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4Q 2021 Earnings Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · Feb 23, 2022 · 17 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. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 1
    Answering the Call for Affordable, Reliable, Lower Carbon Energy 4Q 2021 EARNINGS / FEBRUARY 23, 2022 H A Y N E S V I L L E E A G L E F O R D M A R C E L L U S
  2. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 2
    YE21 Highlights: Delivering Strategic Priorities Disciplined capital investment Focused on highest ROR opportunities 4Q21 adjusted free cash flow (1) FY21 adjusted free cash flow 35% reinvestment of adjusted EBITDAX(1) in 2021…
  3. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 3
    2022 Value Drivers Delivering 6 bcf/d Adjusted free cash flow(1) 1.9B 2.1B (2) certified RSG volumes by year-end 2022 Reinvestment rate 42% PF net debt-to-2022E EBITDAX ratio(3) Preserving 0.7x balance sheet strength…
  4. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 4
    Best-in-Class Dividend Program Variable dividend payments commence, leading to double-digit cash returns (1) 1.7675 per share payable in March 2022 0.4375 base dividend 2022E TOTAL DIVIDEND YIELD (2) 18% with buyback(3) 1.33…
  5. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 5
    2022 Projected Plan 22E Activity 2021 Actual and 2022E Projected Results 4Q21 FY21 1Q22E FY22E Oil Production (mbo/d) 62 71 58 62 51 56 Marcellus Gas Production (bcf/d) 2.7 2.2 3.0 3.1 3.6 3.7 650,000 net acres 50% WI, 40%…
  6. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 6
    Marcellus: 2022 Overview 1.80/mcf PV-10 breakeven 0 3 6 Miles 12 Anticipated 2022 ROR 150% at 3/62 flat Pricing assumption (0.60) (0.70)/mcf annual average in-basin to NYMEX pricing Potential for premium realizations in…
  7. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 7
    Haynesville: 2022 Overview 1.95/mcf PV-10 breakeven Anticipated 2022 ROR 105% at 3/62 flat Pricing assumption (0.30) (0.40)/mcf annual average in-basin to NYMEX pricing 4Q21 1Q22E FY22E Net Production (bcf/d) 1.2 1.5 1.6 1.6 1.7…
  8. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 8
    Eagle Ford: 2022 Overview 37/bo PV-10 breakeven Anticipated 2022 ROR 110% at 3/62 flat Pricing assumption 0.50 0.90/bbl annual average in-basin premium to NYMEX pricing 4Q21 1Q22E FY22E Net Production (mboe/d) 92 90 100 90 100…
  9. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 9
    Reducing Direct GHG and Methane Emissions 5.5 0.09% 0 GHG intensity goal for 2025, Methane intensity goal for 2025, Routine flaring on wells achieved in 2021 achieved in 2021 5.0 0.08% completed in 2021 and beyond, enterprise-wide…
  10. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 10
    Appendix H A Y N E S V I L L E E A G L E F O R D M A R C E L L U S
  11. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 11
    Hedging Program Reduces Risk, Protects Returns Since 11/2/2021, CHK has hedged: 8% of 2022 gas at an average price of 4.03 5.06/mcf Average Hedged Price FY22 FY23 244 bcf of 2023 gas at 3.03 4.00/mcf Gas 2.89 3.29 2.86 3.36 4.4 mmbbl…
  12. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 12
    Hedged Basis Protection As of 2/21/2022 7% of Marcellus and 25% of Haynesville basis hedged for FY22 Since 11/2/2021, CHK has added basis protection for: 134.8 bcf of 2022 gas at an average differential to NYMEX of (0.28) 7.8 mmbbl…
  13. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 13
    Pro Forma Maturity Profile PF net debt-to-2022E EBITDAX ratio(1) 0.7x Preserving balance sheet strength 1,250 6.5%(4) 1,450 4.5% 5.5% RBL Capacity 500(2) 4.5% 500 Pro Forma 221(3) 2022 2023 2024 2025 2026 2027 2028…
  14. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 14
    Managements Outlook as of February 23, 2022 2022E CHK Pro Forma(1) Total production: Oil mmbbls 18.5 20.5 NGL mmbbls 6.5 7.5 Natural gas bcf 1,315 1,345 Total daily rate mboe per day 670 690 Estimated basis to NYMEX prices, based…
  15. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 15
    Reconciliation of Net Income (Loss) to Adjusted EBITDAX (unaudited) Successor Predecessor Three Months Three Months Ended Ended December 31, December 31, 2021 2020 ( in millions) Net income (loss) (GAAP) 1,434 (416)…
  16. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 16
    Reconciliations of Adjusted Free Cash Flow and Net Debt ADJUSTED FREE CASH FLOW Successor Predecessor Three Months Three Months Ended Ended December 31, December 31, 2021 2020 ( in millions) Net cash provided by operating…
  17. 4Q 2021 Earnings Presentation – Chesapeake Energy Corp – slide 17
    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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