CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Sep. 30, 2012		Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents ($1 and $1 attributable to our VIEs)	$ 142		$ 351
Restricted cash	156		44
Accounts receivable	2,291		2,505
Short-term derivative assets	31		13
Deferred income tax asset	692		139
Other current assets	188		125
Current assets held for sale ($14 and $0 attributable to our VIEs)	111		0
Total Current Assets	3,611		3,177
Natural gas and oil properties, at cost based on full cost accounting:
Evaluated natural gas and oil properties ($488 and $498 attributable to our VIEs)	51,014		41,723
Unevaluated properties	15,254		16,685
Natural gas gathering systems and treating plants	0		1,455
Oilfield services equipment	1,972		1,611
Other property and equipment	3,629		3,555
Total Property and Equipment, at Cost	71,869		65,029
Less: accumulated depreciation, depletion and amortization (($43) and ($6) attributable to our VIEs)	(33,573)		(28,290)
Property and equipment held for sale, net ($121 and $0 attributable to our VIEs)	2,307		0
Total Property and Equipment, Net	40,603		36,739
LONG-TERM ASSETS:
Investments	647		1,531
Long-term derivative assets	6		0
Other long-term assets	681		388
Long-term assets held for sale	123		0
TOTAL ASSETS	45,671		41,835
CURRENT LIABILITIES:
Accounts payable	2,357		3,311
Short-term derivative liabilities ($5 and $9 attributable to our VIEs)	150		191
Accrued interest	213		183
Long-term Debt, Current Maturities	463	[1]	0	[1]
Other current liabilities ($20 and $23 attributable to our VIEs)	3,097		3,397
Current liabilities held for sale ($31 and $0 attributable to our VIEs)	176		0
Total Current Liabilities	6,456		7,082
LONG-TERM LIABILITIES:
Long-term debt, net	15,755		10,626
Deferred income tax liabilities	3,418		3,484
Long-term derivative liabilities ($3 and $10 attributable to our VIEs)	999		1,541
Asset retirement obligations	353		323
Other long-term liabilities	997		818
Long-term liabilities held for sale	2		0
Total Long-Term Liabilities	21,524		16,792
CONTINGENCIES AND COMMITMENTS (Note 4)
Chesapeake Stockholders' Equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized: 7,251,515 shares outstanding	3,062		3,062
Common stock, $0.01 par value, 1,000,000,000 shares authorized: 666,955,284 and 660,888,159 shares issued	7		7
Paid-in capital	12,246		12,146
Retained earnings	241		1,608
Accumulated other comprehensive income (loss)	(188)		(166)
Less: treasury stock, at cost; 1,860,507 and 1,552,533 common shares	(41)		(33)
Total Chesapeake Stockholders' Equity	15,327		16,624
Noncontrolling interests	2,364		1,337
Total Equity	17,691		17,961
TOTAL LIABILITIES AND EQUITY	$ 45,671		$ 41,835

[1] These senior notes are due in July 2013. There is $1 million of discount associated with these notes.