0000895126-23-000102 | 10-Q | XBRL Viewer

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Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Restricted cash \| $	$ 72	$ 62

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes


8.			Income Taxes

We estimate our annual effective tax rate (“AETR”) for continuing operations in recording our interim quarterly income tax provision for the various jurisdictions in which we operate. The tax effects of statutory rate changes, significant unusual or infrequently occurring items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of our estimated AETR as such items are recognized as discrete items in the quarter in which they occur. Our estimated AETR during the Current Period was 23.0% as a result of projecting current and deferred federal and state income taxes and a partial valuation allowance against our anticipated net deferred tax asset position at December 31, 2023. Our estimated AETR during the Prior Period was 6.2% as a result of projecting current federal and state income taxes and maintaining a full valuation allowance against our net deferred tax asset position.

As of December 31, 2022, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2023. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some of our deferred tax assets will not be realized. As such, a partial valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of June 30, 2023 and December 31, 2022.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022, which includes provisions for a 15% corporate alternative minimum tax on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year and a 1% excise tax on stock buybacks. These changes are generally in effect for tax years beginning after December 31, 2022. We do not currently project that we will be subject to the alternative minimum tax on book income for the 2023 tax period, and the impact of the 1% excise tax was immaterial during the Current Period.

- Definition

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

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies


1.			Basis of Presentation and Summary of Significant Accounting Policies

Description of Company

Chesapeake Energy Corporation (“Chesapeake,” “we,” “our,” “us” or the “Company”) is a natural gas and oil exploration and production company engaged in the acquisition, exploration and development of properties for the production of natural gas, oil and NGL from underground reservoirs. Our operations are located onshore in the United States.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.

This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to our financial position as of June 30, 2023 and December 31, 2022, and our results of operations for the three months ended June 30, 2023 (“Current Quarter”), the six months ended June 30, 2023 (“Current Period”), the three months ended June 30, 2022 (“Prior Quarter”) and the six months ended June 30, 2022 (“Prior Period”). Our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. For the time periods covered by this Form 10-Q, we did not have any changes or items impacting other comprehensive income.

Segments

Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.

Restricted Cash

As of June 30, 2023, we had restricted cash of $72 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.

Assets Held for Sale

We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets. See Note 2 for further discussion.

Derivative and Hedging Activities - Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) (Details) - Energy Related Derivative $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) Bcf MMBbls	Dec. 31, 2022 USD ($) Bcf MMBbls
Derivative [Line Items]
Fair Value	$ 440	$ (525)
Natural Gas
Derivative [Line Items]
Notional Volume \| Bcf	1,532	1,777
Fair Value	$ 440	$ (501)
Natural Gas \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| Bcf	357	382
Fair Value	$ (20)	$ (494)
Natural Gas \| Collars
Derivative [Line Items]
Notional Volume \| Bcf	637	721
Fair Value	$ 414	$ 49
Natural Gas \| Three-way collars
Derivative [Line Items]
Notional Volume \| Bcf	2	4
Fair Value	$ 1	$ (2)
Natural Gas \| Call options
Derivative [Line Items]
Notional Volume \| Bcf	0	18
Fair Value	$ 0	$ (22)
Natural Gas \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| Bcf	536	652
Fair Value	$ 45	$ (32)
Oil
Derivative [Line Items]
Notional Volume \| MMBbls	0	9
Fair Value	$ 0	$ (24)
Oil \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| MMBbls	0	1
Fair Value	$ 0	$ (32)
Oil \| Collars
Derivative [Line Items]
Notional Volume \| MMBbls	0	2
Fair Value	$ 0	$ 7
Oil \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| MMBbls	0	6
Fair Value	$ 0	$ 1

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total
Disaggregation of Revenue [Line Items]
Revenue	$ 649	$ 2,790	$ 2,102	$ 4,704
Total \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	250	1,152	867	1,761
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	256	988	658	1,640
Total \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	143	650	577	1,204
Total \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue				99
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	524	2,225	1,566	3,553
Natural Gas \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	250	1,152	867	1,761
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	256	988	658	1,640
Natural Gas \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	18	85	41	132
Natural Gas \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue				20
Oil
Disaggregation of Revenue [Line Items]
Revenue	104	503	477	1,019
Oil \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Oil \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	104	503	477	953
Oil \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue				66
NGL
Disaggregation of Revenue [Line Items]
Revenue	21	62	59	132
NGL \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
NGL \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	21	62	59	119
NGL \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue				13
Marketing
Disaggregation of Revenue [Line Items]
Revenue	611	1,223	1,263	2,090
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	188	637	516	1,045
Oil
Disaggregation of Revenue [Line Items]
Revenue	382	508	669	903
NGL
Disaggregation of Revenue [Line Items]
Revenue	$ 41	$ 78	$ 78	$ 142

Natural Gas and Oil Property Transactions - (Marcellus Acquisition) (Narrative) (Details) - Marcellus - USD ($) shares in Millions, $ in Millions		6 Months Ended
	Mar. 09, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Consideration transferred	$ 2,770
Cash	$ 2,000
Shares issued in acquisition (in shares)	9.4
Acquisition related costs		$ 33
Exit Credit Facility
Business Acquisition [Line Items]
Borrowings	$ 914

- 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

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	1,489,337	2,248,726	1,489,337	2,248,726
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from the calculation of diluted EPS (in shares)	789,458	1,191,877	789,458	1,191,877

Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


10.			Share-Based Compensation

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

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


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2022	957	$	68.91
Granted	439	$	72.19
Vested	(310)	$	59.96
Forfeited	(76)	$	66.14
Unvested as of June 30, 2023	1,010	$	73.29

The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $23 million based on the stock price at the time of vesting.

As of June 30, 2023, there was approximately $63 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.52 years.

Performance Share Units. During the Current Period, we granted PSUs to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria.

The following table presents the assumptions used in the valuation of the PSUs granted in 2023.


Assumption	TSR, rTSR
Risk-free interest rate	3.85	%
Volatility	64.4	%

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


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2022	276	$	88.28
Granted	131	$	78.78
Vested	—	$	—
Forfeited	—	$	—
Unvested as of June 30, 2023	407	$	85.23

As of June 30, 2023, there was approximately $21 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 2.07 years.

RSU and PSU Compensation.

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


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
General and administrative expenses	$	8	$	6	$	14	$	9
Natural gas and oil properties	2		1		3		2
Production expense	1		1		2		1
Total RSU and PSU compensation	$	11	$	8	$	19	$	12
Related income tax benefit	$	3	$	—	$	4	$	—

Investments (Details) MT in Millions, $ in Millions	Jun. 30, 2023 USD ($) billionOfCubicFeetPerDay MT	Dec. 31, 2022 USD ($)
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.00%
Equity method investments \| $	$ 105	$ 18
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Contractual obligation \| $	$ 245
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Sequester volume \| MT	2.0
Momentum Sustainable Ventures L L C \| Scenario, Plan
Schedule of Equity Method Investments [Line Items]
Initial capacity \| billionOfCubicFeetPerDay	1.7
Expandable capacity \| billionOfCubicFeetPerDay	2.2

Natural Gas and Oil Property Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of the Allocation of the Total Purchase Price

We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during 2022.


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

Fair Value of Liabilities Assumed:
Current liabilities	$	459
Other long-term liabilities	129
Amounts attributable to liabilities assumed	$	588

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

Total identifiable net assets	$	2,770

____________________________________________

(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

As the Marcellus Acquisition closed on March 9, 2022, the condensed consolidated statements of operations for the Prior Quarter and Current Period include all activity related to the acquired properties. The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Marcellus Acquisition occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.


	Six Months Ended June 30, 2022
Revenues	$	4,455
Net income available to common stockholders	$	369
Earnings per common share:
Basic	$	2.90
Diluted	$	2.48

Contingencies and Commitments

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments


5.			Contingencies and Commitments

Contingencies

Business Operations and Litigation and Regulatory Proceedings

We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions.

Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates, and our final liabilities may ultimately be materially different.

The majority of the Company’s pre-petition legal proceedings were settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court, together with actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. Any allowed claim related to such litigation will be treated in accordance with the Plan. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate.

Environmental Contingencies

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

Other Matters

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

Commitments

Gathering, Processing and Transportation Agreements

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

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


	June 30, 2023
Remainder of 2023	$	161
2024	352
2025	323
2026	303
2027	276
2028-2036	1,321
Total	$	2,736

During the Current Quarter, certain gathering, processing and transportation agreements were transferred to the buyer of a portion of our Eagle Ford assets. In addition, we have long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement.

Other Commitments

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

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

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

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Feb. 09, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 23
Unrecognized compensation expense	$ 63
Share-based compensation expense, weighted average period for recognition	2 years 6 months 7 days
Restricted Stock Units (RSUs) \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Restricted Stock Units (RSUs) \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 21
Share-based compensation expense, weighted average period for recognition	2 years 25 days
Performance Share Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%
Performance Share Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%
Performance Share Units (PSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares)		6,800,000

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended						18 Months Ended
	Aug. 01, 2023	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 02, 2021
Dividends Payable [Line Items]
Authorized amount			$ 2,000						$ 2,000	$ 1,000
Additional authorized amount							$ 1,000
Repurchase and retirement of common stock (in shares)			1,444,000	793,000	4,105,000	750,000	5,812,000	1,000,000	13,904,000
Repurchase and retirement of common stock			$ 125	$ 60	$ 406	$ 69	$ 515	$ 83	$ 1,248
Subsequent Event
Dividends Payable [Line Items]
Base dividend rate increase	4.50%
Dividends payable (in dollars per share)	$ 0.575
Repurchase and retirement of common stock (in shares)		331,044
Repurchase and retirement of common stock		$ 28

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt


4.			Debt

Our long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:


	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
New Credit Facility	$	—	$	—	$	1,050	$	1,050
5.50% senior notes due 2026	500		487		500		485
5.875% senior notes due 2029	500		475		500		475
6.75% senior notes due 2029	950		943		950		917
Premiums on senior notes	92		—		100		—
Debt issuance costs	(6)		—		(7)		—
Total long-term debt, net	$	2,036	$	1,905	$	3,093	$	2,927

____________________________________________

(a)The carrying value of borrowings under our New Credit Facility approximate fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

New Credit Facility. In December 2022, we entered into a senior secured reserve-based credit agreement (the “New Credit Agreement”) with the lenders and issuing banks party thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (the “New Credit Facility”) with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion. The New Credit Facility matures in December 2027. The New Credit Facility provides for a $200 million sublimit available for the issuance of letters of credit and a $50 million sublimit available for swingline loans.

Initially, the obligations under the New Credit Facility are guaranteed by certain of Chesapeake’s subsidiaries (the “Guarantors”), and the New Credit Facility is secured by substantially all of the assets owned by the Company and the Guarantors (subject to customary exceptions), including mortgages on not less than 85% of the total PV-9 of the borrowing base properties evaluated in the most recent reserve report (where PV-9 is the net present value, discounted at 9% per annum, of the estimated future net revenues). The borrowing base will be redetermined semi-annually in or around April and October of each year, with one interim “wildcard” redetermination available to each of the Company and the Administrative Agent, the latter at the direction of the Required Lenders (as defined in the New Credit Agreement), between scheduled redeterminations. Our borrowing base was reaffirmed in April 2023, and the next scheduled redetermination will be in or around October 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”): (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. The Company has no additional secured debt outstanding as of June 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-Based Compensation - Schedule of Changes in Unvested Performance Share (Details) - Performance Share Units (PSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested Performance Share Units
Unvested units, beginning balance (in shares) \| shares	276
Granted (in shares) \| shares	131
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested units, ending balance (in shares) \| shares	407
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 88.28
Granted (in dollars per share) \| $ / shares	78.78
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 85.23

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in Unvested Restricted Stock

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


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2022	957	$	68.91
Granted	439	$	72.19
Vested	(310)	$	59.96
Forfeited	(76)	$	66.14
Unvested as of June 30, 2023	1,010	$	73.29

Schedule of Valuation Assumptions

The following table presents the assumptions used in the valuation of the PSUs granted in 2023.


Assumption	TSR, rTSR
Risk-free interest rate	3.85	%
Volatility	64.4	%

Schedule of Changes in Unvested Performance Share

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


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2022	276	$	88.28
Granted	131	$	78.78
Vested	—	$	—
Forfeited	—	$	—
Unvested as of June 30, 2023	407	$	85.23

Schedule of Compensation Costs

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


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
General and administrative expenses	$	8	$	6	$	14	$	9
Natural gas and oil properties	2		1		3		2
Production expense	1		1		2		1
Total RSU and PSU compensation	$	11	$	8	$	19	$	12
Related income tax benefit	$	3	$	—	$	4	$	—

Natural Gas and Oil Property Transactions

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Natural Gas and Oil Property Transactions


2.			Natural Gas and Oil Property Transactions

Marcellus Acquisition

On March 9, 2022, we closed the Marcellus Acquisition for total consideration of approximately $2.77 billion, consisting of approximately $2 billion in cash, including working capital adjustments and approximately 9.4 million shares of our common stock, to acquire high quality producing assets and a deep inventory of premium drilling locations in the prolific Marcellus Shale in Northeast Pennsylvania. The Marcellus Acquisition was indebtedness free, effective as of January 1, 2022, and was subject to customary purchase price adjustments. We funded the cash portion of the consideration with cash on hand and $914 million of borrowings under the Company’s Exit Credit Facility. During the Prior Period, we recognized approximately $33 million of costs related to the Marcellus Acquisition, which included integration costs, consulting fees, financial advisory fees, legal fees and change in control expense in accordance with Chief’s existing employment agreements. These acquisition-related costs are included within other operating expense, net within our condensed consolidated statements of operations.

Marcellus Acquisition Purchase Price Allocation


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

Fair Value of Liabilities Assumed:
Current liabilities	$	459
Other long-term liabilities	129
Amounts attributable to liabilities assumed	$	588

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

Total identifiable net assets	$	2,770

____________________________________________

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

Natural Gas and Oil Properties

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

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

Marcellus Acquisition Revenues and Expenses Subsequent to Acquisition

For the period from March 10, 2022 to June 30, 2022, we included in our condensed consolidated statements of operations natural gas, oil and NGL revenues of $473 million, net losses on natural gas and oil derivatives of $312 million, and direct operating expenses of $178 million, including depreciation, depletion and amortization related to the Marcellus Acquisition businesses.

Pro Forma Financial Information


	Six Months Ended June 30, 2022
Revenues	$	4,455
Net income available to common stockholders	$	369
Earnings per common share:
Basic	$	2.90
Diluted	$	2.48

Eagle Ford Divestitures

In January 2023, we entered into an agreement to sell a portion of our Eagle Ford assets to WildFire Energy I LLC for approximately $1.425 billion, subject to customary closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of $60 million per year for the next three years, with $45 million to be paid in the fourth year following the transaction close date. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $56 million of the deferred consideration is reflected within other current assets and approximately $128 million is reflected within other long-term assets on the condensed consolidated balance sheets as of June 30, 2023. The divestiture, which closed on March 20, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $337 million, inclusive of post-closing adjustments, based on the difference between the carrying value of the assets and consideration received. As of December 31, 2022, approximately $811 million of property and equipment, net, and $8 million of other assets were classified as assets held for sale on the condensed consolidated balance sheets. Additionally, approximately $65 million of derivative liabilities, $57 million of asset retirement obligations and $22 million of other liabilities were classified as held for sale and included within other current liabilities on the condensed consolidated balance sheets as of December 31, 2022.

In February 2023, we entered into an agreement to sell a portion of our remaining Eagle Ford assets to INEOS Upstream Holdings Limited (“INEOS Energy”) for approximately $1.4 billion, subject to customary closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of approximately $56 million per year for the next four years. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $53 million of the deferred consideration is reflected within other current assets and approximately $139 million is reflected within other long-term assets on the condensed consolidated balance sheets as of June 30, 2023. The divestiture, which closed on April 28, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $470 million, based on the difference between the carrying value of the assets and consideration received. Included within the liabilities assumed by INEOS Energy was approximately $53 million of asset retirement obligations. As part of the transition services agreement related to this divestiture, we have continued to collect and disburse cash on behalf of the parties in the divested properties. On our condensed consolidated balance sheets as of June 30, 2023, cash and cash equivalents includes approximately $97 million representing the net of cash inflows and outflows associated with these properties, with the corresponding liabilities reflected in accounts payable and other current liabilities.

Powder River Divestiture

In January 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.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning of period at Dec. 31, 2021	$ 5,671	$ 1	$ 4,845	$ 825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Marcellus Acquisition (in shares)		9,442,185
Issuance of common stock for Marcellus Acquisition	764		764
Share-based compensation (in shares)		23,169
Share-based compensation	5		5
Issuance of common stock for warrant exercise (in shares)		669,669
Issuance of common stock for warrant exercise	$ 1		1
Repurchase and retirement of common stock (in shares)	(1,000,000)	(1,000,000)
Repurchase and retirement of common stock	$ (83)			(83)
Net income (loss)	(764)			(764)
Dividends on common stock	(211)			(211)
Ending balance (in shares) at Mar. 31, 2022		127,052,372
End of period at Mar. 31, 2022	5,383	$ 1	5,615	(233)
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning of period at Dec. 31, 2021	5,671	$ 1	4,845	825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	473
Ending balance (in shares) at Jun. 30, 2022		121,590,256
End of period at Jun. 30, 2022	5,808	$ 1	5,619	188
Beginning balance (in shares) at Dec. 31, 2021		117,917,349
Beginning of period at Dec. 31, 2021	$ 5,671	$ 1	4,845	825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock (in shares)	(13,904,000)
Repurchase and retirement of common stock	$ (1,248)
Ending balance (in shares) at Jun. 30, 2023		132,684,741
End of period at Jun. 30, 2023	10,396	$ 1	5,726	4,669
Beginning balance (in shares) at Mar. 31, 2022		127,052,372
Beginning of period at Mar. 31, 2022	5,383	$ 1	5,615	(233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		146,054
Share-based compensation	3		3
Issuance of common stock for warrant exercise (in shares)		166,606
Issuance of common stock for warrant exercise	$ 1		1
Issuance of reserved common stock and warrants (in shares)		36,951
Repurchase and retirement of common stock (in shares)	(5,812,000)	(5,811,727)
Repurchase and retirement of common stock	$ (515)			(515)
Net income (loss)	1,237			1,237
Dividends on common stock	(301)			(301)
Ending balance (in shares) at Jun. 30, 2022		121,590,256
End of period at Jun. 30, 2022	5,808	$ 1	5,619	188
Beginning balance (in shares) at Dec. 31, 2022		134,715,094
Beginning of period at Dec. 31, 2022	9,124	$ 1	5,724	3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		92,048
Share-based compensation	$ 5		5
Issuance of common stock for warrant exercise (in shares)		4,654
Repurchase and retirement of common stock (in shares)	(793,000)	(792,543)
Repurchase and retirement of common stock	$ (60)			(60)
Net income (loss)	1,389			1,389
Dividends on common stock	(175)			(175)
Ending balance (in shares) at Mar. 31, 2023		134,019,253
End of period at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Beginning balance (in shares) at Dec. 31, 2022		134,715,094
Beginning of period at Dec. 31, 2022	9,124	$ 1	5,724	3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for warrant exercise (in shares)		5,532
Net income (loss)	1,780
Ending balance (in shares) at Jun. 30, 2023		132,684,741
End of period at Jun. 30, 2023	10,396	$ 1	5,726	4,669
Beginning balance (in shares) at Mar. 31, 2023		134,019,253
Beginning of period at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		109,012
Share-based compensation	$ 7		7
Issuance of common stock for warrant exercise (in shares)		878
Repurchase and retirement of common stock (in shares)	(1,444,000)	(1,444,402)
Repurchase and retirement of common stock	$ (125)		(10)	(115)
Net income (loss)	391			391
Dividends on common stock	(160)			(160)
Ending balance (in shares) at Jun. 30, 2023		132,684,741
End of period at Jun. 30, 2023	$ 10,396	$ 1	$ 5,726	$ 4,669

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR	6 Months Ended
	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.85%
Volatility	64.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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+ Details

Investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments


12.			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 (“CCUS”), 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 approximately $245 million remaining in our commitment 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 June 30, 2023 and December 31, 2022 was $105 million and $18 million, respectively.

Derivative and Hedging Activities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Bcf	Dec. 31, 2022 USD ($) MMBbls	Jun. 30, 2023 counterparty
Derivative [Line Items]
Derivative liability, held for sale \| $	$ 65	$ 65
Energy Related Derivative
Derivative [Line Items]
Number of counterparties (in counterparties) \| counterparty			13
Energy Related Derivative \| Eagle Ford
Derivative [Line Items]
Notional volume	9.6	4.8

Contingencies and Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Remainder of 2023	$ 161
2024	352
2025	323
2026	303
2027	276
2028-2036	1,321
Total	$ 2,736

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Numerator
Net income available to common stockholders, basic and diluted	$	391	$	1,237	$	1,780	$	473

Denominator (in thousands)
Weighted average common shares outstanding, basic	133,514		126,814		134,125		123,826
Effect of potentially dilutive securities
Warrants	9,497		22,322		9,529		21,295
Restricted stock units	208		349		306		368
Performance share units	48		47		47		45
Weighted average common shares outstanding, diluted	143,267		149,532		144,007		145,534

Earnings per common share:
Basic	$	2.93	$	9.75	$	13.27	$	3.82
Diluted	$	2.73	$	8.27	$	12.36	$	3.25

Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities


6.			Other Current Liabilities

Other current liabilities as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Revenues and royalties due others	$	362	$	734
Accrued drilling and production costs	243		253
Accrued hedging costs	—		109
Accrued compensation and benefits	43		72
Taxes payable	132		84
Operating leases	85		86
Joint interest prepayments received	13		34
Current liabilities held for sale(a)	—		144
Other	66		111
Total other current liabilities	$	944	$	1,627

_________________________________________

(a)Current liabilities held for sale are associated with the divestiture transactions related to our Eagle Ford assets. See Note 2 for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and other:
Natural gas and oil derivatives	$ 159	$ (514)	$ 1,089	$ (2,639)
Gains on sales of assets	472	21	807	300
Total revenues and other	1,891	3,520	5,261	4,455
Operating expenses:
Production	89	118	220	228
Gathering, processing and transportation	207	274	471	516
Severance and ad valorem taxes	40	57	109	120
Exploration	8	7	15	12
General and administrative	31	36	66	62
Separation and other termination costs	3	0	3	0
Depreciation, depletion and amortization	376	451	766	860
Other operating expense, net	9	8	12	31
Total operating expenses	1,374	2,179	2,924	3,908
Income from operations	517	1,341	2,337	547
Other income (expense):
Interest expense	(22)	(36)	(59)	(68)
Other income	23	9	33	25
Total other income (expense)	1	(27)	(26)	(43)
Income before income taxes	518	1,314	2,311	504
Income tax expense	127	77	531	31
Net income available to common stockholders, basic	391	1,237	1,780	473
Net income available to common stockholders, diluted	$ 391	$ 1,237	$ 1,780	$ 473
Earnings per common share:
Basic (in dollars per share)	$ 2.93	$ 9.75	$ 13.27	$ 3.82
Diluted (in dollars per share)	$ 2.73	$ 8.27	$ 12.36	$ 3.25
Weighted average common shares outstanding (in thousands):
Basic (in shares)	133,514	126,814	134,125	123,826
Diluted (in shares)	143,267	149,532	144,007	145,534
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 649	$ 2,790	$ 2,102	$ 4,704
Marketing
Revenues and other:
Revenue	611	1,223	1,263	2,090
Operating expenses:
Marketing	$ 611	$ 1,228	$ 1,262	$ 2,079

Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 362	$ 734
Accrued drilling and production costs	243	253
Accrued hedging costs	0	109
Accrued compensation and benefits	43	72
Taxes payable	132	84
Operating leases	85	86
Joint interest prepayments received	13	34
Current liabilities held for sale	0	144
Other	66	111
Total other current liabilities	$ 944	$ 1,627

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Our long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:


	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
New Credit Facility	$	—	$	—	$	1,050	$	1,050
5.50% senior notes due 2026	500		487		500		485
5.875% senior notes due 2029	500		475		500		475
6.75% senior notes due 2029	950		943		950		917
Premiums on senior notes	92		—		100		—
Debt issuance costs	(6)		—		(7)		—
Total long-term debt, net	$	2,036	$	1,905	$	3,093	$	2,927

____________________________________________

Equity - Schedule of Share Repurchase Program (Details) - USD ($)			1 Months Ended	3 Months Ended						18 Months Ended
	Jul. 31, 2023	May 26, 2023	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 02, 2021
Equity [Abstract]
Shares Purchased (in shares)				1,444,000	793,000	4,105,000	750,000	5,812,000	1,000,000	13,904,000
Dollar Value of Shares Purchased				$ 125,000,000	$ 60,000,000	$ 406,000,000	$ 69,000,000	$ 515,000,000	$ 83,000,000	$ 1,248,000,000
Average Price Per Share (in dollars per share)				$ 78.77	$ 74.95	$ 98.90	$ 92.14	$ 88.67	$ 82.98
Authorized amount				$ 2,000,000,000						2,000,000,000	$ 1,000,000,000
Shares delivered (in shares)		515,265
Percentage of accelerated share repurchase program initially delivered		80.00%
Derivative [Line Items]
Repurchase and retirement of common stock				125,000,000	$ 60,000,000	$ 406,000,000	$ 69,000,000	$ 515,000,000	$ 83,000,000	1,248,000,000
Equity, Class of Treasury Stock [Line Items]
Authorized amount				2,000,000,000						$ 2,000,000,000	$ 1,000,000,000
Excluding Remaining ASR
Equity [Abstract]
Dollar Value of Shares Purchased				115,000,000
Derivative [Line Items]
Repurchase and retirement of common stock				$ 115,000,000
Subsequent Event
Equity [Abstract]
Shares Purchased (in shares)			331,044
Dollar Value of Shares Purchased			$ 28,000,000
Derivative [Line Items]
Repurchase and retirement of common stock			$ 28,000,000
Subsequent Event [Line Items]
Additional shares delivered (in shares)	108,556
Accelerated Share Repurchase Program
Equity [Abstract]
Authorized amount		$ 50,000,000
Equity, Class of Treasury Stock [Line Items]
Authorized amount		$ 50,000,000

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,905	$ 2,927
Premiums on senior notes	92	100
Debt issuance costs	(6)	(7)
Total long-term debt, net	2,036	3,093
Line of Credit \| New Credit Facility
Debt Instrument [Line Items]
Chesapeake revolving credit facility	0	1,050
Long-term debt, fair value	$ 0	1,050
Senior Notes \| 5.50% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 487	485
Senior Notes \| 5.875% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 475	475
Senior Notes \| 6.75% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	6.75%
Outstanding borrowings	$ 950	950
Long-term debt, fair value	$ 943	$ 917

Debt - Narrative (Details) - USD ($)	6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Line of Credit \| New Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 3,500,000,000
Aggregate commitments		2,000,000,000
Future net revenues discount percentage	9.00%
Credit spread adjustment	0.10%
Line of Credit \| New Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage	0.50%
Line of Credit \| New Credit Facility \| S O F R One Month Period
Debt Instrument [Line Items]
Variable rate percentage	1.00%
Line of Credit \| New Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, collateral percentage	85.00%
Current ratio	1.00
Asset coverage ratio	1.50
Variable rate percentage	1.75%
Unused capacity, commitment fee percentage	0.375%
Line of Credit \| New Credit Facility \| Minimum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	0.75%
Line of Credit \| New Credit Facility \| Maximum
Debt Instrument [Line Items]
Leverage ratio	3.50
Variable rate percentage	2.75%
Unused capacity, commitment fee percentage	0.50%
Line of Credit \| New Credit Facility \| Maximum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	1.75%
Line of Credit \| New Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		200,000,000
Line of Credit \| New Credit Facility \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Secured Debt
Debt Instrument [Line Items]
Outstanding borrowings	$ 0

Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2023 and December 31, 2022 are provided below:


	June 30, 2023			December 31, 2022
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	357	$	(20)	382	$	(494)
Collars	637	414		721	49
Three-way collars	2	1		4	(2)
Call options	—	—		18	(22)
Basis protection swaps	536	45		652	(32)
Total natural gas	1,532	440		1,777	(501)
Oil (MMBbls):
Fixed-price swaps	—	—		1	(32)
Collars	—	—		2	7
Basis protection swaps	—	—		6	1
Total oil	—	—		9	(24)
Total estimated fair value		$	440		$	(525)

Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 on a gross basis and after same-counterparty netting:


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of June 30, 2023
Commodity Contracts:
Short-term derivative asset	$	487	$	(70)	$	417
Long-term derivative asset	120		(42)		78
Short-term derivative liability	(96)		70		(26)
Long-term derivative liability	(71)		42		(29)
Total derivatives	$	440	$	—	$	440

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

___________________________________________

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

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	250	$	—	$	—	$	250
Haynesville	256		—		—		256
Eagle Ford	18		104		21		143
Natural gas, oil and NGL revenue	$	524	$	104	$	21	$	649

Marketing revenue	$	188	$	382	$	41	$	611


	Three Months Ended June 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,152	$	—	$	—	$	1,152
Haynesville	988		—		—		988
Eagle Ford	85		503		62		650

Natural gas, oil and NGL revenue	$	2,225	$	503	$	62	$	2,790

Marketing revenue	$	637	$	508	$	78	$	1,223


	Six Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	867	$	—	$	—	$	867
Haynesville	658		—		—		658
Eagle Ford	41		477		59		577

Natural gas, oil and NGL revenue	$	1,566	$	477	$	59	$	2,102

Marketing revenue	$	516	$	669	$	78	$	1,263


	Six Months Ended June 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,761	$	—	$	—	$	1,761
Haynesville	1,640		—		—		1,640
Eagle Ford	132		953		119		1,204
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	3,553	$	1,019	$	132	$	4,704

Marketing revenue	$	1,045	$	903	$	142	$	2,090

Schedule of Accounts Receivable

Accounts receivable as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Natural gas, oil and NGL sales	$	425	$	1,171
Joint interest	233		246
Other	16		24
Allowance for doubtful accounts	(3)		(3)
Total accounts receivable, net	$	671	$	1,438

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

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 903	$ 130
Restricted cash	72	62
Accounts receivable, net	671	1,438
Short-term derivative assets	417	34
Assets held for sale	0	819
Other current assets	157	215
Total current assets	2,220	2,698
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	11,201	11,096
Unproved properties	2,000	2,022
Other property and equipment	501	500
Total property and equipment	13,702	13,618
Less: accumulated depreciation, depletion and amortization	(3,049)	(2,431)
Total property and equipment, net	10,653	11,187
Long-term derivative assets	78	47
Deferred income tax assets	952	1,351
Other long-term assets	526	185
Total assets	14,429	15,468
Current liabilities:
Accounts payable	642	603
Accrued interest	39	42
Short-term derivative liabilities	26	432
Other current liabilities	944	1,627
Total current liabilities	1,651	2,704
Long-term debt, net	2,036	3,093
Long-term derivative liabilities	29	174
Asset retirement obligations, net of current portion	277	323
Other long-term liabilities	40	50
Total liabilities	4,033	6,344
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 132,684,741 and 134,715,094 shares issued	1	1
Additional paid-in capital	5,726	5,724
Retained earnings	4,669	3,399
Total stockholders' equity	10,396	9,124
Total liabilities and stockholders' equity	$ 14,429	$ 15,468

Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue


7.			Revenue

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


	Three Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	250	$	—	$	—	$	250
Haynesville	256		—		—		256
Eagle Ford	18		104		21		143
Natural gas, oil and NGL revenue	$	524	$	104	$	21	$	649

Marketing revenue	$	188	$	382	$	41	$	611


	Three Months Ended June 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,152	$	—	$	—	$	1,152
Haynesville	988		—		—		988
Eagle Ford	85		503		62		650

Natural gas, oil and NGL revenue	$	2,225	$	503	$	62	$	2,790

Marketing revenue	$	637	$	508	$	78	$	1,223


	Six Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	867	$	—	$	—	$	867
Haynesville	658		—		—		658
Eagle Ford	41		477		59		577

Natural gas, oil and NGL revenue	$	1,566	$	477	$	59	$	2,102

Marketing revenue	$	516	$	669	$	78	$	1,263


	Six Months Ended June 30, 2022
	Natural Gas		Oil		NGL		Total
Marcellus	$	1,761	$	—	$	—	$	1,761
Haynesville	1,640		—		—		1,640
Eagle Ford	132		953		119		1,204
Powder River Basin	20		66		13		99
Natural gas, oil and NGL revenue	$	3,553	$	1,019	$	132	$	4,704

Marketing revenue	$	1,045	$	903	$	142	$	2,090

Accounts Receivable

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

Accounts receivable as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Natural gas, oil and NGL sales	$	425	$	1,171
Joint interest	233		246
Other	16		24
Allowance for doubtful accounts	(3)		(3)
Total accounts receivable, net	$	671	$	1,438

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested Restricted Stock Units
Unvested units, beginning balance (in shares) \| shares	957
Granted (in shares) \| shares	439
Vested (in shares) \| shares	(310)
Forfeited (in shares) \| shares	(76)
Unvested units, ending balance (in shares) \| shares	1,010
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 68.91
Granted (in dollars per share) \| $ / shares	72.19
Vested (in dollars per share) \| $ / shares	59.96
Forfeited (in dollars per share) \| $ / shares	66.14
Unvested, ending balance (in dollars per share) \| $ / shares	$ 73.29

Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Short-term derivative assets	$ 417	$ 34
Long-term derivative assets	78	47
Short-term derivative liability	(26)	(432)
Long-term derivative liability	(29)	(174)
Not Designated as Hedging Instrument \| Commodity Contract
Derivatives, Fair Value [Line Items]
Total derivatives	440	(525)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative assets	417	34
Long-term derivative assets	78	47
Short-term derivative liability	(26)	(432)
Long-term derivative liability	(29)	(174)
Total derivatives	440	(525)
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	487	200
Derivative asset, fair value, gross liability, netted	(70)	(166)
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	120	87
Derivative asset, fair value, gross liability, netted	(42)	(40)
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(96)	(598)
Derivative liability, fair value, gross asset, netted	70	166
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(71)	(214)
Derivative liability, fair value, gross asset, netted	$ 42	$ 40

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

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

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Dividends

The table below presents the dividends paid during the Current Period and Prior Period:


	Base		Variable		Rate Per Share		Total
2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160

2022:
First Quarter	$	0.4375	$	1.33	$	1.7675	$	210
Second Quarter	$	0.50	$	1.84	$	2.34	$	298

Schedule of Share Repurchase Program

The table below presents the shares purchased under our share repurchase program:


	Shares Purchased (thousands)	Dollar Value of Shares Purchased		Average Price Per Share
2022
First Quarter	1,000	$	83	$	82.98
Second Quarter	5,812	$	515	$	88.67
Third Quarter	750	$	69	$	92.14
Fourth Quarter	4,105	$	406	$	98.90
2023
First Quarter	793	$	60	$	74.95
Second Quarter(a)	1,444	$	115	$	78.77
Total to date	13,904	$	1,248

_____________________________________(a)On May 26, 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 515,265 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on July 31, 2023, we received an additional 108,556 shares of common stock.

Schedule of Warrants

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2022	4,495,004	4,404,564	4,006,229
Converted into common stock(b)	(3,000)	(1,000)	(170)

Outstanding as of March 31, 2023	4,492,004	4,403,564	4,006,059
Converted into common stock(b)	—	(500)	(467)

Outstanding as of June 30, 2023	4,492,004	4,403,064	4,005,592

_________________________________________

(a)As of June 30, 2023, we had 1,489,337 of reserved Class C Warrants.

(b)During the Current Period, we issued 5,532 shares of common stock as a result of Warrant exercises.

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (3)	$ (3)
Total accounts receivable, net	671	1,438
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	425	1,171
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	233	246
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 16	$ 24

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity


9.			Equity

Dividends

In May 2021, we initiated a new annual dividend on our shares of common stock, expected to be paid quarterly. The table below presents the dividends paid during the Current Period and Prior Period:


	Base		Variable		Rate Per Share		Total
2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160

2022:
First Quarter	$	0.4375	$	1.33	$	1.7675	$	210
Second Quarter	$	0.50	$	1.84	$	2.34	$	298

On August 1, 2023, we announced a 4.5% increase to our base dividend rate and declared a base quarterly dividend payable of $0.575 per share, which will be paid on September 6, 2023 to stockholders of record at the close of business on August 17, 2023.

Share Repurchase Program

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


	Shares Purchased (thousands)	Dollar Value of Shares Purchased		Average Price Per Share
2022
First Quarter	1,000	$	83	$	82.98
Second Quarter	5,812	$	515	$	88.67
Third Quarter	750	$	69	$	92.14
Fourth Quarter	4,105	$	406	$	98.90
2023
First Quarter	793	$	60	$	74.95
Second Quarter(a)	1,444	$	115	$	78.77
Total to date	13,904	$	1,248

_____________________________________

(a)On May 26, 2023, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $50 million of shares of our common stock. Under the terms of the ASR agreement, we received an initial delivery of 515,265 shares representing approximately 80% of the expected total to be repurchased. Upon final settlement of the ASR agreement on July 31, 2023, we received an additional 108,556 shares of common stock.

During July 2023, we repurchased an additional 331,044 shares of common stock for an aggregate price of $28 million, inclusive of the final settlement of the ASR agreement noted above. The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against the issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the Current Period.

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2022	4,495,004	4,404,564	4,006,229
Converted into common stock(b)	(3,000)	(1,000)	(170)

Outstanding as of March 31, 2023	4,492,004	4,403,564	4,006,059
Converted into common stock(b)	—	(500)	(467)

Outstanding as of June 30, 2023	4,492,004	4,403,064	4,005,592

_________________________________________

(a)As of June 30, 2023, we had 1,489,337 of reserved Class C Warrants.

(b)During the Current Period, we issued 5,532 shares of common stock as a result of Warrant exercises.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	23.00%	6.20%

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income available to common stockholders, basic	$ 391	$ 1,237	$ 1,780	$ 473
Net income available to common stockholders, diluted	$ 391	$ 1,237	$ 1,780	$ 473
Weighted average common shares outstanding, basic (in shares)	133,514	126,814	134,125	123,826
Effect of potentially dilutive securities
Warrants (in shares)	9,497	22,322	9,529	21,295
Restricted stock units (in shares)	208	349	306	368
Performance share units (in shares)	48	47	47	45
Weighted average common shares outstanding, diluted (in shares)	143,267	149,532	144,007	145,534
Basic (in dollars per share)	$ 2.93	$ 9.75	$ 13.27	$ 3.82
Diluted (in dollars per share)	$ 2.73	$ 8.27	$ 12.36	$ 3.25

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share


3.			Earnings Per Share

Basic earnings per common share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).

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


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Numerator
Net income available to common stockholders, basic and diluted	$	391	$	1,237	$	1,780	$	473

Denominator (in thousands)
Weighted average common shares outstanding, basic	133,514		126,814		134,125		123,826
Effect of potentially dilutive securities
Warrants	9,497		22,322		9,529		21,295
Restricted stock units	208		349		306		368
Performance share units	48		47		47		45
Weighted average common shares outstanding, diluted	143,267		149,532		144,007		145,534

Earnings per common share:
Basic	$	2.93	$	9.75	$	13.27	$	3.82
Diluted	$	2.73	$	8.27	$	12.36	$	3.25

During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 789,458 reserved shares of common stock and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares.

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

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.
Restricted Cash	Restricted Cash As of June 30, 2023, we had restricted cash of $72 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.
Assets Held for Sale	Assets Held for Sale We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets. See Note 2 for further discussion.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Natural Gas and Oil Property Transactions - Schedule of Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
Property, Plant and Equipment [Abstract]
Revenues \| $	$ 4,455
Net income available to common stockholders \| $	$ 369
Earnings per common share:
Basic (in dollars per share) \| $ / shares	$ 2.90
Diluted (in dollars per share) \| $ / shares	$ 2.48

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 391	$ 1,389	$ 1,237	$ (764)	$ 1,780	$ 473

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities as of June 30, 2023 and December 31, 2022 are detailed below:


	June 30, 2023		December 31, 2022
Revenues and royalties due others	$	362	$	734
Accrued drilling and production costs	243		253
Accrued hedging costs	—		109
Accrued compensation and benefits	43		72
Taxes payable	132		84
Operating leases	85		86
Joint interest prepayments received	13		34
Current liabilities held for sale(a)	—		144
Other	66		111
Total other current liabilities	$	944	$	1,627

_________________________________________

(a)Current liabilities held for sale are associated with the divestiture transactions related to our Eagle Ford assets. See Note 2 for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 1,780	$ 473
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	766	860
Deferred income tax expense	399	0
Derivative (gains) losses, net	(1,089)	2,639
Cash payments on derivative settlements, net	(49)	(1,611)
Share-based compensation	16	10
Gains on sales of assets	(807)	(300)
Exploration	8	10
Other	21	5
Changes in assets and liabilities	359	(324)
Net cash provided by operating activities	1,404	1,762
Cash flows from investing activities:
Capital expenditures	(1,027)	(759)
Business combination, net	0	(2,006)
Contributions to investments	(88)	0
Proceeds from divestitures of property and equipment	1,963	403
Net cash provided by (used in) investing activities	848	(2,362)
Cash flows from financing activities:
Proceeds from New Credit Facility	1,125	0
Payments on New Credit Facility	(2,175)	0
Proceeds from Exit Credit Facility	0	4,550
Payments on Exit Credit Facility	0	(3,775)
Funds held for transition services	97	0
Proceeds from warrant exercise	0	3
Cash paid to repurchase and retire common stock	(181)	(558)
Cash paid for common stock dividends	(335)	(508)
Net cash used in financing activities	(1,469)	(288)
Net increase (decrease) in cash, cash equivalents and restricted cash	783	(888)
Cash, cash equivalents and restricted cash, beginning of period	192	914
Cash, cash equivalents and restricted cash, end of period	975	26
Cash and cash equivalents	903	17
Restricted cash	72	9
Total cash, cash equivalents and restricted cash	975	26
Supplemental cash flow information:
Interest paid, net of capitalized interest	68	69
Income taxes paid (refunds) received, net	(60)	113
Supplemental disclosure of significant non-cash investing and financing activities:
Common stock issued for business combination	0	764
Operating lease obligations recognized	65	25
Change in accrued drilling and completion costs
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$ 31	$ 106

Contingencies and Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation


	June 30, 2023
Remainder of 2023	$	161
2024	352
2025	323
2026	303
2027	276
2028-2036	1,321
Total	$	2,736

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		132,356,423
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Class A Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Warrants to purchase Common Stock
Trading Symbol	CHKEW
Security Exchange Name	NASDAQ
Class B Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class B Warrants to purchase Common Stock
Trading Symbol	CHKEZ
Security Exchange Name	NASDAQ
Class C Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class C Warrants to purchase Common Stock
Trading Symbol	CHKEL
Security Exchange Name	NASDAQ
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CHK
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	132,684,741	134,715,094

Natural Gas and Oil Property Transactions - Narrative (Details) - USD ($) $ in Millions				3 Months Ended		4 Months Ended	6 Months Ended
	Apr. 28, 2023	Mar. 20, 2023	Mar. 25, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on natural gas and oil derivatives				$ (159)	$ 514		$ (1,089)	$ 2,639
Costs and expenses				1,374	2,179		2,924	3,908
Funds held for transition services							97	0
Natural gas, oil and NGL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue				649	$ 2,790		2,102	$ 4,704
Marcellus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on natural gas and oil derivatives						$ 312
Costs and expenses						178
Marcellus \| Natural gas, oil and NGL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue						$ 473
Disposed of by Sale \| Portion Of Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration										$ 1,425
Purchase price		$ 225
Gain on sale of oil and natural gas properties		337
Property, plant and equipment											$ 811
Other assets held-for-sale											8
Derivative liabilities											65
Asset retirement obligations											57
Other liabilities											$ 22
Disposed of by Sale \| Portion Of Eagle Ford Assets \| Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets				56			56
Disposed of by Sale \| Portion Of Eagle Ford Assets \| Other Noncurrent Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets				128			128
Disposed of by Sale \| Portion Of Remaining Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration									$ 1,400
Purchase price	$ 225
Gain on sale of oil and natural gas properties	470
Asset retirement obligations	53
Funds held for transition services							97
Disposed of by Sale \| Portion Of Remaining Eagle Ford Assets \| Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets				53			53
Disposed of by Sale \| Portion Of Remaining Eagle Ford Assets \| Other Noncurrent Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets				$ 139			$ 139
Disposed of by Sale \| Powder River Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of oil and natural gas properties			$ 293
Proceeds from divestitures of property and equipment			450
Disposed of by Sale \| Powder River Basin \| Post-Close Adjustments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of oil and natural gas properties			$ 13
Disposed of by Sale \| First Three Years \| Portion Of Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration paid in installments		60
Disposed of by Sale \| Fourth Year \| Portion Of Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration paid in installments		$ 45
Disposed of by Sale \| Next Four Years \| Portion Of Remaining Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration paid in installments	$ 56

Equity - Schedule of Warrants (Details) - shares	3 Months Ended				6 Months Ended
Equity - Schedule of Warrants (Details) - shares	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock
Warrants and Rights Outstanding [Roll Forward]
Warrants reserved for future issuance (in shares)	789,458		1,191,877		789,458	1,191,877
Issuance of common stock for warrant exercise (in shares)	878	4,654	166,606	669,669	5,532
Class A Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,492,004	4,495,004			4,495,004
Converted into common stock (in shares)	0	(3,000)
Outstanding, ending balance (in shares)	4,492,004	4,492,004			4,492,004
Class B Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,403,564	4,404,564			4,404,564
Converted into common stock (in shares)	(500)	(1,000)
Outstanding, ending balance (in shares)	4,403,064	4,403,564			4,403,064
Class C Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,006,059	4,006,229			4,006,229
Converted into common stock (in shares)	(467)	(170)
Outstanding, ending balance (in shares)	4,005,592	4,006,059			4,005,592
Warrants reserved for future issuance (in shares)	1,489,337		2,248,726		1,489,337	2,248,726

Share-Based Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11	$ 8	$ 19	$ 12
Related income tax benefit	3	0	4	0
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8	6	14	9
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	1	3	2
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1	$ 2	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative and Hedging Activities

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


11.			Derivative and Hedging Activities

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

As of December 31, 2022, approximately $65 million of derivative liabilities (notional volume of 9.6 Bcf of natural gas and notional volume of 4.8 MMBbls of oil) were classified as liabilities held for sale. These derivative instruments were novated to WildFire Energy I LLC upon completion of the sale of a portion of our Eagle Ford assets on March 20, 2023. See Note 2 for more details.

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2023 and December 31, 2022 are provided below:


	June 30, 2023			December 31, 2022
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	357	$	(20)	382	$	(494)
Collars	637	414		721	49
Three-way collars	2	1		4	(2)
Call options	—	—		18	(22)
Basis protection swaps	536	45		652	(32)
Total natural gas	1,532	440		1,777	(501)
Oil (MMBbls):
Fixed-price swaps	—	—		1	(32)
Collars	—	—		2	7
Basis protection swaps	—	—		6	1
Total oil	—	—		9	(24)
Total estimated fair value		$	440		$	(525)


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of June 30, 2023
Commodity Contracts:
Short-term derivative asset	$	487	$	(70)	$	417
Long-term derivative asset	120		(42)		78
Short-term derivative liability	(96)		70		(26)
Long-term derivative liability	(71)		42		(29)
Total derivatives	$	440	$	—	$	440

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)

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(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 June 30, 2023, our derivative instruments were spread among 13 counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that were also lenders (or affiliates of lenders) under our New Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the New Credit Facility. The counterparties’ obligations must be secured by cash or letters of credit to the extent that any mark-to-market amounts owed to us exceed defined thresholds. As of June 30, 2023, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.