Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2016 and 2015:

	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
			($ in millions)
As of December 31, 2016
Derivative Assets (Liabilities):
Commodity assets	$	—	$	1		$	—		$	1
Commodity liabilities	—		(495		)	(10		)	(505		)
Foreign currency liabilities	—		(73		)	—			(73		)
Total derivatives	$	—	$	(567	)	$	(10	)	$	(577	)
As of December 31, 2015
Derivative Assets (Liabilities):
Commodity assets	$	—	$	372		$	9		$	381
Commodity liabilities	—		(14		)	(100		)	(114		)
Foreign currency liabilities	—		(52		)	—			(52		)
Supply contract assets	—		—			297			297
Total derivatives	$	—	$	306		$	206		$	512

A summary of the changes in the fair values of Chesapeake’s financial assets (liabilities) classified as Level 3 during 2016 and 2015 is presented below.

	Commodity Derivatives			Supply Contracts
	($ in millions)
Beginning balance as of December 31, 2015	$	(91	)	$	297
Total gains (losses) (realized/unrealized):
Included in earnings(a)	6			(118		)
Total purchases, issuances, sales and settlements:
Settlements	75			(33		)
Sales	—			(146		)
Ending balance as of December 31, 2016	$	(10	)	$	—
Beginning balance as of December 31, 2014	$	(54	)	$	1
Total gains (losses) (realized/unrealized):
Included in earnings(a)	100			316
Total purchases, issuances, sales and settlements:
Settlements	(137		)	(20		)
Ending balance as of December 31, 2015	$	(91	)	$	297

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(a)	Oil, Natural Gas and NGL Sales					Marketing, Gathering and Compression Revenue
	2016			2015		2016			2015
	($ in millions)
Total gains (losses) included in earnings for the period	$	6		$	100	$	(118	)	$	316
Change in unrealized gains (losses) related to assets still held at reporting date	$	(7	)	$	43	$	—		$	296

The following table provides fair value measurement information for the above-noted financial assets (liabilities) measured at fair value on a recurring basis as of December 31, 2016 and 2015:

	Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
				($ in millions)
As of December 31, 2016
Financial Assets (Liabilities):
Other current assets	$	49		$	—	$	—	$	49
Other current liabilities	(51		)	—		—		(51		)
Total	$	(2	)	$	—	$	—	$	(2	)
As of December 31, 2015
Financial Assets (Liabilities):
Other current assets	$	50		$	—	$	—	$	50
Other current liabilities	(51		)	—		—		(51		)
Total	$	(1	)	$	—	$	—	$	(1	)