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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES:        
Revenues $ 2,418 $ 1,943 $ 7,162 $ 6,977
OPERATING EXPENSES:        
Oil, natural gas and NGL production 132 151 417 426
Oil, natural gas and NGL gathering, processing and transportation 364 369 1,060 1,081
Production taxes 34 21 91 64
General and administrative 66 54 229 189
Restructuring and other termination costs 0 0 38 0
Provision for legal contingencies, net 8 20 17 35
Oil, natural gas and NGL depreciation, depletion and amortization 274 228 813 627
Depreciation and amortization of other assets 17 20 54 62
Impairments 5 3 51 3
Other operating (income) expense 0 6 (1) 423
Net (gains) losses on sales of fixed assets 0 (1) 7 0
Total Operating Expenses 2,138 1,849 6,574 6,243
INCOME FROM OPERATIONS 280 94 588 734
OTHER INCOME (EXPENSE):        
Interest expense (127) (114) (367) (302)
Gains on investments 0 0 139 0
Gains (losses) on purchases or exchanges of debt (68) (1) (68) 183
Other income 1 4 63 6
Total Other Expense (194) (111) (233) (113)
INCOME (LOSS) BEFORE INCOME TAXES 86 (17) 355 621
Income tax expense (benefit) 1 0 (8) 2
NET INCOME (LOSS) 85 (17) 363 619
Net income attributable to noncontrolling interests (1) (1) (3) (3)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 84 (18) 360 616
Preferred stock dividends (23) (23) (69) (62)
Loss on exchange of preferred stock 0 0 0 (41)
Earnings allocated to participating securities (1) 0 (3) (7)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 60 $ (41) $ 288 $ 506
EARNINGS (LOSS) PER COMMON SHARE:        
Earnings per common share, basic (in dollars per share) $ 0.07 $ (0.05) $ 0.32 $ 0.56
Earnings per common share, diluted (in dollars per share) $ 0.07 $ (0.05) $ 0.32 $ 0.56
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):        
Weighted average common and common equivalent shares outstanding, basic (in shares) 910 909 909 908
Weighted average common and common equivalent shares outstanding, diluted (in shares) 911 909 909 908
Oil, natrual gas and NGL [Member]        
REVENUES:        
Revenues $ 1,199 $ 979 $ 3,424 $ 3,727
Marketing [Member]        
REVENUES:        
Revenues 1,219 964 3,738 3,250
OPERATING EXPENSES:        
Marketing $ 1,238 $ 978 $ 3,798 $ 3,333