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Long Term Debt (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified
1 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended
Oct. 31, 2012
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
7.625% Senior Notes Due 2013
Dec. 31, 2011
7.625% Senior Notes Due 2013
Sep. 30, 2012
9.5% Senior Notes Due 2015
Dec. 31, 2011
9.5% Senior Notes Due 2015
Sep. 30, 2012
6.25% Euro-Denominated Senior Notes Due 2017
Dec. 31, 2011
6.25% Euro-Denominated Senior Notes Due 2017
Sep. 30, 2012
6.5% Senior Notes Due 2017
Dec. 31, 2011
6.5% Senior Notes Due 2017
Sep. 30, 2012
6.875% Senior Notes Due 2018
Dec. 31, 2011
6.875% Senior Notes Due 2018
Sep. 30, 2012
7.25% Senior Notes Due 2018
Dec. 31, 2011
7.25% Senior Notes Due 2018
Sep. 30, 2012
6.625% Senior Notes Due 2019
Dec. 31, 2011
6.625% Senior Notes Due 2019
Sep. 30, 2012
6.775% Senior Notes Due 2019
Dec. 31, 2011
6.775% Senior Notes Due 2019
Sep. 30, 2012
6.625% Senior Notes Due 2020
Dec. 31, 2011
6.625% Senior Notes Due 2020
Sep. 30, 2012
6.875% Senior Notes Due 2020
Dec. 31, 2011
6.875% Senior Notes Due 2020
Sep. 30, 2012
6.125% Senior Notes Due 2021
Dec. 31, 2011
6.125% Senior Notes Due 2021
Sep. 30, 2012
2.75% Contingent Convertible Senior Notes Due 2035
Dec. 31, 2011
2.75% Contingent Convertible Senior Notes Due 2035
Sep. 30, 2012
2.5% Contingent Convertible Senior Notes Due 2037
Dec. 31, 2011
2.5% Contingent Convertible Senior Notes Due 2037
Sep. 30, 2012
2.25% Contingent Convertible Senior Notes Due 2038
Dec. 31, 2011
2.25% Contingent Convertible Senior Notes Due 2038
Sep. 30, 2012
Corporate revolving bank credit facility
Dec. 31, 2011
Corporate revolving bank credit facility
Sep. 30, 2012
Midstream Revolving Bank Credit Facility
Dec. 31, 2011
Midstream Revolving Bank Credit Facility
Sep. 30, 2012
Oilfield Services Credit Facility
Dec. 31, 2011
Oilfield Services Credit Facility
Sep. 30, 2012
Discount On Senior Notes
Dec. 31, 2011
Discount On Senior Notes
Sep. 30, 2012
Interest rate derivatives
Dec. 31, 2011
Interest rate derivatives
Oct. 31, 2012
Term Loan
May 31, 2012
Term Loan
Sep. 30, 2012
Term loans due 2017
Dec. 31, 2011
Term loans due 2017
Debt Instrument [Line Items]                                                                                                
Increase (Decrease) in Interest Payable, Net $ 45                                                                                              
Long-term Debt, Gross   16,218   16,218   10,626 464 [1] 464 [1] 1,265 1,265 442 [2] 446 [2] 660 660 474 474 669 669 650 [3] 650 [3] 1,300 0 1,300 1,300 500 500 1,000 1,000 396 [4] 396 [4] 1,168 [4] 1,168 [4] 347 [4] 347 [4] 1,785 1,719 0 1 336 29 (559) [5] (490) [5] 21 [6] 28 [6]     4,000 0
Less current maturities of long-term debt   (463) [1]   (463) [1]   0 [1]                                                                                    
Total long-term debt, net   15,755   15,755   10,626                                                                                    
Derivative, Forward Exchange Rate   1.2856   1.2856   1.2973                                                                                    
Interest rate             7.625%   9.50%   6.25%   6.50%   6.875%   7.25%   6.625% 6.625% 6.775%   6.625%   6.875%   6.125%   2.75%   2.50%   2.25%                              
Percentage Of Principal Amount Of Notes For Repurchase Requirement Of Contingent Convertible Senior Notes       100.00%                                                                                        
Debt Instruments Convertible Optional Repurchase Dates                                                         November 15, 2015, 2020, 2025, 2030   May 15, 2017, 2022, 2027, 2032   December 15, 2018, 2023, 2028, 2033                              
Debt Instrument, Convertible, Terms of Conversion Feature       5                                                                                        
Common Stock Price Conversion Thresholds                                                         $ 48.51   $ 63.93   $ 107.27                              
Contingent Interest First Payable (if applicable)                                                         May 14, 2016   Nov. 14, 2017   Jun. 14, 2019                              
Debt Instrument, Unamortized Discount   393   393   444 1                                                                             120    
Debt Issuance Cost                                                                                           91    
Proceeds from Sale of Property, Plant, and Equipment   4                                                                                     4,000      
Gains on sales of investments 155 31 0 1,061 0                                                                                      
Write off of Deferred Debt Issuance Cost                                                                                         86      
Proceeds from (Repayments of) Short-term Debt $ 114                                                                                              
[1] These senior notes are due in July 2013. There is $1 million of discount associated with these notes.
[2] The principal amount shown is based on the exchange rate of $1.2856 to €1.00 and $1.2973 to €1.00 as of September 30, 2012 and December 31, 2011, respectively. See Note 7 for information on our related foreign currency derivatives.
[3] Issuers are Chesapeake Oilfield Operating, L.L.C. (COO), an indirect wholly owned subsidiary of the Company, and Chesapeake Oilfield Finance, Inc. (COF), a wholly owned subsidiary of COO formed solely to facilitate the offering of the 6.625% Senior Notes due 2019. COF is nominally capitalized and has no operations or revenues. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent convertible senior notes.
[4] nior notes.(e)The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty years before the maturity date. The notes are convertible, at the holder’s option, prior to maturity under certain circumstances into cash and, if applicable, shares of our common stock using a net share settlement process. One such triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. In the third quarter of 2012, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes during the specified period and, as a result, the holders do not have the option to convert their notes into cash and common stock in the fourth quarter of 2012 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. In general, upon conversion of a contingent convertible senior note, the holder will receive cash equal to the principal amount of the note and common stock for the note’s conversion value in excess of such principal amount. We will pay contingent interest on the convertible senior notes after they have been outstanding at least ten years, under certain conditions. We may redeem the convertible senior notes once they have been outstanding for ten years at a redemption price of 100% of the principal amount of the notes, payable in cash. The optional repurchase dates, the common stock price conversion threshold amounts and the ending date of the first six-month period in which contingent interest may be payable for the contingent convertible senior notes are as follows: Contingent Convertible Senior Notes Repurchase Dates Common Stock Price Conversion Thresholds Contingent InterestFirst Payable(if applicable)2.75% due 2035 November 15, 2015, 2020, 2025, 2030 $48.51 May 14, 20162.5% due 2037 May 15, 2017, 2022, 2027, 2032 $63.93 November 14, 20172.25% due 2038 December 15, 2018, 2023, 2028, 2033 $107.27 June 14, 2019
[5] Discount as of September 30, 2012 and December 31, 2011 included $393 million and $444 million, respectively, associated with the equity component of our contingent convertible senior notes. This discount is based on an effective yield method.
[6] See Note 7 for further discussion related to these instruments.