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Debt - Senior Notes and Contingent Convertible Senior Notes Purchased Narrative (Details)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Sep. 30, 2011
Dec. 31, 2012
Term Loan
USD ($)
May 31, 2012
Term Loan
USD ($)
Dec. 31, 2011
Term Loan
USD ($)
Dec. 31, 2012
Seven Point Six Two Five Percent Senior Notes Due Two Thousand Thirteen [Member]
USD ($)
Dec. 31, 2011
Seven Point Six Two Five Percent Senior Notes Due Two Thousand Thirteen [Member]
USD ($)
Dec. 31, 2012
Nine Point Five Percent Senior Notes Due Two Thousand Fifteen [Member]
USD ($)
Dec. 31, 2011
Nine Point Five Percent Senior Notes Due Two Thousand Fifteen [Member]
USD ($)
Dec. 31, 2012
Six Point Two Five Percent Euro Hyphen Denominated Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2011
Six Point Two Five Percent Euro Hyphen Denominated Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2006
Six Point Two Five Percent Euro Hyphen Denominated Senior Notes Due Two Thousand Seventeen [Member]
EUR (€)
Dec. 31, 2012
Six Point Five Percent Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2011
Six Point Five Percent Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2012
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2011
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2012
Seven Point Two Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2011
Seven Point Two Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2012
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2011
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2012
Six Point Six Two Five Percent Senior Notes Due Two Thousand Twenty [Member]
USD ($)
Dec. 31, 2011
Six Point Six Two Five Percent Senior Notes Due Two Thousand Twenty [Member]
USD ($)
Dec. 31, 2012
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty [Member]
USD ($)
Dec. 31, 2011
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty [Member]
USD ($)
Dec. 31, 2012
Six Point Seven Seven Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2011
Six Point Seven Seven Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2012
Six Point One Two Five Percent Senior Notes Due Two Thousand Twenty One [Member]
USD ($)
Dec. 31, 2011
Six Point One Two Five Percent Senior Notes Due Two Thousand Twenty One [Member]
USD ($)
Dec. 31, 2012
Two Point Seven Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Five [Member]
USD ($)
Dec. 31, 2011
Two Point Seven Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Five [Member]
USD ($)
Dec. 31, 2012
Two Point Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Seven [Member]
USD ($)
Dec. 31, 2011
Two Point Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Seven [Member]
USD ($)
Dec. 31, 2012
Two Point Two Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Eight [Member]
USD ($)
Dec. 31, 2011
Two Point Two Five Percent Contingent Convertible Senior Notes Due Two Thousand Thirty Eight [Member]
USD ($)
Dec. 31, 2012
Corporate Revolving Bank Credit Facility
USD ($)
Dec. 31, 2011
Corporate Revolving Bank Credit Facility
USD ($)
Dec. 31, 2012
Midstream Revolving Bank Credit Facility
USD ($)
Dec. 31, 2011
Midstream Revolving Bank Credit Facility
USD ($)
Dec. 31, 2012
Oilfield Services Credit Facility
USD ($)
Dec. 31, 2011
Oilfield Services Credit Facility
USD ($)
Dec. 31, 2012
Discount On Senior Notes
USD ($)
Dec. 31, 2011
Discount On Senior Notes
USD ($)
Dec. 31, 2012
Interest rate derivatives
USD ($)
Dec. 31, 2011
Interest rate derivatives
USD ($)
Dec. 31, 2012
Senior Notes
USD ($)
Dec. 31, 2011
Senior Notes
USD ($)
Dec. 31, 2011
Senior Notes
Seven Point Six Two Five Percent Senior Notes Due Two Thousand Thirteen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Nine Point Five Percent Senior Notes Due Two Thousand Fifteen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Six Point Two Five Percent Euro Hyphen Denominated Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Six Point Five Percent Senior Notes Due Two Thousand Seventeen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Seven Point Two Five Percent Senior Notes Due Two Thousand Eighteen [Member]
USD ($)
Dec. 31, 2012
Senior Notes
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2011
Senior Notes
Six Point Six Two Five Percent Senior Notes Due Two Thousand Twenty [Member]
USD ($)
Dec. 31, 2012
Chesapeake Oilfield Operating, LLC.
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Dec. 31, 2011
Chesapeake Oilfield Operating, LLC.
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
USD ($)
Oct. 31, 2011
Chesapeake Oilfield Operating, LLC.
Six Point Six Two Five Percent Senior Notes Due Two Thousand Nineteen [Member]
Dec. 31, 2012
Cash Premiums
USD ($)
Dec. 31, 2012
Deferred Charges
USD ($)
Dec. 31, 2011
Note Discounts
USD ($)
Dec. 31, 2011
Interest Rate Hedging Losses
USD ($)
Dec. 31, 2012
Contingent Convertible Notes Equity Component
USD ($)
Dec. 31, 2012
Minimum
USD ($)
Dec. 31, 2012
Maximum
USD ($)
Dec. 31, 2012
Maximum
Term Loan
USD ($)
Dec. 31, 2012
Maximum
Chesapeake Oilfield Operating, LLC.
USD ($)
Long-Term Debt Instrument [Line Items]                                                                                                                                      
Debt Instrument, Unamortized Discount $ 376 $ 444   $ 40 $ 120   $ 1                                                                                                                        
Debt Outstanding Principal Amount                                                   250                                                                           50 75    
Debt Instrument Interest Rate Percentage             7.625%   9.50%   6.25%     6.50%   6.875%   7.25%   6.625%   6.625%   6.875%   6.775%   6.125%   2.75%   2.50%   2.25%                                               6.625%                  
Debt Instrument, Convertible, Effective Interest Rate                                                           6.86%   8.00%   8.00%                                                                  
Long-term Debt 12,620 10,626                                               1,300                                                             650                    
Proceeds Net From Senior Notes                                                   1,263     977                                                     637                      
Percentage Of Redeemable Notes At Redemption Price                                                   100.00%                                                                                  
Debt Instrument Principal Amount Repurchased   1,904                                                                                         1,373 36 160 380 [1] 440 126 131   100                        
Foreign Currency Exchange Rate, Translation     1.4821                                                                                                                                
Debt Tender Offer Payments 2,058                                                                                                                                    
Gain (Loss) on Repurchase of Debt Instrument (174)                                                                                                                   (154) (20) (160) (2) 162        
Debt Instrument, Face Amount                         600                                                                                                            
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum                                                       6.125%           2.25%                                       1.00%                          
Secured Debt, Repurchase Agreements                                                         1,000           140                                                                
Secured Debt Repurchase Agreements Price                                                                     128                                                                
Gains Losses On Exchange Of Debt                                                                     2                                                                
Principal Payment On Senior Notes Due In Two Years                                                                                           464                                          
Debt Instrument Principal Amount Redeemed Percent                                                                                                               35.00%                      
Long-term Debt, Gross       2,000   0 464 [2] 464 [2] 1,265 1,265 454 [3] 446 [3]   660 660 474 474 669 669 650 [4] 650 [4] 1,300 1,300 500 500 1,300 0 1,000 1,000 396 [5] 396 [5] 1,168 [5] 1,168 [5] 347 [5] 347 [5] 0 1,719 0 1 418 29 (465) [6] (490) [6] 20 [7] 28 [7]                                         125 50
Document Effective Period 60 days                                                                                                                                    
Registration Requirement Period 365 days                                                                                                                                    
Interest Payable $ 226 $ 183                                                                                                       $ 1                          
[1] We purchased €256 million in aggregate principal amount of our euro-denominated senior notes which had a value of $380 million based on the exchange rate of $1.4821 to €1.00. Simultaneously with our purchase of the euro-denominated senior notes, we unwound cross currency swaps for the same principal amount. See Note 9 for additional information.
[2] These senior notes are due in July 2013. There is $1 million of discount associated with these notes.
[3] The principal amount shown is based on the exchange rate of $1.3193 to €1.00 and $1.2973 to €1.00 as of December 31, 2012 and 2011, respectively. See Note 9 for information on our related foreign currency derivatives.
[4] 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.
[5] nior notes.(d)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 fourth 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 first quarter of 2013 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. During 2012, the notes were not convertible under this provision. 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 $48.31 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 $107.01 June 14, 2019
[6] Discount as of December 31, 2012 and December 31, 2011 included $376 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.
[7] See Note 9 for further discussion related to these instruments.