CHESAPEAKE ENERGY CORP [CHK] Filings

10-Q 1 chk-20210930.htm 10-Q chk-20210930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 1-13726

CHESAPEAKE ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Oklahoma

73-1395733

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

6100 North Western Avenue,

Oklahoma City,

Oklahoma

73118

(Address of principal executive offices)

(Zip Code)

(405)

848-8000

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value per share

CHK

The Nasdaq Stock Market LLC

Class A Warrants to purchase Common Stock

CHKEW

The Nasdaq Stock Market LLC

Class B Warrants to purchase Common Stock

CHKEZ

The Nasdaq Stock Market LLC

Class C Warrants to purchase Common Stock

CHKEL

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒

Smaller Reporting Company ☒ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court Yes ☒ No ☐

As of November 1, 2021, there were 117,105,845 shares of our $0.01 par value common stock outstanding.

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

INDEX TO FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2021


	PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations	8
	Condensed Consolidated Statements of Comprehensive Income (Loss)	10
	Condensed Consolidated Statements of Cash Flows	11
	Condensed Consolidated Statements of Stockholders’ Equity	13
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1. Basis of Presentation and Summary of Significant Accounting Policies	16
	Note 2. Chapter 11 Emergence	17
	Note 3. Fresh Start Accounting	19
	Note 4. Earnings Per Share	28
	Note 5. Debt	30
	Note 6. Contingencies and Commitments	33
	Note 7. Other Current Liabilities	34
	Note 8. Revenue	35
	Note 9. Income Taxes	37
	Note 10. Equity	38
	Note 11. Share-Based Compensation	39
	Note 12. Derivative and Hedging Activities	41
	Note 13. Exploration Expense	44
	Note 14. Impairments	45
	Note 15. Other Operating Expense (Income), Net	46
	Note 16. Separation and Other Termination Costs	46
	Note 17. Subsequent Events	46
	Supplementary Information	47
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
	Liquidity and Capital Resources	50
	Results of Operations	54
Item 3.	Quantitative and Qualitative Disclosure s About Market Risk	70
Item 4.	Controls and Procedures	71
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	72
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	77
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	77
Item 6.	Exhibits	78
Signatures		80


Definitions

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Chesapeake,” the “Company” and “Registrant” refer to Chesapeake Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“ASC” means Accounting Standards Codification.

“Backstop Commitment Agreement” means that certain Backstop Commitment Agreement, dated as of June 28, 2020, by and between Chesapeake and the Backstop Parties, as may be further amended, modified, or supplemented from time to time, in accordance with its terms.

“Backstop Parties” means the members of the FLLO Ad Hoc Group that are signatories to the Backstop Commitment Agreement and Franklin Advisers, Inc., as investment manager on behalf of certain funds and accounts.

“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101–1532, as amended.

“Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas.

“Bbl” or “Bbls” means barrel or barrels.

“Bcf” means billion cubic feet.

“Boe” means barrel of oil equivalent. Natural gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the natural gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of natural gas and oil. NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.

“Chapter 11 Cases” means, when used with reference to a particular Debtor, the case pending for that Debtor under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court, and when used with reference to all the Debtors, the procedurally consolidated Chapter 11 cases pending for the Debtors in the Bankruptcy Court.

“Class A Warrants” means warrants to purchase 10 percent of the New Common Stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan, the Class B Warrants, and the Class C Warrants), at an initial exercise price per share of $27.63. The Class A Warrants are exercisable from the Effective Date until February 9, 2026.

“Class B Warrants” means warrants to purchase 10 percent of the New Common Stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan and the Class C Warrants), at an initial exercise price per share of $32.13. The Class B Warrants are exercisable from the Effective Date until February 9, 2026.

“Class C Warrants” means warrants to purchase 10 percent of the New Common Stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan), at an initial exercise price per share of $36.18. The Class C Warrants are exercisable from the Effective Date until February 9, 2026.

“Confirmation Order” means the order confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates, Docket No. 2915, entered by the Bankruptcy Court on January 16, 2021.

“Debtors” means the Company, together with all of its direct and indirect subsidiaries that have filed the Chapter 11 Cases.

“DIP Facility” means that certain debtor-in-possession financing facility documented pursuant to the DIP Documents and DIP Order.

“Effective Date” means February 9, 2021.

“Exit Credit Facility” means the reserve-based revolving credit facility available upon emergence from bankruptcy.

“FLLO Term Loan Facility” means the facility outstanding under the FLLO Term Loan Facility Credit Agreement.

“FLLO Term Loan Facility Credit Agreement” means that certain Term Loan Agreement, dated as of December 19, 2019 ((i) as supplemented by that certain Class A Term Loan Supplement, dated as of December 19, 2019 (as amended, restated or otherwise modified from time to time), by and among Chesapeake, as borrower, the Debtor guarantors party thereto, GLAS USA LLC, as administrative agent, and the lenders party thereto, and (ii) as further amended, restated, or otherwise modified from time to time), by and among Chesapeake, the Debtor guarantors party thereto, GLAS USA LLC, as administrative agent, and the lenders party thereto.

“GAAP” means U.S. generally accepted accounting principles.

“General Unsecured Claim” means any Claim against any Debtor that is not otherwise paid in full during the Chapter 11 Cases pursuant to an order of the Bankruptcy Court and is not an Administrative Claim, a Priority Tax Claim, an Other Priority Claim, an Other Secured Claim, a Revolving Credit Facility Claim, a FLLO Term Loan Facility Claim, a Second Lien Notes Claim, an Unsecured Notes Claim, an Intercompany Claim, or a Section 510(b) Claim.

“MBbls” means thousand barrels.

“MMBbls” means million barrels.

“MBoe” means thousand Boe.

“MMBoe” means million Boe.

“Mcf” means thousand cubic feet.

“MMcf” means million cubic feet.

“New Common Stock” means the single class of common stock issued by Reorganized Chesapeake on the Effective Date.

“NGL” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“OPEC” means Organization of the Petroleum Exporting Countries.

“Petition Date” means June 28, 2020, the date on which the Debtors commenced the Chapter 11 Cases.

“Plan” means the Fifth Amended Joint Chapter 11 Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates, attached as Exhibit A to the Confirmation Order.

“Put Option Premium” means a nonrefundable aggregate fee of $60 million, which represents 10 percent of the Rights Offering Amount, payable to the Backstop Parties in accordance with, and subject to the terms of the Backstop Commitment Agreement based on their respective backstop commitment percentages at the time such payment is made.

“Rights Offering” means the New Common Stock rights offering for the Rights Offering Amount consummated by the Debtors on the Effective Date.

“SEC” means United States Securities and Exchange Commission.

“Second Lien Notes” means the 11.500% senior notes due 2025 issued by Chesapeake pursuant to the Second Lien Notes Indenture.

“Second Lien Notes Claim” means any Claim on account of the Second Lien Notes.

“Tranche A Loans” means the fully revolving loans made under and on the terms set forth under the Exit Credit Facility which will be partially funded on the Effective Date, will have a scheduled maturity of 3 years from the Effective Date, and shall at all times be repaid prior to the repayment of the Tranche B Loans.

“Tranche B Loans” means term loans made under and on the terms set forth under the Exit Credit Facility which will be fully funded on the Effective Date, will have a scheduled maturity of 4 years from the Effective Date, will be repaid or prepaid only after there are no Tranche A Loans outstanding, and once so prepaid or repaid, may not be reborrowed.

“Warrants” means collectively, the Class A Warrants, Class B Warrants and Class C Warrants.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/Boe” means per Boe.

“/Mcf” means per Mcf.

Table of Contents

PART I. FINANCIAL INFORMATION


ITEM 1.			Condensed Consolidated Financial Statements

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	Successor		Predecessor
	September 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	849	$	279
Restricted cash	9		—
Accounts receivable, net	815		746
Short-term derivative assets	—		19
Other current assets	61		64
Total current assets	1,734		1,108
Property and equipment:
Oil and natural gas properties, successful efforts method
Proved oil and natural gas properties	5,163		25,734
Unproved properties	421		1,550
Other property and equipment	492		1,754
Total property and equipment	6,076		29,038
Less: accumulated depreciation, depletion and amortization	(571)		(23,806)
Property and equipment held for sale, net	3		10
Total property and equipment, net	5,508		5,242

Other long-term assets	84		234
Total assets	$	7,326	$	6,584

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

(Unaudited)


	Successor		Predecessor
	September 30, 2021		December 31, 2020
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	257	$	346
Current maturities of long-term debt	—		1,929
Accrued interest	10		3
Short-term derivative liabilities	1,345		93
Other current liabilities	898		723
Total current liabilities	2,510		3,094
Long-term debt, net	1,259		—
Long-term derivative liabilities	265		44
Asset retirement obligations, net of current portion	244		139
Other long-term liabilities	10		5
Liabilities subject to compromise	—		8,643
Total liabilities	4,288		11,925
Contingencies and commitments (Note 6)
Stockholders’ equity (deficit):
Predecessor preferred stock, $0.01 par value, 20,000,000 shares authorized: 0 and 5,563,458 shares outstanding	—		1,631
Predecessor common stock, $0.01 par value, 22,500,000 shares authorized: 0 and 9,780,547 shares issued	—		—
Predecessor additional paid-in capital	—		16,937
Predecessor accumulated other comprehensive income	—		45
Successor common stock, $0.01 par value, 450,000,000 shares authorized: 98,286,731 and 0 shares issued	1		—
Successor additional paid-in capital	3,594		—
Accumulated deficit	(557)		(23,954)
Total stockholders’ equity (deficit)	3,038		(5,341)
Total liabilities and stockholders’ equity (deficit)	$	7,326	$	6,584

The accompanying notes are an integral part of these condensed consolidated financial statements.

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Successor		Predecessor
	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020

Revenues and other:
Oil, natural gas and NGL	$	1,170	$	672
Marketing	627		448
Oil and natural gas derivatives	(910)		(161)
Gains on sales of assets	3		1
Total revenues and other	890		960
Operating expenses:
Production	80		82
Gathering, processing and transportation	219		258
Severance and ad valorem taxes	41		37
Exploration	2		5
Marketing	625		450
General and administrative	30		52
Separation and other termination costs	—		16
Depreciation, depletion and amortization	228		170

Other operating expense, net	3		1
Total operating expenses	1,228		1,071
Loss from operations	(338)		(111)
Other income (expense):
Interest expense	(17)		(25)

Other income	—		2
Reorganization items, net	—		(611)
Total other expense	(17)		(634)
Loss before income taxes	(355)		(745)
Income tax benefit	(10)		—
Net loss	(345)		(745)
Net loss attributable to noncontrolling interests	—		—
Net loss attributable to Chesapeake	(345)		(745)
Preferred stock dividends	—		—

Net loss available to common stockholders	$	(345)	$	(745)
Loss per common share:
Basic	$	(3.51)	$	(76.18)
Diluted	$	(3.51)	$	(76.18)
Weighted average common shares outstanding (in thousands):
Basic	98,221		9,780
Diluted	98,221		9,780

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - (Continued)

(Unaudited)


	Successor		Predecessor
	Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021		Nine Months Ended September 30, 2020

Revenues and other:
Oil, natural gas and NGL	$	2,615	$	398	$	2,006
Marketing	1,443		239		1,412
Oil and natural gas derivatives	(1,604)		(382)		573
Gains on sales of assets	9		5		1
Total revenues and other	2,463		260		3,992
Operating expenses:
Production	194		32		295
Gathering, processing and transportation	541		102		813
Severance and ad valorem taxes	106		18		116
Exploration	4		2		417
Marketing	1,440		237		1,438
General and administrative	69		21		229
Separation and other termination costs	11		22		43
Depreciation, depletion and amortization	579		72		931
Impairments	1		—		8,522
Other operating expense (income), net	1		(12)		67
Total operating expenses	2,946		494		12,871
Loss from operations	(483)		(234)		(8,879)
Other income (expense):
Interest expense	(47)		(11)		(307)
Gains on purchases or exchanges of debt	—		—		65
Other income (expense)	31		2		(9)
Reorganization items, net	—		5,569		(217)
Total other income (expense)	(16)		5,560		(468)
Income (loss) before income taxes	(499)		5,326		(9,347)
Income tax benefit	(10)		(57)		(13)
Net income (loss)	(489)		5,383		(9,334)
Net loss attributable to noncontrolling interests	—		—		16
Net income (loss) attributable to Chesapeake	(489)		5,383		(9,318)
Preferred stock dividends	—		—		(22)

Net income (loss) available to common stockholders	$	(489)	$	5,383	$	(9,340)
Earnings (loss) per common share:
Basic	$	(4.99)	$	550.35	$	(955.99)
Diluted	$	(4.99)	$	534.51	$	(955.99)
Weighted average common shares outstanding (in thousands):
Basic	98,040		9,781		9,770
Diluted	98,040		10,071		9,770

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Successor		Predecessor
	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020

Net loss	$	(345)	$	(745)
Other comprehensive income, net of income tax:

Reclassification of losses on settled derivative instruments	—		7
Other comprehensive income	—		7
Comprehensive loss	(345)		(738)
Comprehensive loss attributable to noncontrolling interests	—		—
Comprehensive loss attributable to Chesapeake	$	(345)	$	(738)


	Successor		Predecessor
	Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021		Nine Months Ended September 30, 2020

Net income (loss)	$	(489)	$	5,383	$	(9,334)
Other comprehensive income, net of income tax:

Reclassification of losses on settled derivative instruments	—		3		24
Other comprehensive income	—		3		24
Comprehensive income (loss)	(489)		5,386		(9,310)
Comprehensive loss attributable to noncontrolling interests	—		—		16
Comprehensive income (loss) attributable to Chesapeake	$	(489)	$	5,386	$	(9,294)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Successor		Predecessor
	Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021		Nine Months Ended September 30, 2020

Cash flows from operating activities:
Net income (loss)	$	(489)	$	5,383	$	(9,334)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	579		72		931
Deferred income tax benefit	—		(57)		(10)
Derivative (gains) losses, net	1,604		382		(573)
Cash receipts (payments) on derivative settlements, net	(437)		(17)		890
Share-based compensation	5		3		16
Gains on sales of assets	(9)		(5)		(1)
Impairments	1		—		8,522
Non-cash reorganization items, net	—		(6,680)		(300)
Exploration	1		2		409
Gains on purchases or exchanges of debt	—		—		(65)
Other	10		45		(23)
Changes in assets and liabilities	(19)		851		693
Net cash provided by (used in) operating activities	1,246		(21)		1,155
Cash flows from investing activities:
Capital expenditures	(404)		(66)		(973)
Proceeds from divestitures of property and equipment	9		—		15
Net cash used in investing activities	(395)		(66)		(958)
Cash flows from financing activities:
Proceeds from Exit Credit Facility - Tranche A Loans	30		—		—
Payments on Exit Credit Facility - Tranche A Loans	(80)		(479)		—
Proceeds from pre-petition revolving credit facility borrowings	—		—		3,806
Payments on pre-petition revolving credit facility borrowings	—		—		(3,467)
Proceeds from DIP Facility borrowings	—		—		60
Payments on DIP Facility borrowings	—		(1,179)		(60)

Proceeds from issuance of senior notes, net	—		1,000		—
Proceeds from issuance of common stock	—		600		—
Proceeds from warrant exercise	2		—		—
Debt issuance and other financing costs	(3)		(8)		(109)
Cash paid to purchase debt	—		—		(95)
Cash paid for common stock dividends	(67)		—		—
Cash paid for preferred stock dividends	—		—		(22)

Other	(1)		—		(10)
Net cash provided by (used in) financing activities	(119)		(66)		103
Net increase (decrease) in cash, cash equivalents and restricted cash	732		(153)		300
Cash, cash equivalents and restricted cash, beginning of period	126		279		6
Cash, cash equivalents and restricted cash, end of period	$	858	$	126	$	306

Cash and cash equivalents	$	849	$	40	$	306
Restricted cash	9		86		—
Total cash, cash equivalents and restricted cash	$	858	$	126	$	306

The accompanying notes are an integral part of these condensed consolidated financial statements.


Supplemental disclosures to the condensed consolidated statements of cash flows are presented below:

	Successor		Predecessor
	Period from February 10, 2021 through September 30, 2021		Period from January 1, 2021 through February 9, 2021		Nine Months Ended September 30, 2020

Supplemental cash flow information:
Cash paid for reorganization items, net	$	65	$	66	$	118
Interest paid, net of capitalized interest	$	33	$	13	$	201
Income taxes paid, net of refunds received	$	(3)	$	—	$	1

Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$	25	$	(5)	$	(206)
Put option premium on equity backstop agreement	$	—	$	60	$	60
Operating lease obligations recognized	$	—	$	—	$	32

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)


	Attributable to Chesapeake
	Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Treasury Stock		Non-controlling Interest		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balance as of June 30, 2021 (Successor)	—	$	—	97,954,037	$	1	$	3,590	$	(178)	$	—	$	—	$	—	$	3,413
Share-based compensation	—	—		761	—		4		—		—		—		—		4

Issuance of common stock for warrant exercise	—	—		6,218	—		—		—		—		—		—		—
Issuance of reserved common stock and warrants	—	—		325,715	—		—		—		—		—		—		—
Net loss	—	—		—	—		—		(345)		—		—		—		(345)
Dividends on common stock	—	—		—	—		—		(34)		—		—		—		(34)
Balance as of September 30, 2021 (Successor)	—	$	—	98,286,731	$	1	$	3,594	$	(557)	$	—	$	—	$	—	$	3,038


	Attributable to Chesapeake
	Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Treasury Stock		Non-controlling Interest		Total Stockholders’ Deficit
	Shares	Amount		Shares	Amount
Balance as of June 30, 2020 (Predecessor)	5,563,458	$	1,631	9,780,202	$	—	$	16,924	$	(22,793)	$	29	$	—	$	21	$	(4,188)
Share-based compensation	—	—		169	—		7		—		—		—		—		7
Net loss attributable to Chesapeake	—	—		—	—		—		(745)		—		—		—		(745)
Hedging activity	—	—		—	—		—		—		7		—		—		7
Balance as of September 30, 2020 (Predecessor)	5,563,458	$	1,631	9,780,371	$	—	$	16,931	$	(23,538)	$	36	$	—	$	21	$	(4,919)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - (Continued)

(Unaudited)


	Attributable to Chesapeake
	Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income	Treasury Stock	Non-controlling Interest	Total Stockholders’ Equity (Deficit)
	Shares	Amount		Shares	Amount
Balance as of December 31, 2020 (Predecessor)	5,563,358	$	1,631	9,780,547	$	—	$	16,937	$	(

CHESAPEAKE ENERGY CORP [CHK] Filings
CHESAPEAKE ENERGY CORP [CHKEL] Filings
CHESAPEAKE ENERGY CORP [CHKEZ] Filings
CHESAPEAKE ENERGY CORP [CHKEW] Filings
10-Q	[2021-11-02]
10-Q	[2021-08-10]
10-Q	[2021-05-13]
10-K	[2021-03-01]
10-Q	[2020-11-09]
10-Q	[2020-08-10]
10-Q	[2020-05-11]
10-K	[2020-02-27]
10-Q	[2019-11-05]
10-Q	[2019-08-06]
10-Q	[2019-05-09]
10-K	[2019-02-27]
10-Q	[2018-10-30]
10-Q	[2018-08-01]
10-Q	[2018-05-02]
10-K	[2018-02-22]
10-Q	[2017-11-02]
10-Q	[2017-08-03]
10-Q	[2017-05-04]
10-K	[2017-03-03]
10-Q	[2016-11-03]
10-Q	[2016-08-04]
10-Q	[2016-05-05]
10-K	[2016-02-25]
10-Q	[2015-11-04]
10-Q	[2015-08-05]
10-Q	[2015-05-06]
10-K	[2015-02-27]
10-Q	[2014-11-06]
10-Q	[2014-08-06]
10-Q	[2014-05-07]
10-K	[2014-02-27]
10-Q	[2013-11-06]
10-Q	[2013-08-06]
10-Q	[2013-05-10]
10-K	[2013-03-01]
10-Q	[2012-11-09]
10-Q	[2012-08-09]
10-Q	[2012-05-11]
10-K	[2012-02-29]

CHESAPEAKE ENERGY CORP [CHK] Filings

CHESAPEAKE ENERGY CORP [CHKEL] Filings

CHESAPEAKE ENERGY CORP [CHKEZ] Filings

CHESAPEAKE ENERGY CORP [CHKEW] Filings