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Natural Gas and Oil Property Transactions (Tables) | 9 Months Ended
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Sep. 30, 2023
Property, Plant and Equipment [Abstract] |
Schedule of the 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 2022.
| 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.
Schedule of Pro Forma Financial Information | As the Marcellus Acquisition closed on March 9, 2022, the condensed consolidated statements of operations for the Prior Quarter and Current Period include all activity related to the acquired properties. The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Marcellus Acquisition occurred on January 1, 2022. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.
|  |  |  | Nine Months Ended September 30, 2022
Revenues |  |  |  | $ | 7,617 |
Net income |  |  |  | $ | 1,252 |
Earnings per common share: |  |  |  |
Basic |  |  |  | $ | 10.00 |
Diluted |  |  |  | $ | 8.50 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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