Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act). Forward-looking…
2Q 2023 Highlights (1) Adjusted EBITDAX Capital Cash balance Production 524mm 505mm 900mm 3.7 bcfe/d lower end of quarter guide as of 6/30/23 high end of quarter guide Increased base dividend Drilled fastest well in 4.5% Cash…
Our Strategic Pillars Remain Unchanged Superior Capital Returns Most efficient operator, returning more cash to shareholders than domestic gas peers Deep, Attractive Inventory Premium rock, returns, runway with best-in-class…
Advantaged Combination of Gas Scale and Quality Marcellus Reduces company volatility Superior Portfolio Characteristics Underpins return profile Low capital intensity Quality: Premium rock that delivers lowest cost of supply…
Actively Managing Production Through Cycles Purposefully Managing Marcellus Quarterly Production Haynesville Quarterly Production Continues to be Strong (mmcf/d) (mmcf/d) 1,590 Guidance Mid-point Proactively deferring volumes 2Q 4Q…
Service Cost Deflation Expected in 2024 Illustrative AFE Components and Cost Trends (1Q23 compared to 1Q24 expectations) Service cost moderating as industry PHASE SUB-CATEGORY % OF AFE TREND activity slows OCTG 10 15% Pricing for…
Enhancing Basin-Leading Operational Performance Drilling results benefiting from rig fleet high grading, improved drilling practices and equipment reliability Data analytics and machine learning modules enable rapid optimization of…
Marcellus Development Strategies Unlock Superior Returns Extended laterals in Upper yields similar per well 3mm incremental NPV(1) per well production to Lower and decreased cost per foot from Hybrid design Future Hybrid Existing…
Increasing Haynesville Value Through Acreage Optimization Maximizing return on investment through acreage trades and growth leasing Executed trades and obtained leases in key sections turning 5K into 10K opportunities Increased…
Being LNG Ready Will Create Meaningful Value and Enhance Returns What CHK has done to Growing Exports Will be Significant to U.S. Gas Demand (U.S. LNG capacity, bcf/d)(1) Be LNG Ready: Online LNG Gunvor offtake HOA for up to Under…
Meeting Our Commitment to Shareholder Returns 14mm shares retired and Clear Capital Return Track Record 725mm remaining under (mm) current authorization as of 830 7/31/23 2.9B returned 813 20mm of buybacks completed to…
Continuing Our Path to Investment Grade Debt Maturity Profile Cash held on behalf of ( in millions, % interest rate) third-parties related to 6.75%(2) Cash De-risked balance sheet divested asset Current Balances with 10% net…
Continuing to Support Returns with Through-Cycle Hedging Ceiling (/mmbtu) 5.02 5.06 4.45 4.59 4.64 4.70 4.74 4.30 Floor (/mmbtu) 3.45 3.55 3.60 3.71 3.72 3.71 3.55 3.38 65% of Production Hedged 0 12 Added Since 2 Q1 Earnings…
Maintaining Our Drive for Sustainability Leadership Sustainability Fundamentals Deliver energy to Minimize emissions Invest in low-carbon Transparent disclosures sustain economic from operations solutions with adjacent with measurable…
Appendix 2Q 2023 EARNINGS
Managements Guidance as of August 1, 2023(1) Bold/Italicized = updated guidance range Production 2Q23A 3Q23E 2023E Operating Costs (per mcfe of Projected Production) 2Q23A 2023E Total Natural Gas Production (mmcf/d) 3,505 3,300…
2Q 2023 Business Unit Results Eagle Ford MARCELLUS HAYNESVILLE Black Oil(1) Rich Gas Production (mmcfe/d, mboe/d) 1,830 1,590 10 29 Production Expense (/mcf) / (/boe) 0.12 0.36 9.47 3.29 Differential to NYMEX (/mcf) / (/bbl)…
Hedging Program Reduces Risk, Protects Returns NATURAL GAS ESTIMATED NYMEX GAS SETTLEMENT (mm)(1) SWAPS COLLARS THREE-WAY COLLARS 2.00 2.50 3.50 Date Volume Price Volume Bought Put Sold Call Volume Sold Put Bought Put Sold Call…
Hedged Financial Basis 30% of Marcellus and 55% of Haynesville basis financially (as of 7/26/23) MARCELLUS HAYNESVILLE TRANSPORT SPREAD(1) hedged for 2H23 TETCO M3 TGP Z4 300L LEIDY CGT MAINLINE TGT Z1 TETCO M3 Volume Avg. Price…
Marcellus and Haynesville Sale Points Marcellus Sales Points Haynesville Sales Points DEDUCT FROM NYMEX ()(1) MARCELLUS TOTAL PRODUCTION DEDUCT FROM NYMEX ()(1) HAYNESVILLE TOTAL PRODUCTION HISTORICAL CURRENT In Basin 50% Out of…
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Chesapeakes quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance…
Reconciliation of Net Income to Adjusted EBITDAX Reconciliation of Net Cash Provided by Operating (Unaudited) Activities to Adjusted EBITDAX (Unaudited) Three Months Three Months Three Months Three Months Ended June 30, 2023 Ended…
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