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Institutional Investor and Analyst Meeting – Chesapeake Energy Corp

Chesapeake Energy Corp · Oct 13, 2010 · 179 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. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 1
    2010 Institutional Investor and Analyst Meeting October 13, 2010 Oklahoma City, OK
  2. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 2
    2010 Institutional Investor and Analyst Meeting Meeting Agenda 8:00 am Meeting Agenda: Jeff Mobley, SVP Investor Relations and Research 8:05 am Operations Overview: Steve Dixon, COO Jeff ff Fisher, SVP S Production 9:00 am…
  3. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 3
    2010 Institutional Investor and Analyst Meeting Meeting Objectives Demonstrate the skill and efficiency CHK has achieved in its industry-leading, low-cost natural gas shale plays Share the science and process behind CHK CHKss shift…
  4. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 4
    2010 Institutional Investor and Analyst Meeting Certain Reserve & Production Information The Securities and Exchange Commission requires natural gas and oil companies, in filings made with the SEC, to disclose proved reserves, which…
  5. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 5
    2010 Institutional Investor and Analyst Meeting Corporate Information Corporate Contacts: Chesapeake Headquarters 6100 N. Western Avenue Jeffrey L. Mobley, CFA Oklahoma City, Cit OK 73118 Senior Vice President Web site:…
  6. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 6
    Operations Overview Steve Dixon, EVP Operations and COO Jeff Fisher, SVP Production
  7. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 7
    CHK Overview
  8. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 8
    2010 Institutional Investor and Analyst Meeting CHK Overview Second-largest producer of U.S. natural gas 2Q10 natural gas production of 2.497 bcf/d, total company production of 2.789 bcfe/d Most active driller in U.S. US 140…
  9. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 9
    2010 Institutional Investor and Analyst Meeting CHKs Operating Areas Low-risk, U.S. onshore asset base; Not exposed to economic, geopolitical or technological risks internationally or in the Gulf of Mexico 4
  10. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 10
    2010 Institutional Investor and Analyst Meeting CHKs Operational Accomplishments We Like to Stay Ahead of the Pack 1 driller of wells in the U.S.; 140 rigs drilling out of 1,671 total U.S. land rigs, or 8% 1 driller in the U.S.…
  11. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 11
    2010 Institutional Investor and Analyst Meeting Americas 1 Resource Base CHK is exceptionally well positioned for long-term Net Acreage Drillsites profitable growth 13.9 million acres 40,000 net drillsites Largest g combined…
  12. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 12
    2010 Institutional Investor and Analyst Meeting Consistent Production Growth 5,500 Gross Operated Daily Production 5,000 Net Daily Production 4,500 4,000 mmcffe/d 3,500 , 3,000 2,500 2 000 2,000 1,500 1,000…
  13. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 13
    2010 Institutional Investor and Analyst Meeting Production Mix Latest Production Milestone September 26, 2010 Net Production of 3.2 bcfe/d Net Liquids Production of 56 mbbls/d Net Gas Production of 2.9 bcf/d All Other All…
  14. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 14
    2010 Institutional Investor and Analyst Meeting Top 20 U.S. Natural Gas Producers Daily U.S. Natural Gas 2009 Reported Proved U.S. U.S. U.S. U.S . Gas Rigs (1)(2) Production 2Q'10 2Q'10 U.S . Net Natural Gas Gas Rigs Gas Rigs %…
  15. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 15
    2010 Institutional Investor and Analyst Meeting Top 20 U.S. Liquids Producers Daily U.S. Liquids 2009 Reported Proved U.S. U.S. (1)(2) Production 2Q'10 2Q'10 U.S. Net Liquids Oil Rigs vs. 1Q'10 vs. 2Q'09 Proved Liquids RP Reserves…
  16. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 16
    2010 Institutional Investor and Analyst Meeting CHK Operational p Excellence 11
  17. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 17
    2010 Institutional Investor and Analyst Meeting CHK Operating Strategy Top-tier resource plays lend themselves to continuous improvement Industry Service Develop Play Concept Leading-Edge Providers S i Science and d Capture…
  18. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 18
    2010 Institutional Investor and Analyst Meeting General Trends in CHK Resource Plays Drilling days Experience and proper technology application decrease drilling days in lateral; play specific bit and motor Rig efficiency Reduced…
  19. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 19
    2010 Institutional Investor and Analyst Meeting Operating Strategy and Capabilities are Adding Tremendous Value Barnett Shale Hz Fayetteville Shale Hz 2007 2008 2007 2008 +46% +38% 2009 2010 +28% +50% 2,758 2009 2010 4,335 1,984…
  20. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 20
    2010 Institutional Investor and Analyst Meeting Implementing Leading-Edge Technology Integrated technology approaches continue to drive improved performance Our technology teams and proprietary core lab are leading the way to new…
  21. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 21
    2010 Institutional Investor and Analyst Meeting Advanced Well Performance Analysis Data Filter Identify Test Optimized Metrics Crossplots Correlations Economics Results Stimulation Design Analysis Economic Indicator Completion…
  22. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 22
    2010 Institutional Investor and Analyst Meeting Operational Efficiency at All Levels Well monitoring and control State-of-the-art field surveillance and control systems Covers 97% of CHK operated volumes Efficient operations and…
  23. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 23
    2010 Institutional Investor and Analyst Meeting Exceptional Operating Cost Control CHK commitment to efficiency has led to low 1.50 Lease Operating Costs (/mcfe) lease operating costs and substantial Post-VPP Production Expenses /…
  24. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 24
    2010 Institutional Investor and Analyst Meeting CHKs Commitment to Safety Proactive risk identification and resolution Pre-Job planning and frequent site inspections Contractor selection and service quality reviews Third party…
  25. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 25
    2010 Institutional Investor and Analyst Meeting CHKs Commitment to the Environment Spill Prevention, Control and Countermeasure (SPCC) plans Secondary containment for chemicals, oils and produced fluids CHK utilizes a site…
  26. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 26
    2010 Institutional Investor and Analyst Meeting Public Outreach and Collaboration Operations and EH&S work together to develop educational resources: Coordinate and provide town hall meetings and rig tours Educational videos that…
  27. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 27
    Cracking the Code in Unconventional Liquids-Rich Plays
  28. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 28
    2010 Institutional Investor and Analyst Meeting CHK's Distinctive Advantages Top 1 or 2 position in all 5 major natural gas shale plays provides an enormous head start in the shift to unconventional liquids plays CHK hhas bbuilt…
  29. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 29
    2010 Institutional Investor and Analyst Meeting Big Oil on the Way to CHK Started transition in 2007 (note: CHK was early, not late to the unconventional oil game) Announced discoveryy of Colonyy Granite Wash p playy in 1Q Q '08…
  30. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 30
    2010 Institutional Investor and Analyst Meeting Evolution of CHK's Unconventional Plays Rockies Delaware Basin Eagle Ford Shale Delaware and Midland Basins A d k Basin Anadarko B i Anadarko Basin Anadarko Basin 4Q '08 4Q '08 4Q…
  31. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 31
    2010 Institutional Investor and Analyst Meeting CHK is Transferring Expertise from Unconventional Gas to Liquids q Reservoir Simulation Advanced Advanced Reservoir Petrophysical Analysis Modeling Fracture Petrologic…
  32. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 32
    2010 Institutional Investor and Analyst Meeting Advances in Tight Oil Exploitation Improved understanding of source- Tight Sandstone/Limestone Member reservoir geometries and charging Improved understanding of role of kerogen…
  33. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 33
    2010 Institutional Investor and Analyst Meeting Advanced PetroPhysical Analysis Tight rock analysis Bound water Porosity Mobile oil saturation Permeability Grain density Water saturation Gas-filled p porosityy Core spectral…
  34. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 34
    2010 Institutional Investor and Analyst Meeting Petrologic and Organic Geochemical Analysis Scanning Electron Microscope (SEM) Thin Section Petrographic Scopes Automated Multi-sample X-Ray Diffraction (XRD) Argon-ion milling…
  35. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 35
    2010 Institutional Investor and Analyst Meeting Specialized Rock Mechanics Analysis and Fracture Property Analysis Instruments to measure mechanical QA Proppant testing for optimized properties: fracture design Fracture orientation…
  36. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 36
    2010 Institutional Investor and Analyst Meeting Promising Starts in CHK's Liquid Plays Niobrara Spillman Draw Unit State 16-1H Frontier 705 boe/d Wagonhound 23-1H (0.3 mmcf/d + 655 bbls/d) 1,230 boe/d (1.0 mmcf/d + 1,064…
  37. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 37
    CHK Upstream Portfolio
  38. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 38
    2010 Institutional Investor and Analyst Meeting Aggressively Shifting Capital to Liquids-Rich Plays Reducing drilling of natural gas wells except for 100% Total Natural Gas Capex Total Liquids Capex those required to HBP leasehold…
  39. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 39
    2010 Institutional Investor and Analyst Meeting Strong Production Growth and Significant Additions from Liquids Production From 2008 to 2012, CHK projects to increase total 1,600 Oil and NGLs Natural Gas oil and natural gas…
  40. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 40
    2010 Institutional Investor and Analyst Meeting CHK Long-term Production Outlook (1) 5,500 275 VPP8 Ends 5,000 250 4,500 225 2015E exit rate: et daily rate (mmcfe/d) 4,000 25% liquids 200 g count 3,500 175 3…
  41. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 41
    2010 Institutional Investor and Analyst Meeting CHK Reserve Growth Will Be Unrivaled Over the Next Five Years 45 40 25 - 28 (2 - 4) 35 29 - 32 30 25 Tcfe 20 13.7 (1.2) (1.0) 16.1 (8.3) 15 10 7.5 (3.5) 5 0 (1)…
  42. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 42
    2010 Institutional Investor and Analyst Meeting Industry Leading Drilling Inventory Total Proved Reserves Est. Risked Unrisked Total Risked and Risked Unrisked Sep-10 Oct-10 CHK CHK Drilling Net Net Proved Unproved Unproved…
  43. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 43
    Natural Gas Shale Plays Marcellus, Haynesville, Bossier, Barnett and Fayetteville John Sharp, Sharp Vice President - Geoscience, Geoscience Southern Division
  44. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 44
    2010 Institutional Investor and Analyst Meeting CHK is the Leader of U.S. Natural Gas Shale Development CHK is either the first or second-largest producer and leasehold owner in the five largest U.S. natural gas shale plays:…
  45. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 45
    2010 Institutional Investor and Analyst Meeting CHKs 1 Natural Gas Shale Position FAYETTEVILLE SHALE MARCELLUS SHALE Net Acres: 465,000 Net Acres: 1,550,000 Industry Position: 2 Industry Position: 1 Target Average EUR: 2.6…
  46. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 46
    2010 Institutional Investor and Analyst Meeting U.S. Natural Gas Shale Plays are World-Class Resources 1,400 600 echnically recoverrable resources (tcfe) 490 500 400 300 222 235 200 138 110 123 81 95 100 68 70 73…
  47. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 47
    2010 Institutional Investor and Analyst Meeting General Trends in Natural Gas Shale Plays Once a core area has been established, production and reserves are very low-risk and highly predictable Defining key reservoir characteristics…
  48. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 48
    2010 Institutional Investor and Analyst Meeting U.S. Natural Gas Shale Development U.S. Shale Gross Production Jan 2001 - Sept 2010 14,000 13,000 , Marcellus 12,000 Haynesville 11,000 Fayetteville 10,000 Barnett Haynesville…
  49. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 49
    2010 Institutional Investor and Analyst Meeting Major Natural Gas Shale Typical Characteristics Marcellus Haynesville Bossier Barnett Fayetteville GIP unrisked (tcf) 1,900 670 280 355 105 Unrisked recovery 35% (tcf) 665 235 100 125…
  50. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 50
    2010 Institutional Investor and Analyst Meeting CHKs Tremendous Natural Gas Shale Resource Base Gas Shale Basin Marcellus Haynesville Bossier (1) Barnett Fayetteville Total Net acres(2) 1,550,000 530,000 195,000 220,000 465,000…
  51. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 51
    2010 Institutional Investor and Analyst Meeting CHK Natural Gas Shale Production Profile 2,500 Marcellus Shale Haynesville Shale 2,000 Fayetteville Shale Barnett Shale mcfe/d) 1 500 1,500 Prodction (mm Statoil JV BP…
  52. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 52
    2010 Institutional Investor and Analyst Meeting Efficiency Focused on Improvements Continual focus on process Superior rig fleet and personnel through Nomac (98 rigs) Superior science with in in-house house rock laboratory…
  53. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 53
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays Type Curves 12.0 First Marcellus Month Haynesville Average Intial Minimum 10.0 IP Rate Production Decline Decline Barnett Pro forma (mmcfe/d) (mmcfe/d)…
  54. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 54
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays Targeted Well Profiles 4.5 Marcellus Shale 4.5 12.0 Haynesville Shale 6.0 Daily Rate Daily Rate 5.3 bcfe type curve 6.5 bcfe type curve 4.0 IP rate: 4.1…
  55. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 55
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays Results to Date Marcellus Type Curve and Normalized Production History* Haynesville Type Curve and Normalized Production History 4.5 225 12 900 5.25 bcfe…
  56. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 56
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays PV10 Sensitivity 7.50 Marcellus Shale 7.50 Haynesville Shale 4.25/mcfe required ROR (/mcf) ROR (/mcf) 6.50 6.50 for 10% ROR NYMEX pricce required…
  57. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 57
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays Rates of Return Marcellus Shale Haynesville Shale 200% 100% 180% 4.25 Bcfe 4.5 Bcfe 5.25 Bcfe 6.5 Bcfe 160% 80% 6 25 B 6.25 Bcfe f 8 5 Bcfe 8.5…
  58. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 58
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays Production Profile Marcellus Shale Haynesville Shale 1,500 50 1,600 40 Haynesville Shale Wedge - Net Production Marcellus Shale Wedge - Net Production…
  59. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 59
    2010 Institutional Investor and Analyst Meeting Natural Gas Shale Plays CHK Advantages Technological experience Unconventional expertise drives creativity and efficiency Technology transfers to and from other shale plays CRTC…
  60. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 60
    Marcellus Shale Highlights
  61. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 61
    2010 Institutional Investor and Analyst Meeting Marcellus Shale Overview The Marcellus Shale play is likely to become one of the two largest gas fields in the U.S. (Haynesville the other) Prospective Area = 15 Million Acres CHK…
  62. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 62
    2010 Institutional Investor and Analyst Meeting Marcellus Sweet Spots Core Areas Starting g To Emerge g Moving from exploration to development phase in two sweet spots High-graded leasing efforts Well results exceeded…
  63. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 63
    2010 Institutional Investor and Analyst Meeting PA Marcellus Production Data (7/1/09 - 6/30/10) CHK is top Marcellus producer in Pennsylvania based on recently released PA state data and the leader in per wells results CHK has 8 of…
  64. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 64
    2010 Institutional Investor and Analyst Meeting Marcellus Shale Last 12 Months Important developments Ramped up to 27 rigs in play Major trunk line taps and gathering system designs in place Identified two sweet spots and began…
  65. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 65
    Haynesville and Bossier Shales Highlights
  66. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 66
    2010 Institutional Investor and Analyst Meeting Haynesville Shale Overview Discovered by CHK in 2007, the Haynesville Shale is Prospective Area = 3.5 3.5 Million Acres likely to become one of the two largest natural gas…
  67. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 67
    2010 Institutional Investor and Analyst Meeting Haynesville Shale Geology Reservoir and geology Thick over pressured reservoirs High gas-in-place and high initial recoveries Good frac barriers and no water problems…
  68. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 68
    2010 Institutional Investor and Analyst Meeting Bossier Shale Geology Quick facts Bossier PHI-H Reservoir characteristics similar to UISIANA Contour Interval = 5 Porosity cut off = 8% Haynesville XAS Approximately 20…
  69. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 69
    2010 Institutional Investor and Analyst Meeting Haynesville Shale Last 12 Months Important developments Secured additional frac crews Significantly reduced WOPL (waiting on pipeline) inventory Exceeded targeted production goals…
  70. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 70
    Barnett Shale Highlights
  71. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 71
    2010 Institutional Investor and Analyst Meeting Barnett Shale Overview White South 1H 21.8 mmcf/d in 3Q 10 CHK is the largest leasehold owner, most active driller NEW PLAY RECORD and largest producer in the Core and Tier 1…
  72. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 72
    2010 Institutional Investor and Analyst Meeting Barnett Shale Last 12 Months Important developments Executed JV agreement with Total; sold 25% interest in Barnett for 2.25 billion M Monetized ti d 390 b bcfe f off reserves ffor…
  73. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 73
    Fayetteville Shale Highlights
  74. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 74
    2010 Institutional Investor and Analyst Meeting Fayetteville Shale Overview CHK is the second-largest producer in the Fayetteville Shale and the second-largest leasehold owner in the Core area of the play Prospective Area = 1.7…
  75. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 75
    2010 Institutional Investor and Analyst Meeting Fayetteville Shale Last 12 Months Important developments HBP 68,300 acres Alleviated stranded pipeline areas Deleted backlog of wells WOC or WOPL Drilled and cored well on Arkansas…
  76. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 76
    Anadarko Basin Plays Granite Wash, Cleveland/Tonkawa and Mississippian Scott Sachs Sachs, Vice President - Geoscience, Geoscience Northern Division
  77. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 77
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Horizontal Liquids Play Overview Anadarko Basin is the largest non-shale resource play in the Mid-Continent 220 miles CHK was the first to utilize modern…
  78. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 78
    2010 Institutional Investor and Analyst Meeting Anadarko Basin and CHK Domination 220 miles Mississippian Abundant well and seismic data 2.4 2 4 MM acres of 3D data Target-rich environment for tight sand objectives…
  79. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 79
    2010 Institutional Investor and Analyst Meeting Anadarko BasinReservoir Architecture 100 miles 150 Tonkawa 200 Cleveland Des Moines B Granite Wash C2 800 D E Colony Granite Wash 2 to 3 prospective Granite…
  80. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 80
    2010 Institutional Investor and Analyst Meeting Anadarko Basin CHKs Playground CHK has been drilling in the Anadarko Basin since 1990 Key Anadarko acquisitions which, along with our own leasing efforts, built the unique Anadarko…
  81. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 81
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Liquids Leader in the Play CHK: Earliest and largest unconventional Anadarko Basin liquids player CHK has been drilling horizontal Anadarko Basin wells for 20 years…
  82. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 82
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Colony Granite Wash Completions Kast Trust 1-22H Colony Granite Wash 2,539 boe/d (6.0 mmcf/d + 1,533 bbls/d) CHK has 130,000 net acres Shirl Ann 1-14H 4,671 boe/d…
  83. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 83
    2010 Institutional Investor and Analyst Meeting Anadarko Basin TX Panhandle Granite Wash Completions Young 303H TX Panhandle Granite Wash 5,791 boe/d (20.1 mmcf/d + 2,442 bbls/d) Texas Oklahoma Eden 107H CHK has 70,000 net…
  84. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 84
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Cleveland/Tonkawa Completions 150 miles Cleveland/Tonkawa Redelsperger 1043 1H CHK has 500,000 net acres Born 1071 1H 888 boe/d (1.8 mmcf/d + 584 bbls/d) 1,003 boe/d…
  85. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 85
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Mississippian Completions Mississippian 90 miles CHK has 230,000 net acres Sundance 1-4H Kansas Reserve and resource potential (0.2 842 boe/d (0 2 mmcf/d + 803 bbls/d)…
  86. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 86
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Mississippian Vertical to Horizontal Evolution Serenity 1-3H Sundance 1-4H 1,609 boe/d 842 boe/d (1.1 mmcf/d + 1,427 bbls/d) (0.2 mmcf/d + 803 bbls/d) Neva Jean…
  87. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 87
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Targeted Well Profiles 1.8 Colony Granite Wash 900 2.0 Texas Panhandle Granite Wash 1,000 Daily Rate Daily Rate 1,170 mboe type curve 1,160 mboe type curve 1.8…
  88. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 88
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Results to Date Colony Granite Wash Type Curve and Normalized Production History TX Panhandle GW Type Curve and Normalized Production History 1.8 225 2.0 250 1,170…
  89. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 89
    2010 Institutional Investor and Analyst Meeting Anadarko Basin PV10 Sensitivity 45.00 Colony Granite Wash 50.00 Texas Panhandle Granite Wash OR (/bbl) OR (/bbl) 40.00 31/bbl required for 45.00 34/bbl required 10% ROR for…
  90. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 90
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Rate of Return Profiles 1800% Colony Granite Wash 900% Texas Panhandle Granite Wash 940 Mboe 930 Mboe 1600% 800% 1,170 Mboe 1,160 Mboe 1400% 700% 1,405 Mboe…
  91. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 91
    2010 Institutional Investor and Analyst Meeting Anadarko Basin Production Profile & Rig Count 100 50 Anadarko Basin Base - Estimated Future Production Mix Net Production Anadarko Basin Gross Oil 80 Operated Production 40 20%…
  92. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 92
    Eagle Ford Shale Play Skye y Callantine, Geoscience Manager g - South Texas District
  93. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 93
    2010 Institutional Investor and Analyst Meeting Eagle Ford Shale Overview Prospective Area = 6.3 Million Acres The Eagle Ford Shale is quickly developing Traylor North 1H 980 boe/d into the most profitable of all shale plays…
  94. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 94
    2010 Institutional Investor and Analyst Meeting CHK/CNOOC Eagle Ford Shale Joint Venture Summary CHK has sold a 33.3% interest in 600,000 net acres in the Eagle Ford Shale to CNOOC International Limited for 2.16 billion or 10,800…
  95. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 95
    2010 Institutional Investor and Analyst Meeting Why Did CHK Target the Eagle Ford CHK pursues all unconventional plays that it believes Microscopic image from CRTC will work we have only missed the Bakken so far CHK is shifting its…
  96. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 96
    2010 Institutional Investor and Analyst Meeting What Makes the Eagle Ford Shale Special Great returns 80% of revenue from liquids, reducing dependence on natural gas price Only 8% recovery of oil-in-place modeled significant upside…
  97. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 97
    2010 Institutional Investor and Analyst Meeting Eagle Ford Operations Accelerating The Learning Curve Rapidly transferred and fully integrated lessons from other unconventional plays within CHK Numerous technical discussions and idea…
  98. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 98
    2010 Institutional Investor and Analyst Meeting Competitive Advantage Technology CHKs comprehensive reservoir characterization drives the Eagle Ford development Maximize value by increasing recovery factor at lower costs…
  99. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 99
    2010 Institutional Investor and Analyst Meeting Eagle Ford Shale Geology During Eagle Ford geologic time, the environment in South Texas was superior to the rest of the Gulf Coast for deposition and preservation of organic…
  100. Institutional Investor and Analyst Meeting – Chesapeake Energy Corp – slide 100
    2010 Institutional Investor and Analyst Meeting Eagle Ford Maturity Eagle Ford Maturity CHK targeted acreage with: Maturityy between ppeak oil and wet gas windows Thick Eagle Ford section High oil in place Excellent porosity…

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