

	Three Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions except per share data)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	1,170		$	—		$	1,170
Marketing	889			—			889
Total Revenues	2,059			—			2,059
Other	—			15			15
Gains on sales of assets	—			13			13
Total Revenues and Other	2,059			28			2,087
OPERATING EXPENSES:
Oil, natural gas and NGL production	155			—			155
Oil, natural gas and NGL gathering, processing and transportation	270			—			270
Production taxes	35			—			35
Exploration	—			17			17
Marketing	901			—			901
General and administrative	52			14			66
Depreciation, depletion and amortization	421			152			573
Impairments	1			8			9
Other operating expense	15			—			15
Total Operating Expenses	1,850			191			2,041
INCOME FROM OPERATIONS	209			(163		)	46
OTHER INCOME (EXPENSE):
Interest expense	(134		)	(43		)	(177		)
Losses on investments	(4		)	—			(4		)
Gains on purchases or exchanges of debt	70			—			70
Other income	2			1			3
Total Other Expense	(66		)	(42		)	(108		)
INCOME (LOSS) BEFORE INCOME TAXES	143			(205		)	(62		)
Income tax benefit	(1		)	—			(1		)
NET INCOME (LOSS)	144			(205		)	(61		)
Net loss attributable to noncontrolling interests	—			—			—
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	144			(205		)	(61		)
Preferred stock dividends	(23		)	—			(23		)
Loss on exchange of preferred stock	(17		)	—			(17		)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	104		$	(205	)	$	(101	)
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.06		$	(0.12	)	$	(0.06	)
Diluted	$	0.06		$	(0.12	)	$	(0.06	)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic	1,698			—			1,698
Diluted	1,698			—			1,698



	Three Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions except per share data)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	1,199		$	—		$	1,199
Marketing	1,219			—			1,219
Total Revenues	2,418			—			2,418
Other	—			16			16
Losses on sales of assets	—			(10		)	(10		)
Total Revenues and Other	2,418			6			2,424
OPERATING EXPENSES:
Oil, natural gas and NGL production	132			—			132
Oil, natural gas and NGL gathering, processing and transportation	364			—			364
Production taxes	34			—			34
Exploration	—			22			22
Marketing	1,238			—			1,238
General and administrative	66			15			81
Provision for legal contingencies, net	8			—			8
Depreciation, depletion and amortization	291			114			405
Impairments	5			53			58
Total Operating Expenses	2,138			204			2,342
INCOME FROM OPERATIONS	280			(198		)	82
OTHER INCOME (EXPENSE):
Interest expense	(127		)	(38		)	(165		)
Losses on purchases or exchanges of debt	(68		)	—			(68		)
Other income	1			5			6
Total Other Expense	(194		)	(33		)	(227		)
INCOME (LOSS) BEFORE INCOME TAXES	86			(231		)	(145		)
Income tax expense	1			—			1
NET INCOME (LOSS)	85			(231		)	(146		)
Net income attributable to noncontrolling interests	(1		)	1			—
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	84			(230		)	(146		)
Preferred stock dividends	(23		)	—			(23		)
Earnings allocated to participating securities	(1		)	1			—
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	60		$	(229	)	$	(169	)
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.07		$	(0.26	)	$	(0.19	)
Diluted	$	0.07		$	(0.26	)	$	(0.19	)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic	910			—			910
Diluted	911			(1		)	910



	Nine Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions except per share data)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	3,553		$	—		$	3,553
Marketing	3,038			—			3,038
Total Revenues	6,591			—			6,591
Other	—			45			45
Gains on sales of assets	—			33			33
Total Revenues and Other	6,591			78			6,669
OPERATING EXPENSES:
Oil, natural gas and NGL production	453			—			453
Oil, natural gas and NGL gathering, processing and transportation	815			—			815
Production taxes	109			—			109
Exploration	—			56			56
Marketing	3,071			—			3,071
General and administrative	216			42			258
Provision for legal contingencies	3			—			3
Depreciation, depletion and amortization	1,197			475			1,672
Gain on sale of oil and natural gas properties	(10		)	10			—
Impairments	3			8			11
Other operating expense	79			—			79
Total Operating Expenses	5,936			591			6,527
INCOME FROM OPERATIONS	655			(513		)	142
OTHER INCOME (EXPENSE):
Interest expense	(400		)	(113		)	(513		)
Losses on investments	(28		)	—			(28		)
Gains on purchases or exchanges of debt	70			—			70
Other income	22			8			30
Total Other Expense	(336		)	(105		)	(441		)
INCOME (LOSS) BEFORE INCOME TAXES	319			(618		)	(299		)
Income tax benefit	(315		)	—			(315		)
NET INCOME	634			(618		)	16
Net income attributable to noncontrolling interests	(1		)	1			—
NET INCOME ATTRIBUTABLE TO CHESAPEAKE	633			(617		)	16
Preferred stock dividends	(69		)	—			(69		)
Loss on exchange of preferred stock	(17		)	—			(17		)
Earnings allocated to participating securities	(2		)	2			—
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	545		$	(615	)	$	(70	)
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.35		$	(0.39	)	$	(0.04	)
Diluted	$	0.35		$	(0.39	)	$	(0.04	)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic	1,570			—			1,570
Diluted	1,570			—			1,570



	Nine Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions except per share data)
REVENUES AND OTHER:
Oil, natural gas and NGL	$	3,424		$	—		$	3,424
Marketing	3,738			—			3,738
Total Revenues	7,162			—			7,162
Other	—			48			48
Gains on sales of assets	—			27			27
Total Revenues and Other	7,162			75			7,237
OPERATING EXPENSES:
Oil, natural gas and NGL production	417			—			417
Oil, natural gas and NGL gathering, processing and transportation	1,060			—			1,060
Production taxes	91			—			91
Exploration	—			123			123
Marketing	3,798			—			3,798
General and administrative	229			44			273
Restructuring and other termination costs	38			—			38
Provision for legal contingencies, net	17			—			17
Depreciation, depletion and amortization	867			468			1,335
Impairments	51			71			122
Other operating (income) expense	6			(7		)	(1		)
Total Operating Expenses	6,574			699			7,273
INCOME (LOSS) FROM OPERATIONS	588			(624		)	(36		)
OTHER INCOME (EXPENSE):
Interest expense	(367		)	(115		)	(482		)
Gains on investments	139			—			139
Losses on purchases or exchanges of debt	(68		)	—			(68		)
Other income	63			(1		)	62
Total Other Expense	(233		)	(116		)	(349		)
INCOME (LOSS) BEFORE INCOME TAXES	355			(740		)	(385		)
Income tax benefit	(8		)	—			(8		)
NET INCOME (LOSS)	363			(740		)	(377		)
Net income attributable to noncontrolling interests	(3		)	2			(1		)
NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	360			(738		)	(378		)
Preferred stock dividends	(69		)	—			(69		)
Earnings allocated to participating securities	(3		)	3			—
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	288		$	(735	)	$	(447	)
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	0.32		$	(0.81	)	$	(0.49	)
Diluted	$	0.32		$	(0.81	)	$	(0.49	)
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions):
Basic	909			—			909
Diluted	909			—			909



	Three Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Under Full Cost		Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
NET INCOME (LOSS)	$	144	$	(205	)	$	(61	)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	—		—			—
Reclassification of losses on settled derivative instruments	8		—			8
Other Comprehensive Income	8		—			8
COMPREHENSIVE INCOME (LOSS)	152		(205		)	(53		)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—			—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	152	$	(205	)	$	(53	)



	Three Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
NET INCOME (LOSS)	$	85		$	(231	)	$	(146	)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	—			—			—
Reclassification of losses on settled derivative instruments	8			—			8
Other Comprehensive Income	8			—			8
COMPREHENSIVE INCOME (LOSS)	93			(231		)	(138		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1		)	1			—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	92		$	(230	)	$	(138	)



	Nine Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
NET INCOME	$	634		$	(618	)	$	16
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	—			—			—
Reclassification of losses on settled derivative instruments	26			—			26
Other Comprehensive Income	26			—			26
COMPREHENSIVE INCOME	660			(618		)	42
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1		)	1			—
COMPREHENSIVE INCOME ATTRIBUTABLE TO CHESAPEAKE	$	659		$	(617	)	$	42



	Nine Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
NET INCOME (LOSS)	$	363		$	(740	)	$	(377	)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX:
Unrealized gains on derivative instruments	—			—			—
Reclassification of losses on settled derivative instruments	25			—			25
Other Comprehensive Income	25			—			25
COMPREHENSIVE INCOME (LOSS)	388			(740		)	(352		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3		)	2			(1		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE	$	385		$	(738	)	$	(353	)




	Nine Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$	634		$	(618	)	$	16
ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	1,197			475			1,672
Deferred income tax benefit	(314		)	—			(314		)
Derivative losses, net	(137		)	—			(137		)
Cash receipts on derivative settlements, net	129			—			129
Stock-based compensation	24			—			24
Gains on sales of assets	—			(33		)	(33		)
Impairments	3			8			11
Exploration	—			35			35
Losses on investments	21			—			21
Gains on purchases of debt	(70		)	—			(70		)
Other	33			9			42
Changes in assets and liabilities	(169		)	(45		)	(214		)
Net Cash Provided By Operating Activities	1,351			(169		)	1,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,694		)	54			(1,640		)
Business combination, net	(353		)	—			(353		)
Acquisitions of proved and unproved properties	(146		)	115			(31		)
Proceeds from divestitures of proved and unproved properties	110			—			110
Additions to other property and equipment	(27		)	—			(27		)
Proceeds from sales of other property and equipment	6			—			6
Net Cash Used In Investing Activities	(2,104		)	169			(1,935		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	8,805			—			8,805
Payments on revolving credit facility borrowings	(7,495		)	—			(7,495		)
Cash paid to purchase debt	(457		)	—			(457		)
Cash paid for preferred stock dividends	(69		)	—			(69		)
Distributions to noncontrolling interest owners	(2		)	—			(2		)
Other	(19		)	—			(19		)
Net Cash Provided By Financing Activities	763			—			763
Net increase in cash and cash equivalents	10			—			10
Cash and cash equivalents, beginning of period	4			—			4
Cash and cash equivalents, end of period	$	14		$	—		$	14




	Nine Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$	363		$	(740	)	$	(377	)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation, depletion and amortization	867			468			1,335
Deferred income tax benefit	(10		)	—			(10		)
Derivative losses, net	500			—			500
Cash payments on derivative settlements, net	(162		)	—			(162		)
Stock-based compensation	25			—			25
Gains on sales of assets	—			(27		)	(27		)
Impairments	51			71			122
Exploration	—			81			81
Gains on investments	(139		)	—			(139		)
Losses on purchases or exchanges of debt	68			—			68
Other	(83		)	(7		)	(90		)
Changes in assets and liabilities	116			(47		)	69
Net Cash Provided By Operating Activities	1,596			(201		)	1,395
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling and completion costs	(1,482		)	75			(1,407		)
Acquisitions of proved and unproved properties	(244		)	126			(118		)
Proceeds from divestitures of proved and unproved properties	395			—			395
Additions to other property and equipment	(11		)	—			(11		)
Proceeds from sales of other property and equipment	75			—			75
Proceeds from sales of investments	74			—			74
Net Cash Used In Investing Activities	(1,193		)	201			(992		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility borrowings	9,095			—			9,095
Payments on revolving credit facility borrowings	(9,231		)	—			(9,231		)
Proceeds from issuance of senior notes, net	1,237			—			1,237
Cash paid to purchase debt	(1,285		)	—			(1,285		)
Extinguishment of other financing	(122		)	—			(122		)
Cash paid for preferred stock dividends	(69		)	—			(69		)
Distributions to noncontrolling interest owners	(5		)	—			(5		)
Other	(24		)	—			(24		)
Net Cash Used In Financing Activities	(404		)	—			(404		)
Net decrease in cash and cash equivalents	(1		)	—			(1		)
Cash and cash equivalents, beginning of period	5			—			5
Cash and cash equivalents, end of period	$	4		$	—		$	4



	Three Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
PREFERRED STOCK:
Balance, beginning of period	$	1,671		$	—		$	1,671
Exchange of 40,000 shares of preferred stock for common stock	(40		)	—			(40		)
Balance, end of period	1,631			—			1,631
COMMON STOCK:
Balance, beginning of period	16			—			16
Exchange of senior notes and convertible senior notes	3			—			3
Exchange of preferred stock	—			—			—
Balance, end of period	19			—			19
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	16,380			—			16,380
Exchange of preferred stock for 10,367,950 shares of common stock	40			—			40
Exchange of senior notes for 235,563,519 shares of common stock	438			—			438
Exchange of convertible senior notes for 73,389,094 shares of common stock	134			—			134
Equity component of convertible notes repurchases	(2		)	—			(2		)
Stock-based compensation	8			—			8
Dividends on preferred stock	(23		)	—			(23		)
Balance, end of period	16,975			—			16,975
ACCUMULATED DEFICIT:
Balance, beginning of period	(15,171		)	1,336			(13,835		)
Net income (loss) attributable to Chesapeake	144			(205		)	(61		)
Balance, end of period	(15,027		)	1,131			(13,896		)
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Balance, beginning of period	(5		)	—			(5		)
Hedging activity	8			—			8
Balance, end of period	3			—			3
TREASURY STOCK – COMMON:
Balance, beginning of period	(36		)	—			(36		)
Purchase of 53,337 shares for company benefit plans	—			—			—
Release of 37,301 shares from company benefit plans	—			—			—
Balance, end of period	(36		)	—			(36		)
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY	3,565			1,131			4,696
NONCONTROLLING INTERESTS:
Balance, beginning of period	122			(83		)	39
Net loss attributable to noncontrolling interests	—			—			—
Distributions to noncontrolling interest owners	—			—			—
Balance, end of period	122			(83		)	39
TOTAL EQUITY	$	3,687		$	1,048		$	4,735



	Three Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
PREFERRED STOCK:
Balance, beginning and end of period	$	1,671		$	—		$	1,671
COMMON STOCK:
Balance, beginning of period	9			—			9
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	14,408			—			14,408
Stock-based compensation	9			—			9
Dividends on preferred stock	(23		)	—			(23		)
Balance, end of period	14,394			—			14,394
ACCUMULATED DEFICIT:
Balance, beginning of period	(16,257		)	1,887			(14,370		)
Net income (loss) attributable to Chesapeake	84			(230		)	(146		)
Balance, end of period	(16,173		)	1,657			(14,516		)
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Balance, beginning of period	(40		)	—			(40		)
Hedging activity	8			—			8
Balance, end of period	(32		)	—			(32		)
TREASURY STOCK – COMMON:
Balance, beginning of period	(31		)	—			(31		)
Purchase of 30,509 shares for company benefit plans	—			—			—
Release of 41,617 shares from company benefit plans	—			—			—
Balance, end of period	(31		)	—			(31		)
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT)	(162		)	1,657			1,495
NONCONTROLLING INTERESTS:
Balance, beginning of period	123			(81		)	42
Net income attributable to noncontrolling interests	1			(1		)	—
Distributions to noncontrolling interest owners	(2		)	—			(2		)
Balance, end of period	122			(82		)	40
TOTAL EQUITY (DEFICIT)	$	(40	)	$	1,575		$	1,535



	Nine Months Ended September 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
PREFERRED STOCK:
Balance, beginning of period	$	1,671		$	—		$	1,671
Exchange of 40,000 shares of preferred stock for common stock	(40		)	—			(40		)
Balance, end of period	1,631			—			1,631
COMMON STOCK:
Balance, beginning of period	9			—			9
Common shares issued for WildHorse Merger	7			—			7
Exchange of senior notes and convertible senior notes	3			—			3
Exchange of preferred stock	—			—			—
Balance, end of period	19			—			19
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	14,378			—			14,378
Common shares issued for WildHorse Merger	2,030			—			2,030
Exchange of preferred stock for 10,367,950 shares of common stock	40			—			40
Exchange of senior notes for 235,563,519 shares of common stock	438			—			438
Exchange of convertible senior notes for 73,389,094 shares of common stock	134			—			134
Equity component of convertible notes repurchases	(2		)	—			(2		)
Stock-based compensation	26			—			26
Dividends on preferred stock	(69		)	—			(69		)
Balance, end of period	16,975			—			16,975
ACCUMULATED DEFICIT:
Balance, beginning of period	(15,660		)	1,748			(13,912		)
Net income attributable to Chesapeake	633			(617		)	16
Balance, end of period	(15,027		)	1,131			(13,896		)
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Balance, beginning of period	(23		)	—			(23		)
Hedging activity	26			—			26
Balance, end of period	3			—			3
TREASURY STOCK – COMMON:
Balance, beginning of period	(31		)	—			(31		)
Purchase of 2,673,903 shares for company benefit plans	(7		)	—			(7		)
Release of 296,864 shares from company benefit plans	2			—			2
Balance, end of period	(36		)	—			(36		)
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY	3,565			1,131			4,696
NONCONTROLLING INTERESTS:
Balance, beginning of period	123			(82		)	41
Net income (loss) attributable to noncontrolling interests	1			(1		)	—
Distributions to noncontrolling interest owners	(2		)	—			(2		)
Balance, end of period	122			(83		)	39
TOTAL EQUITY	$	3,687		$	1,048		$	4,735



	Nine Months Ended September 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Under Full Cost			Successful Efforts Adjustment			Under Successful Efforts
	($ in millions)
PREFERRED STOCK:
Balance, beginning and end of period	$	1,671		$	—		$	1,671
COMMON STOCK:
Balance, beginning and end of period	9			—			9
ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of period	14,437			—			14,437
Stock-based compensation	26			—			26
Dividends on preferred stock	(69		)	—			(69		)
Balance, end of period	14,394			—			14,394
ACCUMULATED DEFICIT:
Balance, beginning of period	(16,525		)	2,395			(14,130		)
Net income (loss) attributable to Chesapeake	360			(738		)	(378		)
Cumulative effect of accounting change	(8		)	—			(8		)
Balance, end of period	(16,173		)	1,657			(14,516		)
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Balance, beginning of period	(57		)	—			(57		)
Hedging activity	25			—			25
Balance, end of period	(32		)	—			(32		)
TREASURY STOCK – COMMON:
Balance, beginning of period	(31		)	—			(31		)
Purchase of 1,499,033 shares for company benefit plans	(4		)	—			(4		)
Release of 431,474 shares from company benefit plans	4			—			4
Balance, end of period	(31		)	—			(31		)
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY (DEFICIT)	(162		)	1,657			1,495
NONCONTROLLING INTERESTS:
Balance, beginning of period	124			(80		)	44
Net income attributable to noncontrolling interests	3			(2		)	1
Distributions to noncontrolling interest owners	(5		)	—			(5		)
Balance, end of period	122			(82		)	40
TOTAL EQUITY (DEFICIT)	$	(40	)	$	1,575		$	1,535