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,
	2013		2014		2015			2016			2017			2018
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	1,442	$	3,200	$	(19,098	)	$	(4,589	)	$	954		$	293
Interest expense(a)	207		172		322			275			421			122
Loss on investment in equity investees in excess of distributed earnings	219		75		96			8			—			—
Amortization of capitalized interest	440		438		483			729			487			105
Loan cost amortization	37		32		31			24			25			6
Less: (Income) loss attributable to noncontrolling interests					68			9			(4		)	(1		)
Earnings (losses)	$	2,345	$	3,917	$	(18,098	)	$	(3,544	)	$	1,883		$	525
FIXED CHARGES:
Interest Expense	$	207	$	172	$	322		$	275		$	421		$	122
Capitalized interest	815		604		410			242			193			43
Loan cost amortization	37		32		31			24			25			6
Fixed Charges	$	1,059	$	808	$	763		$	541		$	639		$	171
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	171	$	171	$	171		$	97		$	84		$	23
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.61		1.56		1.30			1.04			1.00			1.00
Preferred Dividends	$	275	$	266	$	222		$	101		$	84		$	23
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	1,334	$	1,074	$	985		$	642		$	723		$	194
RATIO OF EARNINGS TO FIXED CHARGES	2.2		4.8		—			—			2.9			3.1
INSUFFICIENT COVERAGE	$	—	$	—	$	18,861		$	4,085		$	—		$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	1.8		3.6		—			—			2.6			2.7
INSUFFICIENT COVERAGE	$	—	$	—	$	19,083		$	4,186		$	—		$	—

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(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.