Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Balance Sheet [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF MARCH 31, 2015

($ in millions)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	2,940		$	1		$	42	$	(76	)	$	2,907
Restricted cash	—			—			38		—			38
Other	61			2,322			70		—			2,453
Intercompany receivable, net	24,490			—			358		(24,848		)	—
Total Current Assets	27,491			2,323			508		(24,924		)	5,398
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on full cost accounting, net	—			24,187			920		899			26,006
Other property and equipment, net	—			2,285			1		—			2,286
Property and equipment held for sale, net	—			93			—		—			93
Total Property and Equipment, Net	—			26,565			921		899			28,385
LONG-TERM ASSETS:
Other assets	138			446			26		(20		)	590
Investments in subsidiaries and intercompany advances	(2,514		)	321			—		2,193			—
TOTAL ASSETS	$	25,115		$	29,655		$	1,455	$	(21,852	)	$	34,373
CURRENT LIABILITIES:
Current liabilities	$	1,263		$	4,121		$	58	$	(76	)	$	5,366
Intercompany payable, net	—			24,618			—		(24,618		)	—
Total Current Liabilities	1,263			28,739			58		(24,694		)	5,366
LONG-TERM LIABILITIES:
Long-term debt, net	10,623			—			—		—			10,623
Deferred income tax liabilities	—			2,526			158		133			2,817
Other long-term liabilities	151			904			139		—			1,194
Total Long-Term Liabilities	10,774			3,430			297		133			14,634
EQUITY:
Chesapeake stockholders’ equity	13,078			(2,514		)	1,100		1,414			13,078
Noncontrolling interests	—			—			—		1,295			1,295
Total Equity	13,078			(2,514		)	1,100		2,709			14,373
TOTAL LIABILITIES AND EQUITY	$	25,115		$	29,655		$	1,455	$	(21,852	)	$	34,373

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2014

($ in millions)

	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and cash equivalents	$	4,100	$	2	$	84	$	(78	)	$	4,108
Restricted cash	—		—		38		—			38
Other	55		3,174		93		—			3,322
Intercompany receivable, net	24,527		—		341		(24,868		)	—
Total Current Assets	28,682		3,176		556		(24,946		)	7,468
PROPERTY AND EQUIPMENT:
Oil and natural gas properties, at cost based on full cost accounting, net	—		28,358		1,112		673			30,143
Other property and equipment, net	—		2,276		3		—			2,279
Property and equipment held for sale, net	—		93		—		—			93
Total Property and Equipment, Net	—		30,727		1,115		673			32,515
LONG-TERM ASSETS:
Other assets	153		618		26		(29		)	768
Investments in subsidiaries and intercompany advances	126		467		—		(593		)	—
TOTAL ASSETS	$	28,961	$	34,988	$	1,697	$	(24,895	)	$	40,751
CURRENT LIABILITIES:
Current liabilities	$	792	$	5,081	$	68	$	(78	)	$	5,863
Intercompany payable, net	—		24,940		—		(24,940		)	—
Total Current Liabilities	792		30,021		68		(25,018		)	5,863
LONG-TERM LIABILITIES:
Long-term debt, net	11,154		—		—		—			11,154
Deferred income tax liabilities	—		3,751		234		200			4,185
Other long-term liabilities	112		1,090		142		—			1,344
Total Long-Term Liabilities	11,266		4,841		376		200			16,683
EQUITY:
Chesapeake stockholders’ equity	16,903		126		1,253		(1,379		)	16,903
Noncontrolling interests	—		—		—		1,302			1,302
Total Equity	16,903		126		1,253		(77		)	18,205
TOTAL LIABILITIES AND EQUITY	$	28,961	$	34,988	$	1,697	$	(24,895	)	$	40,751

Schedule of Condensed Income Statement [Table Text Block]

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2015

($ in millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Oil, natural gas and NGL	$	—		$	1,035		$	50		$	—		$	1,085
Marketing, gathering and compression	—			1,675			—			—			1,675
Total Revenues	—			2,710			50			—			2,760
OPERATING EXPENSES:
Oil, natural gas and NGL production	—			288			11			—			299
Production taxes	—			27			1			—			28
Marketing, gathering and compression	—			1,700			—			—			1,700
General and administrative	1			54			1			—			56
Restructuring and other termination costs	—			(10		)	—			—			(10		)
Provision for legal contingencies	—			25			—			—			25
Oil, natural gas and NGL depreciation, depletion and amortization	—			664			31			(11		)	684
Depreciation and amortization of other assets	—			35			—			—			35
Impairment of oil and natural gas properties	—			4,976			215			(215		)	4,976
Impairments of fixed assets and other	—			4			—			—			4
Net losses on sales of fixed assets	—			3			—			—			3
Total Operating Expenses	1			7,766			259			(226		)	7,800
LOSS FROM OPERATIONS	(1		)	(5,056		)	(209		)	226			(5,040		)
OTHER INCOME (EXPENSE):
Interest expense	(170		)	(38		)	—			157			(51		)
Losses on investments	—			(7		)	—			—			(7		)
Other income (expense)	(121		)	284			—			(157		)	6
Equity in net earnings (losses) of subsidiary	(3,528		)	(172		)	—			3,700			—
Total Other Income (Expense)	(3,819		)	67			—			3,700			(52		)
LOSS BEFORE INCOME TAXES	(3,820		)	(4,989		)	(209		)	3,926			(5,092		)
INCOME TAX BENEFIT	(81		)	(1,296		)	(56		)	61			(1,372		)
NET LOSS	(3,739		)	(3,693		)	(153		)	3,865			(3,720		)
Net income attributable to noncontrolling interests	—			—			—			(19		)	(19		)
NET LOSS ATTRIBUTABLE TO CHESAPEAKE	(3,739		)	(3,693		)	(153		)	3,846			(3,739		)
Other comprehensive income (loss)	(2		)	11			—			—			9
COMPREHENSIVE LOSS ATTRIBUTABLE TO CHESAPEAKE	$	(3,741	)	$	(3,682	)	$	(153	)	$	3,846		$	(3,730	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2014

($ in millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Oil, natural gas and NGL	$	—		$	1,664		$	103		$	(1	)	$	1,766
Marketing, gathering and compression	—			3,014			1			—			3,015
Oilfield services	—			16			485			(236		)	265
Total Revenues	—			4,694			589			(237		)	5,046
OPERATING EXPENSES:
Oil, natural gas and NGL production	—			277			11			—			288
Production taxes	—			49			1			—			50
Marketing, gathering and compression	—			2,979			1			—			2,980
Oilfield services	—			31			395			(206		)	220
General and administrative	—			57			22			—			79
Restructuring and other termination costs	—			(7		)	—			—			(7		)
Oil, natural gas and NGL depreciation, depletion and amortization	—			587			43			(2		)	628
Depreciation and amortization of other assets	—			40			72			(34		)	78
Impairment of oil and natural gas properties	—			—			59			(59		)	—
Impairments of fixed assets and other	—			—			20			—			20
Net gains (losses) on sales of fixed assets	—			(24		)	1			—			(23		)
Total Operating Expenses	—			3,989			625			(301		)	4,313
INCOME (LOSS) FROM OPERATIONS	—			705			(36		)	64			733
OTHER INCOME (EXPENSE):
Interest expense	(192		)	—			(21		)	174			(39		)
Losses on investments	—			(23		)	—			2			(21		)
Net loss on sales of investments	—			67			—			—			67
Other income (expense)	343			(143		)	1			(195		)	6
Equity in net earnings (losses) of subsidiary	331			(76		)	—			(255		)	—
Total Other Income (Expense)	482			(175		)	(20		)	(274		)	13
INCOME (LOSS) BEFORE INCOME TAXES	482			530			(56		)	(210		)	746
INCOME TAX EXPENSE (BENEFIT)	57			227			(21		)	17			280
NET INCOME (LOSS)	425			303			(35		)	(227		)	466
Net income attributable to noncontrolling interests	—			—			—			(41		)	(41		)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	425			303			(35		)	(268		)	425
Other comprehensive income	2			7			—			—			9
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	427		$	310		$	(35	)	$	(268	)	$	434

Schedule of Condensed Cash Flow Statement [Table Text Block]

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2015

($ in millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES	$	—		$	360		$	63		$	—		$	423
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	—			(1,236		)	(70		)	—			(1,306		)
Acquisitions of proved and unproved properties	—			(128		)	—			—			(128		)
Proceeds from divestitures of proved and unproved properties	—			21			—			—			21
Additions to other property and equipment	—			(58		)	—			—			(58		)
Other investing activities	—			(1		)	—			—			(1		)
Net Cash Provided By (Used In) Investing Activities	—			(1,402		)	(70		)	—			(1,472		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Other financing activities	(123		)	4			(35		)	2			(152		)
Intercompany advances, net	(1,037		)	1,037			—			—			—
Net Cash Used In Financing Activities	(1,160		)	1,041			(35		)	2			(152		)
Net decrease in cash and cash equivalents	(1,160		)	(1		)	(42		)	2			(1,201		)
Cash and cash equivalents, beginning of period	4,100			2			84			(78		)	4,108
Cash and cash equivalents, end of period	$	2,940		$	1		$	42		$	(76	)	$	2,907

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2014

($ in millions)

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES	$	—		$	1,135		$	156		$	—		$	1,291
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	—			(875		)	(22		)	—			(897		)
Acquisitions of proved and unproved properties	—			(186		)	(1		)	—			(187		)
Proceeds from divestitures of proved and unproved properties	—			48			1			—			49
Additions to other property and equipment	—			(319		)	(118		)	—			(437		)
Other investing activities	—			461			5			7			473
Net Cash Used In Investing Activities	—			(871		)	(135		)	7			(999		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities borrowings	—			140			281			—			421
Payments on credit facilities borrowings	—			(140		)	(222		)	—			(362		)
Other financing activities	(116		)	25			(42		)	(51		)	(184		)
Intercompany advances, net	291			(289		)	(2		)	—			—
Net Cash Provided By (Used In) Financing Activities	175			(264		)	15			(51		)	(125		)
Net increase in cash and cash equivalents	175			—			36			(44		)	167
Cash and cash equivalents, beginning of period	799			—			39			(1		)	837
Cash and cash equivalents, end of period	$	974		$	—		$	75		$	(45	)	$	1,004