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Subsequent Events (Note) | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events Disclosure [Text Block] | Subsequent Events On July 29, 2014, we announced that we had entered into an agreement with RKI Exploration & Production, LLC (RKI) to exchange interests in approximately 440,000 gross acres in the Powder River Basin (PRB) in southeastern Wyoming. Under the agreement, Chesapeake will convey to RKI approximately 137,000 net acres and its interest in 67 gross wells with an average working interest of approximately 22% in the northern portion of the PRB, where RKI is currently designated operator. In exchange, RKI will convey to Chesapeake approximately 203,000 net acres and its interest in 186 gross wells with an average working interest of 48% in the southern portion of the PRB, where Chesapeake is currently designated operator. In addition to the exchange, we will pay RKI $450 million in cash. The transaction, which is subject to certain closing conditions, including the receipt of third-party consents, is expected to close in August 2014. Our interest in the properties acquired from RKI is subject to reduction if applicable participation rights are exercised and other conditions, including payment to us of consideration for such participation, are fulfilled. On July 29, 2014, we repurchased all of the outstanding preferred shares of CHK Utica from third-party preferred shareholders for approximately $1.26 billion, or approximately $1,189 per share including accrued dividends. Pursuant to the transaction, our obligation to pay quarterly dividends to third-party preferred shareholders was eliminated. In addition, the development agreement was terminated pursuant to the transaction, which removed our obligations to drill and complete a minimum number of wells within a specified period for the benefit of CHK Utica. Our repurchase of the outstanding preferred shares in CHK Utica did not affect our obligation to deliver a 3% ORRI in 1,500 net wells on certain Utica Shale leasehold. See Note 7 for discussion of our ORRI obligation

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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