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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES AND OTHER:        
Revenues $ 2,386 $ 2,289 [1] $ 4,582 $ 4,813 [1]
Gains on sales of assets 1 18 [1] 20 37 [1],[2]
OPERATING EXPENSES:        
Production taxes 40 26 [1] 74 57 [1]
General and administrative 89 105 [1] 192 192 [1]
Restructuring and other termination costs 0 0 [1] 0 38 [1]
Provision for legal contingencies, net 3 4 [1] 3 9 [1]
Depreciation, depletion and amortization 580 471 [1] 1,099 930 [1],[2]
Impairments 1 54 [1] 2 64 [1],[2]
Other operating (income) expense 3 (1) [1] 64 (1) [1]
Total Operating Expenses 2,108 2,449 [1] 4,486 4,931 [1]
INCOME (LOSS) FROM OPERATIONS 278 (160) [1] 96 (118) [1]
OTHER INCOME (EXPENSE):        
Interest expense (175) (155) [1] (336) [1] (317) [1]
Gains (losses) on investments (23) 0 [1] (24) 139 [1]
Other income 18 57 [1] 27 [1] 56 [1]
Total Other Expense (180) (98) [1] (333) [1] (122) [1]
INCOME (LOSS) BEFORE INCOME TAXES 98 (258) [1] (237) [1] (240) [1]
Income tax benefit 0 (9) [1] (314) [1] (9) [1]
NET INCOME (LOSS) 98 (249) [3] 77 [2],[3] (231) [2],[3]
Net income attributable to noncontrolling interests 0 0 [3] 0 [3] (1) [3]
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE 98 (249) [1] 77 [1] (232) [1]
Preferred stock dividends (23) (23) [1] (46) (46) [1]
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 75 $ (272) [1] $ 31 $ (278) [1]
EARNINGS (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.05 $ (0.30) [1] $ 0.02 $ (0.31) [1]
Diluted (in dollars per share) $ 0.05 $ (0.30) [1] $ 0.02 $ (0.31) [1]
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):        
Basic (in shares) 1,628 909 [1] 1,505 908 [1]
Diluted (in shares) 1,628 909 [1] 1,505 908 [1]
Oil, natural gas and NGL        
REVENUES AND OTHER:        
Revenues $ 1,454 $ 982 [1] $ 2,383 $ 2,225 [1]
Marketing        
REVENUES AND OTHER:        
Revenues 916 1,273 [1] 2,149 2,519 [1]
OPERATING EXPENSES:        
Expense 940 1,292 [1] 2,170 2,560 [1]
Oil, natural gas and NGL and Marketing        
REVENUES AND OTHER:        
Revenues 2,370 2,255 [1] 4,532 4,744 [1]
Other        
REVENUES AND OTHER:        
Revenues 15 16 [1] 30 32 [1]
Oil, natural gas and NGL production        
OPERATING EXPENSES:        
Expense 166 138 [1] 298 285 [1]
Oil, natural gas and NGL gathering, processing and transportation        
OPERATING EXPENSES:        
Expense 271 340 [1] 545 696 [1]
Exploration        
OPERATING EXPENSES:        
Expense $ 15 $ 20 [1] $ 39 $ 101 [1]
[1] Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1.
[2] Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1.
[3] Financial information for 2018 has been recast to reflect the retrospective application of the successful efforts method of accounting. See Note 1.