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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 CostAdjustment
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(a)
$12.13 $(62.10)$(49.97)
Earnings (loss) per common share diluted(a)
$12.13 $(62.10)$(49.97)
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(a)
$170.48 $(141.22)$29.26 
Earnings per common share diluted(a)
$170.48 $(141.22)$29.26 
Year Ended December 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONSAs
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(a)
$179.51 $(318.83)$(139.32)
Earnings (loss) per common share diluted(a)
$179.43 $(318.75)$(139.32)
____________________________________________
(a)    All per share information has been retroactively adjusted to reflect a 1-for-200 (1:200) reverse stock split effective April 14, 2020. See Note 26 for additional information.
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