GOLDMAN SACHS

LEVERAGED FINANCE CONFERENCE

May 17, 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, planned development drilling and expected drilling cost
reductions, capital expenditures, expected efficiency gains, our ability to improve margins, reduce operating and G&A expenses, optimize base production, the
timing of anticipated asset sales and proceeds to be received therefrom, projected cash flow and liquidity, business strategy and other opportunities, plans and
objectives for future operations (including restructuring of midstream gathering agreements), 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 the event of a bankruptcy of SSE; 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 this presentation, and we undertake no
obligation to update any of the information provided in this presentation, except as required by applicable law.

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2016 KEY ACHIEVEMENTS TO DATE

• ~$1.2 billion in asset divestitures closed or under signed PSA

> Up from $700mm announced in February
> Reiterating target of $1.2 – $1.7 billion in asset divestitures in 2016

• Amended revolving credit facility covenants and reaffirmed

$4 billion borrowing base capacity

• Reduced 2017 maturing / puttable debt by ~$700 million a 32%

reduction since 9/30/15; $410mm YTD as of 5/11/16

• Cash costs down 28% in first quarter YOY

(1)

(1) Includes production expenses and general and administrative expenses, including stock based compensation.

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 CHESAPEAKE’S FOCUS IN 2016
WHAT WE PLAN TO DO

2016 Plan 2016 Progress to Date

□ Reduce capital budget by >50%
■
Maximize On track to reduce capital budget by >50% YOY
□ 10% reduction in LOE/boe
■
Liquidity □ 15% reduction in G&A/boe (1)
Reduced cash costs by 28% first quarter YOY (1)

□ Close on $700mm in signed asset divestitures ■ $1.2 billion in total asset divestitures closed or
Optimize under PSA YTD
□ $500 – $1,000mm in additional asset divestitures
■ Reiterating target of $1.2 – $1.7 billion in asset
Portfolio □ Fund short-cycle cash-generating projects divestitures in 2016

□ Improve gathering and transportation agreements ■ Continued progress on contract renegotiations

Increase
□ 2016 capital program focusing on TILS ■ >50% of D&C capital allocated for inventory
EBITDA □ Reduce base decline rate by 10% drawdown

Debt □ Proactive liability management ■ Reduced 2017 maturing/puttable debt by

Management/ □ Open market repurchases of debt ~$700mm, a 32% reduction since 9/30/15; $410mm
Elimination □ Focus on 2017 and 2018 maturity management YTD as of 5/11/16

(1) Includes production expenses and general and administrative expenses, including stock based compensation.

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 SIGNIFICANT PROGRESS ON ASSET DIVESTITURE GOAL

~$1.2 billion ~35 mboe/d

Expected gross proceeds from Minimal impact to 2016 production
2016 signed or closed divestitures (1) volumes (60% gas) (2)

$45 million $1.2 - $1.7 billion

Minimal 2016 projected Targeted asset divestitures by YE 2016
EBITDA impact

(1) Approximately $950 million in net proceeds after VPP obligations are met.
(2) Production from signed or closed divestitures is approximately 60% gas, 20% oil, and 20% NGL.

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MERAMEC VALUE ACCELERATION

• Partial Meramec monetization for

$470mm accelerates significant value
for shareholders

• Maintaining a substantial position after

2016 divestitures

˃ 52,000 acres remain in STACK corridor

˃ 1.5mm acres remain in the Mid-Continent

Budgeted 2016 STACK D&C CAPEX

• ~$100mm in capital available to redirect
to other investment opportunities $40

• Borrowing base not impacted by

$20
Meramec monetization $20 $20

1Q'16 2Q'16E 3Q'16E 4Q'16E

Effective Date: 4/1/16

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 CAPITAL DISCIPLINE REMAINS FOCUS

• On track for >50% reduction in total capex vs. 2015

˃ Capex down 75% in first quarter YOY

• Majority of 2016 projected capex focused on DUC inventory drawdown

Capital Spending (1) Production (2)

$1,600 800
Quarterly CapEx Spend ($mm)

$1,200 600

Produciton (mboe/d)
$800 400

$400 200

$0 0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2015 2016E 2015 2016E

(1) Includes D&C costs, leasehold, G&G, other PP&E and capitalized interest.
(2) Unadjusted for asset sales.

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 CONTINUOUS IMPROVEMENT OF CASH COSTS

Quarterly Cash Costs ($/boe) (1)

• Plan to reduce G&A by 15% $5.75
$5.40
and LOE by 10% in 2016 $4.87 $4.64
$4.14

• Progress being made on both fronts

in early 2016
1Q'15 2Q'15 3Q'15 4Q'15 1Q'16
> 28% reduction in cash costs
in first quarter YOY (1)
> ~$100mm reduction in cash Annual Cash Costs ($/boe) (1)
$7.76
costs YOY (1) $6.60
$5.93
$5.17
• History of continuous cash cost $4.10 – $4.50 (2)

improvement

2012 2013 2014 2015 2016 E

(1) Includes production expenses and general and administrative expenses, including stock based compensation.
(2) Guidance as of May 5, 2016.

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VAST U.S. ONSHORE ASSET PORTFOLIO
SIGNIFICANT VALUE IN DEVELOPED AND UNDEVELOPED ACREAGE

Powder River Basin

17 mboe/d net (1)
Spud: 0 / TIL: 5 Marcellus Shale
144 mboe/d net (1)
Spud: 0-5 / TIL: 20
Utica Shale (2)
146 mboe/d net (1)
Spud: 0-5 / TIL: 45-55

Mid-Continent
93 mboe/d net (1)
Spud: 30-40 / TIL: 25-35

Barnett Shale
69 mboe/d net (1)
Spud: 0 / TIL: 5

~8.0mm net acres

Haynesville Shale
112 mboe/d net (1) in developed and
Spud: 25-35 / TIL: 50-60
Eagle Ford Shale
91 mboe/d net (1)
undeveloped
Spud: 20-30 / TIL: 170-180 leasehold (3)

(1) Average daily production 1Q’16.

(2) Includes production volumes from legacy Devonian wells in West Virginia and Kentucky.
(3) Estimated as of 3/31/2016.

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CONTINUOUS IMPROVEMENT IN CAPITAL EFFICIENCY

Continually improved Mid-Continent Eagle Ford Shale

F&D cost across the
portfolio (1) 37% 34%
$22 $26
$18 $21
Significant $14 $14 $15
$17

improvements
forecasted for 2016
2012 2013 2014 2015 2012 2013 2014 2015

Haynesville Shale Utica Shale Marcellus Shale

$19 $18 $9 47%

68% 56% $8
$13
$6 $5
$10 $9 $8
$7 $6

2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015

(1) Data represents average net D&C $ / net EUR in boe, grouped by TIL year.

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 HAYNESVILLE SHALE
LONGER LATERALS DRIVING EFFICIENCY

4,000
Longer Lateral Productivity (1)

Cumulative Gas (MMcf)

• 23% decrease in projected 3,500
3,000
D&C costs in 2016 vs. 2015 2,500
2,000
1,500
• Long laterals provide 63% 1,000 63%
Increase
increase in 160-day 500
0
cumulative gas production 0 100 200 300 400
Time (Days)
˃ Efficiency gains driving ROR higher Legacy Wells: ~4,400' LL 10,000' LL Wells

Lateral Length Progression

• ~8,000’ average lateral length 9,000
in 2016
Drilled Lateral Length (ft.)
8,000
75%
Longer laterals
7,000
projected to be drilled
in 2016E vs. 2013
6,000

5,000

4,000
2013 2014 2015 2016E

(1) Legacy wells includes 27 wells with in-unit laterals. 10,000 LL includes three wells traversing two sections with down time removed.

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 EAGLE FORD SHALE
CAPITAL EFFICIENCY DRIVING COMPETITIVE RETURNS

Lateral Length
• Outstanding well performance to 12,000 10,500

Lateral Length (ft.)

10,000 9,000
date for extended lateral program 8,000 6,500 6,500
5,600
6,000
• Per foot development costs 4,000
reduced by ~50% 2014 YE 2015 Avg. 2016 1QE 2016 2QE YE Goal

• Current returns on development

program at $45/bbl oil Cost per Foot
$1,500
outcompete 2014 program at

Dollars per Foot

$1,000 $923
$80/bbl oil (1) $1,000
$600 $522
$429
$500

$0
2014 YE 2015 Avg. 2016 1QE 2016 2QE YE Goal

25 - 50%
Cumulative Oil (Mbo)

50
Expected ROR for 2016 Cumulative Oil Production
40
development program (1)
30
20
XL Pad - Avg. LL 9,900'
10
Control Avg. LL 4,983'
0
0 10 20 30 40 50 60 70 80 90 100
Days
(1) Pricing assumptions: 2016: $47.32/$2.52, 2017: $49.00/$3.01, 2018: $50.22/$3.04, 2019: $51.35/$3.04, 2020+: $53/$3.25

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 THE TRANSFORMATION CONTINUES

Maximize Liquidity: 2016 capital spend is down more than ~50%

Optimize Portfolio: $1.2 billion in asset divestitures signed YTD

Increase EBITDA: Reduce costs and work to restructure contracts

Debt Management/Elimination: ~$700 million reduction in 2017 debt (1)

2015 2016
4Q 1Q 2Q 3Q 4Q
Second lien debt Announced Announced Continue maximizing liquidity,
exchange $700mm in $500mm in asset increasing EBITDA and
noncore asset divestitures; reducing debt
divestitures Amended credit
facility

(1) Since 9/30/2015, as of 5/11/16.

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 APPENDIX

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REVOLVER CREDIT FACILITY AMENDMENT

• Revolving credit facility capacity affirmed at $4 billion

• Facility will not be subject to another redetermination until June 2017

• Senior secured leverage ratio suspended through September 2017

˃ Resuming at 3.5x thereafter through December 2017 and decreasing to 3.0x
thereafter

• Interest coverage ratio covenant was reduced to 0.65x from 1.1x

through March 2017
> After which it will increase to 0.70x through June 2017, then reverting to 1.2x in
September 2017 and to 1.25x thereafter

Amendments to revolver provides significant liquidity

and optionality in 2016 for Chesapeake

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 32% REDUCTION IN 2017 MATURING/PUTTABLE DEBT

$2,500
From 9/30/2015 through 5/11/2016, reduced
$2,220
2017 maturing/puttable debt obligations by

$2,000
~$700mm

$1,500
$1,168
$1,498 (1) ~$620mm
Total incremental liquidity since 9/30/2015
through proactive liability management (2)
$ MM

$812
$1,000
Financial Transaction Liquidity Savings

$660
$305mm of new
Debt Exchange $291mm
2nd lien
$500 $342
Open Market
$99mm of cash $86mm
Repurchases
$392 $344
Equity for Debt 42.3mm shares
$0 $240mm
Exchanges (valued at $193mm)
9/30/15 Outstanding 5/11/16 Outstanding

6.25% 2017 6.5% 2017 2.5% 2037

(1) 6.25% 2017's converted to USD for entire period using exchange rate of $1.1426 to €1.00 as of 5/11/16.
(2) Incremental liquidity savings includes principal savings and net interest impact.

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 MATURITY PROFILE
PROACTIVE LIABILITY MANAGEMENT

Debt
Reduction

$2.8 billion
$861

Unsecured
Notes(1)
Debt principal removed from books
in 2015 and 2016 as of 3/13/16
2nd Lien $2,425
Notes

Market
Value(2)
$67.0 million
Annual interest payment reduction from
$723 all liability management transactions

$674
$824
$411
$1,498

$1,089 $1,126 $716

$147
$868 $876

$639

$384

(2)
2017 2018 2019 2020 2021 2022 2023

(1) Recognizes earliest investor put option as maturity for the 2.50% 2037 and 2.25% 2038 Contingent Convertible Senior Notes.
(2) Euro-notes are converted to USD using exchange rate of $1.1426 to €1.00 (5/11/16).

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 CREDIT COLLATERAL SUPPORT

Midstream collateral requirements decreasing

while hedging counterparty requirements
$1,097
$400
increased due to higher commodity prices
$1,000
$350

$826
$300
$800
$733 $730

$250
Millions USD (1)

Millions USD
$32
$600
$200 $32

$57 $104
$150 $400

$100
$11
$133 $200
$34
$50 $111

$4 $47
$11
$0 $5 $0
12/31/2015 2/24/2016 3/31/2016 5/3/2016

Posted - Midstream Posted - Hedging Posted - Others Potential – Midstream and Insurance

(1) Excluding the supersedeas bond with respect to the 6.775% Senior Notes due 2019 litigation.

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 HEDGING POSITION (1)

NaturalGas
Natural Gas(1) Oil NGL
2016
2016 2016 2016

38%

64% 69%

Swaps $2.71/mcf Swaps $46.32/bbl Ethane Swaps $0.17/gal

Propane Swaps $0.46/gal

73 bcf of 2017 gas volumes hedged with swaps @ $2.92

2.9 mmbbl of 2017 oil volumes hedged with swaps @ $42.53

(1) For April - December 2016 production as of May 3, 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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