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Condensed Combined Debtor-in-Possession Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidated Balance Sheets |
Condensed Combined Balance Sheets |  | Total Combined Debtor Entities
|  | September 30, 2020 |  | December 31, 2019
ASSETS |  | ($ in millions)
CURRENT ASSETS: |  |  |  |
Cash and cash equivalents |  | $ | 304 |  |  | $ | 4 |
Other current assets |  | 765 |  |  | 1,244 |
Total Current Assets |  | 1,069 |  |  | 1,248 |
PROPERTY AND EQUIPMENT: |  |  |  |
Oil and natural gas properties, based on successful efforts accounting, net |  | 4,637 |  |  | 13,586 |
Other property and equipment, net |  | 992 |  |  | 1,118 |
Property and equipment held for sale, net |  | 10 |  |  | 10 |
Total Property and Equipment, Net |  | 5,639 |  |  | 14,714 |
Other long-term assets |  | 185 |  |  | 187 |
Investments in subsidiaries and intercompany advances |  | (11 | ) |  | 6 |
TOTAL ASSETS |  | $ | 6,882 |  |  | $ | 16,155 |
LIABILITIES AND EQUITY (DEFICIT) |  |  |  |
CURRENT LIABILITIES: |  |  |  |
Current liabilities |  | $ | 3,105 |  |  | $ | 2,391 |
Total Current Liabilities |  | 3,105 |  |  | 2,391 |
Long-term debt, net |  | — |  |  | 9,073 |
Deferred income tax liabilities |  | — |  |  | 10 |
Other long-term liabilities |  | 289 |  |  | 317 |
Liabilities subject to compromise |  | 8,428 |  |  | — |
Total Liabilities |  | 11,822 |  |  | 11,791 |
EQUITY (DEFICIT): |  |  |  |
Chesapeake Stockholders’ Equity (Deficit) |  | (4,940 | ) |  | 4,364 |
Total Equity (Deficit) |  | (4,940 | ) |  | 4,364 |
TOTAL LIABILITIES AND EQUITY (DEFICIT) |  | $ | 6,882 |  |  | $ | 16,155 |
Condensed Consolidated Income Statements |
Condensed Combined Statements of Operations |  | Total Combined Debtor Entities
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | ($ in millions)
REVENUES AND OTHER: |  |  |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 510 |  |  | $ | 1,167 |  |  | $ | 2,574 |  |  | $ | 3,543 |
Marketing |  | 448 |  |  | 889 |  |  | 1,412 |  |  | 3,038 |
Total Revenues |  | 958 |  |  | 2,056 |  |  | 3,986 |  |  | 6,581 |
Other |  | 15 |  |  | 15 |  |  | 45 |  |  | 45 |
Gains on sales of assets |  | 1 |  |  | 13 |  |  | 1 |  |  | 33 |
Total Revenues and Other |  | 974 |  |  | 2,084 |  |  | 4,032 |  |  | 6,659 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Oil, natural gas and NGL production |  | 82 |  |  | 135 |  |  | 295 |  |  | 394 |
Oil, natural gas and NGL gathering, processing and transportation |  | 257 |  |  | 268 |  |  | 810 |  |  | 810 |
Severance and ad valorem taxes |  | 37 |  |  | 55 |  |  | 116 |  |  | 168 |
Exploration |  | 5 |  |  | 17 |  |  | 417 |  |  | 56 |
Marketing |  | 450 |  |  | 901 |  |  | 1,438 |  |  | 3,071 |
General and administrative |  | 52 |  |  | 66 |  |  | 228 |  |  | 257 |
Separation and other termination costs |  | 16 |  |  | — |  |  | 43 |  |  | — |
Provision for legal contingencies, net |  | 12 |  |  | — |  |  | 20 |  |  | 3 |
Depreciation, depletion and amortization |  | 170 |  |  | 572 |  |  | 929 |  |  | 1,668 |
Impairments |  | — |  |  | 9 |  |  | 8,489 |  |  | 11 |
Other operating expense |  | 4 |  |  | 15 |  |  | 92 |  |  | 79 |
Total Operating Expenses |  | 1,085 |  |  | 2,038 |  |  | 12,877 |  |  | 6,517 |
INCOME (LOSS) FROM OPERATIONS |  | (111 | ) |  | 46 |  |  | (8,845 | ) |  | 142 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |
Interest expense |  | (25 | ) |  | (177 | ) |  | (307 | ) |  | (513 | )
Losses on investments |  | — |  |  | (4 | ) |  | (23 | ) |  | (28 | )
Gains on purchases or exchanges of debt |  | — |  |  | 70 |  |  | 65 |  |  | 70 |
Other income |  | 2 |  |  | 3 |  |  | 14 |  |  | 30 |
Reorganization items, net |  | (611 | ) |  | — |  |  | (217 | ) |  | — |
Equity in net losses of subsidiary |  | — |  |  | — |  |  | (18 | ) |  | — |
Total Other Expense |  | (634 | ) |  | (108 | ) |  | (486 | ) |  | (441 | )
LOSS BEFORE INCOME TAXES |  | (745 | ) |  | (62 | ) |  | (9,331 | ) |  | (299 | )
Income tax benefit |  | — |  |  | (1 | ) |  | (13 | ) |  | (315 | )
NET INCOME (LOSS) |  | (745 | ) |  | (61 | ) |  | (9,318 | ) |  | 16 |
Other comprehensive income |  | 7 |  |  | 8 |  |  | 24 |  |  | 26 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE |  | $ | (738 | ) |  | $ | (53 | ) |  | $ | (9,294 | ) |  | $ | 42 |
Condensed Consolidated Cash Flow Statements |
Condensed Combined Statements of Cash Flows |  | Total Combined Debtor Entities
|  | Nine Months Ended September 30,
|  | 2020 |  | 2019
|  | ($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net Cash Provided By Operating Activities |  | $ | 1,153 |  |  | $ | 1,178 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |
Drilling and completion costs |  | (946 | ) |  | (1,640 | )
Business combination, net |  | — |  |  | (353 | )
Acquisitions of proved and unproved properties |  | (9 | ) |  | (31 | )
Proceeds from divestitures of proved and unproved properties |  | 10 |  |  | 110 |
Additions to other property and equipment |  | (18 | ) |  | (27 | )
Proceeds from sales of other property and equipment |  | 5 |  |  | 6 |
Net Cash Used In Investing Activities |  | (958 | ) |  | (1,935 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Proceeds from pre-petition revolving credit facility borrowings |  | 3,806 |  |  | 8,805 |
Payments on pre-petition revolving credit facility borrowings |  | (3,467 | ) |  | (7,495 | )
Proceeds from DIP credit facility borrowings |  | 60 |  |  | — |
Payments on DIP credit facility borrowings |  | (60 | ) |  | — |
DIP credit facility and exit facilities financing costs |  | (109 | ) |  | — |
Cash paid to purchase debt |  | (95 | ) |  | (457 | )
Cash paid for preferred stock dividends |  | (22 | ) |  | (69 | )
Other financing activities |  | (8 | ) |  | (19 | )
Net Cash Provided By Financing Activities |  | 105 |  |  | 765 |
Net increase in cash and cash equivalents |  | 300 |  |  | 8 |
Cash and cash equivalents, beginning of period |  | 4 |  |  | 3 |
Cash and cash equivalents, end of period |  | $ | 304 |  |  | $ | 11 |

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