EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Years Ended December 31,													Six Months Ended June 30,
	2006			2007		2008		2009			2010			2011
	($ in millions)
EARNINGS:
Income (loss) before income taxes and cumulative effect of accounting change	$	3,241		$	2,347	$	991	$	(9,288	)	$	2,884		$	569
Interest expense(a)		318			375		225		237			122			51
(Gain)/loss on investment in equity investees in excess of distributed earnings		(3	)		21		40		39			(232	)		(72	)
Amortization of capitalized interest		19			40		74		150			212			134
Loan cost amortization		13			16		19		26			25			14
Earnings	$	3,588		$	2,799	$	1,349	$	(8,836	)	$	3,011		$	696
FIXED CHARGES:
Interest Expense	$	318		$	375	$	225	$	237		$	122		$	51
Capitalized interest		179			311		586		627			711			379
Loan cost amortization		13			16		19		26			25			14
Fixed Charges	$	510		$	702	$	830	$	890		$	858		$	444
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	89		$	94	$	33	$	23		$	111		$	85
Ratio of income before provision for taxes to net income(b)		1.63			1.62		1.64		1.59			1.63			1.64
Preferred Dividends	$	145		$	152	$	54	$	37		$	181		$	139
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	655		$	854	$	884	$	927		$	1,039		$	583
RATIO OF EARNINGS TO FIXED CHARGES		7.0			4.0		1.6		(9.9	)		3.5			1.6
INSUFFICIENT COVERAGE	$	—		$	—	$	—	$	9,726		$	—		$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		5.5			3.3		1.5		(9.5	)		2.9			1.2
INSUFFICIENT COVERAGE	$	—		$	—	$	—	$	9,763		$	—		$	—

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

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