| --- | --- | --- | --- | --- | --- | |------------------|-------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | 3Q EARNINGS | | | | | | | | | | | | | OCTOBER 31, 2023 | | | | | | | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|-----------------------------------------|-----------------------------------------------------------------------|------------------------------------------- ...

We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlik ...

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Chesapeake Energy Corporation (NASDAQ:CHK) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET Company Participants Chris Ayres - VP of IR and Treasurer Nick Dell'Osso - President and CEO Josh Viets - COO Mohit Singh - CFO Conference Call Participants Umang Choudhary - Goldman Sachs Josh Silverstein - UBS Doug Leggate - Bank of America Matt Portillo - TPH Zach Parham - JPMorgan Bertrand Donnes - Truist Paul Diamond - Citigroup Scott Hanold - RBC Capital Roger Read - Wells Fargo Subash Chandra - Bench ...

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Chesapeake Energy Corporation (NASDAQ:CHK) JPMorgan 2023 Energy, Power & Renewables Conference Call June 21, 2023 2:45 PM ET Company Participants Nick Dell’Osso - President and Chief Executive Officer Conference Call Participants Zach Parham - J.P. Morgan Zach Parham Good afternoon and welcome to our 8th Annual JPMorgan Energy Conference. I'm Zach Parham from the E&P Research Team here at JPMorgan. Up next, we have Chesapeake Energy and E&P focused on developing assets in the Marcellus of Haynesville. We're ...

"Bbl" or "Bbls" means barrel or barrels. "Bcf" means billion cubic feet. "Chief" means Chief E&D Holdings, LP. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant ...

ENERGY 4Q & FY22 Earnings / 23–27 Strategic Outlook 53 Marcellus Reduces company volatility Underpins return profile Low capital intensity ▪ Immediate two completion crew reduction and two rig reduction in 2Q/3Q Classification: DCL-Internal Basin-Leading Scale and Gas Delivery (Gross bcfe/d)(1) Marcellus: Cash Flow Engine Proven Track Record of Enhancing Development Value (Average Lateral Length, ft) Increasing Capacity through Midstream Optimization System Pressure Low Medium High (1) Enverus value per acr ...

Chesapeake Energy Corporation (NASDAQ:CHK) Q4 2022 Earnings Conference Call February 22, 2023 9:00 AM ET Company Participants Chris Ayres - Vice President, Investor Relations and Treasurer Nick Dell’Osso - President and Chief Executive Officer Josh Viets - Chief Operating Officer Mohit Singh - Chief Financial Officer Conference Call Participants Zach Parham - JPMorgan Nitin Kumar - Mizuho Umang Choudhary - Goldman Sachs Doug Leggate - Bank of America Matt Portillo - TPH Subash Chandra - Benchmark Noel Parks ...

Asset Management - As of December 31, 2022, the company owned interests in approximately 8,400 natural gas and oil wells, with significant resource plays in the Marcellus and Haynesville Shales [230]. - The company completed the sale of a portion of its Eagle Ford assets to WildFire Energy I LLC for $1.425 billion and to INEOS Energy for $1.4 billion, both transactions expected to close in 2023 [236][237]. - The company completed the Marcellus Acquisition for approximately $2 billion and 9.4 million shares of common stock in the 2022 Successor Period [267]. - In the 2022 Successor Period, the company sold Powder River Basin assets for approximately $450 million [265]. - The company has made capital contributions of $18 million towards a new natural gas gathering pipeline and carbon capture project, expected to be operational by Q4 2024 [238]. - The company issued 18,709,399 shares of common stock for the Vine Acquisition, valued at $1,237 million [364]. - The company evaluates the carrying value of assets held for sale, including a portion of the Eagle Ford assets, which are under agreement for sale [391]. Financial Performance - Revenues for 2022 reached $11,743 million, a significant increase of 111.5% compared to $5,549 million in 2021 [351]. - Net income for 2022 was $4,936 million, compared to $945 million in 2021, marking a 422.5% increase [351]. - Basic earnings per share rose to $38.71 in 2022 from $9.29 in 2021, reflecting a 316.5% increase [351]. - Cash provided by operating activities was $4.12 billion in the 2022 Successor Period, primarily due to higher prices and increased volumes sold [262]. - The company reported total natural gas, oil, and NGL sales of $9.892 billion for the year ended December 31, 2022 [279]. - The company reported gains on sales of assets amounting to $300 million in 2022, compared to $12 million in 2021 [351]. - The company reported a net cash used in investing activities of $3,401 million, compared to $850 million in the previous year [359]. Shareholder Returns - The company repurchased approximately 11.7 million shares of common stock in 2022, with $927 million remaining under the share repurchase program as of December 31, 2022 [241]. - The company paid approximately $1.2 billion in dividends during 2022, with a 10% increase in the quarterly base dividend to $0.55 per share starting September 1, 2022 [241]. - The company paid common stock base dividends of $256 million and variable dividends of $956 million in the 2022 Successor Period [273]. - Cash paid for common stock dividends was $1,212 million, compared to $119 million in 2021 [359]. - The company repurchased and retired 11,666,778 shares of common stock, resulting in a reduction of $1,073 million in equity [364]. Debt and Liquidity - The company entered into a new senior secured reserve-based revolving credit agreement with an initial borrowing base of $3.5 billion and aggregate commitments of $2.0 billion, maturing in December 2027 [240]. - As of December 31, 2022, the company had $1.0 billion of liquidity available, including $130 million in cash and $0.9 billion in unused borrowing capacity [248]. - The company reduced total indebtedness by $9.4 billion as a result of its Chapter 11 Cases, strengthening its balance sheet [247]. - The company had $1.05 billion of outstanding borrowings under its New Credit Facility as of December 31, 2022 [318]. - Long-term debt increased to $3,093 million in 2022, compared to $2,278 million in 2021, representing a 35.8% increase [349]. Operational Metrics - Total natural gas production for 2022 was 3,584 MMcf per day, with an average sales price of $5.96 per Mcf [278]. - Natural gas, oil, and NGL sales in the 2022 Successor Period increased by $5.093 billion compared to the combined 2021 Successor and Predecessor Periods, driven by a $2.773 billion increase in revenues from higher average prices and a $2.320 billion increase due to higher volumes in Marcellus and Haynesville [280]. - Average realized price for natural gas in 2022 was $3.67 per Mcf, while the average realized price for oil was $66.36 per Bbl [278]. - The Eagle Ford region produced 127 MMcf of natural gas per day and 51 MBbl of oil per day in 2022, with an average sales price of $96.10 per Bbl for oil [278]. - Total production expenses in the 2022 Successor Period increased by $146 million compared to the combined 2021 Successor and Predecessor Periods, primarily due to the Vine Acquisition and the Marcellus Acquisition [281]. Environmental Goals - The company has set a goal to achieve net zero greenhouse gas emissions (Scope 1 and 2) by 2035, with specific targets for methane intensity and GHG intensity reductions by 2025 [232]. - The company recognized liabilities for asset retirement obligations, which are accreted until settled or the well is sold [400]. Accounting and Reporting - The financial statements were prepared in accordance with GAAP, including the accounts of wholly owned subsidiaries and controlling interests [369]. - The company adopted fresh start accounting as of February 9, 2021, following its emergence from bankruptcy on that date [325]. - The company assesses long-lived assets for impairment whenever there are changes indicating a possible significant deterioration in future cash flows [311]. - The company utilizes a successful efforts method for accounting for natural gas and oil properties, expensing exploration costs as incurred [381]. - The company maintains effective internal control over financial reporting as of December 31, 2022, based on established criteria [328].