Natural Gas and Oil Property Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of purchase price allocation

We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during the 2022 Successor Period, which resulted in measurement period adjustments of $39 million to both restricted cash and current liabilities, to reflect funds restricted for future payment of certain royalties.

	Purchase Price Allocation
Consideration:
Cash	$	2,000
Fair value of Chesapeake’s common stock issued in the merger (a)	764
Working capital adjustments	6
Total consideration	$	2,770
Fair Value of Liabilities Assumed:
Current liabilities	$	459
Other long-term liabilities	129
Amounts attributable to liabilities assumed	$	588
Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash	$	39
Other current assets	218
Proved natural gas and oil properties	2,309
Unproved properties	788
Other property and equipment	1
Other long-term assets	3
Amounts attributable to assets acquired	$	3,358
Total identifiable net assets	$	2,770

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(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

We have accounted for the Vine Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price of Vine to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. We finalized the acquisition accounting for this transaction during the 2022 Successor Period, which resulted in measurement period adjustments of $19 million to both deferred tax liabilities and unproved properties. See Note 11 for additional information regarding the change to deferred tax liabilities.

	Purchase Price Allocation
Consideration:
Cash	$	253
Fair value of Chesapeake’s common stock issued in the merger (a)	1,231
Restricted stock unit replacement awards	6
Total consideration	$	1,490
Fair Value of Liabilities Assumed:
Current liabilities	$	765
Long-term debt	1,021
Deferred tax liabilities	30
Other long-term liabilities	272
Amounts attributable to liabilities assumed	$	2,088
Fair Value of Assets Acquired:
Cash and cash equivalents	$	59
Other current assets	206
Proved natural gas and oil properties	2,181
Unproved properties	1,099
Other property and equipment	1
Other long-term assets	32
Amounts attributable to assets acquired	$	3,578
Total identifiable net assets	$	1,490

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(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Schedule of pro forma financial information

The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.

	Successor
	Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021
Revenues	$	11,743	$	5,891
Net income (loss) available to common stockholders	$	4,765	$	(5)
Earnings (loss) per common share:
Basic	$	37.37	$	(0.04)
Diluted	$	32.26	$	(0.04)