CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUES:
Natural gas, oil and NGL	$ 1,437	$ 2,402	$ 4,622	$ 4,688
Marketing, gathering and compression	1,381	1,422	3,710	3,844
Oilfield services	152	153	446	376
Total Revenues	2,970	3,977	8,778	8,908
OPERATING EXPENSES:
Natural gas, oil and NGL production	320	282	1,005	782
Production taxes	53	50	141	140
Marketing, gathering and compression	1,339	1,392	3,631	3,744
Oilfield services	116	118	321	287
General and administrative	148	151	440	410
Natural gas, oil and NGL depreciation, depletion and amortization	762	423	1,856	1,147
Depreciation and amortization of other assets	66	75	233	206
Impairment of natural gas and oil properties	3,315	0	3,315	0
Losses on sales and impairments of fixed assets and other	45	3	286	7
Total Operating Expenses	6,164	2,494	11,228	6,723
INCOME (LOSS) FROM OPERATIONS	(3,194)	1,483	(2,450)	2,185
OTHER INCOME (EXPENSE):
Interest expense	(36)	(4)	(63)	(37)
Earnings (losses) on investments	(23)	28	(87)	100
Gains on sales of investments	31	0	1,061	0
Losses on purchases or exchanges of debt	0	0	0	(176)
Other income (expense)	(9)	4	2	9
Total Other Income (Expense)	(37)	28	913	(104)
INCOME (LOSS) BEFORE INCOME TAXES	(3,231)	1,511	(1,537)	2,081
INCOME TAX EXPENSE (BENEFIT):
Current income taxes	22	(1)	24	11
Deferred income taxes	(1,282)	590	(623)	801
Total Income Tax Expense (Benefit)	(1,260)	589	(599)	812
NET INCOME (LOSS)	(1,971)	922	(938)	1,269
Net income attributable to noncontrolling interests	(41)	0	(131)	0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	(2,012)	922	(1,069)	1,269
Preferred stock dividends	(43)	(43)	(128)	(128)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$ (2,055)	$ 879	$ (1,197)	$ 1,141
EARNINGS (LOSS) PER COMMON SHARE:
Earnings per share (usd per share)	$ (3.19)	$ 1.38	$ (1.86)	$ 1.79
Earnings per share, diluted (usd per share)	$ (3.19)	$ 1.23	$ (1.86)	$ 1.69
CASH DIVIDEND DECLARED PER COMMON SHARE (usd per share)	$ 0.0875	$ 0.0875	$ 0.2625	$ 0.25
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic (shares)	644	638	643	636
Diluted (shares)	644	753	643	752