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Change in Accounting Principle (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]  
Schedule of changes in accounting principles
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated balance sheets:
 
 
December 31, 2019
CONSOLIDATED BALANCE SHEETS
 
Under Full Cost
 
Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Proved oil and natural gas properties ($488 and $755 attributable to our VIE)
 
$
75,148

 
$
(44,383
)
 
$
30,765

Unproved properties
 
$
3,203

 
$
(1,030
)
 
$
2,173

Total Property and Equipment, at Cost
 
$
80,161

 
$
(45,413
)
 
$
34,748

Less: accumulated depreciation, depletion and amortization
(($468) and ($713) attributable to our VIE)
 
$
(66,626
)
 
$
46,624

 
$
(20,002
)
Total Property and Equipment, Net
 
$
13,545

 
$
1,211

 
$
14,756

Total Assets
 
$
14,982

 
$
1,211

 
$
16,193

Other current liabilities
 
$
1,377

 
$
55

 
$
1,432

Total Current Liabilities
 
$
2,337

 
$
55

 
$
2,392

Other long-term liabilities
 
$
116

 
$
9

 
$
125

Total Long-Term Liabilities
 
$
9,391

 
$
9

 
$
9,400

Accumulated deficit
 
$
(15,451
)
 
$
1,231

 
$
(14,220
)
Total Chesapeake Stockholders’ Equity
 
$
3,133

 
$
1,231

 
$
4,364

Noncontrolling interests
 
$
121

 
$
(84
)
 
$
37

Total Equity
 
$
3,254

 
$
1,147

 
$
4,401

Total Liabilities and Equity
 
$
14,982

 
$
1,211

 
$
16,193


 
 
December 31, 2018
CONSOLIDATED BALANCE SHEETS
 
As
Reported Under Full Cost
 
Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Proved oil and natural gas properties ($488 and $755 attributable to our VIE)
 
$
69,642

 
$
(44,235
)
 
$
25,407

Unproved properties
 
$
2,337

 
$
(776
)
 
$
1,561

Total Property and Equipment, at Cost
 
$
73,700

 
$
(45,011
)
 
$
28,689

Less: accumulated depreciation, depletion and amortization
(($461) and ($707) attributable to our VIE)
 
$
(64,685
)
 
$
46,799

 
$
(17,886
)
Total Property and Equipment, Net
 
$
9,030

 
$
1,788

 
$
10,818

Total Assets
 
$
10,947

 
$
1,788

 
$
12,735

Other current liabilities
 
$
1,540

 
$
59

 
$
1,599

Total Current Liabilities
 
$
2,828

 
$
59

 
$
2,887

Other long-term liabilities
 
$
156

 
$
63

 
$
219

Total Long-Term Liabilities
 
$
7,652

 
$
63

 
$
7,715

Accumulated deficit
 
$
(15,660
)
 
$
1,748

 
$
(13,912
)
Total Chesapeake Stockholders’ Equity
 
$
344

 
$
1,748

 
$
2,092

Noncontrolling interests
 
$
123

 
$
(82
)
 
$
41

Total Equity
 
$
467

 
$
1,666

 
$
2,133

Total Liabilities and Equity
 
$
10,947

 
$
1,788

 
$
12,735

 
 
 

The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of operations:
 
 
Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Other revenues
 
$
—

 
$
63

 
$
63

Gain on sale of assets
 
$
—

 
$
43

 
$
43

Total revenues
 
$
8,489

 
$
106

 
$
8,595

Exploration expense
 
$
—

 
$
84

 
$
84

General and administrative
 
$
258

 
$
57

 
$
315

Depreciation, depletion and amortization
 
$
1,616

 
$
648

 
$
2,264

Gain on sale of oil and natural gas properties
 
$
(15
)
 
$
15

 
$
—

Impairments
 
$
344

 
$
(333
)
 
$
11

Other operating expense
 
$
94

 
$
(2
)
 
$
92

Total operating expenses
 
$
8,157

 
$
469

 
$
8,626

Income (loss) from operations
 
$
332

 
$
(363
)
 
$
(31
)
Interest expense
 
$
(487
)
 
$
(164
)
 
$
(651
)
Other income
 
$
31

 
$
8

 
$
39

Total other expense
 
$
(452
)
 
$
(156
)
 
$
(608
)
Loss before income taxes
 
$
(120
)
 
$
(519
)
 
$
(639
)
Net income (loss)
 
$
211

 
$
(519
)
 
$
(308
)
Net income attributable to noncontrolling interest
 
$
(2
)
 
$
2

 
$
—

Net income (loss) attributable to Chesapeake
 
$
209

 
$
(517
)
 
$
(308
)
Net income (loss) available to common stockholders
 
$
101

 
$
(517
)
 
$
(416
)
Earnings (loss) per common share basic
 
$
0.06

 
$
(0.31
)
 
$
(0.25
)
Earnings (loss) per common share diluted
 
$
0.06

 
$
(0.31
)
 
$
(0.25
)
 
 
Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Other revenues
 
$
—

 
$
63

 
$
63

Loss on sale of assets
 
$
—

 
$
(264
)
 
$
(264
)
Total revenues
 
$
10,231

 
$
(201
)
 
$
10,030

Exploration expense
 
$
—

 
$
162

 
$
162

General and administrative
 
$
280

 
$
55

 
$
335

Depreciation, depletion and amortization
 
$
1,145

 
$
592

 
$
1,737

Loss on sale of oil and natural gas properties
 
$
578

 
$
(578
)
 
$
—

Impairments
 
$
53

 
$
78

 
$
131

Other operating expenses
 
$
10

 
$
(10
)
 
$
—

Total operating expenses
 
$
9,349

 
$
299

 
$
9,648

Income from operations
 
$
882

 
$
(500
)
 
$
382

Interest expense
 
$
(487
)
 
$
(146
)
 
$
(633
)
Other income
 
$
70

 
$
(3
)
 
$
67

Total other expense
 
$
(15
)
 
$
(149
)
 
$
(164
)
Income before income taxes
 
$
867

 
$
(649
)
 
$
218

Net income
 
$
877

 
$
(649
)
 
$
228

Net income attributable to noncontrolling interest
 
$
(4
)
 
$
2

 
$
(2
)
Net income attributable to Chesapeake
 
$
873

 
$
(647
)
 
$
226

Earnings allocated to participating securities
 
$
(6
)
 
$
5

 
$
(1
)
Net income available to common stockholders
 
$
775

 
$
(642
)
 
$
133

Earnings per common share basic
 
$
0.85

 
$
(0.70
)
 
$
0.15

Earnings per common share diluted
 
$
0.85

 
$
(0.70
)
 
$
0.15

 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Other revenues
 
$
—

 
$
67

 
$
67

Gain on sales of assets
 
$
—

 
$
476

 
$
476

Total revenues
 
$
9,496

 
$
543

 
$
10,039

Exploration expense
 
$
—

 
$
235

 
$
235

General and administrative
 
$
262

 
$
71

 
$
333

Depreciation, depletion and amortization
 
$
995

 
$
702

 
$
1,697

Impairments
 
$
5

 
$
809

 
$
814

Other operating expenses
 
$
413

 
$
3

 
$
416

Total operating expenses
 
$
8,357

 
$
1,820

 
$
10,177

Income (loss) from operations
 
$
1,139

 
$
(1,277
)
 
$
(138
)
Interest expense
 
$
(426
)
 
$
(175
)
 
$
(601
)
Other income
 
$
9

 
$
(3
)
 
$
6

Total other expense
 
$
(184
)
 
$
(178
)
 
$
(362
)
Income (loss) before income taxes
 
$
955

 
$
(1,455
)
 
$
(500
)
Net income (loss)
 
$
953

 
$
(1,455
)
 
$
(502
)
Net income attributable to noncontrolling interest
 
$
(4
)
 
$
1

 
$
(3
)
Net income (loss) attributable to Chesapeake
 
$
949

 
$
(1,454
)
 
$
(505
)
Earnings allocated to participating securities
 
$
(10
)
 
$
10

 
$
—

Net income (loss) available to common stockholders
 
$
813

 
$
(1,444
)
 
$
(631
)
Earnings (loss) per common share basic
 
$
0.90

 
$
(1.60
)
 
$
(0.70
)
Earnings (loss) per common share diluted
 
$
0.90

 
$
(1.60
)
 
$
(0.70
)


The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of comprehensive income:
 
 
Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income (loss)
 
$
211

 
$
(519
)
 
$
(308
)
Comprehensive income (loss)
 
$
246

 
$
(519
)
 
$
(273
)
Comprehensive income attributable to noncontrolling interests
 
$
(2
)
 
$
2

 
$
—

Comprehensive income (loss) attributable to Chesapeake
 
$
244

 
$
(517
)
 
$
(273
)
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income
 
$
877

 
$
(649
)
 
$
228

Comprehensive income
 
$
911

 
$
(649
)
 
$
262

Comprehensive income attributable to noncontrolling interests
 
$
(4
)
 
$
2

 
$
(2
)
Comprehensive income attributable to Chesapeake
 
$
907

 
$
(647
)
 
$
260

 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income (loss)
 
$
953

 
$
(1,455
)
 
$
(502
)
Comprehensive income (loss)
 
$
992

 
$
(1,455
)
 
$
(463
)
Comprehensive income attributable to noncontrolling interests
 
$
(4
)
 
$
1

 
$
(3
)
Comprehensive income (loss) attributable to Chesapeake
 
$
988

 
$
(1,454
)
 
$
(466
)



The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of cash flows:
 
 
Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income (loss)
 
$
211

 
$
(519
)
 
$
(308
)
Depreciation, depletion and amortization
 
$
1,616

 
$
648

 
$
2,264

Gain on sale of oil and gas properties
 
$
(15
)
 
$
15

 
$
—

Gain on sales of assets
 
$
—

 
$
(43
)
 
$
(43
)
Impairments
 
$
344

 
$
(333
)
 
$
11

Exploratory dry hole expense and leasehold impairments
 
$
—

 
$
49

 
$
49

Other
 
$
(2
)
 
$
(2
)
 
$
(4
)
(Decrease) increase in accounts payable, accrued liabilities and other
 
$
(567
)
 
$
(63
)
 
$
(630
)
Net cash provided by operating activities
 
$
1,871

 
$
(248
)
 
$
1,623

Drilling and completion costs
 
$
(2,260
)
 
$
80

 
$
(2,180
)
Acquisition of proved and unproved properties
 
$
(203
)
 
$
168

 
$
(35
)
Net cash used by investing activities
 
$
(2,728
)
 
$
248

 
$
(2,480
)
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income
 
$
877

 
$
(649
)
 
$
228

Depreciation, depletion and amortization
 
$
1,145

 
$
592

 
$
1,737

Loss on sale of oil and gas properties
 
$
578

 
$
(578
)
 
$
—

Losses on sales of assets
 
$
—

 
$
264

 
$
264

Impairments
 
$
53

 
$
78

 
$
131

Exploratory dry hole expense and leasehold impairments
 
$
—

 
$
96

 
$
96

Other
 
$
(108
)
 
$
(10
)
 
$
(118
)
Increase in accounts payable, accrued liabilities and other
 
$
138

 
$
(63
)
 
$
75

Net cash provided by operating activities
 
$
2,000

 
$
(270
)
 
$
1,730

Drilling and completion costs
 
$
(1,958
)
 
$
110

 
$
(1,848
)
Acquisition of proved and unproved properties
 
$
(288
)
 
$
160

 
$
(128
)
Net cash provided by investing activities
 
$
185

 
$
270

 
$
455

 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Net income (loss)
 
$
953

 
$
(1,455
)
 
$
(502
)
Depreciation, depletion and amortization
 
$
995

 
$
702

 
$
1,697

Gains on sales of assets
 
$
—

 
$
(476
)
 
$
(476
)
Impairments
 
$
5

 
$
809

 
$
814

Exploratory dry hole expense and leasehold impairments
 
$
—

 
$
214

 
$
214

Other
 
$
(135
)
 
$
3

 
$
(132
)
Decrease in accounts payable, accrued liabilities and other
 
$
(308
)
 
$
(67
)
 
$
(375
)
Net cash provided by operating activities
 
$
745

 
$
(270
)
 
$
475

Drilling and completion costs
 
$
(2,186
)
 
$
73

 
$
(2,113
)
Acquisition of proved and unproved properties
 
$
(285
)
 
$
197

 
$
(88
)
Net cash used in investing activities
 
$
(1,188
)
 
$
270

 
$
(918
)
The following tables present the effects of the change to the successful efforts method of accounting in the consolidated statements of stockholders’ equity:
 
 
Year Ended December 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 
Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Accumulated deficit, beginning of period
 
$
(15,660
)
 
$
1,748

 
$
(13,912
)
Net income (loss) attributable to Chesapeake
 
$
209

 
$
(517
)
 
$
(308
)
Accumulated deficit, end of period
 
$
(15,451
)
 
$
1,231

 
$
(14,220
)
Total Chesapeake stockholders’ equity
 
$
3,133

 
$
1,231

 
$
4,364

Noncontrolling interests, beginning of period
 
$
123

 
$
(82
)
 
$
41

Net income attributable to noncontrolling interests
 
$
2

 
$
(2
)
 
$
—

Noncontrolling interests, end of period
 
$
121

 
$
(84
)
 
$
37

Total equity
 
$
3,254

 
$
1,147

 
$
4,401

 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Accumulated deficit, beginning of period
 
$
(16,525
)
 
$
2,395

 
$
(14,130
)
Net income attributable to Chesapeake
 
$
873

 
$
(647
)
 
$
226

Accumulated deficit, end of period
 
$
(15,660
)
 
$
1,748

 
$
(13,912
)
Total Chesapeake stockholders’ equity
 
$
344

 
$
1,748

 
$
2,092

Noncontrolling interests, beginning of period
 
$
124

 
$
(80
)
 
$
44

Net income attributable to noncontrolling interests
 
$
4

 
$
(2
)
 
$
2

Noncontrolling interests, end of period
 
$
123

 
$
(82
)
 
$
41

Total equity
 
$
467

 
$
1,666

 
$
2,133

 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 
As
Reported Under Full Cost
 

Adjustment
 
As
Reported Under Successful Efforts
 
 
($ in millions except per share data)
Accumulated deficit, beginning of period
 
$
(17,474
)
 
$
3,849

 
$
(13,625
)
Net income (loss) attributable to Chesapeake
 
$
949

 
$
(1,454
)
 
$
(505
)
Accumulated deficit, end of period
 
$
(16,525
)
 
$
2,395

 
$
(14,130
)
Total Chesapeake stockholders’ equity (deficit)
 
$
(496
)
 
$
2,395

 
$
1,899

Noncontrolling interests, beginning of period
 
$
128

 
$
(79
)
 
$
49

Net income attributable to noncontrolling interests
 
$
4

 
$
(1
)
 
$
3

Noncontrolling interests, end of period
 
$
124

 
$
(80
)
 
$
44

Total equity (deficit)
 
$
(372
)
 
$
2,315

 
$
1,943