EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,
	2007		2008		2009			2010			2011			2012
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	2,347	$	991	$	(9,288	)	$	2,884		$	2,880		$	(974	)
Interest expense(a)	375		225		237			122			94			142
(Gain)/loss on investment in equity investees in excess of distributed earnings	21		40		39			(232		)	(154		)	108
Amortization of capitalized interest	40		74		150			212			297			402
Loan cost amortization	16		19		26			25			28			43
Earnings	$	2,799	$	1,349	$	(8,836	)	$	3,011		$	3,145		$	(279	)
FIXED CHARGES:
Interest Expense	$	375	$	225	$	237		$	122		$	94		$	142
Capitalized interest	311		586		627			711			727			976
Loan cost amortization	16		19		26			25			28			43
Fixed Charges	$	702	$	830	$	890		$	858		$	849		$	1,161
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	94	$	33	$	23		$	111		$	172		$	171
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.62		1.64		1.59			1.63			1.65			1.64
Preferred Dividends	$	152	$	54	$	37		$	181		$	284		$	280
COMBINED FIXED CHARGES AND  REFERRED DIVIDENDS	$	854	$	884	$	927		$	1,039		$	1,131		$	1,441
RATIO OF EARNINGS TO FIXED CHARGES	4.0		1.6		(9.9		)	3.5			3.7			(0.2		)
INSUFFICIENT COVERAGE	$	—	$	—	$	9,726		$	—		$	—		$	1,440
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	3.3		1.5		(9.5		)	2.9			2.8			(0.2		)
INSUFFICIENT COVERAGE	$	—	$	—	$	9,763		$	—		$	—		$	1,720

(a) Excludes the effect of unrealized gains or losses on interest rate derivatives and includes amortization of bond discount.

(b) Amounts of income (loss) before provision for taxes and of net income (loss) exclude the cumulative effect of accounting change.