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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
121
Effect of Derivative Instruments – Consolidated Balance Sheets
The following table presents the fair value and location of each classification of derivative instrument included in
the consolidated balance sheets as of December 31, 2015 and 2014 on a gross basis and after same-counterparty
netting:
Balance Sheet Classification Gross
Fair Value
Amounts Netted
in Consolidated
Balance Sheet
Net Fair Value
Presented
in Consolidated
Balance Sheet
($ in millions)
As of December 31, 2015
Commodity Contracts:
Short-term derivative asset................ $ 381 $ (66) $ 315
Long-term derivative asset ................ ———
Short-term derivative liability.............. (106) 66 (40)
Long-term derivative liability .............. (8) — (8)
Total commodity contracts........... 267 — 267
Foreign Currency Contracts:(a)
Long-term derivative liability .............. (52) — (52)
Total foreign currency contracts.. (52) — (52)
Supply Contracts:
Short-term derivative asset................ 51 — 51
Long-term derivative asset ................ 246 — 246
Total supply contracts.................. 297 — 297
Total derivatives...................... $ 512 $ — $ 512