EXHIBIT 12

CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES

RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	Year Ended December 31,
	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		$	2,880
Interest expense(a)		318			375		225		237			122			94
(Gain)/loss on investment in equity investees in excess of distributed earnings		(3	)		21		40		39			(232	)		(154	)
Amortization of capitalized interest		19			40		74		150			212			297
Loan cost amortization		13			16		19		26			25			28
Earnings	$	3,588		$	2,799	$	1,349	$	(8,836	)	$	3,011		$	3,145
FIXED CHARGES:
Interest Expense	$	318		$	375	$	225	$	237		$	122		$	94
Capitalized interest		179			311		586		627			711			727
Loan cost amortization		13			16		19		26			25			28
Fixed Charges	$	510		$	702	$	830	$	890		$	858		$	849
PREFERRED STOCK DIVIDENDS:
Preferred dividend requirements	$	89		$	94	$	33	$	23		$	111		$	172
Ratio of income before provision for taxes to net income(b)		1.63			1.62		1.64		1.59			1.63			1.65
Preferred Dividends	$	145		$	152	$	54	$	37		$	181		$	284
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	$	655		$	854	$	884	$	927		$	1,039		$	1,131
RATIO OF EARNINGS TO FIXED CHARGES		7.0			4.0		1.6		(9.9	)		3.5			3.7
INSUFFICIENT COVERAGE	$	—		$	—	$	—	$	9,726		$	—		$	—
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS		5.5			3.3		1.5		(9.5	)		2.9			2.8
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.