0000895126-24-000108 | 10-Q | XBRL Viewer

Earnings Per Share

6 Months Ended

Jun. 30, 2024


3.			Earnings Per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner but includes the impact of potentially dilutive securities utilizing the treasury stock method. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net income (loss), basic and diluted	$	(227)	$	391	$	(201)	$	1,780

Denominator (in thousands)
Weighted average common shares outstanding, basic	131,168		133,514		131,030		134,125
Effect of potentially dilutive securities
Warrants	—		9,497		—		9,529
Restricted stock units	—		208		—		306
Performance share units	—		48		—		47
Weighted average common shares outstanding, diluted	131,168		143,267		131,030		144,007

Earnings (loss) per common share:
Basic	$	(1.73)	$	2.93	$	(1.53)	$	13.27
Diluted	$	(1.73)	$	2.73	$	(1.53)	$	12.36

During the Current Quarter and Current Period, the diluted loss per share calculation excludes the effect of 777,369 reserved shares of common stock and 1,466,502 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares. Additionally, the diluted loss per share calculations during the Current Quarter and Current Period excludes the antidilutive effect of 10,803,037 and 10,570,473 Warrants, 220,935 and 306,195 RSUs and 120,171 and 146,570 PSUs, respectively.

During the Prior Quarter and Prior Period, the diluted earnings per share calculation excludes the effect of 789,458 reserved shares of common stock and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares.

Investments

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments


12.			Investments

Momentum Sustainable Ventures LLC. During the fourth quarter of 2022, Chesapeake entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture and sequestration project (“CCUS”), which will gather natural gas produced in the Haynesville Shale for re-delivery to Gulf Coast markets, including LNG export. The pipeline is expected to have an initial capacity of 1.7 Bcf/d expandable to 2.2 Bcf/d. The carbon capture portion of the project anticipates capturing and permanently sequestering up to 2.0 million tons per annum of CO2. The natural gas gathering pipeline is projected for a potential in-service date in 2025, and the carbon sequestration portion of the project is subject to regulatory approvals. We have a 35% interest in the project and estimate approximately $75 million remaining in our commitment to the project. We have accounted for this investment as an equity method investment, and its carrying value, which is reflected within other long-term assets on the condensed consolidated balance sheets, was $280 million and $238 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the carrying value of our investment in Momentum Sustainable Ventures LLC included approximately $8 million of capitalized interest related to the project.

Income Taxes - Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (295,000,000)	$ 518,000,000	$ (262,000,000)	$ 2,311,000,000
Current tax expense			0	132,000,000
Deferred tax expense (benefit)			(61,000,000)	399,000,000
Income tax expense (benefit)	$ (68,000,000)	$ 127,000,000	$ (61,000,000)	$ 531,000,000
Current tax expense			0.00%	5.70%
Deferred tax expense (benefit)			23.30%	17.30%
Income tax expense (benefit)			23.30%	23.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,019	$ 1,079
Restricted cash	76	74
Accounts receivable, net	350	593
Derivative assets	361	637
Other current assets	207	226
Total current assets	2,013	2,609
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	12,105	11,468
Unproved properties	1,800	1,806
Other property and equipment	512	497
Total property and equipment	14,417	13,771
Less: accumulated depreciation, depletion and amortization	(4,413)	(3,674)
Total property and equipment, net	10,004	10,097
Long-term derivative assets	19	74
Deferred income tax assets	995	933
Other long-term assets	577	663
Total assets	13,608	14,376
Current liabilities:
Accounts payable	274	425
Accrued interest	39	39
Derivative liabilities	7	3
Other current liabilities	611	847
Total current liabilities	931	1,314
Long-term debt, net	2,021	2,028
Long-term derivative liabilities	3	9
Asset retirement obligations, net of current portion	264	265
Other long-term liabilities	19	31
Total liabilities	3,238	3,647
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 131,252,107 and 130,789,936 shares issued	1	1
Additional paid-in capital	5,768	5,754
Retained earnings	4,601	4,974
Total stockholders' equity	10,370	10,729
Total liabilities and stockholders' equity	$ 13,608	$ 14,376

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt


4.			Debt

Our long-term debt consisted of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	—	$	—	$	—	$	—
5.50% senior notes due 2026	500		495		500		496
5.875% senior notes due 2029	500		494		500		489
6.75% senior notes due 2029	950		952		950		958
Premiums on senior notes	76		—		83		—
Debt issuance costs	(5)		—		(5)		—
Total long-term debt, net	$	2,021	$	1,941	$	2,028	$	1,943

____________________________________________

(a)The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

Credit Facility. In December 2022, we entered into a senior secured reserve-based credit agreement, as amended pursuant to the Amendment No. 1 and Borrowing Base Agreement, dated April 29, 2024 (the “2024 Credit Agreement Amendment”) with the lenders and issuing banks party thereto from time to time (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), providing for a reserve-based credit facility (as amended pursuant to the 2024 Credit Agreement Amendment, the “Credit Facility”) maturing in December 2027 (as amended, the “Credit Agreement”). The 2024 Credit Agreement Amendment, among other things, increased the aggregate commitments under the Credit Facility from $2.0 billion to $2.5 billion and increased the sublimit available for the issuance of letters of credit from $200 million to $500 million. The Credit Facility provides for a $50 million sublimit available for swingline loans. The borrowing base under the Credit Facility is $3.5 billion. As of June 30, 2024, we have approximately $2.5 billion available for borrowings under the Credit Facility.

The obligations under the Credit Facility are guaranteed by certain of Chesapeake’s subsidiaries (the “Guarantors”), and the Credit Facility is secured by substantially all of the assets owned by the Company and the Guarantors (subject to customary exceptions), including mortgages on not less than 85% of the total PV-9 of the borrowing base properties evaluated in the most recent reserve report (where PV-9 is the net present value, discounted at 9% per annum, of the estimated future net revenues). The borrowing base will be redetermined semi-annually in or around April and October of each year, with one interim “wildcard” redetermination available to each of the Company and the Administrative Agent, the latter at the direction of the Required Lenders (as defined in the Credit Agreement), between scheduled redeterminations. Our borrowing base was reaffirmed in April 2024, and the next scheduled redetermination will be in or around October 2024. The Credit Agreement contains restrictive covenants that limit Chesapeake and its subsidiaries’ ability to, among other things but subject to exceptions customary to reserve-based credit facilities: (i) incur additional indebtedness, (ii) make investments, (iii) enter into mergers; (iv) make or declare dividends; (v) repurchase or redeem certain indebtedness; (vi) enter into certain hedges; (vii) incur liens; (viii) sell assets; and (ix) engage in certain transactions with affiliates. The Credit Agreement requires Chesapeake to maintain compliance with the following financial ratios: (A) a current ratio, which is the ratio of Chesapeake’s and its restricted subsidiaries’ consolidated current assets (including unused commitments under the Credit Facility but excluding certain non-cash assets) to their consolidated current liabilities (excluding the current portion of long-term debt and certain non-cash liabilities), of not less than 1.00 to 1.00; (B) a net leverage ratio, which is the ratio of total indebtedness (less unrestricted cash up to a specified threshold) to Consolidated EBITDAX (as defined in the Credit Agreement) for the prior four fiscal quarters, of not greater than 3.50 to 1.00 and (C) a PV-9 coverage ratio of the net present value, discounted at 9% per annum, of the estimated

future net revenues expected in the proved reserves to Chesapeake’s and its restricted subsidiaries’ total indebtedness of not less than 1.50 to 1.00.

Borrowings under the Credit Agreement may be alternate base rate loans or term SOFR loans, at our election. Interest is payable quarterly for alternate base rate loans and at the end of the applicable interest period for term SOFR loans. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 175 to 275 basis points per annum, depending on the percentage of the commitments utilized, plus an additional 10 basis points per annum credit spread adjustment. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 75 to 175 basis points per annum, depending on the percentage of the commitments utilized. Chesapeake also pays a commitment fee on unused commitment amounts under the Credit Facility ranging from 37.5 to 50 basis points per annum, depending on the percentage of the commitments utilized.

The Credit Facility is subject to customary events of default, remedies, and cure rights for credit facilities of this nature. The Company has no additional secured debt as of June 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net income (loss), basic and diluted	$	(227)	$	391	$	(201)	$	1,780

Denominator (in thousands)
Weighted average common shares outstanding, basic	131,168		133,514		131,030		134,125
Effect of potentially dilutive securities
Warrants	—		9,497		—		9,529
Restricted stock units	—		208		—		306
Performance share units	—		48		—		47
Weighted average common shares outstanding, diluted	131,168		143,267		131,030		144,007

Earnings (loss) per common share:
Basic	$	(1.73)	$	2.93	$	(1.53)	$	13.27
Diluted	$	(1.73)	$	2.73	$	(1.53)	$	12.36

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies


1.			Basis of Presentation and Summary of Significant Accounting Policies

Description of Company

Chesapeake Energy Corporation (“Chesapeake,” “we,” “our,” “us” or the “Company”) is a natural gas and oil exploration and production company engaged in the acquisition, exploration and development of properties for the production of natural gas, oil and NGL from underground reservoirs. Our operations are located onshore in the United States.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.

This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to our financial position as of June 30, 2024 and December 31, 2023, and our results of operations for the three months ended June 30, 2024 (“Current Quarter”), the six months ended June 30, 2024 (“Current Period”), the three months ended June 30, 2023 (“Prior Quarter”) and the six months ended June 30, 2023 (“Prior Period”). Our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. For the time periods covered by this Form 10-Q, we did not have any changes or items impacting other comprehensive income.

Segments

Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.

Restricted Cash

As of June 30, 2024, we had restricted cash of $76 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures. Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU is effective beginning with our 2024 annual reporting and

interim periods beginning in 2025, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements.

Investments (Details) $ in Millions	6 Months Ended
Investments (Details) $ in Millions	Jun. 30, 2024 USD ($) billionOfCubicFeetPerDay MT	Dec. 31, 2023 USD ($)
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Contractual obligation	$ 75
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.00%
Equity method investments	$ 280	$ 238
Capitalized interest	$ 8
Momentum Sustainable Ventures L L C \| Scenario, Plan
Schedule of Equity Method Investments [Line Items]
Initial capacity \| billionOfCubicFeetPerDay	1.7
Expandable capacity \| billionOfCubicFeetPerDay	2.2
Sequester volume \| MT	2.0

Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities


6.			Other Current Liabilities

Other current liabilities as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Revenues and royalties due to others	$	265	$	360
Accrued drilling and production costs	140		211
Accrued hedging costs	—		2
Accrued compensation and benefits	45		64
Taxes payable	54		84
Operating leases	48		84
Joint interest prepayments received	4		8

Other	55		34
Total other current liabilities	$	611	$	847

Share-Based Compensation - Schedule of Changes in Unvested Performance Share (Details) - Performance Share Units (PSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Unvested Performance Share Units
Unvested units, beginning balance (in shares) \| shares	394
Granted (in shares) \| shares	134
Vested (in shares) \| shares	(126)
Forfeited (in shares) \| shares	0
Unvested units, ending balance (in shares) \| shares	402
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 85.78
Granted (in dollars per share) \| $ / shares	95.33
Vested (in dollars per share) \| $ / shares	68.72
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 94.34

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes


8.			Income Taxes

The table below presents a comparison of the Current Period and Prior Period’s income tax expense (benefit) and actual year-to-date effective tax rates.


	Six Months Ended June 30,
		2024	2023
Income (loss) before income taxes			$	(262)			$	2,311

Current tax expense			—		—	%	132		5.7	%
Deferred tax expense (benefit)			(61)		23.3	%	399		17.3	%
Income tax expense (benefit)			$	(61)	23.3	%	$	531	23.0	%

An estimated annual effective tax rate (“EAETR”) is used in recording our interim year-to-date income tax provision. The EAETR is determined based on analysis of year-to-date and projected financial results of our operations. Our EAETR during the Current Period was 22.4%, compared to 23.0% in the Prior Period. The actual year-to-date effective tax rate and EAETR can differ as a result of certain discrete items, which are recorded in the period. Such items include, but are not limited to, certain equity-based compensation, true-ups resulting from differences between tax returns filed and estimated accruals, and tax effects of enacted laws.

There was no current tax expense recorded in the Current Period. The Prior Period recorded $132 million of current tax expense, primarily as a result of tax gains on the Eagle Ford divestitures which closed in the Prior Period.

In the Current Period, we made $12 million in income tax payments, which were offset by $14 million in income tax refunds.

As of December 31, 2023, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2024. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some of our deferred tax assets will not be realized. As such, a partial valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of June 30, 2024 and December 31, 2023.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022, which includes provisions for a 15% corporate alternative minimum tax (“CAMT”) on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year. Based upon our book income in the past three years, we believe we are subject to the CAMT beginning in the current year. The CAMT will result in incremental taxes to the extent that 15% of our adjusted book earnings exceeds our regular federal tax liability. We do not currently project any material impact due to the CAMT in 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-13726
Entity Registrant Name	CHESAPEAKE ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,275,152
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Class A Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Warrants to purchase Common Stock
Trading Symbol	CHKEW
Security Exchange Name	NASDAQ
Class B Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class B Warrants to purchase Common Stock
Trading Symbol	CHKEZ
Security Exchange Name	NASDAQ
Class C Warrants to purchase Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class C Warrants to purchase Common Stock
Trading Symbol	CHKEL
Security Exchange Name	NASDAQ
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CHK
Security Exchange Name	NASDAQ

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Feb. 09, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of vested	$ 39
Unrecognized compensation expense	$ 56
Share-based compensation expense, weighted average period for recognition	2 years 3 months 21 days
Restricted Stock Units (RSUs) \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Restricted Stock Units (RSUs) \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of vested	$ 17
Unrecognized compensation expense	$ 20
Share-based compensation expense, weighted average period for recognition	2 years 1 month 20 days
Performance Share Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%
Performance Share Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%
Performance Share Units (PSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares)		6,800,000

Derivative and Hedging Activities - Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) (Details) - Energy Related Derivative $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Bcf	Dec. 31, 2023 USD ($) Bcf
Derivative [Line Items]
Fair Value	$ 370	$ 699
Eagle Ford divestiture
Derivative [Line Items]
Fair Value	$ 33	$ 12
Natural Gas
Derivative [Line Items]
Notional Volume \| Bcf	1,202	1,479
Fair Value	$ 337	$ 687
Natural Gas \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| Bcf	259	343
Fair Value	$ 60	$ 188
Natural Gas \| Collars
Derivative [Line Items]
Notional Volume \| Bcf	518	558
Fair Value	$ 256	$ 497
Natural Gas \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| Bcf	425	578
Fair Value	$ 21	$ 2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (227)	$ 391	$ (201)	$ 1,780
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	348	376	747	766
Deferred income tax expense (benefit)			(61)	399
Derivative gains, net	11	(159)	(161)	(1,089)
Cash receipts (payments) on derivative settlements, net			488	(49)
Share-based compensation			19	16
Gains on sales of assets	(2)	(472)	(10)	(807)
Losses on purchases, exchanges or extinguishments of debt			2	0
Other			(7)	29
Changes in assets and liabilities			(55)	359
Net cash provided by operating activities			761	1,404
Cash flows from investing activities:
Capital expenditures			(723)	(1,027)
Receipts of deferred consideration			116	0
Contributions to investments			(45)	(88)
Proceeds from divestitures of property and equipment			12	1,963
Net cash provided by (used in) investing activities			(640)	848
Cash flows from financing activities:
Proceeds from Credit Facility			0	1,125
Payments on Credit Facility			0	(2,175)
Funds held for transition services			0	97
Proceeds from warrant exercise			1	0
Debt issuance and other financing costs			(4)	0
Cash paid to repurchase and retire common stock			0	(181)
Cash paid for common stock dividends			(176)	(335)
Net cash used in financing activities			(179)	(1,469)
Net increase (decrease) in cash, cash equivalents and restricted cash			(58)	783
Cash, cash equivalents and restricted cash, beginning of period			1,153	192
Cash, cash equivalents and restricted cash, end of period	1,095	975	1,095	975
Cash and cash equivalents	1,019	903	1,019	903
Restricted cash	76	72	76	72
Total cash, cash equivalents and restricted cash	$ 1,095	$ 975	1,095	975
Supplemental cash flow information:
Interest paid, net of capitalized interest			45	68
Income tax refunds received, net			(2)	(60)
Supplemental disclosure of significant non-cash investing and financing activities:
Operating lease obligations recognized			0	65
Change in accrued drilling and completion costs
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs			$ (62)	$ 31

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables show revenue disaggregated by operating area and product type:


	Three Months Ended June 30, 2024
	Natural Gas		Oil		NGL		Total
Marcellus	$	192	$	—	$	—	$	192
Haynesville	186		—		—		186

Natural gas, oil and NGL revenue	$	378	$	—	$	—	$	378

Marketing revenue	$	136	$	—	$	—	$	136


	Three Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	250	$	—	$	—	$	250
Haynesville	256		—		—		256
Eagle Ford	18		104		21		143
Natural gas, oil and NGL revenue	$	524	$	104	$	21	$	649

Marketing revenue	$	188	$	382	$	41	$	611


	Six Months Ended June 30, 2024
	Natural Gas		Oil		NGL		Total
Marcellus	$	509	$	—	$	—	$	509
Haynesville	458		—		—		458
Natural gas, oil and NGL revenue	$	967	$	—	$	—	$	967

Marketing revenue	$	333	$	82	$	33	$	448


	Six Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	867	$	—	$	—	$	867
Haynesville	658		—		—		658
Eagle Ford	41		477		59		577
Natural gas, oil and NGL revenue	$	1,566	$	477	$	59	$	2,102

Marketing revenue	$	516	$	669	$	78	$	1,263

Schedule of Accounts Receivable

Accounts receivable as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Natural gas, oil and NGL sales	$	226	$	406
Joint interest	122		180
Other	6		8
Allowance for doubtful accounts	(4)		(1)
Total accounts receivable, net	$	350	$	593

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (227)	$ 26	$ 391	$ 1,389	$ (201)	$ 1,780

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2024 and December 31, 2023 are provided below:


	June 30, 2024			December 31, 2023
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	259	$	60	343	$	188
Collars	518	256		558	497
Basis protection swaps	425	21		578	2
Total natural gas	1,202	337		1,479	687
Contingent Consideration:
Eagle Ford divestiture		33			12
Total estimated fair value		$	370		$	699

Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 on a gross basis and after same-counterparty netting:


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of June 30, 2024
Commodity Contracts:
Short-term derivative asset	$	360	$	(32)	$	328
Long-term derivative asset	33		(14)		19
Short-term derivative liability	(39)		32		(7)
Long-term derivative liability	(17)		14		(3)
Contingent Consideration:
Short-term derivative asset	33		—		33
Total derivatives	$	370	$	—	$	370

As of December 31, 2023
Commodity Contracts:
Short-term derivative asset	$	661	$	(36)	$	625
Long-term derivative asset	101		(27)		74
Short-term derivative liability	(39)		36		(3)
Long-term derivative liability	(36)		27		(9)
Contingent Consideration:
Short-term derivative asset	12		—		12
Total derivatives	$	699	$	—	$	699

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The table below presents a comparison of the Current Period and Prior Period’s income tax expense (benefit) and actual year-to-date effective tax rates.


	Six Months Ended June 30,
		2024	2023
Income (loss) before income taxes			$	(262)			$	2,311

Current tax expense			—		—	%	132		5.7	%
Deferred tax expense (benefit)			(61)		23.3	%	399		17.3	%
Income tax expense (benefit)			$	(61)	23.3	%	$	531	23.0	%

Contingencies and Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
Remainder of 2024	$ 142
2025	278
2026	245
2027	214
2028	198
2029-2036	946
Total	$ 2,023

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total
Disaggregation of Revenue [Line Items]
Revenue	$ 378	$ 649	$ 967	$ 2,102
Total \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	192	250	509	867
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	186	256	458	658
Total \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue		143		577
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	378	524	967	1,566
Natural Gas \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	192	250	509	867
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	186	256	458	658
Natural Gas \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue		18		41
Oil
Disaggregation of Revenue [Line Items]
Revenue	0	104	0	477
Oil \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Oil \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue		104		477
NGL
Disaggregation of Revenue [Line Items]
Revenue	0	21	0	59
NGL \| Marcellus
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
NGL \| Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue		21		59
Marketing
Disaggregation of Revenue [Line Items]
Revenue	136	611	448	1,263
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	136	188	333	516
Oil
Disaggregation of Revenue [Line Items]
Revenue	0	382	82	669
NGL
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 41	$ 33	$ 78

Natural Gas and Oil Property Transactions (Details) $ in Millions					1 Months Ended
	Jan. 10, 2024	Nov. 30, 2023 USD ($)	Apr. 28, 2023 USD ($)	Mar. 20, 2023 USD ($)	Nov. 30, 2023 USD ($) $ / bbl	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($)
Contingent Consideration
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative, fair value, net						$ 33
WTI NYMEX Price Average $75 to $80 per Barrel \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Average sales price (in usd per unit) \| $ / bbl					75
WTI NYMEX Price Average $75 to $80 per Barrel \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Average sales price (in usd per unit) \| $ / bbl					80
WTI NYMEX Price Average Above $80 per Barrel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Average sales price (in usd per unit) \| $ / bbl					80
Disposed of by Sale \| Portion of Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration										$ 1,425
Purchase price				$ 225
Gain (loss) on sale of oil and natural gas properties				337
Disposed of by Sale \| Portion of Eagle Ford Assets \| Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets						57	$ 58
Disposed of by Sale \| Portion of Eagle Ford Assets \| Other Noncurrent Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets						85	135
Disposed of by Sale \| Portion of Eagle Ford Assets \| First Three Years
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration paid in installments				60
Disposed of by Sale \| Portion of Eagle Ford Assets \| Fourth Year
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration paid in installments				$ 45
Disposed of by Sale \| Portion of Remaining Eagle Ford Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration									$ 1,400
Purchase price			$ 225
Deferred consideration paid in installments			56
Gain (loss) on sale of oil and natural gas properties			$ 470
Payment period			4 years
Disposed of by Sale \| Portion of Remaining Eagle Ford Assets \| Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets						53	55
Disposed of by Sale \| Portion of Remaining Eagle Ford Assets \| Other Noncurrent Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets						95	144
Disposed of by Sale \| Portion Eagle Ford Assets to SilverBow Resources, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration								$ 700
Purchase price		$ 50			$ 50
Gain (loss) on sale of oil and natural gas properties		140
Disposed of by Sale \| Portion Eagle Ford Assets to SilverBow Resources, Inc \| WTI NYMEX Price Average $75 to $80 per Barrel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		25			25
Disposed of by Sale \| Portion Eagle Ford Assets to SilverBow Resources, Inc \| WTI NYMEX Price Average Above $80 per Barrel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 50			$ 50
Disposed of by Sale \| Portion Eagle Ford Assets to SilverBow Resources, Inc \| Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred consideration reflected with assets						$ 48	$ 46
Southwestern
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share conversion ratio	0.0867

Share-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


10.			Share-Based Compensation

As of the Effective Date, the Board of Directors adopted the LTIP with a share reserve equal to 6,800,000 shares of common stock. The LTIP provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors.

Restricted Stock Units. During the Current Period, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2023	940	$	73.08
Granted	429	$	83.65
Vested(a)	(469)	$	66.25
Forfeited	(10)	$	72.61
Unvested as of June 30, 2024	890	$	81.78

_______________

(a) Approximately 71 thousand RSUs were accelerated related to one-time termination benefits for certain employees.

The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $39 million based on the stock price at the time of vesting.

As of June 30, 2024, there was approximately $56 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.31 years.

Performance Share Units. During the Current Period, we granted PSUs to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria.

The following table presents the assumptions used in the valuation of the PSUs granted in 2024.


Assumption	TSR, rTSR
Risk-free interest rate	4.55	%
Volatility	39.36	%

A summary of the changes in unvested PSUs is presented below:


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2023	394	$	85.78
Granted	134	$	95.33
Vested	(126)	$	68.72
Forfeited	—	$	—
Unvested as of June 30, 2024	402	$	94.34

The aggregate intrinsic value of PSUs that vested during the Current Period was approximately $17 million based on the stock price at the time of vesting.

As of June 30, 2024, there was approximately $20 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 2.14 years.

RSU and PSU Compensation.

We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative expenses	$	9	$	8	$	17	$	14
Natural gas and oil properties	2		2		4		3
Production expense	1		1		2		2
Separation and other termination costs	9		—		9		—
Total RSU and PSU compensation	$	21	$	11	$	32	$	19
Related income tax benefit	$	7	$	3	9		4

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Our long-term debt consisted of the following as of June 30, 2024 and December 31, 2023:


	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	—	$	—	$	—	$	—
5.50% senior notes due 2026	500		495		500		496
5.875% senior notes due 2029	500		494		500		489
6.75% senior notes due 2029	950		952		950		958
Premiums on senior notes	76		—		83		—
Debt issuance costs	(5)		—		(5)		—
Total long-term debt, net	$	2,021	$	1,941	$	2,028	$	1,943

____________________________________________

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 29, 2024
Dividends Payable [Line Items]
Stock repurchased during period (in shares)			0
Repurchase and retirement of common stock	$ 125	$ 60
Common Stock
Dividends Payable [Line Items]
Repurchase and retirement of common stock (in shares)	1,444,402	792,543		2,200,000
Repurchase and retirement of common stock				$ 175
Subsequent Event
Dividends Payable [Line Items]
Dividends payable (in dollars per share)					$ 0.575

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Contingencies and Commitments (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation

The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below:


	June 30, 2024
Remainder of 2024	$	142
2025	278
2026	245
2027	214
2028	198
2029-2036	946
Total	$	2,023

Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Revenues and royalties due to others	$ 265	$ 360
Accrued drilling and production costs	140	211
Accrued hedging costs	0	2
Accrued compensation and benefits	45	64
Taxes payable	54	84
Operating leases	48	84
Joint interest prepayments received	4	8
Other	55	34
Total other current liabilities	$ 611	$ 847

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue


7.			Revenue

The following tables show revenue disaggregated by operating area and product type:


	Three Months Ended June 30, 2024
	Natural Gas		Oil		NGL		Total
Marcellus	$	192	$	—	$	—	$	192
Haynesville	186		—		—		186

Natural gas, oil and NGL revenue	$	378	$	—	$	—	$	378

Marketing revenue	$	136	$	—	$	—	$	136


	Three Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	250	$	—	$	—	$	250
Haynesville	256		—		—		256
Eagle Ford	18		104		21		143
Natural gas, oil and NGL revenue	$	524	$	104	$	21	$	649

Marketing revenue	$	188	$	382	$	41	$	611


	Six Months Ended June 30, 2024
	Natural Gas		Oil		NGL		Total
Marcellus	$	509	$	—	$	—	$	509
Haynesville	458		—		—		458
Natural gas, oil and NGL revenue	$	967	$	—	$	—	$	967

Marketing revenue	$	333	$	82	$	33	$	448


	Six Months Ended June 30, 2023
	Natural Gas		Oil		NGL		Total
Marcellus	$	867	$	—	$	—	$	867
Haynesville	658		—		—		658
Eagle Ford	41		477		59		577
Natural gas, oil and NGL revenue	$	1,566	$	477	$	59	$	2,102

Marketing revenue	$	516	$	669	$	78	$	1,263

Accounts Receivable

Our accounts receivable are primarily from purchasers of natural gas, oil and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties, and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible.

Accounts receivable as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Natural gas, oil and NGL sales	$	226	$	406
Joint interest	122		180
Other	6		8
Allowance for doubtful accounts	(4)		(1)
Total accounts receivable, net	$	350	$	593

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Narrative (Details) - USD ($)	6 Months Ended
Debt - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2022
Line of Credit
Debt Instrument [Line Items]
Unused borrowing capacity	$ 2,500,000,000
Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Aggregate commitments	2,500,000,000	$ 2,000,000,000
Maximum borrowing capacity	$ 3,500,000,000
Future net revenues discount percentage	9.00%
Credit spread adjustment	0.10%
Line of Credit \| Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage	0.50%
Line of Credit \| Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable rate percentage	1.00%
Line of Credit \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000	$ 200,000,000
Line of Credit \| Credit Facility \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Line of Credit \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, collateral percentage	85.00%
Current ratio	1.00
Asset coverage ratio	1.50
Variable rate percentage	1.75%
Unused capacity, commitment fee percentage	0.375%
Line of Credit \| Credit Facility \| Minimum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	0.75%
Line of Credit \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Leverage ratio	3.50
Variable rate percentage	2.75%
Unused capacity, commitment fee percentage	0.50%
Line of Credit \| Credit Facility \| Maximum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage	1.75%
Secured Debt
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 0

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,941	$ 1,943
Premiums on senior notes	76	83
Debt issuance costs	(5)	(5)
Total long-term debt, net	2,021	2,028
Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Chesapeake revolving credit facility	0	0
Long-term debt, fair value	$ 0	0
Senior Notes \| $5.50% senior notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 495	496
Senior Notes \| $5.875% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%
Outstanding borrowings	$ 500	500
Long-term debt, fair value	$ 494	489
Senior Notes \| $6.75% senior notes due 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	6.75%
Outstanding borrowings	$ 950	950
Long-term debt, fair value	$ 952	$ 958

Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Unvested Restricted Stock Units
Unvested units, beginning balance (in shares)	940
Granted (in shares)	429
Vested (in shares)	(469)
Forfeited (in shares)	(10)
Unvested units, ending balance (in shares)	890
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 73.08
Granted (in dollars per share) \| $ / shares	83.65
Vested (in dollars per share) \| $ / shares	66.25
Forfeited (in dollars per share) \| $ / shares	72.61
Unvested, ending balance (in dollars per share) \| $ / shares	$ 81.78
Number of accelerated vesting units (in shares)	71

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	131,252,107	130,789,936

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		134,715,094
Beginning balance at Dec. 31, 2022	$ 9,124	$ 1	$ 5,724	$ 3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		92,048
Share-based compensation	5		5
Issuance of common stock for warrant exercise (in shares)		4,654
Issuance of common stock for warrant exercise	0
Repurchase and retirement of common stock (in shares)		(792,543)
Repurchase and retirement of common stock	(60)			(60)
Net income (loss)	1,389			1,389
Dividends on common stock	(175)			(175)
Ending balance (in shares) at Mar. 31, 2023		134,019,253
Ending balance at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Beginning balance (in shares) at Dec. 31, 2022		134,715,094
Beginning balance at Dec. 31, 2022	9,124	$ 1	5,724	3,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock (in shares)		(2,200,000)
Repurchase and retirement of common stock		$ (175)
Net income (loss)	1,780
Ending balance (in shares) at Jun. 30, 2023		132,684,741
Ending balance at Jun. 30, 2023	10,396	$ 1	5,726	4,669
Beginning balance (in shares) at Mar. 31, 2023		134,019,253
Beginning balance at Mar. 31, 2023	10,283	$ 1	5,729	4,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		109,012
Share-based compensation	7		7
Issuance of common stock for warrant exercise (in shares)		878
Issuance of common stock for warrant exercise	0
Repurchase and retirement of common stock (in shares)		(1,444,402)
Repurchase and retirement of common stock	(125)		(10)	(115)
Net income (loss)	391			391
Dividends on common stock	(160)			(160)
Ending balance (in shares) at Jun. 30, 2023		132,684,741
Ending balance at Jun. 30, 2023	10,396	$ 1	5,726	4,669
Beginning balance (in shares) at Dec. 31, 2023		130,789,936
Beginning balance at Dec. 31, 2023	10,729	$ 1	5,754	4,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		168,538
Share-based compensation	4		4
Issuance of common stock for warrant exercise (in shares)		201
Issuance of common stock for warrant exercise	0
Net income (loss)	26			26
Dividends on common stock	(77)			(77)
Ending balance (in shares) at Mar. 31, 2024		130,958,675
Ending balance at Mar. 31, 2024	10,682	$ 1	5,758	4,923
Beginning balance (in shares) at Dec. 31, 2023		130,789,936
Beginning balance at Dec. 31, 2023	10,729	$ 1	5,754	4,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(201)
Ending balance (in shares) at Jun. 30, 2024		131,252,107
Ending balance at Jun. 30, 2024	10,370	$ 1	5,768	4,601
Beginning balance (in shares) at Mar. 31, 2024		130,958,675
Beginning balance at Mar. 31, 2024	10,682	$ 1	5,758	4,923
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		264,072
Share-based compensation	9		9
Issuance of common stock for warrant exercise (in shares)		29,360
Issuance of common stock for warrant exercise	1		1
Net income (loss)	(227)			(227)
Dividends on common stock	(95)			(95)
Ending balance (in shares) at Jun. 30, 2024		131,252,107
Ending balance at Jun. 30, 2024	$ 10,370	$ 1	$ 5,768	$ 4,601

Contingencies and Commitments

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments


5.			Contingencies and Commitments

Contingencies

Business Operations and Litigation and Regulatory Proceedings

We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions.

Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates, and our final liabilities may ultimately be materially different.

The majority of the Company’s pre-petition legal proceedings were settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court, together with actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. Any allowed claim related to such litigation will be treated in accordance with the Plan. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. Many of these proceedings were in early stages, and many of them sought damages and penalties, the amount of which is indeterminate.

Environmental Contingencies

The nature of the natural gas and oil business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property.

Other Matters

In connection with the Southwestern Merger, two lawsuits have been filed by purported stockholders of the Company or Southwestern against the Company and/or the members of the Company’s board of directors: Gerald Joseph Lovoi v. Chesapeake Energy Corp., et al., No. 1:24-cv-01896 (S.D.N.Y. Mar. 13, 2024); Jeffrey Schantz v. Gass et al., No. 155009/2024 (N.Y. Sup. Ct. May 30, 2024). Included in one or both of the complaints were allegations that the defendants violated Sections 14(a) and 20(a) of the Exchange Act and were negligent in misrepresenting or omitting material facts under Florida common law, because the registration statement filed in connection with the Southwestern Merger allegedly omitted or misstated material information. On June 10, 2024, the complaint in the Supreme Court of the State of New York was dismissed. On June 24, 2024, the complaint in the United States District Court for the Southern District of New York was dismissed.

Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to our business operations is likely to have a material adverse effect on our future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

Commitments

Gathering, Processing and Transportation Agreements

We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of natural gas, oil and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets.


	June 30, 2024
Remainder of 2024	$	142
2025	278
2026	245
2027	214
2028	198
2029-2036	946
Total	$	2,023

In addition, we have long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement.

Other Commitments

As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance.

In connection with acquisitions and divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party and/or other specified matters. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of entering into or consummating a particular transaction. For divestitures of natural gas and oil properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects.

While executing our strategic priorities, we have incurred certain cash charges, including contract termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity.

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities as of June 30, 2024 and December 31, 2023 are detailed below:


	June 30, 2024		December 31, 2023
Revenues and royalties due to others	$	265	$	360
Accrued drilling and production costs	140		211
Accrued hedging costs	—		2
Accrued compensation and benefits	45		64
Taxes payable	54		84
Operating leases	48		84
Joint interest prepayments received	4		8

Other	55		34
Total other current liabilities	$	611	$	847

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss), basic	$ (227)	$ 391	$ (201)	$ 1,780
Net income (loss), diluted	$ (227)	$ 391	$ (201)	$ 1,780
Weighted average common shares outstanding, basic (in shares)	131,168	133,514	131,030	134,125
Effect of potentially dilutive securities
Warrants (in shares)	0	9,497	0	9,529
Restricted stock units (in shares)	0	208	0	306
Performance share units (in shares)	0	48	0	47
Weighted average common shares outstanding, diluted (in shares)	131,168	143,267	131,030	144,007
Basic (in dollars per share)	$ (1.73)	$ 2.93	$ (1.53)	$ 13.27
Diluted (in dollars per share)	$ (1.73)	$ 2.73	$ (1.53)	$ 12.36

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	22.40%	23.00%
Current tax expense	$ 0	$ 132,000,000
Tax payments	12,000,000
Tax refunds	$ 14,000,000

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity


9.			Equity

Dividends

The table below presents the dividends paid during the Current Period and Prior Period:


	Base		Variable		Rate Per Share		Total
2024:
First Quarter	$	0.575	$	—	$	0.575	$	77
Second Quarter	$	0.575	$	0.14	$	0.715	$	95

2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160

On July 29, 2024, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on September 5, 2024 to stockholders of record at the close of business on August 15, 2024.

Share Repurchases

We did not repurchase any shares during the Current Period, and during the Prior Period, we repurchased 2.2 million shares of common stock for an aggregate price of $175 million. The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings and were made pursuant to the share repurchase program that expired on December 31, 2023. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against the issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the Prior Period.

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2023	4,247,615	4,403,064	4,023,483
Converted into common stock(b)	—	—	(168)

Outstanding as of March 31, 2024	4,247,615	4,403,064	4,023,315
Converted into common stock(b)	—	(13,122)	(13,325)

Outstanding as of June 30, 2024	4,247,615	4,389,942	4,009,990

_________________________________________

(a)As of June 30, 2024, we had 1,466,502 of reserved Class C Warrants.

(b)During the Current Period, we issued 29,561 shares of common stock as a result of Warrant exercises.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Chesapeake were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Segments	Segments Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, for the purpose of allocating an enterprise’s resources and assessing its operating performance. We have concluded that we have only one reportable operating segment due to the similar nature of the exploration and production business across Chesapeake and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.
Restricted Cash	Restricted Cash As of June 30, 2024, we had restricted cash of $76 million. Our restricted cash represents funds legally restricted for payment of certain convenience class unsecured claims following our emergence from bankruptcy, as well as for future payment of certain royalties.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures. Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU is effective beginning with our 2024 annual reporting and interim periods beginning in 2025, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures and do not expect it to have a material impact on our consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Derivative and Hedging Activities - Narrative (Details)	1 Months Ended	6 Months Ended
Derivative and Hedging Activities - Narrative (Details)	Nov. 30, 2023 USD ($) $ / bbl	Jun. 30, 2024 USD ($) counterparty	Aug. 31, 2023 USD ($)
Derivative [Line Items]
Unrealized gains		$ 21,000,000
Energy Related Derivative
Derivative [Line Items]
Number of counterparties (in counterparties) \| counterparty		17
Commodity Contract
Derivative [Line Items]
Collateral held		$ 0
Collateral posted		$ 0
WTI NYMEX Price Average $75 to $80 per Barrel \| Minimum
Derivative [Line Items]
Average sales price (in usd per unit) \| $ / bbl	75
WTI NYMEX Price Average $75 to $80 per Barrel \| Maximum
Derivative [Line Items]
Average sales price (in usd per unit) \| $ / bbl	80
WTI NYMEX Price Average Above $80 per Barrel
Derivative [Line Items]
Average sales price (in usd per unit) \| $ / bbl	80
Portion Eagle Ford Assets to SilverBow Resources, Inc \| Disposed of by Sale
Derivative [Line Items]
Consideration received			$ 700,000,000
Portion Eagle Ford Assets to SilverBow Resources, Inc \| WTI NYMEX Price Average $75 to $80 per Barrel \| Disposed of by Sale
Derivative [Line Items]
Consideration received	$ 25,000,000
Portion Eagle Ford Assets to SilverBow Resources, Inc \| WTI NYMEX Price Average Above $80 per Barrel \| Disposed of by Sale
Derivative [Line Items]
Consideration received	$ 50,000,000

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Restricted cash \| $	$ 76	$ 74

Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Dividends payable, base (in dollars per share)	$ 0.575	$ 0.575	$ 0.55	$ 0.55
Dividends payable, variable (in dollars per share)	0.14	0	0.63	0.74
Rate Per Share (in dollars per share)	$ 0.715	$ 0.575	$ 1.18	$ 1.29
Dividends	$ 95	$ 77	$ 160	$ 175

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in Unvested Restricted Stock

A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2023	940	$	73.08
Granted	429	$	83.65
Vested(a)	(469)	$	66.25
Forfeited	(10)	$	72.61
Unvested as of June 30, 2024	890	$	81.78

_______________

(a) Approximately 71 thousand RSUs were accelerated related to one-time termination benefits for certain employees.

Schedule of Valuation Assumptions

The following table presents the assumptions used in the valuation of the PSUs granted in 2024.


Assumption	TSR, rTSR
Risk-free interest rate	4.55	%
Volatility	39.36	%

Schedule of Changes in Unvested Performance Share

A summary of the changes in unvested PSUs is presented below:


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2023	394	$	85.78
Granted	134	$	95.33
Vested	(126)	$	68.72
Forfeited	—	$	—
Unvested as of June 30, 2024	402	$	94.34

Schedule of Compensation Costs

We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative expenses	$	9	$	8	$	17	$	14
Natural gas and oil properties	2		2		4		3
Production expense	1		1		2		2
Separation and other termination costs	9		—		9		—
Total RSU and PSU compensation	$	21	$	11	$	32	$	19
Related income tax benefit	$	7	$	3	9		4

Natural Gas and Oil Property Transactions

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Natural Gas and Oil Property Transactions


2.			Natural Gas and Oil Property Transactions

Southwestern Merger Agreement

On January 10, 2024, Chesapeake and Southwestern entered into an all-stock agreement and plan of merger (the “Merger Agreement”). Southwestern is an independent energy company engaged in development, exploration and production activities, including related marketing activities, within its operating areas in the Appalachia and Haynesville shale plays. Pursuant to the terms of the Merger Agreement, at the effective time of the Southwestern Merger, each eligible share of Southwestern common stock issued and outstanding immediately prior to the effective time will be automatically converted into the right to receive 0.0867 of a share of Chesapeake’s common stock. Our Board of Directors and the Board of Directors of Southwestern both approved the Merger Agreement. At separate special meetings each held on June 18, 2024, Chesapeake’s stockholders approved the issuance of Chesapeake’s common stock to the stockholders of Southwestern in connection with the Merger, and Southwestern’s stockholders approved the Merger Agreement. Subject to obtaining certain regulatory approvals and the satisfaction or waiver of other customary closing conditions, the Southwestern Merger is targeted to close in the second half of 2024.

Eagle Ford Divestitures

In January 2023, we entered into an agreement to sell a portion of our Eagle Ford assets to WildFire Energy I LLC for approximately $1.425 billion, subject to customary post-closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of $60 million per year for the first three years following the transaction close date and $45 million to be paid in the fourth year following the transaction close date. During the Current Period, we received the first installment payment related to this transaction. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $57 million and $58 million of the deferred consideration is reflected within other current assets and approximately $85 million and $135 million is reflected within other long-term assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The divestiture, which closed on March 20, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $337 million, inclusive of post-closing adjustments, based on the difference between the carrying value of the assets and consideration received.

In February 2023, we entered into an agreement to sell a portion of our remaining Eagle Ford assets to INEOS Upstream Holdings Limited (“INEOS Energy”) for approximately $1.4 billion, subject to customary post-closing adjustments. Approximately $225 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments of approximately $56 million per year for four years following the transaction close date. During the Current Quarter, we received the first installment payment related to this transaction. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $53 million and $55 million of the deferred consideration is reflected within other current assets and approximately $95 million and $144 million is reflected within other long-term assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The divestiture, which closed on April 28, 2023 (with an effective date of October 1, 2022), resulted in a gain of approximately $470 million, based on the difference between the carrying value of the assets and consideration received.

In August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets to SilverBow Resources, Inc. (“SilverBow”) for approximately $700 million, subject to customary post-closing adjustments. Approximately $50 million of the purchase price was recorded as deferred consideration and treated as a non-interest-bearing note to be paid one year from the closing date. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $48 million and $46 million of the deferred consideration is reflected within other current assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. Additionally, SilverBow agreed to pay Chesapeake an additional contingent payment of $25 million should WTI NYMEX prices average between $75 and $80 per barrel or $50 million should WTI NYMEX prices average above $80 per barrel during the year following the close of the transaction. The fair value of the contingent consideration as of June 30, 2024 of $33 million is reflected within

derivative assets within our condensed consolidated balance sheets. See Note 11 for additional information. The divestiture, which closed on November 30, 2023 (with an effective date of February 1, 2023), resulted in a gain of approximately $140 million, based on the difference between the carrying value of the assets and consideration received.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)			1,466,502
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	777,369	789,458	777,369	789,458
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	10,803,037		10,570,473
Warrants \| Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	1,466,502	1,489,337	1,466,502	1,489,337
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	220,935		306,195
Performance Share Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	120,171		146,570

Derivative and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


11.			Derivative and Hedging Activities

We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. These commodity contract derivative financial instruments include financial price swaps, collars and basis protection swaps. All of our commodity contract derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment.

Contingent Consideration Arrangement

In November 2023, we sold the final portion of our Eagle Ford assets to SilverBow. As part of the divestiture agreement, SilverBow agreed to pay Chesapeake an additional contingent payment of $25 million should WTI NYMEX prices average between $75 and $80 per barrel or $50 million should WTI NYMEX prices average above $80 per barrel during the year following the close of the transaction. All changes in fair value are recognized as a gain or loss in earnings in the period they occur within natural gas and oil derivatives in our condensed consolidated statements of operations. During the Current Period, we recorded $21 million of unrealized gains related to the contingent consideration arrangement.

The estimated fair values of our natural gas and oil derivative instrument assets (liabilities) as of June 30, 2024 and December 31, 2023 are provided below:


	June 30, 2024			December 31, 2023
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	259	$	60	343	$	188
Collars	518	256		558	497
Basis protection swaps	425	21		578	2
Total natural gas	1,202	337		1,479	687
Contingent Consideration:
Eagle Ford divestiture		33			12
Total estimated fair value		$	370		$	699


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of June 30, 2024
Commodity Contracts:
Short-term derivative asset	$	360	$	(32)	$	328
Long-term derivative asset	33		(14)		19
Short-term derivative liability	(39)		32		(7)
Long-term derivative liability	(17)		14		(3)
Contingent Consideration:
Short-term derivative asset	33		—		33
Total derivatives	$	370	$	—	$	370

As of December 31, 2023
Commodity Contracts:
Short-term derivative asset	$	661	$	(36)	$	625
Long-term derivative asset	101		(27)		74
Short-term derivative liability	(39)		36		(3)
Long-term derivative liability	(36)		27		(9)
Contingent Consideration:
Short-term derivative asset	12		—		12
Total derivatives	$	699	$	—	$	699

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Fair Value

The fair value of our commodity derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives. The valuation of the contingent consideration is based on an option pricing model using significant Level 2 inputs that include quoted future commodity prices based on active markets.

Credit Risk Considerations

Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we only enter into commodity contracts derivatives with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of June 30, 2024, our commodity contract derivative instruments were spread among 17 counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that were also Lenders (or affiliates of Lenders) under our Credit Facility. The contracts entered into with these counterparties are secured by the same collateral that secures the Credit Facility. The counterparties’ obligations must be secured by cash or letters of credit to the extent that any mark-to-market amounts owed to us exceed defined thresholds. As of June 30, 2024, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR	6 Months Ended
	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.55%
Volatility	39.36%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (4)	$ (1)
Total accounts receivable, net	350	593
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	226	406
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	122	180
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 6	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Dividends

The table below presents the dividends paid during the Current Period and Prior Period:


	Base		Variable		Rate Per Share		Total
2024:
First Quarter	$	0.575	$	—	$	0.575	$	77
Second Quarter	$	0.575	$	0.14	$	0.715	$	95

2023:
First Quarter	$	0.55	$	0.74	$	1.29	$	175
Second Quarter	$	0.55	$	0.63	$	1.18	$	160

Schedule of Warrants

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2023	4,247,615	4,403,064	4,023,483
Converted into common stock(b)	—	—	(168)

Outstanding as of March 31, 2024	4,247,615	4,403,064	4,023,315
Converted into common stock(b)	—	(13,122)	(13,325)

Outstanding as of June 30, 2024	4,247,615	4,389,942	4,009,990

_________________________________________

(a)As of June 30, 2024, we had 1,466,502 of reserved Class C Warrants.

(b)During the Current Period, we issued 29,561 shares of common stock as a result of Warrant exercises.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other:
Natural gas and oil derivatives	$ (11)	$ 159	$ 161	$ 1,089
Gains on sales of assets	2	472	10	807
Total revenues and other	505	1,891	1,586	5,261
Operating expenses:
Production	49	89	108	220
Gathering, processing and transportation	154	207	327	471
Severance and ad valorem taxes	18	40	47	109
Exploration	3	8	5	15
General and administrative	47	31	94	66
Separation and other termination costs	23	3	23	3
Depreciation, depletion and amortization	348	376	747	766
Other operating expense, net	16	9	33	12
Total operating expenses	799	1,374	1,848	2,924
Income (loss) from operations	(294)	517	(262)	2,337
Other income (expense):
Interest expense	(20)	(22)	(39)	(59)
Losses on purchases, exchanges or extinguishments of debt	(2)	0	(2)	0
Other income	21	23	41	33
Total other income (expense)	(1)	1	0	(26)
Income (loss) before income taxes	(295)	518	(262)	2,311
Income tax expense (benefit)	(68)	127	(61)	531
Net income (loss), basic	(227)	391	(201)	1,780
Net income (loss), diluted	$ (227)	$ 391	$ (201)	$ 1,780
Earnings (loss) per common share:
Basic (in dollars per share)	$ (1.73)	$ 2.93	$ (1.53)	$ 13.27
Diluted (in dollars per share)	$ (1.73)	$ 2.73	$ (1.53)	$ 12.36
Weighted average common shares outstanding (in thousands):
Basic (in shares)	131,168	133,514	131,030	134,125
Diluted (in shares)	131,168	143,267	131,030	144,007
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 378	$ 649	$ 967	$ 2,102
Marketing
Revenues and other:
Revenue	136	611	448	1,263
Operating expenses:
Marketing	$ 141	$ 611	$ 464	$ 1,262

Equity - Schedule of Warrants (Details) - shares	3 Months Ended		6 Months Ended
Equity - Schedule of Warrants (Details) - shares	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Warrants
Warrants and Rights Outstanding [Roll Forward]
Conversion of stock, shares issued (in shares)			29,561
Class A Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,247,615	4,247,615	4,247,615
Converted into common stock (in shares)	0	0
Outstanding, ending balance (in shares)	4,247,615	4,247,615	4,247,615
Class B Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,403,064	4,403,064	4,403,064
Converted into common stock (in shares)	(13,122)	0
Outstanding, ending balance (in shares)	4,389,942	4,403,064	4,389,942
Class C Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,023,315	4,023,483	4,023,483
Converted into common stock (in shares)	(13,325)	(168)
Outstanding, ending balance (in shares)	4,009,990	4,023,315	4,009,990
Warrants reserved for future issuance (in shares)			1,466,502

Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 361	$ 637
Long-term derivative assets	19	74
Short-term derivative liabilities	(7)	(3)
Long-term derivative liabilities	(3)	(9)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Short-term derivative asset	33	12
Not Designated as Hedging Instrument \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	33	12
Derivative asset, fair value, gross liability, netted	0	0
Not Designated as Hedging Instrument \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	370	699
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative asset	328	625
Long-term derivative assets	19	74
Short-term derivative liabilities	(7)	(3)
Long-term derivative liabilities	(3)	(9)
Total derivatives	370	699
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	360	661
Derivative asset, fair value, gross liability, netted	(32)	(36)
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	33	101
Derivative asset, fair value, gross liability, netted	(14)	(27)
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(39)	(39)
Derivative liability, fair value, gross asset, netted	32	36
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(17)	(36)
Derivative liability, fair value, gross asset, netted	$ 14	$ 27

Share-Based Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 21	$ 11	$ 32	$ 19
Related income tax benefit	7	3	9	4
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	9	8	17	14
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	2	2	4	3
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	1	1	2	2
Separation and other termination costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 9	$ 0	$ 9	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details