XML 61 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
REVENUES AND OTHER:      
Revenues $ 8,595 $ 10,030 $ 10,039
Gains (losses) on sales of assets 43 (264) 476
OPERATING EXPENSES:      
Severance and ad valorem taxes 224 189 134
General and administrative 315 335 333
Restructuring and other termination costs 12 38 0
Provision for legal contingencies, net 19 26 (38)
Depreciation, depletion and amortization 2,264 1,737 1,697
Impairments 11 131 814
Other operating expense 92 0 416
Total Operating Expenses 8,626 9,648 10,177
INCOME (LOSS) FROM OPERATIONS (31) 382 (138)
OTHER INCOME (EXPENSE):      
Interest expense (651) (633) (601)
Gains (losses) on investments (71) 139 0
Gains on purchases or exchanges of debt 75 263 233
Other income 39 67 6
Total Other Expense (608) (164) (362)
INCOME (LOSS) BEFORE INCOME TAXES (639) 218 (500)
Current income taxes (26) 0 (9)
Deferred income taxes (305) (10) 11
Total Income Tax Expense (Benefit) (331) (10) 2
NET INCOME (LOSS) (308) 228 (502)
Net income attributable to noncontrolling interests 0 (2) (3)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (308) 226 (505)
Preferred stock dividends (91) (92) (85)
Loss on exchange of preferred stock (17) 0 (41)
Earnings allocated to participating securities 0 (1) 0
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ (416) $ 133 $ (631)
EARNINGS (LOSS) PER COMMON SHARE:      
Basic (in usd per share) $ (0.25) $ 0.15 $ (0.70)
Diluted (in usd per share) $ (0.25) $ 0.15 $ (0.70)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):      
Basic (in shares) 1,665 909 906
Diluted (in shares) 1,665 909 906
Oil, Natural Gas and NGL      
REVENUES AND OTHER:      
Revenues $ 4,522 $ 5,155 $ 4,985
Oil, natural gas and NGL production      
OPERATING EXPENSES:      
Cost of goods and services 520 474 517
Oil, natural gas and NGL gathering, processing and transportation      
OPERATING EXPENSES:      
Cost of goods and services 1,082 1,398 1,471
Marketing      
REVENUES AND OTHER:      
Revenues 3,967 5,076 4,511
OPERATING EXPENSES:      
Cost of goods and services 4,003 5,158 4,598
Oil, Natural gas and NGL and Marketing      
REVENUES AND OTHER:      
Revenues 8,489 10,231 9,496
Other      
REVENUES AND OTHER:      
Revenues 63 63 67
Exploration      
OPERATING EXPENSES:      
Cost of goods and services $ 84 $ 162 $ 235