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1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · May 2, 2018 · 20 slides

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Slides

  1. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 1
    2018 Q1 EARNINGS May 2, 2018
  2. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 2
    1Q18 FINANCIAL AND OPERATIONAL RESULTS (1) (1) (2) 48% increase YOY 40% increase YOY 27% increase YOY (4) 11% increase YOY (3) 16% increase YOY (3) 5% increase YOY (1) See non-GAAP reconciliation on pages 18 and 19…
  3. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 3
    TRANSFORMATION DELIVERING INCREASED MARGINS Cash cost leadership 30 Efforts to attack GP&T yielding positive results 25 Continued focus on 20 delivering value vs. volume /boe 15 10 5 0 Revenue / Boe Adj.…
  4. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 4
    RETURN ON CAPITAL 25% 25.00 20% 20.00 Return on Capital 15% 15.00 Revenue / boe 10% 10.00 5% 5.00 0% 0.00 2012 2013 2014 2015 2016 2017 2018E Wtd Avg Revenue/boe OCF/Net Debt+Equity Q1 2018 EARNINGS 5
  5. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 5
    WY POWDER RIVER GROWING TO A CORE ASSET Oil growth engine Equivalent Net Volume (mboe/d) 35 Ramping up activity 30 Currently running four rigs 40% oil, 58% liquids 25 Stacked pay opportunities 20 275,000 net acres (75% held)…
  6. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 6
    WY TURNER CONTINUOUS IMPROVEMENT Turner Avg Drilling Cost Per Foot Drilling improvements 320 308 Extending laterals 267 Batch drilling 206 Slim hole casing design Drilling days from 60+ to 21 Completion improvements Q1 2017…
  7. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 7
    SOUTH TEXAS CONTINUES TO DELIVER TX 4 5 rig program in 2018 Equivalent Net Volume (mboe/d) 140 Stacked pay potential 120 Upper Eagle Ford and Austin Chalk provide additional resource potential 100 Improved oil recovery 80…
  8. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 8
    MID-CON STACKED PAY POTENTIAL OK Oil growth potential Oswego provides low-cost, high-return oil Appraising new plays Equivalent Net Volume (mboe/d) 70 60 50 40 28%30oil, 46% liquids 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3…
  9. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 9
    OSWEGO DELIVERING STRONG RESULTS OK Moving to extended laterals and multiwell pads Oswego Gross Oil Production (Average mbo/d) 14 76 wells producing, average D&C cost of 3.6 million 12 10 Continue to grow our position,…
  10. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 10
    GULF COAST DEEP HIGH-QUALITY INVENTORY LA Acreage position is 100% HBP, Equivalent Net Volume (mboe/d) 175 25% developed ideal for long lateral development 150 Completions breakthrough is scalable across entire acreage 125…
  11. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 11
    UTICA FOCUSED ON VALUE OH Two-rig program in 2018 Equivalent Net Volume (mboe/d) 10% increase in projected 2018 gas 140 production with reduced capex, driving more value into the program 120 Oil performance has improved by…
  12. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 12
    UTICA WET GAS IMPROVEMENTS Oil Rate 800 40% improvement IP30: Oil Rate, Bopd 600 in IP30 due to completion design 400 200 0 2014 2015 2016 2017 2018YTD Original Design New Design Equivalent Rate 2,000 IP30:…
  13. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 13
    MARCELLUS FREE CASH FLOW ENGINE PA Powerhouse shale gas asset Equivalent Net Volume (mboe/d) 75% ROR 2018 program 150 Technology driving greater value Working additional market opportunities 125 Growth potential and…
  14. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 14
    Appendix Q1 2018 EARNINGS 15
  15. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 15
    HEDGING POSITION AS OF 4/27/18 Natural Gas Oil NGL 2018 2018 2018 6% 6% 14% NGL Collars Collars Swaps 3.00/3.25/mcf 39.15/47/55/bbl HH WTI 57% 72% Swaps 2.96/mcf Swaps 53.78/bbl HH WTI 19% Propane Swaps 0.79/gal 1%…
  16. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 16
    DEBT MATURITY PROFILE 2018 OUTLOOK (1) 9.2 billion 7.10% 200 million Senior Notes & Term Loan WACD Revolving Credit Facility 3,000 Revolving Credit Facility Secured 2,500 Unsecured 2,047 Convertibles 2,000 1,868 1,500…
  17. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 17
    RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS ( in millions except per share data) (unaudited) Three Months Ended March 31, 2018 2017 /Share(b)(c) /Share(b)(c) Net income (loss) available to common…
  18. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 18
    RECONCILIATION OF ADJUSTED EBITDA CHESAPEAKE ENERGY CORPORATION RECONCILIATION OF ADJUSTED EBITDA ( in millions) (unaudited) Three Months Ended March 31, 2018 2017 EBITDA (Non-GAAP) 703 455 Adjustments: Unrealized losses…
  19. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 19
    RECONCILIATION OF FREE CASH FLOW CHESAPEAKE ENERGY CORPORATION RECONCILIATION OF FREE CASH FLOW DATA ( in millions) (unaudited) Three Months Ended March 31, 2018 2017 Net cash provided by (used in) operating activities 656 99…
  20. 1Q 2018 Earnings Call Presentation – Chesapeake Energy Corp – slide 20
    CORPORATE INFORMATION HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER 7.25% Senior Notes due 2018 165167CC9 CHK18A 6100 N. Western Avenue Oklahoma City, OK 73118 3mL + 3.25% Senior Notes due 2019 165167CM7 CHK19 WEBSITE: www.chk.com…

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