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Condensed Combined Debtor-in-Possession Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed consolidated balance sheets |
Condensed Combined Balance Sheets |  | Total Combined Debtor Entities
|  | December 31,
|  | 2020 |  | 2019
|  | ($ in millions)
ASSETS |  |  |  |
CURRENT ASSETS: |  |  |  |
Cash and cash equivalents |  | $ | 278 |  |  | $ | 4 |
Other current assets |  | 829 |  |  | 1,244 |
Total Current Assets |  | 1,107 |  |  | 1,248 |
PROPERTY AND EQUIPMENT: |  |  |  |
Oil and natural gas properties at cost, based on successful efforts accounting, net |  | 4,277 |  |  | 13,586 |
Other property and equipment, net |  | 955 |  |  | 1,118 |
Property and equipment held for sale, net |  | 10 |  |  | 10 |
Total Property and Equipment, Net |  | 5,242 |  |  | 14,714 |
Other long-term assets |  | 234 |  |  | 187 |
Investments in subsidiaries and intercompany advances |  | 1 |  |  | 6 |
TOTAL ASSETS |  | $ | 6,584 |  |  | $ | 16,155 |
LIABILITIES AND EQUITY (DEFICIT): |  |  |  |
CURRENT LIABILITIES: |  |  |  |
Current liabilities |  | $ | 3,094 |  |  | $ | 2,391 |
Total Current Liabilities |  | 3,094 |  |  | 2,391 |
Long-term debt, net |  | — |  |  | 9,073 |
Deferred income tax liabilities |  | — |  |  | 10 |
Other long-term liabilities |  | 188 |  |  | 317 |
Liabilities subject to compromise |  | 8,643 |  |  | — |
Total Liabilities |  | 11,925 |  |  | 11,791 |
EQUITY (DEFICIT): |  |  |  |
Stockholders’ equity (deficit) |  | (5,341) |  |  | 4,364 |
Total Equity (Deficit) |  | (5,341) |  |  | 4,364 |
TOTAL LIABILITIES AND EQUITY (DEFICIT) |  | $ | 6,584 |  |  | $ | 16,155 |
Condensed consolidated income statements |
Condensed Combined Statements of Operations |  | Total Combined Debtor Entities
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | ($ in millions)
REVENUES AND OTHER: |  |  |  |  |  |
Oil, natural gas and NGL |  | $ | 3,334 |  |  | $ | 4,508 |  |  | $ | 5,136 |
Marketing |  | 1,869 |  |  | 3,967 |  |  | 5,076 |
Total Revenues |  | 5,203 |  |  | 8,475 |  |  | 10,212 |
Other |  | 56 |  |  | 63 |  |  | 63 |
Gains (losses) on sales of assets |  | 30 |  |  | 43 |  |  | (264) |
Total Revenues and Other |  | 5,289 |  |  | 8,581 |  |  | 10,011 |
OPERATING EXPENSES: |  |  |  |  |  |
Oil, natural gas and NGL production |  | 373 |  |  | 520 |  |  | 474 |
Oil, natural gas and NGL gathering, processing and transportation |  | 1,079 |  |  | 1,076 |  |  | 1,391 |
Severance and ad valorem taxes |  | 149 |  |  | 224 |  |  | 188 |
Exploration |  | 427 |  |  | 84 |  |  | 162 |
Marketing |  | 1,889 |  |  | 4,003 |  |  | 5,158 |
General and administrative |  | 266 |  |  | 314 |  |  | 334 |
Separation and other termination costs |  | 44 |  |  | 12 |  |  | 38 |
Provision for legal contingencies |  | 27 |  |  | 19 |  |  | 26 |
Depreciation, depletion and amortization |  | 1,095 |  |  | 2,258 |  |  | 1,730 |
Impairments |  | 8,501 |  |  | 11 |  |  | 131 |
Other operating expense |  | 109 |  |  | 92 |  |  | — |
Total Operating Expenses |  | 13,959 |  |  | 8,613 |  |  | 9,632 |
INCOME (LOSS) FROM OPERATIONS |  | (8,670) |  |  | (32) |  |  | 379 |
OTHER INCOME (EXPENSE): |  |  |  |  |  |
Interest expense |  | (331) |  |  | (651) |  |  | (633) |
Gains (losses) on investments |  | (20) |  |  | (71) |  |  | 139 |
Gains on purchases or exchanges of debt |  | 65 |  |  | 75 |  |  | 263 |
Other income |  | 16 |  |  | 39 |  |  | 67 |
Reorganization items, net |  | (796) |  |  | — |  |  | — |
Equity in net earnings (losses) of subsidiary |  | (17) |  |  | 1 |  |  | 1 |
Total Other Expense |  | (1,083) |  |  | (607) |  |  | (163) |
INCOME (LOSS) BEFORE INCOME TAXES |  | (9,753) |  |  | (639) |  |  | 216 |
INCOME TAX BENEFIT |  | (19) |  |  | (331) |  |  | (10) |
NET INCOME (LOSS) |  | (9,734) |  |  | (308) |  |  | 226 |
Other comprehensive income |  | 33 |  |  | 35 |  |  | 34 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE |  | $ | (9,701) |  |  | $ | (273) |  |  | $ | 260 |
Condensed consolidated cash flow statements |
Condensed Combined Statements of Cash Flows |  | Total Combined Debtor Entities
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | ($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net Cash Provided By Operating Activities |  | $ | 1,163 |  |  | $ | 1,618 |  |  | $ | 1,727 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Drilling and completion costs |  | (1,111) |  |  | (2,180) |  |  | (1,848) |
Business combination, net |  | — |  |  | (353) |  |  | — |
Acquisitions of proved and unproved properties |  | (9) |  |  | (35) |  |  | (128) |
Proceeds from divestitures of proved and unproved properties |  | 136 |  |  | 130 |  |  | 2,231 |
Additions to other property and equipment |  | (22) |  |  | (48) |  |  | (21) |
Proceeds from sales of other property and equipment |  | 14 |  |  | 6 |  |  | 147 |
Proceeds from sales of investments |  | — |  |  | — |  |  | 74 |
Net Cash Provided By (Used In) Investing Activities |  | (992) |  |  | (2,480) |  |  | 455 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Proceeds from pre-petition revolving credit facility borrowings |  | 3,656 |  |  | 10,676 |  |  | 11,697 |
Payments on pre-petition revolving credit facility borrowings |  | (3,317) |  |  | (10,180) |  |  | (12,059) |
Proceeds from DIP credit facility borrowings |  | 60 |  |  | — |  |  | — |
Payments on DIP credit facility borrowings |  | (60) |  |  | — |  |  | — |
DIP credit facility and exit facilities financing costs |  | (109) |  |  |  |  |
Proceeds from issuance of senior notes, net |  | — |  |  | 108 |  |  | 1,236 |
Proceeds from issuance of term loan, net |  | — |  |  | 1,455 |  |  | — |
Cash paid to purchase debt |  | (94) |  |  | (1,073) |  |  | (2,813) |
Cash paid for preferred stock dividends |  | (22) |  |  | (91) |  |  | (92) |
Other financing activities |  | (11) |  |  | (32) |  |  | (149) |
Intercompany advances, net |  | — |  |  | — |  |  | (2) |
Net Cash Provided by (Used In) Financing Activities |  | 103 |  |  | 863 |  |  | (2,182) |
Net increase in cash and cash equivalents |  | 274 |  |  | 1 |  |  | — |
Cash and cash equivalents, beginning of period |  | 4 |  |  | 3 |  |  | 3 |
Cash and cash equivalents, end of period |  | $ | 278 |  |  | $ | 4 |  |  | $ | 3 |

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