Consistent Returns, Sustainable Future 1Q 2021 Earnings May 12, 2021 CHESAPEAKE CHESAPEAKE Disclaimers FORWARD-LOOKING STATEMENTS This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13726 CHESAPEAKE ENERGY CORPORATION (Exact name of registrant as specified in its charter) Oklahoma 73-1395733 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13726 CHESAPEAKE ENERGY CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.01 CHK New York Stock Exchange 6.625% Senior Notes due 2020 CHK20A New York Stock Exchange 6.875% Senior Notes due 2020 CHK20 New York Stock Exchange 6.125% Senior Notes due 2021 CHK21 New York Stock Exchange 5.375% Senior Notes due 2021 CHK21A New York Stock Exchange 4.875% Senior Notes due 2022 CHK22 New York Stock Exch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Securities Registered Pursuant to Section 12(b) of the Act: ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13726 CHESAPEAKE ENERGY CORPORATION (Exact name of registrant as specified in its charter) O ...

Financial Data and Key Metrics Changes - In Q4 2019, the company reported adjusted EBITDAX of $665 million, a 19% increase compared to the previous year despite lower commodity prices [16] - The company achieved a 14% increase in adjusted EBITDAX margin per equivalent barrel, even with average NYMEX realized prices for oil, gas, and NGLs being significantly lower [15] - The total oil production increased by 30% year-over-year, with oil revenues rising from 42% in 2018 to 56% in 2019 [15] Business Line Data and Key Metrics Changes - The successful integration of the Wild Horse acquisition contributed significantly to oil production growth, with the asset achieving positive free cash flow for the first time in Q4 2019 [17] - The company placed 81 wells on production in Brazos Valley, achieving a 6% year-over-year increase in oil production [18] - Average completed gross well costs for Lower Eagle Ford wells improved by 14% compared to 2018, with expectations for further declines in 2020 [18] Market Data and Key Metrics Changes - The company highlighted a challenging macro pricing environment, particularly for natural gas, with a softer commodity price outlook for 2020 [9] - Approximately 76% of oil production is hedged at $59.90 per barrel, and over 50% of gas production is protected with hedges at $2.76 per Mcf [24] Company Strategy and Development Direction - The company plans to reduce capital expenditures by approximately 30% year-over-year, targeting flat oil volumes and declining gas production in 2020 [10] - The focus for 2020 is on capital discipline and cash flow maximization, with a capital program set between $1.3 billion to $1.6 billion [25] - The company aims to further consolidate assets to capture additional value and efficiencies for shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate $300 million to $500 million from non-core asset sales to fund debt maturities and preserve liquidity [10] - The company is committed to achieving free cash flow neutrality in 2020, with a focus on reducing cash costs and maintaining higher margin oil volumes [25] - Management acknowledged the need for further industry consolidation and cost reductions to enhance competitiveness [52] Other Important Information - The company eliminated approximately $900 million in principal debt in Q4 2019, enhancing flexibility and liquidity [22] - The company has a liquidity position of approximately $1.4 billion, sufficient to cover 2020 and 2021 maturities [23] - Management plans to reverse split the number of shares to address the low stock price [11] Q&A Session Summary Question: On capital discipline and activity levels - Management confirmed that capital allocation is based on cash flow generation and maintaining production volumes, reflecting confidence in asset quality [28] Question: Potential non-core asset sales - Management indicated that there are significant non-core assets available for divestiture, with ongoing efforts to identify and execute these sales [30] Question: Marcellus activity and free cash flow expectations - Management affirmed that the Marcellus remains a strong asset with attractive returns, expecting free cash flow to be slightly below previous levels [32][38] Question: Liquidity position post-spring redetermination - Management expressed confidence in maintaining the current liquidity position, with significant collateral value supporting the credit facility [40][42] Question: Industry M&A opportunities - Management highlighted the need for further consolidation in the industry and the company's capability to execute on such opportunities [52][53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.01 CHK New York Stock Exchange 6.625% Senior Notes due 2020 CHK20A New York Stock Exchange 6.875% Senior Notes due 2020 CHK20 New York Stock Exchange 6.125% Senior Notes due 2021 CHK21 New York Stock Exchange 5.375% Senior Notes due 2021 CHK21A New York Stock Exchange 4.875% Senior Notes due 2022 CHK22 New York Stock Exch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.01 CHK New York Stock Exchange 6.625% Senior Notes due 2020 CHK20A New York Stock Exchange 6.875% Senior Notes due 2020 CHK20 New York Stock Exchange 6.125% Senior Notes due 2021 CHK21 New York Stock Exchange 5.375% Senior Notes due 2021 CHK21A New York Stock Exchange 4.875% Senior Notes due 2022 CHK22 New York Stock Exch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities Registered Pursuant to Section 12(b) of the Act: FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13726 CHESAPEAKE ENERGY CORPORATION (Exact name of registrant as specified in its c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13726 CHESAPEAKE ENERGY CORPORATION (Exact name of registrant as specified in its charter) Oklahoma 73-1395733 (State or other jurisdiction of incor ...