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1Q 2016 Earnings – Chesapeake Energy Corp

Chesapeake Energy Corp · May 5, 2016 · 13 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. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 1
    1Q16 EARNINGS May 5, 2016
  2. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 2
    2016 KEY ACHIEVEMENTS TO DATE 1.2 billion in asset divestitures closed or under signed PSA Up from 700mm announced in February Reiterating target of 1.2 1.7 billion in asset divestitures in 2016 Amended revolving credit facility…
  3. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 3
    CHESAPEAKES FOCUS IN 2016 WHAT WE PLAN TO DO 2016 Plan 2016 Progress to Date Reduce capital budget by 50% Maximize On track to reduce capital budget by 50% YOY 10% reduction in LOE/boe Liquidity 15% reduction in G&A/boe (1)…
  4. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 4
    SIGNIFICANT PROGRESS ON ASSET DIVESTITURE GOAL 1.2 billion 35 mboe/d Expected gross proceeds from Minimal impact to 2016 production 2016 signed or closed divestitures (1) volumes (60% gas) (2) 45 million 1.2 1.7 billion…
  5. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 5
    MERAMEC VALUE ACCELERATION Partial Meramec monetization for 470mm accelerates significant value for shareholders Maintaining a substantial position after 2016 divestitures 52,000 acres remain in STACK corridor 1.5mm acres…
  6. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 6
    CAPITAL DISCIPLINE REMAINS FOCUS On track for 50% reduction in total capex vs. 2015 Capex down 75% in first quarter YOY Majority of 2016 projected capex focused on DUC inventory drawdown Capital Spending (1) Production (2)…
  7. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 7
    CONTINUOUS IMPROVEMENT OF CASH COSTS Quarterly Cash Costs (/boe) (1) Plan to reduce G&A by 15% 5.75 5.40 and LOE by 10% in 2016 4.87 4.64 4.14 Progress being made on both fronts in early 2016 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16…
  8. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 8
    27% REDUCTION IN 2017 MATURING/PUTTABLE DEBT 2,500 Since 9/30/2015, reduced 2017 2,220 maturing/puttable debt obligations by 2,000 600mm 1,625 (1) 1,500 1,168 500mm Total incremental liquidity since 9/30/2015 through…
  9. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 9
    THE TRANSFORMATION CONTINUES Maximize Liquidity: 2016 capital spend is down more than 50% Optimize Portfolio: 1.2 billion in asset divestitures signed YTD Increase EBITDA: Reduce costs and work to restructure contracts Debt…
  10. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 10
    REVOLVER CREDIT FACILITY AMENDMENT Revolving credit facility capacity affirmed at 4 billion Facility will not be subject to another redetermination until June 2017 Senior secured leverage ratio suspended through September 2017…
  11. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 11
    VAST U.S. ONSHORE ASSET PORTFOLIO SIGNIFICANT VALUE IN DEVELOPED AND UNDEVELOPED ACREAGE Powder River Basin 17 mboe/d net (1) Spud: 0 / TIL: 5 Marcellus Shale 144 mboe/d net (1) Spud: 0-5 / TIL: 20 Utica Shale (2) 146 mboe/d net…
  12. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 12
    HEDGING POSITION (1) NaturalGas Natural Gas(1) Oil NGL 2016 2016 2016 2016 38% 64% 69% Swaps 2.71/mcf Swaps 46.32/bbl Ethane Swaps 0.17/gal Propane Swaps 0.46/gal 73 bcf of 2017 gas volumes hedged with swaps 2.92…
  13. 1Q 2016 Earnings – Chesapeake Energy Corp – slide 13
    CORPORATE INFORMATION HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER 6.25% Senior Notes due 2017 027393390 N/A 6100 N. Western Avenue Oklahoma City, OK 73118 6.50% Senior Notes due 2017 165167BS5 CHK17 WEBSITE: www.chk.com 7.25%…

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