EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,
	2008		2009			2010			2011			2012			2013
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	991	$	(9,288	)	$	2,884		$	2,880		$	(974	)	$	1,442
Interest expense(a)	225		237			122			94			142			207
(Gain)/loss on investment in equity investees in excess of distributed earnings	40		39			(232		)	(154		)	108			219
Amortization of capitalized interest	74		150			212			297			402			440
Loan cost amortization	19		26			25			28			43			37
Earnings	$	1,349	$	(8,836	)	$	3,011		$	3,145		$	(279	)	$	2,345
FIXED CHARGES:
Interest Expense	$	225	$	237		$	122		$	94		$	142		$	207
Capitalized interest	586		627			711			727			976			815
Loan cost amortization	19		26			25			28			43			37
Fixed Charges	$	830	$	890		$	858		$	849		$	1,161		$	1,059
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	33	$	23		$	111		$	172		$	171		$	171
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.64		1.59			1.63			1.65			1.64			1.61
Preferred Dividends	$	54	$	37		$	181		$	284		$	280		$	275
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	884	$	927		$	1,039		$	1,131		$	1,441		$	1,334
RATIO OF EARNINGS TO FIXED CHARGES	1.6		(9.9		)	3.5			3.7			(0.2		)	2.2
INSUFFICIENT COVERAGE	$	—	$	9,726		$	—		$	—		$	1,440		$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	1.5		(9.5		)	2.9			2.8			(0.2		)	1.8
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.