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Oil and Natural Gas Property Transactions (Tables) | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Schedule of preliminary allocation of the total purchase price | The following table represents the final allocation of the total purchase price of WildHorse to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
| Purchase Price Allocation
| ($ in millions)
Consideration: |
Cash | $ | 381 |
Fair value of Chesapeake’s common stock issued in the Merger (a) | 2,037 |
Total consideration | $ | 2,418 |
Fair Value of Liabilities Assumed: |
Current liabilities | $ | 166 |
Long-term debt | 1,379 |
Deferred tax liabilities | 314 |
Other long-term liabilities | 36 |
Amounts attributable to liabilities assumed | $ | 1,895 |
Fair Value of Assets Acquired: |
Cash and cash equivalents | $ | 28 |
Other current assets | 128 |
Proved oil and natural gas properties | 3,264 |
Unproved properties | 756 |
Other property and equipment | 77 |
Other long-term assets | 60 |
Amounts attributable to assets acquired | $ | 4,313 |
Total identifiable net assets | $ | 2,418 |
___________________________________________ (a) Based on 717,376,170 Chesapeake common shares issued at closing at $2.84 per share (closing price as of February 1, 2019).
Schedule of pro forma financial information | The following unaudited pro forma financial information for the years ended December 31, 2019 and 2018, respectively, is based on our historical consolidated financial statements adjusted to reflect as if the WildHorse acquisition had occurred on January 1, 2018. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including adjustments to conform the classification of expenses in WildHorse’s statements of operations to our classification for similar expenses and the estimated tax impact of pro forma adjustments.
|  | Years Ended December 31,
|  | 2019 |  | 2018
|  | ($ in millions except per share data)
Revenues |  | $ | 8,587 |  |  | $ | 11,211 |
Net income (loss) available to common stockholders |  | $ | (431 | ) |  | $ | 195 |
Earnings (loss) per common share: |  |  |  |
Basic |  | $ | (0.26 | ) |  | $ | 0.12 |
Diluted |  | $ | (0.26 | ) |  | $ | 0.12 |

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