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Investor Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · Feb 25, 2015 · 32 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. Investor Presentation – Chesapeake Energy Corp – slide 1
    INVESTOR PRESENTATION February 2015 1 I INVESTOR PRESENTATION 2/25/2015
  2. Investor Presentation – Chesapeake Energy Corp – slide 2
    WHERE WE ARE TODAY CORPORATE PROGRESSION 2013 2014 2015+ TRANSFORMATION FOUNDATION E&P LEADERSHIP 3 I INVESTOR PRESENTATION 2/25/2015
  3. Investor Presentation – Chesapeake Energy Corp – slide 3
    2014 ACCOMPLISHMENTS OPERATIONAL Best safety performance in our history, 35% improvement YOY Reduced cumulative reportable spill volume by 40% Lowest production and G&A costs per BOE in a decade 30 - 60% capital efficiency…
  4. Investor Presentation – Chesapeake Energy Corp – slide 4
    APPLYING OUR BUSINESS STRATEGIES FINANCIAL DISCIPLINE EXPLORATION Balance capital expenditure with cash flow from Leverage innovative technology and expertise operations Explore and exploit domestic resources Increase financial and…
  5. Investor Presentation – Chesapeake Energy Corp – slide 5
    2015E OUTLOOK SUMMARY 2015E Adjusted Production Growth 3 5% Absolute Production: Liquids mmbbls 62 64 Oil mmbbls 39 40 NGL(1) mmbbls 23 24 Natural gas - bcf 1,035 1,055 Total absolute production mmboe 235 240 Absolute daily…
  6. Investor Presentation – Chesapeake Energy Corp – slide 6
    MEASURED GROWTH Adjusted Production (mboe/d) 2015E Asset Sale 640 640 650 18 586 622 640 652 2013(1) 2014(1) 2015E Absolute Production (mboe/d) 706 670 645 655 2013 2014 2015E (1) Adjusted to reflect production,…
  7. Investor Presentation – Chesapeake Energy Corp – slide 7
    1Q15 PRODUCTION 4Q14 1Q15 Production Walk (mboe/d) 770 729 (57) (15) (7) 645 - 655 Divestitures(1) Curtailments Downtime December 4Q14 1Q15E 14 Peak Rate (1) Includes Marcellus South and Other 8 I INVESTOR…
  8. Investor Presentation – Chesapeake Energy Corp – slide 8
    2014 FINANCIAL RESULTS ADJ. EARNINGS/FDS ADJ. EBITDA PROD. and G&A EXP. 1.49 4.94 billion 9% YOY 6.84/boe(1) LIQUIDITY 2014 ASSET SALES TOTAL CAPEX 8.1 billion (2) 7.0 billion 14% YOY 6.7 billion(3) (1) Includes…
  9. Investor Presentation – Chesapeake Energy Corp – slide 9
    2014 OPERATIONAL RESULTS ADJUSTED PRODUCTION LIQUIDS MIX(2) ADJ. OIL PRODUCTION 9% YOY 29% of Total Production 7% YOY 640 mboe/d(1) 110 mbbls/d ADJ. NGL PRODUCTION PROVED RESERVES PROVED DEVELOPED of Total 42% YOY 2.47…
  10. Investor Presentation – Chesapeake Energy Corp – slide 10
    OPERATIONS UPDATE Delivered 2014 adjusted production growth of 9% 4Q14 Daily Avg. Net Production (mboe/d) 12% growth if Marcellus South divestiture excluded powder river basin mississippian lime 2.47 billion boe of proved reserves…
  11. Investor Presentation – Chesapeake Energy Corp – slide 11
    CAPTURING MORE FOR LESS NORTHERN DIVISION Utica: 53% Improvement Marcellus North: 39% Improvement (1) (1) Powder River Basin: 46% Improvement (1) Note: Capex / EUR is defined as net drilling and completion (D&C) costs…
  12. Investor Presentation – Chesapeake Energy Corp – slide 12
    CAPTURING MORE FOR LESS SOUTHERN DIVISION Haynesville: 67% Improvement Eagle Ford: 38% Improvement (1) (1) Mississippian Lime: 47% Improvement (1) Note: Capex / EUR is defined as net drilling and completion (D&C)…
  13. Investor Presentation – Chesapeake Energy Corp – slide 13
    UTICA ASSET OVERVIEW Largest producer, leasehold owner and most 1 million net acres 61% avg WI active driller Operate 55% of wells in the play 4Q14 avg. net production of 100 mboe/d Up 17% sequentially 180 mboe/d gross operated…
  14. Investor Presentation – Chesapeake Energy Corp – slide 14
    UTICA CONTINUOUS IMPROVEMENT 6,000 (1) (1) (1) As measured from Jan.-Oct. 15 I INVESTOR PRESENTATION 2/25/2015
  15. Investor Presentation – Chesapeake Energy Corp – slide 15
    EAGLE FORD ASSET OVERVIEW 4Q14 avg net production of 106 mboe/d 449,000 net acres 61% avg WI Up 4% sequentially 230 mboe/d gross operated Plan to avg. 12 - 14 rigs, four frac crews in 15 95% pad drilling 123 wells brought online…
  16. Investor Presentation – Chesapeake Energy Corp – slide 16
    EAGLE FORD CONTINUOUS IMPROVEMENT 5,900 (1) (1) (1) (1) As measured from Jan.-Oct. 17 I INVESTOR PRESENTATION 2/25/2015
  17. Investor Presentation – Chesapeake Energy Corp – slide 17
    HAYNESVILLE ASSET OVERVIEW Largest producer, leasehold owner and most active driller 4Q14 avg. net production of 592 mmcfe/d Up 5% sequentially 387,000 net acres 71% avg WI 910 mmcfe/d gross operated Plan to avg. 7 - 8 rigs, 1…
  18. Investor Presentation – Chesapeake Energy Corp – slide 18
    HAYNESVILLE CONTINUOUS IMPROVEMENT (1) (1) (1) As measured from Jan.-Oct. 19 I INVESTOR PRESENTATION 2/25/2015
  19. Investor Presentation – Chesapeake Energy Corp – slide 19
    POWDER RIVER BASIN ASSET OVERVIEW Closed transaction with RKI in August 14 Exchanged nonoperated northern acreage and 450 mm cash for RKIs southern acreage 4Q14 avg net production of 18 mboe/d Up 29% sequentially 27 mboe/d gross…
  20. Investor Presentation – Chesapeake Energy Corp – slide 20
    POWDER RIVER BASIN CONTINUOUS IMPROVEMENT (1) (1) (1) As measured from Jan.-Oct. 21 I INVESTOR PRESENTATION 2/25/2015
  21. Investor Presentation – Chesapeake Energy Corp – slide 21
    MISSISSIPPIAN LIME ASSET OVERVIEW 164,000 net acres 4Q14 avg. net production of 28 mboe/d 44% avg WI Up 4% sequentially CHK Operated Rigs 72 mboe/d gross operated CHK Leasehold Plan to avg. 7 - 8 rigs, two frac crews in 15 85%…
  22. Investor Presentation – Chesapeake Energy Corp – slide 22
    MISSISSIPPIAN LIME CONTINUOUS IMPROVEMENT (1) (1) (1) (1) As measured from Jan.-Oct. 23 I INVESTOR PRESENTATION 2/25/2015
  23. Investor Presentation – Chesapeake Energy Corp – slide 23
    MARCELLUS ASSET OVERVIEW 4Q14 avg net production of 817 mmcfe/d 2.07 bcfe/d gross operated Plan to avg. 1-2 rigs in 2015 100% pad drilling Franclaire 8H 30.6 mmcf/d 115 wells WOC/WOP at YE14 Franclaire 7H 25 wells brought online…
  24. Investor Presentation – Chesapeake Energy Corp – slide 24
    MARCELLUS CONTINUOUS IMPROVEMENT 5,900 well cost, lateral feet, frac stages, spuds per rig, spud to spud cycle time (1) (1) (1) As measured from Jan.-Oct. 25 I INVESTOR PRESENTATION 2/25/2015
  25. Investor Presentation – Chesapeake Energy Corp – slide 25
    REDUCING LEVERAGE (mm) 2012 2014 Term Loan 2,000 -- Long-Term Bonds 10,666 11,766 Credit Facility 418 -- GAAP Debt 13,084 11,766 10% VPPs 3,187 1,720 Operating & Finance Leases 1,255 -- Subsidiary Preferred 2,500 1,250 Corporate…
  26. Investor Presentation – Chesapeake Energy Corp – slide 26
    UPSIDE POTENTIAL CHK 28 I INVESTOR PRESENTATION 2/25/2015
  27. Investor Presentation – Chesapeake Energy Corp – slide 27
    2015 HEDGING POSITIONS Natural Gas Oil 20% 32% 3-Way 4.51/4.29/3.37 Swaps 94.58/bbl NYMEX Collars /mcf NYMEX 43% 43% 23% 4.14/mcf NYMEX 11% Swaps 3-Way Collars 98.94/90/80 /bbl NYMEX Note: Hedged positions as of…
  28. Investor Presentation – Chesapeake Energy Corp – slide 28
    UTICA DOWNSTREAM MARKETING ADVANTAGE Average transportation rates of 0.24mcf per day for 2015 Dawn Gulf Coast Market Access 440 MMcf/d to the Gulf Coast for 2015 Utica 732 MMcf/d to the Gulf Coast beginning in 2016 Upper…
  29. Investor Presentation – Chesapeake Energy Corp – slide 29
    SENIOR NOTE MATURITY PROFILE Sr. Notes: 11.8 billion Convertibles(1) 12/31/2014 WACD 5.1% Other Senior Notes Avg. Maturity: 4.9 years 2,245 1,800 1,700 1,500 1,500 1,100 1,015 500 396 2015 2016 2017 2018 2019 2020…
  30. Investor Presentation – Chesapeake Energy Corp – slide 30
    RECONCILIATION OF ADJUSTED EARNINGS PER SHARE ( in mm) Twelve Months Ended: 12/31/2014 12/31/2013 Net income available to common stockholders 1,273 474 Adjustments, net of tax: Unrealized gains on derivatives (941) (100)…
  31. Investor Presentation – Chesapeake Energy Corp – slide 31
    RECONCILIATION OF ADJUSTED EBITDA ( in mm) Twelve Months Ended: 12/31/2014 12/31/2013 Cash provided by operating activities 4,634 4,614 Changes in assets and liabilities 392 344 (1) Operating cash flow 5,026 4,958 Net income…
  32. Investor Presentation – Chesapeake Energy Corp – slide 32
    CORPORATE INFORMATION CHESAPEAKE HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER 3.25% Senior Notes due 2016 165167CJ4 CHK16 6100 N. Western Avenue 6.25% Senior Notes due 2017 027393390 N/A Oklahoma City, OK 73118 6.50% Senior…

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