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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUES:        
Revenues $ 2,255 $ 2,281 $ 4,744 $ 5,034
OPERATING EXPENSES:        
Oil, natural gas and NGL production 138 140 285 275
Oil, natural gas and NGL gathering, processing and transportation 340 357 696 712
Production taxes 26 21 57 43
General and administrative 91 70 163 135
Restructuring and other termination costs 0 0 38 0
Provision for legal contingencies, net 4 17 9 15
Oil, natural gas and NGL depreciation, depletion and amortization 271 202 539 399
Depreciation and amortization of other assets 19 21 37 42
Impairments 46 0 46 0
Other operating (income) expense (1) 26 (1) 417
Net (gains) losses on sales of fixed assets (1) 1 7 1
Total Operating Expenses 2,225 1,882 4,436 4,394
INCOME FROM OPERATIONS 30 399 308 640
OTHER INCOME (EXPENSE):        
Interest expense (117) (93) (240) (188)
Gains on investments 0 0 139 0
Gains on purchases or exchanges of debt 0 191 0 184
Other income (expense) 62 (1) 62 2
Total Other Income (Expense) (55) 97 (39) (2)
INCOME (LOSS) BEFORE INCOME TAXES (25) 496 269 638
Income tax expense (benefit) (9) 1 (9) 2
NET INCOME (LOSS) (16) 495 278 636
Net income attributable to noncontrolling interests (1) (1) (2) (2)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (17) 494 276 634
Preferred stock dividends (23) (16) (46) (39)
Loss on exchange of preferred stock 0 0 0 (41)
Earnings allocated to participating securities 0 (8) (2) (7)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ (40) $ 470 $ 228 $ 547
EARNINGS (LOSS) PER COMMON SHARE:        
Earnings per common share, basic (in dollars per share) $ (0.04) $ 0.52 $ 0.25 $ 0.60
Earnings per common share, diluted (in dollars per share) $ (0.04) $ 0.47 $ 0.25 $ 0.59
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):        
Weighted average common and common equivalent shares outstanding, basic (in shares) 909 908 908 907
Weighted average common and common equivalent shares outstanding, diluted (in shares) 909 1,114 908 1,053
Oil, natrual gas and NGL [Member]        
REVENUES:        
Revenues $ 982 $ 1,279 $ 2,225 $ 2,748
Marketing [Member]        
REVENUES:        
Revenues 1,273 1,002 2,519 2,286
OPERATING EXPENSES:        
Marketing $ 1,292 $ 1,027 $ 2,560 $ 2,355