Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments, Condensed Consolidated Income Statement

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Depreciation, depletion and amortization	$	300		$	(8	)	$	292
Impairment of oil and natural gas properties	$	853		$	144		$	997
Provision for legal contingencies	$	22		$	11		$	33
Net cash used in operating activities	$	(421	)	$	—		$	(421	)

These revisions have been reflected in the comparative 2016 condensed consolidated financial statements presented herein. See Evaluation of Disclosure Controls and Procedures in Item 4 of this Form 10-Q. The following table reconciles the amounts as previously reported in the applicable financial statement to the corresponding revised amounts:

	Three Months Ended March 31, 2016
	As Previously Reported			Revision Adjustment			As Revised
	($ in millions)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Provision for legal contingencies	$	22		$	11		$	33
Oil, natural gas and NGL depreciation, depletion and amortization	$	271		$	(8	)	$	263
Impairment of oil and natural gas properties	$	853		$	144		$	997
Total operating expenses	$	2,905		$	147		$	3,052
Loss from operations	$	(952	)	$	(147	)	$	(1,099	)
Loss before income taxes	$	(921	)	$	(147	)	$	(1,068	)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Net loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)
Net loss available to common stockholders	$	(964	)	$	(147	)	$	(1,111	)
Earnings (loss) per common share basic	$	(1.44	)	$	(0.22	)	$	(1.66	)
Earnings (loss) per common share diluted	$	(1.44	)	$	(0.22	)	$	(1.66	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)

Schedule of Error Corrections and Prior Period Adjustments, Condensed Consolidated Statements of Comprehensive Income (Loss)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Depreciation, depletion and amortization	$	300		$	(8	)	$	292
Impairment of oil and natural gas properties	$	853		$	144		$	997
Provision for legal contingencies	$	22		$	11		$	33
Net cash used in operating activities	$	(421	)	$	—		$	(421	)

These revisions have been reflected in the comparative 2016 condensed consolidated financial statements presented herein. See Evaluation of Disclosure Controls and Procedures in Item 4 of this Form 10-Q. The following table reconciles the amounts as previously reported in the applicable financial statement to the corresponding revised amounts:

	Three Months Ended March 31, 2016
	As Previously Reported			Revision Adjustment			As Revised
	($ in millions)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Provision for legal contingencies	$	22		$	11		$	33
Oil, natural gas and NGL depreciation, depletion and amortization	$	271		$	(8	)	$	263
Impairment of oil and natural gas properties	$	853		$	144		$	997
Total operating expenses	$	2,905		$	147		$	3,052
Loss from operations	$	(952	)	$	(147	)	$	(1,099	)
Loss before income taxes	$	(921	)	$	(147	)	$	(1,068	)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Net loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)
Net loss available to common stockholders	$	(964	)	$	(147	)	$	(1,111	)
Earnings (loss) per common share basic	$	(1.44	)	$	(0.22	)	$	(1.66	)
Earnings (loss) per common share diluted	$	(1.44	)	$	(0.22	)	$	(1.66	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)

Schedule of Error Corrections and Prior Period Adjustments, Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Depreciation, depletion and amortization	$	300		$	(8	)	$	292
Impairment of oil and natural gas properties	$	853		$	144		$	997
Provision for legal contingencies	$	22		$	11		$	33
Net cash used in operating activities	$	(421	)	$	—		$	(421	)

These revisions have been reflected in the comparative 2016 condensed consolidated financial statements presented herein. See Evaluation of Disclosure Controls and Procedures in Item 4 of this Form 10-Q. The following table reconciles the amounts as previously reported in the applicable financial statement to the corresponding revised amounts:

	Three Months Ended March 31, 2016
	As Previously Reported			Revision Adjustment			As Revised
	($ in millions)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Provision for legal contingencies	$	22		$	11		$	33
Oil, natural gas and NGL depreciation, depletion and amortization	$	271		$	(8	)	$	263
Impairment of oil and natural gas properties	$	853		$	144		$	997
Total operating expenses	$	2,905		$	147		$	3,052
Loss from operations	$	(952	)	$	(147	)	$	(1,099	)
Loss before income taxes	$	(921	)	$	(147	)	$	(1,068	)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Net loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)
Net loss available to common stockholders	$	(964	)	$	(147	)	$	(1,111	)
Earnings (loss) per common share basic	$	(1.44	)	$	(0.22	)	$	(1.66	)
Earnings (loss) per common share diluted	$	(1.44	)	$	(0.22	)	$	(1.66	)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss	$	(921	)	$	(147	)	$	(1,068	)
Comprehensive loss attributable to Chesapeake	$	(921	)	$	(147	)	$	(1,068	)