4,401	$	398	$	2,745
Production expenses	(475)		(297)		(32)		(373)
Gathering, processing and transportation expenses	(1,059)		(780)		(102)		(1,082)
Severance and ad valorem taxes	(242)		(158)		(18)		(149)
Exploration	(23)		(7)		(2)		(427)
Depletion and depreciation	(1,703)		(882)		(64)		(1,014)
Accretion of asset retirement obligations	(17)		(11)		(1)		(12)
Impairment of natural gas and oil properties	—		—		—		(8,446)
Imputed income tax provision(a)	(1,440)		(535)		(42)		1,988
Results of operations from natural gas, oil and NGL producing activities	$	4,933	$	1,731	$	137	$	(6,770)

___________________________________________

Schedule of changes in estimated reserves

Presented below is a summary of changes in estimated proved reserves for the periods presented:


	Natural Gas	Oil	NGL	Total
	(bcf)	(mmbbl)	(mmbbl)	(bcfe)
December 31, 2022
Proved reserves, beginning of period (Successor)	7,824	209.7	82.0	9,573
Extensions, discoveries and other additions	60	2.1	1.5	82
Revisions of previous estimates	1,989	22.5	5.0	2,155
Production	(1,308)	(19.4)	(6.0)	(1,461)
Sale of reserves-in-place	(122)	(16.5)	(8.6)	(273)
Purchase of reserves-in-place	2,926	—	—	2,926
Proved reserves, end of period (Successor)	11,369	198.4	73.9	13,002
Proved developed reserves:
Beginning of period (Successor)	4,246	165.7	61.7	5,610
End of period (Successor)	7,385	157.2	58.9	8,681
Proved undeveloped reserves:
Beginning of period (Successor)	3,578	44.0	20.3	3,963
End of period(a) (Successor)	3,984	41.2	15.0	4,321


	Natural Gas	Oil	NGL	Total
	(bcf)	(mmbbl)	(mmbbl)	(bcfe)
December 31, 2021
Proved reserves, beginning of period (Predecessor)	3,530	161.3	52.0	4,809
Extensions, discoveries and other additions	1,744	41.0	16.9	2,091
Revisions of previous estimates	1,522	33.3	21.1	1,848
Production	(807)	(25.9)	(8.0)	(1,010)
Sale of reserves-in-place	—	—	—	—
Purchase of reserves-in-place	1,835	—	—	1,835
Proved reserves, end of period (Successor)	7,824	209.7	82.0	9,573
Proved developed reserves:
Beginning of period (Predecessor)	3,196	158.1	51.4	4,452
End of period (Successor)	4,246	165.7	61.7	5,610
Proved undeveloped reserves:
Beginning of period (Predecessor)	334	3.2	0.6	357
End of period(a) (Successor)	3,578	44.0	20.3	3,963

December 31, 2020
Proved reserves, beginning of period (Predecessor)	6,566	358.0	120.0	9,434
Extensions, discoveries and other additions	100	1.1	0.4	109
Revisions of previous estimates	(2,326)	(148.2)	(50.6)	(3,519)
Production	(684)	(37.3)	(11.3)	(976)
Sale of reserves-in-place	(126)	(12.3)	(6.5)	(239)
Purchase of reserves-in-place	—	—	—	—
Proved reserves, end of period (Predecessor)	3,530	161.3	52.0	4,809
Proved developed reserves:
Beginning of period (Predecessor)	3,377	201.4	82.1	5,078
End of period (Predecessor)	3,196	158.1	51.4	4,452
Proved undeveloped reserves:
Beginning of period (Predecessor)	3,189	156.6	37.9	4,356
End of period(a) (Predecessor)	334	3.2	0.6	357

___________________________________________

(a) As of December 31, 2022, 2021 and 2020, there were no PUDs that had remained undeveloped for five years or more.

Schedule of future net cash flows relating to proved natural gas, oil and NGL reserves based on the standardized measure

The following summary sets forth our future net cash flows relating to proved natural gas, oil and NGL reserves based on the standardized measure:


	Years Ended December 31,
	2022			2021			2020
Future cash inflows	$	76,626	(a)	$	33,700	(b)	$	8,247	(c)
Future production costs	(10,177)			(6,735)			(2,963)
Future development costs	(5,343)		(d)	(3,687)		(e)	(563)		(f)
Future income tax provisions	(10,440)			(2,254)			(9)
Future net cash flows	50,666			21,024			4,712
Less effect of a 10% discount factor	(24,361)			(8,737)			(1,626)
Standardized measure of discounted future net cash flows	$	26,305		$	12,287		$	3,086

___________________________________________

(a) Calculated using prices of $6.36 per mcf of natural gas, $93.67 per bbl of oil and $43.58 per bbl of NGL, before basis differential adjustments.

(b) Calculated using prices of $3.60 per mcf of natural gas, $66.56 per bbl of oil and $35.81 per bbl of NGL, before basis differential adjustments.

(c) Calculated using prices of $1.98 per mcf of natural gas, $39.57 per bbl of oil and $17.32 per bbl of NGL, before basis differential adjustments.

(d) Included approximately $979 million of future plugging and abandonment costs as of December 31, 2022.

(e) Included approximately $846 million of future plugging and abandonment costs as of December 31, 2021.

(f) Included approximately $429 million of future plugging and abandonment costs as of December 31, 2020.

Sources of change in standardized measure of discounted future net cash flow

The principal sources of change in the standardized measure of discounted future net cash flows are as follows:


	Years Ended December 31,
	2022		2021		2020
Standardized measure, beginning of period(a)	$	12,287	$	3,086	$	9,000
Sales of natural gas and oil produced, net of production costs and gathering processing and transportation(b)	(8,116)		(3,414)		(1,140)
Net changes in prices and production costs	14,256		6,674		(5,576)
Extensions and discoveries, net of production and development costs	251		2,834		71
Changes in estimated future development costs	(1,512)		(459)		1,933
Previously estimated development costs incurred during the period	690		130		665
Revisions of previous quantity estimates	6,697		2,034		(1,839)
Purchase of reserves-in-place	7,047		2,807		—
Sales of reserves-in-place	(402)		—		(112)
Accretion of discount	1,371		309		902
Net change in income taxes	(4,972)		(1,423)		14
Changes in production rates and other	(1,292)		(291)		(832)
Standardized measure, end of period(a)	$	26,305	$	12,287	$	3,086

___________________________________________

(a) The impact of cash flow hedges has not been included in any of the periods presented.

(b) Excludes gains and losses on derivatives. Production costs includes severance and ad valorem taxes.

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies [Table] [Line Items]
Number of reportable segments \| segment			1
Restricted cash		$ 9	$ 62
Bank overdrafts		23	150
Gains (losses) on purchases or exchanges of debt	$ 0	0	$ 5	$ (65)
Revenue, payment terms			Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days.
Credit facility
Summary of Significant Accounting Policies [Table] [Line Items]
Unamortized issuance costs			$ 24
Senior notes
Summary of Significant Accounting Policies [Table] [Line Items]
Unamortized issuance costs		$ 9	7
Exit credit facility \| Credit facility
Summary of Significant Accounting Policies [Table] [Line Items]
Gains (losses) on purchases or exchanges of debt			$ 5
Employee
Summary of Significant Accounting Policies [Table] [Line Items]
Vesting period			3 years

Chapter 11 Emergence (Details) $ in Millions	Feb. 09, 2021 USD ($) boardMember shares
Director
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
Allowed General Unsecured Claim
Debt Instrument [Line Items]
Pro rata share received by holder \| $	$ 10
Allowed General Unsecured Claim \| Maximum
Debt Instrument [Line Items]
Percent of convenience claim	5.00%
New Common Stock
Debt Instrument [Line Items]
Issuance of Successor common stock (in shares)	97,907,081
Common stock, reserved for future issuance (in shares)	2,092,918
New Common Stock \| Backstop Parties, Put Option Premium
Debt Instrument [Line Items]
Issuance of Successor common stock (in shares)	6,337,031
New Common Stock \| Backstop Parties, Obligations
Debt Instrument [Line Items]
Issuance of Successor common stock (in shares)	442,991
New Common Stock \| Rights Offering
Debt Instrument [Line Items]
Issuance of Successor common stock (in shares)	62,927,320
New Common Stock \| Class A Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	11,111,111
New Common Stock \| Class B Warrants
Debt Instrument [Line Items]
Warrants issued (in shares)	12,345,679
New Common Stock \| Class C Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares)	3,948,893
Warrants issued (in shares)	9,768,527
New Common Stock \| FLLO Term Loan Facility
Debt Instrument [Line Items]
Issuance of Successor common stock (in shares)	23,022,420
New Common Stock \| Second Lien Notes
Debt Instrument [Line Items]
Issuance of Successor common stock (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
Warrants issued (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
Warrants issued (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]
Issuance of Successor common stock (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]
Issuance of Successor common stock (in shares)	231,112
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

Fresh Start Accounting - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Total assets	$ 15,468	$ 11,009	$ 6,814
Liabilities	6,344	5,338	3,228
Liabilities and Equity	$ 15,468	$ 11,009	6,814
Enterprise value			4,851
Predecessor
Reorganization, Chapter 11 [Line Items]
Total assets			6,595
Liabilities			13,175
Liabilities and Equity			6,595
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Total assets			359
Liabilities			149
Liabilities and Equity			359
Minimum \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Enterprise value			$ 3,500
Maximum
Reorganization, Chapter 11 [Line Items]
Percent of voting hares received by holders			50.00%
Maximum \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Enterprise value			$ 4,900

Fresh Start Accounting - Successor’s Equity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value			$ 4,851
Plus: Cash and cash equivalents	$ 130	$ 905	40	$ 279
Less: Fair value of debt	(3,000)		(1,313)
Successor equity value	$ 9,124	$ 5,671	3,586
Restricted cash			86
Reorganization, Chapter 11, Fresh-Start Adjustment
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.

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Fresh Start Accounting - Enterprise Value Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Enterprise Value			$ 4,851
Plus: Cash and cash equivalents	$ 130	$ 905	40	$ 279
Plus: Current liabilities	2,704	2,447	1,582
Plus: Asset retirement obligations (non-current portion)	323	349	236
Total assets	$ 15,468	$ 11,009	6,814
Restricted cash			86
Reorganization, Chapter 11, Fresh-Start Adjustment
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
Total assets			359
Restricted cash			$ 8

- Definition

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

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

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-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 825
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02.21)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Fresh Start Accounting - Debt and Warrants (Details) - USD ($)	Feb. 09, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Implied stock price (in dollars per share)	$ 20.52
Expected volatility rate	58.00%
Expected dividend yield rate	0.00%
Debt	$ 1,313,000,000	$ 3,000,000,000
Class A Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	$ 27.63	$ 24.32
Class B Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	32.13	28.28
Class C Warrants
Debt Instrument [Line Items]
Warrant, exercise price (in dollars per share)	$ 36.18	$ 31.84
DIP Facility
Debt Instrument [Line Items]
Repayments of Long-Term Debt	$ 1,179,000,000
Senior notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Debt, principal	$ 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, principal	$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.875%	5.875%
Secured Debt \| Tranche A and Tranche B Loans
Debt Instrument [Line Items]
Debt	$ 750,000,000

Fresh Start Accounting - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 130	$ 905	$ 40	$ 279
Restricted cash			86
Accounts receivable, net			843
Short-term derivative assets	34	5	0
Other current assets			61
Total current assets	2,698	2,103	1,030
Property and equipment:
Proved natural gas and oil properties	11,096	7,682	4,686
Unproved properties	2,022	1,530	483
Other property and equipment	500	495	499
Total property and equipment	13,618	9,707	5,668
Less: accumulated depreciation, depletion and amortization	(2,431)	(908)	0
Property and equipment held for sale, net	0	3	2
Total property and equipment, net	11,187	8,802	5,670
Other long-term assets	185	104	114
Total assets	15,468	11,009	6,814
Current liabilities:
Accounts payable	603	308	415
Accounts payable			0
Accrued interest	42	38	0
Short-term derivative liabilities	432	899	398
Other current liabilities	1,627	1,202	769
Total current liabilities	2,704	2,447	1,582
Debt	3,000		1,313
Long-term derivative liabilities	174	249	90
Asset retirement obligations, net of current portion	323	349	236
Other long-term liabilities	50	15	7
Liabilities subject to compromise			0
Total liabilities	6,344	5,338	3,228
Commitments and Contingencies
Stockholders’ equity (deficit):
Predecessor preferred stock			0
Successor additional paid-in capital	5,724	4,845
Common stock	1	1	1
Successor additional paid-in-capital			3,585
Accumulated other comprehensive income			0
Retained earnings	3,399	825	0
Total stockholders' equity	9,124	5,671	3,586
Total liabilities and stockholders' equity	$ 15,468	$ 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
Accounts payable			1,929
Accrued interest			4
Short-term derivative liabilities			398
Other current liabilities			645
Total current liabilities			3,367
Debt			0
Long-term derivative liabilities			90
Asset retirement obligations, net of current portion			139
Other long-term liabilities			5
Liabilities subject to compromise			9,574
Total liabilities			13,175
Commitments and Contingencies
Stockholders’ equity (deficit):
Predecessor preferred stock			1,631
Successor additional paid-in capital			16,940
Common stock			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
Accounts payable			(1,929)
Accrued interest			(4)
Short-term derivative liabilities			0
Other current liabilities			124
Total current liabilities			(1,785)
Debt			1,261
Long-term derivative liabilities			0
Asset retirement obligations, net of current portion			0
Other long-term liabilities			2
Liabilities subject to compromise			(9,574)
Total liabilities			(10,096)
Commitments and Contingencies
Stockholders’ equity (deficit):
Predecessor preferred stock			(1,631)
Successor additional paid-in capital			(16,940)
Common stock			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)
Reorganization, Chapter 11, Fresh-Start Adjustment
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
Accounts payable			0
Accrued interest			0
Short-term derivative liabilities			0
Other current liabilities			0
Total current liabilities			0
Debt			52
Long-term derivative liabilities			0
Asset retirement obligations, net of current portion			97
Other long-term liabilities			0
Liabilities subject to compromise			0
Total liabilities			149
Commitments and Contingencies
Stockholders’ equity (deficit):
Predecessor preferred stock			0
Successor additional paid-in capital			0
Common stock			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 - Sources and Uses of Cash (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Sources:
Proceeds from issuance of the Notes		$ 1,000	$ 0	$ 0	$ 0
Uses:
Payment of Exit Credit Facility - Tranche A Loan		$ 0	$ 0	$ 0	$ (3,317)
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 Accounts Payable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Net impact to accounts payable	$ 603	$ 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 - Changes in Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Total other current liabilities	$ 1,627	$ 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

Fresh Start Accounting - Changes in Long-Term Debt (Details) - USD ($) $ in Millions	Feb. 09, 2021	Dec. 31, 2022
Reorganization, Chapter 11 [Line Items]
Debt	$ 1,313	$ 3,000
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Issuance of the Notes	1,000
Issuance of Tranche A and Tranche B Loans	750
Payments on Tranche A Loans	(479)
Debt issuance costs for the Notes	(10)
Debt	$ 1,261

- Definition

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

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)
Gain on settlement of liabilities subject to compromise	6,443
Predecessor \| Class A Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(93)
Predecessor \| Class B Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	(94)
Predecessor \| Class C Warrants
Consideration provided to settle amounts per the Plan or Reorganization:
Warrants	$ (68)

Fresh Start Accounting - Equity Issuance (Details) - New Common Stock	Feb. 09, 2021 shares
Debt Instrument [Line Items]
Issuance of Successor common stock (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 - Change in Successor Additional Paid-in Capital (Details) - USD ($) $ in Millions	Feb. 09, 2021	Dec. 31, 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 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
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

Fresh Start Accounting - Cumulative Net Impact on Accumulated Deficit (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Total reorganization items, net		$ (5,569)	$ 0	$ 0	$ 796
Net impact on accumulated deficit	$ 0	0	$ 825	$ 3,399
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gain on settlement of liabilities subject to compromise	6,443	6,443			12
Accrual of professional service provider success fees	(38)	(38)
Accrual of professional service provider fees	(5)	(5)
Surrender of other receivable	(18)	18			0
Payment of FLLO alternative transaction fee	(12)
Total reorganization items, net	6,370	(5,569)			$ 796
Cancellation of predecessor equity	18,571	18,571
Net impact on accumulated deficit	$ 24,941	$ 24,941

Fresh Start Accounting - Fresh Start Adjustments (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Accumulated other comprehensive income	$ 0	$ 0
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	$ 49	$ 1,285	$ 19
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Accumulated other comprehensive income	(48)	(48)
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

Fresh Start Accounting - Impact on Accumulated Deficit (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net	$ 11,187	$ 8,802	$ 5,670
Other long-term assets	185	104	114
Long-term debt	(3,000)		(1,313)
Long-term derivative liabilities	$ (323)	$ (349)	(236)
Income tax effects on accumulated other comprehensive income			57
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization, Chapter 11 [Line Items]
Total property and equipment, net			443
Other long-term assets			(84)
Long-term debt			(52)
Long-term derivative liabilities			(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 - Reorganization Items, Net (Details) - USD ($) $ in Millions			1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 15, 2020	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Loss on divested assets		$ (128)
Total reorganization items, net			$ 5,569	$ 0	$ 0	$ (796)
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gain on settlement of liabilities subject to compromise	$ 6,443		6,443			12
Accrual for allowed claims			(1,002)			(879)
Write off of unamortized debt premiums (discounts)			0			518
Write off of unamortized debt issuance costs			0			(61)
Gain on fresh start adjustments			201			0
Gain from release of commitment liabilities			55			0
Debt and equity financing fees			0			(145)
Loss on divested assets			0			(128)
Legal and professional fees			(60)			(113)
Success fees for professional service providers			(38)			0
Surrender of other receivable	18		(18)			0
FLLO alternative transaction fee			(12)			0
Total reorganization items, net	$ (6,370)		$ 5,569			$ (796)

Natural Gas and Oil Property Transactions - Narrative (Details) shares in Millions						1 Months Ended	2 Months Ended	9 Months Ended	10 Months Ended	11 Months Ended	12 Months Ended
	Mar. 25, 2022 USD ($)	Mar. 09, 2022 USD ($) shares	Nov. 01, 2021 USD ($) shares	Dec. 15, 2020 USD ($) a well	Dec. 11, 2020 USD ($)	Feb. 09, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Restricted stock unit replacement awards						$ 3,000,000				$ 9,000,000	$ 22,000,000	$ 21,000,000
Derivative (gains) losses, net						382,000,000				1,127,000,000	2,680,000,000	(596,000,000)
Costs and expenses						494,000,000				4,611,000,000	7,963,000,000	13,943,000,000
Nonoperating expense						(5,560,000,000)				42,000,000	129,000,000	1,066,000,000
Proceeds from divestitures of property and equipment												136,000,000
Gains on sales of assets						5,000,000				12,000,000	300,000,000	30,000,000
Number of producing wells with interest \| well				144
Area of land with interest \| a				50,000
Loss from exchange transaction				$ 128,000,000
Natural gas, oil and NGL
Business Acquisition [Line Items]
Revenues						398,000,000				4,401,000,000	9,892,000,000	2,745,000,000
Marketing
Business Acquisition [Line Items]
Revenues						$ 239,000,000				$ 2,263,000,000	4,231,000,000	$ 1,869,000,000
Mid-Continent
Business Acquisition [Line Items]
Gains on sales of assets					$ 27,000,000
Disposal group, disposed of by sale, not discontinued operations
Business Acquisition [Line Items]
Proceeds from divestitures of property and equipment	$ 450,000,000				$ 130,000,000
Gain (loss) on sale of oil and natural gas properties								$ 13,000,000			$ 293,000,000
6.75% senior notes due 2029 \| Senior notes
Business Acquisition [Line Items]
Interest rate, stated percentage			6.75%					6.75%	6.75%		6.75%
Liabilities incurred			$ 950,000,000
Vine Energy Corporation (Vine)
Business Acquisition [Line Items]
Consideration transferred			1,490,000,000
Cash consideration			90,000,000
Cash			$ 253,000,000
Common stock issued for acquisition (in shares) \| shares			18.7
Extinguishment of debt			$ 163,000,000
Premium paid with cash			13,000,000
Restricted stock unit replacement awards			6,000,000
Revenues							$ 290,000,000				$ 1,863,000,000
Derivative (gains) losses, net							(144,000,000)				624,000,000
Costs and expenses							177,000,000				924,000,000
Nonoperating expense							$ 12,000,000				$ 39,000,000
Measurement period adjustments, deferred tax liabilities and unproved properties			19,000,000
Vine Energy Corporation (Vine) \| New RBL
Business Acquisition [Line Items]
Revolving credit facility			$ 0
Marcellus
Business Acquisition [Line Items]
Consideration transferred		$ 2,770,000,000
Cash		$ 2,000,000,000
Issuance of common stock for Acquisition (in shares) \| shares		9.4
Measurement period adjustments, cash and current liabilities		$ 39,000,000
Derivative (gains) losses, net									$ 379,000,000
Costs and expenses									483,000,000
Marcellus \| Natural gas, oil and NGL
Business Acquisition [Line Items]
Revenues									1,331,000,000
Marcellus \| Marketing
Business Acquisition [Line Items]
Revenues									$ 20,000,000
Marcellus \| Exit credit facility
Business Acquisition [Line Items]
Revolving credit facility		$ 914,000,000

Natural Gas and Oil Property Transactions - Purchase Price Allocation (Details) - USD ($) $ in Millions			1 Months Ended	11 Months Ended	12 Months Ended
	Mar. 09, 2022	Nov. 01, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Consideration:
Restricted stock unit replacement awards			$ 3	$ 9	$ 22	$ 21
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
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

Natural Gas and Oil Property Transactions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Business Acquisition [Line Items]
Revenues	$ 5,891	$ 11,743
Net income (loss) available to common stockholders	$ (5)	$ 4,765
Earnings per common share, basic (in dollars per share)	$ (0.04)	$ 37.37
Earnings per common share, diluted (in dollars per share)	$ (0.04)	$ 32.26

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) available to common stockholders, basic	$ 5,383	$ 945	$ 4,869	$ (9,756)
Net income (loss) available to common stockholders, diluted	$ 5,383	$ 945	$ 4,869	$ (9,756)
Weighted average common shares outstanding, basic (in shares)	9,781	101,754	125,785	9,773
Effect of potentially dilutive securities
Preferred stock (in shares)	290	0	0	0
Warrants (in shares)	0	14,376	19,734	0
Restricted stock units (in shares)	0	200	395	0
Performance share units (in shares)	0	11	47	0
Diluted (in shares)	10,071	116,341	145,961	9,773
Earnings (loss) per common share:
Basic (in dollars per share)	$ 550.35	$ 9.29	$ 38.71	$ (998.26)
Diluted (in dollars per share)	$ 534.51	$ 8.12	$ 33.36	$ (998.26)

Earnings Per Share - Additional Information (Details) - shares	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Feb. 09, 2021
5.50% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.50%		5.50%
Class C Warrants
Debt Instrument [Line Items]
Antidilutive securities (in shares)	2,318,446	1,489,337
Common Stock
Debt Instrument [Line Items]
Antidilutive securities (in shares)	1,228,828	789,458	290,716

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Long-term Debt [Abstract]
Debt Instrument, Fair Value Disclosure	$ 2,927	$ 2,313
Unamortized premium	(100)	(116)
Total long-term debt, net	3,093	2,278
Credit facility
Long-term Debt [Abstract]
Unamortized Debt Issuance Expense	(24)
Credit facility \| New Credit Facility
Long-term Debt [Abstract]
Revolving credit facility	1,050	0
Debt Instrument, Fair Value Disclosure	1,050	0
Credit facility \| Exit Credit Facility - Tranche A Loans
Long-term Debt [Abstract]
Revolving credit facility	0	0
Debt Instrument, Fair Value Disclosure	0	0
Credit facility \| Exit Credit Facility - Tranche B Loans
Long-term Debt [Abstract]
Revolving credit facility	0	221
Debt Instrument, Fair Value Disclosure	0	221
Senior notes
Long-term Debt [Abstract]
Unamortized premium			$ (52)
Unamortized Debt Issuance Expense	$ (7)	(9)
Senior notes \| 5.50% senior notes due 2026
Long-term Debt [Abstract]
Interest rate, stated percentage	5.50%		5.50%
Outstanding borrowings	$ 500	500
Debt Instrument, Fair Value Disclosure	$ 485	526
Senior notes \| 5.875% senior notes due 2029
Long-term Debt [Abstract]
Interest rate, stated percentage	5.875%		5.875%
Outstanding borrowings	$ 500	500
Debt Instrument, Fair Value Disclosure	$ 475	535
Senior notes \| 6.75% senior notes due 2029
Long-term Debt [Abstract]
Interest rate, stated percentage	6.75%
Outstanding borrowings	$ 950	950
Debt Instrument, Fair Value Disclosure	$ 917	$ 1,031

Debt - Debt Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Feb. 09, 2021
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	0
2026	500
2027	1,050
Thereafter	1,450
Total long-term debt, net	$ 3,000	$ 1,313

- Definition

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

+ References + Details

Debt - Successor Debt (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Successor Debt (Details) - USD ($)	Feb. 09, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2021	Apr. 07, 2021
Debt Instrument [Line Items]
Unamortized premium		$ 100,000,000	$ 100,000,000	$ 116,000,000
Credit facility
Debt Instrument [Line Items]
Average interest rate			8.70%
Credit facility \| New Credit Facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity		3,500,000,000	$ 3,500,000,000
Revolving credit, current borrowing capacity		$ 2,000,000,000	$ 2,000,000,000
Revenue, discount percentage		9.00%	9.00%
Credit spread adjustment		0.10%
Credit facility \| New Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage		0.50%
Credit facility \| New Credit Facility \| SOFR One Month Period
Debt Instrument [Line Items]
Variable rate percentage		1.00%
Credit facility \| New Credit Facility \| Minimum
Debt Instrument [Line Items]
Percentage of assets given as guarantee		85.00%	85.00%
Current ratio		1.00	1.00
Asset coverage ratio		1.50	1.50
Variable rate percentage		1.75%
Unused capacity, commitment fee percentage		0.375%
Credit facility \| New Credit Facility \| Minimum \| SOFR One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage		0.75%
Credit facility \| New Credit Facility \| Maximum
Debt Instrument [Line Items]
Leverage ratio		3.50	3.50
Variable rate percentage		2.75%
Unused capacity, commitment fee percentage		0.50%
Credit facility \| New Credit Facility \| Maximum \| SOFR One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage		1.75%
Credit facility \| New Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity		$ 200,000,000	$ 200,000,000
Credit facility \| New Credit Facility \| Swingline Loans
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity		50,000,000	50,000,000
Credit facility \| Exit credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 2,500,000,000
Unused capacity, commitment fee percentage	0.50%
LIBOR Floor	1.00%
Credit facility \| Exit credit facility \| Minimum \| Alternative Base Rate
Debt Instrument [Line Items]
Variable rate percentage	2.25%
Credit facility \| Exit credit facility \| Minimum \| London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Credit facility \| Exit credit facility \| Maximum \| Alternative Base Rate
Debt Instrument [Line Items]
Variable rate percentage	3.25%
Credit facility \| Exit credit facility \| Maximum \| London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Variable rate percentage	4.25%
Credit facility \| Exit credit facility \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 200,000,000
Credit facility \| Exit Credit Facility - Tranche A Loans
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 1,750,000,000
Term	3 years
Credit facility \| Exit Credit Facility - Tranche B Loans
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 221,000,000
Term	4 years
Secured debt, other
Debt Instrument [Line Items]
Outstanding borrowings		0	0
Senior notes
Debt Instrument [Line Items]
Unamortized premium	$ 52,000,000
Senior notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Outstanding borrowings		500,000,000	500,000,000	500,000,000
Debt, principal	$ 500,000,000	$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.50%	5.50%	5.50%
Senior notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Outstanding borrowings		$ 500,000,000	$ 500,000,000	$ 500,000,000
Debt, principal	$ 500,000,000	$ 500,000,000	$ 500,000,000
Interest rate, stated percentage	5.875%	5.875%	5.875%
Senior notes \| 6.75% senior notes due 2029
Debt Instrument [Line Items]
Debt, principal		$ 950,000,000	$ 950,000,000
Unamortized premium						$ 71,000,000
Interest rate, stated percentage		6.75%	6.75%		6.75%

Contingencies and Commitments - Undiscounted Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
2023	$ 565
2024	555
2025	481
2026	442
2027	407
2028-2036	1,832
Total	$ 4,282

Contingencies and Commitments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Other Commitments [Line Items]
Contributions to investments	$ 0	$ 0	$ 18	$ 0
Gathering, Processing and Transportation Agreement
Other Commitments [Line Items]
Contractual obligation			$ 4,282

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 734	$ 617
Accrued drilling and production costs	253	142
Accrued hedging costs	109	113
Accrued compensation and benefits	72	91
Other accrued taxes	84	86
Operating leases	86	29
Joint interest prepayments received	34	14
Current liabilities held for sale	144	0
Other	111	110
Total other current liabilities	$ 1,627	$ 1,202	$ 769

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2021
Lessee, Lease, Description [Line Items]
Present value of lease liabilities	$ 119	$ 38
Operating lease, right-of-use asset	119	$ 38
Value of operating lease not yet commenced	$ 73
Vine Energy Corporation (Vine)
Lessee, Lease, Description [Line Items]
Present value of lease liabilities			$ 32
Operating lease, right-of-use asset			$ 32
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term	3 years

Leases - ROU Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets and Liabilities, Lessee [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating, ROU assets	$ 119	$ 38
Current lease liabilities	$ 86	$ 29
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Long-term lease liabilities	$ 33	$ 9
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Present value of lease liabilities	$ 119	$ 38

Leases - Additional information (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Leases [Abstract]
Amortization of ROU assets	$ 1	$ 0	$ 0	$ 9
Interest on lease liability	0	0	0	1
Finance lease cost	1	0	0	10
Operating lease cost	3	33	51	17
Short-term lease cost	0	13	74	32
Total lease cost	4	46	125	59
Other information:
Operating cash outflows from finance lease	0	0	0	1
Operating cash outflows from operating leases	0	7	15	9
Investing cash outflows from operating leases	3	39	110	40
Financing cash outflows from finance lease	$ 1	$ 0	$ 0	$ 9
Weighted average remaining lease term - operating leases		1 year 5 months 8 days	1 year 6 months 14 days
Weighted average discount rate - operating leases		3.80%	6.64%

Leases - Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Leases, After Adoption of 842:
2023	$ 88
2024	38
2025	0
Total lease payments	126
Less imputed interest	(7)
Present value of lease liabilities	119	$ 38
Less current maturities	(86)	(29)
Present value of lease liabilities, less current maturities	$ 33	$ 9

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Total
Disaggregation of Revenue [Line Items]
Revenues	$ 398	$ 4,401	$ 9,892	$ 2,745
Total \| Marcellus
Disaggregation of Revenue [Line Items]
Revenues	119	1,370	4,041	631
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	53	998	3,481	362
Total \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	193	1,712	2,271	1,428
Total \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	33	321	99	231
Total \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues				93
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	196	2,622	7,803	1,188
Natural Gas \| Marcellus
Disaggregation of Revenue [Line Items]
Revenues	119	1,370	4,041	631
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	53	998	3,481	362
Natural Gas \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	17	179	261	129
Natural Gas \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	7	75	20	41
Natural Gas \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues				25
Oil
Disaggregation of Revenue [Line Items]
Revenues	179	1,556	1,864	1,427
Oil \| Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	159	1,354	1,798	1,202
Oil \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	20	202	66	170
Oil \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues				55
NGL
Disaggregation of Revenue [Line Items]
Revenues	23	223	225	130
NGL \| Marcellus
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues	17	179	212	97
NGL \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenues	6	44	13	20
NGL \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenues				13
Marketing
Disaggregation of Revenue [Line Items]
Revenues	239	2,263	4,231	1,869
Marketing \| Marketing revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues				1,799
Marketing \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues				70
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	78	908	2,455	497
Natural Gas \| Marketing revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues				494
Natural Gas \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues				3
Oil
Disaggregation of Revenue [Line Items]
Revenues	141	1,158	1,547	1,262
Oil \| Marketing revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues				1,195
Oil \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues				67
NGL
Disaggregation of Revenue [Line Items]
Revenues	$ 20	$ 197	$ 229	110
NGL \| Marketing revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenues				110
NGL \| Other marketing revenue
Disaggregation of Revenue [Line Items]
Revenues				$ 0

Revenue - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (3)	$ (3)
Total accounts receivable, net	1,438	1,115
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	1,171	922
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	246	158
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 24	$ 38

Revenue - Additional Information (Details) - Revenue - Customer	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Shell Energy North America
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%
Valero energy corporation
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	14.00%	10.00%	17.00%
Energy Transfer Crude Marketing
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Current
Federal		$ 0	$ 0	$ 37	$ (3)
State		0	0	10	(6)
Current Income Taxes		0	0	47	(9)
Deferred
Federal		(54)	(45)	(1,112)	0
State		(3)	(4)	(220)	(10)
Deferred Income Taxes		(57)	(49)	(1,332)	(10)
Total	$ (57)	$ (57)	$ (49)	$ (1,285)	$ (19)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Effective Income Tax Expense (Benefit) Table (Details) - USD ($) $ in Millions		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense (benefit) at the federal statutory rate of 21%		$ 1,119	$ 188	$ 767	$ (2,051)
State income taxes (net of federal income tax benefit)		238	(86)	75	(41)
Change in valuation allowance due to Acquisitions		0	(49)	19	0
Change in valuation allowance excluding impact of Acquisitions		(1,191)	(179)	(2,147)	2,010
Reorganization items		(173)	60	0	41
Transaction costs		0	11	2	0
Removal of stranded tax effects in accumulated other comprehensive income		(57)	0	0	0
Other		7	6	(1)	22
Total	$ (57)	$ (57)	$ (49)	$ (1,285)	$ (19)

Income Taxes - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 09, 2021	Dec. 31, 2022	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Nov. 01, 2021	Dec. 31, 2019
Income Taxes Summary [Line Items]
Deferred tax assets, valuation allowance, increase (decrease)			$ 1,351			$ 2,038
Deferred tax assets			1,954		$ 2,386	1,954
Deferred tax assets, valuation allowance			345		2,383	345
Deferred tax assets, valuation allowance, increase (decrease), pre tax						687
Impairments of oil and natural gas properties		$ 0		$ 8,446	0	0	$ 8,446
Change in valuation allowance			1,351
Deferred tax assets, operating loss carryforward, limitations			54			54
Income tax cancellation of debt income	$ 5,000
Net operating loss carryforwards removed			307			307
Income tax benefit	(57)	(57)			(49)	(1,285)	(19)
Unrecognized tax benefits	$ 74	$ 74	69		74	69	$ 74		$ 74
Uncertain tax positions that would impact effective tax rate			33			33
Income taxes receivable			168			168
Tax credit carryforwards			4			4
State and local
Income Taxes Summary [Line Items]
Operating loss carryforwards			3,901			3,901
Income taxes receivable			29		29	29
State and local \| PENNSYLVANIA
Income Taxes Summary [Line Items]
Income taxes receivable			24			24
Vine Energy Corporation (Vine)
Income Taxes Summary [Line Items]
Deferred tax liabilities			$ 30		$ 49	30		$ 30
Income tax benefit						$ 19
Operating loss carryforwards, 382 limitation								2
Operating loss carryforwards, 382 limitation, expected increase per year								12
Operating loss carryforwards, 382 limitation, expected increase per year, available utilization								$ 14

Income Taxes - Deferred Tax Assets and Liabilities Table (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Property, plant and equipment	$ (253)	$ 0
Other	(5)	(3)
Deferred tax liabilities	(258)	(3)
Deferred tax assets:
Property, plant and equipment	0	340
Net operating loss carryforwards	870	784
Carrying value of debt	29	31
Excess business interest expense carryforward	665	684
Asset retirement obligations	91	86
Investments	11	66
Accrued liabilities	21	38
Derivative instruments	137	289
Other	130	68
Deferred tax assets	1,954	2,386
Valuation allowance	(345)	(2,383)
Deferred tax assets after valuation allowance	1,609	3
Net deferred tax asset	$ 1,351	$ 0

Income Taxes - Federal NOLs and Excess Business Interest (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Summary [Line Items]
Total federal net operating losses	$ 870	$ 784
Attributes subject to Section 382 base annual limitation, 54 million \| Excess business interest expense (indefinitely lived)
Income Taxes Summary [Line Items]
Operating loss carryforwards	1,435
Attributes subject to Section 382 base annual limitation, 54 million \| Federal
Income Taxes Summary [Line Items]
Indefinitely lived	2,265
Total federal net operating losses	3,079
Attributes subject to Section 382 base annual limitation, 54 million \| 2037 \| Federal
Income Taxes Summary [Line Items]
Net operating losses, by year of expiration:	814
Attributes subject to Section 382 base annual limitation, 2 million \| Excess business interest expense (indefinitely lived)
Income Taxes Summary [Line Items]
Operating loss carryforwards	90
Attributes subject to Section 382 base annual limitation, 2 million \| Federal
Income Taxes Summary [Line Items]
Indefinitely lived	102
Total federal net operating losses	126
Attributes subject to Section 382 base annual limitation, 2 million \| 2037 \| Federal
Income Taxes Summary [Line Items]
Net operating losses, by year of expiration:	24
Attributes not subject to Section 382 limitation \| Excess business interest expense (indefinitely lived)
Income Taxes Summary [Line Items]
Operating loss carryforwards	1,368
Attributes not subject to Section 382 limitation \| Federal
Income Taxes Summary [Line Items]
Indefinitely lived	0
Total federal net operating losses	0
Attributes not subject to Section 382 limitation \| 2037 \| Federal
Income Taxes Summary [Line Items]
Net operating losses, by year of expiration:	$ 0

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at beginning of period	$ 74	$ 74	$ 74	$ 74
Additions based on tax positions related to the current year	0	0	2	0
Additions to tax positions of prior years	0	0	2	0
Settlements	0	0	0	0
Expiration of the applicable statute of limitations	0	0	0	0
Reductions to tax positions of prior years	0	0	(9)	0
Unrecognized tax benefits at end of period	$ 74	$ 74	$ 69	$ 74

Equity - Additional Information (Details) $ / shares in Units, $ in Millions					1 Months Ended	11 Months Ended	12 Months Ended
	Oct. 13, 2022 shares	Mar. 09, 2022 shares	Nov. 01, 2021 shares	Feb. 09, 2021 $ / shares shares	Feb. 09, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Feb. 21, 2023 $ / shares	Jun. 30, 2022 USD ($)	Dec. 02, 2021 USD ($)
Class of Stock [Line Items]
Common stock, shares issued (in shares)						117,917,349	134,715,094
Authorized amount \| $							$ 2,000				$ 1,000
Additional authorized amount \| $										$ 1,000
Repurchase and retirement of common stock (in shares)							11,700,000
Repurchase and retirement of common stock \| $							$ 1,073
Number of shares issuable upon exercise each warrant							1.12
Deemed dividend on warrants \| $					$ 0	$ 0	$ 67	$ 0
Common stock, par value (in usd per share) \| $ / shares						$ 0.01	$ 0.01
Subsequent event
Class of Stock [Line Items]
Dividends payable (in dollars per share) \| $ / shares									$ 1.29
Dividends payable, base (in dollars per share) \| $ / shares									0.55
Dividends payable, variable (in dollars per share) \| $ / shares									$ 0.74
Class A Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				$ 27.63	$ 27.63		24.32
Number of warrants exchanged for common stock (in shares)	4,752,207
Warrants exchange ratio	0.8636
Class B Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				32.13	32.13		28.28
Number of warrants exchanged for common stock (in shares)	7,879,030
Warrants exchange ratio	0.8224
Class C Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				$ 36.18	$ 36.18		$ 31.84
Warrants reserved for future issuance (in shares)							1,489,337
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 for acquisition (in shares)			18,700,000
New Common Stock
Class of Stock [Line Items]
Issuance of Successor common stock (in shares)				97,907,081
Common stock, reserved for future issuance (in shares)				2,092,918	2,092,918
Common stock, shares issued (in shares)						864,090	439,370
Number of shares initially exercisable for class of warrant or right (in shares)				1	1
Conversion of stock, shares issued (in shares)	16,305,984
Common stock, par value (in usd per share) \| $ / shares				$ 0.01	$ 0.01
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	3,948,893
Warrants issued (in shares)				9,768,527
New Common Stock \| Vine Energy Corporation (Vine)
Class of Stock [Line Items]
Common stock issued for acquisition (in shares)			18,709,399
New Common Stock \| Marcellus
Class of Stock [Line Items]
Common stock issued for acquisition (in shares)		9,442,185

Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions								11 Months Ended	12 Months Ended
	Dec. 01, 2022	Sep. 01, 2022	Jun. 02, 2022	Mar. 22, 2022	Dec. 09, 2021	Sep. 09, 2021	Jun. 10, 2021	Dec. 31, 2021	Dec. 31, 2022
Equity [Abstract]
Dividend Payment	$ 424	$ 280	$ 298	$ 210	$ 52	$ 33	$ 34	$ 119	$ 1,212
Rate Per Share (in dollars per share)	$ 3.16	$ 2.32	$ 2.34	$ 1.7675	$ 0.43750	$ 0.34375	$ 0.34375

Equity - Schedule of Warrants (Details) - shares	11 Months Ended	12 Months Ended
Equity - Schedule of Warrants (Details) - shares	Dec. 31, 2021	Dec. 31, 2022	Feb. 09, 2021
Warrant
Class of Warrant or Right [Line Items]
Conversion of stock, shares issued (in shares)		18,408,228
Class A Warrants
Class of Warrant or Right [Line Items]
Issuance of warrants (in shares)	10,856,852	4,495,004	11,111,111
Converted into New Common Stock (in shares)	(254,259)	(1,609,641)
Converted in warrant exchange offer (in shares)		(4,752,207)
Issued for General Unsecured Claim (in shares)	0	0
Class B Warrants
Class of Warrant or Right [Line Items]
Issuance of warrants (in shares)	12,313,273	4,404,564	12,345,679
Converted into New Common Stock (in shares)	(32,406)	(29,679)
Converted in warrant exchange offer (in shares)		(7,879,030)
Issued for General Unsecured Claim (in shares)	0	0
Class C Warrants
Class of Warrant or Right [Line Items]
Issuance of warrants (in shares)	11,388,371	4,006,229	9,768,527
Converted into New Common Stock (in shares)	(10,603)	(959,247)
Converted in warrant exchange offer (in shares)		(7,252,004)
Issued for General Unsecured Claim (in shares)	1,630,447	829,109
Warrants reserved for future issuance (in shares)		1,489,337

Equity - Noncontrolling Interests Narrative (Details) - Noncontrolling interest, chesapeake granite wash trust	12 Months Ended
	Dec. 31, 2020 shares
Noncontrolling Interest [Line Items]
Common units owned (in shares)	23,750,000
Ownership percentage	51.00%

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Feb. 09, 2021
Restricted stock \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Restricted stock \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Restricted stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year	1 year
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, vested	$ 0.6
Unrecognized compensation expense		$ 16.0
Share-based compensation expense, weighted average period for recognition		1 year 11 months 26 days
Performance shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price hurdle, percent of payout of target units	0.00%
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%	0.00%
Performance shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price hurdle, percent of payout of target units	100.00%
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%	200.00%
Performance shares \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Share-based payment arrangement, option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Share-based payment arrangement, option \| Management \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration			7 years
Share-based payment arrangement, option \| Management \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration			10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, vested	$ 25.0	$ 26.0	$ 1.0
Unrecognized compensation expense		$ 50.0
Share-based compensation expense, weighted average period for recognition		2 years 8 months 15 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

Share-Based Compensation - Restricted Stock (Details) - Participating securities - $ / shares shares in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Unvested Restricted Stock Units
Unvested restricted stock, beginning balance (in shares)	1	0	775	52
Granted (in shares)	0	1,202	666	68
Vested (in shares)	0	(377)	(300)	(21)
Forfeited/canceled (in shares)	(1)	(50)	(184)	(98)
Unvested restricted stock, ending balance (in shares)	0	775	957	1
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in usd per share)	$ 616.57	$ 0	$ 46.77	$ 709.85
Granted (in usd per share)	0	52.60	81.87	60.00
Vested (in usd per share)	0	65.66	48.11	791.69
Forfeited/canceled (in usd per share)	611.47	44.37	56.54	243.13
Unvested restricted stock, ending balance (in usd per share)	$ 0	$ 46.77	$ 68.91	$ 616.57
Vine Energy Corporation (Vine)
Unvested Restricted Stock Units
Granted (in shares)		430
Weighted Average Grant Date Fair Value Per Share
Number of accelerated vesting units (in shares)		375

Share-Based Compensation - Assumptions (Details) - Performance shares	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Share Price Hurdle
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.30%
Volatility	68.40%
TSR, rTSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.23%	2.00%
Volatility	71.40%	70.20%

Share-Based Compensation - Performance Share (Details) - Performance shares - $ / shares shares in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Unvested Restricted Stock Units
Unvested restricted stock, beginning balance (in shares)	0	183
Granted (in shares)	201	133
Vested (in shares)	(9)	0
Forfeited/canceled (in shares)	(9)	(40)
Unvested restricted stock, ending balance (in shares)	183	276
Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock, beginning balance (in usd per share)	$ 0	$ 66.12
Granted (in usd per share)	64.41	109.65
Vested (in usd per share)	38.95	0
Forfeited/canceled (in usd per share)	55.42	57.48
Unvested restricted stock, ending balance (in usd per share)	$ 66.12	$ 88.28

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	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	20	90
Granted (in shares)	0	0
Exercised (in shares)	0	0
Expired (in shares)	(1)	(23)
Forfeited (in shares)	(19)	(47)
Outstanding, ending balance (in shares)	0	20	90
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in usd per share)	$ 1,429.11	$ 1,420.9
Granted (in usd per share)	0	0
Exercised (in usd per share)	0	0
Expired (in usd per share)	741.86	914.50
Forfeited (in usd per share)	1,452.4	1,666.21
Outstanding, ending balance (in usd per share)	$ 0	$ 1,429.11	$ 1,420.9
Options outstanding, weighted average contract life		4 years 3 months 7 days	5 years 8 months 12 days
Options outstanding, aggregate intrinsic value	$ 0	$ 0	$ 0
Options exercised, aggregate intrinsic value	$ 0	$ 0
Options exercisable, shares underlying options (in shares)	0	19
Options exercisable, average exercise price per share (in usd per share)	$ 0	$ 1,439.55
Options exercisable, weighted average contract life		4 years 4 months 6 days
Options exercisable, aggregate intrinsic value	$ 0	$ 0

Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU, stock option and PSU compensation	$ 3	$ 11	$ 26	$ 22
Related income tax benefit	0	0	6	0
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU, stock option and PSU compensation	3	7	19	20
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU, stock option and PSU compensation	0	2	4	1
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU, stock option and PSU compensation	$ 0	$ 2	$ 3	$ 1

Employee Benefit Plans (Details) - USD ($)	1 Months Ended		11 Months Ended	12 Months Ended		20 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2021	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discretionary contribution, percent of adjusted free cash flow				1.00%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution amount				$ 15,000
Chesapeake energy corporation savings and incentive stock bonus plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contribution amount		$ 2,000,000	$ 8,000,000	$ 22,000,000	$ 24,000,000
Chesapeake energy corporation savings and incentive stock bonus plan \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer matching contribution	15.00%			6.00%		6.00%

Derivative and Hedging Activities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) derivative counterparty Bcf	Dec. 31, 2022 USD ($) derivative counterparty MMBbls	Dec. 31, 2021 derivative Bcf
Derivative [Line Items]
Derivative liability, held for sale \| $	$ 65	$ 65
Credit risk
Derivative [Line Items]
Number of counterparties in hedge facility \| counterparty	12	12
Energy related derivative \| Natural Gas
Derivative [Line Items]
Notional Volume \| Bcf	1,777		1,112
Energy related derivative \| Eagle Ford \| Natural Gas
Derivative [Line Items]
Notional Volume	9.6	4.8
Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments \| derivative	0	0	0

Derivative and Hedging Activities - Derivative Instruments (Details) - Energy related derivative $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Bcf MMBbls	Dec. 31, 2021 USD ($) Bcf MMBbls
Derivative [Line Items]
Fair Value	$ (525)	$ (1,143)
Natural Gas
Derivative [Line Items]
Notional Volume \| Bcf	1,777	1,112
Fair Value	$ (501)	$ (785)
Natural Gas \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| Bcf	382	637
Fair Value	$ (494)	$ (675)
Natural Gas \| Collars
Derivative [Line Items]
Notional Volume \| Bcf	721	205
Fair Value	$ 49	$ (82)
Natural Gas \| Three-way collars
Derivative [Line Items]
Notional Volume \| Bcf	4	0
Fair Value	$ (2)	$ 0
Natural Gas \| Call options
Derivative [Line Items]
Notional Volume \| Bcf	18	18
Fair Value	$ (22)	$ (17)
Natural Gas \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| Bcf	652	252
Fair Value	$ (32)	$ (11)
Oil
Derivative [Line Items]
Notional Volume \| MMBbls	9	22
Fair Value	$ (24)	$ (358)
Oil \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| MMBbls	1	13
Fair Value	$ (32)	$ (356)
Oil \| Collars
Derivative [Line Items]
Notional Volume \| MMBbls	2	0
Fair Value	$ 7	$ 0
Oil \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| MMBbls	6	9
Fair Value	$ 1	$ (2)

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet Table (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 34	$ 5	$ 0
Long-term derivative asset	47	0
Short-term derivative liability	(432)	(899)	(398)
Long-term derivative liability	(174)	(249)	$ (90)
Not designated as hedging instrument \| Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	(525)	(1,143)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative asset	34	5
Long-term derivative asset	47
Short-term derivative liability	(432)	(899)
Long-term derivative liability	(174)	(249)
Total derivatives	525	1,143
Not designated as hedging instrument \| Commodity contracts \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	200	56
Derivative asset, fair value, gross liability, netted	(166)	(51)
Not designated as hedging instrument \| Commodity contracts \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	87
Derivative asset, fair value, gross liability, netted	(40)
Not designated as hedging instrument \| Commodity contracts \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(598)	(950)
Derivative liability, fair value, gross asset, netted	166	51
Not designated as hedging instrument \| Commodity contracts \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(214)	(249)
Derivative liability, fair value, gross asset, netted	$ 40	$ 0

Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
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	$ 33
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		(45)
AOCI, after tax, beginning of period	45	$ 0		12
Losses reclassified to income, before tax	3			33
Losses reclassified to income, after tax	3			33
Fresh start adjustments, before tax	9			0
Fresh start adjustments, after tax	9			0
Elimination of tax effects, before tax	0			0
Elimination of tax effects, after tax	(57)			0
AOCI, before tax, end of period	0			(12)
AOCI, after tax, end of period	$ 0			$ 45

Capitalized Exploratory Well Costs - Changes In Capitalized Well Costs (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Changes in Capitalized Well Costs
Beginning balance	$ 0	$ 0	$ 14	$ 7
Additions pending the determination of proved reserves	0	24	1	0
Divestitures and other	0	0	0	0
Reclassifications to proved properties	0	(10)	0	0
Charges to exploration expense	0	0	(5)	(7)
Ending balance	$ 0	$ 14	$ 10	$ 0

Other Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Feb. 09, 2021
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 500	$ 495	$ 499
Less: accumulated depreciation	(58)	(26)
Total other property and equipment, net	442	469
Buildings and improvements
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 325	330
Buildings and improvements \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	39 years
Computer equipment
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 92	87
Estimated Useful Life	5 years
Land
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 32	37
Sand mine
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 0	2
Sand mine \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	10 years
Sand mine \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	30 years
Other
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 51	$ 39
Other \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	5 years
Other \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	20 years

Investments (Details) $ in Millions	12 Months Ended
Investments (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) billionOfCubicFeetPerDay MT	Nov. 19, 2020	Nov. 18, 2020
Gathering, Processing and Transportation Agreement
Schedule of Equity Method Investments [Line Items]
Contractual obligation		$ 4,282
Momentum Sustainable Ventures LLC \| Plan
Schedule of Equity Method Investments [Line Items]
Initial capacity \| billionOfCubicFeetPerDay		1.7
Expandable capacity \| billionOfCubicFeetPerDay		2.2
Sequester of CO2 \| MT		2.0
Momentum Sustainable Ventures LLC
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		35.00%
Contractual obligation		$ 330
Equity method investments		$ 18
FTS international, inc.
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage				20.00%
Impairment expense	$ 23
FTS international, inc. \| Maximum
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage			2.00%

Impairments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
Impairments (Details) - USD ($) $ in Millions	Feb. 09, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Impairments of oil and natural gas properties	$ 0	$ 8,446	$ 0	$ 0	$ 8,446
Impairments	$ 0		$ 1	$ 0	8,535
Natural gas and oil properties
Property, Plant and Equipment [Line Items]
Impairments of oil and natural gas properties					$ 8,446
Rate used to discount expected future net cash flows					11.00%
Sand mine
Property, Plant and Equipment [Line Items]
Impairments					$ 76
Compressor
Property, Plant and Equipment [Line Items]
Impairments					$ 13

Exploration Expense (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
Exploration Expense (Details) - USD ($) $ in Millions	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Extractive Industries [Abstract]
Exploration expense	$ 2	$ 7	$ 23	$ 427
Noncash project abandonment costs			8	$ 411
Dry hole expense			6
Geological and geophysical expense and other			$ 6

Other Operating Expense (Income), Net (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Expenses recognized			$ 80
Decrease in future commitments			169
Inventory impairment			9
Other operating expense			42
Income from payment of deferred revenue			$ 51
Marcellus
Property, Plant and Equipment [Line Items]
Acquisition related costs		$ 41
Vine Energy Corporation (Vine)
Property, Plant and Equipment [Line Items]
Acquisition related costs	$ 59
Severance costs	36
Cash severance	15
Non-cash severance	$ 21

Asset Retirement Obligations (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 144	$ 241	$ 360
Additions	0	48	53
Revisions	0	63	16
Settlements and disposals	(1)	(3)	(54)
Held for sale	0	0	(57)
Accretion expense	1	11	17
Impact of fresh start accounting	97	0	0
Asset retirement obligations, end of period	241	360	335
Asset Retirement Obligation	241	360	335
Less current portion	5	11	12
Asset retirement obligations, long-term	236	349	323
Business Acquisition [Line Items]
Additions	0	48	53
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposals	1	3	54
Held for sale	$ 0	0	57
Powder River Basin
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Settlements and disposals			(47)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposals			47
Eagle Ford
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Held for sale			(57)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Held for sale			57
Marcellus
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Additions			27
Business Acquisition [Line Items]
Additions			$ 27
Vine Energy Corporation (Vine)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Additions		44
Business Acquisition [Line Items]
Additions		$ 44

Subsequent Events (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Mar. 25, 2022	Dec. 11, 2020	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2020	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from divestitures of property and equipment					$ 136
Disposal group, disposed of by sale, not discontinued operations
Subsequent Event [Line Items]
Proceeds from divestitures of property and equipment	$ 450	$ 130
Disposal group, disposed of by sale, not discontinued operations \| Portion of Eagle Ford Assets
Subsequent Event [Line Items]
Property and equipment						$ 811
Other assets						8
Derivative liabilities						65
ARO liabilities						57
Other liabilities						$ 22
Forecast \| Disposal group, disposed of by sale, not discontinued operations \| Portion of Eagle Ford Assets
Subsequent Event [Line Items]
Proceeds from divestitures of property and equipment			$ 1,400	$ 1,425

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Schedule of Capitalized Costs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Extractive Industries [Abstract]
Proved	$ 11,096	$ 7,682
Unproved	2,022	1,530
Total	13,118	9,212
Less accumulated depreciation, depletion and amortization	(2,373)	(882)
Net capitalized costs	$ 10,745	$ 8,330

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Schedule of Exploration Expense and Cost Incurred (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Acquisition of properties
Proved properties	$ 0	$ 2,183	$ 2,321	$ 3
Unproved properties	0	1,121	795	6
Exploratory costs	0	31	15	8
Development costs	58	717	1,918	887
Costs incurred	$ 58	4,052	5,049	$ 904
Marcellus
Acquisition of properties
Proved properties			2,310
Unproved properties			$ 790
Vine Energy Corporation (Vine)
Acquisition of properties
Proved properties		2,180
Unproved properties		$ 1,100

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Schedule of Revenues and Expenses (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 09, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Extractive Industries [Abstract]
Natural gas, oil and NGL sales	$ 398	$ 4,401	$ 9,892	$ 2,745
Production expenses	(32)	(297)	(475)	(373)
Gathering, processing and transportation expenses	(102)	(780)	(1,059)	(1,082)
Severance and ad valorem taxes	(18)	(158)	(242)	(149)
Exploration	(2)	(7)	(23)	(427)
Depletion and depreciation	(64)	(882)	(1,703)	(1,014)
Accretion of asset retirement obligations	(1)	(11)	(17)	(12)
Impairment of natural gas and oil properties	0	0	0	(8,446)
Imputed income tax provision	(42)	(535)	(1,440)	1,988
Results of operations from natural gas, oil and NGL producing activities	$ 137	$ 1,731	$ 4,933	$ (6,770)

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Schedule of Changes in Estimated Reserves (Details)	12 Months Ended
	Dec. 31, 2022 Bcfe Bcf MMBbls	Dec. 31, 2021 Bcfe Bcf MMBbls	Dec. 31, 2020 Bcfe Bcf MMBbls
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved reserves, beginning of period (Energy) \| Bcfe	9,573	4,809	9,434
Extensions, discoveries and other additions \| Bcfe	82	2,091	109
Revisions of previous estimates \| Bcfe	2,155	1,848	(3,519)
Production \| Bcfe	(1,461)	(1,010)	(976)
Sale of reserves-in-place \| Bcfe	(273)	0	(239)
Purchase of reserves-in-place \| Bcfe	2,926	1,835	0
Proved reserves, ending of period (Energy) \| Bcfe	13,002	9,573	4,809
Proved developed reserves, Beginning of period (Energy) \| Bcfe	5,610	4,452	5,078
Proved developed reserves, Ending of period (Energy) \| Bcfe	8,681	5,610	4,452
Proved undeveloped reserves, Beginning of period (Energy) \| Bcfe	3,963	357	4,356
Proved undeveloped reserves, Ending of period (Energy) \| Bcfe	4,321	3,963	357
Natural Gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Proved reserves, beginning of period \| Bcf	7,824	3,530	6,566
Extensions, discoveries and other additions \| Bcf	60	1,744	100
Revisions of previous estimates \| Bcf	1,989	1,522	(2,326)
Production \| Bcf	(1,308)	(807)	(684)
Sale of reserves-in-place \| Bcf	(122)	0	(126)
Purchase of reserves-in-place \| Bcf	2,926	1,835	0
Proved reserves, ending of period \| Bcf	11,369	7,824	3,530
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved developed reserves, Beginning of period \| Bcf	4,246	3,196	3,377
Proved developed reserves, Ending of period \| Bcf	7,385	4,246	3,196
Proved undeveloped reserves, Beginning of period \| Bcf	3,578	334	3,189
Proved undeveloped reserves, Ending of period \| Bcf	3,984	3,578	334
Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Proved reserves, beginning of period	209.7	161.3	358.0
Extensions, discoveries and other additions	2.1	41.0	1.1
Revisions of previous estimates	22.5	33.3	(148.2)
Production	(19.4)	(25.9)	(37.3)
Sale of reserves-in-place	(16.5)	0	(12.3)
Purchase of reserves-in-place	0	0	0
Proved reserves, ending of period	198.4	209.7	161.3
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved developed reserves, Beginning of period	165.7	158.1	201.4
Proved developed reserves, Ending of period	157.2	165.7	158.1
Proved undeveloped reserves, Beginning of period	44.0	3.2	156.6
Proved undeveloped reserves, Ending of period	41.2	44.0	3.2
NGL
Proved Developed and Undeveloped Reserves [Roll Forward]
Proved reserves, beginning of period	82.0	52.0	120.0
Extensions, discoveries and other additions	1.5	16.9	0.4
Revisions of previous estimates	5.0	21.1	(50.6)
Production	(6.0)	(8.0)	(11.3)
Sale of reserves-in-place	(8.6)	0	(6.5)
Purchase of reserves-in-place	0	0	0
Proved reserves, ending of period	73.9	82.0	52.0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved developed reserves, Beginning of period	61.7	51.4	82.1
Proved developed reserves, Ending of period	58.9	61.7	51.4
Proved undeveloped reserves, Beginning of period	20.3	0.6	37.9
Proved undeveloped reserves, Ending of period	15.0	20.3	0.6

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Bcfe	Dec. 31, 2021 Bcfe $ / Mcf	Dec. 31, 2020 Bcfe $ / Mcf	Dec. 31, 2022 $ / Mcf	Dec. 31, 2022 $ / bbl	Dec. 31, 2022 $ / bbl	Dec. 31, 2021 $ / bbl	Dec. 31, 2021 $ / bbl	Dec. 31, 2020 $ / bbl	Dec. 31, 2020 $ / bbl
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Purchase of reserves-in-place	2,926	1,835	0
Extensions, discoveries and other additions	82	2,091	109
Revisions of previous estimates	(2,155)	(1,848)	3,519
Natural Gas
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Price used in computing estimated future cash inflows \| $ / Mcf		3.60	1.98	6.36
Oil
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Price used in computing estimated future cash inflows					93.67	93.67	66.56	66.56	39.57	39.57
Revisions Due To Development Plan Optimization
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Revisions of previous estimates	(866)
Lateral Length Adjustments
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Revisions of previous estimates	(1,156)		(267)
Price Adjustment
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Revisions of previous estimates	(133)	(564)	1,248
Market Conditions
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Revisions of previous estimates			2,538
Revisions Due To Lateral Length Adjustments
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Revisions of previous estimates		(1,284)
Netherland, Sewell & Associates, Inc.
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Percentage of estimated proved reserves	92.00%

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Schedule of Future Net Cash Flows Relating to Proved Reserves Based on Standardized Measure (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 $ / Mcf	Dec. 31, 2022 $ / bbl	Dec. 31, 2022 $ / bbl	Dec. 31, 2021 USD ($)	Dec. 31, 2021 $ / Mcf	Dec. 31, 2021 $ / bbl	Dec. 31, 2021 $ / bbl	Dec. 31, 2020 USD ($)	Dec. 31, 2020 $ / Mcf	Dec. 31, 2020 $ / bbl	Dec. 31, 2020 $ / bbl	Dec. 31, 2019 USD ($)
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	$ 76,626				$ 33,700				$ 8,247
Future production costs	(10,177)				(6,735)				(2,963)
Future development costs	(5,343)				(3,687)				(563)
Future income tax provisions	(10,440)				(2,254)				(9)
Future net cash flows	50,666				21,024				4,712
Less effect of a 10% discount factor	(24,361)				(8,737)				(1,626)
Standardized measure of discounted future net cash flows	26,305				12,287				3,086				$ 9,000
Future Development Costs
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future plugging and abandonment costs	$ 979				$ 846				$ 429
Natural Gas
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Price used in computing estimated future cash inflows \| $ / Mcf		6.36				3.60				1.98
Oil
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Price used in computing estimated future cash inflows			93.67	93.67			66.56	66.56			39.57	39.57
NGL
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Price used in computing estimated future cash inflows			43.58	43.58			35.81	35.81			17.32	17.32

Supplemental Disclosures About Natural Gas, Oil and NGL Producing Activities (unaudited) - Sources of Change in Standardized Measure of Discounted Future Net Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Standardized measure, beginning balance	$ 12,287	$ 3,086	$ 9,000
Sales of natural gas and oil produced, net of production costs and gathering processing and transportation	(8,116)	(3,414)	(1,140)
Net changes in prices and production costs	14,256	6,674	(5,576)
Extensions and discoveries, net of production and development costs	251	2,834	71
Changes in estimated future development costs	(1,512)	(459)	1,933
Previously estimated development costs incurred during the period	690	130	665
Revisions of previous quantity estimates	6,697	2,034	(1,839)
Purchase of reserves-in-place	7,047	2,807	0
Sales of reserves-in-place	(402)	0	(112)
Accretion of discount	1,371	309	902
Net change in income taxes	(4,972)	(1,423)	14
Changes in production rates and other	(1,292)	(291)	(832)
Standardized measure, ending balance	$ 26,305	$ 12,287	$ 3,086