UBS GLOBAL OIL AND GAS CONFERENCE - Chesapeake Energy

1 1 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 UBS GLOBAL OIL AND GAS CONFERENCE MAY 19, 2015 2 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 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. Forward-looking statements are statements other than statements of historical fact that give our current expectations or forecasts of future events. They include production forecasts, estimates of operating costs, assumptions regarding future natural gas and liquids prices, planned drilling activity, anticipated asset sales and related adjustments, reductions in leverage, estimates of future capital expenditures, estimates of recoverable resources, projected rates of return and expected efficiency gains, as well as projected cash flow, inventory levels and capital efficiency, business strategy and other plans and objectives for future operations.

2 Although we believe the expectations and forecasts reflected in the forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results include those described under "Risk Factors in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake 's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K (available at ). These risk factors include: the volatility of oil, natural gas and NGL prices; write-downs of our oil and natural gas carrying values due to declines in prices; the availability of operating cash flow and other funds to finance reserve replacement costs; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring before production can be established; commodity derivative activities resulting in lower prices realized on oil, natural gas and NGL sales; the need to secure derivative liabilities and the inability of counterparties to satisfy their obligations.

3 Adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; the limitations our level of indebtedness may have on our financial flexibility; charges incurred in response to market conditions and in connection with actions to reduce financial leverage and complexity; drilling and operating risks and resulting liabilities; effects of environmental protection laws and regulation on our business; legislative and regulatory initiatives further regulating hydraulic fracturing; our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; federal and state tax proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations; impacts of potential legislative and regulatory actions addressing climate change; competition in the oil and gas exploration and production industry; a deterioration in general economic, business or industry conditions; negative public perceptions of our industry; limited control over properties we do not operate; pipeline and gathering system capacity constraints and transportation interruptions; cyber attacks adversely impacting our operations; and interruption in operations at our headquarters due to a catastrophic event.

4 Disclosures concerning the estimated contribution of derivative contracts to our future results of operations are based upon market information as of a specific date. These estimates and underlying market prices are subject to significant volatility. Our production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Expected asset sales may not be completed in the time frame anticipated or at all. References to EUR (estimated ultimate recovery) and resources include estimates of quantities of natural gas, oil and NGL we believe will ultimately be produced, but that are not yet classified as proved reserves, as defined in SEC regulations. Estimates of unproved resources are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by Chesapeake .

5 We believe our estimates of unproved resources are reasonable, but our estimates have not been reviewed by independent engineers. Estimates of unproved resources may change significantly as development provides additional data, and actual quantities that are ultimately recovered may differ substantially from prior estimates. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update any of the information provided in this presentation, except as required by applicable law. 3 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 STRONG STRATEGIC POSITION High-quality assets Talented people Superior capital efficiency Industry-leading cash costs Strong liquidity CHK 4 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 1Q 15 FINANCIAL & OPERATIONAL RESULTS PROD.

6 And G&A EXP. ADJ. EARNINGS/FDS ADJ. EBITDA 5% YOY $ (1) $ 928 mm $ (1)Includes stock-based compensation (2)Adjusted for asset sales (3)Oil and NGLs collectively referred to as Liquids Note: Reconciliation of non-GAAP measures to comparable GAAP measures appear on pages 22-23 14% YOY 686 mboe/d(2) LIQUIDS MIX(3) ADJ. OIL PRODUCTION 29% 17% YOY 122 mbbls/d of Total Production ADJ. PRODUCTION 5 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 EAGLE FORD LOW-COST VALUE GENERATION 1Q 15 operational updates 600 700 incremental wells added to undrilled inventory following successful down spacing tests First 5 wells with 10,000 + laterals drilled in 1Q 15 7% sequential production increase to 113 mboe/d Currently at seven rigs, transitioning to 3 by 2Q 15 105 1Q 15 TILs had average peak rate of 763 boe/d Strategic priorities Take advantage of lower activity levels to optimize field development planning Front-loaded development planning with focus on prioritizing wells with >10,000 laterals Incorporate tighter well spacing into development plan, avoiding lost opportunities $ $ $ $ 2012201320142015 Well Cost ($ in mm)

7 E 6 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 EAGLE FORD SPACING TEST RESULTS No appreciable production impact from reduced spacing Increased drillable locations by 600 700 to ~4,500 total Lower Eagle Ford locations Additional down spacing tests planned 6 Four Corners Oil Area McMullen Oil Area Southern Wet Gas Area ~120 Incremental Wells ~90 Incremental Wells ~500 Incremental Wells 0204003060 Cumulative Oil (mbo) McMullen Oil Area 500' Spacing330' Spacing0501000100200300400 Cumulative Oil (mbo) Four Corners Oil Area 500' Spacing360' spacing025500100200 Cumulative Oil (mbo) Southern Wet Gas Area 660' Spacing500' Spacing7 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 EAGLE FORD DRIVING CAPITAL EFFICIENCY WITH LONGER LATERALS Field development planning focused on prioritizing longer lateral wells Successfully drilled five wells with laterals >10,000 in 1Q 15 One 10,000 lateral well pays out twice as fast as two 5,000 lateral wells 33% Decrease in cost per foot 76% Improvement in EUR with 10,000 laterals ~600 Potential number of locations with lateral lengths > 10,000 439 588 772 $ $ $ $- $ $ $ $ $ $ $ $ $ Corners5,000'Four Corners7,500'Four Corners10,000'EUR (mboe)Well Cost / EUR ($/boe)1,080 840 720 Four Corners5,000'Four Corners7,500'Four Corners10,000'Well Cost / Lateral Foot($ / ft.)

8 8 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 HAYNESVILLE STRATEGIC DEVELOPMENT DRIVES VALUE CREATION 7,500 Lateral Test Enhanced Haynesville completions Enhanced Bossier completions 1Q 15 operational updates Two 7,500 lateral tests flowing an average of 17 mmcf/d Doubled commercial Haynesville area Commercialization of the Bossier Shale 4% sequential production increase to 616 mmcf/d 17 1Q 15 wells had average peak rate of mmcf/d Six rigs currently, dropping to three by YE 15 Strategic priorities Transition to 100% implementation of enhanced stimulation technique Prioritize Haynesville and Bossier development with 7,500 laterals Testing 10,000 design in 4Q 15 9 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 HAYNESVILLE BREAKING THROUGH DEVELOPMENT BARRIERS 7,500 lateral test results Wells located in traditional 6 8 bcf contour interval Production test exceeds offsets by more than 8 mmcf/d $ Field estimated D&C cost 10 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 MISSISSIPPIAN LIME CONSISTENTLY OUTPERFORMING EXPECTATIONS 1Q 15 operational updates 11% sequential production increase to 32 mboe/d net Currently running three rigs & one completion crew 48 wells brought online in 1Q 15 had average peak rate of 733 mboe/d Positive new formation tests in the Oswego and Hoxbar Strategic priorities Expand drillable inventory via capital efficiencies and delineation drilling Test new horizons currently not within the active development programs Focus on reducing base decline through artificial lift and recompletions 24 26 27 28 32 1Q'142Q'143Q'144Q'141Q'15 Net Production (mboe/d)

9 11 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 MISSISSIPPIAN LIME LEADING THE INDUSTRY 45% capital reduction projected from 2012 to 2015 2015 development program generates 39% ROR at $ mm(1) Capital efficiency improvements and field delineation program continue to generate incremental core locations 30% 39% 52% $ $ $ Cost ($ in mm) Core Development Economics $ $ $ $ $ $ $ 2012201320142015 Supply Chain Efficiency Gains Design Improvements Miss Lime CAPEX per Well ($ in mm) E (1) Based on $ gas and $65 /bbl oil 12 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 High quality legacy position ~74,000 net acres with stacked pay ~91% of acreage is held by production >147 potentially operated sections Inventory Industry activity continues to de-risk locations >440 locations identified within the Meramec oil fairway (>50% oil) Expect Meramec testing to begin in Q4 2015 Upside Woodford and Hunton Currently testing Oswego NORTHERN MID-CONTINENT MERAMEC POTENTIAL Oil Line Extents of Meramec Play Industry Meramec Well CHK Acreage 1723 BOEPD IP (85% Oil) 1374 BOEPD IP (80% Oil) 1309 BOEPD IP (79% Oil) Oil Gas & Condensate 13 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 NORTHERN MID-CONTINENT OKLAHOMA OIL GROWTH OPPORTUNITIES Stacked plays with proven strong Horizontal results ~6,000 potential locations in ~2,000 CHK controlled sections To date CHK has only realized value for Miss Lime Formation Acres Only ~33% (365M acres) of Chesapeake s acreage is assigned to Miss Lime million Total Net Acres Formation 14 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 UTICA 2015 STRATEGIC FOCUS 1Q 15 operational updates Five rigs currently.

10 Two rigs by middle of 3Q 15 Four frac crews currently; on average for remainder of year Minimum two rigs to hold acreage Strategic priorities Reduce WOC/WOPL well inventory Focus on capital efficiency via industry-leading operations Limit testing to expand core resources Optimize base production CHK/TOT JV Outline CHK Operated Rigs Industry Rigs CHK Leasehold Oil Window Wet Gas Window Dry Gas Window 15 I UBS GLOBAL Oil and Gas CONFERENCE 5/19/2015 ~25% Expected rate of return based on actual results at $ gas / $65 oil UTICA IMPROVING PERFORMANCE LEADS TO CORE EXPANSION Optimized completions Enhanced geologic interpretation Targeting Fault identification Pressure mapping 02004006008001,0001,2001,4001,6001,8002, 0000100200300400 Gross Boe/d Days Columbiana County Well Results Early WellsNew WellsExpected Type CurveCHK/TOT JV Outline CHK Leasehold Oil Window Wet Gas Window Dry Gas Window +50% Improvement in new well performance vs.