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v3.19.2

Change in Accounting Principle (Tables) | 6 Months Ended
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Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract] |
Schedule of changes in accounting principles |
|  | Three Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions except per share data)
REVENUES AND OTHER: |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 1,454 |  |  | $ | — |  |  | $ | 1,454 |
Marketing |  | 916 |  |  | — |  |  | 916 |
Total Revenues |  | 2,370 |  |  | — |  |  | 2,370 |
Other |  | — |  |  | 15 |  |  | 15 |
Gains on sales of assets |  | — |  |  | 1 |  |  | 1 |
Total Revenues and Other |  | 2,370 |  |  | 16 |  |  | 2,386 |
OPERATING EXPENSES: |  |  |  |  |  |
Oil, natural gas and NGL production |  | 166 |  |  | — |  |  | 166 |
Oil, natural gas and NGL gathering, processing and transportation |  | 271 |  |  | — |  |  | 271 |
Production taxes |  | 40 |  |  | — |  |  | 40 |
Exploration |  | — |  |  | 15 |  |  | 15 |
Marketing |  | 940 |  |  | — |  |  | 940 |
General and administrative |  | 76 |  |  | 13 |  |  | 89 |
Provisions for legal contingencies, net |  | 3 |  |  | — |  |  | 3 |
Depreciation, depletion and amortization |  | 419 |  |  | 161 |  |  | 580 |
Impairments |  | 1 |  |  | — |  |  | 1 |
Gain on sale of oil and natural gas properties |  | (1 | ) |  | 1 |  |  | — |
Other operating expense |  | 4 |  |  | (1 | ) |  | 3 |
Total Operating Expenses |  | 1,919 |  |  | 189 |  |  | 2,108 |
INCOME FROM OPERATIONS |  | 451 |  |  | (173 | ) |  | 278 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense |  | (131 | ) |  | (44 | ) |  | (175 | )
Losses on investments |  | (23 | ) |  | — |  |  | (23 | )
Other income |  | 13 |  |  | 5 |  |  | 18 |
Total Other Expense |  | (141 | ) |  | (39 | ) |  | (180 | )
INCOME BEFORE INCOME TAXES |  | 310 |  |  | (212 | ) |  | 98 |
Income tax benefit |  | — |  |  | — |  |  | — |
NET INCOME |  | 310 |  |  | (212 | ) |  | 98 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |
NET INCOME ATTRIBUTABLE TO CHESAPEAKE |  | 310 |  |  | (212 | ) |  | 98 |
Preferred stock dividends |  | (23 | ) |  | — |  |  | (23 | )
Earnings allocated to participating securities |  | (1 | ) |  | 1 |  |  | — |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 286 |  |  | $ | (211 | ) |  | $ | 75 |
EARNINGS PER COMMON SHARE: |  |  |  |  |  |
Basic |  | $ | 0.18 |  |  | $ | (0.13 | ) |  | $ | 0.05 |
Diluted |  | $ | 0.18 |  |  | $ | (0.13 | ) |  | $ | 0.05 |
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): |  |  |  |  |  |
Basic |  | 1,628 |  |  | — |  |  | 1,628 |
Diluted |  | 1,628 |  |  | — |  |  | 1,628 |
|  | Three Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions except per share data)
REVENUES AND OTHER: |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 982 |  |  | $ | — |  |  | $ | 982 |
Marketing |  | 1,273 |  |  | — |  |  | 1,273 |
Total Revenues |  | 2,255 |  |  | — |  |  | 2,255 |
Other |  | — |  |  | 16 |  |  | 16 |
Gains on sales of assets |  | — |  |  | 18 |  |  | 18 |
Total Revenues and Other |  | 2,255 |  |  | 34 |  |  | 2,289 |
OPERATING EXPENSES: |  |  |  |  |  |
Oil, natural gas and NGL production |  | 138 |  |  | — |  |  | 138 |
Oil, natural gas and NGL gathering, processing and transportation |  | 340 |  |  | — |  |  | 340 |
Production taxes |  | 26 |  |  | — |  |  | 26 |
Exploration |  | — |  |  | 20 |  |  | 20 |
Marketing |  | 1,292 |  |  | — |  |  | 1,292 |
General and administrative |  | 91 |  |  | 14 |  |  | 105 |
Provision for legal contingencies, net |  | 4 |  |  | — |  |  | 4 |
Depreciation, depletion and amortization |  | 290 |  |  | 181 |  |  | 471 |
Impairments |  | 46 |  |  | 8 |  |  | 54 |
Other operating income |  | (2 | ) |  | 1 |  |  | (1 | )
Total Operating Expenses |  | 2,225 |  |  | 224 |  |  | 2,449 |
INCOME (LOSS) FROM OPERATIONS |  | 30 |  |  | (190 | ) |  | (160 | )
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense |  | (117 | ) |  | (38 | ) |  | (155 | )
Other income (expense) |  | 62 |  |  | (5 | ) |  | 57 |
Total Other Expense |  | (55 | ) |  | (43 | ) |  | (98 | )
LOSS BEFORE INCOME TAXES |  | (25 | ) |  | (233 | ) |  | (258 | )
Income tax benefit |  | (9 | ) |  | — |  |  | (9 | )
NET LOSS |  | (16 | ) |  | (233 | ) |  | (249 | )
Net income attributable to noncontrolling interests |  | (1 | ) |  | 1 |  |  | — |
NET LOSS ATTRIBUTABLE TO CHESAPEAKE |  | (17 | ) |  | (232 | ) |  | (249 | )
Preferred stock dividends |  | (23 | ) |  | — |  |  | (23 | )
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS |  | $ | (40 | ) |  | $ | (232 | ) |  | $ | (272 | )
LOSS PER COMMON SHARE: |  |  |  |  |  |
Basic |  | $ | (0.04 | ) |  | $ | (0.26 | ) |  | $ | (0.30 | )
Diluted |  | $ | (0.04 | ) |  | $ | (0.26 | ) |  | $ | (0.30 | )
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): |  |  |  |  |  |
Basic |  | 909 |  |  | — |  |  | 909 |
Diluted |  | 909 |  |  | — |  |  | 909 |
|  | Six Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions except per share data)
REVENUES AND OTHER: |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 2,383 |  |  | $ | — |  |  | $ | 2,383 |
Marketing |  | 2,149 |  |  | — |  |  | 2,149 |
Total Revenues |  | 4,532 |  |  | — |  |  | 4,532 |
Other |  | — |  |  | 30 |  |  | 30 |
Gains on sales of assets |  | — |  |  | 20 |  |  | 20 |
Total Revenues and Other |  | 4,532 |  |  | 50 |  |  | 4,582 |
OPERATING EXPENSES: |  |  |  |  |  |
Oil, natural gas and NGL production |  | 298 |  |  | — |  |  | 298 |
Oil, natural gas and NGL gathering, processing and transportation |  | 545 |  |  | — |  |  | 545 |
Production taxes |  | 74 |  |  | — |  |  | 74 |
Exploration |  | — |  |  | 39 |  |  | 39 |
Marketing |  | 2,170 |  |  | — |  |  | 2,170 |
General and administrative |  | 164 |  |  | 28 |  |  | 192 |
Provision for legal contingencies |  | 3 |  |  | — |  |  | 3 |
Depreciation, depletion and amortization |  | 776 |  |  | 323 |  |  | 1,099 |
Gain on sale of oil and natural gas properties |  | (10 | ) |  | 10 |  |  | — |
Impairments |  | 2 |  |  | — |  |  | 2 |
Other operating expense |  | 64 |  |  | — |  |  | 64 |
Total Operating Expenses |  | 4,086 |  |  | 400 |  |  | 4,486 |
INCOME FROM OPERATIONS |  | 446 |  |  | (350 | ) |  | 96 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense |  | (266 | ) |  | (70 | ) |  | (336 | )
Losses on investments |  | (24 | ) |  | — |  |  | (24 | )
Other income |  | 20 |  |  | 7 |  |  | 27 |
Total Other Expense |  | (270 | ) |  | (63 | ) |  | (333 | )
INCOME (LOSS) BEFORE INCOME TAXES |  | 176 |  |  | (413 | ) |  | (237 | )
Income tax benefit |  | (314 | ) |  | — |  |  | (314 | )
NET INCOME |  | 490 |  |  | (413 | ) |  | 77 |
Net income attributable to noncontrolling interests |  | (1 | ) |  | 1 |  |  | — |
NET INCOME ATTRIBUTABLE TO CHESAPEAKE |  | 489 |  |  | (412 | ) |  | 77 |
Preferred stock dividends |  | (46 | ) |  | — |  |  | (46 | )
Earnings allocated to participating securities |  | (3 | ) |  | 3 |  |  | — |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 440 |  |  | $ | (409 | ) |  | $ | 31 |
EARNINGS PER COMMON SHARE: |  |  |  |  |  |
Basic |  | $ | 0.29 |  |  | $ | (0.27 | ) |  | $ | 0.02 |
Diluted |  | $ | 0.29 |  |  | $ | (0.27 | ) |  | $ | 0.02 |
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): |  |  |  |  |  |
Basic |  | 1,505 |  |  | — |  |  | 1,505 |
Diluted |  | 1,505 |  |  | — |  |  | 1,505 |
|  | Six Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions except per share data)
REVENUES AND OTHER: |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 2,225 |  |  | $ | — |  |  | $ | 2,225 |
Marketing |  | 2,519 |  |  | — |  |  | 2,519 |
Total Revenues |  | 4,744 |  |  | — |  |  | 4,744 |
Other |  | — |  |  | 32 |  |  | 32 |
Gains on sales of assets |  | — |  |  | 37 |  |  | 37 |
Total Revenues and Other |  | 4,744 |  |  | 69 |  |  | 4,813 |
OPERATING EXPENSES: |  |  |  |  |  |
Oil, natural gas and NGL production |  | 285 |  |  | — |  |  | 285 |
Oil, natural gas and NGL gathering, processing and transportation |  | 696 |  |  | — |  |  | 696 |
Production taxes |  | 57 |  |  | — |  |  | 57 |
Exploration |  | — |  |  | 101 |  |  | 101 |
Marketing |  | 2,560 |  |  | — |  |  | 2,560 |
General and administrative |  | 163 |  |  | 29 |  |  | 192 |
Restructuring and other termination costs |  | 38 |  |  | — |  |  | 38 |
Provision for legal contingencies, net |  | 9 |  |  | — |  |  | 9 |
Depreciation, depletion and amortization |  | 576 |  |  | 354 |  |  | 930 |
Impairments |  | 46 |  |  | 18 |  |  | 64 |
Other operating (income) expense |  | 6 |  |  | (7 | ) |  | (1 | )
Total Operating Expenses |  | 4,436 |  |  | 495 |  |  | 4,931 |
INCOME (LOSS) FROM OPERATIONS |  | 308 |  |  | (426 | ) |  | (118 | )
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense |  | (240 | ) |  | (77 | ) |  | (317 | )
Gains on investments |  | 139 |  |  | — |  |  | 139 |
Other income |  | 62 |  |  | (6 | ) |  | 56 |
Total Other Expense |  | (39 | ) |  | (83 | ) |  | (122 | )
INCOME (LOSS) BEFORE INCOME TAXES |  | 269 |  |  | (509 | ) |  | (240 | )
Income tax benefit |  | (9 | ) |  | — |  |  | (9 | )
NET INCOME (LOSS) |  | 278 |  |  | (509 | ) |  | (231 | )
Net income attributable to noncontrolling interests |  | (2 | ) |  | 1 |  |  | (1 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE |  | 276 |  |  | (508 | ) |  | (232 | )
Preferred stock dividends |  | (46 | ) |  | — |  |  | (46 | )
Earnings allocated to participating securities |  | (2 | ) |  | 2 |  |  | — |
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 228 |  |  | $ | (506 | ) |  | $ | (278 | )
EARNINGS (LOSS) PER COMMON SHARE: |  |  |  |  |  |
Basic |  | $ | 0.25 |  |  | $ | (0.56 | ) |  | $ | (0.31 | )
Diluted |  | $ | 0.25 |  |  | $ | (0.56 | ) |  | $ | (0.31 | )
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): |  |  |  |  |  |
Basic |  | 908 |  |  | — |  |  | 908 |
Diluted |  | 908 |  |  | — |  |  | 908 |
|  | Three Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
NET INCOME |  | $ | 310 |  |  | $ | (212 | ) |  | $ | 98 |
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: |  |  |  |  |  |
Unrealized gains on derivative instruments |  | — |  |  | — |  |  | — |
Reclassification of losses on settled derivative instruments |  | 8 |  |  | — |  |  | 8 |
Other Comprehensive Income |  | 8 |  |  | — |  |  | 8 |
COMPREHENSIVE INCOME |  | 318 |  |  | (212 | ) |  | 106 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE |  | $ | 318 |  |  | $ | (212 | ) |  | $ | 106 |
|  | Three Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
NET LOSS |  | $ | (16 | ) |  | $ | (233 | ) |  | $ | (249 | )
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: |  |  |  |  |  |
Unrealized gains on derivative instruments |  | — |  |  | — |  |  | — |
Reclassification of losses on settled derivative instruments |  | 7 |  |  | — |  |  | 7 |
Other Comprehensive Income |  | 7 |  |  | — |  |  | 7 |
COMPREHENSIVE LOSS |  | (9 | ) |  | (233 | ) |  | (242 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | (1 | ) |  | 1 |  |  | — |
COMPREHENSIVE LOSS ATTRIBUTABLE TO CHESAPEAKE |  | $ | (10 | ) |  | $ | (232 | ) |  | $ | (242 | )
|  | Six Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
NET INCOME (LOSS) |  | $ | 490 |  |  | $ | (413 | ) |  | $ | 77 |
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: |  |  |  |  |  |
Unrealized gains on derivative instruments |  | — |  |  | — |  |  | — |
Reclassification of losses on settled derivative instruments |  | 18 |  |  | — |  |  | 18 |
Other Comprehensive Income |  | 18 |  |  | — |  |  | 18 |
COMPREHENSIVE INCOME |  | 508 |  |  | (413 | ) |  | 95 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | (1 | ) |  | 1 |  |  | — |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE |  | $ | 507 |  |  | $ | (412 | ) |  | $ | 95 |
|  | Six Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
NET INCOME (LOSS) |  | $ | 278 |  |  | $ | (509 | ) |  | $ | (231 | )
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX: |  |  |  |  |  |
Unrealized gains on derivative instruments |  | — |  |  | — |  |  | — |
Reclassification of losses on settled derivative instruments |  | 17 |  |  | — |  |  | 17 |
Other Comprehensive Income |  | 17 |  |  | — |  |  | 17 |
COMPREHENSIVE INCOME (LOSS) |  | 295 |  |  | (509 | ) |  | (214 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | (2 | ) |  | 1 |  |  | (1 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE |  | $ | 293 |  |  | $ | (508 | ) |  | $ | (215 | )
|  | Six Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME |  | $ | 490 |  |  | $ | (413 | ) |  | $ | 77 |
ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES: |  |  |  |  |  |
Depreciation, depletion and amortization |  | 776 |  |  | 323 |  |  | 1,099 |
Deferred income tax benefit |  | (314 | ) |  | — |  |  | (314 | )
Derivative losses, net |  | 30 |  |  | — |  |  | 30 |
Cash receipts on derivative settlements, net |  | 15 |  |  | — |  |  | 15 |
Stock-based compensation |  | 17 |  |  | — |  |  | 17 |
Gains on sales of assets |  | — |  |  | (20 | ) |  | (20 | )
Impairments |  | 2 |  |  | — |  |  | 2 |
Exploration |  | — |  |  | 25 |  |  | 25 |
Losses on investments |  | 18 |  |  | — |  |  | 18 |
Other |  | 31 |  |  | 10 |  |  | 41 |
Changes in assets and liabilities |  | (107 | ) |  | (30 | ) |  | (137 | )
Net Cash Provided By Operating Activities |  | 958 |  |  | (105 | ) |  | 853 |
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs |  | (1,104 | ) |  | 34 |  |  | (1,070 | )
Business combination, net |  | (353 | ) |  | — |  |  | (353 | )
Acquisitions of proved and unproved properties |  | (88 | ) |  | 71 |  |  | (17 | )
Proceeds from divestitures of proved and unproved properties |  | 82 |  |  | — |  |  | 82 |
Additions to other property and equipment |  | (18 | ) |  | — |  |  | (18 | )
Proceeds from sales of other property and equipment |  | 4 |  |  | — |  |  | 4 |
Net Cash Used In Investing Activities |  | (1,477 | ) |  | 105 |  |  | (1,372 | )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings |  | 6,416 |  |  | — |  |  | 6,416 |
Payments on revolving credit facility borrowings |  | (5,452 | ) |  | — |  |  | (5,452 | )
Cash paid to purchase debt |  | (381 | ) |  | — |  |  | (381 | )
Cash paid for preferred stock dividends |  | (46 | ) |  | — |  |  | (46 | )
Distributions to noncontrolling interest owners |  | (2 | ) |  | — |  |  | (2 | )
Other |  | (16 | ) |  | — |  |  | (16 | )
Net Cash Provided By Financing Activities |  | 519 |  |  | — |  |  | 519 |
Net increase in cash and cash equivalents |  | — |  |  | — |  |  | — |
Cash and cash equivalents, beginning of period |  | 4 |  |  | — |  |  | 4 |
Cash and cash equivalents, end of period |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
|  | Six Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) |  | $ | 278 |  |  | $ | (509 | ) |  | $ | (231 | )
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES: |  |  |  |  |  |
Depreciation, depletion and amortization |  | 576 |  |  | 354 |  |  | 930 |
Deferred income tax benefit |  | (9 | ) |  | — |  |  | (9 | )
Derivative losses, net |  | 368 |  |  | — |  |  | 368 |
Cash payments on derivative settlements, net |  | (55 | ) |  | — |  |  | (55 | )
Stock-based compensation |  | 18 |  |  | — |  |  | 18 |
Gains on sales of assets |  | — |  |  | (37 | ) |  | (37 | )
Impairments |  | 46 |  |  | 18 |  |  | 64 |
Exploration |  | — |  |  | 73 |  |  | 73 |
Gains on investments |  | (139 | ) |  | — |  |  | (139 | )
Other |  | (86 | ) |  | (7 | ) |  | (93 | )
Changes in assets and liabilities |  | 94 |  |  | (32 | ) |  | 62 |
Net Cash Provided By Operating Activities |  | 1,091 |  |  | (140 | ) |  | 951 |
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs |  | (979 | ) |  | 51 |  |  | (928 | )
Acquisitions of proved and unproved properties |  | (191 | ) |  | 89 |  |  | (102 | )
Proceeds from divestitures of proved and unproved properties |  | 384 |  |  | — |  |  | 384 |
Additions to other property and equipment |  | (5 | ) |  | — |  |  | (5 | )
Proceeds from sales of other property and equipment |  | 74 |  |  | — |  |  | 74 |
Proceeds from sales of investments |  | 74 |  |  | — |  |  | 74 |
Net Cash Used In Investing Activities |  | (643 | ) |  | 140 |  |  | (503 | )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings |  | 6,118 |  |  | — |  |  | 6,118 |
Payments on revolving credit facility borrowings |  | (6,393 | ) |  | — |  |  | (6,393 | )
Extinguishment of other financing |  | (122 | ) |  | — |  |  | (122 | )
Cash paid for preferred stock dividends |  | (46 | ) |  | — |  |  | (46 | )
Distributions to noncontrolling interest owners |  | (3 | ) |  | — |  |  | (3 | )
Other |  | (4 | ) |  | — |  |  | (4 | )
Net Cash Used In Financing Activities |  | (450 | ) |  | — |  |  | (450 | )
Net decrease in cash and cash equivalents |  | (2 | ) |  | — |  |  | (2 | )
Cash and cash equivalents, beginning of period |  | 5 |  |  | — |  |  | 5 |
Cash and cash equivalents, end of period |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
|  | Three Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
PREFERRED STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | $ | 1,671 |  |  | $ | — |  |  | $ | 1,671 |
COMMON STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | 16 |  |  | — |  |  | 16 |
ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |  |
Balance, beginning of period |  | 16,392 |  |  | — |  |  | 16,392 |
Stock-based compensation |  | 11 |  |  | — |  |  | 11 |
Dividends on preferred stock |  | (23 | ) |  | — |  |  | (23 | )
Balance, end of period |  | 16,380 |  |  | — |  |  | 16,380 |
ACCUMULATED DEFICIT: |  |  |  |  |  |
Balance, beginning of period |  | (15,481 | ) |  | 1,548 |  |  | (13,933 | )
Net income attributable to Chesapeake |  | 310 |  |  | (212 | ) |  | 98 |
Balance, end of period |  | (15,171 | ) |  | 1,336 |  |  | (13,835 | )
ACCUMULATED OTHER COMPREHENSIVE LOSS: |  |  |  |  |  |
Balance, beginning of period |  | (13 | ) |  | — |  |  | (13 | )
Hedging activity |  | 8 |  |  | — |  |  | 8 |
Balance, end of period |  | (5 | ) |  | — |  |  | (5 | )
TREASURY STOCK – COMMON: |  |  |  |  |  |
Balance, beginning of period |  | (36 | ) |  | — |  |  | (36 | )
Purchase of 81,093 shares for company benefit plans |  | (1 | ) |  | — |  |  | (1 | )
Release of 148,767 shares from company benefit plans |  | 1 |  |  | — |  |  | 1 |
Balance, end of period |  | (36 | ) |  | — |  |  | (36 | )
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY |  | 2,855 |  |  | 1,336 |  |  | 4,191 |
NONCONTROLLING INTERESTS: |  |  |  |  |  |
Balance, beginning of period |  | 122 |  |  | (81 | ) |  | 41 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |
Distributions to noncontrolling interest owners |  | (2 | ) |  | — |  |  | (2 | )
Balance, end of period |  | 120 |  |  | (81 | ) |  | 39 |
TOTAL EQUITY |  | $ | 2,975 |  |  | $ | 1,255 |  |  | $ | 4,230 |
|  | Three Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
PREFERRED STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | $ | 1,671 |  |  | $ | — |  |  | $ | 1,671 |
COMMON STOCK: |  |  |  |  |  |
Balance, beginning of period |  | 9 |  |  | — |  |  | 9 |
ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |  |
Balance, beginning of period |  | 14,419 |  |  | — |  |  | 14,419 |
Stock-based compensation |  | 12 |  |  | — |  |  | 12 |
Dividends on preferred stock |  | (23 | ) |  | — |  |  | (23 | )
Balance, end of period |  | 14,408 |  |  | — |  |  | 14,408 |
ACCUMULATED DEFICIT: |  |  |  |  |  |
Balance, beginning of period |  | (16,240 | ) |  | 2,119 |  |  | (14,121 | )
Net loss attributable to Chesapeake |  | (17 | ) |  | (232 | ) |  | (249 | )
Balance, end of period |  | (16,257 | ) |  | 1,887 |  |  | (14,370 | )
ACCUMULATED OTHER COMPREHENSIVE LOSS: |  |  |  |  |  |
Balance, beginning of period |  | (47 | ) |  | — |  |  | (47 | )
Hedging activity |  | 7 |  |  | — |  |  | 7 |
Balance, end of period |  | (40 | ) |  | — |  |  | (40 | )
TREASURY STOCK – COMMON: |  |  |  |  |  |
Balance, beginning of period |  | (32 | ) |  | — |  |  | (32 | )
Purchase of 17,046 shares for company benefit plans |  | — |  |  | — |  |  | — |
Release of 114,450 shares from company benefit plans |  | 1 |  |  | — |  |  | 1 |
Balance, end of period |  | (31 | ) |  | — |  |  | (31 | )
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) |  | (240 | ) |  | 1,887 |  |  | 1,647 |
NONCONTROLLING INTERESTS: |  |  |  |  |  |
Balance, beginning of period |  | 123 |  |  | (80 | ) |  | 43 |
Net income attributable to noncontrolling interests |  | 1 |  |  | (1 | ) |  | — |
Distributions to noncontrolling interest owners |  | (1 | ) |  | — |  |  | (1 | )
Balance, end of period |  | 123 |  |  | (81 | ) |  | 42 |
TOTAL EQUITY (DEFICIT) |  | $ | (117 | ) |  | $ | 1,806 |  |  | $ | 1,689 |
|  | Six Months Ended June 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
PREFERRED STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | $ | 1,671 |  |  | $ | — |  |  | $ | 1,671 |
COMMON STOCK: |  |  |  |  |  |
Balance, beginning of period |  | 9 |  |  | — |  |  | 9 |
Common shares issued for WildHorse Merger |  | 7 |  |  | — |  |  | 7 |
Balance, end of period |  | 16 |  |  | — |  |  | 16 |
ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |  |
Balance, beginning of period |  | 14,378 |  |  | — |  |  | 14,378 |
Common shares issued for WildHorse Merger |  | 2,030 |  |  | — |  |  | 2,030 |
Stock-based compensation |  | 18 |  |  | — |  |  | 18 |
Dividends on preferred stock |  | (46 | ) |  | — |  |  | (46 | )
Balance, end of period |  | 16,380 |  |  | — |  |  | 16,380 |
ACCUMULATED DEFICIT: |  |  |  |  |  |
Balance, beginning of period |  | (15,660 | ) |  | 1,748 |  |  | (13,912 | )
Net income attributable to Chesapeake |  | 489 |  |  | (412 | ) |  | 77 |
Balance, end of period |  | (15,171 | ) |  | 1,336 |  |  | (13,835 | )
ACCUMULATED OTHER COMPREHENSIVE LOSS: |  |  |  |  |  |
Balance, beginning of period |  | (23 | ) |  | — |  |  | (23 | )
Hedging activity |  | 18 |  |  | — |  |  | 18 |
Balance, end of period |  | (5 | ) |  | — |  |  | (5 | )
TREASURY STOCK – COMMON: |  |  |  |  |  |
Balance, beginning of period |  | (31 | ) |  | — |  |  | (31 | )
Purchase of 2,620,566 shares for company benefit plans |  | (7 | ) |  | — |  |  | (7 | )
Release of 259,563 shares from company benefit plans |  | 2 |  |  | — |  |  | 2 |
Balance, end of period |  | (36 | ) |  | — |  |  | (36 | )
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY |  | 2,855 |  |  | 1,336 |  |  | 4,191 |
NONCONTROLLING INTERESTS: |  |  |  |  |  |
Balance, beginning of period |  | 123 |  |  | (82 | ) |  | 41 |
Net income attributable to noncontrolling interests |  | (1 | ) |  | 1 |  |  | — |
Distributions to noncontrolling interest owners |  | (2 | ) |  | — |  |  | (2 | )
Balance, end of period |  | 120 |  |  | (81 | ) |  | 39 |
TOTAL EQUITY |  | $ | 2,975 |  |  | $ | 1,255 |  |  | $ | 4,230 |
|  | Six Months Ended June 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Under Full Cost |  | Successful Efforts Adjustment |  | Under Successful Efforts
|  | ($ in millions)
PREFERRED STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | $ | 1,671 |  |  | $ | — |  |  | $ | 1,671 |
COMMON STOCK: |  |  |  |  |  |
Balance, beginning and end of period |  | 9 |  |  | — |  |  | 9 |
ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |  |
Balance, beginning of period |  | 14,437 |  |  | — |  |  | 14,437 |
Stock-based compensation |  | 17 |  |  | — |  |  | 17 |
Dividends on preferred stock |  | (46 | ) |  | — |  |  | (46 | )
Balance, end of period |  | 14,408 |  |  | — |  |  | 14,408 |
ACCUMULATED DEFICIT: |  |  |  |  |  |
Balance, beginning of period |  | (16,525 | ) |  | 2,395 |  |  | (14,130 | )
Net income (loss) attributable to Chesapeake |  | 276 |  |  | (508 | ) |  | (232 | )
Cumulative effect of accounting change |  | (8 | ) |  | — |  |  | (8 | )
Balance, end of period |  | (16,257 | ) |  | 1,887 |  |  | (14,370 | )
ACCUMULATED OTHER COMPREHENSIVE LOSS: |  |  |  |  |  |
Balance, beginning of period |  | (57 | ) |  | — |  |  | (57 | )
Hedging activity |  | 17 |  |  | — |  |  | 17 |
Balance, end of period |  | (40 | ) |  | — |  |  | (40 | )
TREASURY STOCK – COMMON: |  |  |  |  |  |
Balance, beginning of period |  | (31 | ) |  | — |  |  | (31 | )
Purchase of 1,468,524 shares for company benefit plans |  | (4 | ) |  | — |  |  | (4 | )
Release of 389,857 shares from company benefit plans |  | 4 |  |  | — |  |  | 4 |
Balance, end of period |  | (31 | ) |  | — |  |  | (31 | )
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT) |  | (240 | ) |  | 1,887 |  |  | 1,647 |
NONCONTROLLING INTERESTS: |  |  |  |  |  |
Balance, beginning of period |  | 124 |  |  | (80 | ) |  | 44 |
Net income attributable to noncontrolling interests |  | 2 |  |  | (1 | ) |  | 1 |
Distributions to noncontrolling interest owners |  | (3 | ) |  | — |  |  | (3 | )
Balance, end of period |  | 123 |  |  | (81 | ) |  | 42 |
TOTAL EQUITY (DEFICIT) |  | $ | (117 | ) |  | $ | 1,806 |  |  | $ | 1,689 |

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