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MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp

Chesapeake Energy Corp · May 7, 2014 · 22 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. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 1
    INVESTOR PRESENTATION LAST UPDATED 5-7-2014 INVESTOR PRESENTATION 5-7-2014 1
  2. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 2
    1Q14 FINANCIAL RESULTS ADJ. EARNINGS/FDS ADJ. EBITDA PROD. and G&A EXP. 97% YOY 34% YOY 12% YOY 0.59 1.5 billion 5.83/boe(1) LIQUIDITY YTD ASSET SALES TOTAL CAPEX 5.0 billion (2) 925 million (3) 50% YOY 850 million (1)…
  3. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 3
    1Q14 OPERATIONAL RESULTS TOTAL ADJ. PROD. LIQUIDS MIX OIL PRODUCTION 11% YOY to 29% of Total Production(1) 6% YOY 675.2 mboe/d 24% in 1Q13 109.5 mbbls/d NGL PRODUCTION NATURAL GAS 55% YOY -5% YOY 84.2 mbbls/d 2.9 bcf/d…
  4. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 4
    KEY STRATEGIC TENETS Financial discipline Balance capex with operating cash flow Divest noncore assets and noncore affiliates Reduce financial and operational risk and complexity Achieve investment grade metrics Profitable and…
  5. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 5
    OPERATING AREAS Utica Shale Marcellus Shale Powder River Basin: Niobrara Shale Mid-Continent: Mississippian Lime Haynesville Shale Mid-Continent: Cleveland Barnett Shale and Tonkawa Tight Sands Eagle Ford Shale…
  6. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 6
    ADJUSTED PRODUCTION GROWTH 2013 Asset Sale Adjustments (mmboe) 252 - 259 244 (1.2) (3.5) (3.6) (4.8) 231 2013 N. Eagle Ford Haynesville Miss. Lime JV Marcellus 2013 2014E Reported Adjusted Production Production…
  7. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 7
    CAPITAL DISCIPLINE (1) (2) 2014 total capital expenditures expected to range from 5.2 5.6 billion; planned reduction of 20% YOY and 60% compared to 2010-12 average (1) Based on midpoints of company-issued Outlook ranges…
  8. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 8
    CASH COST DISCIPLINE (1) (2) (1) Based on midpoints of company-issued Outlook ranges provided on 5/7/2014 (2) G&A excludes expenses associated with share-based compensation and restructuring and other termination costs…
  9. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 9
    2014 CAPITAL ALLOCATION E&P Capex by Product(1) E&P Capex by Play(1) 20% (2) Liquids 80% Gas 2014E total capital expenditures expected to range from 5.2 5.6 billion E&P capex 90-95% of total Capturing substantial supply…
  10. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 10
    REGIONAL NATURAL GAS DIFFERENTIALS (discount to Henry Hub) 2014E Marcellus North (1.30 1.40)/mcf Haynesville (1.40 1.50)/mcf Marcellus South (1.95 2.05)/mcf Utica (1.25 1.35)/mcf Barnett (2.95 3.05)/mcf Mid-Continent (0.90…
  11. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 11
    NE MARCELLUS SALES POINTS AND BASIS HEDGES Estimated April - Oct 14 NE Sales Points 1Q14A April - Oct 14 April - Oct 14 Hedged Volumes Diff. to HH Basis Hedges (mmcf/d) 9% Tetco M3/TCO z6 (NYC) Tetco M3/Transco z6 NYC 3.25 (0.62)…
  12. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 12
    UTICA AND SOUTHERN MARCELLUS SALES POINTS Estimated April - Oct 14 Sales Points Estimated 2015 Sales Points 6% TGP Zn1 500L (Gulf Coast) 8% TGP Zn1 500L (Gulf Coast) 10% Dominion South Point 13% 30% Tetco WLA (Gulf Coast) 6% 39%…
  13. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 13
    OPERATIONS 2014E Avg. Operated Rig Count 1Q14 Daily Avg. Net Production (mboe/d) 41 - 48 Liquids Focused Rigs 14 - 17 Natural Gas Focused Rigs 55 - 65 Total Operated Rigs +11% YOY avg. net production adjusted for asset…
  14. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 14
    BALANCE SHEET IMPROVEMENT (mm) 12/31/2013 3/31/2013 3/31/2014 Seq. YOY Unrestricted cash 837 33 1,004 +167 +971 Working capital (1)(2) (2,696) (2,934) (2,371) +325 +563 Other long-term liabilities (2) 984 1,132 851 +133 +281 Debt,…
  15. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 15
    SENIOR NOTE PROFILE 2,305 Debt Targeted for Retirement 12/31/2013 WACD 5.912% Convertibles WACD pro forma for 4/14 issuance 5.148% Notes Issued April 2014 115 mm in annual cash savings Other Senior Notes As of 3/31/2014 pro forma…
  16. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 16
    2014 HEDGES Natural Gas Oil 64% 70% 40% 4.08/mcf 94.32/bbl Swaps NYMEX NYMEX 22% Three-way Collars 4.51-5.25/mcf NYMEX 4.10 - 4.38/mcf NYMEX Note: Hedged positions as of 5/1/2014 based on production estimates provided…
  17. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 17
    2014 OUTLOOK 2014E - NEW Adjusted production growth(1): Liquids 25 29% Oil 8 12% NGL(2) 58 63% Natural gas 4 6% Total 9 12% Daily rate (mboe) 690 710 % of production mix from liquids 29% % O/G revenues from liquids(3) 62%…
  18. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 18
    NEAR-TERM PRIORITIES Capital Efficiency Balance Sheet Improvement Cash Flow Growth Analyst Day: May 16th, 2014 - Oklahoma City, OK INVESTOR PRESENTATION 5-7-2014 19
  19. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 19
    APPENDIX INVESTOR PRESENTATION 5-7-2014 20
  20. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 20
    RECONCILIATION ( in mm, except per share data) Three Months Ended: 3/31/2014 3/31/2013 Net income available to common stockholders 374 15 Adjustments, net of tax: Unrealized losses on derivatives 80 94 Restructuring and other…
  21. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 21
    RECONCILIATION ( in mm) Three Months Ended: 3/31/2014 3/31/2013 Cash provided by operating activities 1,291 924 Changes in assets and liabilities 323 255 (1) Operating cash flow 1,614 1,179 Net income 466 102 Interest expense 39…
  22. MAY 2014 INVESTOR PRESENTATION – Chesapeake Energy Corp – slide 22
    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 CHK16 Oklahoma City, OK 73118 6.25% Senior…

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