EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,														Three Months Ended March 31,
	2009			2010			2011			2012			2013		2014
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	(9,288	)	$	2,884		$	2,880		$	(974	)	$	1,442	$	746
Interest expense(a)	237			122			94			142			207		61
(Gain)/loss on investment in equity investees in excess of distributed earnings	39			(232		)	(154		)	108			219		21
Amortization of capitalized interest	150			212			297			402			440		104
Loan cost amortization	26			25			28			43			37		9
Earnings	$	(8,836	)	$	3,011		$	3,145		$	(279	)	$	2,345	$	941
FIXED CHARGES:
Interest Expense	$	237		$	122		$	94		$	142		$	207	$	61
Capitalized interest	627			711			727			976			815		174
Loan cost amortization	26			25			28			43			37		9
Fixed Charges	$	890		$	858		$	849		$	1,161		$	1,059	$	244
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	23		$	111		$	172		$	171		$	171	$	43
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.59			1.63			1.65			1.64			1.61		1.60
Preferred Dividends	$	37		$	181		$	284		$	280		$	275	$	68
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	927		$	1,039		$	1,131		$	1,441		$	1,334	$	312
RATIO OF EARNINGS TO FIXED CHARGES	(9.9		)	3.5			3.7			(0.2		)	2.2		3.9
INSUFFICIENT COVERAGE	$	9,726		$	—		$	—		$	1,440		$	—	$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	(9.5		)	2.9			2.8			(0.2		)	1.8		3.0
INSUFFICIENT COVERAGE	$	9,763		$	—		$	—		$	1,720		$	—	$	—

(a) Excludes the effect of unrealized gains or losses on interest rate derivatives and includes amortization of bond discount.

(b) Amounts of income (loss) before provision for taxes and of net income (loss) exclude the cumulative effect of accounting change.