2016 FULL-YEAR AND FOURTH QUARTER EARNINGS

February 23, 2017

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, anticipated capital and operational efficiencies, planned development drilling and expected drilling cost reductions, general
and administrative expenses, capital expenditures, the timing of anticipated noncore asset sales and proceeds to be received therefrom, projected cash flow and liquidity, our ability to
enhance our cash flow and financial flexibility, plans and objectives for future operations (including our ability to optimize base production and execute gas gathering agreements), the
ability of our employees, portfolio strength and operational leadership to create long-term value, 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; the limitations our level of indebtedness may have on our financial flexibility; our inability to access the capital
markets on favorable terms; the availability of cash flows from operations and other funds to finance reserve replacement costs or satisfy our debt obligations; our credit rating
requiring us to post more collateral under certain commercial arrangements; write-downs of our oil and natural gas asset carrying values due low commodity prices; 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 our ongoing 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; impacts of potential legislative and regulatory actions addressing climate change; federal and state tax
proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations; 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; terrorist activities and cyber-attacks adversely impacting our operations; potential challenges by
Seventy Seven Energy Incs (SSE) former creditors of our spin-off in connection with SSE's recently completed bankruptcy under Chapter 11 of the U.S. Bankruptcy Code; an
interruption in operations at our headquarters due to a catastrophic event; the continuation of suspended dividend payments on our common stock; certain anti-takeover provisions
that affect shareholder rights; and our inability to increase or maintain our liquidity through debt repurchases, capital exchanges, asset sales, joint ventures, farmouts or other means.

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 release or the
accompanying Outlook, except as required by applicable law. In addition, this presentation contains time sensitive information that reflects managements best judgement only as of
the date of this presentation.

Q4 2016 EARNINGS 2
 4Q16 FINANCIAL AND OPERATIONAL RESULTS

(1) (1)
ADJ. EPS ADJ. EBITDA PROD. and G&A EXP.

$0.07 $384mm 10% QOQ.

$4.26/boe (2)

ADJ. PRODUCTION LIQUIDS MIX (4) ADJ. OIL PRODUCTION

4% QOQ. (3)
26% of total
production 4% QOQ. (3)

575 mboe/d 90 mbo/d

(1) See non-GAAP reconclination on pages 14 and 15

(2) Includes stock-based compensation
(3) Adjusted for asset sales
(4) Oil and NGLs collectively referred to as liquids

Q4 2016 EARNINGS 3
 2017 CAPITAL ALLOCATION AND FOCUS
FLEXIBLE PROGRAM BUILDING FOR GROWTH IN 2018

2017 Capital

Marcellus Shale
10 15 Spuds
50 60 TILS

Powder River Basin

25 30 Spuds
28 33 TILS
Utica Shale
40 50 Spuds
70 80 TILS Haynesville

Eagle Ford

Mid-Continent
100 120 Spuds
95 115 TILS Utica

Haynesville Shale
30 35 Spuds
32 37 TILS
Marcellus Mid-Continent
Eagle Ford Shale
175 195 Spuds TILs
Other byPowder
Quarter
River
155 175 TILS 170

150

130
> Oil growth driven by Eagle Ford, 110
Mid-Continent and the emerging PRB 90

> Strong gas economics from Haynesville, 70

Utica and Marcellus provide >40% ROR (1) 50

Q1 2017 Q2 2017 Q3 2017 Q4 2017
(1) Price Deck: $3/mcf and $60/bbl oil flat

Q4 2016 EARNINGS 4
 SOUTH TEXAS ASSET OVERVIEW
UNDRILLED ACREAGE, POSITIONED FOR GROWTH

~260,000 Net Acres in Eagle Ford 99% HBP/HBO

Extended laterals driving value
and providing strong oil growth
in 2017 and 2018

Secure acreage position

Locations Production Mix (1)

5 6 rigs Drilled
25%
25%
Active in 2017 drilling 175 195 wells
with 155 175 TILs Remaining 56%
Development 19%
75%

Oil NGL Natural Gas

(1) Net processed production mix

Q4 2016 EARNINGS 5
MID-CONTINENT WEDGE & OSWEGO RAPID OIL GROWTH
LOW-COST, HIGH-RETURN OIL VOLUME

~2 rigs
Active in 2017 drilling 40 50 Wedge play
wells with 40 50 TILs
~2 rigs
Active in 2017 drilling 60 70 Oswego
wells with 55 65 TILs
Cycle time of 38 days spud to TIL
40 MILES

40 MILES
Q4 2016 EARNINGS 6
POWDER RIVER BASIN
2017 CAPITAL PROGRAM

2017 Focus Areas

2 rigs
Active in 2017 drilling 25 30 wells Teapot
with 28 33 TILs
Parkman
E, A, B/C & Deep

Surrey

Sussex

Niobrara

Turner
Frontier
Mowry

Q4 2016 EARNINGS 7
 GULF COAST
WORLD-CLASS RESOURCE

CA 1H
ROTC 1H

Delivering monster IPs

ROTC 1H 40 mmcf/d, 10,000' lateral, 5,200 lbs/ft
CA 1H 38 mmcf/d, 10,000' lateral, 3,000 lbs/ft
Nabors 2H 19 mmcf/d, 5,200 lateral, 5,000 lbs/ft

~3 rigs Nabors 2H

Active in 2017 drilling 30 35

wells with 32 37 TILs

Q4 2016 EARNINGS 8
 UTICA SHALE
VALUE OPTIMIZATION

~2 rigs
Active in 2017 drilling 40 50
wells with 70 80 TILs

Value focused (1)

DUC ROR ~90%
(1)
New drill ROR ~50%

2017 Focus Areas

Operational highlights
Average completed lateral length in 2017 ~9,600'
> 90% of gas sent to Gulf markets

(1) Price deck: $3/mcf and $60/bbl flat

Q4 2016 EARNINGS 9
 MARCELLUS SHALE
SUSTAINABLE FREE CASH GROWTH

Actual Production
Significant flexibility to
Free cash machine 2,400
maximize with favorable pricing
2,200
Delivers ~$225mm in 2017 (1)
Limited capital required 2,000 Future
1,800
Opportunity

Gross Production, MMCFD

1,600

Control the core 1,400

~65% of Marcellus core is CHK operated 1,200

~92% of CHK acreage is HBP
1,000

800

600

2017 DUC focus 400

Complete TIL: 40 45 DUCs 200
Drill TIL: 10 15 wells
0
2015 2016 2017 2018 2019 2020 2021

(1) Price deck: $3/mcf and $60/bbl oil flat

Q4 2016 EARNINGS 10
 RETURNING TO GROWTH
PORTFOLIO STRENGTH AND OIL GROWTH WILL DRIVE MARGIN EXPANSION

Total Production (mboe/d) (1) Oil Production (mbo/d) (1)

750 140

700

120

650

600 100

550

80

500

450 60
4Q'16 4Q'17E 4Q'18E 4Q'16 4Q'17E 4Q'18E

~10% oil production growth projected from 4Q16 to 4Q17

~20% oil production growth projected from 4Q17 to 4Q18

(1) Production forecast subject to final capital allocation decisions for 2017 and 2018 and market conditions

Q4 2016 EARNINGS 11
Substantial progress on every front
Strategic targets

2016 2020

Reduced total leverage by Grow production 5 15%

~50% ($11.2 billion) annually

Improved cash costs by Expand margin through

~50% per boe 10 20% annual oil growth

Reduced financial and balance Achieve free cash flow

sheet complexity neutrality in 2018

High-graded portfolio Retire $2 $3 billion of debt

10,500+ locations above 20% ROR
Achieve 2x net debt/EBITDA

Q4 2016 EARNINGS 12
Q4 2016 EARNINGS 13
RECONCILIATION OF ADJUSTED EARNINGS PER SHARE
CHESAPEAKE ENERGY CORPORATION
RECONCILIATION OF ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
(in millions, except per share data)
(unaudited)

THREE MONTHS ENDED: December 31, 2016

$ Shares(a) $/Share(c) (d)
Net loss available to common stockholders $ (741) 887 $ (0.84)

Adjustments:
Unrealized losses on commodity derivatives 395 0.45
Restructuring and other termination costs 3
Provision for legal contingencies 11 0.01
Impairments of fixed assets and other 43 0.05
Net gains on sales of fixed assets (7) (0.01)
Impairments of investments 119 0.13
Losses on purchases or exchanges of debt 19 0.02
Other 13 0.02
Loss on exchange of preferred stock 428 0.48
Income tax benefit(b) (190) (0.21)
Adjusted net loss available to common stockholders(c) (Non-GAAP) 93 0.10

Preferred stock dividends (30) (0.03)

Total adjusted net income attributable to Chesapeake(c) (d) (Non-GAAP) $ 63 $ 0.07

(a) Weighted average common and common equivalent shares outstanding do not include 211 million shares that were
considered antidilutive for calculating earnings per share in accordance with GAAP.
(b) Our effective tax rate in the three months ended December 31, 2016 was 35.7%.
(c) Adjusted net income and adjusted earnings per common share are not measures of financial performance under accounting
principles generally accepted in the United States (GAAP), and should not be considered as an alternative to net income
available to c ommon stockholders or earnings per share. Adjusted net income available to common stockholders and
adjusted earnings per share exclude certain items that management believes affect the comparability of operating results.
The company believes these adjuste d financial measures are a useful adjunct to earnings calculated in accordance with
GAAP because:
(i) Management uses adjusted net income available to common stockholders to evaluate the company's operational trends
and performance relative to other oil and natural gas producing companies.
(ii) Adjusted net income available to common stockholders is more comparable to earnings estimates provided by
securities analysts.
(iii) Items excluded generally are one -time items or items whose timing or amount cannot be reasonably estimated.
Accordingly, any guidance provided by the company generally excludes information regarding these types of items.
(d) We have revised our presentation of adjusted loss per share to exclude shares considered antidilutive when calcul ating
earnings per share in accordance with GAAP.

Q4 2016 EARNINGS 14
RECONCILIATION OF ADJUSTED EBITDA
CHESAPEAKE ENERGY CORPORATION
RECONCILIATION OF ADJUSTED EBITDA
($ in millions)
(unaudited)

December 31, December 31,

THREE MONTHS ENDED: 2016 2015
EBITDA $ (198) $ (2,371)
Adjustments:
Unrealized losses on commodity derivatives 395 51
Unrealized gains on supply contract derivatives (5)
Restructuring and other termination costs 3 (3)
Provision for legal contingencies 11 (6)
Impairment of oil and natural gas properties 2,831
Impairments of fixed assets and other 43 27
Net (gains) losses on sales of fixed assets (7) 1
Impairment of investment 119 53
(Gains) losses on purchases or exchanges of debt 19 (279)
Net income attributable to noncontrolling interests (1)
Other 1 (1)
Adjusted EBITDA(a) $ 385 $ 298

(a) Adjusted ebitda excludes certain items that management believes affect the comparability of operating results. The
company believes these non-GAAP financial measures are a useful adjunct to ebitda because:

(i) Management uses adjusted ebitda to evaluate the company's operational trends and performance relative to other oil
and natural gas producing companies.

(ii) Adjusted ebitda is more comparable to estimates provided by securities analysts.

(iii) Items excluded generally are one -time items or items whose timing or amount cannot be reasonably estimated.
Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Accordingly, adjusted EBITDA should not be considered as a substitute for net income, income from operations or cash flow
provided by operating activities prepared in accordance with GAAP.

Q4 2016 EARNINGS 15
2017 CAPITAL BUDGET

2017 Capital Budget

2017 budget of $1.9 $2.5 billion $1.9 $2.5B
$0.2B Cap Int.

2017 investment expected to deliver FCF in 2018

$1.7B
Lower DUC working inventory $0.25B Cap Int.

$1.7 $2.3B
D&C

$1.45B
D&C

2016 2017E

Drilled Uncompleted Inventory

Reducing DUC inventory
by 40 65 wells
215

150 175

2016 2017E

Q4 2016 EARNINGS 16
 OPTIMIZING DOWNSTREAM COMMITMENTS

Optimizing Commitments To Further Increase EBITDA

Reducing Commitments
~$7 billion reduction GP&T Commitments ($ billion)
In midstream and marketing YE14 YE15 YE16 YE17
commitments since 2014 $16.0 $14.0 $11.1 $9.3E

($mm) 2017 2018 2019 2020 2021 Thereafter

Haynesville 355 149 147 125 114 419

Northeast 373 401 401 401 399 3,580

Eagle Ford 363 334 332 335 255 1,085

Other 248 222 187 127 125 122

Total (1) 1,339 1,107 1,067 989 894 5,205

Commitment being fully utilized; CHK projects overall estimate of ~90% utilization company-wide

~$560mm additional commitment reductions

with Seaway and MEP buy down
(1) Assumes Seaway and MEP buy down

Q4 2016 EARNINGS 17
DEBT MATURITY PROFILE

Pro forma tender results, OMRs, 6.25% Euro note maturity and 6.50% 2017
redemption

Q4 2016 EARNINGS 18
 HEDGING POSITION

Natural Gas Oil NGL

2017 (1)
2017 (1)
2017 (1)

3% 7%
$3.00/$3.48/mcf
Collars NYMEX

71% 68%

68%
Swaps $3.07/mcf
NYMEX

Swaps $50.19/bbl Ethane Swaps $0.28/gal

~120 bcf hedged in 2018 with swaps at an average price of $3.13

~47 bcf hedged in 2018 with collars at an average price of $3.00/$3.25

(1) As of 2/6/16, using midpoints of total production from 2/14/2017 Outlook

Q4 2016 EARNINGS 19
CORPORATE INFORMATION

HEADQUARTERS PUBLICLY TRADED SECURITIES CUSIP TICKER

7.25% Senior Notes due 2018 #165167CC9 CHK18A
6100 N. Western Avenue
3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK19
Oklahoma City, OK 73118
WEBSITE: www.chk.com 6.625% Senior Notes due 2020 #165167CF2 CHK20A
6.875% Senior Notes due 2020 #165167BU0 CHK20
6.125% Senior Notes due 2021 #165167CG0 CHK21
CORPORATE CONTACTS 5.375% Senior Notes due 2021 #165167CK21 CHK21A
#165167CQ8 N/A
BRAD SYLVESTER, CFA 8.00% Senior Secured Second Lien Notes due 2022
#U16450AT2 N/A
Vice President Investor Relations 4.875% Senior Notes due 2022 #165167CN5 CHK22
and Communications
5.75% Senior Notes due 2023 #165167CL9 CHK23

DOMENIC J. DELLOSSO, JR. #165167CT2 N/A

8.00% Senior Notes due 2025
Executive Vice President and #U16450AU99 N/A
Chief Financial Officer 5.50% Contingent Convertible Senior Notes due 2026 #165167CR6 N/A
2.75% Contingent Convertible Senior Notes due 2035 #165167BW6 CHK35
Investor Relations department #165167BZ9/
2.50% Contingent Convertible Senior Notes due 2037 CHK37/ CHK37A
can be reached at ir@chk.com #165167CA3
2.25% Contingent Convertible Senior Notes due 2038 #165167CB1 CHK38
4.5% Cumulative Convertible Preferred Stock #165167842 CHK PrD
#165167834/
5.0% Cumulative Convertible Preferred Stock (Series 2005B) N/A
#165167826
#U16450204/
5.75% Cumulative Convertible Preferred Stock #165167776/ N/A
#165167768
#U16450113/
5.75% Cumulative Convertible Preferred Stock (Series A) #165167784/ N/A
#165167750
Chesapeake Common Stock #165167107 CHK

Q4 2016 EARNINGS 20