EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,
	2010			2011			2012			2013		2014
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	2,884		$	2,880		$	(974	)	$	1,442	$	3,200
Interest expense(a)	122			94			142			207		172
(Gain)/loss on investment in equity investees in excess of distributed earnings	(232		)	(154		)	108			219		75
Amortization of capitalized interest	212			297			402			440		438
Loan cost amortization	25			28			43			37		32
Earnings	$	3,011		$	3,145		$	(279	)	$	2,345	$	3,917
FIXED CHARGES:
Interest Expense	$	122		$	94		$	142		$	207	$	172
Capitalized interest	711			727			976			815		604
Loan cost amortization	25			28			43			37		32
Fixed Charges	$	858		$	849		$	1,161		$	1,059	$	808
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	111		$	172		$	171		$	171	$	171
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.63			1.65			1.64			1.61		1.56
Preferred Dividends	$	181		$	284		$	280		$	275	$	266
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	1,039		$	1,131		$	1,441		$	1,334	$	1,074
RATIO OF EARNINGS TO FIXED CHARGES	3.5			3.7			(0.2		)	2.2		4.8
INSUFFICIENT COVERAGE	$	—		$	—		$	1,440		$	—	$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	2.9			2.8			(0.2		)	1.8		3.6
INSUFFICIENT COVERAGE	$	—		$	—		$	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.