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Natural Gas and Oil Property Transactions (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Schedule of preliminary allocation of the total purchase price | We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during the 2022 Successor Period, which resulted in measurement period adjustments of $39 million to both restricted cash and current liabilities, to reflect funds restricted for future payment of certain royalties.
| Purchase Price Allocation
Consideration: |
Cash | $ | 2,000 |
Fair value of Chesapeake’s common stock issued in the merger (a) | 764 |
Working capital adjustments | 6 |
Total consideration | $ | 2,770 |
Fair Value of Liabilities Assumed: |
Current liabilities | $ | 459 |
Other long-term liabilities | 129 |
Amounts attributable to liabilities assumed | $ | 588 |
Fair Value of Assets Acquired: |
Cash, cash equivalents and restricted cash | $ | 39 |
Other current assets | 218 |
Proved natural gas and oil properties | 2,309 |
Unproved properties | 788 |
Other property and equipment | 1 |
Other long-term assets | 3 |
Amounts attributable to assets acquired | $ | 3,358 |
Total identifiable net assets | $ | 2,770 |
____________________________________________(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.We have accounted for the Vine Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price of Vine to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during the 2022 Successor Period, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 11 for additional information regarding the change to deferred tax liabilities.
| Purchase Price Allocation
Consideration: |
Cash | $ | 253 |
Fair value of Chesapeake’s common stock issued in the merger (a) | 1,231 |
Restricted stock unit replacement awards | 6 |
Total consideration | $ | 1,490 |
Fair Value of Liabilities Assumed: |
Current liabilities | $ | 765 |
Long-term debt | 1,021 |
Deferred tax liabilities | 30 |
Other long-term liabilities | 272 |
Amounts attributable to liabilities assumed | $ | 2,088 |
Fair Value of Assets Acquired: |
Cash and cash equivalents | $ | 59 |
Other current assets | 206 |
Proved natural gas and oil properties | 2,181 |
Unproved properties | 1,099 |
Other property and equipment | 1 |
Other long-term assets | 32 |
Amounts attributable to assets acquired | $ | 3,578 |
Total identifiable net assets | $ | 1,490 |
____________________________________________ (a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.
Schedule of pro forma financial information |
|  | Successor
|  | Year Ended December 31, 2022 |  | Period from February 10, 2021 through December 31, 2021
Revenues |  | $ | 11,743 |  |  | $ | 5,891 |
Net income (loss) available to common stockholders |  | $ | 4,765 |  |  | $ | (5) |
Earnings (loss) per common share: |  |  |  |
Basic |  | $ | 37.37 |  |  | $ | (0.04) |
Diluted |  | $ | 32.26 |  |  | $ | (0.04) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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