XML 93 R34.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Condensed Consolidating Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Chesapeake Energy Corporation is a holding company, owns no operating assets and has no significant operations independent of its subsidiaries. Our obligations under the revolving credit facility, term loan, senior secured second lien notes, and outstanding senior unsecured notes and convertible senior notes listed in Note 5 are fully and unconditionally guaranteed, jointly and severally, by certain of our 100% owned subsidiaries. Our BVL subsidiaries are guarantors of our obligations under the revolving credit facility, term loan and senior secured second lien notes, but are not guarantors of our obligations under our outstanding senior unsecured notes or convertible senior notes as of December 31, 2019. Chesapeake has an obligation and intends to add our BVL subsidiaries as guarantors of our obligations under such notes on or before June 20, 2020 in accordance with the various indentures governing the same. Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries are non-guarantors. The tables below are condensed consolidating financial statements for Chesapeake Energy Corporation (parent) on a stand-alone, unconsolidated basis, and its combined guarantor and combined non-guarantor subsidiaries, including BVL subsidiaries, as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. This financial information may not necessarily be indicative of our results of operations, cash flows or financial position had these subsidiaries operated as independent entities. 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 CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2019 ($ in millions)
|  | 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 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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration