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December 2013 Investor Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · Dec 10, 2013 · 26 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. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 1
    December 2013 Investor Presentation DECEMBER 2013 INVESTOR PRESENTATION
  2. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 2
    December 2013 Investor Presentation 3Q13 FINANCIAL RESULTS ADJ. EARNINGS/FDS ADJ. EBITDA OP. CASH FLOW 330% YOY 29% YOY 22% YOY 0.43 1.3 billion 1.4 billion LIQUIDITY YTD ASSET SALES TOTAL CAPEX 5.2 billion (1) 4.2…
  3. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 3
    December 2013 Investor Presentation 3Q13 OPERATIONAL RESULTS TOTAL PRODUCTION LIQUIDS MIX OIL PRODUCTION 2% YOY to 27% of Total Production(1) 23% YOY 4.0 bcfe/d Up from 21% in 3Q12 120 mbbls/d NGL PRODUCTION GAS…
  4. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 4
    December 2013 Investor Presentation GREAT FUTURE, GREAT ASSETS Natural gas plays Utica Shale Liquid plays Wet-gas window Operating states Marcellus Shale Powder River Basin: Niobrara Shale Anadarko Basin: Barnett Shale…
  5. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 5
    December 2013 Investor Presentation IMPROVING STATE OF CHESAPEAKE Delivered strong third quarter results Full-year 2013 plan is on track Implemented new strategy capitalizing on CHKs speed Completed transformational review and…
  6. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 6
    December 2013 Investor Presentation KEY STRATEGIC TENETS Financial discipline Balance capital expenditures with cash flow from operations Competitive capital allocation process Divest noncore assets and noncore affiliates…
  7. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 7
    December 2013 Investor Presentation OUR FOCUS Value-based vs. activity-based drilling program Core drilling, cost leadership and cycle time improvement will add 1 billion in PV10 per year Balance sheet improvement Continue…
  8. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 8
    December 2013 Investor Presentation KEY NEAR-TERM VALUE INITIATIVES Well cost reduction Enhances returns on core portfolio Builds additional economic inventory Cycle time reduction 2013 avg. cycle time of 8 months from spud to…
  9. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 9
    December 2013 Investor Presentation FOCUSING CAPITAL ON CORE E&P OPERATIONS Drilling and Completion Capex Other Capex Leasehold Capex Operating Cash Flow 13.6 13.4 13.2 6.9 5.7 59% 41% 55% 66% 82% Devoting 80%…
  10. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 10
    December 2013 Investor Presentation NOW POSITIONED TO FOCUS ON EFFICIENCY Pad Drilling in Growth Plays Target our best rock improve EURs and IPs Capture drilling efficiency gains of 15 - 30% by utilizing pre-existing pads and…
  11. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 11
    December 2013 Investor Presentation EAGLE FORD SHALE CHK leasehold 3Q13 Net Production: 95 mboe/d Operated rigs 12% Industry rigs NGL 20% Gas 68% Oil Oil window Wet-gas window Dry-gas window Connected 100 wells…
  12. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 12
    December 2013 Investor Presentation EAGLE FORD GROSS OPERATED OIL PRODUCTION Chesapeake Peers Data Source: IHS Energy CHK is the second-largest gross oil producer with the fastest growth rate in the Eagle Ford Shale 13
  13. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 13
    December 2013 Investor Presentation UTICA PRODUCTION ACCELERATING AS INFRASTRUCTURE EXPANDS CHK contracted facilities 3Q13 daily net production of 165 mmcfe/d OHIO Third-party facilities Up 91% sequentially CHK leasehold…
  14. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 14
    December 2013 Investor Presentation NORTHERN MARCELLUS 3Q13 Net Production: 825 mmcf/d CHK leasehold CHK core CHK core of the core CHK operated rigs Industry rigs Connected 37 wells to sales in 3Q with an avg. peak…
  15. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 15
    December 2013 Investor Presentation EXPECT TO DELIVER STRONG RESULTS IN 2013 ADJ. NET INCOME ADJ. EBITDA TOTAL CAPEX 150% YOY 33% YOY 48% YOY 2012 456 mm 2012 3.75 billion 2012 13.4 billion 2013E 1.14 billion(1) 2013E 5.0…
  16. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 16
    December 2013 Investor Presentation WHAT TO EXPECT GOING FORWARD Reduced capital intensity Targets set on top-quartile operating metrics Improved operational performance Reduced financial leverage and complexity improvement…
  17. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 17
    December 2013 Investor Presentation CORPORATE INFORMATION CHESAPEAKE HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER 9.5% Senior Notes due 2015 165167CD7 CHK15K 6100 N. Western Avenue 3.25% Senior Notes due 2016 165167CJ4…
  18. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 18
    December 2013 Investor Presentation APPENDIX
  19. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 19
    December 2013 Investor Presentation EMPHASIZING HIGHER-RETURN LIQUIDS-RICH PLAYS Operated Rigs % of Operated Drilling and Completion Capex Total Liquids Capex Total Dry Gas Capex 140 16% 14% 120 100 54% 70% 80 Liquids-rich…
  20. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 20
    December 2013 Investor Presentation LIQUIDS-DRIVEN PRODUCTION GROWTH Miss Lime, N. Eagle Ford, Haynesville and other asset sales 178,000 bbls/d in 3Q13 % Liquids 3.0 bcf/d in 3Q13 E Chesapeakes dry-gas…
  21. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 21
    December 2013 Investor Presentation SENIOR NOTE PROFILE (1) 4,294 Sr. Debt and Average Average Term Loan Term Loan: Maturity: Interest Rate: Convertibles 12.8 Billion 5.1 years 5.9% Other Sr. Notes ( in MM) 1,800…
  22. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 22
    December 2013 Investor Presentation OUTLOOK SUMMARY (1) 2012 2013E Natural gas (bcf) 1,129 1,080 1,090 Oil (mbbls) 31,265 40,000 42,000 NGL (mbbls) 17,615 20,000 21,000 Natural gas equivalent (bcfe) 1,422 1,440 1,468 YOY…
  23. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 23
    December 2013 Investor Presentation RECONCILIATION OF 2013 FINANCIAL PROJECTIONS: ADJUSTED EBITDA TO OPERATING CASH FLOW NYMEX Natural Gas Prices As of 11/6/2013 Outlook ( in mm; oil at 100 NYMEX) 3.00 4.00 5.00 O/G revenue…
  24. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 24
    December 2013 Investor Presentation RECONCILIATION OF 2013 FINANCIAL PROJECTIONS: OPERATING CASH FLOW TO ADJUSTED NET INCOME NYMEX Natural Gas Prices As of 11/6/2013 Outlook ( in mm; oil at 100 NYMEX) 3.00 4.00 5.00 Operating…
  25. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 25
    December 2013 Investor Presentation RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS ( in mm, except per share data) Three Months Ended: 9/30/2013 6/30/2013 9/30/2012 Net income (loss) available to common…
  26. December 2013 Investor Presentation – Chesapeake Energy Corp – slide 26
    December 2013 Investor Presentation RECONCILIATION OF OPERATING CASH FLOW, EBITDA AND ADJUSTED EBITDA ( in mm) Three Months Ended: 9/30/2013 6/30/2013 9/30/2012 Cash provided by operating activities 1,356 1,281 949 Changes in…

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