XML 57 R33.htm IDEA: XBRL DOCUMENT
v3.20.4

Condensed Combined Debtor-in-Possession Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Combined Debtor-in-Possession Financial Information | Condensed Combined Debtor-in-Possession Financial Information The financial statements below represent the combined financial statements of the Debtors as of December 31, 2020 and 2019 and the years ended December 31, 2020, 2019 and 2018.
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 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 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 |

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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 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 Reference 3: 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(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration