Chesapeake Energy Corp (CHK)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	2,028,000	2,032,000	2,036,000	2,040,000	3,093,000	2,717,000	3,046,000	2,774,000	2,278,000	1,259,000	1,261,000	1,262,000	0	0	0	9,163,000	9,073,000	9,133,000	9,701,000	9,167,000
Total stockholders’ equity	US$ in thousands	10,729,000	10,268,000	10,396,000	10,283,000	9,124,000	6,347,000	5,808,000	5,383,000	5,671,000	3,038,000	3,413,000	3,881,000	-5,341,000	-4,940,000	-4,209,000	-3,945,000	4,364,000	4,696,000	4,191,000	4,097,000
Debt-to-equity ratio		0.19	0.20	0.20	0.20	0.34	0.43	0.52	0.52	0.40	0.41	0.37	0.33	—	—	—	—	2.08	1.94	2.31	2.24

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,028,000K ÷ $10,729,000K
= 0.19

Chesapeake Energy Corp's debt-to-equity ratio exhibits fluctuations over the given period, reflecting changes in the company's capital structure. The ratio decreased from 0.34 in December 2022 to 0.19 in December 2023, indicating a reduction in financial leverage and a stronger equity position relative to debt. However, the ratio experienced an upward trend prior to the decrease, with peaks of 0.52 observed in both June and March 2022.

The significant increase in the debt-to-equity ratio towards the end of 2019 suggests a higher reliance on debt financing relative to equity during that period. Subsequently, there was a noticeable improvement in 2020 and 2021, as the ratio decreased steadily, indicating a more balanced mix of debt and equity. However, the absence of data for the first quarters of 2021 leaves gaps in the trend analysis.

Overall, the fluctuations in Chesapeake Energy Corp's debt-to-equity ratio highlight the company's evolving capital structure and its efforts to manage debt levels in conjunction with equity financing. Further examination of the company's financial performance and strategic initiatives may provide additional insights into the factors influencing these changes.