BARCLAYS CEO ENERGY-POWER CONFERENCE

September 8, 2016
FORWARD-LOOKING STATEMENTS

This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are statements other than statements of historical fact. They include statements that give our current expectations or forecasts of future events, production
and well connection forecasts, estimates of operating costs, anticipated capital and operational efficiencies, planned development drilling and expected drilling cost reductions, general
and administrative expenses, capital expenditures, the timing of anticipated noncore asset sales and proceeds to be received therefrom, projected cash flow and liquidity, our ability to
enhance our cash flow and financial flexibility, plans and objectives for future operations (including our ability to optimize base production and execute gas gathering agreements), the
ability of our employees, portfolio strength and operational leadership to create long-term value, and the assumptions on which such statements are based. Although we believe the
expectations and forecasts reflected in the forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by
inaccurate or changed assumptions or by known or unknown risks and uncertainties.
Factors that could cause actual results to differ materially from expected results include those described under “Risk Factors” in Item 1A of our annual report on Form 10-K and any
updates to those factors set forth in Chesapeake’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at http://www.chk.com/investors/sec-filings).
These risk factors include the volatility of oil, natural gas and NGL prices; the limitations our level of indebtedness may have on our financial flexibility; our inability to access the capital
markets on favorable terms or at all; the availability of cash flows from operations and other funds to finance reserve replacement costs or satisfy our debt obligations; a further
downgrade in our credit rating requiring us to post more collateral under certain commercial arrangements; write-downs of our oil and natural gas asset carrying values due low
commodity prices; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates
of production and the amount and timing of development expenditures; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring
before production can be established; commodity derivative activities resulting in lower prices realized on oil, natural gas and NGL sales; the need to secure derivative liabilities and
the inability of counterparties to satisfy their obligations; adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; charges
incurred in response to market conditions and in connection with our ongoing actions to reduce financial leverage and complexity; drilling and operating risks and resulting liabilities;
effects of environmental protection laws and regulation on our business; legislative and regulatory initiatives further regulating hydraulic fracturing; our need to secure adequate
supplies of water for our drilling operations and to dispose of or recycle the water used; impacts of potential legislative and regulatory actions addressing climate change; federal and
state tax proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations; competition in the oil and gas
exploration and production industry; a deterioration in general economic, business or industry conditions; negative public perceptions of our industry; limited control over properties we
do not operate; pipeline and gathering system capacity constraints and transportation interruptions; terrorist activities and cyber-attacks adversely impacting our operations; potential
challenges of our spin-off of Seventy Seven Energy Inc. (SSE) in connection with SSE's recently completed bankruptcy under Chapter 11 of the U.S. Bankruptcy Code; an interruption
in operations at our headquarters due to a catastrophic event; the continuation of suspended dividend payments on our common stock and preferred stock; certain anti-takeover
provisions that affect shareholder rights; and our inability to increase or maintain our liquidity through debt repurchases, capital exchanges, asset sales, joint ventures, farmouts or
other means.
In addition, disclosures concerning the estimated contribution of derivative contracts to our future results of operations are based upon market information as of a specific date. These
market prices are subject to significant volatility. Our production forecasts are also dependent upon many assumptions, including estimates of production decline rates from existing
wells and the outcome of future drilling activity. Expected asset sales may not be completed in the time frame anticipated or at all. We caution you not to place undue reliance on our
forward-looking statements, which speak only as of the date of presentation, and we undertake no obligation to update any of the information provided in this presentation, except as
required by applicable law.
PV-10 is a non-GAAP metric used by the industry, investors and analysts to estimate present value, discounted at 10% per annum, of estimated future cash flows of our estimated
proved reserves before income tax and asset retirement obligations. Management believes that PV-10 provides useful information to investors because it is widely used by
professional analysts and sophisticated investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when
estimating the amount of future income taxes to be paid, we believe the use of a pre-tax measure is valuable for evaluating our company. PV-10 should not be considered as an
alternative to the standardized measure of discounted future net cash flows as computed under GAAP. With respect to pro forma changes in PV-10, it is not practical to calculate taxes
on a pro forma basis because GAAP does not provide for disclosure of standardized measure on such basis.

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OUR STRATEGY
RELEVANT THROUGH COMMODITY PRICE CYCLES
Financial Discipline
> Balance capital expenditures
with cash flow from operations
> Increase financial and operational
flexibility
> Achieve investment grade metrics
Business Development
> Optimize portfolio through strategic
divestitures
> Target strategic acquisitions
> Enhance and expand the portfolio
Barclays CEO Energy-Power Conference
Profitable and Efficient Growth
From Captured Resources
> Develop world-class inventory
> Target top-quartile operating and
financial metrics
> Pursue continuous improvement
> Drive value leakage out of operations
Explore
> Leverage innovative technology
and expertise
> Explore and exploit new growth
opportunities
3
Differential Business Improvement

Operational Leadership

Strength and Depth of Portfolio

 CHK IS POSITIONED TO OUTPERFORM

Where we have been

2012 – 2016 Where we are going
2016 – 2020

Strengthened the balance sheet, Leverage portfolio strength and

reduced complexity and legacy depth to drive efficient growth
commitments and further improve debt metrics (3)

~50% ~50% 2x
reduction reduction Net debt/EBITDA

In total leverage (1) In cash costs per boe (2)

= $10.6 billion = $4.10/boe 5% – 15%

Annual production growth
in 2016E
Cash flow neutrality
achievable in 2018
Based on 2017 investment
(1) From 12/31/2012 through 6/30/2016
(2) Includes production expenses and general and administrative expenses, including stock-based compensation
(3) Assumes strip pricing through 2017 and $3/mcf and $60/bbl thereafter

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 REDUCED TOTAL LEVERAGE AND COMPLEXITY

Chesapeake continues to
$25,000 Credit Facility
simplify the business: Secured Loans & Notes
VPPs
> Eliminated finance leases, subsidiary $21,537 Subsidiary Preferred Equity
Unsecured Notes
preferred equity and seven VPPs $20,000 Operating & Finance Leases
Preferred Stock
> Optimizing the capital structure

$15,000

$mm
$10,894
~50% reduction $10,000

In total leverage

= $10.6 billion $5,000

$0
2012 (1)
2012 2Q’16 (1)
Q2-'16E(1)

(1) Assumes euro-denominated notes are converted to USD at the relevant 12/31 exchange rate for each calendar year;
for 2Q’16, exchange rate and credit facility balance are as of 6/30/16

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 PROACTIVE LIABILITY MANAGEMENT
INDUSTRY-LEADING DEBT REDUCTION SINCE 1/1/2013

34% reduction = $4.4 billion

In debt principal reduction
$6,000

$5,000
Debt Increase/Reduction ($mm)

$4,000

$3,000

$2,000

$1,000

$0

($1,000)

($2,000)

($3,000)

($4,000)

CHK APA ECA HES MUR MRO EOG OXY DVN APC NBL COP

-34% -29% -26% -19% 9% 9% 11% 9% 9% 18% 93% 32%

% Debt Increase/Reduction

Source: Company filings as of 12/31/2012 and 6/30/2016. CHK data represents principal reduction of long-term debt,
while peer company data represents carrying value reduction of long-term debt, as principal balances are not always disclosed.

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 REDUCTION IN 2017 MATURITIES

$3,500
$3,091 (1)

$3,000 Available
Liquidity
37% reduction
In maturities from 9/30/15 to 6/30/16
$2,500

$2,210

$2,000
70% reduction
Pro forma from current tender offer

$1,168
$1,500 $1,382 (2)
Financial Transaction Liquidity Savings (4)

$305mm of
$1,000 $730 Debt Exchange $291mm
2nd lien notes

$660
$660 (3) Open Market
$99mm of cash $86mm
$130 Repurchases
$500 $315
$233 Equity for Debt 68.6mm shares
$354mm
$382
Exchanges (valued at $295mm)
$337 $297
$0 $722mm of 1.5 lien
Tender Offer $695mm
9/30/15 Outstanding 6/30/16 Outstanding Pro Forma Term Loan

2.50% 2037 6.5% 2017 6.25% 2017 ~$1.4 billion

Sources: Company management and disclosures. Note: $ in millions.
(1) $4.0 billion credit facility plus cash, less outstanding borrowings and letters of credit as of 6/30/2016
(2) 6.25% 2017’s converted to USD for entire period using exchange rate of $1.1106 to €1.00 as of 6/30/2016
(3) Assumes non-convertible tender participation as of early tender deadline in addition to full convertible tender participation up to sub-cap
(4) Incremental liquidity savings includes principal savings and net interest impact

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 BARNETT EXIT AND WILLIAMS RENEGOTIATION
STRENGTHENING THE FOUNDATION OF THE BUSINESS

Barnett
~$1.9 billion of midstream commitments Together, these transactions
expected to be eliminated are expected to provide:
• Chesapeake agreed to convey Barnett interests to
a private company $200 – $300mm
˃ Expected to eliminate current gathering agreement,
minimum volume commitments and fees pertaining
increase
In annual operating income from
to Barnett assets
2016 through 2019 (1)
˃ Williams will receive ~$334mm from CHK and an
additional sum from the private company
~$715mm reduction
In total GP&T expenses
Mid-Con in 2016 and 2017 (2)
Expected 36% reduction in Mid-Continent
gathering costs ~$550mm uplift
• Renegotiated Mid-Continent gathering agreement To total company PV10 (3)
in exchange for a payment of $66mm

(1) Before charges and other termination costs associated to this transaction
(2) Gathering, processing & transportation expenses, inclusive of projected MVC shortfall payments
(3) As of 12/31/2015

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Differential Business Improvement

Operational Leadership

Strength and Depth of Portfolio

 CAPITAL EFFICIENCY HOLDS PRODUCTION FLAT
DESPITE ASSET DIVESTITURES OF $16+ BILLION

• Spending 10% of 2012 capex program while producing equivalent volumes

• $16+ billion in divestitures led to 50% reduction in total leverage
• Relatively flat absolute production through growth of retained assets

706
670 679
648 611 – 638 (1)

$14.7
$7.8
$6.7

$3.6
$1.3 – $1.8 (1)

2012 2013 2014 2015 2016 E

(2)
Capex ($B) Production (mboe/d)

Sources: Company management and disclosures

(1) Production range and total capital expenditure guidance from 8/9/2016 Outlook; includes capitalized interest
(2) Historical capital spend and operating costs contain Seventy Seven Energy data

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 SIGNIFICANT REDUCTIONS IN CASH COSTS

Industry-leading cash cost structure:

> Relentless focus on cost management Cash Costs ($/boe) (1)(2)

> Operational leadership and technical $7.80

capabilities provide industry-leading
production expense

$5.52
$4.10

~50% reduction
In production and G&A expenses $3.30
per boe since 2012
$2.28
$0.80

2012 2016E

G&A LOE

(1) Includes production expenses and general and administrative expenses, including stock based compensation
(2) 2016E represents 8/9/2016 guidance midpoint

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 HAYNESVILLE SHALE
GAME-CHANGING SHIFT IN ECONOMICS

• Completions optimization and extended

CA 1H CA 2H
38 MMcfd & 7,450 psi; 23 MMcfd & 7,400 psi;
25 psi/day drawdown 1,600 lbs/ft proppant
3,000 lbs/ft proppant

PCK 2H
laterals significantly increases ROR and
23 MMcfd & 7,640 psi;
1,600 lbs/ft proppant
NPV in all areas
PCK 1H
31 MMcfd & 7,680 psi;
• CA 1H confirms the ability to flow at
2,700 lbs/ft proppant
higher sustained rates in Haynesville
utilizing larger stim design

Rate of Return (1) Enhanced

Completion
Bossier Parish & High IP 47%
Q4 10,000' lateral;
5,000 lbs/ft completion test

Reduced 37%
D&C Costs
PKY 1H
Q3 10,000' lateral; Longer Laterals 25%
4,000 lbs/ft completion test
18%

CHK Operated Rigs

Nabors 2H & 3H CHK Leasehold 3%
Drilled X-Unit laterals; 10,000' Wells
Q3 3,000 and 5,000 lbs/ft
completion test Completion Tests 5,000' 7,500' 10k Springridge 10k CA 12&13- 10k CA 12&13-
Springridge Springridge Lateral 15-15 2H 15-15 1H
Lateral Lateral

2014 2015 2016

(1) Economics run at $3/mcf flat

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 EAGLE FORD SHALE
EXTENDED LATERALS KEY TO REDUCING DEVELOPMENT COST

Lateral Length (1)

• Strategic shift to longer laterals 10,500'
9,000' 9,300'
has reduced development cost per
foot by 60% 5,600'
6,500'
5,300'

• ~65% of cost reductions are '14 YE '15 Avg. 1Q'16 2Q'16 YE Goal Karnes Area
attributable to sustainable Competitor

operational efficiency gains Total Well Cost per Lateral Foot (2)
$1,000 $923 $962

$488 $430 $405

Rate of Return for

2016 Development Program
2014 YE
'14 YE 2015
'15Avg.
Avg. 2016 1QE
1Q'16 2016 2QE YEYE
2Q'16 Goal
Goal Karnes Area
Competitor
Total Well Cost, Normalized to 5,300' LL ($mm)
~25% ~65% $5.3 $4.9 $5.1
At 5,300' At 10,500'
$2.6 $2.3 $2.1

'14YE
'14 YE '15 Avg. 1Q'16 2Q'16 YE Goal Karnes Area
Competitor
(1) Based on spud date
(2) Average cost per foot of wells drilled and/or completed within the time period

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Differential Business Improvement

Operational Leadership

Strength and Depth of Portfolio

 UNRECOGNIZED VALUE, UNLOCKED POTENTIAL
STRENGTH AND DEPTH OF PORTFOLIO

>40% ROR 20% – 40% ROR <20% ROR

5,260

1,750 10,500+ locations 5,600+ locations

>20% ROR (1)(2) >40% ROR (1)(2)

3,225
550
2,900
2,600 2,500+
275
350
2,400
350 1,825
2,250
275 1,575
500
2,400
1,900 1,350 425
1,110 50
600 650
200
Eagle Ford (3) Mid-Continent Marcellus Powder River Haynesville Utica Exploration and
Technology
Opportunities

Tremendous resource optionality provides Chesapeake

with a competitive advantage for years to come
(1) Economics run at $3/mcf and $60/bbl oil flat
(2) Operated gross, risked locations
(3) Includes Upper Eagle Ford and Austin Chalk locations

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HAYNESVILLE SHALE
THE CHESAPEAKE ADVANTAGE

• CHK has the opportunity to develop

the field with current technology
> Longer laterals
> Optimized completions
Heavily
> Significantly enhanced returns developed
competitor
position
• Opportunity for exceptional value realization
from captured resources for years to come

CHK Haynesville Locations

Drilled;
25%
Remaining
Development;
75% Substantial
development
opportunities
remain for CHK

Chesapeake has this opportunity

across all of its assets

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 EAGLE FORD MULTIZONE RESOURCE POTENTIAL
AREAS OF INTEREST AND COMPETITOR ACTIVITY

Austin
Chalk

Upper
Eagle
Ford

Lower
Eagle
Ford

Staggered Wellbores

CHK South Texas Locations

Drilled;
25%
Remaining
Development;
75%

Competitor offset information was derived from public data

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UTICA SHALE
DRY GAS 2016 PROGRAM

• 2016 dry gas drilling program • Substantial growth planned for 2017
˃ ~11,500' average lateral length
• Favorable gas differentials
˃ ~$6.8mm D&C per well
> ~93% of dry gas is sent to Gulf markets
˃ Average CHK WI of 99%

CHK Utica Dry Locations Utica Dry Gas Production

Drilled;
10%
>350%
Production growth
Remaining
July 2016 – July 2017
Development;
90%

~45% ROR
2016 drilling program

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Substantial progress on every front
Strategic targets

2016 2020

Reduced total leverage by Grow production 5% – 15%

~50% ($10.6 billion) annually

Improved cash costs by Retire $2 – $3 billion of debt

~50% per boe through asset divestitures

Reduced financial and balance Achieve 2x net debt/EBITDA

sheet complexity

High-graded portfolio –
10,500+ locations above 20% ROR ANALYST DAY
October 20, 2016
Oklahoma City

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Barclays CEO Energy-Power Conference 21
 GATHERING, PROCESSING & TRANSPORT
SUBSTANTIAL COST STRUCTURE IMPROVEMENT GOING FORWARD

GP&T $/boe (incl. MVC shortfall) (1)

$8.55 $8.58
$8.43
2016 GP&T expense
reduced by ~9%
$7.60 – $8.10

$7.15 – $7.65

2014 2015 2016E 2016E New 2017E New

2017 GP&T expenses expected to improve by ~14% after

midstream transactions

(1) Includes all actual and projected MVC payments; 2016E represents guidance midpoint.

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 HEDGING POSITION

Natural Gas Oil NGL

2016 2016 2016

32%

3% 74% 71%
Collars
71%
Swaps

$3.00 / $3.48/mcf $2.76/mcf Swaps $46.60/bbl Ethane Swaps $0.17/gal

NYMEX NYMEX Propane Swaps $0.46/gal

Natural Gas Oil

2017 (2)
2017 (2)
3% $3.00 / $3.48/mcf
Collars NYMEX 23%
33%
30%
Swaps $3.02/mcf
NYMEX

(1) For July – December 2016 production as of August 4, 2016. Swaps $47.49/bbl
(2) Using midpoints for projected 2017 total production guidance as of August 9, 2016.

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CORPORATE INFORMATION

HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER

6.25% Senior Notes due 2017 #027393390 N/A
6100 N. Western Avenue
Oklahoma City, OK 73118 6.50% Senior Notes due 2017 #165167BS5 CHK17
WEBSITE: www.chk.com 7.25% Senior Notes due 2018 #165167CC9 CHK18A
3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK19
6.625% Senior Notes due 2020 #165167CF2 CHK20A
CORPORATE CONTACTS
6.875% Senior Notes due 2020 #165167BU0 CHK20
BRAD SYLVESTER, CFA 6.125% Senior Notes Due 2021 #165167CG0 CHK21
Vice President – Investor Relations 5.375% Senior Notes Due 2021 #165167CK21 CHK21A
and Communications #165167CQ8 N/A
8.00% Senior Secured Second Lien Notes due 2022
#U16450AT2 N/A
DOMENIC J. DELL’OSSO, JR. 4.875% Senior Notes Due 2022 #165167CN5 CHK22
Executive Vice President and 5.75% Senior Notes Due 2023 #165167CL9 CHK23
Chief Financial Officer
2.75% Contingent Convertible Senior Notes due 2035 #165167BW6 CHK35
Investor Relations department #165167BZ9/ CHK37/
2.50% Contingent Convertible Senior Notes due 2037
#165167CA3 CHK37A
can be reached at ir@chk.com
2.25% Contingent Convertible Senior Notes due 2038 #165167CB1 CHK38
4.5% Cumulative Convertible Preferred Stock #165167842 CHK PrD
#165167834/
5.0% Cumulative Convertible Preferred Stock (Series 2005B) N/A
#165167826
#U16450204/
5.75% Cumulative Convertible Preferred Stock #165167776/ N/A
#165167768
#U16450113/
5.75% Cumulative Convertible Preferred Stock (Series A) #165167784/ N/A
#165167750
Chesapeake Common Stock #165167107 CHK

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