CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Dec. 31, 2012		Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents ($1 and $1 attributable to our VIEs)	$ 287		$ 351
Restricted cash	111		44
Accounts receivable	2,245		2,505
Short-term derivative assets	58		13
Deferred income tax asset	90		139
Other current assets	153		125
Current assets held for sale	4		0
Total Current Assets	2,948		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)	50,172		41,723
Unevaluated properties	14,755		16,685
Natural gas gathering systems and treating plants	0		1,455
Oilfield services equipment	2,130		1,632
Other property and equipment	3,778		3,555
Total Property and Equipment, at Cost	70,835		65,050
Less: accumulated depreciation, depletion and amortization (($58) and ($6) attributable to our VIEs)	(34,302)		(28,290)
Property and equipment held for sale, net	634		0
Total Property and Equipment, Net	37,167		36,760
LONG-TERM ASSETS:
Investments	728		1,531
Long-term derivative assets	2		0
Other long-term assets	766		367
TOTAL ASSETS	41,611		41,835
CURRENT LIABILITIES:
Accounts payable	1,710		3,311
Short-term derivative liabilities ($4 and $9 attributable to our VIEs)	105		191
Accrued interest	226		183
Current maturities of long-term debt, net	463	[1]	0	[1]
Other current liabilities ($21 and $23 attributable to our VIEs)	3,741		3,397
Current liabilities held for sale	21		0
Total Current Liabilities	6,266		7,082
LONG-TERM LIABILITIES:
Long-term debt, net	12,157		10,626
Deferred income tax liabilities	2,807		3,484
Long-term derivative liabilities ($3 and $10 attributable to our VIEs)	934		1,541
Asset retirement obligations	375		323
Other long-term liabilities	1,176		818
Total Long-Term Liabilities	17,449		16,792
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: 666,467,664 and 660,888,159 shares issued	7		7
Paid-in capital	12,293		12,146
Retained earnings	437		1,608
Accumulated other comprehensive income (loss)	(182)		(166)
Less: treasury stock, at cost; 2,147,724 and 1,552,533 common shares	(48)		(33)
Total Chesapeake Stockholders’ Equity	15,569		16,624
Noncontrolling interests	2,327		1,337
Total Equity	17,896		17,961
TOTAL LIABILITIES AND EQUITY	$ 41,611		$ 41,835

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