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Condensed Consolidating Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed consolidated balance sheets | CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2019 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | (16 | ) |  | $ | 6 |
Other current assets |  | 51 |  |  | 1,090 |  |  | 104 |  |  | — |  |  | 1,245 |
Intercompany receivable, net |  | 7,702 |  |  | — |  |  | — |  |  | (7,702 | ) |  | — |
Total Current Assets |  | 7,769 |  |  | 1,091 |  |  | 109 |  |  | (7,718 | ) |  | 1,251 |
PROPERTY AND EQUIPMENT: |  |  |  |  |  |  |  |  |  |
Oil and natural gas properties at cost, based on successful efforts accounting, net |  | — |  |  | 9,440 |  |  | 4,188 |  |  | — |  |  | 13,628 |
Other property and equipment, net |  | — |  |  | 1,030 |  |  | 88 |  |  | — |  |  | 1,118 |
Property and equipment held for sale, net |  | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total Property and Equipment, Net |  | — |  |  | 10,480 |  |  | 4,276 |  |  | — |  |  | 14,756 |
LONG-TERM ASSETS: |  |  |  |  |  |  |  |  |  |
Other long-term assets |  | 41 |  |  | 125 |  |  | 19 |  |  | 1 |  |  | 186 |
Investments in subsidiaries and intercompany advances |  | 6,101 |  |  | 4,171 |  |  | — |  |  | (10,272 | ) |  | — |
TOTAL ASSETS |  | $ | 13,911 |  |  | $ | 15,867 |  |  | $ | 4,404 |  |  | $ | (17,989 | ) |  | $ | 16,193 |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 466 |  |  | $ | 1,765 |  |  | $ | 176 |  |  | $ | (15 | ) |  | $ | 2,392 |
Intercompany payable, net |  | — |  |  | 7,702 |  |  | — |  |  | (7,702 | ) |  | — |
Total Current Liabilities |  | 466 |  |  | 9,467 |  |  | 176 |  |  | (7,717 | ) |  | 2,392 |
LONG-TERM LIABILITIES: |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 9,071 |  |  | — |  |  | 2 |  |  | — |  |  | 9,073 |
Deferred income tax liabilities |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
Other long-term liabilities |  | — |  |  | 299 |  |  | 18 |  |  | — |  |  | 317 |
Total Long-Term Liabilities |  | 9,081 |  |  | 299 |  |  | 20 |  |  | — |  |  | 9,400 |
EQUITY: |  |  |  |  |  |  |  |  |  |
Chesapeake stockholders’ equity |  | 4,364 |  |  | 6,101 |  |  | 4,171 |  |  | (10,272 | ) |  | 4,364 |
Noncontrolling interests |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Total Equity |  | 4,364 |  |  | 6,101 |  |  | 4,208 |  |  | (10,272 | ) |  | 4,401 |
TOTAL LIABILITIES AND EQUITY |  | $ | 13,911 |  |  | $ | 15,867 |  |  | $ | 4,404 |  |  | $ | (17,989 | ) |  | $ | 16,193 |
CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 4 |
Other current assets |  | 60 |  |  | 1,532 |  |  | 2 |  |  | — |  |  | 1,594 |
Intercompany receivable, net |  | 6,671 |  |  | — |  |  | — |  |  | (6,671 | ) |  | — |
Total Current Assets |  | 6,735 |  |  | 1,533 |  |  | 3 |  |  | (6,673 | ) |  | 1,598 |
PROPERTY AND EQUIPMENT: |  |  |  |  |  |  |  |  |  |
Oil and natural gas properties at cost, based on successful efforts accounting, net |  | — |  |  | 9,664 |  |  | 48 |  |  | — |  |  | 9,712 |
Other property and equipment, net |  | — |  |  | 1,091 |  |  | — |  |  | — |  |  | 1,091 |
Property and equipment held for sale, net |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total Property and Equipment, Net |  | — |  |  | 10,770 |  |  | 48 |  |  | — |  |  | 10,818 |
LONG-TERM ASSETS: |  |  |  |  |  |  |  |  |  |
Other long-term assets |  | 26 |  |  | 293 |  |  | — |  |  | — |  |  | 319 |
Investments in subsidiaries and intercompany advances |  | 3,248 |  |  | 9 |  |  | — |  |  | (3,257 | ) |  | — |
TOTAL ASSETS |  | $ | 10,009 |  |  | $ | 12,605 |  |  | $ | 51 |  |  | $ | (9,930 | ) |  | $ | 12,735 |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 523 |  |  | $ | 2,365 |  |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 2,887 |
Intercompany payable, net |  | — |  |  | 6,671 |  |  | — |  |  | (6,671 | ) |  | — |
Total Current Liabilities |  | 523 |  |  | 9,036 |  |  | 1 |  |  | (6,673 | ) |  | 2,887 |
LONG-TERM LIABILITIES: |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 7,341 |  |  | — |  |  | — |  |  | — |  |  | 7,341 |
Other long-term liabilities |  | 53 |  |  | 321 |  |  | — |  |  | — |  |  | 374 |
Total Long-Term Liabilities |  | 7,394 |  |  | 321 |  |  | — |  |  | — |  |  | 7,715 |
EQUITY: |  |  |  |  |  |  |  |  |  |
Chesapeake stockholders’ equity |  | 2,092 |  |  | 3,248 |  |  | 9 |  |  | (3,257 | ) |  | 2,092 |
Noncontrolling interests |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Total Equity |  | 2,092 |  |  | 3,248 |  |  | 50 |  |  | (3,257 | ) |  | 2,133 |
TOTAL LIABILITIES AND EQUITY |  | $ | 10,009 |  |  | $ | 12,605 |  |  | $ | 51 |  |  | $ | (9,930 | ) |  | $ | 12,735 |
Condensed consolidated income statements |
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES AND OTHER: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | — |  |  | $ | 3,760 |  |  | $ | 762 |  |  | $ | — |  |  | $ | 4,522 |
Marketing |  | — |  |  | 3,967 |  |  | — |  |  | — |  |  | 3,967 |
Total Revenues |  | — |  |  | 7,727 |  |  | 762 |  |  | — |  |  | 8,489 |
Other |  | — |  |  | 60 |  |  | 3 |  |  | — |  |  | 63 |
Gains on sales of assets |  | — |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Total Revenues and Other |  | — |  |  | 7,830 |  |  | 765 |  |  | — |  |  | 8,595 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL production |  | — |  |  | 436 |  |  | 84 |  |  | — |  |  | 520 |
Oil, natural gas and NGL gathering, processing and transportation |  | — |  |  | 1,062 |  |  | 20 |  |  | — |  |  | 1,082 |
Severance and ad valorem taxes |  | — |  |  | 174 |  |  | 50 |  |  | — |  |  | 224 |
Exploration |  | — |  |  | 77 |  |  | 7 |  |  | — |  |  | 84 |
Marketing |  | — |  |  | 4,003 |  |  | — |  |  | — |  |  | 4,003 |
General and administrative |  | 1 |  |  | 237 |  |  | 77 |  |  | — |  |  | 315 |
Restructuring and other termination costs |  | — |  |  | 12 |  |  | — |  |  | — |  |  | 12 |
Provision for legal contingencies, net |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |
Depreciation, depletion and amortization |  | — |  |  | 1,719 |  |  | 545 |  |  | — |  |  | 2,264 |
Impairments |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Other operating expense |  | — |  |  | 52 |  |  | 40 |  |  | — |  |  | 92 |
Total Operating Expenses |  | 1 |  |  | 7,802 |  |  | 823 |  |  | — |  |  | 8,626 |
INCOME (LOSS) FROM OPERATIONS |  | (1 | ) |  | 28 |  |  | (58 | ) |  | — |  |  | (31 | )
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |
Interest income (expense) |  | (598 | ) |  | 16 |  |  | (69 | ) |  | — |  |  | (651 | )
Losses on investments |  | — |  |  | (47 | ) |  | (24 | ) |  | — |  |  | (71 | )
Gains on purchases or exchanges of debt |  | 65 |  |  | — |  |  | 10 |  |  | — |  |  | 75 |
Other income |  | — |  |  | 39 |  |  | — |  |  | — |  |  | 39 |
Equity in net earnings (losses) of subsidiary |  | (105 | ) |  | (141 | ) |  | — |  |  | 246 |  |  | — |
Total Other Expense |  | (638 | ) |  | (133 | ) |  | (83 | ) |  | 246 |  |  | (608 | )
LOSS BEFORE INCOME TAXES |  | (639 | ) |  | (105 | ) |  | (141 | ) |  | 246 |  |  | (639 | )
INCOME TAX BENEFIT |  | (331 | ) |  | — |  |  | — |  |  | — |  |  | (331 | )
NET LOSS |  | (308 | ) |  | (105 | ) |  | (141 | ) |  | 246 |  |  | (308 | )
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
NET LOSS ATTRIBUTABLE TO CHESAPEAKE |  | (308 | ) |  | (105 | ) |  | (141 | ) |  | 246 |  |  | (308 | )
Other comprehensive income |  | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO CHESAPEAKE |  | $ | (308 | ) |  | $ | (70 | ) |  | $ | (141 | ) |  | $ | 246 |  |  | $ | (273 | )
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2018 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES AND OTHER: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | — |  |  | $ | 5,136 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 5,155 |
Marketing |  | — |  |  | 5,076 |  |  | — |  |  | — |  |  | 5,076 |
Total Revenues |  | — |  |  | 10,212 |  |  | 19 |  |  | — |  |  | 10,231 |
Other |  | — |  |  | 63 |  |  | — |  |  | — |  |  | 63 |
Losses on sales of assets |  | — |  |  | (264 | ) |  | — |  |  | — |  |  | (264 | )
Total Revenues and Other |  | — |  |  | 10,011 |  |  | 19 |  |  | — |  |  | 10,030 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL production |  | — |  |  | 474 |  |  | — |  |  | — |  |  | 474 |
Oil, natural gas and NGL gathering, processing and transportation |  | — |  |  | 1,391 |  |  | 7 |  |  | — |  |  | 1,398 |
Severance and ad valorem taxes |  | — |  |  | 188 |  |  | 1 |  |  | — |  |  | 189 |
Exploration |  | — |  |  | 162 |  |  | — |  |  | — |  |  | 162 |
Marketing |  | — |  |  | 5,158 |  |  | — |  |  | — |  |  | 5,158 |
General and administrative |  | 2 |  |  | 332 |  |  | 1 |  |  | — |  |  | 335 |
Restructuring and other termination costs |  | — |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Provision for legal contingencies, net |  | — |  |  | 26 |  |  | — |  |  | — |  |  | 26 |
Depreciation, depletion and amortization |  | — |  |  | 1,730 |  |  | 7 |  |  | — |  |  | 1,737 |
Impairments |  | — |  |  | 131 |  |  | — |  |  | — |  |  | 131 |
Total Operating Expenses |  | 2 |  |  | 9,630 |  |  | 16 |  |  | — |  |  | 9,648 |
INCOME (LOSS) FROM OPERATIONS |  | (2 | ) |  | 381 |  |  | 3 |  |  | — |  |  | 382 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |
Interest expense |  | (631 | ) |  | (2 | ) |  | — |  |  | — |  |  | (633 | )
Gains on investments |  | — |  |  | 139 |  |  | — |  |  | — |  |  | 139 |
Gains on purchases or exchanges of debt |  | 263 |  |  | — |  |  | — |  |  | — |  |  | 263 |
Other income |  | 3 |  |  | 64 |  |  | — |  |  | — |  |  | 67 |
Equity in net earnings of subsidiary |  | 583 |  |  | 1 |  |  | — |  |  | (584 | ) |  | — |
Total Other Income (Expense) |  | 218 |  |  | 202 |  |  | — |  |  | (584 | ) |  | (164 | )
INCOME BEFORE INCOME TAXES |  | 216 |  |  | 583 |  |  | 3 |  |  | (584 | ) |  | 218 |
INCOME TAX BENEFIT |  | (10 | ) |  | — |  |  | — |  |  | — |  |  | (10 | )
NET INCOME |  | 226 |  |  | 583 |  |  | 3 |  |  | (584 | ) |  | 228 |
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
NET INCOME ATTRIBUTABLE TO CHESAPEAKE |  | 226 |  |  | 583 |  |  | 1 |  |  | (584 | ) |  | 226 |
Other comprehensive income |  | — |  |  | 34 |  |  | — |  |  | — |  |  | 34 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE |  | $ | 226 |  |  | $ | 617 |  |  | $ | 1 |  |  | $ | (584 | ) |  | $ | 260 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2017 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES AND OTHER: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | — |  |  | $ | 4,962 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 4,985 |
Marketing |  | — |  |  | 4,511 |  |  | — |  |  | — |  |  | 4,511 |
Total Revenues |  | — |  |  | 9,473 |  |  | 23 |  |  | — |  |  | 9,496 |
Other |  | — |  |  | 67 |  |  | — |  |  | — |  |  | 67 |
Gains on sales of assets |  | — |  |  | 476 |  |  | — |  |  | — |  |  | 476 |
Total Revenues and Other |  | — |  |  | 10,016 |  |  | 23 |  |  | — |  |  | 10,039 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |
Oil, natural gas and NGL production |  | — |  |  | 517 |  |  | — |  |  | — |  |  | 517 |
Oil, natural gas and NGL gathering, processing and transportation |  | — |  |  | 1,463 |  |  | 8 |  |  | — |  |  | 1,471 |
Severance and ad valorem taxes |  | — |  |  | 133 |  |  | 1 |  |  | — |  |  | 134 |
Exploration |  | — |  |  | 235 |  |  | — |  |  | — |  |  | 235 |
Marketing |  | — |  |  | 4,598 |  |  | — |  |  | — |  |  | 4,598 |
General and administrative |  | 1 |  |  | 330 |  |  | 2 |  |  | — |  |  | 333 |
Provision for legal contingencies, net |  | (79 | ) |  | 41 |  |  | — |  |  | — |  |  | (38 | )
Depreciation, depletion and amortization |  | — |  |  | 1,688 |  |  | 9 |  |  | — |  |  | 1,697 |
Impairments |  | — |  |  | 814 |  |  | — |  |  | — |  |  | 814 |
Other operating expense |  | — |  |  | 416 |  |  | — |  |  | — |  |  | 416 |
Total Operating (Income) Expenses |  | (78 | ) |  | 10,235 |  |  | 20 |  |  | — |  |  | 10,177 |
INCOME (LOSS) FROM OPERATIONS |  | 78 |  |  | (219 | ) |  | 3 |  |  | — |  |  | (138 | )
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |
Interest expense |  | (599 | ) |  | (2 | ) |  | — |  |  | — |  |  | (601 | )
Gains on purchases or exchanges of debt |  | 233 |  |  | — |  |  | — |  |  | — |  |  | 233 |
Other income |  | 1 |  |  | 5 |  |  | — |  |  | — |  |  | 6 |
Equity in net losses of subsidiary |  | (216 | ) |  | — |  |  | — |  |  | 216 |  |  | — |
Total Other Income (Expense) |  | (581 | ) |  | 3 |  |  | — |  |  | 216 |  |  | (362 | )
INCOME (LOSS) BEFORE INCOME TAXES |  | (503 | ) |  | (216 | ) |  | 3 |  |  | 216 |  |  | (500 | )
INCOME TAX EXPENSE |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
NET INCOME (LOSS) |  | (505 | ) |  | (216 | ) |  | 3 |  |  | 216 |  |  | (502 | )
Net income attributable to noncontrolling interests |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
NET LOSS ATTRIBUTABLE TO CHESAPEAKE |  | (505 | ) |  | (216 | ) |  | — |  |  | 216 |  |  | (505 | )
Other comprehensive income |  | — |  |  | 39 |  |  | — |  |  | — |  |  | 39 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO CHESAPEAKE |  | $ | (505 | ) |  | $ | (177 | ) |  | $ | — |  |  | $ | 216 |  |  | $ | (466 | )
Condensed consolidated cash flow statements | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2019 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net Cash Provided By Operating Activities |  | $ | 1 |  |  | $ | 1,270 |  |  | $ | 356 |  |  | $ | (4 | ) |  | $ | 1,623 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Drilling and completion costs |  | — |  |  | (1,548 | ) |  | (632 | ) |  | — |  |  | (2,180 | )
Business combination, net |  | — |  |  | (381 | ) |  | 28 |  |  | — |  |  | (353 | )
Acquisitions of proved and unproved properties |  | — |  |  | (35 | ) |  | — |  |  | — |  |  | (35 | )
Proceeds from divestitures of proved and unproved properties |  | — |  |  | 130 |  |  | — |  |  | — |  |  | 130 |
Additions to other property and equipment |  | — |  |  | (32 | ) |  | (16 | ) |  | — |  |  | (48 | )
Proceeds from sales of other property and equipment |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
Net Cash Used In Investing Activities |  | — |  |  | (1,860 | ) |  | (620 | ) |  | — |  |  | (2,480 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility borrowings |  | 9,839 |  |  | — |  |  | 837 |  |  | — |  |  | 10,676 |
Payments on revolving credit facility borrowings |  | (8,668 | ) |  | — |  |  | (1,512 | ) |  | — |  |  | (10,180 | )
Proceeds from issuance of senior notes, net |  | 108 |  |  | — |  |  | — |  |  | — |  |  | 108 |
Proceeds from issuance of term loan, net |  | 1,455 |  |  | — |  |  | — |  |  | — |  |  | 1,455 |
Cash paid to purchase debt |  | (380 | ) |  | — |  |  | (693 | ) |  | — |  |  | (1,073 | )
Cash paid for preferred stock dividends |  | (91 | ) |  | — |  |  | — |  |  | — |  |  | (91 | )
Contribution from parent |  | (1,644 | ) |  | — |  |  | 1,644 |  |  | — |  |  | — |
Other financing activities |  | (24 | ) |  | (8 | ) |  | (8 | ) |  | 4 |  |  | (36 | )
Intercompany advances, net |  | (713 | ) |  | 713 |  |  | — |  |  | — |  |  | — |
Net Cash Provided By (Used In) Financing Activities |  | (118 | ) |  | 705 |  |  | 268 |  |  | 4 |  |  | 859 |
Net increase (decrease) in cash and cash equivalents |  | (117 | ) |  | 115 |  |  | 4 |  |  | — |  |  | 2 |
Cash and cash equivalents, beginning of period |  | 4 |  |  | 1 |  |  | 1 |  |  | (2 | ) |  | 4 |
Cash and cash equivalents, end of period |  | $ | (113 | ) |  | $ | 116 |  |  | $ | 5 |  |  | $ | (2 | ) |  | $ | 6 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2018 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net Cash Provided By Operating Activities |  | $ | 85 |  |  | $ | 1,642 |  |  | $ | 10 |  |  | $ | (7 | ) |  | $ | 1,730 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Drilling and completion costs |  | — |  |  | (1,848 | ) |  | — |  |  | — |  |  | (1,848 | )
Acquisitions of proved and unproved properties |  | — |  |  | (128 | ) |  | — |  |  | — |  |  | (128 | )
Proceeds from divestitures of proved and unproved properties |  | — |  |  | 2,231 |  |  | — |  |  | — |  |  | 2,231 |
Additions to other property and equipment |  | — |  |  | (21 | ) |  | — |  |  | — |  |  | (21 | )
Proceeds from sales of other property and equipment |  | — |  |  | 147 |  |  | — |  |  | — |  |  | 147 |
Proceeds from sales of investments |  | — |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Net Cash Provided by Investing Activities |  | — |  |  | 455 |  |  | — |  |  | — |  |  | 455 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility borrowings |  | 11,697 |  |  | — |  |  | — |  |  | — |  |  | 11,697 |
Payments on revolving credit facility borrowings |  | (12,059 | ) |  | — |  |  | — |  |  | — |  |  | (12,059 | )
Proceeds from issuance of senior notes, net |  | 1,236 |  |  | — |  |  | — |  |  | — |  |  | 1,236 |
Cash paid to purchase debt |  | (2,813 | ) |  | — |  |  | — |  |  | — |  |  | (2,813 | )
Cash paid for preferred stock dividends |  | (92 | ) |  | — |  |  | — |  |  | — |  |  | (92 | )
Other financing activities |  | (26 | ) |  | (123 | ) |  | (13 | ) |  | 7 |  |  | (155 | )
Intercompany advances, net |  | 1,971 |  |  | (1,974 | ) |  | 2 |  |  | 1 |  |  | — |
Net Cash Used In Financing Activities |  | (86 | ) |  | (2,097 | ) |  | (11 | ) |  | 8 |  |  | (2,186 | )
Net decrease in cash and cash equivalents |  | (1 | ) |  | — |  |  | (1 | ) |  | 1 |  |  | (1 | )
Cash and cash equivalents, beginning of period |  | 5 |  |  | 1 |  |  | 2 |  |  | (3 | ) |  | 5 |
Cash and cash equivalents, end of period |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 4 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2017 ($ in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Net Cash Provided By Operating Activities |  | $ | 5 |  |  | $ | 466 |  |  | $ | 14 |  |  | $ | (10 | ) |  | $ | 475 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Drilling and completion costs |  | — |  |  | (2,113 | ) |  | — |  |  | — |  |  | (2,113 | )
Acquisitions of proved and unproved properties |  | — |  |  | (88 | ) |  | — |  |  | — |  |  | (88 | )
Proceeds from divestitures of proved and unproved properties |  | — |  |  | 1,249 |  |  | — |  |  | — |  |  | 1,249 |
Additions to other property and equipment |  | — |  |  | (21 | ) |  | — |  |  | — |  |  | (21 | )
Other investing activities |  | — |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
Net Cash Used In Investing Activities |  | — |  |  | (918 | ) |  | — |  |  | — |  |  | (918 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility borrowings |  | 7,771 |  |  | — |  |  | — |  |  | — |  |  | 7,771 |
Payments on revolving credit facility borrowings |  | (6,990 | ) |  | — |  |  | — |  |  | — |  |  | (6,990 | )
Proceeds from issuance of senior notes, net |  | 1,585 |  |  | — |  |  | — |  |  | — |  |  | 1,585 |
Cash paid to purchase debt |  | (2,592 | ) |  | — |  |  | — |  |  | — |  |  | (2,592 | )
Cash paid for preferred stock dividends |  | (183 | ) |  | — |  |  | — |  |  | — |  |  | (183 | )
Other financing activities |  | (39 | ) |  | (5 | ) |  | (13 | ) |  | 32 |  |  | (25 | )
Intercompany advances, net |  | (456 | ) |  | 456 |  |  | — |  |  | — |  |  | — |
Net Cash Provided by (Used In) Financing Activities |  | (904 | ) |  | 451 |  |  | (13 | ) |  | 32 |  |  | (434 | )
Net increase (decrease) in cash and cash equivalents |  | (899 | ) |  | (1 | ) |  | 1 |  |  | 22 |  |  | (877 | )
Cash and cash equivalents, beginning of period |  | 904 |  |  | 2 |  |  | 1 |  |  | (25 | ) |  | 882 |
Cash and cash equivalents, end of period |  | $ | 5 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | (3 | ) |  | $ | 5 |

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