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v3.19.3.a.u2

Change in Accounting Principle (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Schedule of changes in accounting principles | The following tables present the effects of the change to the successful efforts method of accounting in the consolidated balance sheets:
|  | December 31, 2019
CONSOLIDATED BALANCE SHEETS |  | Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Proved oil and natural gas properties ($488 and $755 attributable to our VIE) |  | $ | 75,148 |  |  | $ | (44,383 | ) |  | $ | 30,765 |
Unproved properties |  | $ | 3,203 |  |  | $ | (1,030 | ) |  | $ | 2,173 |
Total Property and Equipment, at Cost |  | $ | 80,161 |  |  | $ | (45,413 | ) |  | $ | 34,748 |
Less: accumulated depreciation, depletion and amortization (($468) and ($713) attributable to our VIE) |  | $ | (66,626 | ) |  | $ | 46,624 |  |  | $ | (20,002 | )
Total Property and Equipment, Net |  | $ | 13,545 |  |  | $ | 1,211 |  |  | $ | 14,756 |
Total Assets |  | $ | 14,982 |  |  | $ | 1,211 |  |  | $ | 16,193 |
Other current liabilities |  | $ | 1,377 |  |  | $ | 55 |  |  | $ | 1,432 |
Total Current Liabilities |  | $ | 2,337 |  |  | $ | 55 |  |  | $ | 2,392 |
Other long-term liabilities |  | $ | 116 |  |  | $ | 9 |  |  | $ | 125 |
Total Long-Term Liabilities |  | $ | 9,391 |  |  | $ | 9 |  |  | $ | 9,400 |
Accumulated deficit |  | $ | (15,451 | ) |  | $ | 1,231 |  |  | $ | (14,220 | )
Total Chesapeake Stockholders’ Equity |  | $ | 3,133 |  |  | $ | 1,231 |  |  | $ | 4,364 |
Noncontrolling interests |  | $ | 121 |  |  | $ | (84 | ) |  | $ | 37 |
Total Equity |  | $ | 3,254 |  |  | $ | 1,147 |  |  | $ | 4,401 |
Total Liabilities and Equity |  | $ | 14,982 |  |  | $ | 1,211 |  |  | $ | 16,193 |
|  | December 31, 2018
CONSOLIDATED BALANCE SHEETS |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Proved oil and natural gas properties ($488 and $755 attributable to our VIE) |  | $ | 69,642 |  |  | $ | (44,235 | ) |  | $ | 25,407 |
Unproved properties |  | $ | 2,337 |  |  | $ | (776 | ) |  | $ | 1,561 |
Total Property and Equipment, at Cost |  | $ | 73,700 |  |  | $ | (45,011 | ) |  | $ | 28,689 |
Less: accumulated depreciation, depletion and amortization (($461) and ($707) attributable to our VIE) |  | $ | (64,685 | ) |  | $ | 46,799 |  |  | $ | (17,886 | )
Total Property and Equipment, Net |  | $ | 9,030 |  |  | $ | 1,788 |  |  | $ | 10,818 |
Total Assets |  | $ | 10,947 |  |  | $ | 1,788 |  |  | $ | 12,735 |
Other current liabilities |  | $ | 1,540 |  |  | $ | 59 |  |  | $ | 1,599 |
Total Current Liabilities |  | $ | 2,828 |  |  | $ | 59 |  |  | $ | 2,887 |
Other long-term liabilities |  | $ | 156 |  |  | $ | 63 |  |  | $ | 219 |
Total Long-Term Liabilities |  | $ | 7,652 |  |  | $ | 63 |  |  | $ | 7,715 |
Accumulated deficit |  | $ | (15,660 | ) |  | $ | 1,748 |  |  | $ | (13,912 | )
Total Chesapeake Stockholders’ Equity |  | $ | 344 |  |  | $ | 1,748 |  |  | $ | 2,092 |
Noncontrolling interests |  | $ | 123 |  |  | $ | (82 | ) |  | $ | 41 |
Total Equity |  | $ | 467 |  |  | $ | 1,666 |  |  | $ | 2,133 |
Total Liabilities and Equity |  | $ | 10,947 |  |  | $ | 1,788 |  |  | $ | 12,735 |
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of operations:
|  | Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS |  | Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Other revenues |  | $ | — |  |  | $ | 63 |  |  | $ | 63 |
Gain on sale of assets |  | $ | — |  |  | $ | 43 |  |  | $ | 43 |
Total revenues |  | $ | 8,489 |  |  | $ | 106 |  |  | $ | 8,595 |
Exploration expense |  | $ | — |  |  | $ | 84 |  |  | $ | 84 |
General and administrative |  | $ | 258 |  |  | $ | 57 |  |  | $ | 315 |
Depreciation, depletion and amortization |  | $ | 1,616 |  |  | $ | 648 |  |  | $ | 2,264 |
Gain on sale of oil and natural gas properties |  | $ | (15 | ) |  | $ | 15 |  |  | $ | — |
Impairments |  | $ | 344 |  |  | $ | (333 | ) |  | $ | 11 |
Other operating expense |  | $ | 94 |  |  | $ | (2 | ) |  | $ | 92 |
Total operating expenses |  | $ | 8,157 |  |  | $ | 469 |  |  | $ | 8,626 |
Income (loss) from operations |  | $ | 332 |  |  | $ | (363 | ) |  | $ | (31 | )
Interest expense |  | $ | (487 | ) |  | $ | (164 | ) |  | $ | (651 | )
Other income |  | $ | 31 |  |  | $ | 8 |  |  | $ | 39 |
Total other expense |  | $ | (452 | ) |  | $ | (156 | ) |  | $ | (608 | )
Loss before income taxes |  | $ | (120 | ) |  | $ | (519 | ) |  | $ | (639 | )
Net income (loss) |  | $ | 211 |  |  | $ | (519 | ) |  | $ | (308 | )
Net income attributable to noncontrolling interest |  | $ | (2 | ) |  | $ | 2 |  |  | $ | — |
Net income (loss) attributable to Chesapeake |  | $ | 209 |  |  | $ | (517 | ) |  | $ | (308 | )
Net income (loss) available to common stockholders |  | $ | 101 |  |  | $ | (517 | ) |  | $ | (416 | )
Earnings (loss) per common share basic |  | $ | 0.06 |  |  | $ | (0.31 | ) |  | $ | (0.25 | )
Earnings (loss) per common share diluted |  | $ | 0.06 |  |  | $ | (0.31 | ) |  | $ | (0.25 | )
|  | Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Other revenues |  | $ | — |  |  | $ | 63 |  |  | $ | 63 |
Loss on sale of assets |  | $ | — |  |  | $ | (264 | ) |  | $ | (264 | )
Total revenues |  | $ | 10,231 |  |  | $ | (201 | ) |  | $ | 10,030 |
Exploration expense |  | $ | — |  |  | $ | 162 |  |  | $ | 162 |
General and administrative |  | $ | 280 |  |  | $ | 55 |  |  | $ | 335 |
Depreciation, depletion and amortization |  | $ | 1,145 |  |  | $ | 592 |  |  | $ | 1,737 |
Loss on sale of oil and natural gas properties |  | $ | 578 |  |  | $ | (578 | ) |  | $ | — |
Impairments |  | $ | 53 |  |  | $ | 78 |  |  | $ | 131 |
Other operating expenses |  | $ | 10 |  |  | $ | (10 | ) |  | $ | — |
Total operating expenses |  | $ | 9,349 |  |  | $ | 299 |  |  | $ | 9,648 |
Income from operations |  | $ | 882 |  |  | $ | (500 | ) |  | $ | 382 |
Interest expense |  | $ | (487 | ) |  | $ | (146 | ) |  | $ | (633 | )
Other income |  | $ | 70 |  |  | $ | (3 | ) |  | $ | 67 |
Total other expense |  | $ | (15 | ) |  | $ | (149 | ) |  | $ | (164 | )
Income before income taxes |  | $ | 867 |  |  | $ | (649 | ) |  | $ | 218 |
Net income |  | $ | 877 |  |  | $ | (649 | ) |  | $ | 228 |
Net income attributable to noncontrolling interest |  | $ | (4 | ) |  | $ | 2 |  |  | $ | (2 | )
Net income attributable to Chesapeake |  | $ | 873 |  |  | $ | (647 | ) |  | $ | 226 |
Earnings allocated to participating securities |  | $ | (6 | ) |  | $ | 5 |  |  | $ | (1 | )
Net income available to common stockholders |  | $ | 775 |  |  | $ | (642 | ) |  | $ | 133 |
Earnings per common share basic |  | $ | 0.85 |  |  | $ | (0.70 | ) |  | $ | 0.15 |
Earnings per common share diluted |  | $ | 0.85 |  |  | $ | (0.70 | ) |  | $ | 0.15 |
|  | Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Other revenues |  | $ | — |  |  | $ | 67 |  |  | $ | 67 |
Gain on sales of assets |  | $ | — |  |  | $ | 476 |  |  | $ | 476 |
Total revenues |  | $ | 9,496 |  |  | $ | 543 |  |  | $ | 10,039 |
Exploration expense |  | $ | — |  |  | $ | 235 |  |  | $ | 235 |
General and administrative |  | $ | 262 |  |  | $ | 71 |  |  | $ | 333 |
Depreciation, depletion and amortization |  | $ | 995 |  |  | $ | 702 |  |  | $ | 1,697 |
Impairments |  | $ | 5 |  |  | $ | 809 |  |  | $ | 814 |
Other operating expenses |  | $ | 413 |  |  | $ | 3 |  |  | $ | 416 |
Total operating expenses |  | $ | 8,357 |  |  | $ | 1,820 |  |  | $ | 10,177 |
Income (loss) from operations |  | $ | 1,139 |  |  | $ | (1,277 | ) |  | $ | (138 | )
Interest expense |  | $ | (426 | ) |  | $ | (175 | ) |  | $ | (601 | )
Other income |  | $ | 9 |  |  | $ | (3 | ) |  | $ | 6 |
Total other expense |  | $ | (184 | ) |  | $ | (178 | ) |  | $ | (362 | )
Income (loss) before income taxes |  | $ | 955 |  |  | $ | (1,455 | ) |  | $ | (500 | )
Net income (loss) |  | $ | 953 |  |  | $ | (1,455 | ) |  | $ | (502 | )
Net income attributable to noncontrolling interest |  | $ | (4 | ) |  | $ | 1 |  |  | $ | (3 | )
Net income (loss) attributable to Chesapeake |  | $ | 949 |  |  | $ | (1,454 | ) |  | $ | (505 | )
Earnings allocated to participating securities |  | $ | (10 | ) |  | $ | 10 |  |  | $ | — |
Net income (loss) available to common stockholders |  | $ | 813 |  |  | $ | (1,444 | ) |  | $ | (631 | )
Earnings (loss) per common share basic |  | $ | 0.90 |  |  | $ | (1.60 | ) |  | $ | (0.70 | )
Earnings (loss) per common share diluted |  | $ | 0.90 |  |  | $ | (1.60 | ) |  | $ | (0.70 | )
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of comprehensive income:
|  | Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income (loss) |  | $ | 211 |  |  | $ | (519 | ) |  | $ | (308 | )
Comprehensive income (loss) |  | $ | 246 |  |  | $ | (519 | ) |  | $ | (273 | )
Comprehensive income attributable to noncontrolling interests |  | $ | (2 | ) |  | $ | 2 |  |  | $ | — |
Comprehensive income (loss) attributable to Chesapeake |  | $ | 244 |  |  | $ | (517 | ) |  | $ | (273 | )
|  | Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income |  | $ | 877 |  |  | $ | (649 | ) |  | $ | 228 |
Comprehensive income |  | $ | 911 |  |  | $ | (649 | ) |  | $ | 262 |
Comprehensive income attributable to noncontrolling interests |  | $ | (4 | ) |  | $ | 2 |  |  | $ | (2 | )
Comprehensive income attributable to Chesapeake |  | $ | 907 |  |  | $ | (647 | ) |  | $ | 260 |
|  | Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income (loss) |  | $ | 953 |  |  | $ | (1,455 | ) |  | $ | (502 | )
Comprehensive income (loss) |  | $ | 992 |  |  | $ | (1,455 | ) |  | $ | (463 | )
Comprehensive income attributable to noncontrolling interests |  | $ | (4 | ) |  | $ | 1 |  |  | $ | (3 | )
Comprehensive income (loss) attributable to Chesapeake |  | $ | 988 |  |  | $ | (1,454 | ) |  | $ | (466 | )
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of cash flows:
|  | Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF CASH FLOWS |  | Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income (loss) |  | $ | 211 |  |  | $ | (519 | ) |  | $ | (308 | )
Depreciation, depletion and amortization |  | $ | 1,616 |  |  | $ | 648 |  |  | $ | 2,264 |
Gain on sale of oil and gas properties |  | $ | (15 | ) |  | $ | 15 |  |  | $ | — |
Gain on sales of assets |  | $ | — |  |  | $ | (43 | ) |  | $ | (43 | )
Impairments |  | $ | 344 |  |  | $ | (333 | ) |  | $ | 11 |
Exploratory dry hole expense and leasehold impairments |  | $ | — |  |  | $ | 49 |  |  | $ | 49 |
Other |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | (4 | )
(Decrease) increase in accounts payable, accrued liabilities and other |  | $ | (567 | ) |  | $ | (63 | ) |  | $ | (630 | )
Net cash provided by operating activities |  | $ | 1,871 |  |  | $ | (248 | ) |  | $ | 1,623 |
Drilling and completion costs |  | $ | (2,260 | ) |  | $ | 80 |  |  | $ | (2,180 | )
Acquisition of proved and unproved properties |  | $ | (203 | ) |  | $ | 168 |  |  | $ | (35 | )
Net cash used by investing activities |  | $ | (2,728 | ) |  | $ | 248 |  |  | $ | (2,480 | )
|  | Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF CASH FLOWS |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income |  | $ | 877 |  |  | $ | (649 | ) |  | $ | 228 |
Depreciation, depletion and amortization |  | $ | 1,145 |  |  | $ | 592 |  |  | $ | 1,737 |
Loss on sale of oil and gas properties |  | $ | 578 |  |  | $ | (578 | ) |  | $ | — |
Losses on sales of assets |  | $ | — |  |  | $ | 264 |  |  | $ | 264 |
Impairments |  | $ | 53 |  |  | $ | 78 |  |  | $ | 131 |
Exploratory dry hole expense and leasehold impairments |  | $ | — |  |  | $ | 96 |  |  | $ | 96 |
Other |  | $ | (108 | ) |  | $ | (10 | ) |  | $ | (118 | )
Increase in accounts payable, accrued liabilities and other |  | $ | 138 |  |  | $ | (63 | ) |  | $ | 75 |
Net cash provided by operating activities |  | $ | 2,000 |  |  | $ | (270 | ) |  | $ | 1,730 |
Drilling and completion costs |  | $ | (1,958 | ) |  | $ | 110 |  |  | $ | (1,848 | )
Acquisition of proved and unproved properties |  | $ | (288 | ) |  | $ | 160 |  |  | $ | (128 | )
Net cash provided by investing activities |  | $ | 185 |  |  | $ | 270 |  |  | $ | 455 |
|  | Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF CASH FLOWS |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Net income (loss) |  | $ | 953 |  |  | $ | (1,455 | ) |  | $ | (502 | )
Depreciation, depletion and amortization |  | $ | 995 |  |  | $ | 702 |  |  | $ | 1,697 |
Gains on sales of assets |  | $ | — |  |  | $ | (476 | ) |  | $ | (476 | )
Impairments |  | $ | 5 |  |  | $ | 809 |  |  | $ | 814 |
Exploratory dry hole expense and leasehold impairments |  | $ | — |  |  | $ | 214 |  |  | $ | 214 |
Other |  | $ | (135 | ) |  | $ | 3 |  |  | $ | (132 | )
Decrease in accounts payable, accrued liabilities and other |  | $ | (308 | ) |  | $ | (67 | ) |  | $ | (375 | )
Net cash provided by operating activities |  | $ | 745 |  |  | $ | (270 | ) |  | $ | 475 |
Drilling and completion costs |  | $ | (2,186 | ) |  | $ | 73 |  |  | $ | (2,113 | )
Acquisition of proved and unproved properties |  | $ | (285 | ) |  | $ | 197 |  |  | $ | (88 | )
Net cash used in investing activities |  | $ | (1,188 | ) |  | $ | 270 |  |  | $ | (918 | )
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of stockholders’ equity:
|  | Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Accumulated deficit, beginning of period |  | $ | (15,660 | ) |  | $ | 1,748 |  |  | $ | (13,912 | )
Net income (loss) attributable to Chesapeake |  | $ | 209 |  |  | $ | (517 | ) |  | $ | (308 | )
Accumulated deficit, end of period |  | $ | (15,451 | ) |  | $ | 1,231 |  |  | $ | (14,220 | )
Total Chesapeake stockholders’ equity |  | $ | 3,133 |  |  | $ | 1,231 |  |  | $ | 4,364 |
Noncontrolling interests, beginning of period |  | $ | 123 |  |  | $ | (82 | ) |  | $ | 41 |
Net income attributable to noncontrolling interests |  | $ | 2 |  |  | $ | (2 | ) |  | $ | — |
Noncontrolling interests, end of period |  | $ | 121 |  |  | $ | (84 | ) |  | $ | 37 |
Total equity |  | $ | 3,254 |  |  | $ | 1,147 |  |  | $ | 4,401 |
|  | Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Accumulated deficit, beginning of period |  | $ | (16,525 | ) |  | $ | 2,395 |  |  | $ | (14,130 | )
Net income attributable to Chesapeake |  | $ | 873 |  |  | $ | (647 | ) |  | $ | 226 |
Accumulated deficit, end of period |  | $ | (15,660 | ) |  | $ | 1,748 |  |  | $ | (13,912 | )
Total Chesapeake stockholders’ equity |  | $ | 344 |  |  | $ | 1,748 |  |  | $ | 2,092 |
Noncontrolling interests, beginning of period |  | $ | 124 |  |  | $ | (80 | ) |  | $ | 44 |
Net income attributable to noncontrolling interests |  | $ | 4 |  |  | $ | (2 | ) |  | $ | 2 |
Noncontrolling interests, end of period |  | $ | 123 |  |  | $ | (82 | ) |  | $ | 41 |
Total equity |  | $ | 467 |  |  | $ | 1,666 |  |  | $ | 2,133 |
|  | Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | As Reported Under Full Cost |  | Adjustment |  | As Reported Under Successful Efforts
|  | ($ in millions except per share data)
Accumulated deficit, beginning of period |  | $ | (17,474 | ) |  | $ | 3,849 |  |  | $ | (13,625 | )
Net income (loss) attributable to Chesapeake |  | $ | 949 |  |  | $ | (1,454 | ) |  | $ | (505 | )
Accumulated deficit, end of period |  | $ | (16,525 | ) |  | $ | 2,395 |  |  | $ | (14,130 | )
Total Chesapeake stockholders’ equity (deficit) |  | $ | (496 | ) |  | $ | 2,395 |  |  | $ | 1,899 |
Noncontrolling interests, beginning of period |  | $ | 128 |  |  | $ | (79 | ) |  | $ | 49 |
Net income attributable to noncontrolling interests |  | $ | 4 |  |  | $ | (1 | ) |  | $ | 3 |
Noncontrolling interests, end of period |  | $ | 124 |  |  | $ | (80 | ) |  | $ | 44 |
Total equity (deficit) |  | $ | (372 | ) |  | $ | 2,315 |  |  | $ | 1,943 |

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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
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