Chesapeake Energy Corporation Announces CEO Succession Plan

Chesapeake Energy Corporation (NYSE:CHK) today announced that its
Co-founder, Chief Executive Officer and President, Aubrey K. McClendon,
has agreed to retire from the company on April 1, 2013 and will continue
to serve as Chief Executive Officer until his successor is appointed.
Mr. McClendon, 53, has served as Chesapeake′s Chief Executive Officer
since the inception of the company in 1989 and served as Chairman of the
Board from its founding until 2012.

Archie W. Dunham, Chairman of the Board, stated: 'Over the past 24
years, Aubrey McClendon has created one of the most valuable and
innovative companies in the energy industry. Under Aubrey′s strong
leadership, Chesapeake has built an unmatched portfolio of natural gas
and oil assets in creating one of the world′s leading energy companies.
He has been a pioneer in the development of unconventional resources,
and he has also been a leader in the effort to make the United States
energy independent. However, as the company moves towards more fully
developing the value of its outstanding assets, Chesapeake is at an
important transition in its history and Aubrey and the Board of
Directors have agreed that the time has come for the company to select a
new leader. The Board will be working collaboratively with Aubrey to
make a smooth transition to Chesapeake′s next Chief Executive Officer.?

Mr. Dunham continued: 'Going forward, the company will strive to
continue as a low cost producer of oil and gas while further enhancing
and strengthening its balance sheet. Capital allocation and operating
decisions will be made with the goal of prudently growing the company′s
intrinsic value per share for the long-term benefit of its shareholders.
By forging ahead with a new Chief Executive Officer, the company′s
strong management team and talented employees will continue to develop
the industry′s best assets to create substantial value for shareholders
and themselves in the years ahead.?

Aubrey K. McClendon, Chesapeake′s Chief Executive Officer, said: 'Over
the past 24 years, I have had the privilege of developing Chesapeake
into one of the world′s premier energy companies. It has been an honor
to work with my outstanding management team and the company′s 12,000
very talented and dedicated employees. I am extremely proud of what we
have built over the last quarter of a century, and I am confident that
Chesapeake is in a great position to continue to grow and achieve great
success in the future as it realizes the full value of its outstanding
assets. While I have certain philosophical differences with the new
Board, I look forward to working collaboratively with the company and
the Board to provide a smooth transition to new leadership for the
company.?

The Board expects to release the results of its previously announced
review of the financing arrangements, and other matters, between Mr.
McClendon (and the entities through which he participates in the Founder
Well Participation Program) and any third party that has had or may have
a relationship with the company in any capacity, in its earnings
announcement scheduled for release before market open on February 21,
2013. The Board′s extensive review to date has not revealed improper
conduct by Mr. McClendon. The Board and Mr. McClendon′s decision to
commence a search for a new leader is not related to the Board′s pending
review of his financing arrangements and other matters.

The Board has retained Heidrick & Struggles to assist the Board in its
search of Mr. McClendon′s successor. The Board also intends to consult
with Mr. McClendon in connection with this search. The search process
will include a full review of internal and external candidates.

During this interim period, Mr. McClendon will work closely with Steven
C. Dixon, Chief Operating Officer, and Domenic J. Dell′Osso, Jr., Chief
Financial Officer, to transition certain day-to-day management
responsibilities in advance of the completion of the search process for
the new Chief Executive Officer. The company and the Board are committed
to its current drilling program with respect to its existing $6.0
billion drilling and completion budget for 2013, its ongoing asset sales
program and intention to reduce the company′s long-term debt.

Mr. McClendon will resign from the Board of Directors at the time his
successor is appointed and will receive his full compensation and other
benefits to which he is entitled in accordance with the terms of his
employment agreement. Mr. McClendon will continue to be an important
partner with the company given his stock ownership as well as his
interests in certain of the company′s wells in connection with the
Founder Well Participation Program, which will terminate on June 30,
2014.

Chesapeake Energy Corporation (NYSE:CHK) is the second-largest
producer of natural gas, a Top 15 producer of oil and natural gas
liquids and the most active driller of new wells in the U.S.
Headquartered in Oklahoma City, the company's operations are focused on
discovering and developing unconventional natural gas and oil fields
onshore in the U.S. Chesapeake owns leading positions in the Eagle Ford,
Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara
unconventional liquids plays and in the Marcellus, Haynesville/Bossier
and Barnett unconventional natural gas shale plays. The company also
owns substantial marketing and oilfield services businesses through its
subsidiaries Chesapeake Energy Marketing, Inc. and Chesapeake Oilfield
Operating, L.L.C. Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

This news release includes 'forward-looking statements' that give
Chesapeake's current expectations or forecasts of future events.Although
we believe the expectations and forecasts reflected in our
forward-looking statements are reasonable, we can give no assurance they
will prove to have been correct.They can be affected by
inaccurate assumptions or by known or unknown risks and uncertainties,
and actual results may differ from the expectation expressed.We
caution you not to place undue reliance on our forward-looking
statements, which speak only as of the date of this news release, and we
undertake no obligation to update this information.

Chesapeake Energy Corporation

Investor Contacts:

Jeffrey L.
Mobley, CFA, 405-767-4763

jeff.mobley@chk.com

or

Gary
T. Clark, CFA, 405-935-6741

gary.clark@chk.com

or

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com