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July 2013 Investor Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · Jul 10, 2013 · 35 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. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 1
    July 2013 Investor Presentation JULY 2013 INVESTOR PRESENTATION
  2. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 2
    July 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. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 3
    July 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. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 4
    July 2013 Investor Presentation VALUE REALIZATION 2013FUTURE The Path Forward Develop existing assets Operational excellence Capital efficiency Financial discipline 5
  5. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 5
    July 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. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 6
    July 2013 Investor Presentation EXPECT TO DELIVER STRONG RESULTS IN 2013 ADJ. NET INCOME ADJ. EBITDA TOTAL CAPEX 282% YOY 31% YOY 43% YOY 2012 285 million 2012 3.75 billion 2012 13.4 billion 2013E 1,090 million 2013E 4.92…
  7. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 7
    July 2013 Investor Presentation DEVELOPING EXISTING ASSETS
  8. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 8
    July 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…
  9. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 9
    July 2013 Investor Presentation ALLOCATION OF CAPITAL 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 0 2009 2010 2011 2012…
  10. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 10
    July 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…
  11. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 11
    July 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%…
  12. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 12
    July 2013 Investor Presentation LIQUIDS DRIVEN PRODUCTION GROWTH 800,000 40% VPP 10 Permian Basin Sales 157,000 bbls/d in 1Q13 600,000 30% % Liquids Boe/d 400,000 30,000 bbls/d in 1Q09 20% VPP 8 Fayetteville Sale…
  13. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 13
    July 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…
  14. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 14
    July 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…
  15. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 15
    July 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…
  16. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 16
    July 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…
  17. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 17
    July 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…
  18. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 18
    July 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…
  19. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 19
    July 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%…
  20. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 20
    July 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…
  21. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 21
    July 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…
  22. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 22
    July 2013 Investor Presentation FINANCIAL SUMMARY
  23. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 23
    July 2013 Investor Presentation 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 1,4201,474…
  24. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 24
    July 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…
  25. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 25
    July 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…
  26. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 26
    July 2013 Investor Presentation SUMMARY
  27. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 27
    July 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…
  28. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 28
    July 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…
  29. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 29
    July 2013 Investor Presentation APPENDIX
  30. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 30
    July 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…
  31. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 31
    July 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.…
  32. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 32
    July 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…
  33. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 33
    July 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.…
  34. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 34
    July 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)…
  35. July 2013 Investor Presentation – Chesapeake Energy Corp – slide 35
    July 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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