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Fair Value Measurements (Note)
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements Disclosure [Text Block]
Fair Value Measurements
Recurring Fair Value Measurement
Other Current Assets. Assets related to forfeited Company matches of employee contributions to Chesapeake’s employee benefit plans are included in other current assets. The fair value of these assets is determined using quoted market prices as they consist of exchange-traded securities.
Investments. The fair value of Chesapeake’s investments in Clean Energy and Gastar common stock was based on quoted market prices.
Other Current Liabilities. Liabilities related to Chesapeake’s deferred compensation plan are included in other current liabilities. The fair values of these liabilities are determined using quoted market prices, as the plan consists of exchange-traded mutual funds.
Derivatives. The fair value of most of our derivatives is based on third-party pricing models which utilize inputs that are either readily available in the public market, such as natural gas and oil forward curves and discount rates, or can be corroborated from active markets or broker quotes. These values are compared to the values given by our counterparties for reasonableness. Since natural gas, oil, interest rate and cross currency swaps do not include optionality and therefore generally have no unobservable inputs, they are classified as Level 2. All other derivatives have some level of unobservable input, such as volatility curves, and are therefore classified as Level 3. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives.
The following table provides fair value measurement information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2013 and 2012: 
As of December 31, 2013
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2) 
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
 
 
 
 
($ in millions)
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
80

 
$
—

 
$
—

 
$
80

Other current liabilities
 
(82
)
 
—

 
—

 
(82
)
Derivatives:
 
 
 
 
 
 
 
 
Commodity assets
 
—

 
25

 
15

 
40

Commodity liabilities
 
—

 
(100
)
 
(493
)
 
(593
)
Interest rate liabilities
 
—

 
(98
)
 
—

 
(98
)
Foreign currency liabilities
 
—

 
2

 
—

 
2

Total derivatives
 
—

 
(171
)
 
(478
)
 
(649
)
Total
 
$
(2
)
 
$
(171
)
 
$
(478
)
 
$
(651
)

As of December 31, 2012
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2) 
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Fair Value
 
 
 
 
($ in millions)
 
 
Financial Assets (Liabilities):
 
 
 
 
 
 
 
 
Other current assets
 
$
4

 
$
—

 
$
—

 
$
4

Investments
 
20

 
—

 
—

 
20

Other long-term assets
 
88

 
—

 
—

 
88

Other long-term liabilities
 
(87
)
 
—

 
—

 
(87
)
Derivatives:
 
 
 
 
 
 
 
 
Commodity assets
 
—

 
105

 
10

 
115

Commodity liabilities
 
—

 
(13
)
 
(1,026
)
 
(1,039
)
Interest rate liabilities
 
—

 
(35
)
 
—

 
(35
)
Foreign currency liabilities
 
—

 
(20
)
 
—

 
(20
)
Total derivatives
 
—

 
37

 
(1,016
)
 
(979
)
Total
 
$
25

 
$
37

 
$
(1,016
)
 
$
(954
)

A summary of the changes in Chesapeake’s financial assets (liabilities) classified as Level 3 measurements during 2013 and 2012 is presented below. 
 
 
Derivatives
 
 
Commodity
 
Interest Rate
 
 
($ in millions)
Beginning Balance as of January 1, 2013
 
$
(1,016
)
 
$
—

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
410

 
(1
)
Total purchases, issuances, sales and settlements:
 
 
 
 
Sales
 
—

 
1

Settlements
 
128

 
—

Ending Balance as of December 31, 2013
 
$
(478
)
 
$
—

 
 
 
 
 
Beginning Balance as of January 1, 2012
 
$
(1,654
)
 
$
—

Total gains (losses) (realized/unrealized):
 
 
 
 
Included in earnings(a)
 
567

 
6

Total purchases, issuances, sales and settlements:
 
 
 
 
Sales
 
—

 
(6
)
Settlements
 
71

 
—

Ending Balance as of December 31, 2012
 
$
(1,016
)
 
$
—

___________________________________________
(a)
 
Natural Gas, Oil and
NGL Sales
 
Interest Expense
 
 
 
2013
 
2012
 
2013
 
2012
 
 
($ in millions)
Total gains (losses) included in earnings for the period
 
$
410

 
$
567

 
$
(1
)
 
$
6

Change in unrealized gains (losses) related to assets still held at reporting date
 
$
382

 
$
374

 
$
—

 
$
—


Qualitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements
The significant unobservable inputs for Level 3 derivative contracts include unpublished forward prices of natural gas and oil, market volatility and credit risk of counterparties. Changes in these inputs impact the fair value measurement of our derivative contracts. For example, an increase (decrease) in the forward prices and volatility of natural gas and oil prices decreases (increases) the fair value of natural gas and oil derivatives and adverse changes to our counterparties’ creditworthiness decreases the fair value of our derivatives.
Quantitative Disclosures about Unobservable Inputs for Level 3 Fair Value Measurements
Instrument
Type
 
Unobservable
Input
 
Range
 
Weighted
Average
 
Fair Value
December 31,
2013
 
 
 
 
 
 
 
 
($ in millions)
Oil trades(a)
 
Oil price volatility curves
 
0% - 23.65%
 
13.62
%
 
$
(265
)
Oil basis swaps(b)
 
Physical pricing point forward
curves
 
$3.51 - $4.41
 
$
3.74

 
$
1

Natural gas trades(a)
 
Natural gas price volatility
curves
 
17.75% - 60.88%
 
22.49
%
 
$
(217
)
Natural gas basis swaps(b)
 
Physical pricing point forward
curves
 
($1.03) - ($0.11)
 
$
(0.46
)
 
$
3


____________________________________________
(a)
Fair value is based on an estimate derived from option models.
(b)
Fair value is based on an estimate of discounted cash flows.
Nonrecurring Fair Value Measurements
In 2013, we determined we would sell certain of our buildings and land (other than our core campus) in the Oklahoma City area. Fair value measurements were applied with respect to these non-financial assets, measured on a nonrecurring basis, to determine impairments. We used the income approach, specifically discounted cash flows, for income-producing assets and the market approach for the remaining assets. As the fair values estimated using the market approach were based on recent prices from orderly sales transactions for comparable properties between market participants, the values of these properties are classified as Level 2. The discounted cash flow method includes the development of both current operating metrics as well as assumptions pertaining to the subsequent change of such metrics, including rent growth, operating expense growth and absorption. These assumptions are applied to a specified period to develop future cash flow projections that are then discounted to estimate fair value. Due to these assumptions, the values of these properties are classified as Level 3.
Due to a decrease in the estimated market prices of certain surface land classified as held for sale in the Fort Worth, Texas area, we recognized an additional impairment loss in 2013. Fair value measurements were applied with respect to these non-financial assets, measured on a nonrecurring basis, to determine impairments. We measured the fair value of these assets by obtaining the current list price, if marketed for sale, or comparable list prices from similar properties in the area. The list prices were based on and adjusted for review of market data for comparable properties, where available, review of aerial or survey information, and assessment of other property and market-related factors. These list prices are estimates and are subject to changing market conditions. Should market conditions change adversely in the future, this could result in additional impairment or result in proceeds received upon sale to materially differ from the current estimate. See Note 16 for further discussion of the impairments recorded.
Fair Value of Other Financial Instruments
The following disclosure of the estimated fair value of financial instruments is made in accordance with accounting guidance for financial instruments. The carrying values of financial instruments comprising cash and cash equivalents, restricted cash, accounts payable and accounts receivable approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of our exchange-traded debt using quoted market prices (Level 1). The fair value of all other debt, which consists of our credit facilities and our term loan, is estimated using our credit default swap rate (Level 2). Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below. 
 
 
December 31, 2013
 
December 31, 2012
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
 
 
 
($ in millions)
 
 
Current maturities of long-term debt (Level 1)
 
$
—

 
$
—

 
$
463

 
$
480

Long-term debt (Level 1)
 
$
10,501

 
$
11,557

 
$
9,759

 
$
10,457

Long-term debt (Level 2)
 
$
2,372

 
$
2,369

 
$
2,378

 
$
2,284