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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
REVENUES AND OTHER:      
Total revenues $ 5,296 $ 8,595 $ 10,030
Gains (losses) on sales of assets 30 43 (264)
OPERATING EXPENSES:      
Severance and ad valorem taxes 149 224 189
General and administrative 267 315 335
Separation and other termination costs 44 12 38
Provision for legal contingencies 27 19 26
Depreciation, depletion and amortization 1,097 2,264 1,737
Impairments 8,535 11 131
Other operating expense 109 92 0
Total Operating Expenses 13,999 8,626 9,648
INCOME (LOSS) FROM OPERATIONS (8,703) (31) 382
OTHER INCOME (EXPENSE):      
Interest expense (331) (651) (633)
Gains (losses) on investments (20) (71) 139
Gains on purchases or exchanges of debt 65 75 263
Other income 16 39 67
Reorganization items, net (796) 0 0
Total Other Expense (1,066) (608) (164)
INCOME (LOSS) BEFORE INCOME TAXES (9,769) (639) 218
Current income taxes (9) (26) 0
Deferred income taxes (10) (305) (10)
Total Income Tax Expense (Benefit) (19) (331) (10)
NET INCOME (LOSS) (9,750) (308) 228
Net (income) loss attributable to noncontrolling interests 16 0 (2)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE (9,734) (308) 226
Preferred stock dividends (22) (91) (92)
Loss on exchange of preferred stock 0 (17) 0
Earnings allocated to participating securities 0 0 (1)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ (9,756) $ (416) $ 133
EARNINGS (LOSS) PER COMMON SHARE:      
Basic (in usd per share) [1] $ (998.26) $ (49.97) $ 29.26
Diluted (in usd per share) [1] $ (998.26) $ (49.97) $ 29.26
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in thousands):(a)      
Basic (in shares) [1] 9,773 8,325 4,546
Diluted (in shares) [1] 9,773 8,325 4,546
Oil, Natural Gas and NGL      
REVENUES AND OTHER:      
Total revenues $ 3,341 $ 4,522 $ 5,155
Oil, natural gas and NGL production      
OPERATING EXPENSES:      
Cost of goods and services 373 520 474
Oil, natural gas and NGL gathering, processing and transportation      
OPERATING EXPENSES:      
Cost of goods and services 1,082 1,082 1,398
Marketing      
REVENUES AND OTHER:      
Total revenues 1,869 3,967 5,076
OPERATING EXPENSES:      
Cost of goods and services 1,889 4,003 5,158
Oil, Natural gas and NGL and Marketing      
REVENUES AND OTHER:      
Total revenues 5,210 8,489 10,231
Other      
REVENUES AND OTHER:      
Total revenues 56 63 63
Exploration      
OPERATING EXPENSES:      
Cost of goods and services $ 427 $ 84 $ 162
[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 11 for additional information.