EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,													Nine Months Ended September 30,
	2012			2013		2014		2015			2016			2017
EARNINGS (LOSS):
Income (loss) before income taxes and cumulative effect of accounting change	$	(974	)	$	1,442	$	3,200	$	(19,098	)	$	(4,589	)	$	621
Interest expense(a)	142			207		172		322			275			298
Loss on investment in equity investees in excess of distributed earnings	108			219		75		96			8			—
Amortization of capitalized interest	402			440		438		483			729			351
Loan cost amortization	43			37		32		31			24			18
Earnings (Loss)	$	(279	)	$	2,345	$	3,917	$	(18,166	)	$	(3,553	)	$	1,288
FIXED CHARGES:
Interest expense	$	142		$	207	$	172	$	322		$	275		$	298
Capitalized interest	976			815		604		410			242			147
Loan cost amortization	43			37		32		31			24			18
Fixed Charges	$	1,161		$	1,059	$	808	$	763		$	541		$	463
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	171		$	171	$	171	$	171		$	97		$	62
Ratio of income (loss) before provision for taxes to net income (loss)(b)	1.64			1.61		1.56		1.30			1.04			1.00
Preferred Dividends	$	280		$	275	$	266	$	222		$	101		$	62
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	1,441		$	1,334	$	1,074	$	985		$	642		$	525
RATIO OF EARNINGS TO FIXED CHARGES	(0.2		)	2.2		4.8		(23.8		)	(6.6		)	2.8
INSUFFICIENT COVERAGE	$	1,440		$	—	$	—	$	18,929		$	4,094		$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	(0.2		)	1.8		3.6		(18.4		)	(5.5		)	2.5
INSUFFICIENT COVERAGE	$	1,720		$	—	$	—	$	19,151		$	4,195		$	—

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(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.