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Debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Schedule of long-term debt | Our long-term debt consisted of the following as of June 30, 2019 and December 31, 2018:
| June 30, 2019 |  | December 31, 2018
| Principal Amount |  | Carrying Amount |  | Principal Amount |  | Carrying Amount
| ($ in millions)
Floating rate senior notes due 2019 | — |  |  | — |  |  | 380 |  |  | 380 |
6.625% senior notes due 2020 | 208 |  |  | 208 |  |  | 437 |  |  | 437 |
6.875% senior notes due 2020 | 93 |  |  | 93 |  |  | 227 |  |  | 227 |
6.125% senior notes due 2021 | 167 |  |  | 167 |  |  | 548 |  |  | 548 |
5.375% senior notes due 2021 | 127 |  |  | 127 |  |  | 267 |  |  | 267 |
4.875% senior notes due 2022 | 451 |  |  | 451 |  |  | 451 |  |  | 451 |
5.75% senior notes due 2023 | 338 |  |  | 338 |  |  | 338 |  |  | 338 |
7.00% senior notes due 2024 | 850 |  |  | 850 |  |  | 850 |  |  | 850 |
6.875% senior notes due 2025(a) | 700 |  |  | 704 |  |  | — |  |  | — |
8.00% senior notes due 2025 | 1,300 |  |  | 1,292 |  |  | 1,300 |  |  | 1,291 |
5.5% convertible senior notes due 2026(b) | 1,250 |  |  | 882 |  |  | 1,250 |  |  | 866 |
7.5% senior notes due 2026 | 400 |  |  | 400 |  |  | 400 |  |  | 400 |
8.00% senior notes due 2026 | 919 |  |  | 884 |  |  | — |  |  | — |
8.00% senior notes due 2027 | 1,300 |  |  | 1,299 |  |  | 1,300 |  |  | 1,299 |
2.25% contingent convertible senior notes due 2038 | — |  |  | — |  |  | 1 |  |  | 1 |
Chesapeake revolving credit facility | 1,372 |  |  | 1,372 |  |  | 419 |  |  | 419 |
BVL revolving credit facility(a) | 686 |  |  | 686 |  |  | — |  |  | — |
Debt issuance costs | — |  |  | (53 | ) |  | — |  |  | (53 | )
Interest rate derivatives | — |  |  | 1 |  |  | — |  |  | 1 |
Total debt, net | 10,161 |  |  | 9,701 |  |  | 8,168 |  |  | 7,722 |
Less current maturities of long-term debt, net | — |  |  | — |  |  | (381 | ) |  | (381 | )
Total long-term debt, net | $ | 10,161 |  |  | $ | 9,701 |  |  | $ | 7,787 |  |  | $ | 7,341 |
___________________________________________
(a) | On February 1, 2019, we acquired the debt of WildHorse which consisted of 6.875% Senior Notes due 2025 and a revolving credit facility. We now refer to this debt as our BVL Senior Notes and our BVL revolving credit facility, respectively. See further discussion below.
(b) | We are required to account for the liability and equity components of our convertible debt instrument separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rate for our 5.5% Convertible Senior Notes due 2026 is 11.5%. Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the Current Quarter, the price of our common stock was below the threshold level for conversion and, as a result, the holders do not have the option to convert their notes in the third quarter of 2019.
Schedule of private exchange offer for outstanding senior unsecured notes | In the Current Quarter, 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:
|  | June 30, 2019 |  | December 31, 2018
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
|  |  |  | ($ in millions) |  |
Short-term debt (Level 1) |  | $ | — |  |  | $ | — |  |  | $ | 381 |  |  | $ | 379 |
Long-term debt (Level 1) |  | $ | 3,321 |  |  | $ | 3,126 |  |  | $ | 3,495 |  |  | $ | 3,173 |
Long-term debt (Level 2) |  | $ | 6,380 |  |  | $ | 6,060 |  |  | $ | 3,846 |  |  | $ | 3,644 |

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