4Q’15 EARNINGSFebruary 24, 2016

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. They include statements that give our current

expectations or forecasts of future events, production and well connection forecasts, estimates of operating costs, planned development drilling and expected

drilling cost reductions, capital expenditures, expected efficiency gains, our ability to improve margins, reduce operating and G&A expenses, optimize base

production, the timing of anticipated noncore asset sales and proceeds to be received therefrom, projected cash flow and liquidity, business strategy and other

opportunities, plans and objectives for future operations (including restructuring of midstream gathering agreements), and the assumptions on which such

statements are based. 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 http://www.chk.com/investors/sec-filings). 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 limitations our level of indebtedness may have on our financial flexibility; 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; adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; 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.

• In addition, 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 market prices are subject to significant volatility. Our production forecasts are also 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. 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.

4Q'15 EARNINGS 2

2015 YEAR IN REVIEW AND EARLY 2016 ACCOMPLISHMENTS

2015

> Reduced G&A/boe by 24% year over year; $87mm reduction (1)

> Reduced LOE/boe by 10% year over year; $162mm reduction

> $2.1 billion debt principal reduction through debt repurchases and debt exchange

> Renegotiated Haynesville and Utica gathering rates

2016

> ~$700 million in asset divestitures closed or under signed PSA

• Exceeded previously disclosed 1Q’16 target of $200 – $300mm

• Line of sight on additional $500 – $1,000mm in asset divestitures in 2016

> Planned 2016 total capital expenditures of $1.3 to $1.8 billion; ~57% reduction YOY (2)

> Projected 2016 production decline of 0% to 5% adjusted for asset sales

> Transportation contracts renegotiated for a $50mm reduction in shortfall payments

> ~$4.3 billion in liquidity in cash and undrawn revolver (3)

4Q'15 EARNINGS 3

(1) Includes stock-based compensation.

(2) Includes capitalized interest.

(3) As of February 23, 2016.

CHESAPEAKE’S FOCUS IN 2016WHAT WE WILL DO

4Q'15 EARNINGS 4

Maximize Liquidity

□ Reduce capital budget by >50%

□ 10% reduction in LOE/boe

□ 15% reduction in G&A/boe (1)

Optimize Portfolio

□ Close on $700mm in signed asset divestitures

□ $500 – $1,000mm in additional asset divestitures

□ Fund short-cycle cash generating projects

Increase EBITDA

□ Improve gathering and transportation agreements

□ 2016 capital program focusing on TILS

□ Reduce base decline rate by 10%

Debt Management/

Elimination

□ Proactive liability management

□ Open market repurchases of debt

□ Focus on 2017 and 2018 maturity management

(1) Includes stock-based compensation.

2016 CAPITAL ALLOCATION

• 2016 program provides attractive return

on incremental capital and optimizes

commitments

• Ensures full access to revolver

4Q'15 EARNINGS 5

D&C BreakoutFunding short-cycle cash generating

projects to maximize EBITDA

Drilling29%

Completion 71%

Drilling 45%

Completion55%

2015 2016E

(1) Includes other exploration and development costs and PP&E.

Drilled Uncompleted InventoryFocusing spend on completions

to reduce inventory

2015

480

2016E

225 – 250

2016 Capital BudgetDecreasing capital budget by ~57%

2015 2016E

$3.0B

D&C

~$3.6B

$1.3 – $1.8B

(1)

(1)

$0.8 – 1.3B

D&C

$0.2B Other

$0.3B Cap Int.

$0.4B Cap Int.

$0.2B Other

Marcellus Shale130 mboe/d net (1)

Spud: 0-5 / TIL: 20Utica Shale (2)

148 mboe/d net (1)

Spud: 0-5 / TIL: 45-55

Barnett Shale70 mboe/d net(1)

Spud: 0 / TIL: 5

Eagle Ford Shale97 mboe/d net (1)

Spud: 20-30 / TIL: 170-180

Powder River Basin20 mboe/d net (1)

Spud: 0 / TIL: 5

Mid-Continent94 mboe/d net (1)

Spud: 40-50 / TIL: 35-45

Haynesville Shale102 mboe/d net (1)

Spud: 25-35 / TIL: 50-60

VAST U.S. ONSHORE ASSET PORTFOLIOSIGNIFICANT VALUE IN DEVELOPED AND UNDEVELOPED ACREAGE

4Q'15 EARNINGS 6

2016 D&C Asset Funding

Haynesville32%

Marcellus6%

Utica6%

Other1%

Eagle Ford Shale33%

STACK/Mid-Con

22%

(1) Average daily production 4Q’15.

(2) Includes production volumes from legacy Devonian wells in West Virginia and Kentucky (~8 mboe/d net).

~8.1mm net acres in developed & undeveloped leasehold

IMPROVING AND REBALANCING MIDSTREAM COMMITMENTS

• Recently executed agreements in the Haynesville, Barnett and Eagle Ford

˃ Forecasted to improve cash flow by $50mm in 2016 and $50mm in 2017 with

no additional drilling commitments

• Actively marketing unutilized portion of transportation to increase utilization

by 5 – 10%

• Negotiations underway to further optimize gathering and processing rates

˃ Considering awarding new business opportunities – NGL fractionation, processing,

oil and water gathering, condensate exports, LPG exports, undedicated formations

4Q'15 EARNINGS 7

Reduced penalty payments by ~$50 million in 2016

Increase EBITDA by working with partners to rebalance fees

for the long-term profitability of all companies

DEBT MANAGEMENT

• Opportunistic open market debt

repurchases resulted in attractive

principal savings

• Proactive liability management

strategies will continue to be

evaluated in 2016

˃ Debt exchange

˃ Tender offer

˃ Open market repurchase

˃ Alternative financings

4Q'15 EARNINGS 8

$2.2 billion Debt removed from books

in 2015 and 2016 (1)

$38 millionAnnual interest payment reduction from

all liability management transactions (1)

$9.5 billion Total debt below $10 billion

for first time since 2006 (1,2)

$41 millionPrincipal savings from open

market repurchases of debt

(1) Amounts are pro-forma for settlement of 2016 open market repurchases through 2/25/16 and assume euro-notes are converted to USD at 12/31/15 exchange rate of

$1.0862 to €1.00

(2) Calculation of interest on euro-denominated notes based on terms of cross-currency swap

2015 2016

2Q 3Q 4Q 1Q 2Q

Sale of CHK

Cleveland

Tonkawa

Haynesville

and Utica

Midstream

Contract

Renegotiations

Second Lien

Debt Exchange

Announced

$700 Million

in Asset

Divestitures

Continue

Maximizing

Liquidity,

Increasing

EBITDA and

Reducing Debt

Eliminated preferred

and ORRI obligations

Enhanced margins

and added flexibility

Reduced total debt

by ~$2.1 billion;

GAAP debt below

$10 billion for first time

since 2006

Exceeded previously

disclosed target of

$200 – $300 million

Renegotiated GP&T

rates in place;

repurchase open

market debt; targeting

additional $0.5 – $1.0

billion in asset sales

in 2016

THE TRANSFORMATION CONTINUES

4Q'15 EARNINGS

We are focused on maximizing liquidity, optimizing the portfolio through

asset sales, increasing EBITDA through contract negotiations and

proactively managing debt maturities and reduction to strengthen the

balance sheet.

9

APPENDIX

4Q'15 EARNINGS 10

$2$258

$1,829

$878$1,104 $1,126

$876

$3,064

$384$394

$242

$373

$137

$396$674

$824

$861

$716

2015 2016 2017 2018 2019 2020 2021 2022 2023

(1) Amounts are pro-forma for settlement of 2016 open market repurchases from 1/1/15 through 2/25/16 and assume euro-notes are converted to USD at 12/31/15 exchange rate of $1.0862 to €1.00

(2) Recognizes earliest investor put option as maturity for the 2.5% 2037 and 2.25% 2038 Contingent Convertible Senior Notes(3) Reflects amount that was not put to the company in 2015; next investor put date is 2020

MATURITY PROFILEPROACTIVE LIABILITY MANAGEMENT

Debt

Reduction (1)

Liabilities (2)

4Q'15 EARNINGS

$38 millionAnnual interest payment reduction from

all liability management transactions

$9.5 billion Total debt – down from $11.7 billion

on 9/30/2015

(3)

11

$2.2 billion Debt removed from books

in 2015 and 2016

~26%

LEVERAGE REDUCTIONPROACTIVE LIABILITY MANAGEMENT

4Q'15 EARNINGS 12

~$9.6B Leverage reduction over last

three years, through 12/31/15Continued focus on the balance

sheet resulted in significant leverage

reduction over the past three years.

~42%

~45%

~$176mmAdditional reduction in long-term

bonds completed in 2016(2)

(1) Amount reflects settlement of 2016 open market debt repurchases through 2/25/16.

(2) Assume euro-denominated notes are converted to USD at the relevant 12/31 exchange rate for each calendar year.

($mm) 2012 2013 2014 2015Term Loan $2,000 $2,000 - -

Long-Term Bonds(2) $10,647 $10,825 $11,756 $9,706

Credit Facility $418 $405 - -

Debt Principal $13,065 $13,230 $11,756 $9,706

VPPs $3,186 $2,454 $1,702 $1,289

Operating & Finance Leases $1,255 $948 - -

Subsidiary Preferred $2,500 $2,310 $1,250 -

Corporate Preferred $1,531 $1,531 $1,531 $1,531

Total Adjusted Leverage $21,537 $20,474 $16,239 $12,526

Cash ($287) ($837) ($4,108) ($825)

Total Adjusted Net Leverage $21,250 $19,637 $12,131 $11,701

HEDGING POSITION (1)

4Q'15 EARNINGS 13

(1) As of February 23, 2016.

Swaps $2.84 Swaps $47.79

58%

Natural Gas2016

56%

Oil 2016

CORPORATE INFORMATION

4Q'15 EARNINGS

PUBLICLY TRADED SECURITIES CUSIP TICKER

3.25% Senior Notes due 2016 #165167CJ4 CHK16

6.25% Senior Notes due 2017 #027393390 N/A

6.50% Senior Notes due 2017 #165167BS5 CHK17

7.25% Senior Notes due 2018 #165167CC9 CHK18A

3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK19

6.625% Senior Notes due 2020 #165167CF2 CHK20A

6.875% Senior Notes due 2020 #165167BU0 CHK20

6.125% Senior Notes Due 2021 #165167CG0 CHK21

5.375% Senior Notes Due 2021 #165167CK21 CHK21A

8.00% Senior Secured Second Lien Notes due 2022#165167CQ8

#U16450AT2

N/A

N/A

4.875% Senior Notes Due 2022 #165167CN5 CHK22

5.75% Senior Notes Due 2023 #165167CL9 CHK23

2.75% Contingent Convertible Senior Notes due 2035 #165167BW6 CHK35

2.50% Contingent Convertible Senior Notes due 2037#165167BZ9/

#165167CA3

CHK37/

CHK37A

2.25% Contingent Convertible Senior Notes due 2038 #165167CB1 CHK38

4.5% Cumulative Convertible Preferred Stock #165167842 CHK PrD

5.0% Cumulative Convertible Preferred Stock (Series 2005B)#165167834/

#165167826N/A

5.75% Cumulative Convertible Preferred Stock

#U16450204/

#165167776/

#165167768

N/A

5.75% Cumulative Convertible Preferred Stock (Series A)

#U16450113/

#165167784/

#165167750

N/A

Chesapeake Common Stock #165167107 CHK

HEADQUARTERS

6100 N. Western Avenue

Oklahoma City, OK 73118

WEBSITE: www.chk.com

CORPORATE CONTACTS

BRAD SYLVESTER, CFA

Vice President – Investor Relations

and Communications

DOMENIC J. DELL’OSSO, JR.

Executive Vice President and

Chief Financial Officer

Investor Relations department

can be reached at ir@chk.com

14