Chesapeake Latest_IR_Presentation

67 %
33 %
Information about Chesapeake Latest_IR_Presentation
Finance

Published on March 19, 2009

Author: finance29

Source: slideshare.net

March 2009 Investor Presentation

March 2009 Investor Presentation CHK Overview ● Leading producer of U.S. natural gas – 4Q’08 natural gas p Q g production of 2.130 bcf/day; ~3.5% of U.S. p / y; production ● Most active driller in U.S. – on average, CHK drilled a well every 5 hrs in 2008 – ~110 operated rigs currently, down from 158 in 8/08 (-30%), considering a further 10% reduction; ~75 non-operated rigs & ~15 info only rigs; collector of ~20% of all daily drilling information generated in the U S (~25% in our areas of interest) U.S. ● Consistent production growth – 19th consecutive year of sequential production growth – Increased production by 18% in ’08 to 2.3 bcfe/day and projecting increases of 5-10% in ’09 and 10-15% in ’10 to ~2.4 and ~2.7 bcfe/day, respectively, while staying within cash resources ● Best assets in the industry – 12.1 tcfe of proved reserves at 12/08, targeting 13.5-14.0 tcfe by 12/09 and 15-16 tcfe by 12/10 – 57 tcfe of risked unproved reserve potential; >10-year inventory of ~36,000 net drilling locations – Only company with a Top-2 leasehold position in each of the Big 4 shale p y y py p p g plays (Haynesville/Marcellus/Barnett/Fayetteville); no other company is Top-2 in more than one play ● Unparalleled inventory of U.S. onshore leasehold and 3-D seismic – 15.2 mm net acres of U.S. onshore leasehold and ~21.6 mm acres of 3-D seismic data 2 Data above incorporates: • CHK’s press release and Outlook dated 2/17/09 • Risk disclosure regarding unproved reserve estimates appears on page 31

March 2009 Investor Presentation Financial Highlights ● Strong ebitda, cash flow and profitability – 2008 adj. ebitda $5.6 billion, operating cash flow $5.2 billion, adj. net income to common $2.0 billion – 2009E ebitda $4 3 billi operating cash flow $4.0 billion, net income to common $1.3 billi 2009E: bitd $4.3 billion, ti g h fl $4 0 billi ti t $1 3 billion ● Well-hedged – 78% of 2009 and 48% of 2010 production hedged at average prices of $7.71 and $9.02 per mcfe, respectively, open MTM value ~$1.6 billion at 2/13/09 ● Innovative joint venture arrangements in top shale plays j g p py – CHK/PXP in Haynesville: $3.3 billion for 20% interest; 80% remaining implied value of $13 billion – CHK/BP in Fayetteville: $1.9 billion for 25% interest; 75% remaining implied value of $6 billion – CHK/STO in Marcellus: $3.4 billion for 32.5% interest; 67.5% remaining implied value of $7 billion – Total: $8.6 billion ($1.2 billion cost basis, $7.4 billion profit); remaining implied value of $26 billion ● Improving balance sheet – Net debt to book capitalization ratio of 43% at 12/31/08 – Substantial liquidity – Staggered maturities with low fixed rates; first senior note maturity in 2013 – Strong asset and cash flow/ebitda coverage of debt ● Seeking to achieve investment grade credit metrics by YE 2010 – Strong asset growth, cash generation and earnings set to meaningfully deleverage CHK by YE’09 – In 2009 and 2010, seek to increase cash resources by $2.0-3.0 billion while still growing production by 5-10% per year 3 Data above incorporates: • CHK’s press release and Outlook as of 2/17/09 • Reconciliations to GAAP measures appear on page 15 • Summary of hedging positions appears on page 14 • Assumes NYMEX prices of $7.00/mcf and $47.66/bbl and excludes effects of FAS 133 (unrealized hedging gain or loss)

March 2009 Investor Presentation Strong 2008 Results ● Top-tier production growth – Full year 2008 production of 2.3 bcfe/day; increased 18% over full year 2007 production 18% YOY average daily production increase ● Strong financial performance – $5.6 billion of adjusted ebidta(1) – $5.2 billion of operating cash flow(1)(2) – $2.0 billion of adjusted net income to common(1) – $3.55 of adjusted earnings per fully diluted common share(1) ● Proved reserves of 12.1 tcfe at 12/31/08 – YOY growth of 11% or 1.2 tcfe, despite 530 bcfe of net sales and 298 bcfe of price-related revisions ● Risked unproved reserves increased to 57 tcfe; up 73% YOY ● During 2008 CHK replaced 843 bcfe of production with an estimated 2.0 tcfe of new proved reserves for a reserve replacement rate of 239% – Reserve replacement through the drillbit was 2.55 tcfe, or 302% ● Achieved attractive total drilling and net acquisition cost of $1.61/mcfe in 2008(3) – Finding & development costs through the drillbit in 2008 were $2.04/mcfe ● Sales of undeveloped leasehold during 2008 generated cash proceeds of $5.3 billion compared to a cost basis of ~$1.1 billion for the leasehold sold 4 (1) Refer to the Investor Relations section of our website, www.chk.com, under Non-GAAP Financial Reconciliations for reconciliation of this non-GAAP measure to the comparable GAAP measure (2) Before changes in assets and liabilities (3) Excludes costs of $2.4 billion for the acquisition of unproved properties and leasehold (net of sales), $440 million for capitalized interest on unproved properties, $314 million for seismic, $23 million relating to tax basis step-up and asset retirement obligations, and also excludes negative revisions of proved reserves from lower natural gas and oil prices

March 2009 Investor Presentation CHK’s Competitive Advantages CHK has many unique competitive advantages in this tough economic environment ● High quality U.S. asset base; only producer with #1 or #2 position lit U S tb l d ith iti in “Big 4” U.S. shale plays – #1 in Haynesville Shale; 460,000 net acres – #1 in Marcellus Shale; 1.2 mm net acres – #2 in Barnett Shale (Core and Tier 1 area); 310,000 net acres – #2 in Fayetteville Shale; 420,000 net acres – No other producer is #1 or #2 in more than one of the “Big 4” shale plays ● Advantageous joint venture arrangements – $8.6 billion of value captured vs. cost basis of $1.2 billion – $26 billion of remaining implied value f – $4 billion of joint venture carry receivables not on books ~2.5 tcfe of future no cost reserves from carries ● 2009 & 2010 finding cost advantage – Able to add 2.0-2.5 tcfe per year at ~$1.25/mcfe in 2009 and 2.0 2.5 $1.25/mcfe ~$1.50/mcfe in 2010 – Maintenance cap-ex only ~15% in 2009 and ~20% in 2010 ● Strong hedging track record – ~$2.1 billion in realized gains 2001-2008 – ~$1.6 billi in open MTM value at 2/13/09 $1 6 billion i l t 5

March 2009 Investor Presentation CHK’s Competitive Advantages Continued ● Balanced cash flow plan – CHK is seeking to build $2.0-3.0 billion of cash in 2009-2010 while still growing production 5-10% per year 5 10% ● Effective balance sheet – Substantial liquidity – Long-term maturities Average debt maturity of 7.8 years; first maturity of senior notes in 2013 e age atu ty o 8 yea s; st atu ty o se o otes 03 – Low cost debt 6.1% average interest rate on senior notes Revolver currently at ~3% interest rate – Targeting investment grade credit metrics by YE 2010 ● Asset values not reflected in share price(1) f – Proved PV10 @$6.00 = $17 billion – Unproved assets = $11 billion – Hedges and drilling carries = $7 billion – B k value of other assets = $5 billi Book l f th t billion – Net debt and net working capital = $(15) billion – Total NAV = $25 billion, or $42 per share after debt and working capital ● Conclusion: CHK is well prepared to ride out the recession with many distinctive and substantial competitive advantages 6 (1) Details of net asset value estimation appear on page 19

March 2009 Investor Presentation The Industry’s Cost Curve is Shifting Rapidly – Very Important to Understand py yp ● Up until 5 years ago, most E&P companies in the U.S. owned an asset base that was more or less the same as everyone else’s – not true anymore and significant implications! ● “Shale haves” will have very low risk F&D costs <$2.00/mcfe for decades to come (and decreasing over time as efficiencies increase and shale gas reservoir knowledge improves) while “shale have-nots” will have F&D costs >$3.00/mcfe and increasing over time as most drilling will be increased-density, rate-acceleration wells in existing fields rather than new discoveries Post-shale F&D Cost Pre-shale F&D Cost In the Future… Curve Continuum Curve Continuum $4.00 $3.00 $3.00 F&D/mcfe F&D/mcfe F&D/mcfe $3.00 $2.00 $2.00 $2.00 $1.00 $1.00 $1.00 50% 25% 50% 25% 50% 100% 25% 75% 100% 75% 100% 75% Industry Quartile Industry Quartile Industry Quartile 7 Those that missed the “Big 4” shale land grab of 2004–2008 will pay the price for years, if not decades, to come…

March 2009 Investor Presentation Efficiently Allocating Capital to Low-cost, Top-Tier Assets(1) ,p ● CHK has built the nation’s largest resource $3.25 base through a #1 or #2 position in the West TX Delaware TX. “Big 4” premier shale plays Pr drilling-carry targeted F&D costs ($/mcfe) $3.00 Shales ~1%(2) – They account for >60% of the company’s proved and risked unproved reserve base $2.75 ● Science and technology have transformed $2.50 NW OK Sahara ~3%(2) these premier shale plays into predictable predictable, c low-cost, high rate of return assets $2.25 – Only 10 or so companies have captured South Texas Barnett Shale meaningful positions in the plays $2.00 ~1%(2) ~23%(2) – The remainder of the E&P industry is y $1.75 $1 75 challenged to generate acceptable returns in higher cost, less-efficient plays Fayetteville Shale ~13%(2) $1.50 – Industry supply is determined by the marginal cost of the high-cost, not low-cost, plays $1.25 Haynesville Shale ~20%(2) ● ~65% of CHK’s 2009 gross drilling capex 65% re $1.00 will be directed to the Big 4 premier shale Marcellus Shale ~8%(2) plays (~50% net of drilling carries) $0.75 – ~$1.25/mcfe F&D cost with drilling carries 8 (1) Size of bubble corresponds to relative size of CHK proved and risked unproved reserves in each play (2) Percent of 2009E gross drilling capital expenditures (before ~$1.2 billion of drilling carries)

March 2009 Investor Presentation 2009 Net Finding Cost Outlook Reserve Additions E&P Capital 2,500 $3,000 Drilling carry $2,500 2,000 CHK capital cost $2,000 $ in millions bcfe 1,500 $1,500 1,000 $1,000 500 $500 0 $0 Shale JVs Other CHK Plays Total CHK Shale JVs Other CHK Plays Total CHK Drillbit F&D $2.50 $2 50 ~$4 billion of CHK carries represent ~2.5 tcfe <$2.00 $2.00 of no cost future reserve adds to CHK and $/Mcfe should give CHK one of the lowest finding $1.50 ~$1.25 costs and high t returns on capital in 2009 t d highest t it l i $ $1.00 ~$0.65 and 2010 (at least) in the U.S. E&P industry $0.50 $0.00 Shale JVs Other CHK Plays Total CHK 9

March 2009 Investor Presentation Haynesville Shale Summary ● CHK discovered this play in 2007, potentially Prospective Area = ~3.5 Million Acres largest field in the U.S. (Marcellus Shale may possibly become #1 post 2020) ● 80/20 JV with PXP in 7/08; received $1.65 billion in cash and $1.65 billion in carry in a $3.3 billion deal ● Pl encompasses a ~3.5 million acre area in NW Play 3 5 illi i Louisiana and E. TX ~110 miles ● CHK is the largest leasehold owner in the core area of the play, ~460,000 net acres (after sale to PXP) ● 2009 planned activity – ~$825 mm budget (~50% funded by JV partner PXP) Chesapeake Operated Rigs – Average of ~26 operated rigs CHK Non-op Rigs – ~575 bcfe of reserve additions CHK Acreage – ~$0.70/mcfe finding cost net to CHK $0.70/mcfe ● Two recent wells have tested >22 mmcf/day ~95 miles ● Entered into firm transportation agreements with CenterPoint and Energy Transfer Partners (Tiger Pipeline) p ) Note: Risk disclosure regarding unproved reserve estimates appears on page 31 10 CHK found the Haynesville through its proprietary shale evaluation capabilities in its unique Reservoir Technology Center

March 2009 Investor Presentation Marcellus Shale Summary ● CHK acquired leading position in this play in 2005 Prospective Area = 31 Million Acres through $2.2 billion acquisition of CNR ● 67.5/32.5 JV with StatoilHydro in 11/08; received $1.25 billion in cash and $2.125 billion in carry in a $3.375 billion deal ● CHK is the largest leasehold owner in the Marcellus Shale play with ~1.2 million net acres of leasehold (after sale to STO) ~360 miles ● The Marcellus Shale may ultimately become the largest natural gas field in the U.S. – Will develop more slowly than other shale plays, however, due to topography, infrastructure and regulatory bottle-necks CHK Acreage ● 2009 planned activity CHK Operated Rigs – ~$325 mm budget (~75% funded by JV partner STO) $325 ( 75% – Average of ~14 operated rigs (adding ~1 rig per ~300 miles month in 2009) – ~260 bcfe reserve additions – ~$0.30/mcfe finding cost net to CHK $0 30/ c e d g et C 11 Note: Risk disclosure regarding unproved reserve estimates appears on page 31

March 2009 Investor Presentation Fayetteville Shale Summary ● 75/25 JV with BP in 8/08;; $1.1 billion in cash / / Prospective Area = ~1.7 Million Acres received, $800 mm in carry in a $1.9 billion deal ● CHK is the second-largest producer in the Fayetteville Shale and second-largest leasehold owner in the Core area of the play with ~420,000 420,000 es ~40 mile net acres (after 135,000 net acres to BP) ● 2009 planned activity – ~$600 mm budget nearly all funded by JV partner BP – Average of ~20 operated rigs 20 – ~350 bcfe of reserve additions CHK Non-op Rigs Chesapeake Operated Rigs CHK Acreage – <$0.20/mcfe finding cost net to CHK ● CHK’s Fayetteville assets are approximately half ~115 miles the size of SWN’s Fayetteville assets SWN s – Valued at zero in CHK, but worth ~$4-5 billion based on an implied value of Fayetteville assets within SWN 12 Note: Risk disclosure regarding unproved reserve estimates appears on page 31

March 2009 Investor Presentation Barnett Shale Summary ● CHK is the second-largest producer, most active Prospective Area = ~1.5 Million Acres driller and largest leasehold owner in the Core and Ti 1 sweet spot of T d Tier t t f Tarrant, J h t Johnson andd western Dallas counties ● Industry leading urban-drilling expertise has become a significant competitive advantage ● 2009 planned activity l d ti it Core & – ~$950 mm budget ~82 miles Tier 1 – Average of ~25 operated rigs Outline – ~675 bcfe of reserve additions – ~$1 40/mcfe net finding cost to CHK ~$1.40/mcfe ● Remember all the excitement about the western and southern counties? That has all faded away and what remains as the two best counties are Johnson and Tarrant CHK Acreage CHK Acreage CHK Operated ● In shale plays, as in all others, it’s the core Rigs CHK Rigs CHK Non-op acreage that is the best and CHK always focuses Rigs on acquiring core acreage rather than fringe ~67 miles acreage 13 Note: Risk disclosure regarding unproved reserve estimates appears on page 31

March 2009 Investor Presentation Successful Hedging Reduces Risk and Helps Secure Attractive Cash Margins p g CHK’s natural gas and oil hedge positions for 2009-2010(1)(2) NYMEX Avg. Nymex Avg. NYMEX (3)(4) (5) Natural Gas Swaps Avg. Price Natural Gas Collars % Hedged Floor Price Ceiling Price % Hedged 2009 Total 40% $7.30 $9.00 2009 Total 42% $7.79 2010 T t l Total 13% $6.48 $6 48 $8.77 $8 77 2010 T t l Total 35% $9.43 $9 43 NYMEX Strip Prices @ 3/2/09 NYMEX Oil Gas Oil (6) Oil % Hedged Avg. Price $ 4.81 $ 44.15 2009 $ 6.04 6 04 $ 52.86 52 86 2010 $ 6.61 $ 57.66 2011 2009 Total 26% $83.50 $ 6.79 $ 60.97 2012 $ 6.91 $ 63.42 2010 Total 37% $90.25 2013 $ 55.81 $ 6.23 5-Year Average 2001-2008 realized hedging gains: ~$2.1 billion 2009-beyond MTM value at 2/13/09: ~$1.6 billion Total hedging g g g gains: ~$3.7 billion 14 (1) Excludes written calls (2) Includes CNR derivative liabilities assumed at MTM value upon closing. Assumes approximately the midpoint of company production forecast for each item and includes hedging positions as of 2/17/2009 (3) Includes positions with knockout provisions for 1% of 2009 production at knockout prices of $6.00 - $6.50 and for 25% of 2010 production at knockout prices of $5.45 - $6.75/mcf (4) Does not include calls written with average premiums of $1.05 at average strike prices of $9.08 in 2009 and $0.96 and $10.77 in 2010 (5) Includes three-way collars (6) Includes cap-swaps and knockout swaps

March 2009 Investor Presentation 2009 Financial Projections at Various Natural Gas Prices As of 2/17/09 Outlook $5.00 $6.00 $7.00 $8.00 $9.00 ($ in millions; oil at $47.66 NYMEX) O/G revenue (unhedged) @ 880 bcfe(1) $3,910 $4,470 $5,040 $5,600 $6,380 Hedging effect(2)) ( 1,770 1 770 1,280 1 280 800 380 (70) Marketing and other (@ $0.15/mcfe) 130 130 130 130 130 Production taxes 5% (200) (220) (250) (280) (320) LOE (@ $1.15/mcfe) (1,010) (1,010) (1,010) (1,010) (1,010) G&A (@ $0.46/mcfe)(3) (400) (400) (400) (400) (400) Ebitda 4,200 4,250 4,310 4,420 4,710 Interest (@ $0.33/mcfe) (290) (290) (290) (290) (290) Operating cash flow(2)(3)(4) 3,910 3,960 4,020 4,130 4,420 Oil and gas depreciation (@ $1.95/mcfe) (1,720) (1,720) (1,720) (1,720) (1,720) Depreciation of other assets (@ $0 26/ f ) D ii fh $0.26/mcfe) (230) (230) (230) (230) (230) Income taxes (38.5% rate) (750) (770) (800) (840) (950) Net income to common(1) $1,210 $1,240 $1,270 $1,340 $1,520 Net income to common per fully diluted shares $1.98 $2.02 $2.07 $2.19 $2.48 Net debt/ebitda(5) / 3.0 2.9 2.9 2.8 2.6 Debt to book capitalization ratio 39% 39% 39% 39% 39% Ebitda/fixed charges (including pfd. dividends)(6) 5.8 5.9 5.9 6.1 6.5 MEV/operating cash flow(7) 2.8x 2.8x 2.7x 2.7x 2.5x EV/ebitda(8) 6.2x 6.1x 6.0x 5.9x 5.5x PE ratio(9) 9.1x 8.9x 8.7x 8.2x 7.3x 15 (1) Before effects of FAS 133 (unrealized hedging gain or loss) (2) Includes the non-cash effect of CNR hedges (3) Includes charges related to stock based compensation (4) Before changes in assets and liabilities (5) Net debt = long-term debt less cash (6) Fixed charges ($726mm) = interest expense of $702 million plus dividends of $24 million (7) MEV (Market Equity Value) = $11.0 billion ($18.00/share x 609 mm fully diluted shares as of 12/31/08 (8) EV (Enterprise Value) = $26.0 billion (Market Equity Value, plus $12.4 billion of net long-term debt plus $0.5 billion preferred stock treated as debt and $2.1 billion working capital deficit) (9) Assuming a common stock price of $18.00/share

March 2009 Investor Presentation 2010 Financial Projections at Various Natural Gas Prices As of 2/17/09 Outlook $5.00 $6.00 $7.00 $8.00 $9.00 ($ in millions; oil at $70.00 NYMEX) O/G revenue (unhedged) @ 996 bcfe(1) $4,600 $5,360 $6,130 $6,890 $7,650 Hedging effect(2) 950 890 1,100 1 100 740 230 Marketing and other (@ $0.15/mcfe) 150 150 150 150 150 Production taxes 5% (230) (270) (310) (340) (380) LOE (@ $1.20/mcfe) (1,200) (1,200) (1,200) (1,200) (1,200) G&A (@ $0.46/mcfe)(3) (460) (460) (460) (460) (460) Ebitda 3,810 4,470 5,410 5,780 5,990 Interest (@ $0.38/mcfe) (370) (370) (370) (370) (370) Operating cash flow(2)(3)(4) 3,440 4,100 5,040 5,410 5,620 Oil and gas depreciation (@ $1.95/mcfe) (1,940) (1,940) (1,940) (1,940) (1,940) Depreciation of other assets (@ $0 26/mcfe) $0.26/mcfe) (260) (260) (260) (260) (260) Income taxes (38.5% rate) (480) (730) (1,090) (1,240) (1,320) Net income to common(1) $760 $1,170 $1,750 $1,970 $2,100 Net income to common per fully diluted shares $1.22 $1.88 $2.81 $3.16 $3.37 Net debt/ebitda(5) 3.3 2.8 2.3 2.1 2.1 Debt to book capitalization ratio 35% 34% 34% 34% 33% Ebitda/fixed charges (including pfd. Dividends)(6) 5.3 6.2 7.5 8.0 8.3 MEV/operating cash flow(7) 3.2x 2.7x 2.2x 2.0x 2.0x EV/ebitda(8) 6.8x 5.8x 4.8x 4.5x 4.3x PE r ti (9) ratio 14.8x 14 8 9.6x 96 6.4x 64 5.7x 57 5.3x 53 16 (1) Before effects of FAS 133 (unrealized hedging gain or loss) (2) Includes the non-cash effect of CNR hedges (3) Includes charges related to stock based compensation (4) Before changes in assets and liabilities (5) Net debt = long-term debt less cash (6) Fixed charges ($724mm) = interest expense of $702 million plus dividends of $22 million (7) MEV (Market Equity Value) = $11.0 billion ($18.00/share x 609 mm fully diluted shares as of 12/31/08 (8) EV (Enterprise Value) = $26.0 billion (Market Equity Value, plus $12.4 billion of net long-term debt, plus $0.5 billion preferred stock treated as debt and $2.1 billion working capital deficit) (9) Assuming a common stock price of $18.00/share

March 2009 Investor Presentation (1) Cash Resource Plan ’09 - ’10 Net Cash Resources ($ in millions) 2009E 2010E Total Operating cash flow(1)(2) $3,900 - $4,000 $5,000 - $5,400 $8,900 - $9,400 Leasehold and producing properties transactions Sales 1,500 - 2,000 1,000 - 1,500 2,500 - 3,500 Acquisitions (350 - 500) (350 - 500) (700 - 1,000) Net leasehold and producing properties transactions 1,150 - 1,500 650 - 1,000 1,800 - 2,500 Midstream equity financings or asset sales 500 - 600 500 - 600 1,000 - 1,200 Proceeds from investments and other 300 - 300 Total: $5,850 - $6,400 $6,150 - $7,000 $12,000 - $13,400 Net Cash Uses ($ in millions) Drilling $2,800 - $3,000 $3,500 - $3,800 $6,300 - $6,800 Geologic and geophysical 100 - 125 100 - 125 200 - 250 Midstream infrastructure and compression 600 - 700 400 - 500 1,000 - 1,200 Other PP&E 300 - 350 200 - 250 500 - 600 Dividends, capitalized interest, etc. 600 - 800 500 - 600 1,100 - 1,400 Cash income taxes 175 - 200 100 - 200 275 - 400 Total: $4,575 - $5,175 $4,800 - $5,475 $9,375 - $10,650 Net Cash Change $1,225 - 1,275 $1,350 - 1,525 $2,625 - 2,750 Production (bcfe per day) 2.41 2.73 Proved reserves(3) (tcfe) 13.5 15.5 Proved reserves per fully diluted share (mcfe) 21.7 25.0 YOY % change in proved reserves per FD share 12% 15% Long-term debt, net of cash on hand ($ in millions) ~$11,500 ~10,000 Long-term debt per mcfe of proved reserves ~$0.84 ~$0.65 17 (1) From Outlook as of 2/17/09 and assumes NYMEX prices of $6.00-$7.00/mcf and $47.66/bbl in 2009 and $7.00-$8.00/mcf and $70/bbl in 2010 (2) Before changes to asset and liabilities. Reconciliations to GAAP measures appear on pages 15-16 (3) Under existing SEC proved reserve definitions – likely to increase beginning 12/31/09

March 2009 Investor Presentation Senior Note Maturity Schedule $4,000 Total Senior Notes: $11.5 billion(1) $3,600 $3,313( $3 313(2)) Average Rate: 6 1% 6.1% Average Maturity: 7.8 years $3,200 $2,800 $2,526(2) $2,476(1) $2,400 $2 400 $ in MM $2,000 $1,600 $1,270 $1,200 $864 $800 $3.5 billion bank $600 $500 credit facility matures November 2012 $400

Add a comment

Related presentations

Related pages

INVESTOR PRESENTATION - Chesapeake Energy Corporation

9 I INVESTOR PRESENTATION 5/6/2015 . HAYNESVILLE . STRATEGIC DEVELOPMENT DRIVES VALUE CREATION . 7,500’ Lateral Test . Enhanced Haynesville completions
Read more

August 5, 2015 - Chesapeake Energy Corporation

4 I 2Q 2015 EARNINGS 8/5/2015 NORTHEAST OPERATIONS CONTINUOUS PERFORMANCE • Operational performance delivering production with less capital
Read more

November 2011 Investor Presentation - IIS Windows Server

May 2011 Investor PresentationNovember 2011 Investor Presentation ... Chesapeake has retained all the common interests in ... Latest_IR_Presentation.pptx
Read more

Chesapeake De-link Exec Comp From Reserves Growth — Ceres

Chesapeake De-link Exec Comp ... Chesapeake has also ... 'http://www.chk.com/Documents investors/20150908 Latest IR Presentation.pdf. 2 http ...
Read more

Read PowerPoint Presentation text version - Readbag

Read PowerPoint Presentation text version. August 2012 Investor Presentation. ... Chesapeake Headquarters 6100 N. Western Avenue Oklahoma City, OK 73118.
Read more

Chesapeake & Shannon - Education

Chesapeake Latest_IR_Presentation. Chesapeake Latest_IR_Presentation. Login or Join. Processing Login successful. The system will automatically switch to ...
Read more

Latest IR Presentation - University of Texas at Dallas

ion. 2. February 2012 Investor Presentation. Eight Major 2011 Accomplishments. Reduced long-term net debt by 25% per proved mcfe. From $0.73/mcfe to $0.55 ...
Read more

Read Microsoft PowerPoint - Latest_IR_Presentation.pptx ...

Readbag users suggest that Microsoft PowerPoint - Latest_IR_Presentation.pptx is worth reading. The file contains 36 page(s) and is free to view, download ...
Read more