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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES AND OTHER:        
Gains on sales of assets $ 1 $ 13 $ 1 $ 33
Revenues 975 2,087 4,037 6,669
OPERATING EXPENSES:        
Severance and ad valorem taxes 37 55 116 168
General and administrative 52 66 229 258
Separation and other termination costs 16 0 43 0
Provision for legal contingencies, net 12 0 20 3
Depreciation, depletion and amortization 170 573 931 1,672
Impairments 0 9 8,522 11
Other operating expense 4 15 92 79
Total Operating Expenses 1,086 2,041 12,916 6,527
INCOME (LOSS) FROM OPERATIONS (111) 46 (8,879) 142
OTHER INCOME (EXPENSE):        
Interest expense (25) (177) (307) (513)
Losses on investments 0 (4) (23) (28)
Gains on purchases or exchanges of debt 0 70 65 70
Other income 2 3 14 30
Reorganization items, net (611) 0 (217) 0
Total Other Expense (634) (108) (468) (441)
LOSS BEFORE INCOME TAXES (745) (62) (9,347) (299)
Income tax benefit 0 (1) (13) (315)
NET INCOME (LOSS) (745) (61) (9,334) 16
Net loss attributable to noncontrolling interests 0 0 16 0
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (745) (61) (9,318) 16
Preferred stock dividends 0 (23) (22) (69)
Loss on exchange of preferred stock 0 (17) 0 (17)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (745) $ (101) $ (9,340) $ (70)
LOSS PER COMMON SHARE:        
Basic (in dollars per share) [1] $ (76.18) $ (11.89) $ (955.99) $ (8.92)
Diluted (in dollars per share) [1] $ (76.18) $ (11.89) $ (955.99) $ (8.92)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING        
Basic (in shares) [1] 9,780 8,492 9,770 7,848
Diluted (in shares) [1] 9,780 8,492 9,770 7,848
Oil, natural gas and NGL        
REVENUES AND OTHER:        
Revenues $ 511 $ 1,170 $ 2,579 $ 3,553
Marketing        
REVENUES AND OTHER:        
Revenues 448 889 1,412 3,038
OPERATING EXPENSES:        
Expense 450 901 1,438 3,071
Oil, natural gas and NGL and Marketing        
REVENUES AND OTHER:        
Revenues 959 2,059 3,991 6,591
Other        
REVENUES AND OTHER:        
Revenues 15 15 45 45
Oil, natural gas and NGL production        
OPERATING EXPENSES:        
Expense 82 135 295 394
Oil, natural gas and NGL gathering, processing and transportation        
OPERATING EXPENSES:        
Expense 258 270 813 815
Exploration        
OPERATING EXPENSES:        
Expense $ 5 $ 17 $ 417 $ 56
[1]
Amounts and shares have been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 9 for additional information.