CURRENT ASSETS: Cash and cash equivalents ($2 and $1 attributable to our VIE). Accounts receivable, net....

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CURRENT ASSETS: Cash and cash equivalents ($2 and $1 attributable to our VIE). Accounts receivable, net. Short-term derivative assets Other current assets Total Current Assets. PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on full cost accounting: Proved oil and natural gas properties ($488 and $488 attributable to our VIE). Unproved properties........... Other property and equipment Total Property and Equipment, at Cost.. Less: accumulated depreciation, depletion and amortization (($461) and ($458) attributable to our VIE).. Property and equipment held for sale, net Total Property and Equipment, Net LONG-TERM ASSETS: Other long-term assets TOTAL ASSETS $ December 31, 2017 ($ in millions) 5 $ 1,322 27 171 1,525 68,858 3,484 1,986 74,328 (63,664) 16 10,680 220 12,425 2016 $ 882 1,057 203 2,142 66,451 4,802 2,053 73,306 (62,726) 29 10,609 277 13,028 CURRENT LIABILITIES: Accounts payable Current maturities of long-term debt, net Accrued interest Short-term derivative liabilities. Other current liabilities ($3 and $3 attributable to our VIE). Total Current Liabilities..... LONG-TERM LIABILITIES: Long-term debt, net Long-term derivative liabilities Asset retirement obligations, net of current portion Other long-term liabilities Total Long-Term Liabilities. CONTINGENCIES AND COMMITMENTS (Note 4) EQUITY: Chesapeake Stockholders' Equity: Preferred stock, $0.01 par value, 20,000,000 shares authorized: 5,603,458 and 5,839,506 shares outstanding.. Common stock, $0.01 par value, 2,000,000,000 and 1,500,000,000 shares authorized: 908,732,809 and 896,279,353 shares issued Additional paid-in capital Accumulated deficit....... Accumulated other comprehensive loss Less: treasury stock, at cost; 2,240,394 and 1,220,504 common shares Total Chesapeake Stockholders' Equity (Deficit). Noncontrolling interests Total Equity (Deficit) TOTAL LIABILITIES AND EQUITY $ December 31, 2017 ($ in millions) 654 $ 52 137 58 1,455 2,356 9,921 4 162 354 10,441 1,671 9 14,437 (16,525) (57) (31) (496) 124 (372) 12,425 $ 2016 672 503 113 562 1,798 3,648 9,938 15 247 383 10,583 1,771 9 14,486 (17,474) (96) (27) (1,331) 128 (1,203) 13,028 3. Debt Our long-term debt consisted of the following as of December 31, 2017 and 2016: December 31, 2017 6.25% euro-denominated senior notes due 2017 6.5% senior notes due 2017.. 7.25% senior notes due 2018. Floating rate senior notes due 2019. 6.625% senior notes due 2020. 6.875% senior notes due 2020.. 6.125% senior notes due 2021. 5.375% senior notes due 2021. 4.875% senior notes due 2022... 8.00% senior secured second lien notes due 2022 5.75% senior notes due 2023. 8.00% senior notes due 2025.. 5.5% convertible senior notes due 2026(b)(c)(d) 8.00% senior notes due 2027. 2.75% contingent convertible senior notes due 2035(d) 2.5% contingent convertible senior notes due 2037) 2.25% contingent convertible senior notes due 2038(b) Term loan due 2021 Revolving credit facility.. Debt issuance costs. Interest rate derivatives. Total debt, net.. Less current maturities of long-term debt, nete Total long-term debt, net.. $ Principal Amount 44 380 437 227 548 267 451 1,416 338 1,300 1,250 1,300 I I 9 1,233 781 9,981 (53) 9,928 $ Carrying Amount 44 380 437 227 548 ($ in millions) 267 451 1,895 338 1,290 837 1,298 I I 8 1,233 781 (63) 2 9,973 December 31, 2016 (52) 9,921 $ Principal Amount 258 $ 134 64 380 780 279 550 270 451 2,419 338 1,000 1,250 2 114 200 1,500 - 9,989 (506) 9,483 $ Carrying Amount 258 134 64 380 780 278 550 270 451 3,409 338 985 811 - 2 112 180 1,500 (64) 3 10,441 (503) 9,938 (a) The carrying amounts as of December 31, 2017 and 2016, include premium amounts of $479 million and $990 million, respectively, associated with a troubled debt restructuring. The premium is being amortized based on the effective yield method. (b) We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.25% Contingent Convertible Senior Notes due 2038 and our 5.5% Convertible Senior Notes due 2026 are 8.0% and 11.5%, respectively. REVENUES: Oll, natural gas and NGL Marketing, gathering and compression Total Revenues OPERATING EXPENSES: Oll, natural gas and NGL production Oil, natural gas and NGL gathering, processing and transportation Production taxes Marketing, gathering and compression General and administrative Restructuring and other termination costs Provision for legal contingencies, net Oil, natural gas and NGL depreciation, depletion and amortization Depreciation and amortization of other assets Impairment of oil and natural gas properties Impairments of fixed assets and other. Net (gains) losses on sales of fixed assets Total Operating Expenses INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest expense Losses on investments Loss on sale of investment Impairments of investments Gains on purchases or exchanges of debt Other income Total Other Expense INCOME (LOSS) BEFORE INCOME TAXES INCOME TAX EXPENSE (BENEFIT): Current income taxes Deferred income taxes Total Income Tax Expense (Benefit) NET INCOME (LOSS) Net (income) loss attributable to noncontrolling interests. NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE Preferred stock dividends Loss on exchange of preferred stock Earnings allocated to participating securities NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS EARNINGS (LOSS) PER COMMON SHARE: Basic Diluted CASH DIVIDEND DECLARED PER COMMON SHARE WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic Diluted ******* $ $ 60 60 60 $ $ Years Ended December 31, 2016 2017 2015 ($ in millions except per share data) 4,985 4,511 9,496 562 1,471 89 4,598 262 www (38) 913 82 421 (3) 8,357 1,139 (426) 233 9 (184) 955 (9) 11 2 953 (4) 949 (85) (41) (10) 813 $ 3,288 $ 4,584 7,872 906 906 $ 0.90 $ 0.90 $ 710 1,855 74 4,778 240 6 123 1,003 104 2,564 838 (12) 12,283 (4,411) (296) (8) (10) (119) 236 19 (178) (4,589) (19) (171) (190) (4,399) 9 (4,390) (97) (428) (4,915) $ (6.43) $ (6.43) $ $ - 764 764 5,391 7,373 12,764 1,046 2,119 99 7,130 235 36 353 2,099 130 18,238 194 4 31,683 (18,919) (317) (96) (53) 279 8 (179) (19,098) (36) (4,427) (4,463) (14,635) 68 (14,567) (171) (14,738) (22.26) (22.26) 0.0875 662 662 CURRENT ASSETS: Cash and cash equivalents ($2 and $1 attributable to our VIE). Accounts receivable, net. Short-term derivative assets Other current assets Total Current Assets. PROPERTY AND EQUIPMENT: Oil and natural gas properties, at cost based on full cost accounting: Proved oil and natural gas properties ($488 and $488 attributable to our VIE). Unproved properties........... Other property and equipment Total Property and Equipment, at Cost.. Less: accumulated depreciation, depletion and amortization (($461) and ($458) attributable to our VIE).. Property and equipment held for sale, net Total Property and Equipment, Net LONG-TERM ASSETS: Other long-term assets TOTAL ASSETS $ December 31, 2017 ($ in millions) 5 $ 1,322 27 171 1,525 68,858 3,484 1,986 74,328 (63,664) 16 10,680 220 12,425 2016 $ 882 1,057 203 2,142 66,451 4,802 2,053 73,306 (62,726) 29 10,609 277 13,028 CURRENT LIABILITIES: Accounts payable Current maturities of long-term debt, net Accrued interest Short-term derivative liabilities. Other current liabilities ($3 and $3 attributable to our VIE). Total Current Liabilities..... LONG-TERM LIABILITIES: Long-term debt, net Long-term derivative liabilities Asset retirement obligations, net of current portion Other long-term liabilities Total Long-Term Liabilities. CONTINGENCIES AND COMMITMENTS (Note 4) EQUITY: Chesapeake Stockholders' Equity: Preferred stock, $0.01 par value, 20,000,000 shares authorized: 5,603,458 and 5,839,506 shares outstanding.. Common stock, $0.01 par value, 2,000,000,000 and 1,500,000,000 shares authorized: 908,732,809 and 896,279,353 shares issued Additional paid-in capital Accumulated deficit....... Accumulated other comprehensive loss Less: treasury stock, at cost; 2,240,394 and 1,220,504 common shares Total Chesapeake Stockholders' Equity (Deficit). Noncontrolling interests Total Equity (Deficit) TOTAL LIABILITIES AND EQUITY $ December 31, 2017 ($ in millions) 654 $ 52 137 58 1,455 2,356 9,921 4 162 354 10,441 1,671 9 14,437 (16,525) (57) (31) (496) 124 (372) 12,425 $ 2016 672 503 113 562 1,798 3,648 9,938 15 247 383 10,583 1,771 9 14,486 (17,474) (96) (27) (1,331) 128 (1,203) 13,028 3. Debt Our long-term debt consisted of the following as of December 31, 2017 and 2016: December 31, 2017 6.25% euro-denominated senior notes due 2017 6.5% senior notes due 2017.. 7.25% senior notes due 2018. Floating rate senior notes due 2019. 6.625% senior notes due 2020. 6.875% senior notes due 2020.. 6.125% senior notes due 2021. 5.375% senior notes due 2021. 4.875% senior notes due 2022... 8.00% senior secured second lien notes due 2022 5.75% senior notes due 2023. 8.00% senior notes due 2025.. 5.5% convertible senior notes due 2026(b)(c)(d) 8.00% senior notes due 2027. 2.75% contingent convertible senior notes due 2035(d) 2.5% contingent convertible senior notes due 2037) 2.25% contingent convertible senior notes due 2038(b) Term loan due 2021 Revolving credit facility.. Debt issuance costs. Interest rate derivatives. Total debt, net.. Less current maturities of long-term debt, nete Total long-term debt, net.. $ Principal Amount 44 380 437 227 548 267 451 1,416 338 1,300 1,250 1,300 I I 9 1,233 781 9,981 (53) 9,928 $ Carrying Amount 44 380 437 227 548 ($ in millions) 267 451 1,895 338 1,290 837 1,298 I I 8 1,233 781 (63) 2 9,973 December 31, 2016 (52) 9,921 $ Principal Amount 258 $ 134 64 380 780 279 550 270 451 2,419 338 1,000 1,250 2 114 200 1,500 - 9,989 (506) 9,483 $ Carrying Amount 258 134 64 380 780 278 550 270 451 3,409 338 985 811 - 2 112 180 1,500 (64) 3 10,441 (503) 9,938 (a) The carrying amounts as of December 31, 2017 and 2016, include premium amounts of $479 million and $990 million, respectively, associated with a troubled debt restructuring. The premium is being amortized based on the effective yield method. (b) We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.25% Contingent Convertible Senior Notes due 2038 and our 5.5% Convertible Senior Notes due 2026 are 8.0% and 11.5%, respectively. REVENUES: Oll, natural gas and NGL Marketing, gathering and compression Total Revenues OPERATING EXPENSES: Oll, natural gas and NGL production Oil, natural gas and NGL gathering, processing and transportation Production taxes Marketing, gathering and compression General and administrative Restructuring and other termination costs Provision for legal contingencies, net Oil, natural gas and NGL depreciation, depletion and amortization Depreciation and amortization of other assets Impairment of oil and natural gas properties Impairments of fixed assets and other. Net (gains) losses on sales of fixed assets Total Operating Expenses INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE): Interest expense Losses on investments Loss on sale of investment Impairments of investments Gains on purchases or exchanges of debt Other income Total Other Expense INCOME (LOSS) BEFORE INCOME TAXES INCOME TAX EXPENSE (BENEFIT): Current income taxes Deferred income taxes Total Income Tax Expense (Benefit) NET INCOME (LOSS) Net (income) loss attributable to noncontrolling interests. NET INCOME (LOSS) ATTRIBUTABLE TO CHESAPEAKE Preferred stock dividends Loss on exchange of preferred stock Earnings allocated to participating securities NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS EARNINGS (LOSS) PER COMMON SHARE: Basic Diluted CASH DIVIDEND DECLARED PER COMMON SHARE WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (in millions): Basic Diluted ******* $ $ 60 60 60 $ $ Years Ended December 31, 2016 2017 2015 ($ in millions except per share data) 4,985 4,511 9,496 562 1,471 89 4,598 262 www (38) 913 82 421 (3) 8,357 1,139 (426) 233 9 (184) 955 (9) 11 2 953 (4) 949 (85) (41) (10) 813 $ 3,288 $ 4,584 7,872 906 906 $ 0.90 $ 0.90 $ 710 1,855 74 4,778 240 6 123 1,003 104 2,564 838 (12) 12,283 (4,411) (296) (8) (10) (119) 236 19 (178) (4,589) (19) (171) (190) (4,399) 9 (4,390) (97) (428) (4,915) $ (6.43) $ (6.43) $ $ - 764 764 5,391 7,373 12,764 1,046 2,119 99 7,130 235 36 353 2,099 130 18,238 194 4 31,683 (18,919) (317) (96) (53) 279 8 (179) (19,098) (36) (4,427) (4,463) (14,635) 68 (14,567) (171) (14,738) (22.26) (22.26) 0.0875 662 662