0000895126-21-000078 | 10-K | XBRL Viewer

Gains (losses) on sales of assets

$ 5,296

$ 8,595

$ 10,030

(264)

Severance and ad valorem taxes

149

224

189

General and administrative

267

315

335

Separation and other termination costs

Provision for legal contingencies

Depreciation, depletion and amortization

1,097

2,264

1,737

Impairments

8,535

131

Other operating expense

109

Total Operating Expenses

13,999

8,626

9,648

INCOME (LOSS) FROM OPERATIONS

(8,703)

(31)

382

OTHER INCOME (EXPENSE):

Interest expense

(331)

(651)

(633)

Gains (losses) on investments

(20)

(71)

139

Gains on purchases or exchanges of debt

263

Other income

Reorganization items, net

(796)

Total Other Expense

(1,066)

(608)

(164)

INCOME (LOSS) BEFORE INCOME TAXES

(9,769)

(639)

218

Current income taxes

(9)

(26)

Deferred income taxes

(10)

(305)

(10)

Total Income Tax Expense (Benefit)

(19)

(331)

(10)

NET INCOME (LOSS)

(9,750)

(308)

228

Net (income) loss attributable to noncontrolling interests

(2)

NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE

(9,734)

(308)

226

Preferred stock dividends

(22)

(91)

(92)

Loss on exchange of preferred stock

(17)

Earnings allocated to participating securities

(1)

NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS

$ (9,756)

$ (416)

$ 133

EARNINGS (LOSS) PER COMMON SHARE:

Basic (in usd per share)

^[1]

$ (998.26)

$ (49.97)

$ 29.26

Diluted (in usd per share)

^[1]

$ (998.26)

$ (49.97)

$ 29.26

WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in thousands):(a)

Basic (in shares)

^[1]

9,773

8,325

4,546

Diluted (in shares)

^[1]

9,773

8,325

4,546

Oil, Natural Gas and NGL

Oil, natural gas and NGL production

$ 3,341

$ 4,522

$ 5,155

Oil, natural gas and NGL gathering, processing and transportation

373

520

474

1,082

1,398

Marketing

1,869

3,967

5,076

Oil, Natural gas and NGL and Marketing

1,889

4,003

5,158

5,210

8,489

10,231

Other

Exploration

Statement of Comprehensive Income [Abstract]

$ 427

$ 84

$ 162

[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)	Apr. 14, 2020
Income Statement [Abstract]
Stock split, conversion ratio	0.005

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

NET INCOME (LOSS)

$ (9,750)

$ (308)

$ 228

OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:

Reclassification of losses on settled derivative instruments

^[1]

Other Comprehensive Income

COMPREHENSIVE INCOME (LOSS)

(9,717)

(273)

262

COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS

(2)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE

$ (9,701)

$ (273)

$ 260

[1]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

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

+ References + Details

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

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Total stockholders’ equity, beginning of period at Dec. 31, 2017

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (9,750)	$ (308)	$ 228
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	1,097	2,264	1,737
Deferred income tax benefit	(10)	(305)	(10)
Derivative (gains) losses, net	(596)	(3)	26
Cash receipts (payments) on derivative settlements, net	884	202	(345)
Stock-based compensation	21	30	32
(Gains) losses on sales of assets	(30)	(43)	264
Impairments	8,535	11	131
Non-cash reorganization items, net	(213)	0	0
Exploration	417	49	96
(Gains) losses on investments	20	63	(139)
Gains on purchases or exchanges of debt	(65)	(79)	(263)
Other	(61)	(4)	(118)
Decrease in accounts receivable and other assets	303	376	16
(Decrease) increase in accounts payable, accrued liabilities and other	612	(630)	75
Net Cash Provided By Operating Activities	1,164	1,623	1,730
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,111)	(2,180)	(1,848)
Business combination, net	0	(353)	0
Acquisitions of proved and unproved properties	(9)	(35)	(128)
Proceeds from divestitures of proved and unproved properties	136	130	2,231
Additions to other property and equipment	(22)	(48)	(21)
Proceeds from sales of other property and equipment	14	6	147
Proceeds from sales of investments	0	0	74
Net Cash Provided By (Used In) Investing Activities	(992)	(2,480)	455
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,656	10,676	11,697
Payments on pre-petition revolving credit facility borrowings	(3,317)	(10,180)	(12,059)
Proceeds from DIP credit facility borrowings	60	0	0
Payments on DIP credit facility borrowings	(60)	0	0
DIP credit facility and exit facilities financing costs	(109)	0	0
Proceeds from issuance of senior notes, net	0	108	1,236
Proceeds from issuance of term loan, net	0	1,455	0
Cash paid to purchase debt	(94)	(1,073)	(2,813)
Extinguishment of other financing	0	0	(122)
Cash paid for preferred stock dividends	(22)	(91)	(92)
Other	(13)	(36)	(33)
Net Cash Provided By (Used In) Financing Activities	101	859	(2,186)
Net increase (decrease) in cash and cash equivalents	273	2	(1)
Cash and cash equivalents, beginning of period	6	4	5
Cash and cash equivalents, end of period	279	6	4
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for reorganization items, net	140	0	0
Interest paid, net of capitalized interest	224	691	664
Income taxes paid, net of refunds received	0	(6)	(3)
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Put option premium on equity backstop agreement	60	0	0
Operating lease obligations recognized	32	0	0
Common stock issued for business combination	0	2,037	0
Debt exchanged for common stock	0	693	0
Preferred stock exchanged for common stock	0	40	0
Change in senior notes exchanged	0	971	0
Acquisition of other property and equipment including assets under finance lease	0	0	27
Change in accrued drilling and completion costs
SUPPLEMENTAL DISCLOSURE OF SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Change in accrued drilling and completion costs	$ (216)	$ (19)	$ 174

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Parent

Preferred stock

Common Stock

Additional Paid-in Capital

Contingent convertible senior notes exchanged for shares of common stock

Additional Paid-in Capital

Senior notes exchanged for shares of common stock

Additional Paid-in Capital

Preferred stock, exchanged for shares of common stock

Retained earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Loss

Treasury Stock - Common

Noncontrolling Interest

$ 1,671

$ 0

^[1]

$ 14,446

^[1]

$ (14,130)

$ (8)

$ (57)

$ (31)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exchange/conversions of 40,000, 0 and 236,048 shares of preferred stock for common stock

Common shares issued for WildHorse Merger

^[1]

Exchange of senior notes and convertible notes

^[1]

Stock-based compensation

^[1]

Convertible notes exchanged, value

^[1]

$ 0

Exchange of preferred stock for 0, 51,839, and 0 shares of common stock

^[1]

$ 0

Equity component of contingent convertible notes repurchased

^[1]

Dividends on preferred stock

^[1]

(92)

$ 226

226

^[2]

Purchase of 17,901, 14,391, and 7,550 shares for company benefit plans

^[1]

(4)

Release of 44,126, 4,398 and 2,519 shares from company benefit plans

^[1]

Total stockholders’ equity, end of period at Dec. 31, 2018

$ 2,092

1,671

^[1]

14,387

^[1]

(13,912)

(23)

(31)

^[1]

Stockholders' equity attributable to noncontrolling interest, beginning of period at Dec. 31, 2017

$ 44

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (income) loss attributable to noncontrolling interests

(2)

Distributions to noncontrolling interest owners

(5)

Divestiture of underlying assets

Stockholders' equity attributable to noncontrolling interest, end of period at Dec. 31, 2018

Increase (Decrease) in Stockholders' Equity [Roll Forward]

TOTAL EQUITY (DEFICIT)

2,133

Exchange/conversions of 40,000, 0 and 236,048 shares of preferred stock for common stock

(40)

Common shares issued for WildHorse Merger

^[1]

2,037

Exchange of senior notes and convertible notes

^[1]

Stock-based compensation

^[1]

Convertible notes exchanged, value

^[1]

135

440

Exchange of preferred stock for 0, 51,839, and 0 shares of common stock

^[1]

Equity component of contingent convertible notes repurchased

^[1]

(2)

Dividends on preferred stock

^[1]

(91)

(308)

Purchase of 17,901, 14,391, and 7,550 shares for company benefit plans

^[2]

(35)

^[1]

(7)

Release of 44,126, 4,398 and 2,519 shares from company benefit plans

^[1]

Total stockholders’ equity, end of period at Dec. 31, 2019

4,364

1,631

^[1]

16,973

^[1]

(14,220)

$ 0

(32)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (income) loss attributable to noncontrolling interests

Distributions to noncontrolling interest owners

(4)

Divestiture of underlying assets

Stockholders' equity attributable to noncontrolling interest, end of period at Dec. 31, 2019

Increase (Decrease) in Stockholders' Equity [Roll Forward]

TOTAL EQUITY (DEFICIT)

4,401

Exchange/conversions of 40,000, 0 and 236,048 shares of preferred stock for common stock

Common shares issued for WildHorse Merger

^[1]

Exchange of senior notes and convertible notes

^[1]

Stock-based compensation

^[1]

(14)

Convertible notes exchanged, value

^[1]

$ 0

Exchange of preferred stock for 0, 51,839, and 0 shares of common stock

^[1]

$ 0

Equity component of contingent convertible notes repurchased

^[1]

Dividends on preferred stock

^[1]

(22)

(9,734)

Purchase of 17,901, 14,391, and 7,550 shares for company benefit plans

^[2]

(33)

^[1]

(2)

Release of 44,126, 4,398 and 2,519 shares from company benefit plans

^[1]

Total stockholders’ equity, end of period at Dec. 31, 2020

(5,341)

1,631

^[1]

16,937

^[1]

(23,954)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (income) loss attributable to noncontrolling interests

(16)

Distributions to noncontrolling interest owners

Divestiture of underlying assets

(21)

Stockholders' equity attributable to noncontrolling interest, end of period at Dec. 31, 2020

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Total stockholders’ equity, end of period at Dec. 31, 2020

(416)

(5,341)

$ (5,341)

$ 1,631

$ 0

^[1]

$ 16,937

^[1]

$ (23,954)

$ 45

$ 0

^[1]

Stockholders' equity attributable to noncontrolling interest, end of period at Dec. 31, 2020

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

TOTAL EQUITY (DEFICIT)

$ (5,341)

[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.
[2]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Treasury Stock - Common
Purchase of shares for company benefit plans (in shares)	17,901	14,391	7,550
Release of shares from company benefit plans (in shares)	44,126	4,398	2,519
Preferred stock exchanged for shares of common stock \| Preferred stock
Preferred stock conversions/exchanges (in shares)	100	40,000	0
Preferred stock exchanged for shares of common stock \| Additional Paid-in Capital
Stock issued, conversion (in shares)	0	51,839	0
Convertible notes exchanged for shares of common stock \| Additional Paid-in Capital
Stock issued, conversion (in shares)	0	366,945	0
Senior notes exchanged for shares of common stock \| Additional Paid-in Capital
Stock issued, conversion (in shares)	0	1,177,817	0

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Company Chesapeake Energy Corporation ("Chesapeake", “we,” “our”, “us” or the "Company") is an oil and natural gas exploration and production company engaged in the acquisition, exploration and development of properties for the production of oil, natural gas and natural gas liquids (NGL) from underground reservoirs. Our operations are located onshore in the United States. To facilitate our financial statement presentations, we refer to the post-emergence reorganized company in these consolidated financial statements and footnotes as the “Successor” for periods subsequent to February 9, 2021, and to the pre-emergence company as “Predecessor” for periods on or prior to February 9, 2021. As discussed in Note 2 below, we filed the Chapter 11 Cases on the Petition Date and subsequently operated as a debtor-in-possession, in accordance with applicable provisions of the Bankruptcy Code, until emergence on February 9, 2021. Basis of Presentation The accompanying consolidated financial statements of Chesapeake were prepared in accordance with GAAP and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Accounting During Bankruptcy We have applied Accounting Standards Codification (ASC) 852, Reorganizations, in preparing the consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the filing of a petition of Chapter 11 Cases, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred during the bankruptcy proceedings, including losses related to executory contracts that were approved for rejection by the Bankruptcy Court, and unamortized deferred financing costs, premiums and discounts associated with debt classified as liabilities subject to compromise, are recorded as reorganization items, net on our accompanying consolidated statements of operations. In addition, pre-petition obligations that may be impacted by the Chapter 11 process have been classified on the consolidated balance sheet as of December 31, 2020 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. See Note 2 for more information regarding reorganization items. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures in the financial statements. Management evaluates its estimates and related assumptions regularly, including those related to the impairment of oil and natural gas properties, oil and natural gas reserves, derivatives, income taxes, unevaluated properties not subject to evaluation, impairment of other property and equipment, environmental remediation costs, asset retirement obligations, litigation and regulatory proceedings and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ significantly from these estimates. Consolidation We consolidate entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (“VIEs”) in which we are the primary beneficiary. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether we own a variable interest in a VIE, we perform a qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. We continually monitor our consolidated VIE to determine if any events have occurred that could cause the primary beneficiary to change. See Note 11 for further discussion of our VIE. We use the equity method of accounting to record our net interests where we have the ability to exercise significant influence through our investment but lack a controlling financial interest. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. Undivided interests in oil and natural gas properties are consolidated on a proportionate basis. Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment, which is exploration and production because our marketing activities are ancillary to our operations. Noncontrolling Interests Noncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity. See Note 11 for further discussion of noncontrolling interests. Cash and Cash Equivalents For purposes of the consolidated financial statements, we consider investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents. Accounts Receivable Our accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible. See Note 9 for further discussion of our accounts receivable. Oil and Natural Gas Properties We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred. Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of oil and natural gas are capitalized. Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (“UOP”) method based on total estimated proved developed oil and gas reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves. Proceeds from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base. When circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a market-based weighted average cost of capital. We have classified these fair value measurements as Level 3 in the fair value hierarchy. Other Property and Equipment Other property and equipment consists primarily of buildings and improvements, land, vehicles, computers, a sand mine, natural gas compressors under finance lease and office equipment. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. Other property and equipment costs, excluding land, are depreciated on a straight-line basis and recorded within depreciation, depletion and amortization in the consolidated statement of operations. Natural gas compressors under finance lease are depreciated over the shorter of their estimated useful lives or the term of the related lease. Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including any disposal value, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow. See Note 16 for further discussion of other property and equipment. Capitalized Interest Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset. Accounts Payable Included in accounts payable as of December 31, 2019 are liabilities of approximately $57 million representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts. There were no corresponding liabilities as of December 31, 2020 due to our $279 million cash balance. Debt Issuance Costs Costs associated with the arrangement of our Exit Credit Facility were included in other long-term assets and will be amortized over the life of the facility using the straight-line method. The Exit Credit Facility unamortized issuance costs as of December 31, 2020 were $33 million and will begin amortization upon emergence from bankruptcy when the facility becomes fully available. Costs associated with the issuance and amendments of our pre-petition revolving credit facility were included in other long-term assets and the remaining unamortized issuance costs were amortized over the life of the facility using the straight-line method. The remaining unamortized issuance costs as of December 31, 2019 totaled $27 million. Costs associated with the issuance of our senior notes were included in long-term debt and the remaining unamortized issuance costs were being amortized over the life of the senior notes using the effective interest method. The remaining unamortized issuance costs as of December 31, 2019 totaled $44 million. In 2020, our Chapter 11 Cases constituted an event of default under our pre-petition revolving credit facility and our senior notes, and non-cash adjustments were made to write off all related unamortized debt issuance costs which are included in reorganization items, net in the accompanying consolidated statements of operations for the year ended December 31, 2020. See Note 2 and Note 5 herein for further discussion of our Chapter 11 Cases and debt issuance costs, respectively. Litigation Contingencies We are subject to litigation and regulatory proceedings, claims and liabilities that arise in the ordinary course of business. We accrue losses associated with litigation and regulatory claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, our best estimate within the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or third-party recoveries. Legal defense costs associated with loss contingencies are expensed in the period incurred. See Note 6 for further discussion of litigation contingencies. Environmental Remediation Costs We record environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized. See Note 6 for discussion of environmental contingencies. Asset Retirement Obligations We recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For oil and natural gas properties, this is the period in which an oil or natural gas well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. See Note 22 for further discussion of asset retirement obligations. Revenue Recognition Revenue from the sale of oil, natural gas and NGL is recognized upon the transfer of control of the products, which is typically when the products are delivered to customers. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Revenue from contracts with customers includes the sale of our oil, natural gas and NGL production (recorded as oil, natural gas and NGL revenues in the consolidated statements of operations) as well as the sale of certain of our joint interest holders’ production which we purchase under joint operating arrangements (recorded in marketing revenues in the consolidated statements of operations). In connection with the marketing of these products, we obtain control of the oil, natural gas and NGL we purchase from other interest owners at defined delivery points and deliver the product to third parties, at which time revenues are recorded. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. There are no significant judgments that significantly affect the amount or timing of revenue from contracts with customers. We also earn revenue from other sources, including from a variety of derivative and hedging activities to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility, (recorded within oil, natural gas and NGL revenues in the consolidated statements of operations) as well as a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and satisfaction of our pipeline delivery commitments (recorded within marketing revenues in the consolidated statements of operations). In circumstances where we act as an agent rather than a principal, our results of operations related to oil, natural gas and NGL marketing activities are presented on a net basis. See Note 9 for further discussion of revenue recognition. Fair Value Measurements Certain financial instruments are reported on a recurring basis at fair value on our consolidated balance sheets. We also use fair value measurements on a nonrecurring basis when a qualitative assessment of our assets indicates a potential impairment. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The carrying values of financial instruments comprising cash and cash equivalents, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments. See Notes 5 and 14 for further discussion of fair value measurements. Derivatives Derivative instruments are recorded at fair value, and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. As of December 31, 2020, none of our open derivative instruments were designated as cash flow hedges. Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next twelve months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets. We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives. See Note 14 for further discussion of our derivative instruments. Share-Based Compensation Our share-based compensation program consists of restricted stock, stock options, performance share units and cash restricted stock units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize the cost of employee services received in exchange for restricted stock and stock options based on the fair value of the equity instruments as of the grant date. For employees, this value is amortized over the vesting period, which is generally three years from the grant date. For directors, although restricted stock grants vest over three years, this value is recognized immediately as there is a non-substantive service condition for vesting. Because performance share units are settled in cash, they are classified as a liability in our consolidated financial statements and are measured at fair value as of the grant date and re-measured at fair value at the end of each reporting period. These fair value adjustments are recognized as general and administrative expense in the consolidated statements of operations. To the extent compensation expense relates to employees directly involved in the acquisition of oil and natural gas leasehold and development activities, these amounts are capitalized to oil and natural gas properties. Amounts not capitalized to oil and natural gas properties are recognized as general and administrative expense, oil, natural gas and NGL production expense, exploration expense, or marketing expense, based on the employees involved in those activities. See Note 12 for further discussion of share-based compensation. Liability Management Liability management expense includes third party legal and professional service fees incurred for our activities to restructure our debt and in preparation for our bankruptcy petition. As a result of our Chapter 11 Cases, such expenses, to the extent that they were incremental and directly related to our bankruptcy reorganization, are reflected in reorganization items, net in our consolidated statements of operations.

Chapter 11 Proceedings

12 Months Ended

Dec. 31, 2020

Reorganizations [Abstract]

Chapter 11 Proceedings

On June 28, 2020, the Debtors filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court. On June 29, 2020, the Bankruptcy Court entered an order authorizing the joint administration of the Chapter 11 Cases under the caption In re Chesapeake Energy Corporation, Case No. 20-33233. The Non-Filing Entities were not part of the Chapter 11 Cases. The Debtors and the Non-Filing Entities have continued to operate in the ordinary course of business during the Chapter 11 Cases.

The Bankruptcy Court confirmed the Plan in a bench ruling on January 13, 2021 and entered the Confirmation Order on January 16, 2021. The Debtors emerged from bankruptcy on February 9, 2021 (the “Effective Date”). Although the Company is no longer a debtor-in-possession, the Company was a debtor-in-possession through the year ending December 31, 2020. As such, the Company’s bankruptcy proceedings and related matters have been summarized below.

Debtor-In-Possession

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

services provided prior to the Petition Date. During the pendency of the Chapter 11 Cases, all transactions outside the ordinary course of business required the prior approval of the Bankruptcy Court.

Automatic Stay

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

Plan of Reorganization

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

•On the Effective Date, we issued approximately 97,907,081 shares of the reorganized company (“New Common Stock”), reserved 2,092,918 shares of New Common Stock for future issuance to eligible holders of Allowed Unsecured Notes Claims and Allowed General Unsecured Claims and reserved 37,174,210 shares of New Common Stock for issuance upon exercise of the Warrants, which were the result of the transactions described below. We also entered into a registration rights agreement, a warrants agreement and amended our articles of incorporation and bylaws for the authorization of the New Common Stock and to provide registration rights thereunder, among other corporate governance actions. See Note 11 for further discussion of our post-emergence equity.

•Each holder of a Predecessor equity interest in Chesapeake, including our common and preferred stock, had such interest canceled, released, and extinguished without any distribution.

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

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

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

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

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

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

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

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

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

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

•Each holder of an Allowed Other Priority Claim (as defined in the Plan) will receive cash up to the allowed amount of its claim.

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

DIP and Exit Credit Facilities

On June 28, 2020, prior to the commencement of the Chapter 11 Cases, the Company entered into a commitment letter (the “Commitment Letter”) with certain of the lenders under the pre-petition revolving credit facility and/or their affiliates (collectively, the “Commitment Parties”), pursuant to which, and subject to the satisfaction of certain customary conditions, including the approval of the Bankruptcy Court, the Commitment Parties agreed to provide the Debtors with a post-petition senior secured super-priority debtor-in-possession revolving credit facility in an aggregate principal amount of up to approximately $2.104 billion (the “DIP Credit Facility”), consisting of a revolving loan facility of new money in an aggregate principal amount of up to $925 million, which includes a sub-facility of up to $200 million for the issuance of letters of credit, and an up to approximately $1.179 billion term loan that reflects the roll-up of a portion of outstanding borrowings under the pre-petition revolving credit facility. Pursuant to the Commitment Letter, the Commitment parties have also committed to provide, subject to certain conditions, an up to $2.5 billion exit credit facility, consisting of an up to $1.75 billion revolving credit facility (the “Exit Revolving Facility”) and an up to $750 million senior secured term loan facility (the “Exit Term Loan Facility” and, together with the Exit Revolving Facility, the “Exit Credit Facilities”). The terms and conditions of the DIP Credit Facility are set forth in the Senior Secured Super-Priority Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”) attached to the Commitment Letter. The proceeds of the DIP Credit Facility may be used for, among other things, post-petition working capital, permitted capital investments, general corporate purposes, letters of credit, administrative costs, premiums, expenses and fees for the transactions contemplated by the Chapter 11 Cases, payment of court approved adequate protection obligations, and other such purposes consistent with the DIP Credit Facility. On the Effective Date, the DIP Credit Facility was terminated and the holders of obligations under the DIP Credit Facility received payment in full in cash; provided that to the extent such lender under the DIP Credit Facility is also a lender under the Exit Revolver, such lender’s allowed DIP claims were first reduced dollar-for-dollar and satisfied by the amount of its Exit RBL Loans provided as of the Effective Date.

Potential Claims

We filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of us and each of our Debtor subsidiaries, subject to the assumptions filed in connection therewith. Certain of these schedules and statements were amended after filing. Certain holders of pre-petition claims that are not governmental units were required to file proofs of claim by the deadline for general claims, (the “bar date”), which was set by the Bankruptcy Court as October 30, 2020. Governmental units were required to file proof of claims by December 28, 2020, the deadline that was set by the Bankruptcy Court.

As of February 25, 2021, the Debtors had received approximately 8,100 proofs of claim, approximately 72% of which represent general unsecured claims, for an aggregate amount of approximately $42.7 billion. We will continue

to evaluate these claims throughout the Chapter 11 process and recognize or adjust amounts in future financial statements as necessary using the best information available at such time. Differences between amounts scheduled by us and claims by creditors will ultimately be reconciled and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and has continued after our emergence from bankruptcy.

Fresh-Start Reporting

Upon emergence from bankruptcy on February 9, 2021, we expect to qualify for fresh-start reporting. In order to qualify for fresh start-reporting (i) the holders of existing voting shares of the Company prior to its emergence must receive less than 50% of the voting shares of the Company outstanding following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the plan of reorganization must be less than the post-petition liabilities and allowed claims. Under the principles of fresh-start reporting, a new reporting entity will be considered to have been created, and, as a result, the Company will allocate the reorganization value of the Company to its individual assets, including property, plant and equipment, based on their estimated fair values. The process of estimating the fair value of the Company’s assets, liabilities and equity upon emergence is currently ongoing and, therefore, such amounts have not yet been finalized. In support of the Plan, the enterprise value of the Successor Company was estimated and approved by the Bankruptcy Court to be in the range of $3.5 billion to $4.7 billion.

Financial Statement Classification of Liabilities Subject to Compromise

The accompanying consolidated balance sheet as of December 31, 2020 includes amounts classified as liabilities subject to compromise, which represent liabilities we anticipate will be allowed as claims in the Chapter 11 Cases. These amounts represent our current estimate of known or potential obligations to be resolved in connection with the Chapter 11 Cases, and may differ from actual future settlement amounts paid. Differences between liabilities estimated and claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. We will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material.

Liabilities subject to compromise includes amounts related to the rejection of various executory contracts and unexpired leases. Additional amounts may be included in liabilities subject to compromise in future periods if additional executory contracts and unexpired leases are rejected. The nature of many of the potential claims arising under our executory contracts and unexpired leases has not been determined at this time, and therefore, such claims are not reasonably estimable at this time and may be material.

The following table summarizes the components of liabilities subject to compromise included on our consolidated balance sheet as of December 31, 2020:


	December 31, 2020
	($ in millions)
Debt	$	7,166
Accounts payable	15
Accrued interest	235
Provision for contract rejection damages	729
Other liabilities	498
Liabilities subject to compromise	$	8,643

Reorganization Items, Net

We have incurred and will continue to incur significant expenses, gains and losses associated with our reorganization, primarily the write-off of unamortized debt issuance costs and related unamortized premiums and discounts, debt and equity financing fees, provision for allowed claims and legal and professional fees incurred subsequent to the Chapter 11 Filings for the reorganization process. Provision for allowed claims primarily represents damages from contract rejections and settlements attributable to the midstream savings requirement as

stipulated by the Plan. The amount of these items, which are being expensed as incurred significantly affect our statements of operations.

The following table summarizes the components in reorganization items, net included in our consolidated statements of operations for the year ended December 31, 2020:


	Year Ended December 31, 2020
	($ in millions)
Provision for allowed claims	(879)
Write off of unamortized debt premiums (discounts)	518
Write off of unamortized debt issuance costs	(61)
Debt and equity financing fees	(145)
Loss on divested assets	(128)
Legal and professional fees	(113)
Gain on settlement of pre-petition accounts payable	15
Loss on settlement of pre-petition revenues payable	(3)
Reorganization items, net	$	(796)

Going Concern

During the Company’s bankruptcy proceedings and prior to the Bankruptcy Court’s entry of an order confirming the Debtors’ Plan of Reorganization, the Company’s ability to continue as a going concern was contingent upon, among other things, its ability to (i) develop and successfully implement a plan of reorganization and obtain creditor acceptance and confirmation under the Bankruptcy Code, (ii) achieve savings on certain midstream contracts through rejection or renegotiation of terms, (iii) achieve certain liquidity metrics, and (iv) obtain exit financing sources sufficient to meet the Company’s future obligations. The Company’s debt obligations and uncertainties related to the bankruptcy process raised substantial doubt about its ability to continue as a going concern.

As a result of the execution of the Plan of Reorganization and emergence from bankruptcy on February 9, 2021, management concluded there is no longer substantial doubt about the Company’s ability to continue as a going concern.

Oil and Natural Gas Property Transactions

12 Months Ended

Dec. 31, 2020

Oil and Natural Gas Property Transactions

Mid-Continent Divestiture

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

Haynesville Exchange

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

WildHorse Acquisition

On February 1, 2019, we acquired WildHorse Resource Development Corporation (“WildHorse”), an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, for approximately 3.6 million reverse stock split-adjusted shares of our common stock and $381 million in cash. We funded the cash portion of the consideration through borrowings under the pre-petition revolving credit facility. In connection with the closing, we acquired all of WildHorse’s debt. See Note 5 for additional information on the acquired debt.

2019 Purchase Price Allocation

We have accounted for the acquisition of WildHorse and its corresponding merger (the “Merger”) with and into our wholly owned subsidiary, Brazos Valley Longhorn, L.L.C. (“Brazos Valley Longhorn” or “BVL”), as a business combination, using the acquisition method. The following table represents the final allocation of the total purchase price of WildHorse to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.


	2019 Purchase Price Allocation
	($ in millions)
Consideration:
Cash	$	381
Fair value of Chesapeake’s common stock issued in the Merger (a)	2,037
Total consideration	$	2,418

Fair Value of Liabilities Assumed:
Current liabilities	$	166
Long-term debt	1,379
Deferred tax liabilities	314
Other long-term liabilities	36
Amounts attributable to liabilities assumed	$	1,895

Fair Value of Assets Acquired:
Cash and cash equivalents	$	28
Other current assets	128
Proved oil and natural gas properties	3,264
Unproved properties	756
Other property and equipment	77
Other long-term assets	60
Amounts attributable to assets acquired	$	4,313

Total identifiable net assets	$	2,418

___________________________________________

(a) Based on 3.6 reverse stock split-adjusted Chesapeake common shares issued at closing at $568 per share (closing price as of February 1, 2019).

The fair values of assets acquired and liabilities assumed were based on the following key inputs:

Oil and Natural Gas Properties

For the acquisition of WildHorse, 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 oil and natural gas properties as of the acquisition date was based on estimated oil and natural gas 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 a combination of the NYMEX strip pricing and consensus pricing to value the reserves. Our estimates of commodity prices for purposes of determining discounted cash flows ranged from a 2019 price of $56.33 per barrel of oil increasing to a 2023 price of $61.17 per barrel of oil. Similarly, natural gas prices ranged from a 2019 price of $2.82 per mmbtu then increasing to a 2023 price of $3.00 per mmbtu. Both oil and natural gas commodity prices were held flat after 2023 and adjusted for inflation. 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 oil and natural gas properties acquired. Additionally, the estimated fair value estimate of proved and unproved oil and natural gas properties was corroborated by utilizing the market approach which considers recent comparable transactions for similar assets.

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

Financial Instruments and Other

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

Deferred Income Taxes

For federal income tax purposes, the WildHorse acquisition qualified as a tax-free merger, as a result, we acquired carryover tax basis in WildHorse’s assets and liabilities. Deferred tax liabilities and assets were recorded for differences between the purchase price allocated to the assets acquired and liabilities assumed based on the fair value and the carryover tax basis. See Note 10 for further discussion of deferred income taxes.

WildHorse Revenues and Expenses Subsequent to Acquisition

We included in our consolidated statements of operations revenues of $752 million, direct operating expenses of $810 million, including depreciation, depletion and amortization, and other expense of $83 million related to the WildHorse business for the period from February 1, 2019 to December 31, 2019.

Pro Forma Financial Information

The following unaudited pro forma financial information for the years ended December 31, 2019 and 2018, respectively, is based on our historical consolidated financial statements adjusted to reflect as if the WildHorse acquisition had occurred on January 1, 2018. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including adjustments to conform the classification of expenses in WildHorse’s statements of operations to our classification for similar expenses and the estimated tax impact of pro forma adjustments.


	Years Ended December 31,
	2019		2018
	($ in millions except per share data)
Revenues	$	8,587	$	11,211
Net income (loss) available to common stockholders	$	(431)	$	195
Earnings (loss) per common share:(a)
Basic	$	(51.77)	$	42.89
Diluted	$	(51.77)	$	42.89

____________________________________________

(a)All per share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

This unaudited pro forma information has been derived from historical information. The unaudited pro forma financial information is not necessarily indicative of what actually would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it necessarily indicative of future results.

2019 Transactions

In 2019, we received proceeds of approximately $130 million, net of post-closing adjustments, and recognized a gain of approximately $46 million, primarily for the sale of non-core oil and natural gas properties.

2018 Transactions

We sold all of our approximately 1,500,000 gross (900,000 net) acres in Ohio, of which approximately 320,000 net acres are prospective for the Utica Shale with approximately 920 producing wells, along with related property and equipment for net proceeds of $1.868 billion to Encino, with additional contingent payments to us of up to $100 million comprised of $50 million in consideration in each case if, on or prior to December 31, 2019, there is a period of twenty (20) trading days out of a period of thirty (30) consecutive trading days where (i) the average of the NYMEX natural gas strip prices for the months comprising the year 2022 equals or exceeds $3.00/mmbtu as calculated pursuant to the purchase agreement, and (ii) the average of the NYMEX natural gas strip prices for the months comprising the year 2023 equals or exceeds $3.25/mmbtu as calculated pursuant to the purchase agreement. The contingent consideration expired on December 31, 2019 with no value attributed to the arrangement. We recognized a loss of approximately $273 million associated with the transaction.

In 2018, we sold portions of our acreage, producing properties and other related property and equipment in the Mid-Continent, including our Mississippian Lime assets, for approximately $491 million, subject to certain customary closing adjustments. Included in the sales were approximately 238,500 net acres and interests in approximately 3,200 wells. We recognized a gain of approximately $12 million associated with the transactions. Also, in 2018, we received proceeds of approximately $37 million subject to customary closing adjustments, for the sale of other oil and natural gas properties covering various operating areas.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]

Earnings Per Share

Basic earnings per share (EPS) is calculated using the weighted average number of common shares outstanding during the period and includes the effect of any participating securities as appropriate. Participating securities consist of unvested restricted stock issued to our employees and non-employee directors that provide dividend rights.

Diluted EPS is calculated assuming the issuance of common shares for all potentially dilutive securities, provided the effect is not antidilutive. For all periods presented, our convertible senior notes did not have a dilutive effect and, therefore, were excluded from the calculation of diluted EPS.

Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive.


	Years Ended December 31,
	2020	2019	2018
	(thousands)
Common stock equivalent of our preferred stock outstanding(a)	290	290	298
Common stock equivalent of our convertible senior notes outstanding(a)	621	621	729
Common stock equivalent of our preferred stock outstanding prior to exchange(a)	—	5	—
Participating securities(a)	—	2	6

____________________________________________

(a)Amount has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

As a result of the Company’s reverse stock split effective on April 14, 2020, proportionate adjustments were made to the conversion price of Chesapeake’s outstanding 5.5% Convertible Senior Notes due 2026, 4.5% Cumulative Convertible Preferred Stock, 5.00% Cumulative Convertible Preferred Stock (Series 2005B), 5.75% Cumulative Convertible Non-Voting Preferred Stock (Series A) and 5.75% Cumulative Non-Voting Convertible Preferred Stock and to the outstanding awards and number of shares issued and issuable under the Company's equity compensation plans. See Note 11 for additional information.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Chapter 11 Proceedings and Emergence

The Bankruptcy Filing constituted an event of default under certain of our secured and unsecured debt obligations. As a result of the Bankruptcy Filing, the principal and interest due under these debt instruments became immediately due and payable. However, pursuant to Section 362 of the Bankruptcy Code, the creditors were stayed from taking any action as a result of such defaults. On the Effective Date, our obligations under the FLLO Term Loan and Senior Notes, including interest and accrued interest, were fully extinguished in exchange for equity in the post-emergence Company. In addition, our pre-petition revolving credit facility was restructured into a new exit credit facility.

Reclassification of Debt

The principal amounts outstanding under the FLLO Term Loan, Second Lien Notes and all of our other unsecured senior and convertible senior notes were reclassified as liabilities subject to compromise on the accompanying consolidated balance sheet as of December 31, 2020. Additionally, non-cash adjustments were made to write off all of the related unamortized debt issuance costs and associated discounts and premiums of approximately $457 million, which are included in reorganization items, net in the accompanying consolidated statements of operations for the year ended December 31, 2020, as discussed in Note 2.

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

Pre-emergence debt

Our long-term debt consisted of the following as of December 31, 2020 and 2019:


	December 31, 2020				December 31, 2019
	Principal Amount		Carrying Amount		Principal Amount		Carrying Amount
	($ in millions)
DIP credit facility	$	—	$	—	$	—	$	—
Pre-petition revolving credit facility	1,929		1,929		1,590		1,590
Term loan due 2024	1,500		1,500		1,500		1,470
11.5% senior secured second lien notes due 2025	2,330		2,330		2,330		3,248
6.625% senior notes due 2020	176		176		208		208
6.875% senior notes due 2020	73		73		93		93
6.125% senior notes due 2021	167		167		167		167
5.375% senior notes due 2021	127		127		127		127
4.875% senior notes due 2022	272		272		338		338
5.75% senior notes due 2023	167		167		209		209
7.00% senior notes due 2024	624		624		624		624
6.875% senior notes due 2025	2		2		2		2
8.00% senior notes due 2025	246		246		246		245
5.5% convertible senior notes due 2026	1,064		1,064		1,064		765
7.5% senior notes due 2026	119		119		119		119
8.00% senior notes due 2026	46		46		46		44
8.00% senior notes due 2027	253		253		253		253
Debt issuance costs	—		—		—		(44)
Total debt, net	9,095		9,095		8,916		9,458
Less current maturities of long-term debt, net	(1,929)		(1,929)		(385)		(385)
Less amounts reclassified to liabilities subject to compromise	(7,166)		(7,166)		—		—
Total long-term debt, net	$	—	$	—	$	8,531	$	9,073

Debt Issuances and Retirements 2020

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


	Notes Repurchased
	($ in millions)
6.625% senior notes due 2020	$	32
6.875% senior notes due 2020	20
4.875% senior notes due 2022	66
5.75% senior notes due 2023	42
Total	$	160

Debt Issuances and Retirements 2019

Term Loan. In December 2019, we entered into a secured 4.5-year term loan facility in an aggregate principal amount of $1.5 billion for net proceeds of approximately $1.455 billion. Our obligations under the new facility are unconditionally guaranteed on a joint and several basis by the same subsidiaries that guarantee our revolving credit facility and second lien notes (including BVL and its subsidiaries) and are secured by first-priority liens on the same collateral securing our revolving credit facility (with a position in the collateral proceeds waterfall junior to the revolving credit facility). The term loan bears interest at a rate of London Interbank Offered Rate (LIBOR) plus 8.00% per annum, subject to a 1.00% LIBOR floor, or the Alternative Base Rate (ABR) plus 7.00% per annum, subject to a 2.00% ABR floor, at our option. The loan was made at 98% of par. We used the net proceeds to finance tender offers for our unsecured BVL senior notes and to repay amounts outstanding under our BVL revolving credit facility. We recorded an aggregate net gain of approximately $4 million associated with the retirement of our BVL senior notes and the BVL revolving credit facility.

The term loan matures in June 2024 and voluntary prepayments are subject to a make-whole premium prior to the 18-month anniversary of the closing of the term loan, a premium to par of 5.00% from the 18-month anniversary until but excluding the 30-month anniversary, a premium to par of 2.5% from the 30-month anniversary until but excluding the 42-month anniversary and at par beginning on the 42-month anniversary. The term loan may be subject to mandatory prepayments and offers to prepay with net cash proceeds of certain issuances of debt, certain asset sales and other dispositions of collateral and upon a change of control.

The term loan contains covenants limiting our ability to incur additional indebtedness, incur liens, consummate mergers and similar fundamental changes, make restricted payments, sell collateral and use proceeds from such sales, make investments, repay certain subordinate, unsecured or junior lien indebtedness, and enter into transactions with affiliates.

Events of default under the term loan include, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to other indebtedness with an outstanding principal balance of $125 million or more; bankruptcy; judgments involving liability of $125 million or more that are not paid; and ERISA events. Many events of default are subject to customary notice and cure periods.

Senior Secured Second Lien Notes. In December 2019, we completed private offers to exchange newly issued 11.5% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) for the following outstanding senior unsecured notes (the “Existing Notes”):


	Notes Exchanged
	($ in millions)
7.00% senior notes due 2024	$	226
8.00% senior notes due 2025	999
8.00% senior notes due 2026	873
7.5% senior notes due 2026	281
8.00% senior notes due 2027	837
Total	$	3,216

The Second Lien Notes are secured second lien obligations and are contractually junior to our current and future secured first lien indebtedness, including indebtedness incurred under our revolving credit facility and term loan facility, to the extent of the value of the collateral securing such indebtedness, effectively senior to all of our existing and future unsecured indebtedness, including our outstanding senior notes, to the extent of the value of the collateral, and senior to any future subordinated indebtedness that we may incur. We have the option to redeem the Second Lien Notes, in whole or in part, at specified make-whole or redemption prices. Our Second Lien Notes are governed by an indenture containing covenants that may limit our ability and our subsidiaries’ ability to create liens securing certain indebtedness, make certain restricted payments, enter into certain sale-leaseback transactions, consolidate, merge or transfer assets and dispose of certain collateral and use proceeds from dispositions of certain collateral. As a holding company, Chesapeake owns no operating assets and has no significant operations

independent of its subsidiaries. Chesapeake’s obligations under the Second Lien Notes are jointly and severally, fully and unconditionally guaranteed by the same subsidiaries that guarantee our revolving credit facility and term loan facility (including BVL and its subsidiaries). See Note 2 4 for condensed combined debtor financial information regarding our guarantor and non-guarantor subsidiaries.

The exchanges of the Existing Notes (with a carrying value of $3.152 billion) for $2.210 billion of Second Lien Notes, were accounted for as a troubled debt restructuring. For the majority of the notes in this exchange, the future undiscounted cash flows were greater than the net carrying value of the original debt, so no gain was recognized and a new effective interest rate was established based on the carrying value of the original debt. The amount of the extinguished debt will be amortized over the life of the notes as a reduction to interest expense. As a result, our reported interest expense will be significantly less than the contractual interest payments throughout the term of the Second Lien Notes.

In a subsequent transaction in December 2019, we issued an additional $120 million of 11.5% Senior Secured Second Lien Notes due 2025 pursuant to a private offering, at 89.75% of par. Additionally, in December 2019, we entered into a purchase and sale agreement with the same counterparty to acquire $101 million principal amount of our 6.625% Senior Notes due 2020, 4.875% Senior Notes due 2022 and 5.75% Senior Notes due 2023 at a discount. During the first quarter of 2020, we repurchased the senior notes.

Exchanges of Senior Notes for Common Stock. We privately negotiated exchanges of approximately $507 million principal amount of our outstanding senior notes for 235,563,519 shares of common stock and $186 million principal amount of our outstanding convertible senior notes for 73,389,094 shares of common stock. We recorded an aggregate net gain of approximately $64 million associated with the exchanges.

We issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes:


	Notes Exchanged
	($ in millions)
6.625% senior notes due 2020	$	229
6.875% senior notes due 2020	134
6.125% senior notes due 2021	381
5.375% senior notes due 2021	140
Total	$	884

We may redeem some or all of the 2026 notes at any time prior to March 15, 2022 at a price equal to 100% of the principal amount of the notes to be redeemed plus a “make-whole” premium. At any time prior to March 15, 2022, we also may redeem up to 35% of the aggregate principal amount of each series of notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a specified redemption price. In addition, we may redeem some or all of the 2026 notes at any time on or after March 15, 2022 at the redemption prices in accordance with the terms of the notes, the indenture and supplemental indenture governing the notes. These senior notes are unsecured obligations of Chesapeake and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and rank senior in right of payment to all of our future subordinated indebtedness. Our obligations under the senior notes are jointly and severally, fully and unconditionally guaranteed by all of our wholly owned subsidiaries that guarantee the Chesapeake revolving credit facility and certain other unsecured senior notes. We accounted for the exchange as a modification to existing debt and no gain or loss was recognized.

We repaid upon maturity $380 million principal amount of our Floating Rate Senior Notes due April 2019 with borrowings from our Chesapeake revolving credit facility.

Debt Issuances and Retirements 2018

We issued at par $850 million of 7.00% Senior Notes due 2024 (“2024 notes”) and $400 million of 7.50% Senior Notes due 2026 (“2026 notes”) pursuant to a public offering for net proceeds of approximately $1.236 billion. We may redeem some or all of the 2024 notes at any time prior to April 1, 2021 and some or all of the 2026 notes at

any time prior to October 1, 2021, in each case at a price equal to 100% of the principal amount of the notes to be redeemed plus a “make-whole” premium. At any time prior to April 1, 2021, with respect to the 2024 notes, and October 1, 2021, with respect to the 2026 notes, we also may redeem up to 35% of the aggregate principal amount of each series of notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a specified redemption price. In addition, we may redeem some or all of the 2024 notes at any time on or after April 1, 2021 and some or all of the 2026 notes at any time on or after October 1, 2021, in each case at the redemption prices in accordance with the terms of the notes and the indenture and supplemental indenture governing the notes. These senior notes are unsecured obligations of Chesapeake and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and rank senior in right of payment to all of our future subordinated indebtedness. Our obligations under the senior notes are jointly and severally, fully and unconditionally guaranteed by certain of our direct and indirect wholly owned subsidiaries.

We used the net proceeds from the 2024 and 2026 notes, together with cash on hand and borrowings under the Chesapeake revolving credit facility, to repay in full $1.233 billion of borrowings under our secured term loan due 2021 for $1.285 billion, which included a $52 million make-whole premium. We recorded a loss of approximately $65 million associated with the repayment of the term loan, including the make-whole premium and the write-off of $13 million of associated deferred charges.

We used a portion of the proceeds from the sale of our Utica Shale assets in Ohio to redeem all of the $1.416 billion aggregate principal amount outstanding of our 8.00% Senior Secured Second Lien Notes due 2022 for $1.477 billion. We recorded a gain of approximately $331 million associated with the redemption, including the realization of the remaining $391 million difference in principal and book value due to troubled debt restructuring accounting in 2015, offset by the make-whole premium of $60 million.

We repaid upon maturity $44 million principal amount of our 7.25% Senior Notes due 2018.

As required by the terms of the indenture for our 2.25% Contingent Convertible Senior Notes due 2038 (“2038 notes”), the holders were provided the option to require us to purchase on December 15, 2018, all or a portion of the holders’ 2038 notes at par plus accrued and unpaid interest up to, but excluding, December 15, 2018. On December 17, 2018, we paid an aggregate of approximately $8 million to purchase all of the 2038 notes that were tendered and not withdrawn. An aggregate of $1 million principal amount of the 2038 notes remained outstanding as of December 31, 2018. Subsequent to December 31, 2018, we redeemed these notes at par and discharged the related indenture.

Senior Notes and Convertible Senior Notes

Our senior notes and our convertible senior notes are unsecured senior obligations of Chesapeake and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and rank senior in right of payment to all of our future subordinated indebtedness. Our obligations under the senior notes and the convertible senior notes are jointly and severally, fully and unconditionally guaranteed by certain of our direct and indirect wholly owned subsidiaries. See Note 24 for consolidating financial information regarding our guarantor and non-guarantor subsidiaries.

Our senior notes, other than the convertible senior notes, were redeemable at any time at specified make-whole or redemption prices. Our senior notes were governed by indentures containing covenants that could limit our ability and our subsidiaries’ ability to incur certain secured indebtedness, enter into sale-leaseback transactions, and consolidate, merge or transfer assets. The indentures governing the senior notes and the convertible senior notes did not have any financial or restricted payment covenants. Indentures for the senior notes and convertible senior notes had cross default provisions that applied to other indebtedness Chesapeake or any guarantor subsidiary may have from time to time with an outstanding principal amount of at least $50 million or $75 million, depending on the indenture.

Pre-Petition Revolving Credit Facility

Our revolving credit facility was scheduled to mature in September 2023 and the aggregate commitment of the lenders and borrowing base under the facility was $3.0 billion. The revolving credit facility provides for an accordion feature, pursuant to which the aggregate commitments thereunder may be increased to up to $4.0 billion from time to time, subject to agreement of the participating lenders and certain other customary conditions. As of

December 31, 2020, we had outstanding borrowings of $1.929 billion under our revolving credit facility and had used $54 million for various letters of credit.

Borrowings under our revolving credit facility bear interest at an alternative base rate (ABR) or LIBOR, at our election, plus an applicable margin ranging from 1.50%-2.50% per annum for ABR loans and 2.50%-3.50% per annum for LIBOR loans, depending on the percentage of the borrowing base then being utilized.

Our revolving credit facility was subject to various financial and other covenants. The terms of the revolving credit facility included covenants limiting, among other things, our ability to incur additional indebtedness, make investments or loans, incur liens, consummate mergers and similar fundamental changes, make restricted payments, make investments in unrestricted subsidiaries and enter into transactions with affiliates.

On December 3, 2019, we entered into the second amendment to our credit agreement. Among other things, the amendment (i) permitted the issuance of certain secured indebtedness with a lien priority or proceeds recovery behind the obligations under the credit agreement without a corresponding 25% reduction in the borrowing base under the credit agreement, if issued by the next scheduled redetermination of the borrowing base, (ii) increased the amount of indebtedness that can be secured on a pari passu first-lien basis with (and with recovery proceeds behind) the obligations under the credit agreement from $1 billion to $1.5 billion, (iii) increased the applicable margin as defined in the credit agreement on borrowings under the credit agreement by 100 basis points, (iv) requires liquidity of at least $250 million at all times, (v) for each fiscal quarter commencing with the fiscal quarter ending December 31, 2019, replaced the secured leverage ratio financial covenant with a requirement that the first lien secured leverage ratio not exceed 2.50 to 1 as of the end of such fiscal quarter, (vi) increased the maximum permitted leverage ratio as of the end of each fiscal quarter to 4.50 to 1 through the fiscal quarter ending December 31, 2021, with step-downs to 4.25 to 1 for the fiscal quarter ending March 31, 2022 and to 4.00 to 1 for each fiscal quarter ending thereafter, and (vii) required that we use the aggregate net cash proceeds of certain asset sales in excess of $50 million to prepay certain indebtedness and/or reduce commitments under our credit agreement, until the retirement of all of our senior notes maturing before September 12, 2023. On December 26, 2019, we entered into the third amendment to our credit agreement, which, among other things, permitted the issuance of certain secured indebtedness with a lien priority behind the obligations under the credit agreement without a corresponding 25% reduction in the borrowing base under the credit agreement, if issued by December 31, 2019 and issued in exchange for, or the proceeds used to refinance, our senior notes.

Fair Value of Debt

We estimate the fair value of our senior notes based on the market value of our publicly traded debt as determined based on the yield of our senior notes (Level 1). The fair value of all other debt is based on a market approach using estimates provided by an independent investment financial data services firm (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:


	December 31, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
			($ in millions)
Short-term debt (Level 1)	$	—	$	—	$	385	$	360
Long-term debt (Level 1)	$	—	$	—	$	753	$	622
Long-term debt (Level 2)	$	—	$	—	$	8,320	$	6,085
Liabilities subject to compromise (Level 1)	$	982	$	43	$	—	$	—
Liabilities subject to compromise (Level 2)	$	6,184	$	1,694	$	—	$	—

Post-emergence Debt

Our post-emergence exit financing consists of a senior secured Exit Credit Facility, which includes a reserve-based revolving credit facility and a non-revolving loan facility, and unsecured senior notes, which all were entered into on the Effective Date. The initial outstanding principal amounts under the Exit Credit Facility and unsecured senior notes were:


	February 9, 2021
	($ in millions)
5.5% Senior Notes due 2026	$	500
5.875% Senior Notes due 2029	500
Exit Credit Facility - Exit Revolver	50
Exit Credit Facility - Non-Revolving Loan Facility	221
Total	$	1,271

Exit Credit Facility. On the Effective Date, pursuant to the terms of the Plan, the Company, as borrower, entered into a reserve-based credit agreement (the “Credit Agreement”) providing for a reserve-based credit facility (the “Exit Credit Facility”) with an initial borrowing base of $2.5 billion. The borrowing base will be redetermined semiannually on or around May 1 and November 1 of each year and the next scheduled redetermination will be on or about October 1, 2021. The aggregate initial elected commitments of the lenders under the Exit Credit Facility will be $1.75 billion of revolving Tranche A Loans (the “Tranche A Loans”) and $220 million of fully funded Tranche B Loans (the “Tranche B Loans”).

The Exit Credit Facility provides for a $200.0 million sublimit of the aggregate commitments that are available for the issuance of letters of credit. The Exit Credit Facility bears interest at the ABR (alternate base rate) or LIBOR, at our election, plus an applicable margin (ranging from 2.25–3.25% per annum for ABR loans and 3.25–4.25% per annum for LIBOR loans, subject to a 1.00% LIBOR floor), depending on the percentage of the borrowing base then being utilized. The Tranche A Loans mature three years after the Effective Date and the Tranche B Loans mature four years after the Effective Date. The Tranche B Loans can be repaid if no Tranche A Loans are outstanding.

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

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

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

Outstanding Senior Notes. On February 2, 2021, Chesapeake Escrow Issuer LLC (the “Escrow Issuer”) an indirect wholly-owned subsidiary of the Company, issued $500 million aggregate principal amount of its 5.5% Senior Notes due 2026 (the “2026 Notes”) and $500 million aggregate principal amount of its 5.875% Senior Notes due 2029 (the “2029 Notes” and, together with the 2026 Notes, the “Notes”). The offering of the Notes is part of a series of exit financing transactions being undertaken in connection with the Debtors’ Chapter 11 Cases and meant to provide the exit financing originally intended to be provided by the Exit Term Loan Facility pursuant to the Commitment Letter.

The Notes are guaranteed on a senior unsecured basis by each of the Company’s subsidiaries that guarantee the Exit Credit Facility. The gross proceeds from the offering of the Notes were deposited into a segregated escrow account (the “Escrow Account”) and were released upon satisfaction of certain escrow release conditions (the “Escrow Conditions”), including the occurrence of the Effective Date. Prior to the satisfaction of the Escrow Conditions, the Notes are secured by a lien on amounts deposited into the Escrow Account.

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

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

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

Contingencies and Commitments

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

Contingencies

Chapter 11 Proceedings

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

Litigation and Regulatory Proceedings

We were involved in a number of litigation and regulatory proceedings as of the Petition Date. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. The majority of these prepetition legal proceedings, including the matters below, have been settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court. Any allowed claim related to such prepetition litigation will be treated in accordance with the Plan.

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

We and other natural gas producers have been named in various lawsuits alleging underpayment of royalties and other shares of the proceeds of production. The lawsuits against us allege, among other things, that we used below-market prices, made improper deductions, utilized improper measurement techniques, entered into arrangements with affiliates that resulted in underpayment of amounts owed in connection with the production and sale of natural gas and NGL, or similar theories. These lawsuits include cases filed by individual royalty owners and putative class actions, some of which seek to certify a statewide class. The lawsuits seek compensatory, consequential, treble, and punitive damages, restitution and disgorgement of profits, declaratory and injunctive relief

regarding our payment practices, pre-and post-judgment interest, and attorney’s fees and costs. Royalty plaintiffs have varying provisions in their respective leases, oil and gas law varies from state to state, and royalty owners and producers differ in their interpretation of the legal effect of lease provisions governing royalty calculations. We have resolved a number of these claims through negotiated settlements of past and future royalty obligations and have prevailed in various other lawsuits. We are currently defending numerous lawsuits seeking damages with respect to underpayment of royalties or other shares of the proceeds of production in multiple states where we have operated, including those discussed below.

On December 9, 2015, the Commonwealth of Pennsylvania, by the Office of Attorney General, filed a lawsuit in the Bradford County Court of Common Pleas related to royalty underpayment and lease acquisition and accounting practices with respect to properties in Pennsylvania. The lawsuit, which primarily relates to the Marcellus Shale and Utica Shale, alleges that we violated the Pennsylvania Unfair Trade Practices and Consumer Protection Law (UTPCPL) by making improper deductions and entering into arrangements with affiliates that resulted in underpayment of royalties. The lawsuit includes other UTPCPL claims and antitrust claims, including that a joint exploration agreement to which we are a party established unlawful market allocation for the acquisition of leases. The lawsuit seeks statutory restitution, civil penalties and costs, as well as a temporary injunction from exploration and drilling activities in Pennsylvania until restitution, penalties and costs have been paid, and a permanent injunction from further violations of the UTPCPL.

Putative statewide class actions in Pennsylvania and Ohio and purported class arbitrations in Pennsylvania have been filed on behalf of royalty owners asserting various claims for damages related to alleged underpayment of royalties as a result of the divestiture of substantially all of our midstream business and most of our gathering assets in 2012 and 2013. These cases include claims for violation of and conspiracy to violate the federal Racketeer Influenced and Corrupt Organizations Act and for an unlawful market allocation agreement for mineral rights, intentional interference with contractual relations, and violations of antitrust laws related to purported markets for gas mineral rights, operating rights and gas gathering sources. These lawsuits seek in aggregate compensatory, consequential, treble, and punitive damages, restitution and disgorgement of profits, declaratory and injunctive relief regarding our royalty payment practices, pre-and post-judgment interest, and attorney’s fees and costs. On December 20, 2017 and August 9, 2018, we reached tentative settlements to resolve all Pennsylvania civil royalty cases for a total at that time of approximately $36 million. Subsequent to our Bankruptcy Filing the parties reopened settlement discussions.

We believe losses are reasonably possible in certain of the pending royalty cases for which we have not accrued a loss contingency, but we are currently unable to estimate an amount or range of loss or the impact the actions could have on our future results of operations or cash flows. Uncertainties in pending royalty cases generally include the complex nature of the claims and defenses, the potential size of the class in class actions, the scope and types of the properties and agreements involved, and the applicable production years.

On July 24, 2018, Healthcare of Ontario Pension Plan (HOOPP) filed a demand for arbitration with the American Arbitration Association regarding HOOPP’s purchase of our interest in Chaparral Energy, Inc. stock for $215 million on January 5, 2014. HOOPP claims that we engaged in material misrepresentations and fraud, and that we violated the Securities Exchange Act of 1934 (the “Exchange Act”) and Oklahoma Uniform Securities Act. HOOPP seeks either rescission or $215 million in monetary damages, and in either case, interest, attorney’s fees, disgorgement and punitive damages. We intend to vigorously defend these claims.

On January 29, 2020, a well control incident occurred at one of our wellsites in Burleson County, Texas, causing the deaths of three of our contractors’ employees and injuring a fourth. In connection with this incident, eleven lawsuits have been brought against us and our contractors alleging negligence, gross negligence, and breach of contract, and seeking wrongful death damages, survival statute damages, exemplary damages, and interest. Ten of the suits have been filed in Dallas County, Texas. A joint motion to consolidate filed by all the parties in nine of the ten Dallas County lawsuits is currently pending before the Texas Multidistrict Litigation Panel. The eleventh suit is pending in Burleson County, Texas. The proceedings are in their early stages and are all stayed due to the pending bankruptcy. Our general and excess liability insurance policies provide coverage for third party bodily injury and wrongful death claims, and the contracts between us and our contractors with respect to the well contain customary cross-indemnification provisions. The well control incident liability was not reduced for the potential insurance recovery and a receivable for the probable recovery was recorded.

Environmental Contingencies

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

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

We are in discussions with the Pennsylvania Department of Environmental Protection (PADEP) regarding gas migration in the vicinity of certain of our wells in Wyoming County, Pennsylvania. We believe we are close to identifying agreed-upon steps to resolve PADEP’s concerns regarding the issue. In addition to these steps, resolution of the matter may result in monetary sanctions of more than $300,000.

Other Matters

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

Commitments

Gathering, Processing and Transportation Agreements

We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of oil, natural gas and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Since filing the Chapter 11 Cases in June 2020, we have successfully renegotiated or terminated certain of our midstream contracts and commitments, including significantly reducing our gathering, processing and transportation expenses. Accordingly, $838 million of damages was accrued in liabilities subject to compromise. As of December 31, 2020, we were still negotiating certain of our midstream contracts pending our emergence from bankruptcy. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying consolidated balance sheets; however, they are reflected in our estimates of proved reserves.

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


	December 31, 2020
	($ in millions)
2021	$	865
2022	729
2023	596
2024	521
2025	471
2026 – 2034	1,911
Total	$	5,093

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

Service Contract

We have contracts with third-party contractors to provide maintenance and other services to generators and natural gas compressors. These commitments are not recorded as an obligation in the accompanying consolidated balance sheets. The aggregate undiscounted minimum future payments under these service contracts are detailed below.


	December 31, 2020
	($ in millions)
2021	$	7
2022	2
Total	$	9

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 oil and natural gas properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects.

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

Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other current liabilities as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
Revenues and royalties due others	$	236	$	516
Accrued drilling and production costs	104		326
Other accrued taxes	82		150
Debt and equity financing fees	69		—
Accrued compensation and benefits	59		156
Operating leases	24		9
Joint interest prepayments received	8		52
VPP deferred revenue(a)	—		55
Other	141		168
Total other current liabilities	$	723	$	1,432

Other long-term liabilities as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
VPP deferred revenue(a)	$	—	$	9
Other	5		116
Total other long-term liabilities	$	5	$	125

____________________________________________

(a)At the inception of our volumetric production payment (VPP) agreements, we (i) removed the proved reserves associated with the VPP, (ii) recognized VPP proceeds as deferred revenue, which were being amortized on a unit-of-production basis to other revenue over the term of the VPP, (iii) retained responsibility for the production costs and capital costs related to VPP interests and (iv) ceased recognizing production associated with the VPP volumes. In 2020, we sold the assets related to our remaining VPP and extinguished the liability related to our production volume delivery obligation.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

We are a lessee under various agreements for compressors, drilling rigs, vehicles and other equipment. As of December 31, 2020, these leases have remaining terms ranging from one month to three years. Certain of our lease agreements include options to renew the lease, terminate the lease early or purchase the underlying asset at the end of the lease. We determine the lease term at the lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when we are reasonably certain to exercise the option. The company’s vehicles are the only leases with renewal options that we are reasonably certain to exercise. The renewals are reflected in the ROU asset and lease liability balances.

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

On February 1, 2019, we acquired WildHorse and, as part of the purchase price allocation, we recognized additional operating lease liabilities of $40 million, a related ROU asset of $38 million, and lease incentives of $2 million related to two office space leases, a long-term hydraulic fracturing agreement and other equipment leases. Regarding our long-term hydraulic fracturing agreements, we made a policy election to treat both lease and non-lease components as a single lease component. All of these acquired leases were approved for rejection during our bankruptcy process and subsequently removed from our balance sheet.

In 2018, we sold our wholly owned subsidiary, Midcon Compression, L.L.C., to a third party and subsequently leased back certain natural gas compressors for 38 months. The lease is accounted for as a finance lease liability.

The following table presents our ROU assets and lease liabilities as of December 31, 2020 and 2019.


	Years Ended December 31,
	2020				2019
	Finance		Operating		Finance		Operating
	($ in millions)
ROU assets	$	9	$	29	$	17	$	22

Lease liabilities:
Current lease liabilities	$	9	$	27	$	9	$	9
Long-term lease liabilities	—		2		9		16
Total lease liabilities	9		29		18		25
Less amounts reclassified to liabilities subject to compromise	(9)		(5)		—		—
Total lease liabilities, net	$	—	$	24	$	18	$	25

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


	Years Ended December 31,
	2020			2019
Lease cost:	($ in millions)
Amortization of ROU assets	$	9		$	8
Interest on lease liability	1			2
Finance lease cost	10			10
Operating lease cost	17			26
Short-term lease cost	32			112
Total lease cost	$	59		$	148

Other information:
Operating cash outflows from finance lease	$	1		$	2
Operating cash outflows from operating leases	$	9		$	11
Investing cash outflows from operating leases	$	40		$	127
Financing cash outflows from finance lease	$	9		$	8

	December 31,
	2020			2019
Weighted average remaining lease term - finance lease	1.00 year			2.00 years
Weighted average remaining lease term - operating leases	1.12 years			4.65 years
Weighted average discount rate - finance lease	7.50		%	7.50		%
Weighted average discount rate - operating leases	6.46		%	4.85		%

Maturity analysis of finance lease liabilities and operating lease liabilities are presented below:


	December 31, 2020
	Finance Lease		Operating Leases
	($ in millions)
2021	$	10	$	28
2022	—		2
Total lease payments	10		30
Less imputed interest	(1)		(1)
Present value of lease liabilities	9		29
Less current maturities	(9)		(27)
Present value of lease liabilities, less current maturities	$	—	$	2

Leases

The following table presents our ROU assets and lease liabilities as of December 31, 2020 and 2019.


	Years Ended December 31,
	2020				2019
	Finance		Operating		Finance		Operating
	($ in millions)
ROU assets	$	9	$	29	$	17	$	22

Lease liabilities:
Current lease liabilities	$	9	$	27	$	9	$	9
Long-term lease liabilities	—		2		9		16
Total lease liabilities	9		29		18		25
Less amounts reclassified to liabilities subject to compromise	(9)		(5)		—		—
Total lease liabilities, net	$	—	$	24	$	18	$	25

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


	Years Ended December 31,
	2020			2019
Lease cost:	($ in millions)
Amortization of ROU assets	$	9		$	8
Interest on lease liability	1			2
Finance lease cost	10			10
Operating lease cost	17			26
Short-term lease cost	32			112
Total lease cost	$	59		$	148

Other information:
Operating cash outflows from finance lease	$	1		$	2
Operating cash outflows from operating leases	$	9		$	11
Investing cash outflows from operating leases	$	40		$	127
Financing cash outflows from finance lease	$	9		$	8

	December 31,
	2020			2019
Weighted average remaining lease term - finance lease	1.00 year			2.00 years
Weighted average remaining lease term - operating leases	1.12 years			4.65 years
Weighted average discount rate - finance lease	7.50		%	7.50		%
Weighted average discount rate - operating leases	6.46		%	4.85		%

Maturity analysis of finance lease liabilities and operating lease liabilities are presented below:


	December 31, 2020
	Finance Lease		Operating Leases
	($ in millions)
2021	$	10	$	28
2022	—		2
Total lease payments	10		30
Less imputed interest	(1)		(1)
Present value of lease liabilities	9		29
Less current maturities	(9)		(27)
Present value of lease liabilities, less current maturities	$	—	$	2

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table shows revenue disaggregated by operating area and product type, for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	631	$	—	$	631
Haynesville	—		362		—		362
Eagle Ford	717		113		84		914
Brazos Valley	485		16		13		514
Powder River Basin	170		41		20		231
Mid-Continent	55		25		13		93
Revenue from contracts with customers	1,427		1,188		130		2,745
Gains on oil, natural gas and NGL derivatives	554		42		—		596
Oil, natural gas and NGL revenue	$	1,981	$	1,230	$	130	$	3,341

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

	Year Ended December 31, 2019
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	856	$	—	$	856
Haynesville	—		620		—		620
Eagle Ford	1,289		153		119		1,561
Brazos Valley	721		32		16		769
Powder River Basin	369		77		32		478
Mid-Continent	164		44		25		233
Revenue from contracts with customers	2,543		1,782		192		4,517
Gains (losses) on oil, natural gas and NGL derivatives	(212)		217		—		5
Oil, natural gas and NGL revenue	$	2,331	$	1,999	$	192	$	4,522

Marketing revenue from contracts with customers	$	2,473	$	900	$	246	$	3,619
Other marketing revenue	311		41		—		352
Losses on marketing derivatives	—		(4)		—		(4)
Marketing revenue	$	2,784	$	937	$	246	$	3,967


	Year Ended December 31, 2018
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	924	$	—	$	924
Haynesville	2		836		—		838
Eagle Ford	1,514		173		185		1,872
Powder River Basin	244		68		38		350
Mid-Continent	246		84		55		385
Utica	195		401		224		820
Revenue from contracts with customers	2,201		2,486		502		5,189
Gains (losses) on oil, natural gas and NGL derivatives	124		(147)		(11)		(34)
Oil, natural gas and NGL revenue	$	2,325	$	2,339	$	491	$	5,155

Marketing revenue from contracts with customers	$	2,740	$	1,194	$	456	$	4,390
Other marketing revenue	457		222		—		679
Gains on marketing derivatives	—		7		—		7
Marketing revenue	$	3,197	$	1,423	$	456	$	5,076

Accounts Receivable

Accounts receivable as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
Oil, natural gas and NGL sales	$	589	$	737
Joint interest billings	119		200
Other	68		74
Allowance for doubtful accounts	(30)		(21)
Total accounts receivable, net	$	746	$	990

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

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


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Current
Federal	$	(3)	$	—	$	—
State	(6)		(26)		—
Current Income Taxes	(9)		(26)		—
Deferred
Federal	—		(297)		3
State	(10)		(8)		(13)
Deferred Income Taxes	(10)		(305)		(10)
Total	$	(19)	$	(331)	$	(10)

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


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Income tax expense (benefit) at the federal statutory rate of 21%	$	(2,051)	$	(134)	$	45
State income taxes (net of federal income tax benefit)	(41)		(21)		27
Partial release of valuation allowance due to the WildHorse Merger	—		(314)		—
Change in valuation allowance excluding impact of WildHorse Merger	2,010		114		(97)
Reorganization items	41		—		—
Equity-based compensation (non-officer)	10		4		4
Officer compensation limited under Section 162(m)	9		3		5
Other	3		17		6
Total	$	(19)	$	(331)	$	(10)

We applied the guidance in Staff Accounting Bulletin 118 when accounting for the enactment-date effect of the tax reform legislation commonly known as the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017 (the “Tax Act”). At December 31, 2017, we had not completed our accounting for all of the enactment-date income tax effects of the Tax Act under ASC 740, Income Taxes, for certain items as we were waiting on additional guidance to be issued. At December 31, 2018, we had completed our accounting for all of the enactment-date income tax effects of the Tax Act. The adjustments made during 2018 were considered immaterial but nevertheless are included as a component of income tax expense (benefit) in our consolidated statement of operations for the year ended December 31, 2018, which is fully offset with an adjustment to the valuation allowance against our net deferred tax asset position.

We reassessed the realizability of our deferred tax assets and continue to maintain a full valuation allowance against our net deferred tax asset positions for federal and state purposes. Of the net increase in our valuation allowance, $2.010 billion is reflected as a component of income tax expense in our consolidated statement of operations for the year ended December 31, 2020.

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

(NOL) carryforwards and disallowed business interest carryforwards that comprise our deferred income taxes are as follows:


	December 31,
	2020		2019
	($ in millions)
Deferred tax liabilities:
Property, plant and equipment	$	—	$	(546)
Volumetric production payments	—		(89)
Derivative instruments	—		(14)
Other	(3)		(5)
Deferred tax liabilities	(3)		(654)

Deferred tax assets:
Property, plant and equipment	907		—
Net operating loss carryforwards	2,066		1,971
Carrying value of debt	48		169
Disallowed business interest carryforward	293		25
Asset retirement obligations	34		50
Investments	71		83
Accrued liabilities	288		64
Derivative instruments	53		—
Other	51		87
Deferred tax assets	3,811		2,449
Valuation allowance	(3,808)		(1,805)
Deferred tax assets after valuation allowance	3		644
Net deferred tax liability	$	—	$	(10)

As of December 31, 2020, we had federal NOL carryforwards of approximately $7.803 billion and state NOL carryforwards of approximately $7.784 billion. The associated deferred tax assets related to these federal and state NOL carryforwards were $1.639 billion and $427 million, respectively. The federal NOL carryforwards generated in tax years prior to 2018 expire in 2036 and 2037. As a result of the Tax Act, the 2018 through 2020 federal NOL carryforwards have no expiration. The value of all of these carryforwards depends on our ability to generate future taxable income.

As of December 31, 2020, and 2019, we had deferred tax assets of $3.811 billion and $2.449 billion upon which we had a valuation allowance of $3.808 billion and $1.805 billion, respectively. Of the net change in the valuation allowance of $2.003 billion for both federal and state deferred tax assets, $2.010 billion is reflected as a component of income tax benefit in the consolidated statement of operations and the difference is reflected in components of stockholders’ equity.

A valuation allowance against deferred tax assets, including NOL carryforwards and disallowed business interest carryforwards, is recognized when it is more likely than not that all or some portion of the benefit from the deferred tax assets will not be realized. To assess that likelihood, we use estimates and judgment regarding our future taxable income, and we consider the tax consequences in the jurisdiction where such taxable income is generated, to determine whether a valuation allowance is required. Such evidence can include our current financial position, our results of operations, both actual and forecasted, the reversal of existing taxable temporary differences, tax planning strategies, as well as the current and forecasted business economics of our industry. Management assesses all available evidence, both positive and negative, to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. A significant piece of objectively verifiable negative evidence is the cumulative loss incurred over the three-year period ended December 31, 2020. Such objective negative evidence limits our ability to consider various forms of subjective positive evidence, such as any projections for future income. Accordingly, management has not changed its judgment for the period ended December 31, 2020 with respect to the need for a full valuation allowance against our net deferred tax asset positions for federal and state purposes. The amount of the deferred tax assets considered realizable could be adjusted if projections of future taxable income are increased and/or if objective negative evidence in the form of cumulative losses is no longer present. Should we achieve a level of sustained profitability, consideration will need to be given to future projections of taxable income to determine whether such projections provide an adequate source of taxable income for the realization of our deferred tax assets, namely federal NOL carryforwards and disallowed business interest carryforwards. If so, then all or a portion of the valuation allowance could possibly be released.

On February 1, 2019, we completed the acquisition of WildHorse. For federal income tax purposes, the transaction qualified as a tax-free merger under Section 368 of the Code and, as a result, we acquired carryover tax basis in WildHorse’s assets and liabilities. We recorded a net deferred tax liability of $314 million as part of the business combination accounting for WildHorse. As a consequence of maintaining a full valuation allowance against our net deferred tax asset positions (federal and state), a partial release of the valuation allowance was recorded as a discrete income tax benefit of $314 million through the consolidated statement of operations in the first quarter of 2019. The net deferred tax liability determined through business combination accounting includes deferred tax liabilities on plant, property and equipment and prepaid compensation totaling $401 million, partially offset by deferred tax assets totaling $87 million relating to federal NOL carryforwards, disallowed business interest carryforwards and certain other deferred tax assets. These carryforwards will be subject to an annual limitation under Section 382 of the Code of approximately $61 million. We determined that no separate valuation allowances were required to be established through business combination accounting against any of the individual deferred tax assets acquired.

Our ability to utilize NOL carryforwards, disallowed business interest carryforwards, tax credits and possibly other tax attributes to reduce future taxable income and federal income tax is subject to various limitations under Section 382 of the Code. The utilization of such attributes may be subject to an annual limitation under Section 382 of the Code should transactions involving our equity result in a cumulative shift of more than 50% in the beneficial ownership of our stock during any three-year testing period (an “Ownership Change”). For this purpose, “stock” includes certain preferred stock. The annual limitation is generally equal to the product of (a) the fair market value of our equity immediately before the Ownership Change (i.e., the value of the old loss corporation) multiplied by (b) the long-term tax-exempt rate in effect for the month in which an Ownership Change occurs. If we are in a net unrealized built-in gain position at the time of an Ownership Change, then the limitation is increased by each year’s recognized built-in gains occurring within a five-year period following the Ownership Change, but only to the extent of the net unrealized built-in gain which existed at the time of the Ownership Change. However, proposed regulations issued on September 10, 2019, and on January 14, 2020, under Section 382(h) of the Code (the “Proposed Regulations”) would, if finalized in their present form, limit the potential increases to the annual limitation amount for certain built-in gains existing at the time of an Ownership Change, (unless the transition relief provisions of the Proposed Regulations are applicable), thereby possibly reducing the ability to utilize tax attributes significantly. If we are in a net unrealized built-in loss position at the time of an Ownership Change, then the limitation may apply to tax attributes other than just NOL carryforwards, disallowed business interest carryforwards and tax credits, such as tax depreciation, depletion and amortization. Some states impose similar limitations on tax attribute utilization upon experiencing an Ownership Change.

As of December 31, 2020, we do not believe that an Ownership Change had occurred that would subject us to an annual limitation on the utilization of our NOL carryforwards, disallowed business interest carryforwards, tax credits and possibly other tax attributes although our cumulative shift continues to be at a level greater than 40%.

Therefore, with the exception of the NOL carryforwards and disallowed business interest carryforwards acquired upon the WildHorse Merger, we do not believe we had a limitation on the ability to utilize our carryforwards and other tax attributes under Section 382 of the Code as of December 31, 2020. However, upon emergence from bankruptcy on February 9, 2021, the Company did experience an Ownership Change. If the old loss corporation is under the jurisdiction of the court in a case under Title 11 of the United States Code, then the annual limitation generally is based on the post-emergence fair market value of the equity of the new loss corporation as opposed to the fair market value of the equity of the old loss corporation. As such, an annual limitation will be computed based on the fair market value of the new equity immediately after emergence and will pertain to the post-emergence utilization of NOL carryforwards, disallowed business interest carryforwards and tax credits existing at the time of emergence.

Accounting guidance for recognizing and measuring uncertain tax positions requires a more likely than not threshold condition be met on a tax position, based solely on the technical merits of being sustained, before any benefit of the tax position can be recognized in the financial statements. Guidance is also provided regarding de-recognition, classification and disclosure of uncertain tax positions. As of December 31, 2020, and 2019, the amount of unrecognized tax benefits related to NOL carryforwards and tax liabilities associated with uncertain tax positions was $74 million for both years. For both 2020 and 2019, $29 million is related to state tax receivables not expected to be recovered and the remainder is related to NOL carryforwards. If recognized, $29 million of the uncertain tax positions identified would have an effect on the effective tax rate. No material changes to the current uncertain tax positions are expected within the next 12 months. As of December 31, 2020, and 2019, we had no amounts accrued for interest related to these uncertain tax positions. We recognize interest related to uncertain tax positions as a component of interest expense. Penalties, if any, related to uncertain tax positions would be recorded in other expenses.

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


	2020		2019		2018
	($ in millions)
Unrecognized tax benefits at beginning of period	$	74	$	79	$	106
Additions based on tax positions related to the current year	—		—		—
Additions to tax positions of prior years	—		27		—
Settlements	—		(32)		—
Expiration of the applicable statute of limitations	—		—		(23)
Reductions to tax positions of prior years	—		—		(4)
Unrecognized tax benefits at end of period	$	74	$	74	$	79

Our federal and state income tax returns are subject to examination by federal and state tax authorities. Notification was received from the IRS during February 2021 that the examination of the WildHorse 2017 federal income tax return has been closed as a no-change audit. Further, the IRS has concluded the fieldwork relating to our 2016 federal income tax return with no changes proposed. Our tax years 2017 through 2019 remain open for all purposes of examination by the IRS as do the WildHorse 2018 federal income tax return and the WildHorse short period return for January 1, 2019, through February 1, 2019. However, certain earlier tax years remain open for adjustment to the extent of their NOL carryforwards available for future utilization.

In addition, tax years 2017 through 2019 as well as certain earlier years remain open for examination by state tax authorities. Currently, several state examinations are in progress of various years. We do not anticipate that the outcome of any federal or state audit will have a significant impact on our financial position or results of operations.

Share-based Payment Arrangement [Abstract]

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 + Details

Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

Chapter 11 Proceedings

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

Pre-Emergence Equity

Common Stock. A summary of the changes in our common shares issued for the years ended December 31, 2020, 2019 and 2018 is detailed below:


	Years Ended December 31,
	2020	2019	2018
	(in thousands)
Shares issued as of January 1(a)	9,773	4,568	4,543
Common shares issued for WildHorse Merger(a)(b)	—	3,587	—
Exchange of senior notes(a)(c)	—	1,178	—
Exchange of convertible notes(a)(c)	—	367	—
Exchange of preferred stock(a)	—	52	—
Restricted stock issuances (net of forfeitures and cancellations)(a)(d)	8	21	25
Shares issued as of December 31(a)	9,781	9,773	4,568

___________________________________________

(a)All share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See below for additional information.

(b)See Note 3 for discussion of WildHorse Merger.

(c)See Note 5 for discussion of debt exchanges.

(d)See Note 12 for discussion of restricted stock.

Reverse Stock Split. On April 13, 2020, our board of directors and our shareholders approved a 1-for-200 (1:200) reverse stock split of our common stock and a reduction of the total number of authorized shares of our common stock as determined by a formula based on two-thirds of the reverse stock split ratio. The reverse stock split became effective as of the close of business on April 14, 2020. Our common stock began trading on a split-adjusted basis on the NYSE at the market open on April 15, 2020. The par value of the common stock was not adjusted as a result of the reverse stock split.

The reverse stock split was intended to, among other things, increase the per share trading price of our common stock to satisfy the $1.00 minimum per share closing price requirement for continued listing on the NYSE. As a result of the reverse stock split, each 200 pre-split shares of common stock outstanding were automatically combined into one issued and outstanding share of common stock. The fractional shares that resulted from the reverse stock split were canceled by paying cash in lieu of the fair value. The number of outstanding shares of common stock was reduced from approximately 1.957 billion as of April 10, 2020 to approximately 9.784 million shares (without giving effect to the liquidation of fractional shares). The total number of shares of common stock that we are authorized to issue was reduced from 3,000,000,000 to 22,500,000 shares. All share and per share amounts in the accompanying consolidated financial statements and notes thereto were retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of our common stock to additional paid-in capital.

During the year ended December 31, 2019, our shareholders approved a proposal to amend our restated certificate of incorporation to increase the number of authorized shares of our common stock from 15,000,000 shares to 22,500,000 shares, adjusted for our reverse stock split.

Cancellation of Rights Plan

On April 23, 2020, our Board of Directors declared a dividend of one Right payable on May 4, 2020 for each share of our common stock outstanding on May 4, 2020 to the shareholders of record on that date (the “Rights”). In connection with the distribution of the Rights, we entered into a Rights Agreement with Computershare Trust Company, N.A., as rights agent (the “Rights Agreement”). Each Right entitles the registered holder to purchase from us Preferred Shares.

The Rights Agreement was intended to protect value by preserving our ability to use our tax attributes to offset potential future income taxes for federal income tax purposes. Our ability to use our tax attributes would have been substantially limited if we had experienced an ownership change under Section 382 of the Code prior to emergence from bankruptcy on February 9, 2021. The Rights Agreement reduced the likelihood of an ownership change by deterring any person or group of affiliated or associated persons from acquiring beneficial ownership of 4.9% or more of the outstanding shares of our common stock.

In connection with the adoption of the Rights Agreement the Company filed a Certificate of Designations of Series B Preferred Stock with the Secretary of State of the State of Oklahoma setting forth the rights, powers, and preferences of the Series B Preferred Stock issuable upon exercise of the Rights (the “Preferred Shares”). On the Plan Effective Date, the Company filed a Certificate of Elimination with the Secretary of State of the State of Oklahoma eliminating the Preferred Shares and returning them to authorized but undesignated shares of the Company’s preferred stock. The foregoing is a summary of the terms of the Certificate of Elimination. The summary does not purport to be complete and is qualified in its entirety by reference to the Certificate of Elimination.

Preferred Stock. Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2020:


Preferred Stock Series	Issue Date	Liquidation Preference per Share		Holder's Conversion Right	Conversion Rate	Conversion Price		Company's Conversion Right From	Company's Market Conversion Trigger(a)
5.75% cumulative convertible non-voting	May and June 2010	$	1,000	Any time	0.1984	$	5,039.59	May 17, 2015	$	6,551.46

5.75% (series A) cumulative convertible non-voting	May 2010	$	1,000	Any time	0.1918	$	5,215.02	May 17, 2015	$	6,779.52

4.50% cumulative convertible	September 2005	$	100	Any time	0.0123	$	8,142.99	September 15, 2010	$	10,585.89

5.00% cumulative convertible (series 2005B)	November 2005	$	100	Any time	0.0139	$	7,208.51	November 15, 2010	$	9,371.06

___________________________________________

(a) Convertible at the Company's option if the trading price of the Company's common stock equals or exceeds the trigger price for a specified time period or after the applicable conversion date if there are less than 250,000 shares of 4.50% or 5.00% (Series 2005B) preferred stock outstanding or 25,000 shares of 5.75% or 5.75% (Series A) preferred stock outstanding.

Outstanding shares of our preferred stock for the years ended December 31, 2020, 2019 and 2018 are detailed below:


	5.75%	5.75% (Series A)	4.50%	5.00% (Series 2005B)
	(in thousands)
Shares outstanding as of January 1, 2020 and December 31, 2020	770	423	2,559	1,811

Shares outstanding as of January 1, 2019	770	463	2,559	1,811
Preferred stock exchanges(a)	—	(40)	—	—
Shares outstanding as of December 31, 2019	770	423	2,559	1,811

Shares outstanding as of January 1, 2018 and December 31, 2018	770	463	2,559	1,811

____________________________________________

(a)During 2019, we exchanged 51,839 shares of common stock for 40,000 shares of our 5.75% (Series A) Cumulative Convertible Preferred Stock. In connection with the exchange, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $17 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.

Dividends. Dividends declared on our preferred stock are reflected as adjustments to retained earnings to the extent a surplus of retained earnings exists after giving effect to the dividends. To the extent retained earnings are insufficient to fund the distributions, payments are reflected in our financial statements as a return of contributed capital rather than earnings and are accounted for as a reduction to paid-in capital.

Dividends on our outstanding preferred stock are payable quarterly. We may pay dividends on our 5.00% Cumulative Convertible Preferred Stock (Series 2005B) and our 4.50% Cumulative Convertible Preferred Stock in cash, common stock or a combination thereof, at our option. Dividends on both series of our 5.75% Cumulative Convertible Non-Voting Preferred Stock are payable only in cash.

On April 17, 2020, we announced that we were suspending payment of dividends on each series of our outstanding convertible preferred stock, and were therefore currently in arrears on such dividend payments as of December 31, 2020. Suspension of the dividends did not constitute an event of default under any of our debt instruments. No dividends have been accrued on our convertible preferred stock subsequent to the Petition Date. Pursuant to the Plan, each holder of an equity interest in Chesapeake had such interest canceled, released and extinguished without any distribution. See Note 2 for additional information about the Chapter 11 Cases.

Accumulated Other Comprehensive Income (Loss). For the years ended December 31, 2020 and 2019, changes in accumulated other comprehensive income (loss) for cash flow hedges, net of tax, are detailed below:


	Years Ended December 31,
	2020		2019
	($ in millions)
Balance, as of January 1	$	12	$	(23)
Amounts reclassified from accumulated other comprehensive income(a)	33		35
Balance, as of December 31	$	45	$	12

___________________________________________

(a) Net losses on cash flow hedges for commodity contracts reclassified from accumulated other comprehensive income (loss), net of tax, to oil, natural gas and NGL revenues in the consolidated statements of operations.

Noncontrolling Interests. We owned 23,750,000 common units in the Chesapeake Granite Wash Trust (the “Trust”) representing a 51% beneficial interest. We determined that the Trust was a VIE and that we were the primary beneficiary. As a result, the Trust was included in our consolidated financial statements. In 2020, we sold our interests in the Mid-Continent operating area and the units we owned in the Trust. See Note 3 for additional discussion.

The Trust’s legal existence was separate from Chesapeake and our other consolidated subsidiaries, and the Trust was not a guarantor of any of Chesapeake’s debt. The creditors or beneficial holders of the Trust had no recourse to the general credit of Chesapeake. We presented parenthetically on the face of the consolidated balance sheets the assets of the Trust that could be used only to settle obligations of the Trust and the liabilities of the Trust for which creditors did not have recourse to the general credit of Chesapeake.

Post-Emergence Equity

New Common Stock. As discussed in Note 2, on the Effective Date, we issued an aggregate of approximately 97.9 million shares of New Common Stock, par value $0.01 per share, to the holders of allowed claims, as defined in the Plan, and approximately 2.1 million shares of New Common Stock were reserved for future distributions under the Plan.

Warrants. As discussed in Note 2, on the Emergence Date, we issued approximately 11.1 million Class A Warrants, 12.3 million Class B Warrants and 13.7 million Class C Warrants that are initially exercisable for one share of New Common Stock per Warrant at initial exercise prices of $27.63, $32.13 and $36.18 per share, respectively, subject to adjustments pursuant to the terms of the warrants. The warrants are exercisable from the Emergence Date until February 9, 2026. The warrants contain customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-Based Compensation

Our share-based compensation program has consisted of restricted stock, stock options, performance share units (PSUs) and cash restricted stock units (CRSUs) granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. The restricted stock and stock options were equity-classified awards and the PSUs and CRSUs were liability-classified awards.

Chapter 11 Proceedings

As discussed in Note 2, on the Effective Date, our current common stock was canceled and New Common Stock was issued. Accordingly, our then existing share-based compensation awards were also canceled, which resulted in the recognition of any previously unamortized expense related to the canceled awards on the date of cancellation.

Share-Based Compensation Plans

2014 Long Term Incentive Plan. Our 2014 Long Term Incentive Plan (2014 LTIP), which is administered by the Compensation Committee of our Board of Directors, became effective on June 13, 2014 after it was approved by shareholders at our 2014 Annual Meeting. The 2014 LTIP replaced our Amended and Restated Long Term Incentive Plan which was adopted in 2005. The 2014 LTIP provides for up to 358,000 reverse stock split adjusted shares of common stock that may be issued as long-term incentive compensation to our employees and non-employee directors. The 2014 LTIP authorizes the issuance of the following types of awards: (i) nonqualified and incentive stock options; (ii) SARs; (iii) restricted stock; (iv) performance awards, including PSUs; and (v) other stock-based awards. As of December 31, 2020, 474,123 reverse stock split adjusted shares of common stock remained issuable under the 2014 LTIP.

Equity-Classified Awards

Restricted Stock. We grant restricted stock to employees and non-employee directors. A summary of the changes in unvested restricted stock during 2020, 2019 and 2018 is presented below:


	Shares of Unvested Restricted Stock(a)	Weighted Average Grant Date Fair Value(a)
	(in thousands)
Unvested restricted stock as of January 1, 2020	52	$	710
Granted	68	$	60
Vested	(21)	$	792
Forfeited	(98)	$	243
Unvested restricted stock as of December 31, 2020	1	$	617

Unvested restricted stock as of January 1, 2019	59	$	886
Granted	30	$	530
Vested	(30)	$	876
Forfeited	(7)	$	744
Unvested restricted stock as of December 31, 2019	52	$	710

Unvested restricted stock as of January 1, 2018	66	$	1,274
Granted	30	$	746
Vested	(29)	$	1,534
Forfeited	(8)	$	1,204
Unvested restricted stock as of December 31, 2018	59	$	886

____________________________________________

(a)Amount has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

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

Stock Options. In 2020, 2019 and 2018, we granted members of management stock options that vest ratably over a three-year period. Each stock option award has an exercise price equal to the closing price of our common stock on the grant date. Outstanding options expire seven years to ten years from the date of grant.

We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The expected life of an option is determined using the simplified method. Volatility assumptions are estimated based on the average of historical volatility of Chesapeake stock over the expected life of an option. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant over the expected life of the option. The dividend yield is based on an annual dividend yield, taking into account our dividend policy, over the expected life of the option. We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in 2019:


Expected option life – years	6.0
Volatility	65.61	%
Risk-free interest rate	2.47	%
Dividend yield	—	%

The following table provides information related to stock option activity for 2020, 2019 and 2018:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)				($ in millions)
Outstanding as of January 1, 2020	90	$	1,420	5.70	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(23)	$	915
Forfeited	(47)	$	1,666
Outstanding as of December 31, 2020	20	$	1,429	4.27	$	—
Exercisable as of December 31, 2020	19	$	1,440	4.35	$	—

Outstanding as of January 1, 2019	90	$	1,440	7.15	$	—
Granted	5	$	594
Exercised	—	$	—		$	—
Expired	(2)	$	1,272
Forfeited	(3)	$	794
Outstanding as of December 31, 2019	90	$	1,420	5.70	$	—
Exercisable as of December 31, 2019	65	$	1,656	4.86	$	—

Outstanding as of January 1, 2018	81	$	1,650	7.73	$	1
Granted	18	$	602
Exercised	—	$	—		$	—
Expired	(3)	$	2,766
Forfeited	(6)	$	1,090
Outstanding as of December 31, 2018	90	$	1,440	7.15	$	—
Exercisable as of December 31, 2018	41	$	2,146	5.73	$	—

___________________________________________

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

Restricted Stock and Stock Option Compensation. We recognized the following compensation costs, net of actual forfeitures, related to restricted stock and stock options for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
General and administrative expenses	$	20	$	26	$	31
Oil and natural gas properties	1		2		2
Oil, natural gas and NGL production expenses	1		3		5
Exploration expenses	—		1		1
Total restricted stock and stock option compensation	$	22	$	32	$	39

Liability-Classified Awards

Performance Share Units. In 2019, we granted PSUs to senior management that vest ratably over a three-year performance period and are settled in cash. The ultimate amount earned is based on achievement of performance metrics established by the Compensation Committee of the Board of Directors. Compensation expense associated with PSU awards is recognized over the service period based on the graded-vesting method. The value of the PSU awards at the end of each reporting period is dependent upon our estimates of the underlying performance measures.

Cash Restricted Stock Units. In 2018, we granted CRSUs to employees that vest straight-line over a three-year period and are settled in cash on each of the three annual vesting dates. The ultimate amount earned is based on the closing price of our common stock on each of the vesting dates. We used the closing price of our common stock on the grant date to determine the grant date fair value of the CRSUs. The CRSU liability will be adjusted quarterly, based on changes in our stock price, through the end of the vesting period.

The following table presents a summary of our liability-classified awards:


		Grant Date Fair Value		December 31, 2020
	Units(a)			Fair Value		Vested Liability
		($ in millions)		($ in millions)
2018 CRSU Awards:
Payable 2021	13,351	$	8	$	—	$	—

____________________________________________

(a) Amount has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

We recognized the following compensation costs (credits), net of actual forfeitures, related to our liability-classified awards for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
General and administrative expenses	$	(3)	$	5	$	9
Oil and natural gas properties	—		1		1
Oil, natural gas and NGL production expenses	(1)		3		2
Separation and other termination costs	—		1		—
Total liability-classified awards compensation	$	(4)	$	10	$	12

2020 Compensation Adjustments

On May 5, 2020, all of the outstanding share-based compensation, including restricted stock, stock options, PSUs and CRSUs, granted to our executive officers and designated vice presidents was canceled and replaced with cash retention incentives. The cash retention incentives granted to executive officers are equally weighted between achievement of certain specified performance metrics and a service period. The cash retention incentives may be clawed back if an executive officer or vice president terminates employment for any reason other than a qualifying termination prior to the earlier of (i) the effective date of a plan of reorganization under Chapter 11 of the Bankruptcy Code or (ii) May 8, 2021. The transactions were considered a modification to the previously issued equity-classified awards. As such, the remaining unrecognized expense related to restricted stock and stock options will result in $18 million of share-based compensation expense to be amortized over the relevant service period of the new cash retention incentives. The $15 million after-tax fair value of the cash retention incentives was capitalized to other current assets in the consolidated balance sheets and will be amortized over the relevant service period. The difference between the cash and after-tax value of the cash retention incentives of approximately $10 million, which is not subject to the claw back provisions contained within the agreements, was expensed to general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2020.

Post-Emergence Stock-Based Compensation

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

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Our qualified 401(k) profit sharing plan (401(k) Plan) is the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan, which is open to employees of Chesapeake and all our subsidiaries. Eligible employees may elect to defer compensation through voluntary contributions to their 401(k) Plan accounts, subject to plan limits and those set by the IRS. We match employee contributions dollar for dollar (subject to a maximum contribution of 15% of an employee's base salary and performance bonus) in cash. We contributed $24 million, $29 million and $31 million to the 401(k) Plan in 2020, 2019 and 2018, respectively. We also maintained a nonqualified deferred compensation plan (DC Plan) which we terminated in January 2020 in accordance with its terms. Accordingly, we derecognized the asset associated with the plan after the participants’ investments were liquidated. The cash was distributed to the participants, and we extinguished the corresponding $43 million accrued liability.

The entire disclosure for retirement benefits.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

12 Months Ended

Dec. 31, 2020

Derivative and Hedging Activities

We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. All of our oil, natural gas and NGL derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. None of our open oil, natural gas and NGL derivative instruments were designated for hedge accounting as of December 31, 2020 and 2019.

Oil, Natural Gas and NGL Derivatives

As of December 31, 2020 and 2019, our oil, natural gas and NGL derivative instruments consisted of the following types of instruments:

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

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

•Call Swaptions: We sell call swaptions to counterparties in exchange for a premium. Swaptions allow the counterparty, on a specific date, to extend an existing fixed-price swap for a certain period of time or to increase the notional volumes of an existing fixed-price swap.

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

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

The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of December 31, 2020 and 2019 are provided below:


	December 31, 2020			December 31, 2019
	Notional Volume	Fair Value		Notional Volume	Fair Value
		($ in millions)			($ in millions)
Oil (mmbbl):
Fixed-price swaps	27	$	(136)	24	$	(7)
Collars	—	—		2	14
Basis protection swaps	7	(1)		8	(2)
Total oil	34	(137)		34	5
Natural gas (bcf):
Fixed-price swaps	728	10		265	125
Collars	53	8		—	—
Call options (sold)	—	—		22	—
Call swaptions	—	—		29	(2)
Basis protection swaps	66	1		30	2
Total natural gas	847	19		346	125
Total estimated fair value		$	(118)		$	130

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

Effect of Derivative Instruments – Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the consolidated balance sheets as of December 31, 2020 and 2019 on a gross basis and after same-counterparty netting:


Balance Sheet Classification	Gross Fair Value		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
	($ in millions)
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset	$	84	$	(65)	$	19
Long-term derivative asset	5		(5)		—
Short-term derivative liability	(158)		65		(93)
Long-term derivative liability	(49)		5		(44)
Total derivatives	$	(118)	$	—	$	(118)

As of December 31, 2019
Commodity Contracts:
Short-term derivative asset	$	174	$	(40)	$	134
Short-term derivative liability	(42)		40		(2)
Long-term derivative liability	(2)		—		(2)
Total derivatives	$	130	$	—	$	130

As of December 31, 2020 and 2019, we did not have any cash collateral balances for these derivatives.

Effect of Derivative Instruments – Consolidated Statements of Operations

The components of oil, natural gas and NGL revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Oil, natural gas and NGL revenues	$	2,745	$	4,517	$	5,189
Gains on undesignated oil, natural gas and NGL derivatives	629		40		—
Losses on terminated cash flow hedges	(33)		(35)		(34)
Total oil, natural gas and NGL revenues	$	3,341	$	4,522	$	5,155

The components of marketing revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Marketing revenues	$	1,869	$	3,971	$	5,069
Gains (losses) on undesignated marketing natural gas derivatives	—		(4)		7
Total marketing revenues	$	1,869	$	3,967	$	5,076

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

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


	Years Ended December 31,
	2020				2019				2018
	Before Tax		After Tax		Before Tax		After Tax		Before Tax		After Tax
	($ in millions)
Balance, beginning of period	$	(45)	$	12	$	(80)	$	(23)	$	(114)	$	(57)
Losses reclassified to income	33		33		35		35		34		34
Balance, end of period	$	(12)	$	45	$	(45)	$	12	$	(80)	$	(23)

The accumulated other comprehensive loss as of December 31, 2020 represents the net deferred loss associated with commodity derivative contracts that were previously designated as cash flow hedges for which the original contract months are yet to occur. Remaining deferred gain or loss amounts will be recognized in earnings in the month for which the original contract months are to occur. As we early adopted ASU 2019-12 in 2020, the tax effect will be recognized in earnings in the year ended December 31, 2022. As of December 31, 2020, we expect to transfer approximately $8 million of net loss included in accumulated other comprehensive income to net income (loss) during the next 12 months. The remaining amounts will be transferred by December 31, 2022.

Credit Risk Considerations

Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we enter into derivative contracts only with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of December 31, 2020, our oil, natural gas and NGL derivative instruments were spread among 7 counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that were also lenders (or affiliates of lenders) under our DIP Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the pre-petition revolving credit facility. The counterparties’ obligations must be secured by cash or letters of credit to the extent that any mark-to-market amounts owed to us exceed defined thresholds.

Fair Value

The fair value of our derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as oil, natural gas and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes. These values are compared to the values given by our counterparties for reasonableness. Since oil, natural gas and NGL swaps do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2. All other derivatives have some level of unobservable input, such as volatility curves, and are therefore classified as Level 3. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives.

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2020 and 2019:


	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
			($ in millions)
As of December 31, 2020
Derivative Assets (Liabilities):
Commodity assets	$	—	$	78	$	10	$	88
Commodity liabilities	—		(204)		(2)		(206)
Total derivatives	$	—	$	(126)	$	8	$	(118)

As of December 31, 2019
Derivative Assets (Liabilities):
Commodity assets	$	—	$	160	$	14	$	174
Commodity liabilities	—		(42)		(2)		(44)
Total derivatives	$	—	$	118	$	12	$	130

A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during 2020 and 2019 is presented below:


	Commodity Derivatives		Utica Contingent Consideration
	($ in millions)
Balance, as of January 1, 2020	$	12	$	—
Total gains (losses) (realized/unrealized):
Included in earnings(a)	11		—
Total purchases, issuances, sales and settlements:
Settlements	(15)		—
Balance, as of December 31, 2020	$	8	$	—

Balance, as of January 1, 2019	$	87	$	7
Total gains (losses) (realized/unrealized):
Included in earnings(a)	(59)		(7)
Total purchases, issuances, sales and settlements:
Settlements	(16)		—
Balance, as of December 31, 2019	$	12	$	—

___________________________________________


(a)		Commodity Derivatives				Utica Contingent Consideration

		2020		2019		2020		2019
		($ in millions)
	Total gains (losses) included in earnings for the period	$	11	$	(59)	$	—	$	(7)
	Change in unrealized gains (losses) related to assets still held at reporting date	$	—	$	(19)	$	—	$	—

Qualitative and Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements

The significant unobservable inputs for Level 3 derivative contracts include market volatility. Changes in market volatility impact the fair value measurement of our derivative contracts, which is based on an estimate derived from option models. For example, an increase or decrease in the forward prices and volatility of oil and natural gas prices decreases or increases the fair value of oil and natural gas derivatives. The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts as of December 31, 2020:

Instrument

Type

Unobservable

Input

Range

Weighted

Average

Fair Value
December 31, 2020

($ in millions)

Natural gas trades

Natural gas price volatility

curves

24% – 71%

38%

Capitalized Exploratory Well Costs

12 Months Ended

Dec. 31, 2020

Capitalized Exploratory Well Costs

A summary of the changes in our capitalized well costs for the years ended December 31, 2020, 2019 and 2018 is detailed below. Additions pending the determination of proved reserves excludes amounts capitalized and subsequently charged to expense within the same year.


	Years Ended December 31,
	2020		2019		2018
	(in millions)
Balance as of January 1	$	7	$	36	$	36
Additions pending the determination of proved reserves	—		7		74
Divestitures and other	—		(3)		—
Reclassifications to proved properties	—		(17)		(40)
Charges to exploration expense	(7)		(16)		(34)
Balance as of December 31	$	—	$	7	$	36

The following table provides an aging of capitalized costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling.


	2020		2019		2018
	(in millions)
Exploratory well costs capitalized for a period of one year or less	$	—	$	7	$	34
Exploratory well costs capitalized for a period greater than one year	—		—		2
Balance as of December 31	$	—	$	7	$	36

Number of projects with exploratory well costs capitalized for a period greater than one year	—		—		7

Other Property and Equipment

12 Months Ended

Dec. 31, 2020

Other Property and Equipment

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


	December 31,				Estimated Useful Life
	2020		2019
	($ in millions)				(in years)
Buildings and improvements	$	1,038	$	1,058	10 – 39
Computer equipment	356		355		5
Sand mine	81		78		10 – 30
Natural gas compressors(a)	36		48		3 – 20
Land	113		115
Other	130		156		5 – 20
Total other property and equipment, at cost	1,754		1,810
Less: accumulated depreciation	(799)		(692)
Total other property and equipment, net	$	955	$	1,118

___________________________________________

(a) Includes assets under finance lease of $27 million, less accumulated depreciation of $18 million and $10 million, as of December 31, 2020 and 2019, respectively. The related amortization expense for assets under finance lease is included in depreciation, depletion and amortization expense on our consolidated statement of operations.

Investments	12 Months Ended
Investments	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments FTS International, Inc. (NYSE: FTSI). In 2018, FTS International, Inc. completed an initial public offering. Due to the offering, the ownership percentage of our equity method investment in FTSI decreased from approximately 29% to 24% and resulted in a gain of $78 million. In addition, we sold approximately 4.3 million shares of FTSI in the offering for net proceeds of approximately $74 million and recognized a gain of $61 million decreasing our ownership percentage to approximately 20%. In 2019, the hydraulic fracturing industry experienced challenging operating conditions resulting in the current fair value of our investment in FTSI falling below book value of $65 million and remaining below that amount as of the end of the year. Based on FTSI’s 2019 operating results and FTSI’s share price of $1.04 per share as of December 31, 2019, we determined that the reduction in fair value is other-than-temporary, and recognized an impairment of our investment in FTSI of approximately $43 million. In 2020, the hydraulic fracturing industry continued experiencing challenging operating conditions resulting in FTSI filing for Chapter 11 bankruptcy and we recognized an impairment of our entire investment of $23 million. FTSI emerged from bankruptcy on November 19, 2020 and this restructuring resulted in a reduction of the common stock we owned in FTSI from 20% to less than 2%. The decreased ownership percentage and the loss of significant influence required us to measure the investment at fair value as of December 31, 2020. JWH Midstream LLC (JWH). In 2019, in connection with the acquisition of WildHorse, we obtained a 50% membership interest in JWH Midstream LLC (JWH). The carrying value of our investment in JWH, which was being accounted for as an equity method investment, was approximately $17 million. In 2019, we paid approximately $7 million to terminate our involvement in the partnership. This removed us from any future obligations related to this joint venture and, therefore, we impaired the full value of the investment and recognized approximately $24 million of impairment expense in 2019.

Impairments

12 Months Ended

Dec. 31, 2020

Asset Impairment Charges [Abstract]

Impairments

Impairments of Oil and Natural Gas Properties

A summary of our impairments of oil and natural gas properties for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Impairments due to lower forecasted commodity prices	$	8,446	$	8	$	23
Impairments due to anticipated sale	—		—		55
Total impairments of oil and natural gas properties	$	8,446	$	8	$	78

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

Proved Oil and Gas Properties

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

•We calculated the expected undiscounted future net cash flows of our long-lived assets using management’s assumptions and expectations of (i) commodity prices, which are based on the NYMEX strip pricing escalated by an inflationary rate after 2 years, (ii) pricing adjustments for differentials, (iii) operating costs, (iv) capital investment plans, (v) future production volumes, and (vi) estimated proved reserves.

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

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

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

Impairments of Fixed Assets

A summary of our impairments of fixed assets by asset class and other charges for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Sand mine	$	76	$	—	$	—
Natural gas compressors	13		—		45
Buildings and land	—		1		4
Other	—		2		4
Total impairments of fixed assets and other	$	89	$	3	$	53

In 2020, we recorded a $76 million impairment of our sand mine assets that support our Brazos Valley operating area for the difference between the fair value and carrying value of the assets as well as a $13 million impairment of compressor inventory due to a lack of a current market for compressors. In 2018, we recorded a $45 million impairment related to 890 compressors for the difference between carrying value and the fair value of the assets.

Exploration Expense

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Exploration Expense

A summary of our exploration expense for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Impairments of unproved properties	$	411	$	32	$	59
Dry hole expense	7		25		37
Geological and geophysical expense and other	9		27		66
Exploration expense	$	427	$	84	$	162

Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The exploration expense charges during 2020 are primarily the result of non-cash impairment charges in unproved properties, primarily in our Brazos Valley, Haynesville, Powder River Basin and Mid-Continent operating areas. The decrease in geological and geophysical expense in 2019 and 2020 was due to fewer exploratory geological and geophyscial projects.

Other Operating Expense	12 Months Ended
Other Operating Expense	Dec. 31, 2020
Asset Impairment Charges [Abstract]
Other Operating Expense	Other Operating Expense In 2020, we terminated certain gathering, processing and transportation contracts and recognized a non-recurring $80 million expense related to the contract terminations. The contract terminations removed approximately $169 million of future commitments related to gathering, processing and transportation agreements. In 2019, we recorded approximately $37 million of costs related to our acquisition of WildHorse which consisted of consulting fees, financial advisory fees, legal fees and travel and lodging expenses. In addition, we recorded approximately $38 million of severance expense as a result of the acquisition of WildHorse. A majority of the WildHorse executives and employees were terminated on the date of acquisition. These executives and employees were entitled to severance benefits in accordance with existing employment agreements.

Separation and Other Termination Costs	12 Months Ended
Separation and Other Termination Costs	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Separation and Other Termination Costs	Separation and Other Termination Costs Workforce Reductions In 2020, 2019 and 2018, we incurred charges of approximately $44 million, $12 million and $38 million related to one-time termination benefits for certain employees. Subsequent to December 31, 2020, we reduced our workforce by 220 employees or approximately 15%, primarily in Oklahoma City and incurred charges of approximately $20 million.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligations

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


	Years Ended December 31,
	2020		2019
	($ in millions)
Asset retirement obligations, beginning of period	$	211	$	166
Additions(a)	1		21
Revisions	(14)		18
Settlements and disposals(b)	(66)		(5)
Accretion expense	12		11
Asset retirement obligations, end of period	144		211
Less current portion	5		11
Asset retirement obligation, long-term	$	139	$	200

___________________________________________

(a) During 2019, approximately $17 million of additions relate to the acquisition of WildHorse.

(b) During 2020, approximately $49 million and $14 million of disposals related to our Mid-Continent and Haynesville assets, respectively. See Note 3 for further discussion of these transactions.

Major Customers	12 Months Ended
Major Customers	Dec. 31, 2020
Segment Reporting [Abstract]
Major Customers	Major CustomersSales to Valero Energy Corporation constituted approximately 17%, 12% and 10% of total revenues (before the effects of hedging) for the years ended December 31, 2020, 2019 and 2018, respectively. No other purchasers accounted for more than 10% of our total revenues in 2020, 2019 or 2018.

Condensed Combined Debtor-in-Possession Financial Information

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Combined Debtor-in-Possession Financial Information

The financial statements below represent the combined financial statements of the Debtors as of December 31, 2020 and 2019 and the years ended December 31, 2020, 2019 and 2018.


Condensed Combined Balance Sheets	Total Combined Debtor Entities
	December 31,
	2020		2019
	($ in millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	278	$	4
Other current assets	829		1,244
Total Current Assets	1,107		1,248
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on successful efforts accounting, net	4,277		13,586
Other property and equipment, net	955		1,118
Property and equipment held for sale, net	10		10
Total Property and Equipment, Net	5,242		14,714
Other long-term assets	234		187
Investments in subsidiaries and intercompany advances	1		6
TOTAL ASSETS	$	6,584	$	16,155

LIABILITIES AND EQUITY (DEFICIT):
CURRENT LIABILITIES:
Current liabilities	$	3,094	$	2,391
Total Current Liabilities	3,094		2,391
Long-term debt, net	—		9,073
Deferred income tax liabilities	—		10
Other long-term liabilities	188		317
Liabilities subject to compromise	8,643		—
Total Liabilities	11,925		11,791
EQUITY (DEFICIT):
Stockholders’ equity (deficit)	(5,341)		4,364
Total Equity (Deficit)	(5,341)		4,364
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	6,584	$	16,155


Condensed Combined Statements of Operations	Total Combined Debtor Entities
	Years Ended December 31,
	2020		2019		2018
	($ in millions)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	3,334	$	4,508	$	5,136
Marketing	1,869		3,967		5,076
Total Revenues	5,203		8,475		10,212
Other	56		63		63
Gains (losses) on sales of assets	30		43		(264)
Total Revenues and Other	5,289		8,581		10,011
OPERATING EXPENSES:
Oil, natural gas and NGL production	373		520		474
Oil, natural gas and NGL gathering, processing and transportation	1,079		1,076		1,391
Severance and ad valorem taxes	149		224		188
Exploration	427		84		162
Marketing	1,889		4,003		5,158
General and administrative	266		314		334
Separation and other termination costs	44		12		38
Provision for legal contingencies	27		19		26
Depreciation, depletion and amortization	1,095		2,258		1,730
Impairments	8,501		11		131
Other operating expense	109		92		—
Total Operating Expenses	13,959		8,613		9,632
INCOME (LOSS) FROM OPERATIONS	(8,670)		(32)		379
OTHER INCOME (EXPENSE):
Interest expense	(331)		(651)		(633)
Gains (losses) on investments	(20)		(71)		139
Gains on purchases or exchanges of debt	65		75		263
Other income	16		39		67
Reorganization items, net	(796)		—		—
Equity in net earnings (losses) of subsidiary	(17)		1		1
Total Other Expense	(1,083)		(607)		(163)
INCOME (LOSS) BEFORE INCOME TAXES	(9,753)		(639)		216
INCOME TAX BENEFIT	(19)		(331)		(10)
NET INCOME (LOSS)	(9,734)		(308)		226
Other comprehensive income	33		35		34
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	(9,701)	$	(273)	$	260


Condensed Combined Statements of Cash Flows	Total Combined Debtor Entities
	Years Ended December 31,
	2020		2019		2018
	($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	$	1,163	$	1,618	$	1,727

CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,111)		(2,180)		(1,848)
Business combination, net	—		(353)		—
Acquisitions of proved and unproved properties	(9)		(35)		(128)
Proceeds from divestitures of proved and unproved properties	136		130		2,231
Additions to other property and equipment	(22)		(48)		(21)
Proceeds from sales of other property and equipment	14		6		147
Proceeds from sales of investments	—		—		74
Net Cash Provided By (Used In) Investing Activities	(992)		(2,480)		455

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,656		10,676		11,697
Payments on pre-petition revolving credit facility borrowings	(3,317)		(10,180)		(12,059)
Proceeds from DIP credit facility borrowings	60		—		—
Payments on DIP credit facility borrowings	(60)		—		—
DIP credit facility and exit facilities financing costs	(109)
Proceeds from issuance of senior notes, net	—		108		1,236
Proceeds from issuance of term loan, net	—		1,455		—
Cash paid to purchase debt	(94)		(1,073)		(2,813)
Cash paid for preferred stock dividends	(22)		(91)		(92)
Other financing activities	(11)		(32)		(149)
Intercompany advances, net	—		—		(2)
Net Cash Provided by (Used In) Financing Activities	103		863		(2,182)
Net increase in cash and cash equivalents	274		1		—
Cash and cash equivalents, beginning of period	4		3		3
Cash and cash equivalents, end of period	$	278	$	4	$	3

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 2, 2021, an indirect wholly-owned subsidiary of the Company, issued $500 million aggregate principal amount of its 2026 Notes and $500 million aggregate principal amount of its 2029 Notes as part of a series of exit financing transactions being undertaken in connection with the Debtors’ Chapter 11 Cases and meant to provide the exit financing originally intended to be provided by the Exit Term Loan Facility pursuant to the Commitment Letter. Additionally, on the Effective Date, we entered into the Exit Credit Facility, a reserve-based credit facility with an initial borrowing base of $2.5 billion collateralized by our oil and gas properties. The aggregate initial elected commitments of the lenders under the Exit Credit Facility will be $1.75 billion of revolving Tranche A Loans and $220 million of fully funded Tranche B Loans on the Effective Date. See Note 5 for more information on our exit facilities. On February 3, 2021, we reduced our workforce by 220 employees or approximately 15%, primarily in Oklahoma City and incurred charges of approximately $20 million. See Note 21 for more information regarding our workforce reduction. We completed our financial restructuring and emerged from Chapter 11 bankruptcy proceedings on February 9, 2021. In support of the Plan, the enterprise value of the Successor was estimated and approved by the Bankruptcy Court to be in the range of $3.5 billion to $4.7 billion. We cannot currently estimate the financial effect of emergence from bankruptcy on our financial statements, although we expect to record material adjustments related to our Plan and the application of fresh-start reporting guidance upon the Effective Date. See Note 2 for more information regarding Chapter 11 proceedings including effects of the Plan.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

Summarized unaudited quarterly financial data for 2020 and 2019 are as follows:


	2020 First Quarter(a)		2020 Second Quarter		2020 Third Quarter		2020 Fourth Quarter
	($ in millions except per share data)
Total revenues	$	2,541	$	521	$	975	$	1,259
Income (loss) from operations	$	(8,227)	$	(541)	$	(111)	$	176
Net loss attributable to Chesapeake	$	(8,297)	$	(276)	$	(745)	$	(416)
Net loss available to common stockholders	$	(8,319)	$	(276)	$	(745)	$	(416)

Net loss per common share(b):
Basic	$	(852.97)	$	(28.22)	$	(76.18)	$	(42.54)
Diluted	$	(852.97)	$	(28.22)	$	(76.18)	$	(42.54)


	2019 First Quarter		2019 Second Quarter		2019 Third Quarter		2019 Fourth Quarter
	($ in millions except per share data)
Total revenues	$	2,196	$	2,386	$	2,087	$	1,926
Income (loss) from operations	$	(182)	$	278	$	46	$	(173)
Net income (loss) attributable to Chesapeake	$	(21)	$	98	$	(61)	$	(324)
Net income (loss) available to common stockholders	$	(44)	$	75	$	(101)	$	(346)

Net income (loss) per common share(b):
Basic	$	(6.37)	$	9.21	$	(11.89)	$	(35.53)
Diluted	$	(6.37)	$	9.21	$	(11.89)	$	(35.53)

___________________________________________

(a)Includes $8.446 billion of impairment charges as a result of the decrease in demand for crude oil primarily due to COVID-19 and sharp decline in commodity prices related to the combined impact of falling demand and increases in production from OPEC+ which resulted in decreases in crude oil and NGL sales prices.

(b)All per share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Chesapeake were prepared in accordance with GAAP and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which Chesapeake has a controlling financial interest. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Accounting During Bankruptcy We have applied Accounting Standards Codification (ASC) 852, Reorganizations, in preparing the consolidated financial statements. ASC 852 requires that the financial statements, for periods subsequent to the filing of a petition of Chapter 11 Cases, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred during the bankruptcy proceedings, including losses related to executory contracts that were approved for rejection by the Bankruptcy Court, and unamortized deferred financing costs, premiums and discounts associated with debt classified as liabilities subject to compromise, are recorded as reorganization items, net on our accompanying consolidated statements of operations. In addition, pre-petition obligations that may be impacted by the Chapter 11 process have been classified on the consolidated balance sheet as of December 31, 2020 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures in the financial statements. Management evaluates its estimates and related assumptions regularly, including those related to the impairment of oil and natural gas properties, oil and natural gas reserves, derivatives, income taxes, unevaluated properties not subject to evaluation, impairment of other property and equipment, environmental remediation costs, asset retirement obligations, litigation and regulatory proceedings and fair values. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ significantly from these estimates.
Consolidation	Consolidation We consolidate entities in which we have a controlling financial interest. We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights and variable interest entities (“VIEs”) in which we are the primary beneficiary. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to determine whether we own a variable interest in a VIE, we perform a qualitative analysis of the entity’s design, organizational structure, primary decision makers and relevant agreements. We continually monitor our consolidated VIE to determine if any events have occurred that could cause the primary beneficiary to change. See Note 11 for further discussion of our VIE. We use the equity method of accounting to record our net interests where we have the ability to exercise significant influence through our investment but lack a controlling financial interest. Under the equity method, our share of net income (loss) is included in our consolidated statements of operations according to our equity ownership or according to the terms of the applicable governing instrument. Undivided interests in oil and natural gas properties are consolidated on a proportionate basis.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment, which is exploration and production because our marketing activities are ancillary to our operations.
Noncontrolling Interests	Noncontrolling InterestsNoncontrolling interests represent third-party equity ownership in certain of our consolidated subsidiaries and are presented as a component of equity.
Cash and Cash Equivalents and Accounts Payable	Cash and Cash EquivalentsFor purposes of the consolidated financial statements, we consider investments in all highly liquid instruments with original maturities of three months or less at the date of purchase to be cash equivalents Accounts Payable Included in accounts payable as of December 31, 2019 are liabilities of approximately $57 million representing the amount by which checks issued, but not yet presented to our banks for collection, exceeded balances in applicable bank accounts. There were no corresponding liabilities as of December 31, 2020 due to our $279 million cash balance.
Accounts Receivable	Accounts ReceivableOur accounts receivable are primarily from purchasers of oil, natural gas and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We 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.
Oil and Gas Natural Properties	Oil and Natural Gas Properties We follow the successful efforts method of accounting for our oil and natural gas properties. Under this method, exploration costs such as exploratory geological and geophysical costs, expiration of unproved leasehold, delay rentals and exploration overhead are expensed as incurred. All costs related to production, general corporate overhead and similar activities are also expensed as incurred. All property acquisition costs and development costs are capitalized when incurred. Exploratory drilling costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized and are classified as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory drilling costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If we determine that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. We review the status of all suspended exploratory drilling costs quarterly. Costs to develop proved reserves, including the costs of all development wells and related equipment used in the production of oil and natural gas are capitalized. Costs of drilling and equipping successful wells, costs to construct or acquire facilities, and associated asset retirement costs are depreciated using the unit-of-production (“UOP”) method based on total estimated proved developed oil and gas reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved properties, are depleted using the UOP method based on total estimated proved developed and undeveloped reserves. Proceeds from the sales of individual oil and natural gas properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depreciation, depletion and amortization, if doing so does not materially impact the depletion rate of an amortization base. Generally, no gain or loss is recognized until an entire amortization base is sold. However, a gain or loss is recognized from the sale of less than an entire amortization base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the amortization base. When circumstances indicate that the carrying value of proved oil and natural gas properties may not be recoverable, we compare unamortized capitalized costs to the expected undiscounted pre-tax future cash flows for the associated assets grouped at the lowest level for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows, based on our estimate of future crude oil and natural gas prices, operating costs, anticipated production from proved reserves and other relevant data, are lower than the unamortized capitalized costs, the capitalized costs are reduced to fair value. Fair value is generally estimated using the income approach described in the ASC 820, Fair Value Measurements. If applicable, we utilize prices and other relevant information generated by market transactions involving assets and liabilities that are identical or comparable to the item being measured as the basis for determining fair value. The expected future cash flows used for impairment reviews and related fair value measurements are typically based on judgmental assessments of commodity prices, pricing adjustments for differentials, operating costs, capital investment plans, future production volumes, and estimated proved reserves, considering all available information at the date of review. These assumptions are applied to develop future cash flow projections that are then discounted to estimated fair value, using a market-based weighted average cost of capital. We have classified these fair value measurements as Level 3 in the fair value hierarchy.
Other Property and Equipment	Other Property and Equipment Other property and equipment consists primarily of buildings and improvements, land, vehicles, computers, a sand mine, natural gas compressors under finance lease and office equipment. Major renewals and betterments are capitalized while the costs of repairs and maintenance are charged to expense as incurred. Other property and equipment costs, excluding land, are depreciated on a straight-line basis and recorded within depreciation, depletion and amortization in the consolidated statement of operations. Natural gas compressors under finance lease are depreciated over the shorter of their estimated useful lives or the term of the related lease. Realization of the carrying value of other property and equipment is reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are determined to be impaired if a forecast of undiscounted estimated future net operating cash flows directly related to the asset, including any disposal value, is less than the carrying amount of the asset. If any asset is determined to be impaired, the loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. An estimate of fair value is based on the best information available, including prices for similar assets and discounted cash flow.
Capitalized Interest	Capitalized Interest Interest from external borrowings is capitalized on significant investments in major development projects until the asset is ready for service using the weighted average borrowing rate of outstanding borrowings. Capitalized interest is determined by multiplying our weighted average borrowing cost on debt by the average amount of qualifying costs incurred. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying asset.
Debt Issuance Costs	Debt Issuance Costs Costs associated with the arrangement of our Exit Credit Facility were included in other long-term assets and will be amortized over the life of the facility using the straight-line method. The Exit Credit Facility unamortized issuance costs as of December 31, 2020 were $33 million and will begin amortization upon emergence from bankruptcy when the facility becomes fully available. Costs associated with the issuance and amendments of our pre-petition revolving credit facility were included in other long-term assets and the remaining unamortized issuance costs were amortized over the life of the facility using the straight-line method. The remaining unamortized issuance costs as of December 31, 2019 totaled $27 million. Costs associated with the issuance of our senior notes were included in long-term debt and the remaining unamortized issuance costs were being amortized over the life of the senior notes using the effective interest method. The remaining unamortized issuance costs as of December 31, 2019 totaled $44 million. In 2020, our Chapter 11 Cases constituted an event of default under our pre-petition revolving credit facility and our senior notes, and non-cash adjustments were made to write off all related unamortized debt issuance costs which are included in reorganization items, net in the accompanying consolidated statements of operations for the year ended December 31, 2020.
Litigation Contingencies	Litigation ContingenciesWe are subject to litigation and regulatory proceedings, claims and liabilities that arise in the ordinary course of business. We accrue losses associated with litigation and regulatory claims when such losses are probable and reasonably estimable. If we determine that a loss is probable and cannot estimate a specific amount for that loss but can estimate a range of loss, our best estimate within the range is accrued. Estimates are adjusted as additional information becomes available or circumstances change. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or third-party recoveries. Legal defense costs associated with loss contingencies are expensed in the period incurred.
Environmental Remediation Costs	Environmental Remediation CostsWe record environmental reserves for estimated remediation costs related to existing conditions from past operations when the responsibility to remediate is probable and the costs can be reasonably estimated. Expenditures that create future benefits or contribute to future revenue generation are capitalized.
Asset Retirement Obligations	Asset Retirement ObligationsWe recognize liabilities for obligations associated with the retirement of tangible long-lived assets that result from the acquisition, construction and development of the assets. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For oil and natural gas properties, this is the period in which an oil or natural gas well is acquired or drilled. The liability is then accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties.
Revenue Recognition	Revenue Recognition Revenue from the sale of oil, natural gas and NGL is recognized upon the transfer of control of the products, which is typically when the products are delivered to customers. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration we expect to receive in exchange for those products. Revenue from contracts with customers includes the sale of our oil, natural gas and NGL production (recorded as oil, natural gas and NGL revenues in the consolidated statements of operations) as well as the sale of certain of our joint interest holders’ production which we purchase under joint operating arrangements (recorded in marketing revenues in the consolidated statements of operations). In connection with the marketing of these products, we obtain control of the oil, natural gas and NGL we purchase from other interest owners at defined delivery points and deliver the product to third parties, at which time revenues are recorded. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. There are no significant judgments that significantly affect the amount or timing of revenue from contracts with customers. We also earn revenue from other sources, including from a variety of derivative and hedging activities to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility, (recorded within oil, natural gas and NGL revenues in the consolidated statements of operations) as well as a variety of oil, natural gas and NGL purchase and sale contracts with third parties for various commercial purposes, including credit risk mitigation and satisfaction of our pipeline delivery commitments (recorded within marketing revenues in the consolidated statements of operations). In circumstances where we act as an agent rather than a principal, our results of operations related to oil, natural gas and NGL marketing activities are presented on a net basis.
Fair Value Measurements	Fair Value Measurements Certain financial instruments are reported on a recurring basis at fair value on our consolidated balance sheets. We also use fair value measurements on a nonrecurring basis when a qualitative assessment of our assets indicates a potential impairment. Under fair value measurement accounting guidance, fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants (i.e., an exit price). To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and have the lowest priority. The valuation techniques that may be used to measure fair value include a market approach, an income approach and a cost approach. A market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. An income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectations, including present value techniques, option-pricing models and the excess earnings method. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The carrying values of financial instruments comprising cash and cash equivalents, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments.
Derivatives	Derivatives Derivative instruments are recorded at fair value, and changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are followed. As of December 31, 2020, none of our open derivative instruments were designated as cash flow hedges. Derivative instruments reflected as current in the consolidated balance sheets represent the estimated fair value of derivatives scheduled to settle over the next twelve months based on market prices/rates as of the respective balance sheet dates. Cash settlements of our derivative instruments are generally classified as operating cash flows unless the derivatives are deemed to contain, for accounting purposes, a significant financing element at contract inception, in which case these cash settlements are classified as financing cash flows in the accompanying consolidated statement of cash flows. All of our derivative instruments are subject to master netting arrangements by contract type which provide for the offsetting of asset and liability positions within each contract type, as well as related cash collateral if applicable, by counterparty. Therefore, we net the value of our derivative instruments by contract type with the same counterparty in the accompanying consolidated balance sheets.We have established the fair value of our derivative instruments using established index prices, volatility curves and discount factors. These estimates are compared to our counterparty values for reasonableness. The values we report in our financial statements are as of a point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. Derivative transactions are subject to the risk that counterparties will be unable to meet their obligations. This non-performance risk is considered in the valuation of our derivative instruments, but to date has not had a material impact on the values of our derivatives.
Share-Based Compensation	Share-Based Compensation Our share-based compensation program consists of restricted stock, stock options, performance share units and cash restricted stock units granted to employees and restricted stock granted to non-employee directors under our Long Term Incentive Plan. We recognize the cost of employee services received in exchange for restricted stock and stock options based on the fair value of the equity instruments as of the grant date. For employees, this value is amortized over the vesting period, which is generally three years from the grant date. For directors, although restricted stock grants vest over three years, this value is recognized immediately as there is a non-substantive service condition for vesting. Because performance share units are settled in cash, they are classified as a liability in our consolidated financial statements and are measured at fair value as of the grant date and re-measured at fair value at the end of each reporting period. These fair value adjustments are recognized as general and administrative expense in the consolidated statements of operations. To the extent compensation expense relates to employees directly involved in the acquisition of oil and natural gas leasehold and development activities, these amounts are capitalized to oil and natural gas properties. Amounts not capitalized to oil and natural gas properties are recognized as general and administrative expense, oil, natural gas and NGL production expense, exploration expense, or marketing expense, based on the employees involved in those activities.
Liability Management	Liability Management Liability management expense includes third party legal and professional service fees incurred for our activities to restructure our debt and in preparation for our bankruptcy petition. As a result of our Chapter 11 Cases, such expenses, to the extent that they were incremental and directly related to our bankruptcy reorganization, are reflected in reorganization items, net in our consolidated statements of operations.

Chapter 11 Proceedings (Tables)

12 Months Ended

Dec. 31, 2020

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

The following table summarizes the components of liabilities subject to compromise included on our consolidated balance sheet as of December 31, 2020:


	December 31, 2020
	($ in millions)
Debt	$	7,166
Accounts payable	15
Accrued interest	235
Provision for contract rejection damages	729
Other liabilities	498
Liabilities subject to compromise	$	8,643

Schedule of Reorganization under Chapter 11 of US Bankruptcy Code

The following table summarizes the components in reorganization items, net included in our consolidated statements of operations for the year ended December 31, 2020:


	Year Ended December 31, 2020
	($ in millions)
Provision for allowed claims	(879)
Write off of unamortized debt premiums (discounts)	518
Write off of unamortized debt issuance costs	(61)
Debt and equity financing fees	(145)
Loss on divested assets	(128)
Legal and professional fees	(113)
Gain on settlement of pre-petition accounts payable	15
Loss on settlement of pre-petition revenues payable	(3)
Reorganization items, net	$	(796)

Oil and Natural Gas Property Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of preliminary allocation of the total purchase price

The following table represents the final allocation of the total purchase price of WildHorse to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.


	2019 Purchase Price Allocation
	($ in millions)
Consideration:
Cash	$	381
Fair value of Chesapeake’s common stock issued in the Merger (a)	2,037
Total consideration	$	2,418

Fair Value of Liabilities Assumed:
Current liabilities	$	166
Long-term debt	1,379
Deferred tax liabilities	314
Other long-term liabilities	36
Amounts attributable to liabilities assumed	$	1,895

Fair Value of Assets Acquired:
Cash and cash equivalents	$	28
Other current assets	128
Proved oil and natural gas properties	3,264
Unproved properties	756
Other property and equipment	77
Other long-term assets	60
Amounts attributable to assets acquired	$	4,313

Total identifiable net assets	$	2,418

___________________________________________

(a) Based on 3.6 reverse stock split-adjusted Chesapeake common shares issued at closing at $568 per share (closing price as of February 1, 2019).

Schedule of pro forma financial information


	Years Ended December 31,
	2019		2018
	($ in millions except per share data)
Revenues	$	8,587	$	11,211
Net income (loss) available to common stockholders	$	(431)	$	195
Earnings (loss) per common share:(a)
Basic	$	(51.77)	$	42.89
Diluted	$	(51.77)	$	42.89

____________________________________________

(a)All per share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]

Schedule of dilutive securities excluded from calculation of diluted EPS

Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive.


	Years Ended December 31,
	2020	2019	2018
	(thousands)
Common stock equivalent of our preferred stock outstanding(a)	290	290	298
Common stock equivalent of our convertible senior notes outstanding(a)	621	621	729
Common stock equivalent of our preferred stock outstanding prior to exchange(a)	—	5	—
Participating securities(a)	—	2	6

____________________________________________

(a)Amount has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our long-term debt consisted of the following as of December 31, 2020 and 2019:


	December 31, 2020				December 31, 2019
	Principal Amount		Carrying Amount		Principal Amount		Carrying Amount
	($ in millions)
DIP credit facility	$	—	$	—	$	—	$	—
Pre-petition revolving credit facility	1,929		1,929		1,590		1,590
Term loan due 2024	1,500		1,500		1,500		1,470
11.5% senior secured second lien notes due 2025	2,330		2,330		2,330		3,248
6.625% senior notes due 2020	176		176		208		208
6.875% senior notes due 2020	73		73		93		93
6.125% senior notes due 2021	167		167		167		167
5.375% senior notes due 2021	127		127		127		127
4.875% senior notes due 2022	272		272		338		338
5.75% senior notes due 2023	167		167		209		209
7.00% senior notes due 2024	624		624		624		624
6.875% senior notes due 2025	2		2		2		2
8.00% senior notes due 2025	246		246		246		245
5.5% convertible senior notes due 2026	1,064		1,064		1,064		765
7.5% senior notes due 2026	119		119		119		119
8.00% senior notes due 2026	46		46		46		44
8.00% senior notes due 2027	253		253		253		253
Debt issuance costs	—		—		—		(44)
Total debt, net	9,095		9,095		8,916		9,458
Less current maturities of long-term debt, net	(1,929)		(1,929)		(385)		(385)
Less amounts reclassified to liabilities subject to compromise	(7,166)		(7,166)		—		—
Total long-term debt, net	$	—	$	—	$	8,531	$	9,073

The initial outstanding principal amounts under the Exit Credit Facility and unsecured senior notes were:


	February 9, 2021
	($ in millions)
5.5% Senior Notes due 2026	$	500
5.875% Senior Notes due 2029	500
Exit Credit Facility - Exit Revolver	50
Exit Credit Facility - Non-Revolving Loan Facility	221
Total	$	1,271

Schedule of private exchange offer for outstanding senior unsecured notes

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


	Notes Repurchased
	($ in millions)
6.625% senior notes due 2020	$	32
6.875% senior notes due 2020	20
4.875% senior notes due 2022	66
5.75% senior notes due 2023	42
Total	$	160


	Notes Exchanged
	($ in millions)
7.00% senior notes due 2024	$	226
8.00% senior notes due 2025	999
8.00% senior notes due 2026	873
7.5% senior notes due 2026	281
8.00% senior notes due 2027	837
Total	$	3,216

We issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes:


	Notes Exchanged
	($ in millions)
6.625% senior notes due 2020	$	229
6.875% senior notes due 2020	134
6.125% senior notes due 2021	381
5.375% senior notes due 2021	140
Total	$	884

Schedule of fair value of debt

Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:


	December 31, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
			($ in millions)
Short-term debt (Level 1)	$	—	$	—	$	385	$	360
Long-term debt (Level 1)	$	—	$	—	$	753	$	622
Long-term debt (Level 2)	$	—	$	—	$	8,320	$	6,085
Liabilities subject to compromise (Level 1)	$	982	$	43	$	—	$	—
Liabilities subject to compromise (Level 2)	$	6,184	$	1,694	$	—	$	—

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

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Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of undiscounted commitments


	December 31, 2020
	($ in millions)
2021	$	865
2022	729
2023	596
2024	521
2025	471
2026 – 2034	1,911
Total	$	5,093

The aggregate undiscounted minimum future payments under these service contracts are detailed below.


	December 31, 2020
	($ in millions)
2021	$	7
2022	2
Total	$	9

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other current liabilities

Other current liabilities as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
Revenues and royalties due others	$	236	$	516
Accrued drilling and production costs	104		326
Other accrued taxes	82		150
Debt and equity financing fees	69		—
Accrued compensation and benefits	59		156
Operating leases	24		9
Joint interest prepayments received	8		52
VPP deferred revenue(a)	—		55
Other	141		168
Total other current liabilities	$	723	$	1,432

Other long-term liabilities

Other long-term liabilities as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
VPP deferred revenue(a)	$	—	$	9
Other	5		116
Total other long-term liabilities	$	5	$	125

____________________________________________

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of ROU assets and lease liabilities

The following table presents our ROU assets and lease liabilities as of December 31, 2020 and 2019.


	Years Ended December 31,
	2020				2019
	Finance		Operating		Finance		Operating
	($ in millions)
ROU assets	$	9	$	29	$	17	$	22

Lease liabilities:
Current lease liabilities	$	9	$	27	$	9	$	9
Long-term lease liabilities	—		2		9		16
Total lease liabilities	9		29		18		25
Less amounts reclassified to liabilities subject to compromise	(9)		(5)		—		—
Total lease liabilities, net	$	—	$	24	$	18	$	25

Schedule of operating and financing lease additional information

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


	Years Ended December 31,
	2020			2019
Lease cost:	($ in millions)
Amortization of ROU assets	$	9		$	8
Interest on lease liability	1			2
Finance lease cost	10			10
Operating lease cost	17			26
Short-term lease cost	32			112
Total lease cost	$	59		$	148

Other information:
Operating cash outflows from finance lease	$	1		$	2
Operating cash outflows from operating leases	$	9		$	11
Investing cash outflows from operating leases	$	40		$	127
Financing cash outflows from finance lease	$	9		$	8

	December 31,
	2020			2019
Weighted average remaining lease term - finance lease	1.00 year			2.00 years
Weighted average remaining lease term - operating leases	1.12 years			4.65 years
Weighted average discount rate - finance lease	7.50		%	7.50		%
Weighted average discount rate - operating leases	6.46		%	4.85		%

Schedule of maturity analysis of operating lease liabilities

Maturity analysis of finance lease liabilities and operating lease liabilities are presented below:


	December 31, 2020
	Finance Lease		Operating Leases
	($ in millions)
2021	$	10	$	28
2022	—		2
Total lease payments	10		30
Less imputed interest	(1)		(1)
Present value of lease liabilities	9		29
Less current maturities	(9)		(27)
Present value of lease liabilities, less current maturities	$	—	$	2

Schedule of maturity analysis of finance lease liabilities

Maturity analysis of finance lease liabilities and operating lease liabilities are presented below:


	December 31, 2020
	Finance Lease		Operating Leases
	($ in millions)
2021	$	10	$	28
2022	—		2
Total lease payments	10		30
Less imputed interest	(1)		(1)
Present value of lease liabilities	9		29
Less current maturities	(9)		(27)
Present value of lease liabilities, less current maturities	$	—	$	2

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The following table shows revenue disaggregated by operating area and product type, for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	631	$	—	$	631
Haynesville	—		362		—		362
Eagle Ford	717		113		84		914
Brazos Valley	485		16		13		514
Powder River Basin	170		41		20		231
Mid-Continent	55		25		13		93
Revenue from contracts with customers	1,427		1,188		130		2,745
Gains on oil, natural gas and NGL derivatives	554		42		—		596
Oil, natural gas and NGL revenue	$	1,981	$	1,230	$	130	$	3,341

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

	Year Ended December 31, 2019
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	856	$	—	$	856
Haynesville	—		620		—		620
Eagle Ford	1,289		153		119		1,561
Brazos Valley	721		32		16		769
Powder River Basin	369		77		32		478
Mid-Continent	164		44		25		233
Revenue from contracts with customers	2,543		1,782		192		4,517
Gains (losses) on oil, natural gas and NGL derivatives	(212)		217		—		5
Oil, natural gas and NGL revenue	$	2,331	$	1,999	$	192	$	4,522

Marketing revenue from contracts with customers	$	2,473	$	900	$	246	$	3,619
Other marketing revenue	311		41		—		352
Losses on marketing derivatives	—		(4)		—		(4)
Marketing revenue	$	2,784	$	937	$	246	$	3,967


	Year Ended December 31, 2018
	Oil		Natural Gas		NGL		Total
	($ in millions)
Marcellus	$	—	$	924	$	—	$	924
Haynesville	2		836		—		838
Eagle Ford	1,514		173		185		1,872
Powder River Basin	244		68		38		350
Mid-Continent	246		84		55		385
Utica	195		401		224		820
Revenue from contracts with customers	2,201		2,486		502		5,189
Gains (losses) on oil, natural gas and NGL derivatives	124		(147)		(11)		(34)
Oil, natural gas and NGL revenue	$	2,325	$	2,339	$	491	$	5,155

Marketing revenue from contracts with customers	$	2,740	$	1,194	$	456	$	4,390
Other marketing revenue	457		222		—		679
Gains on marketing derivatives	—		7		—		7
Marketing revenue	$	3,197	$	1,423	$	456	$	5,076

Accounts receivable

Accounts receivable as of December 31, 2020 and 2019 are detailed below:


	December 31,
	2020		2019
	($ in millions)
Oil, natural gas and NGL sales	$	589	$	737
Joint interest billings	119		200
Other	68		74
Allowance for doubtful accounts	(30)		(21)
Total accounts receivable, net	$	746	$	990

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision (benefit)

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


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Current
Federal	$	(3)	$	—	$	—
State	(6)		(26)		—
Current Income Taxes	(9)		(26)		—
Deferred
Federal	—		(297)		3
State	(10)		(8)		(13)
Deferred Income Taxes	(10)		(305)		(10)
Total	$	(19)	$	(331)	$	(10)

Schedule of effective income tax expense (benefit)


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Income tax expense (benefit) at the federal statutory rate of 21%	$	(2,051)	$	(134)	$	45
State income taxes (net of federal income tax benefit)	(41)		(21)		27
Partial release of valuation allowance due to the WildHorse Merger	—		(314)		—
Change in valuation allowance excluding impact of WildHorse Merger	2,010		114		(97)
Reorganization items	41		—		—
Equity-based compensation (non-officer)	10		4		4
Officer compensation limited under Section 162(m)	9		3		5
Other	3		17		6
Total	$	(19)	$	(331)	$	(10)

Schedule of deferred tax assets and liabilities

The tax-effected temporary differences, net operating loss

(NOL) carryforwards and disallowed business interest carryforwards that comprise our deferred income taxes are as follows:


	December 31,
	2020		2019
	($ in millions)
Deferred tax liabilities:
Property, plant and equipment	$	—	$	(546)
Volumetric production payments	—		(89)
Derivative instruments	—		(14)
Other	(3)		(5)
Deferred tax liabilities	(3)		(654)

Deferred tax assets:
Property, plant and equipment	907		—
Net operating loss carryforwards	2,066		1,971
Carrying value of debt	48		169
Disallowed business interest carryforward	293		25
Asset retirement obligations	34		50
Investments	71		83
Accrued liabilities	288		64
Derivative instruments	53		—
Other	51		87
Deferred tax assets	3,811		2,449
Valuation allowance	(3,808)		(1,805)
Deferred tax assets after valuation allowance	3		644
Net deferred tax liability	$	—	$	(10)

Reconciliation of unrecognized tax benefits

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


	2020		2019		2018
	($ in millions)
Unrecognized tax benefits at beginning of period	$	74	$	79	$	106
Additions based on tax positions related to the current year	—		—		—
Additions to tax positions of prior years	—		27		—
Settlements	—		(32)		—
Expiration of the applicable statute of limitations	—		—		(23)
Reductions to tax positions of prior years	—		—		(4)
Unrecognized tax benefits at end of period	$	74	$	74	$	79

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of changes in common shares issued

A summary of the changes in our common shares issued for the years ended December 31, 2020, 2019 and 2018 is detailed below:


	Years Ended December 31,
	2020	2019	2018
	(in thousands)
Shares issued as of January 1(a)	9,773	4,568	4,543
Common shares issued for WildHorse Merger(a)(b)	—	3,587	—
Exchange of senior notes(a)(c)	—	1,178	—
Exchange of convertible notes(a)(c)	—	367	—
Exchange of preferred stock(a)	—	52	—
Restricted stock issuances (net of forfeitures and cancellations)(a)(d)	8	21	25
Shares issued as of December 31(a)	9,781	9,773	4,568

___________________________________________

(a)All share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See below for additional information.

(b)See Note 3 for discussion of WildHorse Merger.

(c)See Note 5 for discussion of debt exchanges.

(d)See Note 12 for discussion of restricted stock.

Summary of preferred stock

Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2020:


Preferred Stock Series	Issue Date	Liquidation Preference per Share		Holder's Conversion Right	Conversion Rate	Conversion Price		Company's Conversion Right From	Company's Market Conversion Trigger(a)
5.75% cumulative convertible non-voting	May and June 2010	$	1,000	Any time	0.1984	$	5,039.59	May 17, 2015	$	6,551.46

5.75% (series A) cumulative convertible non-voting	May 2010	$	1,000	Any time	0.1918	$	5,215.02	May 17, 2015	$	6,779.52

4.50% cumulative convertible	September 2005	$	100	Any time	0.0123	$	8,142.99	September 15, 2010	$	10,585.89

5.00% cumulative convertible (series 2005B)	November 2005	$	100	Any time	0.0139	$	7,208.51	November 15, 2010	$	9,371.06

___________________________________________

Outstanding shares of our preferred stock for the years ended December 31, 2020, 2019 and 2018 are detailed below:


	5.75%	5.75% (Series A)	4.50%	5.00% (Series 2005B)
	(in thousands)
Shares outstanding as of January 1, 2020 and December 31, 2020	770	423	2,559	1,811

Shares outstanding as of January 1, 2019	770	463	2,559	1,811
Preferred stock exchanges(a)	—	(40)	—	—
Shares outstanding as of December 31, 2019	770	423	2,559	1,811

Shares outstanding as of January 1, 2018 and December 31, 2018	770	463	2,559	1,811

____________________________________________

Schedule of Accumulated Other Comprehensive Income (Loss)

For the years ended December 31, 2020 and 2019, changes in accumulated other comprehensive income (loss) for cash flow hedges, net of tax, are detailed below:


	Years Ended December 31,
	2020		2019
	($ in millions)
Balance, as of January 1	$	12	$	(23)
Amounts reclassified from accumulated other comprehensive income(a)	33		35
Balance, as of December 31	$	45	$	12

___________________________________________

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

Share-based Payment Arrangement [Abstract]

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Summary of changes in unvested restricted stock

A summary of the changes in unvested restricted stock during 2020, 2019 and 2018 is presented below:


	Shares of Unvested Restricted Stock(a)	Weighted Average Grant Date Fair Value(a)
	(in thousands)
Unvested restricted stock as of January 1, 2020	52	$	710
Granted	68	$	60
Vested	(21)	$	792
Forfeited	(98)	$	243
Unvested restricted stock as of December 31, 2020	1	$	617

Unvested restricted stock as of January 1, 2019	59	$	886
Granted	30	$	530
Vested	(30)	$	876
Forfeited	(7)	$	744
Unvested restricted stock as of December 31, 2019	52	$	710

Unvested restricted stock as of January 1, 2018	66	$	1,274
Granted	30	$	746
Vested	(29)	$	1,534
Forfeited	(8)	$	1,204
Unvested restricted stock as of December 31, 2018	59	$	886

____________________________________________

(a)Amount has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Schedule of share-based payment assumptions

We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in 2019:


Expected option life – years	6.0
Volatility	65.61	%
Risk-free interest rate	2.47	%
Dividend yield	—	%

Schedule of information related to stock option activity

The following table provides information related to stock option activity for 2020, 2019 and 2018:


	Number of Shares Underlying Options	Weighted Average Exercise Price Per Share		Weighted Average Contract Life in Years	Aggregate Intrinsic Value(a)
	(in thousands)				($ in millions)
Outstanding as of January 1, 2020	90	$	1,420	5.70	$	—
Granted	—	$	—
Exercised	—	$	—		$	—
Expired	(23)	$	915
Forfeited	(47)	$	1,666
Outstanding as of December 31, 2020	20	$	1,429	4.27	$	—
Exercisable as of December 31, 2020	19	$	1,440	4.35	$	—

Outstanding as of January 1, 2019	90	$	1,440	7.15	$	—
Granted	5	$	594
Exercised	—	$	—		$	—
Expired	(2)	$	1,272
Forfeited	(3)	$	794
Outstanding as of December 31, 2019	90	$	1,420	5.70	$	—
Exercisable as of December 31, 2019	65	$	1,656	4.86	$	—

Outstanding as of January 1, 2018	81	$	1,650	7.73	$	1
Granted	18	$	602
Exercised	—	$	—		$	—
Expired	(3)	$	2,766
Forfeited	(6)	$	1,090
Outstanding as of December 31, 2018	90	$	1,440	7.15	$	—
Exercisable as of December 31, 2018	41	$	2,146	5.73	$	—

___________________________________________

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

Schedule of compensation costs (credit), net of actual forfeitures

We recognized the following compensation costs, net of actual forfeitures, related to restricted stock and stock options for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
General and administrative expenses	$	20	$	26	$	31
Oil and natural gas properties	1		2		2
Oil, natural gas and NGL production expenses	1		3		5
Exploration expenses	—		1		1
Total restricted stock and stock option compensation	$	22	$	32	$	39

We recognized the following compensation costs (credits), net of actual forfeitures, related to our liability-classified awards for the years ended December 31, 2020, 2019 and 2018:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
General and administrative expenses	$	(3)	$	5	$	9
Oil and natural gas properties	—		1		1
Oil, natural gas and NGL production expenses	(1)		3		2
Separation and other termination costs	—		1		—
Total liability-classified awards compensation	$	(4)	$	10	$	12

Summary of liability-classified awards

The following table presents a summary of our liability-classified awards:


		Grant Date Fair Value		December 31, 2020
	Units(a)			Fair Value		Vested Liability
		($ in millions)		($ in millions)
2018 CRSU Awards:
Payable 2021	13,351	$	8	$	—	$	—

____________________________________________

(a) Amount has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of December 31, 2020 and 2019 are provided below:


	December 31, 2020			December 31, 2019
	Notional Volume	Fair Value		Notional Volume	Fair Value
		($ in millions)			($ in millions)
Oil (mmbbl):
Fixed-price swaps	27	$	(136)	24	$	(7)
Collars	—	—		2	14
Basis protection swaps	7	(1)		8	(2)
Total oil	34	(137)		34	5
Natural gas (bcf):
Fixed-price swaps	728	10		265	125
Collars	53	8		—	—
Call options (sold)	—	—		22	—
Call swaptions	—	—		29	(2)
Basis protection swaps	66	1		30	2
Total natural gas	847	19		346	125
Total estimated fair value		$	(118)		$	130

Schedule of effects of dividend instruments in consolidated balance sheets


Balance Sheet Classification	Gross Fair Value		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
	($ in millions)
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset	$	84	$	(65)	$	19
Long-term derivative asset	5		(5)		—
Short-term derivative liability	(158)		65		(93)
Long-term derivative liability	(49)		5		(44)
Total derivatives	$	(118)	$	—	$	(118)

As of December 31, 2019
Commodity Contracts:
Short-term derivative asset	$	174	$	(40)	$	134
Short-term derivative liability	(42)		40		(2)
Long-term derivative liability	(2)		—		(2)
Total derivatives	$	130	$	—	$	130

Schedule of effects of derivative instruments in consolidated statements of operations

The components of oil, natural gas and NGL revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Oil, natural gas and NGL revenues	$	2,745	$	4,517	$	5,189
Gains on undesignated oil, natural gas and NGL derivatives	629		40		—
Losses on terminated cash flow hedges	(33)		(35)		(34)
Total oil, natural gas and NGL revenues	$	3,341	$	4,522	$	5,155

The components of marketing revenues for the years ended December 31, 2020, 2019 and 2018 are presented below:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Marketing revenues	$	1,869	$	3,971	$	5,069
Gains (losses) on undesignated marketing natural gas derivatives	—		(4)		7
Total marketing revenues	$	1,869	$	3,967	$	5,076

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

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


	Years Ended December 31,
	2020				2019				2018
	Before Tax		After Tax		Before Tax		After Tax		Before Tax		After Tax
	($ in millions)
Balance, beginning of period	$	(45)	$	12	$	(80)	$	(23)	$	(114)	$	(57)
Losses reclassified to income	33		33		35		35		34		34
Balance, end of period	$	(12)	$	45	$	(45)	$	12	$	(80)	$	(23)

Schedule of fair value measurement of financial assets (liabilities) measured at fair value on a recurring basis

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2020 and 2019:


	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
			($ in millions)
As of December 31, 2020
Derivative Assets (Liabilities):
Commodity assets	$	—	$	78	$	10	$	88
Commodity liabilities	—		(204)		(2)		(206)
Total derivatives	$	—	$	(126)	$	8	$	(118)

As of December 31, 2019
Derivative Assets (Liabilities):
Commodity assets	$	—	$	160	$	14	$	174
Commodity liabilities	—		(42)		(2)		(44)
Total derivatives	$	—	$	118	$	12	$	130

A summary of the changes in the fair values of our financial assets (liabilities) classified as Level 3 during 2020 and 2019 is presented below:


	Commodity Derivatives		Utica Contingent Consideration
	($ in millions)
Balance, as of January 1, 2020	$	12	$	—
Total gains (losses) (realized/unrealized):
Included in earnings(a)	11		—
Total purchases, issuances, sales and settlements:
Settlements	(15)		—
Balance, as of December 31, 2020	$	8	$	—

Balance, as of January 1, 2019	$	87	$	7
Total gains (losses) (realized/unrealized):
Included in earnings(a)	(59)		(7)
Total purchases, issuances, sales and settlements:
Settlements	(16)		—
Balance, as of December 31, 2019	$	12	$	—

___________________________________________


(a)		Commodity Derivatives				Utica Contingent Consideration

		2020		2019		2020		2019
		($ in millions)
	Total gains (losses) included in earnings for the period	$	11	$	(59)	$	—	$	(7)
	Change in unrealized gains (losses) related to assets still held at reporting date	$	—	$	(19)	$	—	$	—

Schedule of quantitative information about Level 3 inputs used in fair value measurement of commodity contracts

The following table presents quantitative information about Level 3 inputs used in the fair value measurement of our commodity derivative contracts as of December 31, 2020:

Instrument

Type

Unobservable

Input

Range

Weighted

Average

Fair Value
December 31, 2020

($ in millions)

Natural gas trades

Natural gas price volatility

curves

24% – 71%

38%

Capitalized Exploratory Well Costs (Tables)

12 Months Ended

Dec. 31, 2020

Summary of changes in capitalized well costs


	Years Ended December 31,
	2020		2019		2018
	(in millions)
Balance as of January 1	$	7	$	36	$	36
Additions pending the determination of proved reserves	—		7		74
Divestitures and other	—		(3)		—
Reclassifications to proved properties	—		(17)		(40)
Charges to exploration expense	(7)		(16)		(34)
Balance as of December 31	$	—	$	7	$	36

Schedule of aging of capitalize costs and the number of projects for which exploratory well costs have been capitalized


	2020		2019		2018
	(in millions)
Exploratory well costs capitalized for a period of one year or less	$	—	$	7	$	34
Exploratory well costs capitalized for a period greater than one year	—		—		2
Balance as of December 31	$	—	$	7	$	36

Number of projects with exploratory well costs capitalized for a period greater than one year	—		—		7

Other Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

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

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


	December 31,				Estimated Useful Life
	2020		2019
	($ in millions)				(in years)
Buildings and improvements	$	1,038	$	1,058	10 – 39
Computer equipment	356		355		5
Sand mine	81		78		10 – 30
Natural gas compressors(a)	36		48		3 – 20
Land	113		115
Other	130		156		5 – 20
Total other property and equipment, at cost	1,754		1,810
Less: accumulated depreciation	(799)		(692)
Total other property and equipment, net	$	955	$	1,118

___________________________________________

Impairments (Tables)

12 Months Ended

Dec. 31, 2020

Asset Impairment Charges [Abstract]

Summary of impairments

A summary of our impairments of oil and natural gas properties for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Impairments due to lower forecasted commodity prices	$	8,446	$	8	$	23
Impairments due to anticipated sale	—		—		55
Total impairments of oil and natural gas properties	$	8,446	$	8	$	78

Proved Oil and Gas Properties

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

A summary of our impairments of fixed assets by asset class and other charges for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Sand mine	$	76	$	—	$	—
Natural gas compressors	13		—		45
Buildings and land	—		1		4
Other	—		2		4
Total impairments of fixed assets and other	$	89	$	3	$	53

Exploration Expense (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of exploration expense

A summary of our exploration expense for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Years Ended December 31,
	2020		2019		2018
	($ in millions)
Impairments of unproved properties	$	411	$	32	$	59
Dry hole expense	7		25		37
Geological and geophysical expense and other	9		27		66
Exploration expense	$	427	$	84	$	162

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

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


	Years Ended December 31,
	2020		2019
	($ in millions)
Asset retirement obligations, beginning of period	$	211	$	166
Additions(a)	1		21
Revisions	(14)		18
Settlements and disposals(b)	(66)		(5)
Accretion expense	12		11
Asset retirement obligations, end of period	144		211
Less current portion	5		11
Asset retirement obligation, long-term	$	139	$	200

___________________________________________

(a) During 2019, approximately $17 million of additions relate to the acquisition of WildHorse.

(b) During 2020, approximately $49 million and $14 million of disposals related to our Mid-Continent and Haynesville assets, respectively. See Note 3 for further discussion of these transactions.

Condensed Combined Debtor-in-Possession Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed consolidated balance sheets


Condensed Combined Balance Sheets	Total Combined Debtor Entities
	December 31,
	2020		2019
	($ in millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	278	$	4
Other current assets	829		1,244
Total Current Assets	1,107		1,248
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on successful efforts accounting, net	4,277		13,586
Other property and equipment, net	955		1,118
Property and equipment held for sale, net	10		10
Total Property and Equipment, Net	5,242		14,714
Other long-term assets	234		187
Investments in subsidiaries and intercompany advances	1		6
TOTAL ASSETS	$	6,584	$	16,155

LIABILITIES AND EQUITY (DEFICIT):
CURRENT LIABILITIES:
Current liabilities	$	3,094	$	2,391
Total Current Liabilities	3,094		2,391
Long-term debt, net	—		9,073
Deferred income tax liabilities	—		10
Other long-term liabilities	188		317
Liabilities subject to compromise	8,643		—
Total Liabilities	11,925		11,791
EQUITY (DEFICIT):
Stockholders’ equity (deficit)	(5,341)		4,364
Total Equity (Deficit)	(5,341)		4,364
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	6,584	$	16,155

Condensed consolidated income statements


Condensed Combined Statements of Operations	Total Combined Debtor Entities
	Years Ended December 31,
	2020		2019		2018
	($ in millions)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	3,334	$	4,508	$	5,136
Marketing	1,869		3,967		5,076
Total Revenues	5,203		8,475		10,212
Other	56		63		63
Gains (losses) on sales of assets	30		43		(264)
Total Revenues and Other	5,289		8,581		10,011
OPERATING EXPENSES:
Oil, natural gas and NGL production	373		520		474
Oil, natural gas and NGL gathering, processing and transportation	1,079		1,076		1,391
Severance and ad valorem taxes	149		224		188
Exploration	427		84		162
Marketing	1,889		4,003		5,158
General and administrative	266		314		334
Separation and other termination costs	44		12		38
Provision for legal contingencies	27		19		26
Depreciation, depletion and amortization	1,095		2,258		1,730
Impairments	8,501		11		131
Other operating expense	109		92		—
Total Operating Expenses	13,959		8,613		9,632
INCOME (LOSS) FROM OPERATIONS	(8,670)		(32)		379
OTHER INCOME (EXPENSE):
Interest expense	(331)		(651)		(633)
Gains (losses) on investments	(20)		(71)		139
Gains on purchases or exchanges of debt	65		75		263
Other income	16		39		67
Reorganization items, net	(796)		—		—
Equity in net earnings (losses) of subsidiary	(17)		1		1
Total Other Expense	(1,083)		(607)		(163)
INCOME (LOSS) BEFORE INCOME TAXES	(9,753)		(639)		216
INCOME TAX BENEFIT	(19)		(331)		(10)
NET INCOME (LOSS)	(9,734)		(308)		226
Other comprehensive income	33		35		34
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	(9,701)	$	(273)	$	260

Condensed consolidated cash flow statements


Condensed Combined Statements of Cash Flows	Total Combined Debtor Entities
	Years Ended December 31,
	2020		2019		2018
	($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By Operating Activities	$	1,163	$	1,618	$	1,727

CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,111)		(2,180)		(1,848)
Business combination, net	—		(353)		—
Acquisitions of proved and unproved properties	(9)		(35)		(128)
Proceeds from divestitures of proved and unproved properties	136		130		2,231
Additions to other property and equipment	(22)		(48)		(21)
Proceeds from sales of other property and equipment	14		6		147
Proceeds from sales of investments	—		—		74
Net Cash Provided By (Used In) Investing Activities	(992)		(2,480)		455

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,656		10,676		11,697
Payments on pre-petition revolving credit facility borrowings	(3,317)		(10,180)		(12,059)
Proceeds from DIP credit facility borrowings	60		—		—
Payments on DIP credit facility borrowings	(60)		—		—
DIP credit facility and exit facilities financing costs	(109)
Proceeds from issuance of senior notes, net	—		108		1,236
Proceeds from issuance of term loan, net	—		1,455		—
Cash paid to purchase debt	(94)		(1,073)		(2,813)
Cash paid for preferred stock dividends	(22)		(91)		(92)
Other financing activities	(11)		(32)		(149)
Intercompany advances, net	—		—		(2)
Net Cash Provided by (Used In) Financing Activities	103		863		(2,182)
Net increase in cash and cash equivalents	274		1		—
Cash and cash equivalents, beginning of period	4		3		3
Cash and cash equivalents, end of period	$	278	$	4	$	3

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Summarized unaudited quarterly financial data for 2020 and 2019 are as follows:


	2020 First Quarter(a)		2020 Second Quarter		2020 Third Quarter		2020 Fourth Quarter
	($ in millions except per share data)
Total revenues	$	2,541	$	521	$	975	$	1,259
Income (loss) from operations	$	(8,227)	$	(541)	$	(111)	$	176
Net loss attributable to Chesapeake	$	(8,297)	$	(276)	$	(745)	$	(416)
Net loss available to common stockholders	$	(8,319)	$	(276)	$	(745)	$	(416)

Net loss per common share(b):
Basic	$	(852.97)	$	(28.22)	$	(76.18)	$	(42.54)
Diluted	$	(852.97)	$	(28.22)	$	(76.18)	$	(42.54)


	2019 First Quarter		2019 Second Quarter		2019 Third Quarter		2019 Fourth Quarter
	($ in millions except per share data)
Total revenues	$	2,196	$	2,386	$	2,087	$	1,926
Income (loss) from operations	$	(182)	$	278	$	46	$	(173)
Net income (loss) attributable to Chesapeake	$	(21)	$	98	$	(61)	$	(324)
Net income (loss) available to common stockholders	$	(44)	$	75	$	(101)	$	(346)

Net income (loss) per common share(b):
Basic	$	(6.37)	$	9.21	$	(11.89)	$	(35.53)
Diluted	$	(6.37)	$	9.21	$	(11.89)	$	(35.53)

___________________________________________

(b)All per share information has been retroactively adjusted to reflect the 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)
Summary of Significant Accounting Policies [Table] [Line Items]
Number of reportable segments \| segment	1
Bank overdrafts	$ 0	$ 57
Cash	279
Unamortized issuance costs, senior notes	$ 0	44
Revenue, payment terms	30 days
Exit credit facility \| Credit facility
Summary of Significant Accounting Policies [Table] [Line Items]
Unamortized issuance costs	$ 33
Employee
Summary of Significant Accounting Policies [Table] [Line Items]
Vesting period	3 years
Director
Summary of Significant Accounting Policies [Table] [Line Items]
Vesting period	3 years
Other noncurrent assets
Summary of Significant Accounting Policies [Table] [Line Items]
Unamortized issuance costs		$ 27

Chapter 11 Proceedings (Details)		6 Months Ended	8 Months Ended	12 Months Ended
Chapter 11 Proceedings (Details)	Feb. 09, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Feb. 25, 2021 USD ($) proof_of_claim	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 28, 2020 USD ($) shares
Liabilities Subject to Compromise
Debt		$ 7,166,000,000		$ 7,166,000,000
Accounts payable		15,000,000		15,000,000
Accrued interest		235,000,000		235,000,000
Provision for contract rejection damages		729,000,000		729,000,000
Other liabilities		498,000,000		498,000,000
Liabilities subject to compromise		8,643,000,000		8,643,000,000	$ 0
Reorganization Items
Provision for allowed claims				879,000,000
Write off of unamortized debt premiums (discounts)				518,000,000
Write off of unamortized debt issuance costs				(61,000,000)
Debt and equity financing fees				(145,000,000)
Loss on divested assets				(128,000,000)
Provision for allowed claims				(879,000,000)
Legal and professional fees				(113,000,000)
Gain on settlement of pre-petition accounts payable				15,000,000
Loss on settlement of pre-petition revenues payable				(3,000,000)
Reorganization items, net				(796,000,000)	$ 0	$ 0
Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity		4,000,000,000.0		4,000,000,000.0
Revolving credit, outstanding		$ 54,000,000		$ 54,000,000
2021 Long Term Incentive Plan
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares) \| shares							6,800,000
Class A Warrants
Debt Instrument [Line Items]
Warrants issued (in shares) \| shares		11,100,000
Class B Warrants
Debt Instrument [Line Items]
Warrants issued (in shares) \| shares		12,300,000
Class C Warrants
Debt Instrument [Line Items]
Warrants issued (in shares) \| shares		13,700,000
Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity							$ 2,104,000,000
Exit credit facilities borrowing capacity							2,500,000,000
Debtor-in-Possession Credit Agreement \| Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity							925,000,000
Revolving credit, outstanding							200,000,000
Exit credit facilities borrowing capacity							1,750,000,000
Debtor-in-Possession Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt							1,179,000,000
Debtor-in-Possession Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Exit credit facilities borrowing capacity							$ 750,000,000
New Common Stock
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares		97,900,000
Common stock, reserved for future issuance (in shares) \| shares		2,100,000		2,100,000
Subsequent event \| Pending litigation \| Healthcare of Ontario Pension Plan (HOOPP)
Debt Instrument [Line Items]
Number of proofs of claim \| proof_of_claim			8,100
Percent from unsecured claims			72.00%
Damages sought, value			$ 42,700,000,000
Subsequent event \| Minimum
Debt Instrument [Line Items]
Fresh-start adjustment, increase (decrease), assets	$ 3,500,000,000
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity	$ 3,500,000,000
Subsequent event \| Maximum
Debt Instrument [Line Items]
Percent of voting hares received by holders	50.00%
Fresh-start adjustment, increase (decrease), assets	$ 4,700,000,000
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity	$ 4,700,000,000
Subsequent event \| New Common Stock
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	97,907,081
Common stock, reserved for future issuance (in shares) \| shares	2,092,918
Subsequent event \| New Common Stock \| Backstop Parties, Put Option Premium
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	6,337,031
Subsequent event \| New Common Stock \| Backstop Parties, Obligations
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	442,991
Subsequent event \| New Common Stock \| 2021 Long Term Incentive Plan
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	62,927,320
Subsequent event \| New Common Stock \| Class C Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares) \| shares	3,948,893
Subsequent event \| New Common Stock \| FLLO Term Loan Facility
Debt Instrument [Line Items]
Pro rata share received by holder (in shares) \| shares	23,022,420
Subsequent event \| New Common Stock \| Second Lien Notes
Debt Instrument [Line Items]
Pro rata share received by holder (in shares) \| shares	3,635,118
Subsequent event \| New Common Stock \| Second Lien Notes \| Class A Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	11,111,111
Warrants issued (in shares) \| shares	11,111,111
Subsequent event \| New Common Stock \| Second Lien Notes \| Class B Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	12,345,679
Warrants issued (in shares) \| shares	12,345,679
Subsequent event \| New Common Stock \| Second Lien Notes \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	6,858,710
Warrants issued (in shares) \| shares	6,858,710
Subsequent event \| New Common Stock \| Allowed Unsecured Notes
Debt Instrument [Line Items]
Pro rata share received by holder (in shares) \| shares	1,311,089
Subsequent event \| New Common Stock \| Allowed Unsecured Notes \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	2,473,757
Warrants issued (in shares) \| shares	2,473,757
Subsequent event \| New Common Stock \| Allowed General Unsecured Claim
Debt Instrument [Line Items]
Pro rata share received by holder (in shares) \| shares	231,112
Pro rata share received by holder	$ 10,000,000
Subsequent event \| New Common Stock \| Allowed General Unsecured Claim \| Class C Warrants
Debt Instrument [Line Items]
Stock issued during period, new issues (in shares) \| shares	436,060
Warrants issued (in shares) \| shares	436,060
Subsequent event \| New Common Stock \| Upon Exercise of Warrants
Debt Instrument [Line Items]
Common stock, reserved for future issuance (in shares) \| shares	37,174,210

Oil and Natural Gas Property Transactions - Narrative (Details) shares in Millions, $ in Millions				3 Months Ended								11 Months Ended	12 Months Ended
	Dec. 11, 2020 USD ($)	Nov. 22, 2020 USD ($) a well	Feb. 01, 2019 USD ($) shares	Dec. 31, 2020 USD ($) a well	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) a well	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) a well	Dec. 31, 2020 USD ($) a well $ / bbl $ / BTU	Dec. 31, 2019 USD ($) a well day $ / BTU	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Gains (losses) on sales of assets													$ 30	$ 43	$ (264)
Total revenues				$ 1,259	$ 975	$ 521	$ 2,541	$ 1,926	$ 2,087	$ 2,386	$ 2,196		5,296	8,595	10,030
Proceeds from divestitures of proved and unproved properties													$ 136	130	$ 2,231
Natural gas
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / BTU													2.82
Mid-Continent
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties														491
Gain (loss) on sale of oil and natural gas properties														$ 12
Area of land, net (in acres) \| a								238,500				238,500		238,500
Productive gas wells, number of wells, net \| well								3,200				3,200		3,200
Other properties
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties														$ 37
Future natural gas prices 2023 \| Natural gas
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / BTU													3.00
Wildhorse resource development corporation
Business Acquisition [Line Items]
Common stock issued in the merger (in shares) \| shares			3.6
Cash			$ 381											381
Total revenues												$ 752
Operating expenses												810
Other expenses												83
Energy related derivative \| Oil
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / bbl													56.33
Energy related derivative \| Future NYMEX oil prices 2023 \| Oil
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / bbl													61.17
Haynesville Exchange
Business Acquisition [Line Items]
Number of producing wells with interest \| well		144
Area of land with interest \| a		50,000
Loss from exchange transaction		$ 128
Mid-Continent
Business Acquisition [Line Items]
Gains (losses) on sales of assets	$ 27
Disposal group, disposed of by sale, not discontinued operations
Business Acquisition [Line Items]
Proceeds from divestitures of proved and unproved properties													$ 130
Gain (loss) on sale of oil and natural gas properties													46
Disposal group, disposed of by sale, not discontinued operations \| Mid-Continent
Business Acquisition [Line Items]
Consideration received	$ 130
Disposal group, disposed of by sale, not discontinued operations \| Utica shale
Business Acquisition [Line Items]
Consideration received				$ 1,868									$ 1,868
Area of land, gross (in acres) \| a				1,500,000									1,500,000
Area of land, net (in acres) \| a				900,000									900,000
Productive gas wells, number of wells, net \| well				920									920
Disposal group, disposed of by sale, not discontinued operations \| Utica shale \| Synthetic gas
Business Acquisition [Line Items]
Net rentable area (in acres) \| a				320,000									320,000
Disposal group, disposed of by sale, not discontinued operations \| Utica shale \| Future natural gas prices
Business Acquisition [Line Items]
Consideration received								$ 100				100		$ 100
Period of trading days \| day														20
Consecutive trading days \| day														30
Disposal group, disposed of by sale, not discontinued operations \| Utica shale \| 2022 NYMEX natural gas \| Future natural gas prices 2023
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / BTU														3.25
Disposal group, disposed of by sale, not discontinued operations \| Utica shale \| 2022 NYMEX natural gas \| Future natural gas prices
Business Acquisition [Line Items]
Consideration received								$ 50				$ 50		$ 50
Gain (loss) on sale of oil and natural gas properties													$ (273)
Disposal group, disposed of by sale, not discontinued operations \| Utica shale \| 2022 NYMEX natural gas \| Future natural gas prices 2022
Business Acquisition [Line Items]
Average sales price (in usd per unit) \| $ / BTU														3.00

Oil and Natural Gas Property Transactions - Purchase Price Allocation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 01, 2019	Dec. 31, 2019
Fair Value of Assets Acquired:
Reverse stock split	3.6
Share price (in usd per share)	$ 568
Wildhorse resource development corporation
Consideration:
Cash	$ 381	$ 381
Fair value of Chesapeake’s common stock issued in the Merger		2,037
Total consideration		2,418
Fair Value of Liabilities Assumed:
Current liabilities		166
Long-term debt		1,379
Deferred tax liabilities	$ 314	314
Other long-term liabilities		36
Amounts attributable to liabilities assumed		1,895
Fair Value of Assets Acquired:
Cash and cash equivalents		28
Other current assets		128
Proved oil and natural gas properties		3,264
Unproved properties		756
Other property and equipment		77
Other long-term assets		60
Amounts attributable to assets acquired		4,313
Total identifiable net assets		$ 2,418

Oil and Natural Gas Property Transactions - Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 14, 2020	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares
Business Acquisition [Line Items]
Stock split, conversion ratio	0.005
Wildhorse resource development corporation
Business Acquisition [Line Items]
Revenues \| $		$ 8,587	$ 11,211
Net income (loss) available to common stockholders \| $		$ (431)	$ 195
Earnings per common share, basic (in usd per share) \| $ / shares		$ (51.77)	$ 42.89
Earnings per common share, diluted (in usd per share) \| $ / shares		$ (51.77)	$ 42.89

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS Table (Details) shares in Thousands		12 Months Ended
	Apr. 14, 2020	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock split, conversion ratio	0.005
Common stock equivalent of our preferred stock outstanding prior to exchange
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		0	5	0
Common stock equivalent of our convertible senior notes outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		621	621	729
Participating securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		0	2	6
Common stock equivalent of our preferred stock outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		290	290	298

Earnings Per Share - Additional Information (Details)	Dec. 31, 2020
4.50% cumulative convertible preferred stock
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%
5.00% (2005B)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.00%
5.75% Cumulative Convertible Non-Voting Preferred Stock (Series A)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
5.75% Cumulative Non-Voting Convertible Preferred Stock
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Convertible debt \| 5.5% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%

Debt - Narrative (Details)	3 Months Ended	12 Months Ended
Debt - Narrative (Details)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jun. 28, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Write-off of debt issuance costs and debt discounts or premiums	$ 457,000,000
Outstanding borrowings	9,095,000,000	$ 9,095,000,000		$ 9,458,000,000
Debt repurchased amount	160,000,000	160,000,000
Senior notes
Debt Instrument [Line Items]
Debt repurchased amount	160,000,000	160,000,000
Debt repurchased	95,000,000	95,000,000
Gains (losses) on repurchases of debt		65,000,000
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	4,000,000,000.0	4,000,000,000.0
Revolving credit, outstanding	$ 54,000,000	$ 54,000,000
Revolving credit facility \| Alternative base rate (ABR) \| Minimum
Debt Instrument [Line Items]
Variable rate percentage		1.50%
Revolving credit facility \| London interbank offered rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Variable rate percentage		2.50%
FLLO Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Applicable margin	7.00%
Applicable margin increase	0.0200	0.0200
FLLO Term Loan Facility \| Term Loan \| Alternative base rate (ABR)
Debt Instrument [Line Items]
Variable rate percentage	3.25%
FLLO Term Loan Facility \| Term Loan \| London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Variable rate percentage	8.00%
Debtor-in-Possession Credit Agreement
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity			$ 2,104,000,000
Debtor-in-Possession Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt			1,179,000,000
Debtor-in-Possession Credit Agreement \| Revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity			925,000,000
Revolving credit, outstanding			$ 200,000,000

Debt - Long-Term Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt [Abstract]
Principal Amount	$ 9,095,000,000	$ 8,916,000,000
Carrying Amount	9,095,000,000	9,458,000,000
Debt issuance costs	0	(44,000,000)
Current maturities of long-term debt, gross	(1,929,000,000)	(385,000,000)
Current maturities of long-term debt, net	(1,929,000,000)	(385,000,000)
Less amounts reclassified to liabilities subject to compromise	(7,166,000,000)	0
Long-term debt, net	0	8,531,000,000
Long-term debt, net	0	9,073,000,000
Credit facility \| Chesapeake revolving credit facility
Long-term Debt [Abstract]
Principal Amount	1,929,000,000	1,590,000,000
Revolving credit facility	1,929,000,000	1,590,000,000
Credit facility \| Debtor-in-Possession Credit Agreement
Long-term Debt [Abstract]
Principal Amount	0	0
Revolving credit facility	0	0
Term loan
Long-term Debt [Abstract]
Principal Amount	1,500,000,000	1,500,000,000
Carrying Amount	$ 1,500,000,000	1,470,000,000
Debt issuance costs		(13,000,000)
Senior notes \| 11.5% senior secured second lien notes due 2025
Long-term Debt [Abstract]
Interest rate, stated percentage	11.50%
Principal Amount	$ 2,330,000,000	2,330,000,000
Carrying Amount	$ 2,330,000,000	3,248,000,000
Senior notes \| 6.625% senior notes due 2020
Long-term Debt [Abstract]
Interest rate, stated percentage	6.625%
Principal Amount	$ 176,000,000	208,000,000
Carrying Amount	$ 176,000,000	208,000,000
Senior notes \| 6.875% senior notes due 2020
Long-term Debt [Abstract]
Interest rate, stated percentage	6.875%
Principal Amount	$ 73,000,000	93,000,000
Carrying Amount	$ 73,000,000	93,000,000
Senior notes \| 6.125% senior notes due 2021
Long-term Debt [Abstract]
Interest rate, stated percentage	6.125%
Principal Amount	$ 167,000,000	167,000,000
Carrying Amount	$ 167,000,000	167,000,000
Senior notes \| 5.375% senior notes due 2021
Long-term Debt [Abstract]
Interest rate, stated percentage	5.375%
Principal Amount	$ 127,000,000	127,000,000
Carrying Amount	$ 127,000,000	127,000,000
Senior notes \| 4.875% senior notes due 2022
Long-term Debt [Abstract]
Interest rate, stated percentage	4.875%
Principal Amount	$ 272,000,000	338,000,000
Carrying Amount	$ 272,000,000	338,000,000
Senior notes \| 5.75% senior notes due 2023
Long-term Debt [Abstract]
Interest rate, stated percentage	5.75%
Principal Amount	$ 167,000,000	209,000,000
Carrying Amount	$ 167,000,000	209,000,000
Senior notes \| 7.00% senior notes due 2024
Long-term Debt [Abstract]
Interest rate, stated percentage	7.00%		7.00%
Principal Amount	$ 624,000,000	624,000,000	$ 850,000,000
Carrying Amount	$ 624,000,000	624,000,000
Senior notes \| 6.875% senior notes due 2025
Long-term Debt [Abstract]
Interest rate, stated percentage	6.875%
Principal Amount	$ 2,000,000	2,000,000
Carrying Amount	$ 2,000,000	2,000,000
Senior notes \| 8.00% senior notes due 2025
Long-term Debt [Abstract]
Interest rate, stated percentage	8.00%
Principal Amount	$ 246,000,000	246,000,000
Carrying Amount	$ 246,000,000	245,000,000
Senior notes \| 7.5% senior notes due 2026
Long-term Debt [Abstract]
Interest rate, stated percentage	7.50%		7.50%
Principal Amount	$ 119,000,000	119,000,000	$ 400,000,000
Carrying Amount	$ 119,000,000	119,000,000
Senior notes \| 8.00% senior notes due 2026
Long-term Debt [Abstract]
Interest rate, stated percentage	8.00%
Principal Amount	$ 46,000,000	46,000,000
Revolving credit facility	919,000,000
Carrying Amount	$ 46,000,000	44,000,000
Senior notes \| 8.00% senior notes due 2027
Long-term Debt [Abstract]
Interest rate, stated percentage	8.00%
Principal Amount	$ 253,000,000	253,000,000
Carrying Amount	$ 253,000,000	253,000,000
Convertible debt \| 5.5% convertible senior notes due 2026
Long-term Debt [Abstract]
Interest rate, stated percentage	5.50%
Principal Amount	$ 1,064,000,000	1,064,000,000
Carrying Amount	$ 1,064,000,000	$ 765,000,000

Debt - Conversion (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Conversion (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Debt repurchased amount		$ 160
Senior notes
Debt Instrument [Line Items]
Debt repurchased amount		$ 160
Senior notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage		6.625%
Notes	$ 229
Debt repurchased amount		$ 32
Senior notes \| 6.875% senior notes due 2020
Debt Instrument [Line Items]
Interest rate, stated percentage		6.875%
Notes	134
Debt repurchased amount		$ 20
Senior notes \| 4.875% senior notes due 2022
Debt Instrument [Line Items]
Interest rate, stated percentage		4.875%
Debt repurchased amount		$ 66
Senior notes \| 5.75% senior notes due 2023
Debt Instrument [Line Items]
Interest rate, stated percentage		5.75%
Debt repurchased amount		$ 42
Senior notes \| 7.00% senior notes due 2024
Debt Instrument [Line Items]
Interest rate, stated percentage		7.00%	7.00%
Notes	226
Senior notes \| 8.00% senior notes due 2025
Debt Instrument [Line Items]
Notes	999
Senior notes \| 8.00% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage		8.00%
Notes	873
Senior notes \| 7.5% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage		7.50%	7.50%
Notes	281
Senior notes \| 8.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage		8.00%
Notes	837
Senior notes \| 6.125% senior notes due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage		6.125%
Notes	381
Senior notes \| 5.375% senior notes due 2021
Debt Instrument [Line Items]
Interest rate, stated percentage		5.375%
Notes	140
Senior notes \| 7.00% Senior Notes Due 2024, 8.00% Senior Notes Due 2025, 8.00% Senior Notes Due 2026, 7.5% Senior Notes Due 2026, and 8.00% Senior Notes Due 2027
Debt Instrument [Line Items]
Notes	3,216
Senior notes \| 6.625% Senior Notes Due 2020, 6.875% Senior Notes Due 2020, 6.125% Senior Notes Due 2021, And 5.375% Senior Notes Due 2021
Debt Instrument [Line Items]
Notes	$ 884

Debt - Debt Issuances and Retirements (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016	Dec. 17, 2018
Debt Instrument [Line Items]
Debt, principal	$ 8,916,000,000	$ 9,095,000,000	$ 9,095,000,000	$ 8,916,000,000
Gains (losses) on purchases or exchanges of debt			65,000,000	79,000,000	$ 263,000,000
Debt repurchased amount		160,000,000	160,000,000
Cash paid to purchase debt			94,000,000	1,073,000,000	2,813,000,000
Deferred charges	$ 44,000,000	0	0	44,000,000
Gains (losses) on debt restructuring			65,000,000	75,000,000	263,000,000
Chesapeake senior notes
Debt Instrument [Line Items]
Gains (losses) on purchases or exchanges of debt		64,000,000
6.625% Senior Notes Due 2020, 4.875% Senior Notes Due 2022, and 5.75% Senior Notes Due 2023
Debt Instrument [Line Items]
Debt, principal		101,000,000	101,000,000
BVL Revolving Credit Facility
Debt Instrument [Line Items]
Gains (losses) on purchases or exchanges of debt				$ 4,000,000
Existing Notes
Debt Instrument [Line Items]
Notes			3,152,000,000
Second Lien Notes
Debt Instrument [Line Items]
Notes			2,210,000,000
11.5% Senior Secured Second Lien Notes Due 2025
Debt Instrument [Line Items]
Debt, principal		$ 120,000,000	$ 120,000,000
Debt, percent of par	89.75%
Interest rate, stated percentage		11.50%	11.50%
Senior notes
Debt Instrument [Line Items]
Percentage of principal amount redeemed			100.00%	35.00%
Redemption price percentage			35.00%	100.00%
Repayments of senior debt		$ 380,000,000
Debt repurchased amount		160,000,000	$ 160,000,000
Gains (losses) on repurchases of debt			65,000,000
Senior notes \| 7.00% senior notes due 2024 and 7.50% senior notes due 2026
Debt Instrument [Line Items]
Proceeds from debt, net					1,236,000,000
Senior notes \| 7.00% senior notes due 2024
Debt Instrument [Line Items]
Debt, principal	$ 624,000,000	$ 624,000,000	$ 624,000,000	$ 624,000,000	$ 850,000,000
Interest rate, stated percentage		7.00%	7.00%		7.00%
Notes				226,000,000
Senior notes \| 7.5% senior notes due 2026
Debt Instrument [Line Items]
Debt, principal	119,000,000	$ 119,000,000	$ 119,000,000	119,000,000	$ 400,000,000
Interest rate, stated percentage		7.50%	7.50%		7.50%
Notes				281,000,000
Senior notes \| 8.00% senior secured second lien notes due 2022
Debt Instrument [Line Items]
Debt, principal	1,416,000,000			1,416,000,000
Interest rate, stated percentage		8.00%	8.00%
Debt repurchased amount		$ 1,477,000,000	$ 1,477,000,000
Premium						$ 60,000,000
Gains (losses) on repurchases of debt						331,000,000
Gains (losses) on debt restructuring						$ 391,000,000
Senior notes \| 7.25% senior notes due 2018
Debt Instrument [Line Items]
Interest rate, stated percentage		7.25%	7.25%
Debt repurchased amount		$ 44,000,000	$ 44,000,000
Senior notes \| Chesapeake senior notes
Debt Instrument [Line Items]
Revolving credit facility		$ 507,000,000	507,000,000
Conversation of common stock shares outstanding (in shares)		235,563,519
Senior notes \| 8.00% senior notes due 2026
Debt Instrument [Line Items]
Debt, principal	46,000,000	$ 46,000,000	$ 46,000,000	46,000,000
Interest rate, stated percentage		8.00%	8.00%
Notes				873,000,000
Revolving credit facility		$ 919,000,000	$ 919,000,000
Senior notes \| 6.625% senior notes due 2020
Debt Instrument [Line Items]
Debt, principal	208,000,000	$ 176,000,000	$ 176,000,000	208,000,000
Interest rate, stated percentage		6.625%	6.625%
Notes				229,000,000
Debt repurchased amount		$ 32,000,000	$ 32,000,000
Senior notes \| 4.875% senior notes due 2022
Debt Instrument [Line Items]
Debt, principal	338,000,000	$ 272,000,000	$ 272,000,000	338,000,000
Interest rate, stated percentage		4.875%	4.875%
Debt repurchased amount		$ 66,000,000	$ 66,000,000
Senior notes \| 5.75% senior notes due 2023
Debt Instrument [Line Items]
Debt, principal	209,000,000	$ 167,000,000	$ 167,000,000	209,000,000
Interest rate, stated percentage		5.75%	5.75%
Debt repurchased amount		$ 42,000,000	$ 42,000,000
Convertible debt \| 2.25% contingent convertible senior notes due 2038
Debt Instrument [Line Items]
Debt, principal	$ 1,000,000			1,000,000
Interest rate, stated percentage		2.25%	2.25%
Debt repurchased amount							$ 8,000,000
Convertible debt \| Chesapeake senior notes
Debt Instrument [Line Items]
Revolving credit facility		$ 186,000,000	$ 186,000,000
Conversation of common stock shares outstanding (in shares)		73,389,094
Term loan
Debt Instrument [Line Items]
Debt term	4 years 6 months
Debt, principal	$ 1,500,000,000	$ 1,500,000,000	$ 1,500,000,000	1,500,000,000
Proceeds from debt, net	1,455,000,000
Debt repurchased amount	1,233,000,000			1,233,000,000
Cash paid to purchase debt				1,285,000,000
Premium	52,000,000			52,000,000
Gains (losses) on repurchases of debt				(65,000,000)
Deferred charges	$ 13,000,000			$ 13,000,000
Term loan \| London interbank offered rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	8.00%
Term loan \| LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Term loan \| Alternative base rate (ABR)
Debt Instrument [Line Items]
Basis spread on variable rate	7.00%
Debt, percent of par	98.00%
Debt, premium of par		5.00%	5.00%
Debt, premium of par		2.50%	2.50%
Debt instrument, covenant, principal balance		$ 125,000,000	$ 125,000,000
Term loan \| Alternative Base Rate (ABR) Floor
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Debt - Senior Notes and Convertible Senior Notes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt, principal	$ 9,095,000,000	$ 8,916,000,000
Minimum \| Convertible debt
Debt Instrument [Line Items]
Debt, principal	50,000,000
Maximum \| Convertible debt
Debt Instrument [Line Items]
Debt, principal	$ 75,000,000

Debt - Revolving Credit Facility (Details)		12 Months Ended
Debt - Revolving Credit Facility (Details)	Dec. 03, 2019 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2019 USD ($)	Dec. 02, 2019 USD ($)
Debt Instrument [Line Items]
Debt, principal		$ 9,095,000,000				$ 8,916,000,000
Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, current borrowing capacity		3,000,000,000.0
Revolving credit, maximum borrowing capacity		4,000,000,000.0
Revolving credit, outstanding		54,000,000
Chesapeake revolving credit facility \| Credit facility
Debt Instrument [Line Items]
Debt, principal		$ 1,929,000,000				$ 1,590,000,000
Alternative base rate (ABR) \| Chesapeake revolving credit facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Alternative base rate (ABR) \| Chesapeake revolving credit facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
London interbank offered rate (LIBOR) \| Chesapeake revolving credit facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
London interbank offered rate (LIBOR) \| Chesapeake revolving credit facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Chesapeake Revolving Credit Facility \| Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 1,500,000,000						$ 1,000,000,000
Reduction in borrowing rate	25.00%
Applicable margin increase	0.0100
Required liquidity	$ 250,000,000
Leverage ratio	2.50
Asset sales excess, threshold	$ 50,000,000
Forecast \| Chesapeake Revolving Credit Facility \| Chesapeake revolving credit facility
Debt Instrument [Line Items]
Leverage ratio			4.00	4.25	4.50

Debt - Fair Value of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 0	$ 8,531
Liabilities subject to compromise	8,643	0
Carrying amount \| Fair value, inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt	0	385
Long-term debt	0	753
Liabilities subject to compromise	982	0
Carrying amount \| Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	8,320
Liabilities subject to compromise	6,184	0
Estimated fair value \| Fair value, inputs, level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt	0	360
Long-term debt	0	622
Liabilities subject to compromise	43	0
Estimated fair value \| Fair value, inputs, level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	6,085
Liabilities subject to compromise	$ 1,694	$ 0

Debt - Post-emergence Debt (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 02, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding borrowings			$ 9,095	$ 9,458
Subsequent event
Debt Instrument [Line Items]
Outstanding borrowings	$ 1,271
Subsequent event \| Senior notes \| 5.5% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%
Outstanding borrowings	$ 500
Subsequent event \| Senior notes \| 5.875% Senior Notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%	5.875%
Outstanding borrowings	$ 500
Subsequent event \| Credit facility \| Exit credit facility
Debt Instrument [Line Items]
Outstanding borrowings	221
Subsequent event \| Credit facility \| Exit credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 50

Debt - Exit Credit Facility (Details)		12 Months Ended
Debt - Exit Credit Facility (Details)	Jun. 28, 2020 USD ($)	Dec. 31, 2020 USD ($)	Feb. 09, 2021	Feb. 02, 2021 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt, principal		$ 9,095,000,000			$ 8,916,000,000
Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity		$ 4,000,000,000.0
Chesapeake revolving credit facility \| London interbank offered rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Chesapeake revolving credit facility \| London interbank offered rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Credit facility \| Chesapeake revolving credit facility
Debt Instrument [Line Items]
Debt, principal		$ 1,929,000,000			$ 1,590,000,000
Credit facility \| Exit credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 2,500,000,000
LIBOR Floor	1.00%
First lien leverage ratio	2.75
Leverage ratio	3.50
Current ratio	1.00
Unused capacity, commitment fee percentage	0.50%
Credit facility \| Exit credit facility \| Subsequent event
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity				$ 2,500,000,000
Credit facility \| Exit credit facility \| Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.50
Credit facility \| Exit credit facility \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 200,000,000.0
Credit facility \| Exit credit facility \| Letter of Credit \| Alternative Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Credit facility \| Exit credit facility \| Letter of Credit \| Alternative Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Credit facility \| Exit credit facility \| Letter of Credit \| London interbank offered rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Credit facility \| Exit credit facility \| Letter of Credit \| London interbank offered rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
Credit facility \| Revolving Tranche A \| Subsequent event
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity				1,750,000,000
Credit facility \| Revolving Tranche A \| Chesapeake revolving credit facility
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 1,750,000,000
Term	3 years
Credit facility \| Tranche B Loans
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity	$ 220,000,000
Term	4 years
Credit facility \| Tranche B Loans \| Subsequent event
Debt Instrument [Line Items]
Revolving credit, maximum borrowing capacity				220,000,000
Senior notes \| 5.5% Senior Notes due 2026 \| Subsequent event
Debt Instrument [Line Items]
Debt, principal				$ 500,000,000
Interest rate, stated percentage			5.50%	5.50%
Senior notes \| 5.875% Senior Notes due 2029 \| Subsequent event
Debt Instrument [Line Items]
Debt, principal				$ 500,000,000
Interest rate, stated percentage			5.875%	5.875%

Contingencies and Commitments (Details) - USD ($) $ in Thousands		1 Months Ended	8 Months Ended	12 Months Ended
	Jan. 05, 2014	Jun. 30, 2020	Aug. 09, 2018	Dec. 31, 2020
Gathering, Processing and Transportation Agreement
Other Commitments [Line Items]
Damages sought, value		$ 838,000
Other Commitment, Fiscal Year Maturity [Abstract]
2021				$ 865,000
2022				729,000
2023				596,000
2024				521,000
2025				471,000
2026 – 2034				1,911,000
Total				5,093,000
Service Contract
Other Commitment, Fiscal Year Maturity [Abstract]
2021				7,000
2022				2,000
Total				9,000
Commonwealth of Pennsylvania, Royalty Underpayment \| Settled Litigation
Other Commitments [Line Items]
Settlement amount			$ 36,000
Healthcare of Ontario Pension Plan (HOOPP) \| Pending litigation \| Chaparral Energy, Inc.
Other Commitments [Line Items]
Damages sought, value	$ 215,000
Pennsylvania Department of Environmental Protection \| Pending litigation \| Minimum
Other Commitments [Line Items]
Damages sought, value				$ 300

Other Liabilities - Current Table (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Revenues and royalties due others	$ 236	$ 516
Accrued drilling and production costs	104	326
Other accrued taxes	82	150
Debt and equity financing fees	69	0
Accrued compensation and benefits	59	156
Operating leases	24	9
Joint interest prepayments received	8	52
VPP deferred revenue	0	55
Other	141	168
Total other current liabilities	$ 723	$ 1,432

Other Liabilities - Long-Term Table (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
VPP deferred revenue	$ 0	$ 9
Other	5	116
Total other long-term liabilities	$ 5	$ 125

Leases - Narrative (Details) $ in Millions		12 Months Ended
Leases - Narrative (Details) $ in Millions	Feb. 01, 2019 USD ($) contract	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease liability		$ 29	$ 25
Operating lease, right-of-use asset		$ 29	$ 22
Compressor \| Midcon Compression, L.L.C.
Lessee, Lease, Description [Line Items]
Lease terms			38 months
Wildhorse resource development corporation
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 40
Operating lease, right-of-use asset	38
Lease incentive	$ 2
Number of leases \| contract	2
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term		1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining lease term		3 years

Leases - ROU Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets and Liabilities, Lessee [Abstract]
Finance, ROU assets	$ 9	$ 17
Finance, current lease liabilities	9	9
Finance, long-term lease liabilities	0	9
Finance, present value of lease liabilities	9	18
Less amounts reclassified to liabilities subject to compromise	(9)	0
Finance Lease, Liability, Net	0	18
Operating, ROU assets	$ 29	$ 22
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating, current lease liabilities	$ 27	$ 9
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:OperatingLeaseLiabilityNoncurrent
Operating, long-term lease liabilities	$ 2	$ 16
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Operating, present value of lease liabilities	$ 29	$ 25
Less amounts reclassified to liabilities subject to compromise	(5)	0
Operating Lease, Liability, Net	$ 24	$ 25

Leases - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Amortization of ROU assets	$ 9	$ 8
Interest on lease liability	1	2
Finance lease cost	10	10
Operating lease cost	17	26
Short-term lease cost	32	112
Total lease cost	59	148
Other information:
Operating cash outflows from finance lease	1	2
Operating cash outflows from operating leases	9	11
Investing cash outflows from operating leases	40	127
Financing cash outflows from finance lease	$ 9	$ 8
Weighted average remaining lease term - finance lease	1 year	2 years
Weighted average remaining lease term - operating leases	1 year 1 month 13 days	4 years 7 months 24 days
Weighted average discount rate - finance lease	7.50%	7.50%
Weighted average discount rate - operating leases	6.46%	4.85%

Leases - Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finance Leases, After Adoption of 842:
2021	$ 10
2022	0
Total lease payments	10
Less imputed interest	(1)
Finance, present value of lease liabilities	9	$ 18
Less current maturities	(9)	(9)
Present value of lease liabilities, less current maturities	0	9
Operating Leases, After Adoption of 842:
2021	28
2022	2
Total lease payments	30
Less imputed interest	(1)
Operating, present value of lease liabilities	29	25
Less current maturities	(27)	(9)
Present value of lease liabilities, less current maturities	$ 2	$ 16

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 2,745	$ 4,517	$ 5,189
Gains (losses) on oil, natural gas and NGL derivatives									596	5	(34)
Total oil, natural gas and NGL revenues	$ 1,259	$ 975	$ 521	$ 2,541	$ 1,926	$ 2,087	$ 2,386	$ 2,196	5,296	8,595	10,030
Marcellus
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									631	856	924
Haynesville
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									362	620	838
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									914	1,561	1,872
Brazos valley
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									514	769
Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									231	478	350
Mid-Continent
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									93	233	385
Utica
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers											820
Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,427	2,543	2,201
Gains (losses) on oil, natural gas and NGL derivatives									554	(212)	124
Oil \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									0	0	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									0	0	2
Oil \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									717	1,289	1,514
Oil \| Brazos valley
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									485	721
Oil \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									170	369	244
Oil \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									55	164	246
Oil \| Utica
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers											195
Natural gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,188	1,782	2,486
Gains (losses) on oil, natural gas and NGL derivatives									42	217	(147)
Natural gas \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									631	856	924
Natural gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									362	620	836
Natural gas \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									113	153	173
Natural gas \| Brazos valley
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									16	32
Natural gas \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									41	77	68
Natural gas \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									25	44	84
Natural gas \| Utica
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers											401
NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									130	192	502
Gains (losses) on oil, natural gas and NGL derivatives									0	0	(11)
NGL \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									0	0	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									0	0	0
NGL \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									84	119	185
NGL \| Brazos valley
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									13	16
NGL \| Powder River Basin
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									20	32	38
NGL \| Mid-Continent
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									13	25	55
NGL \| Utica
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers											224
Oil, Natural Gas and NGL
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									3,341	4,522	5,155
Oil, Natural Gas and NGL \| Oil
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									1,981	2,331	2,325
Oil, Natural Gas and NGL \| Natural gas
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									1,230	1,999	2,339
Oil, Natural Gas and NGL \| NGL
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									130	192	491
Marketing
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,799	3,619	4,390
Gains (losses) on oil, natural gas and NGL derivatives									1,869	(4)	7
Total oil, natural gas and NGL revenues										3,967	5,076
Marketing \| Oil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									1,195	2,473	2,740
Gains (losses) on oil, natural gas and NGL derivatives									1,262	0	0
Total oil, natural gas and NGL revenues										2,784	3,197
Marketing \| Natural gas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									494	900	1,194
Gains (losses) on oil, natural gas and NGL derivatives									497	(4)	7
Total oil, natural gas and NGL revenues										937	1,423
Marketing \| NGL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									110	246	456
Gains (losses) on oil, natural gas and NGL derivatives									110	0	0
Total oil, natural gas and NGL revenues										246	456
Other marketing revenue
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									70	352	679
Other marketing revenue \| Oil
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									67	311	457
Other marketing revenue \| Natural gas
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									3	41	222
Other marketing revenue \| NGL
Disaggregation of Revenue [Line Items]
Total oil, natural gas and NGL revenues									$ 0	$ 0	$ 0

Revenue Recognition - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (30)	$ (21)
Total accounts receivable, net	746	990
Oil, natural gas and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	589	737
Joint interest billings
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	119	200
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 68	$ 74

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ (3)	$ 0	$ 0
State	(6)	(26)	0
Current Income Taxes	(9)	(26)	0
Deferred
Federal	0	(297)	3
State	(10)	(8)	(13)
Deferred Income Taxes	(10)	(305)	(10)
Total Income Tax Expense (Benefit)	$ (19)	$ (331)	$ (10)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

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

+ References + Details

Income Taxes - Effective Income Tax Expense (Benefit) Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense (benefit) at the federal statutory rate of 21%	$ (2,051)	$ (134)	$ 45
State income taxes (net of federal income tax benefit)	(41)	(21)	27
Partial release of valuation allowance due to the WildHorse Merger	0	(314)	0
Change in valuation allowance excluding impact of WildHorse Merger	2,010	114	(97)
Reorganization items	41	0	0
Equity-based compensation (non-officer)	10	4	4
Officer compensation limited under Section 162(m)	9	3	5
Other	3	17	6
Total Income Tax Expense (Benefit)	$ (19)	$ (331)	$ (10)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 01, 2019	Dec. 31, 2017
Income Taxes Summary [Line Items]
Change in valuation allowance		$ 2,010
Net operating loss carryforwards		2,066	$ 1,971
Deferred tax assets		3,811	2,449
Deferred tax assets, valuation allowance		3,808	1,805
Deferred tax assets, valuation allowance, increase (decrease)		2,003
Income tax benefit		(19)	(331)	$ (10)
Unrecognized tax benefits		74	74	$ 79		$ 106
Uncertain tax positions that would impact effective tax rate		29
Federal
Income Taxes Summary [Line Items]
NOL carryforward		7,803
Net operating loss carryforwards		1,639
State and local
Income Taxes Summary [Line Items]
NOL carryforward		7,784
Net operating loss carryforwards		427
Unrecognized tax benefits, receivables with taxing authorities		29
Wildhorse resource development corporation
Income Taxes Summary [Line Items]
Deferred tax liabilities			$ 314		$ 314
Income tax benefit	$ 314
Deferred tax liability, plant, property and equipment and prepaid compensation	401
Deferred tax assets, operating loss carryforward, limitations		61
Wildhorse resource development corporation \| Federal
Income Taxes Summary [Line Items]
Net operating loss carryforwards	$ 87
Income tax expense (benefit)
Income Taxes Summary [Line Items]
Change in valuation allowance		$ 2,010

Income Taxes - Deferred Tax Assets and Liabilities Table (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities:
Property, plant and equipment	$ 0	$ (546)
Volumetric production payments	0	(89)
Derivative instruments	0	(14)
Other	(3)	(5)
Deferred tax liabilities	(3)	(654)
Deferred tax assets:
Property, plant and equipment	907	0
Net operating loss carryforwards	2,066	1,971
Carrying value of debt	48	169
Disallowed business interest carryforward	293	25
Asset retirement obligations	34	50
Investments	71	83
Accrued liabilities	288	64
Derivative instruments	53	0
Other	51	87
Deferred tax assets	3,811	2,449
Valuation allowance	(3,808)	(1,805)
Deferred tax assets after valuation allowance	3	644
Net deferred tax liability	$ 0	$ (10)

Income Taxes - Unrecognized Tax Benefits Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at beginning of period	$ 74	$ 79	$ 106
Additions based on tax positions related to the current year	0	0	0
Additions to tax positions of prior years	0	27	0
Settlements	0	(32)	0
Expiration of the applicable statute of limitations	0	0	(23)
Reductions to tax positions of prior years	0	0	(4)
Unrecognized tax benefits at end of period	$ 74	$ 74	$ 79

Equity - Common Stock (Details)
$ in Thousands

12 Months Ended

Apr. 14, 2020

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Common stock, shares issued, beginning of period (in shares)

9,772,793

4,568,000

4,543,000

Restricted stock issuances (net of forfeitures and cancellations) (in shares)

8,000

21,000

25,000

Common stock, shares issued, end of period (in shares)

9,780,547

9,772,793

4,568,000

Stock split, conversion ratio

0.005

Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common shares issued for WildHorse Merger (in shares) | $

^[1]

$ 0

Common Stock | Senior notes exchanged for shares of common stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued, conversion (in shares)

1,178,000

Common Stock | Convertible notes exchanged for shares of common stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued, conversion (in shares)

367,000

Common Stock | Preferred stock exchanged for shares of common stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued, conversion (in shares)

51,839

Wildhorse resource development corporation

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common shares issued for WildHorse Merger (in shares) | $

$ 0

$ 3,587

$ 0

[1]	Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 11 for additional information.

Equity - Reverse Stock Split (Details)	Apr. 14, 2020	Apr. 13, 2020 shares	Dec. 31, 2020 shares	May 04, 2020	Apr. 10, 2020 shares	Dec. 31, 2019 shares
Class of Stock [Line Items]
Stock split, conversion ratio	0.005
Common shares, outstanding (in shares)					1,957,000,000
Common stock, shares authorized (in shares)			22,500,000			15,000,000
Maximum percent of common stock being acquired by any person or group				4.90%
COMMON STOCK
Class of Stock [Line Items]
Reverse stock split, number of shares (in shares)		9,784,000
Shares authorized prior to reverse stock split (in shares)					3,000,000,000
Common stock, shares authorized (in shares)					22,500,000

Equity - Preferred Stock Conversion Terms (Details)	12 Months Ended
Equity - Preferred Stock Conversion Terms (Details)	Dec. 31, 2020 $ / shares shares
5.75% cumulative convertible preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate	5.75%
5.75% cumulative convertible preferred stock series A
Class of Stock [Line Items]
Preferred stock, dividend rate	5.75%
4.50% cumulative convertible preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate	4.50%
5.00% cumulative convertible preferred stock series 2005 B
Class of Stock [Line Items]
Preferred stock, dividend rate	5.00%
Preferred stock \| 5.75% cumulative convertible preferred stock
Class of Stock [Line Items]
Liquidation Preference per Share (in usd per share)	$ 1,000
Conversion Rate	0.1984%
Conversion Price (in usd per share)	$ 5,039.59
Company's Market Conversion Trigger (in usd per share)	6,551.46
Preferred stock \| 5.75% cumulative convertible preferred stock series A
Class of Stock [Line Items]
Liquidation Preference per Share (in usd per share)	$ 1,000
Conversion Rate	0.1918%
Conversion Price (in usd per share)	$ 5,215.02
Company's Market Conversion Trigger (in usd per share)	6,779.52
Preferred stock \| 4.50% cumulative convertible preferred stock
Class of Stock [Line Items]
Liquidation Preference per Share (in usd per share)	$ 100
Conversion Rate	0.0123%
Conversion Price (in usd per share)	$ 8,142.99
Company's Market Conversion Trigger (in usd per share)	10,585.89
Preferred stock \| 5.00% cumulative convertible preferred stock series 2005 B
Class of Stock [Line Items]
Liquidation Preference per Share (in usd per share)	$ 100
Conversion Rate	0.0139%
Conversion Price (in usd per share)	$ 7,208.51
Company's Market Conversion Trigger (in usd per share)	$ 9,371.06
Preferred stock \| 4.50% or 5.00% (series 2005B) cumulative convertible preferred stock \| Minimum
Class of Stock [Line Items]
Conversion of stock, market trigger (in shares) \| shares	250,000
Preferred stock \| 5.75% or 5.75% (Series A) preferred stock \| Minimum
Class of Stock [Line Items]
Conversion of stock, market trigger (in shares) \| shares	25,000

Equity - Preferred Stock and Dividends (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning of period (in shares)	5,563,458
Preferred stock, shares outstanding, end of period (in shares)	5,563,458	5,563,458
Loss on exchange of preferred stock	$ 0	$ 17	$ 0
5.75% cumulative convertible preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning of period (in shares)	770,000	770,000	770,000
Preferred stock, shares outstanding, end of period (in shares)	770,000	770,000	770,000
Preferred stock, dividend rate	5.75%
5.75% cumulative convertible preferred stock series A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning of period (in shares)	423,000	463,000	463,000
Preferred stock, shares outstanding, end of period (in shares)	423,000	423,000	463,000
Preferred stock, dividend rate	5.75%
4.50% cumulative convertible preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning of period (in shares)	2,559,000	2,559,000	2,559,000
Preferred stock, shares outstanding, end of period (in shares)	2,559,000	2,559,000	2,559,000
Preferred stock, dividend rate	4.50%
5.00% cumulative convertible preferred stock series 2005 B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding, beginning of period (in shares)	1,811,000	1,811,000	1,811,000
Preferred stock, shares outstanding, end of period (in shares)	1,811,000	1,811,000	1,811,000
Preferred stock, dividend rate	5.00%
Preferred stock \| Preferred stock, exchanged for shares of common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)	(100)	(40,000)	0
Preferred stock \| 5.75% cumulative convertible preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		0
Preferred stock \| 5.75% cumulative convertible preferred stock series A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		(40,000)
Stock issued, conversion (in shares)		40,000
Interest rate, stated percentage		5.75%
Preferred stock \| 4.50% cumulative convertible preferred stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		0
Preferred stock \| 5.00% cumulative convertible preferred stock series 2005 B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock exchanges (in shares)		0
Common Stock \| Preferred stock, exchanged for shares of common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued, conversion (in shares)	0	51,839	0

Equity - Dividends (Details)	12 Months Ended
Equity - Dividends (Details)	Dec. 31, 2020
5.00% cumulative convertible preferred stock series 2005 B
Class of Stock [Line Items]
Preferred stock, dividend rate	5.00%
4.50% cumulative convertible preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate	4.50%
5.75% cumulative convertible preferred stock
Class of Stock [Line Items]
Preferred stock, dividend rate	5.75%

Equity - AOCI Changes Net of Tax Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	$ 4,401	$ 2,133
Accumulated other comprehensive income (loss), ending balance	(5,341)	4,401
Accumulated net gain (loss) from cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	12	(23)
Amounts reclassified from accumulated other comprehensive income	33	35
Accumulated other comprehensive income (loss), ending balance	$ 45	$ 12

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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

Equity - Post-Emergence Equity Narrative (Details)	6 Months Ended
Equity - Post-Emergence Equity Narrative (Details)	Dec. 31, 2020 $ / shares shares
Class A Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	11,100,000
Warrant, exercise price (in dollars per share) \| $ / shares	$ 27.63
Class B Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	12,300,000
Warrant, exercise price (in dollars per share) \| $ / shares	$ 32.13
Class C Warrants
Class of Stock [Line Items]
Warrants issued (in shares)	13,700,000
Warrant, exercise price (in dollars per share) \| $ / shares	$ 36.18
New Common Stock
Class of Stock [Line Items]
Stock issued during period, new issues (in shares)	97,900,000
Shares issued (in dollars per share) \| $ / shares	$ 0.01
Common stock, reserved for future issuance (in shares)	2,100,000

Share-Based Compensation - Narrative (Details) $ in Millions		12 Months Ended
	May 05, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) vesting_period	Jun. 28, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares) \| shares		22,500,000	15,000,000
Share-based compensation expense	$ 18
Cash retention incentives capitalized to other current assets	15
Difference between cash and cash retention incentives	$ 10
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, vested		$ 1
Share-based payment arrangement, option \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years	3 years	3 years
Share-based payment arrangement, option \| Management \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration		7 years
Share-based payment arrangement, option \| Management \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration		10 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Share-based compensation expense		$ (4)	$ 10	$ 12
Performance shares \| 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting periods \| vesting_period				3
2014 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares) \| shares		474,123
2014 Long Term Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares) \| shares		358,000
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares) \| shares					6,800,000

Share-Based Compensation - Restricted Stock (Details) shares in Thousands		12 Months Ended
	Apr. 14, 2020	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares
Weighted Average Grant Date Fair Value(a)
Stock split, conversion ratio	0.005
Restricted stock
Shares of Unvested Restricted Stock(a)
Unvested restricted stock, beginning balance (in shares) \| shares		52	59	66
Granted (in shares) \| shares		68	30	30
Vested (in shares) \| shares		(21)	(30)	(29)
Forfeited (in shares) \| shares		(98)	(7)	(8)
Unvested restricted stock, ending balance (in shares) \| shares		1	52	59
Weighted Average Grant Date Fair Value(a)
Unvested restricted stock, beginning balance (in usd per share) \| $ / shares		$ 710	$ 886	$ 1,274
Granted (in usd per share) \| $ / shares		60	530	746
Vested (in usd per share) \| $ / shares		792	876	1,534
Forfeited (in usd per share) \| $ / shares		243	744	1,204
Unvested restricted stock, ending balance (in usd per share) \| $ / shares		$ 617	$ 710	$ 886

Share-Based Compensation - Equity-Classified Valuation (Details) - Share-based payment arrangement, option	12 Months Ended
	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life – years	6 years
Volatility	65.61%
Risk-free interest rate	2.47%
Dividend yield	0.00%

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	90	90	81
Granted (in shares)	0	5	18
Exercised (in shares)	0	0	0
Expired (in shares)	(23)	(2)	(3)
Forfeited (in shares)	(47)	(3)	(6)
Outstanding, ending balance (in shares)	20	90	90	81
Options exercisable, shares underlying options (in shares)	19	65	41
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in usd per share)	$ 1,420	$ 1,440	$ 1,650
Granted (in usd per share)	0	594	602
Exercised (in usd per share)	0	0	0
Expired (in usd per share)	915	1,272	2,766
Forfeited (in usd per share)	1,666	794	1,090
Outstanding, ending balance (in usd per share)	1,429	1,420	1,440	$ 1,650
Options exercisable, average exercise price per share (in usd per share)	$ 1,440	$ 1,656	$ 2,146
Options outstanding, weighted average contract life	4 years 3 months 7 days	5 years 8 months 12 days	7 years 1 month 24 days	7 years 8 months 23 days
Options outstanding, aggregate intrinsic value	$ 0	$ 0	$ 0	$ 1
Options exercised, aggregate intrinsic value	$ 0	$ 0	$ 0
Options exercisable, weighted average contract life	4 years 4 months 6 days	4 years 10 months 9 days	5 years 8 months 23 days
Options exercisable, aggregate intrinsic value	$ 0	$ 0	$ 0

Share-Based Compensation - Equity-Classified Compensation (Details) - USD ($) $ in Millions		12 Months Ended
	May 05, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 18
Restricted stock and stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 22	$ 32	$ 39
Restricted stock and stock options \| General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		20	26	31
Restricted stock and stock options \| Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		1	2	2
Restricted stock and stock options \| Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		1	3	5
Restricted stock and stock options \| Exploration expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 1	$ 1

Share-Based Compensation - Liability-Classified Awards (Details) - Cash restricted stock units - Payable 2021 - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units (in shares)	13,351
Fair value	$ 0	$ 8
Vested Liability	$ 0

Share-Based Compensation - Liability-Classified Compensation (Details) - USD ($) $ in Millions		12 Months Ended
	May 05, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 18
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ (4)	$ 10	$ 12
Performance shares \| General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		(3)	5	9
Performance shares \| Oil and natural gas properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		0	1	1
Performance shares \| Oil, natural gas and NGL production expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		(1)	3	2
Performance shares \| Separation and other termination costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 1	$ 0

Employee Benefit Plans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Jan. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Extinguished liabilities	$ 43
Chesapeake energy corporation savings and incentive stock bonus plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer matching contribution		15.00%
Employer contribution amount		$ 24	$ 29	$ 31

Derivative and Hedging Activities - Narrative (Details)	Dec. 31, 2020 USD ($) derivative counterparty	Dec. 31, 2019 USD ($) derivative
Derivative [Line Items]
Cash collateral for borrowed securities	$ 0	$ 0
Gain (loss) included in accumulated other comprehensive income to net income (loss) during the next 12 months	$ (8,000,000)
Credit risk
Derivative [Line Items]
Number of counterparties in hedge facility \| counterparty	7
Designated as hedging instrument
Derivative [Line Items]
Number of derivative instruments \| derivative	0	0

Derivative and Hedging Activities - Derivative Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) MMBbls Bcf	Dec. 31, 2019 USD ($) MMBbls Bcf
Derivative [Line Items]
Total derivatives	$ (118)	$ 130
Energy related derivative
Derivative [Line Items]
Total derivatives	$ (118)	$ 130
Energy related derivative \| Oil
Derivative [Line Items]
Notional, volume \| MMBbls	34,000,000	34
Total derivatives	$ (137)	$ 5
Energy related derivative \| Oil \| Fixed-price swaps
Derivative [Line Items]
Notional, volume \| MMBbls	27,000,000	24
Total derivatives	$ (136)	$ (7)
Energy related derivative \| Oil \| Collars
Derivative [Line Items]
Notional, volume \| MMBbls	0	2
Total derivatives	$ 0	$ 14
Energy related derivative \| Oil \| Basis protection swaps
Derivative [Line Items]
Notional, volume \| MMBbls	7,000,000	8
Total derivatives	$ (1)	$ (2)
Energy related derivative \| Natural gas
Derivative [Line Items]
Notional, volume \| Bcf	847,000,000	346
Total derivatives	$ 19	$ 125
Energy related derivative \| Natural gas \| Fixed-price swaps
Derivative [Line Items]
Notional, volume \| Bcf	728,000,000	265
Total derivatives	$ 10	$ 125
Energy related derivative \| Natural gas \| Collars
Derivative [Line Items]
Notional, volume \| Bcf	53,000,000	0
Total derivatives	$ 8	$ 0
Energy related derivative \| Natural gas \| Call options (sold)
Derivative [Line Items]
Notional, volume \| Bcf	0	22
Total derivatives	$ 0	$ 0
Energy related derivative \| Natural gas \| Call swaptions
Derivative [Line Items]
Notional, volume \| Bcf	0	29
Total derivatives	$ 0	$ (2)
Energy related derivative \| Natural gas \| Basis protection swaps
Derivative [Line Items]
Notional, volume \| Bcf	66,000,000	30
Total derivatives	$ 1	$ 2

Derivative and Hedging Activities - Derivative Instruments in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Total derivatives	$ (118)	$ 130
Not designated as hedging instrument \| Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset		130
Derivative liability, fair value, gross liability	(118)
Derivative liability, fair value, gross asset	0	0
Total derivatives	(118)	130
Not designated as hedging instrument \| Commodity contracts \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	84	174
Derivative asset, fair value, gross liability	(65)	(40)
Total derivatives	19	134
Not designated as hedging instrument \| Commodity contracts \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	5
Derivative asset, fair value, gross liability	(5)
Total derivatives	0
Not designated as hedging instrument \| Commodity contracts \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(158)	(42)
Derivative liability, fair value, gross asset	65	40
Total derivatives	(93)	(2)
Not designated as hedging instrument \| Commodity contracts \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(49)	(2)
Derivative liability, fair value, gross asset	5	0
Total derivatives	$ (44)	$ (2)

Derivative and Hedging Activities - Oil, Natural Gas and NGL Revenues (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gains on undesignated oil, natural gas and NGL derivatives									$ 596	$ 5	$ (34)
Total oil, natural gas and NGL revenues	$ 1,259	$ 975	$ 521	$ 2,541	$ 1,926	$ 2,087	$ 2,386	$ 2,196	5,296	8,595	10,030
Oil, natural gas and NGL sales
Derivative [Line Items]
Losses on terminated cash flow hedges									(33)	(35)	(34)
Oil, Natural Gas and NGL
Derivative [Line Items]
Oil, natural gas and NGL revenues									2,745	4,517	5,189
Total oil, natural gas and NGL revenues									3,341	4,522	5,155
Not designated as hedging instrument \| Oil, natural gas and NGL sales \| Commodity contracts
Derivative [Line Items]
Gains on undesignated oil, natural gas and NGL derivatives									$ 629	$ 40	$ 0

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Derivative and Hedging Activities - Marketing, Gathering and Compression Revenues (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gains on undesignated oil, natural gas and NGL derivatives									$ 596	$ 5	$ (34)
Total oil, natural gas and NGL revenues	$ 1,259	$ 975	$ 521	$ 2,541	$ 1,926	$ 2,087	$ 2,386	$ 2,196	5,296	8,595	10,030
Marketing, gathering and compression \| Supply contract
Derivative [Line Items]
Gains on undesignated oil, natural gas and NGL derivatives									0	(4)	7
Marketing
Derivative [Line Items]
Total oil, natural gas and NGL revenues									1,869	3,967	5,076
Marketing \| Marketing, gathering and compression
Derivative [Line Items]
Revenues									$ 1,869	$ 3,971	$ 5,069

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Derivative and Hedging Activities - Cash Flow Hedges Components of AOCI (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Accumulated other comprehensive income (loss), beginning balance

$ 4,401

$ 2,133

Accumulated other comprehensive income (loss), beginning balance

Reclassification of losses on settled derivative instruments

^[1]

$ 34

Accumulated other comprehensive income (loss), ending balance

$ (5,341)

(5,341)

4,401

2,133

Accumulated other comprehensive income (loss), ending balance

Accumulated Other Comprehensive Loss

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Reclassification of losses on settled derivative instruments

(33)

(35)

Accumulated other comprehensive income (loss), losses reclassified to income, after tax

Cash flow hedging

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Accumulated other comprehensive income (loss), before tax, beginning of period

(45)

(80)

(114)

Accumulated other comprehensive income (loss), beginning balance

(23)

(57)

Accumulated other comprehensive income (loss), losses reclassified to income, before tax

(35)

Accumulated other comprehensive income (loss), losses reclassified to income, before tax

Reclassification of losses on settled derivative instruments

Accumulated other comprehensive income (loss), losses reclassified to income, after tax

Accumulated other comprehensive income (loss), before tax, end of period

(12)

(45)

(80)

Accumulated other comprehensive income (loss), ending balance

(23)

Cash flow hedging | Accumulated Other Comprehensive Loss

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Accumulated other comprehensive income (loss), beginning balance

(23)

Accumulated other comprehensive income (loss), ending balance

$ 45

$ 12

$ (23)

[1]	Deferred tax activity incurred in other comprehensive income was offset by a valuation allowance.

Derivative and Hedging Activities - Fair Value of Recurring Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total derivatives	$ (118)	$ 130
Fair value, inputs, level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total derivatives	0	0
Fair value, inputs, level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total derivatives	(126)	118
Fair value, inputs, level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total derivatives	8	12
Commodity contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	88	174
Derivative liability	(206)	(44)
Commodity contracts \| Fair value, inputs, level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Commodity contracts \| Fair value, inputs, level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	78	160
Derivative liability	(204)	(42)
Commodity contracts \| Fair value, inputs, level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	10	14
Derivative liability	(2)	(2)
Total derivatives	$ 8	$ 12	$ 87

Derivative and Hedging Activities - Fair Value Level 3 Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	$ 130
Balance, end of period	(118)	$ 130
Energy related derivative
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	130
Balance, end of period	(118)	130
Fair value, inputs, level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	12
Balance, end of period	8	12
Fair value, inputs, level 3 \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	12	87
Total gains (losses) (realized/unrealized): Included in earnings	11	(59)
Total purchases, issuances, sales and settlements: Settlements	(15)	(16)
Balance, end of period	8	12
Fair value, inputs, level 3 \| Commodity contracts \| Oil, natural gas and NGL sales
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Total gains (losses) (realized/unrealized): Included in earnings	11	(59)
Change in unrealized gains (losses) related to assets still held at reporting date	0	(19)
Fair value, inputs, level 3 \| Energy related derivative \| Future natural gas prices \| Utica Contingent Consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of period	0	7
Total gains (losses) (realized/unrealized): Included in earnings	0	(7)
Total purchases, issuances, sales and settlements: Settlements	0	0
Balance, end of period	0	0
Fair value, inputs, level 3 \| Energy related derivative \| Future natural gas prices \| Utica Contingent Consideration \| Oil, natural gas and NGL sales
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Total gains (losses) (realized/unrealized): Included in earnings	0	(7)
Change in unrealized gains (losses) related to assets still held at reporting date	$ 0	$ 0

Derivative and Hedging Activities - Quantitative Disclosures Level 3 (Details) - Energy related derivative - Natural gas $ in Millions	Dec. 31, 2020 USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Fair value, asset	$ 8
Measurement input, price volatility \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.0024
Measurement input, price volatility \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.0071
Measurement input, price volatility \| Weighted average
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Measurement input	0.38

Capitalized Exploratory Well Costs - Changes In Capitalized Well Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in Capitalized Well Costs
Beginning balance	$ 7	$ 36	$ 36
Additions pending the determination of proved reserves	0	7	74
Divestitures and other	0	(3)	0
Reclassifications to proved properties	0	(17)	(40)
Charges to exploration expense	(7)	(16)	(34)
Ending balance	$ 0	$ 7	$ 36

Capitalized Exploratory Well Costs - Aging of Capitalized Costs (Details) $ in Millions	Dec. 31, 2020 USD ($) project	Dec. 31, 2019 USD ($) project	Dec. 31, 2018 USD ($) project	Dec. 31, 2017 USD ($)
Extractive Industries [Abstract]
Exploratory well costs capitalized for a period of one year or less	$ 0	$ 7	$ 34
Exploratory well costs capitalized for a period greater than one year	0	0	2
Exploratory well costs capitalized	$ 0	$ 7	$ 36	$ 36
Number of projects with exploratory well costs capitalized for a period greater than one year \| project	0	0	7

Other Property and Equipment - Held for Use and Estimated Useful Lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 1,754	$ 1,810
Total other property and equipment, at cost	1,754	1,810
Less: accumulated depreciation	(799)	(692)
Total other property and equipment, net	955	1,118
Buildings and improvements
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 1,038	1,058
Buildings and improvements \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	39 years
Computer equipment
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 356	355
Estimated Useful Life	5 years
Sand mine
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 81	78
Sand mine \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	10 years
Sand mine \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	30 years
Compressor
Property, Plant and Equipment [Abstract]
Total other property and equipment, at cost	$ 36	48
Assets under finance lease	27	10
Assets under finance lease, accumulated amortization	$ 18
Compressor \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	3 years
Compressor \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	20 years
Land
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 113	115
Other
Property, Plant and Equipment [Abstract]
Other property and equipment	$ 130	$ 156
Other \| Minimum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	5 years
Other \| Maximum
Property, Plant and Equipment [Abstract]
Estimated Useful Life	20 years

Investments - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 19, 2020	Nov. 18, 2020	Mar. 31, 2020	Feb. 01, 2019
Schedule of Equity Method Investments [Line Items]
Proceeds from sales of investments	$ 0	$ 0	$ 74
Share price (in usd per share)							$ 568
JWH midstream LLC (JWH)
Schedule of Equity Method Investments [Line Items]
Business acquisition, percent acquired	50.00%
Equity method investments						$ 17
Payments to terminate involvement in partnership	$ 7
Impairment expense	24
FTS international, inc.
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		20.00%	29.00%	2.00%	20.00%
Investment, realized gain (loss)		$ 61
Number of shares sold (in shares)		4.3
Proceeds from sales of investments		$ 74
Equity securities, cost		$ 65
Share price (in usd per share)		$ 1.04
Impairments of investments	$ 23	$ 43
FTS international, inc. \| IPO
Schedule of Equity Method Investments [Line Items]
Investment, ownership percentage		24.00%
Investment, realized gain (loss)		$ 78

Impairments - Impairments of Oil and Natural Gas Properties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total impairments of oil and natural gas properties	$ 8,446	$ 8	$ 78
Impairments due to lower forecasted commodity prices
Property, Plant and Equipment [Line Items]
Total impairments of oil and natural gas properties	8,446	8	23
Impairments due to anticipated sale
Property, Plant and Equipment [Line Items]
Total impairments of oil and natural gas properties	$ 0	$ 0	$ 55

Impairments - Narrative (Details) $ in Millions	12 Months Ended
Impairments - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) compressor	Dec. 31, 2018 USD ($)
Asset Impairment Charges [Abstract]
Future commodity prices escalated by an inflationary rate, period	2 years
Property, Plant and Equipment [Line Items]
Total impairments of oil and natural gas properties	$ 8,446	$ 8	$ 78
Asset impairment	$ 89	3	53
Oil and Gas Properties
Property, Plant and Equipment [Line Items]
Rate used to discount expected future net cash flows	11.00%
Total impairments of oil and natural gas properties	$ 8,446
Sand mine
Property, Plant and Equipment [Line Items]
Asset impairment	76	0	0
Compressor
Property, Plant and Equipment [Line Items]
Asset impairment	$ 13	0	$ 45
Natural gas compressors, difference between carrying value and fair value
Property, Plant and Equipment [Line Items]
Asset impairment		$ 45
Equipment, number of units \| compressor		890

Impairments - Fixed Assets and Other Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Asset impairment	$ 89	$ 3	$ 53
Sand mine
Property, Plant and Equipment [Line Items]
Asset impairment	76	0	0
Natural gas compressors
Property, Plant and Equipment [Line Items]
Asset impairment	13	0	45
Buildings and land
Property, Plant and Equipment [Line Items]
Asset impairment	0	1	4
Other
Property, Plant and Equipment [Line Items]
Asset impairment	$ 0	$ 2	$ 4

Exploration Expense (Details) - USD ($) $ in Millions	12 Months Ended
Exploration Expense (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Extractive Industries [Abstract]
Impairments of unproved properties	$ 411	$ 32	$ 59
Dry hole expense	7	25	37
Geological and geophysical expense and other	9	27	66
Exploration expense	$ 427	$ 84	$ 162

Other Operating Expense - Narrative (Details) $ in Millions	12 Months Ended
Other Operating Expense - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Expenses recognized	$ 80
Decrease in future commitments	169
Wildhorse resource development corporation
Property, Plant and Equipment [Line Items]
Business acquisition transaction costs	37
Severance costs	$ 38

Separation and Other Termination Costs (Details) $ in Millions		2 Months Ended	12 Months Ended
	Feb. 03, 2021 USD ($) employee	Mar. 01, 2021 USD ($) employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Separation and other termination costs			$ 44	$ 12	$ 38
Subsequent event
Restructuring Cost and Reserve [Line Items]
Separation and other termination costs	$ 20	$ 20
Number of employees terminated \| employee	220	220
Number of employees terminated, percent	15.00%	15.00%
One-time termination benefits
Restructuring Cost and Reserve [Line Items]
Separation and other termination costs			$ 44	$ 12	$ 38

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 211	$ 166
Additions	1	21
Revisions	(14)	18
Settlements and disposals	(66)	(5)
Accretion expense	12	11
Asset retirement obligations, end of period	144	211
Less current portion	5	11
Asset retirement obligation, long-term	139	200
Business Acquisition [Line Items]
Additions	1	21
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposals	66	$ 5
Mid-Continent
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Settlements and disposals	(49)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposals	49
Haynesville
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Settlements and disposals	(14)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposals	14
Wildhorse resource development corporation
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Additions	17
Business Acquisition [Line Items]
Additions	$ 17

Major Customers - Narrative (Details)	12 Months Ended
Major Customers - Narrative (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valero energy corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage	17.00%	12.00%	10.00%

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 279	$ 6
Total Current Assets	1,108	1,251
PROPERTY AND EQUIPMENT:
Total Property and Equipment, Net	5,242	14,756
TOTAL ASSETS	6,584	16,193
CURRENT LIABILITIES:
Total Current Liabilities	3,094	2,392
Long-term debt, net	0	9,073
Liabilities subject to compromise	8,643	0
EQUITY (DEFICIT):
Stockholders’ equity (deficit)	(5,341)	4,364
Total Equity (Deficit)	(5,341)	4,401	$ 2,133
TOTAL LIABILITIES AND EQUITY (DEFICIT)	6,584	16,193
Debtor-in-Possession
CURRENT ASSETS:
Cash and cash equivalents	278	4
Other current assets	829	1,244
Total Current Assets	1,107	1,248
PROPERTY AND EQUIPMENT:
Oil and natural gas properties at cost, based on successful efforts accounting, net	4,277	13,586
Other property and equipment, net	955	1,118
Property and equipment held for sale, net	10	10
Total Property and Equipment, Net	5,242	14,714
Other long-term assets	234	187
Investments in subsidiaries and intercompany advances	1	6
TOTAL ASSETS	6,584	16,155
CURRENT LIABILITIES:
Current liabilities	3,094	2,391
Total Current Liabilities	3,094	2,391
Long-term debt, net	0	9,073
Deferred income tax liabilities	0	10
Other long-term liabilities	188	317
Liabilities subject to compromise	8,643	0
Total Liabilities	11,925	11,791
EQUITY (DEFICIT):
Stockholders’ equity (deficit)	(5,341)	4,364
Total Equity (Deficit)	(5,341)	4,364
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 6,584	$ 16,155

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES AND OTHER:
Gains (losses) on sales of assets									$ 30	$ 43	$ (264)
Total revenues	$ 1,259	$ 975	$ 521	$ 2,541	$ 1,926	$ 2,087	$ 2,386	$ 2,196	5,296	8,595	10,030
OPERATING EXPENSES:
Severance and ad valorem taxes									149	224	189
General and administrative									267	315	335
Separation and other termination costs									44	12	38
Provision for legal contingencies									27	19	26
Depreciation, depletion and amortization									1,097	2,264	1,737
Impairments				8,446					8,535	11	131
Other operating expense									109	92	0
Total Operating Expenses									13,999	8,626	9,648
INCOME (LOSS) FROM OPERATIONS	$ 176	$ (111)	$ (541)	$ (8,227)	$ (173)	$ 46	$ 278	$ (182)	(8,703)	(31)	382
OTHER INCOME (EXPENSE):
Interest expense									(331)	(651)	(633)
Gains on purchases or exchanges of debt									65	75	263
Other income									16	39	67
Reorganization items, net									(796)	0	0
Equity in net earnings (losses) of subsidiary									(20)	(71)	139
Total Other Expense									(1,066)	(608)	(164)
INCOME (LOSS) BEFORE INCOME TAXES									(9,769)	(639)	218
Total Income Tax Expense (Benefit)									(19)	(331)	(10)
NET INCOME (LOSS)									(9,750)	(308)	228
Other comprehensive income									33	35	34
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE									(9,701)	(273)	260
Oil, Natural Gas and NGL
REVENUES AND OTHER:
Total revenues									3,341	4,522	5,155
Oil, natural gas and NGL production
OPERATING EXPENSES:
Cost of goods and services									373	520	474
Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Cost of goods and services									1,082	1,082	1,398
Marketing
REVENUES AND OTHER:
Total revenues									1,869	3,967	5,076
OPERATING EXPENSES:
Cost of goods and services									1,889	4,003	5,158
Oil, Natural gas and NGL and Marketing
REVENUES AND OTHER:
Total revenues									5,210	8,489	10,231
Other
REVENUES AND OTHER:
Total revenues									56	63	63
Exploration
OPERATING EXPENSES:
Cost of goods and services									427	84	162
Debtor-in-Possession
REVENUES AND OTHER:
Gains (losses) on sales of assets									30	43	(264)
Total revenues									5,289	8,581	10,011
OPERATING EXPENSES:
Severance and ad valorem taxes									149	224	188
General and administrative									266	314	334
Separation and other termination costs									44	12	38
Provision for legal contingencies									27	19	26
Depreciation, depletion and amortization									1,095	2,258	1,730
Impairments									8,501	11	131
Other operating expense									109	92	0
Total Operating Expenses									13,959	8,613	9,632
INCOME (LOSS) FROM OPERATIONS									(8,670)	(32)	379
OTHER INCOME (EXPENSE):
Interest expense									(331)	(651)	(633)
Gains (losses) on investments									(20)	(71)	139
Gains on purchases or exchanges of debt									65	75	263
Other income									16	39	67
Reorganization items, net									(796)	0	0
Equity in net earnings (losses) of subsidiary									(17)	1	1
Total Other Expense									(1,083)	(607)	(163)
INCOME (LOSS) BEFORE INCOME TAXES									(9,753)	(639)	216
Total Income Tax Expense (Benefit)									(19)	(331)	(10)
NET INCOME (LOSS)									(9,734)	(308)	226
Other comprehensive income									33	35	34
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE									(9,701)	(273)	260
Debtor-in-Possession \| Oil, Natural Gas and NGL
REVENUES AND OTHER:
Total revenues									3,334	4,508	5,136
Debtor-in-Possession \| Oil, natural gas and NGL production
OPERATING EXPENSES:
Cost of goods and services									373	520	474
Debtor-in-Possession \| Oil, natural gas and NGL gathering, processing and transportation
OPERATING EXPENSES:
Cost of goods and services									1,079	1,076	1,391
Debtor-in-Possession \| Marketing
REVENUES AND OTHER:
Total revenues									1,869	3,967	5,076
OPERATING EXPENSES:
Cost of goods and services									1,889	4,003	5,158
Debtor-in-Possession \| Oil, Natural gas and NGL and Marketing
REVENUES AND OTHER:
Total revenues									5,203	8,475	10,212
Debtor-in-Possession \| Other
REVENUES AND OTHER:
Total revenues									56	63	63
Debtor-in-Possession \| Exploration
OPERATING EXPENSES:
Cost of goods and services									$ 427	$ 84	$ 162

Condensed Combined Debtor-in-Possession Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By (Used In) Operating Activities	$ 1,164	$ 1,623	$ 1,730
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,111)	(2,180)	(1,848)
Business combination, net	0	(353)	0
Acquisitions of proved and unproved properties	(9)	(35)	(128)
Proceeds from divestitures of proved and unproved properties	136	130	2,231
Additions to other property and equipment	(22)	(48)	(21)
Proceeds from sales of other property and equipment	14	6	147
Proceeds from sales of investments	0	0	74
Net Cash Provided By (Used In) Investing Activities	(992)	(2,480)	455
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,656	10,676	11,697
Payments on pre-petition revolving credit facility borrowings	(3,317)	(10,180)	(12,059)
Proceeds from DIP credit facility borrowings	60	0	0
Payments on DIP credit facility borrowings	(60)	0	0
DIP credit facility and exit facilities financing costs	(109)	0	0
Proceeds from issuance of term loan, net	0	1,455	0
Cash paid to purchase debt	(94)	(1,073)	(2,813)
Cash paid for preferred stock dividends	(22)	(91)	(92)
Other financing activities	(13)	(36)	(33)
Net Cash Provided By (Used In) Financing Activities	101	859	(2,186)
Net increase (decrease) in cash and cash equivalents	273	2	(1)
Cash and cash equivalents, beginning of period	6	4	5
Cash and cash equivalents, end of period	279	6	4
Debtor-in-Possession
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Cash Provided By (Used In) Operating Activities	1,163	1,618	1,727
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,111)	(2,180)	(1,848)
Business combination, net	0	(353)	0
Acquisitions of proved and unproved properties	(9)	(35)	(128)
Proceeds from divestitures of proved and unproved properties	136	130	2,231
Additions to other property and equipment	(22)	(48)	(21)
Proceeds from sales of other property and equipment	14	6	147
Proceeds from sales of investments	0	0	74
Net Cash Provided By (Used In) Investing Activities	(992)	(2,480)	455
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from pre-petition revolving credit facility borrowings	3,656	10,676	11,697
Payments on pre-petition revolving credit facility borrowings	(3,317)	(10,180)	(12,059)
Proceeds from DIP credit facility borrowings	60	0	0
Payments on DIP credit facility borrowings	(60)	0	0
DIP credit facility and exit facilities financing costs	(109)
Proceeds from issuance of senior notes, net	0	108	1,236
Proceeds from issuance of term loan, net	0	1,455	0
Cash paid to purchase debt	(94)	(1,073)	(2,813)
Cash paid for preferred stock dividends	(22)	(91)	(92)
Other financing activities	(11)	(32)	(149)
Intercompany advances, net	0	0	(2)
Net Cash Provided By (Used In) Financing Activities	103	863	(2,182)
Net increase (decrease) in cash and cash equivalents	274	1	0
Cash and cash equivalents, beginning of period	4	3	3
Cash and cash equivalents, end of period	$ 278	$ 4	$ 3

Subsequent Events (Details)		2 Months Ended	12 Months Ended
Subsequent Events (Details)	Feb. 03, 2021 USD ($) employee	Mar. 01, 2021 USD ($) employee	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 09, 2021 USD ($)	Feb. 02, 2021 USD ($)	Jun. 28, 2020 USD ($)
Subsequent Event [Line Items]
Debt, principal			$ 9,095,000,000	$ 8,916,000,000
Separation and other termination costs			$ 44,000,000	$ 12,000,000	$ 38,000,000
Credit facility \| Exit credit facility
Subsequent Event [Line Items]
Revolving credit, maximum borrowing capacity								$ 2,500,000,000
Credit facility \| Tranche B Loans
Subsequent Event [Line Items]
Revolving credit, maximum borrowing capacity								$ 220,000,000
Subsequent event
Subsequent Event [Line Items]
Number of employees terminated \| employee	220	220
Number of employees terminated, percent	15.00%	15.00%
Separation and other termination costs	$ 20,000,000	$ 20,000,000
Subsequent event \| Minimum
Subsequent Event [Line Items]
Fresh-start adjustment, increase (decrease), assets						$ 3,500,000,000
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity						3,500,000,000
Subsequent event \| Maximum
Subsequent Event [Line Items]
Fresh-start adjustment, increase (decrease), assets						4,700,000,000
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity						$ 4,700,000,000
Subsequent event \| Senior notes \| 5.5% Senior Notes due 2026
Subsequent Event [Line Items]
Debt, principal							$ 500,000,000
Subsequent event \| Senior notes \| 5.875% Senior Notes due 2029
Subsequent Event [Line Items]
Debt, principal							500,000,000
Subsequent event \| Credit facility \| Exit credit facility
Subsequent Event [Line Items]
Revolving credit, maximum borrowing capacity							2,500,000,000
Subsequent event \| Credit facility \| Revolving Tranche A
Subsequent Event [Line Items]
Revolving credit, maximum borrowing capacity							1,750,000,000
Subsequent event \| Credit facility \| Tranche B Loans
Subsequent Event [Line Items]
Revolving credit, maximum borrowing capacity							$ 220,000,000

Quarterly Financial Data (unaudited) (Details)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Apr. 14, 2020

Dec. 31, 2020

USD ($)

$ / shares

Sep. 30, 2020

USD ($)

$ / shares

Jun. 30, 2020

USD ($)

$ / shares

Mar. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Sep. 30, 2019

USD ($)

$ / shares

Jun. 30, 2019

USD ($)

$ / shares

Mar. 31, 2019

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2018

USD ($)

$ / shares

Quarterly Financial Information Disclosure [Abstract]

Income (loss) from operations

$ 1,259

$ 975

$ 521

$ 2,541

$ 1,926

$ 2,087

$ 2,386

$ 2,196

$ 5,296

$ 8,595

$ 10,030

176

(111)

(541)

(8,227)

(173)

278

(182)

(8,703)

(31)

382