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June 2013 Investor Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · Jun 10, 2013 · 36 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 1
    June 2013 Investor Presentation JUNE 2013 INVESTOR PRESENTATION
  2. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 2
    June 2013 Investor Presentation UNIQUELY POSITIONED 2nd largest U.S. natural gas producer (net), 4% of total Largest U.S. natural gas producer (gross), 9% of total 11th largest U.S. liquids (oil and NGL) producer 1 driller of…
  3. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 3
    June 2013 Investor Presentation PHASES OF CHESAPEAKE GROWTH GAS SHALE BALANCE Through the Drillbit GO LONG GAS Identification Assets Through Finding and Capture Unconventional Oil 19891998 19992003 20042009 20102012 Previous…
  4. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 4
    June 2013 Investor Presentation VALUE REALIZATION 2013FUTURE The Path Forward Develop existing assets Operational excellence Capital efficiency Financial discipline 5
  5. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 5
    June 2013 Investor Presentation VALUE REALIZATION PHASE DEVELOP EXISTING ASSETS CAPITAL EFFICIENCY Focus on the core of the core Pad drilling efficiencies Improve liquids production mix Leverage first well investments Optimize…
  6. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 6
    June 2013 Investor Presentation 1Q13 FINANCIAL RESULTS ADJ. NET INCOME ADJ. EPS ADJ. EBITDA 95% YOY 67% YOY 35% YOY 183mm 0.30 1.13 billion LIQUIDITY ASSET SALES UPSTREAM CAPEX 3.2 billion (1) 2.3 billion (2) 56% YOY…
  7. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 7
    June 2013 Investor Presentation 1Q13 OPERATIONAL RESULTS TOTAL PRODUCTION LIQUIDS MIX OIL 9% YOY 24% of Total Production(1) 56% YOY 4.0 bcfe/d Up from 19% in 1Q12 103 mbbls/d NGL NATURAL GAS E&P SAFETY 14% YOY 2% YOY 1.5…
  8. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 8
    June 2013 Investor Presentation DEVELOPING EXISTING ASSETS
  9. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 9
    June 2013 Investor Presentation DOMINANT U.S. LEASEHOLD POSITIONS Best risk-adjusted returns in the industry are onshore in the U.S. Natural Gas Plays Not exposed to economic, geopolitical or technical Utica Shale Liquid Plays…
  10. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 10
    June 2013 Investor Presentation SHIFTING TO HIGHER RETURN LIQUIDS- RICH PLAYS IS PAYING OFF CHK Operated Rigs % of CHK Operated Drilling and Completion Capex Total Liquids Capex Total Dry Gas Capex 140 16% 14% 120 100 54%…
  11. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 11
    June 2013 Investor Presentation 2013 DRILLING AND COMPLETION CAPEX ALLOCATION BY PLAY (1) Barnett Shale Haynesville Shale Marcellus North 4% 4% Eagle Ford Shale 6% Marcellus South 8% 35% PRB Niobrara 4% 11% Utica…
  12. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 12
    June 2013 Investor Presentation LIQUIDS DRIVEN PRODUCTION GROWTH 800,000 40% Permian Basin VPP Sales 157,000 10 bbls/d in 600,000 1Q13 30% % Liquids Boe/d 400,000 30,000 bbls/d in 1Q09 20% VPP 8 Fayetteville Sale…
  13. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 13
    June 2013 Investor Presentation EAGLE FORD SHALE 1Q13 daily net Drilled 887 wells in Spud-to-spud cycle 3,500 future drilling production of 75 the Eagle Ford(1) times down 28% YOY, locations on acreage mboe/d, up 225% YOY…
  14. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 14
    June 2013 Investor Presentation CHK EAGLE FORD CORE ECONOMICS Pro Forma Type Curve Histogram of EURs(1) 700 700 Daily Avg. Rate 200 185 Cumulative Production (MMBOE) 570 MBOE Gross EUR Type Curve Target EUR: 570 MBOE 600…
  15. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 15
    June 2013 Investor Presentation UTICA SHALE 1Q13 daily net production of 60 mmcfe/d Targeting YE13 exit rate of 330 mmcfe/d Average peak daily rate of 13 wells that commenced first production during 1Q13 was 1,200 boe/d…
  16. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 16
    June 2013 Investor Presentation UTICA AND MARCELLUS SOUTH PROCESSING PLANTS (1) CHK Contracted Utica Nisource/Hilcorp CHK Contracted 200 mmcf/d Marcellus Kensington Third-Party 200 mmcf/d Facilities CHK Leasehold ATEX…
  17. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 17
    June 2013 Investor Presentation GREATER ANADARKO BASIN Focusing on five plays: Mississippi Lime, Granite Wash, Cleveland, Tonkawa and Hogshooter 1Q13 aggregate net production of 114 mboe/d, up 30% YOY and up 9% sequentially…
  18. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 18
    June 2013 Investor Presentation MARCELLUS SHALE Industrys largest producer where CHK recently achieved gross operated milestone of 2 bcfe/d 1Q13 daily net production: Northern dry gas portion: 710 mmcfe/d, up 70% YOY, 10%…
  19. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 19
    June 2013 Investor Presentation NORTHERN MARCELLUS CHK CORE OF THE CORE PA CRZO RDS CRZO CHK leasehold SWN SWN SWN SWN COG COG Recently divested Chief leasehold COG COG Chief CHK operated rigs SWN Seneca Seneca APC…
  20. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 20
    June 2013 Investor Presentation CHK MARCELLUS CORE OF THE CORE ECONOMICS Pro Forma Type Curve Histogram of EURs 14.0 14.0 Daily Avg. Rate 10.0 BCFE Gross EUR Type Curve 35 32 Target EUR: 10.0 BCFE 31 Cumulative Production…
  21. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 21
    June 2013 Investor Presentation FINANCIAL DISCIPLINE
  22. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 22
    June 2013 Investor Presentation FINANCIAL OUTLOOK SUMMARY PRODUCTION 2012 YE 2013E Natural gas (bcf) 1,129 1,0601,090 Oil (mbbls) 31,265 37,000-39,000 NGL (mbbls)(1) 17,615 23,000-25,000 Natural gas equivalent (bcfe) 1,422…
  23. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 23
    June 2013 Investor Presentation 2013 FINANCIAL PROJECTIONS (1) NYMEX Natural Gas Prices As of 5/1/2013 Outlook ( in mm; oil at 90 NYMEX) 3.00 4.00 5.00 O/G revenue(2) 6,190 6,900 7,620 Adjusted Ebitda 4,770 4,920 5,040…
  24. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 24
    June 2013 Investor Presentation OPTIMIZING CAPEX TO COMPLETE TRANSITION TO LIQUIDS Drilling and Completion Capex Leasehold Capex Other Capex 15,000 13,600 13,380 13,150 10,000 ( in mm) 7,610 -43% 5,740 5,000…
  25. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 25
    June 2013 Investor Presentation UNIQUE OPPORTUNITY FOR DIFFERENTIAL RETURNS ON CAPITAL 1 Focus on core of the core Capitalize on pad drilling 2 efficiencies of 15 - 30% Continue to utilize drilling 3 carries from JVs 4…
  26. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 26
    June 2013 Investor Presentation SENIOR NOTE PROFILE (1) 4,500 4,269 Sr. Debt and Average Average Term Loan Term Loan: Maturity: Interest Rate: Convertibles 13 Billion 5.7 years 5.9% Other Sr. Notes Notes Issued April…
  27. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 27
    June 2013 Investor Presentation WHY INVEST IN CHESAPEAKE
  28. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 28
    June 2013 Investor Presentation A NEW ERA OF VALUE REALIZATION CAPITALIZING on best assets in the business to deliver greater shareholder returns INCREASING liquids mix to generate higher margins and returns BENEFITING from…
  29. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 29
    June 2013 Investor Presentation CORPORATE INFORMATION CHESAPEAKE HEADQUARTERS OTHER PUBLICLY TRADED SECURITIES CUSIP TICKER 6100 N. Western Avenue 7.625% Senior Notes due 2013 165167BY2 CHKJ13 9.5% Senior Notes due 2015 165167CD7…
  30. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 30
    June 2013 Investor Presentation APPENDIX
  31. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 31
    June 2013 Investor Presentation RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS ( in millions, except per-share data)(unaudited) (a) Adjusted net income available to common stockholders and adjusted…
  32. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 32
    June 2013 Investor Presentation RECONCILIATION OF OPERATING CASH FLOW AND EBITDA ( in millions)(unaudited) (a) Operating cash flow represents net cash provided by operating activities before changes in assets and liabilities.…
  33. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 33
    June 2013 Investor Presentation RECONCILIATION OF ADJUSTED EBITDA ( in millions)(unaudited) (a) Adjusted ebitda excludes certain items that management believes affect the comparability of operating results. The company…
  34. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 34
    June 2013 Investor Presentation RECONCILIATION OF OPERATING CASH FLOW AND EBITDA ( in millions)(unaudited) (a) Operating cash flow represents net cash provided by operating activities before changes in assets and liabilities.…
  35. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 35
    June 2013 Investor Presentation RECONCILIATION OF 2013 FINANCIAL PROJECTIONS: ADJUSTED EBITDA TO OPERATING CASH FLOW NYMEX Natural Gas Prices As of 5/1/2013 Outlook ( in mm; oil at 90 NYMEX) 3.00 4.00 5.00 O/G revenue (unhedged)…
  36. June 2013 Investor Presentation – Chesapeake Energy Corp – slide 36
    June 2013 Investor Presentation RECONCILIATION OF 2013 FINANCIAL PROJECTIONS: OPERATING CASH FLOW TO ADJUSTED NET INCOME NYMEX Natural Gas Prices As of 5/1/2013 Outlook ( in mm; oil at 90 NYMEX) 3.00 4.00 5.00 Operating cash…

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