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Chesapeake Portfolio Update – Chesapeake Energy Corp

Chesapeake Energy Corp · Jan 25, 2022 · 15 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. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 1
  2. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 2
    Simplifying Our Portfolio, Advancing Our Highest-Return Assets Refocused and Marcellus high-graded portfolio Enhancing our core positions, scale to compete Oklahoma City Headquarters High rates of return driving Haynesville…
  3. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 3
    Focused Portfolio, Stronger Company Transactions Highlights: Simplifying and Pro forma (PF) net debt-to-EBITDAX(1) strengthening portfolio. 0.8x on 2022E EBITDAX Advancing our Increasing FCF. highest-return assets. Adding 500…
  4. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 4
    Building the Premier Marcellus Position Marcellus Shale 2022E 2022E 2022E Annualized CHK(1) CHK PF(1) Chief (1) Net Acres 540,000 113,000 653,000 Held by Production 96% 94% 95% Average Working Interest 40% 65% 50% Gross…
  5. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 5
    Increasing Total Capacity and Out-of-Basin Exposure 200 mmcf/d additional Marcellus capacity by 2023 combined vs. stand-alone companies Grows out-of-basin exposure from 30% to 45% Atlantic Sunrise and Leidy Southeast capacity…
  6. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 6
    Best-in-Class Dividend Program Larger base dividend and variable dividend as a result of free cash flow increase With this transaction, increasing base dividend by 14% to 2.00/share, annualized (post closing) Immediate delivery of…
  7. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 7
    Creating Shareholder Value Through Consolidation IMMEDIATE ANNUAL SYNERGIES: CHIEF TRANSACTION SYNERGIES INCLUDE: V E I Tr a n s a c t i o n 50 million Cash flow accretion from higher production C h i e f Tr a n s a c t i o n…
  8. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 8
    Enhanced Pro Forma GHG Emissions Profile 2020 PF GHG intensity(1) 4.9 kg CO2e/boe Haynesville 2020 CHK: 6.0 kg CO2e/gross boe production RSG certified at YE21 Legacy Marcellus 100% 2020 PF methane intensity(1)(2) 0.09%…
  9. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 9
    More Cash Flow, Lower Costs, Stronger Company Updated 2022E 2022E PF Outlook 2022 Projected Multiples (2) 2022E 2022E New PF 2022E 2022E New PF 2022E Adj. for prices (assumes 9 months Adj. for prices (assumes 9 months Previous(1)…
  10. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 10
    Meeting Our Acquisition Non-Negotiables Attractive relative to NAV, recent transactions and public Dont overpay. Appalachian multiples Adds 200 mmcf/d incremental capacity compared to stand-alone companies by 2023 Protects…
  11. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 11
    Value Drivers ACQUISITION OF CHIEF + DIVESTITURE OF PRB Simplifying portfolio to highest-return assets Strengthens Marcellus position Accretive to free cash flow and dividend yield Leverages in-basin experience, knowledge and…
  12. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 12
  13. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 13
    Pro Forma Maturity Profile PF net debt-to-EBITDAX(1) 0.8x in 2022 Preserving balance sheet strength 1,250 1,450 RBL Capacity 500(2) 500 Pro Forma 221(3) 2022 2023 2024 2025 2026 2027 2028 2029 (1) A non-GAAP measure…
  14. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 14
    Hedging Program Reduces Risk, Protects Returns GAS% HEDGED AVERAGE HEDGED PRICE FY 2022 2023 2024 CHK CHK /mcf 2.68 3.13 2.86 3.43 2.53 Chief Pro Forma Chief /mcf 2.84 3.08 2.77 2.78 2.77 55% PF /mcf 2.71 3.12 2.84 3.27 2.67…
  15. Chesapeake Portfolio Update – Chesapeake Energy Corp – slide 15
    Non-GAAP Financial Measures This document includes non-GAAP financial measures. Such non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. The Companys management believes that these…

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