EXHIBIT 12
CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS

|  | Years Ended December 31, |  | Six Months Ended June 30,
|  | 2009 |  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014
|  | ($ in millions)
EARNINGS: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes and cumulative effect of accounting change |  | $ | (9,288 | ) |  | $ | 2,884 |  |  | $ | 2,880 |  |  | $ | (974 | ) |  | $ | 1,442 |  |  | $ | 1,117 |
Interest expense(a) |  | 237 |  |  | 122 |  |  | 94 |  |  | 142 |  |  | 207 |  |  | 122 |
(Gain)/loss on investment in equity investees in excess of distributed earnings |  | 39 |  |  | (232 | ) |  | (154 | ) |  | 108 |  |  | 219 |  |  | 40 |
Amortization of capitalized interest |  | 150 |  |  | 212 |  |  | 297 |  |  | 402 |  |  | 440 |  |  | 211 |
Loan cost amortization |  | 26 |  |  | 25 |  |  | 28 |  |  | 43 |  |  | 37 |  |  | 18 |
Earnings |  | $ | (8,836 | ) |  | $ | 3,011 |  |  | $ | 3,145 |  |  | $ | (279 | ) |  | $ | 2,345 |  |  | $ | 1,508 |
FIXED CHARGES: |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  | $ | 237 |  |  | $ | 122 |  |  | $ | 94 |  |  | $ | 142 |  |  | $ | 207 |  |  | $ | 122 |
Capitalized interest |  | 627 |  |  | 711 |  |  | 727 |  |  | 976 |  |  | 815 |  |  | 326 |
Loan cost amortization |  | 26 |  |  | 25 |  |  | 28 |  |  | 43 |  |  | 37 |  |  | 18 |
Fixed Charges |  | $ | 890 |  |  | $ | 858 |  |  | $ | 849 |  |  | $ | 1,161 |  |  | $ | 1,059 |  |  | $ | 466 |
PREFERRED STOCK DIVIDENDS: |  |  |  |  |  |  |  |  |  |  |  |
Preferred dividend requirements |  | $ | 23 |  |  | $ | 111 |  |  | $ | 172 |  |  | $ | 171 |  |  | $ | 171 |  |  | $ | 86 |
Ratio of income (loss) before provision for taxes to net income (loss)(b) |  | 1.59 |  |  | 1.63 |  |  | 1.65 |  |  | 1.64 |  |  | 1.61 |  |  | 1.61 |
Preferred Dividends |  | $ | 37 |  |  | $ | 181 |  |  | $ | 284 |  |  | $ | 280 |  |  | $ | 275 |  |  | $ | 138 |
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS |  | $ | 927 |  |  | $ | 1,039 |  |  | $ | 1,131 |  |  | $ | 1,441 |  |  | $ | 1,334 |  |  | $ | 604 |
RATIO OF EARNINGS TO FIXED CHARGES |  | (9.9 | ) |  | 3.5 |  |  | 3.7 |  |  | (0.2 | ) |  | 2.2 |  |  | 3.2 |
INSUFFICIENT COVERAGE |  | $ | 9,726 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,440 |  |  | $ | — |  |  | $ | — |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS |  | (9.5 | ) |  | 2.9 |  |  | 2.8 |  |  | (0.2 | ) |  | 1.8 |  |  | 2.5 |
INSUFFICIENT COVERAGE |  | $ | 9,763 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,720 |  |  | $ | — |  |  | $ | — |

(a) | Excludes the effect of unrealized gains or losses on interest rate derivatives and includes amortization of bond discount.

(b) | Amounts of income (loss) before provision for taxes and of net income (loss) exclude the cumulative effect of accounting change.