Chesapeake Energy Corporation Reports Financial and Operational Results for the 2011 Fourth Quarter and Full Year

Chesapeake Energy Corporation (NYSE:CHK) today announced financial and
operational results for the 2011 fourth quarter and full year. For the
2011 fourth quarter, Chesapeake reported net income to common
stockholders of $429 million ($0.63 per fully diluted common share),
ebitda of $1.375 billion (defined as net income before income taxes,
interest expense, and depreciation, depletion and amortization) and
operating cash flow of $1.311 billion (defined as cash flow from
operating activities before changes in assets and liabilities) on
revenue of $2.727 billion and production of 331 billion cubic feet of
natural gas equivalent (bcfe). For the 2011 full year, Chesapeake
reported net income to common stockholders of $1.570 billion ($2.32 per
fully diluted common share), ebitda of $4.847 billion and operating cash
flow of $5.309 billion on revenue of $11.635 billion and production of
1.194 trillion cubic feet of natural gas equivalent (tcfe).

The company′s 2011 fourth quarter and full year results include realized
natural gas and liquids hedging gains of $315 million and $1.554
billion, respectively. The results also include various items that are
typically not included in published estimates of the company′s financial
results by certain securities analysts. Excluding the items detailed
below, for the 2011 fourth quarter, Chesapeake reported adjusted net
income to common stockholders of $394 million ($0.58 per fully diluted
common share) and adjusted ebitda of $1.308 billion, and for the 2011
full year, Chesapeake reported adjusted net income to common
stockholders of $1.936 billion ($2.80 per fully diluted common share)
and adjusted ebitda of $5.406 billion. The primary excluded items and
their effects on the 2011 fourth quarter and full year reported results
are detailed as follows:

• 
  a net unrealized after-tax mark-to-market loss of $207 million for the
  fourth quarter and $486 million for the full year resulting from the
  company′s natural gas, liquids and interest rate hedging programs;
  
• 
  a net after-tax gain of $242 million for the fourth quarter and $238
  million for the full year related to sales and impairments of certain
  of the company′s fixed assets; and
  
• 
  a net after-tax loss of $118 million for the full year related to the
  purchase or exchange of certain of the company′s senior notes and a
  related loss on foreign currency derivatives.
  

A reconciliation of operating cash flow, ebitda, adjusted ebitda and
adjusted net income to comparable financial measures calculated in
accordance with generally accepted accounting principles is presented on
pages 19 ? 23 of this release.

Key Operational and Financial Statistics Summarized

The table below summarizes Chesapeake′s key results during the 2011
fourth quarter and compares them to results during the 2011 third
quarter and the 2010 fourth quarter and also compares the 2011 full year
to the 2010 full year.

2011 Full Year Average Daily Production Increases 15% over 2010 Full
Year Average Daily Production, Setting Record for 22^nd
Consecutive Year; 2011 Fourth Quarter Liquids Production Increases 76%
Year over Year and Delivers 18% of Total Production and 47% of Unhedged
Natural Gas and Liquids Revenue

Chesapeake′s daily production for the 2011 fourth quarter averaged 3.596
bcfe, an increase of 8% from the average 3.329 bcfe produced per day in
the 2011 third quarter and an increase of 23% from the average 2.920
bcfe produced per day in the 2010 fourth quarter. Chesapeake′s average
daily production of 3.596 bcfe for the 2011 fourth quarter consisted of
approximately 2.959 billion cubic feet of natural gas (bcf) (82% on a
natural gas equivalent basis) and approximately 106,000 barrels (bbls)
of oil and natural gas liquids (collectively 'liquids?) (18% on a
natural gas equivalent basis). For the 2011 fourth quarter, the
company′s year-over-year growth rate of natural gas production was 16%
and its year-over-year growth rate of liquids production was 76%, or
approximately 46,000 bbls per day. The company′s percentage of revenue
from liquids in the 2011 fourth quarter was 47% of total unhedged
natural gas and liquids revenue compared to 40% in the 2011 third
quarter and 34% in the 2010 fourth quarter.

The company′s daily production for the 2011 full year averaged 3.272
bcfe, an increase of 15% over the 2.836 bcfe of average daily production
for the 2010 full year. Chesapeake′s average daily production for the
2011 full year of 3.272 bcfe consisted of 2.751 bcf (84% on a natural
gas equivalent basis) and approximately 87,000 bbls (16% on a natural
gas equivalent basis). For the 2011 full year, the company′s
year-over-year growth rate of natural gas production was 9% and its
year-over-year growth rate of liquids production was 72%, or
approximately 36,000 barrels per day. The company′s percentage of
revenue from liquids in the 2011 full year was 40% of total unhedged
natural gas and liquids revenue compared to 25% in the 2010 full year
and 20% in the 2009 full year. The 2011 full year was Chesapeake′s 22nd
consecutive year of sequential production growth.

Average Realized Prices, Hedging Results and Hedging Positions
Detailed

Average prices realized during the 2011 fourth quarter (including
realized gains or losses from natural gas and oil derivatives, but
excluding unrealized gains or losses on such derivatives) were $3.87 per
thousand cubic feet of natural gas (mcf) and $64.12 per bbl, for a
realized natural gas equivalent price of $5.08 per thousand cubic feet
of natural gas equivalent (mcfe). Realized gains from natural gas and
liquids hedging activities during the 2011 fourth quarter generated a
$1.23 gain per mcf and a $2.06 loss per bbl for a 2011 fourth quarter
realized hedging gain of $315 million, or $0.95 per mcfe.

By comparison, average prices realized during the 2010 fourth quarter
(including realized gains or losses from natural gas and oil
derivatives, but excluding unrealized gains or losses on such
derivatives) were $5.22 per mcf and $62.62 per bbl, for a realized
natural gas equivalent price of $5.87 per mcfe. Realized gains from
natural gas and liquids hedging activities during the 2010 fourth
quarter generated a $2.39 gain per mcf and a $1.43 gain per bbl for a
2010 fourth quarter realized hedging gain of $571 million, or $2.13 per
mcfe.

For the 2011 full year, average prices realized (including realized
gains or losses from natural gas and oil derivatives, but excluding
unrealized gains or losses on such derivatives) were $4.77 per mcf and
$63.90 per bbl, for a realized natural gas equivalent price of $5.70 per
mcfe. Realized gains from natural gas and liquids hedging activities
during the 2011 full year generated a $1.65 gain per mcf and a $3.21
loss per bbl for a 2011 full year realized hedging gain of $1.554
billion, or $1.30 per mcfe.

By comparison, average prices realized during the 2010 full year
(including realized gains or losses from natural gas and oil
derivatives, but excluding unrealized gains or losses on such
derivatives) were $5.57 per mcf and $62.71 per bbl, for a realized
natural gas equivalent price of $6.09 per mcfe. Realized gains from
natural gas and liquids hedging activities during the 2010 full year
generated a $2.14 gain per mcf and a $4.04 gain per bbl for a 2010 full
year realized hedging gain of $2.056 billion, or $1.99 per mcfe.

The company′s realized cash hedging gains since January 1, 2006 have
been $8.404 billion, or $1.59 per mcfe.

Company Provides Update on Hedging Positions

The following table summarizes Chesapeake′s 2012 and 2013 open swap
positions as of February 21, 2012. Depending on changes in natural gas
and oil futures markets and management′s view of underlying natural gas
and liquids supply and demand trends, Chesapeake may increase or
decrease some or all of its hedging positions at any time in the future
without notice.

In addition to the open hedging positions disclosed above, as of
February 21, 2012, the company had an additional $184 million and $47
million of net hedging gains on closed contracts and premiums for call
options that will be realized in 2012 and 2013, respectively, as set
forth below.

Details of the company′s year-end hedging positions will be included in
the company′s 2011 Form 10-K to be filed with the Securities and
Exchange Commission (SEC) and current positions are disclosed in summary
format in the company′s Outlook dated February 21, 2012 for 2012 and
2013, which is attached to this release as Schedule 'A,? beginning on
page 24. The Outlook has been changed from the Outlook dated November 3,
2011, attached as Schedule 'B,? which begins on page 28, to reflect
various updated information.

Proved Natural Gas and Oil Reserves Increase by 1.7 Tcfe, or 10% for
the 2011 Full Year to 18.8 Tcfe Despite the Sale of 2.8 Tcfe of Proved
Reserves; Proved Reserves on a Boe Basis Now Reach 3.1 Billion Boe;
Company Adds Proved Reserves of 5.6 Tcfe through the Drillbit in 2011 at
a Drilling and Completion Cost of $1.08 per Mcfe

The following table compares Chesapeake′s December 31, 2011 proved
reserves, the increase over its year-end 2010 proved reserves, reserve
replacement ratio, estimated future net cash flows from proved reserves
(discounted at an annual rate of 10% before income taxes (PV-10)) and
proved developed percentage based on the trailing 12-month average price
required under SEC rules and the 10-year average NYMEX strip prices as
of December 31, 2011.

The following table summarizes Chesapeake′s proved well costs for the
2011 full year using the two pricing methods described above.

A complete reconciliation of proved reserves and reserve replacement
ratios based on these two alternative pricing methods, along with total
costs, is presented on pages 14 and 15 of this release. Also, a
reconciliation of PV-10 to the standardized measure is presented on page
16 of this release.

Additionally, the net book value of the company′s other assets was $7.5
billion as of December 31, 2011, compared to $6.1 billion as of December
31, 2010.

Chesapeake′s Leasehold and 3-D Seismic Inventories Total 15.3 Million
Net Acres and 30.8 Million Acres, Respectively; Risked Unproved
Resources in the Company′s Inventory Total 114 Tcfe; Unrisked Unproved
Resources Total 352 Tcfe

Since 2000, Chesapeake has built the largest combined inventories of
onshore leasehold (15.3 million net acres) and 3-D seismic (30.8 million
acres) in the U.S. The company has also accumulated the largest
inventory of U.S. natural gas shale play leasehold (2.2 million net
acres) and now owns a leading position in 11 of what Chesapeake believes
are the Top 15 unconventional liquids-rich plays in the U.S. ? the
Granite Wash, Cleveland, Tonkawa and Mississippi Lime plays in the
Anadarko Basin; the Avalon, Bone Spring, Wolfcamp and Wolfberry plays in
the Permian Basin; the Eagle Ford Shale in South Texas; the Niobrara
Shale in the Powder River Basin; and the Utica Shale in the Appalachian
Basin.

On its leasehold inventory, Chesapeake has identified an estimated 19.9
tcfe of proved reserves (using volume estimates based on the 10-year
average NYMEX strip prices as of December 31, 2011 as compared to 18.8
tcfe using SEC pricing), 114 tcfe of risked unproved resources and 352
tcfe of unrisked unproved resources. The company is currently using 161
operated drilling rigs to further develop its inventory of approximately
39,200 net risked drillsites. Of Chesapeake′s 161 operated rigs, 125 are
drilling wells primarily focused on developing unconventional
liquids-rich plays, 34 are drilling wells primarily focused on
unconventional natural gas plays and two are drilling conventional
natural gas plays. By April 1, 2012, the company estimates it will be
using 157 operated rigs, of which 131 will be drilling wells primarily
focused on developing unconventional liquids-rich plays, while only 26
will be drilling wells primarily focused on unconventional natural gas
plays and no rigs will be drilling conventional natural gas plays ? the
first time in the company′s nearly 23-year history it has not been
drilling a conventional natural gas well.

The following table summarizes Chesapeake′s ownership and activity in
its unconventional natural gas plays, its unconventional liquids-rich
plays and other plays. Chesapeake uses a probability-weighted
statistical approach to estimate the potential number of drillsites and
unproved resources associated with such drillsites.

In recognition of the value gap between liquids and natural gas prices,
Chesapeake has directed a significant portion of its technological and
leasehold acquisition expertise during the past three years to identify,
secure and commercialize new unconventional liquids-rich plays. To date,
Chesapeake has built leasehold positions and established production in
multiple unconventional liquids-rich plays on approximately 6.6 million
net leasehold acres with 830 million bbls of oil equivalent of proved
reserves, 8.3 billion bbls of oil equivalent (bboe) (or 50 tcfe) of
risked unproved resources and 31 bboe (or 187 tcfe) of unrisked unproved
resources based on the company′s internal estimates.

Curtailments of Natural Gas Reach Approximately 1.0 Bcf per Day of
Gross Operated Production

In response to continued low natural gas prices and as an effort to help
bring U.S. natural gas supply and demand into better balance, Chesapeake
has demonstrated industry leadership by curtailing natural gas
production to the upper level indicated in the company′s announcement on
January 23, 2012. The company has now curtailed approximately 1.0 bcf
per day of gross operated natural gas production, or approximately 1.5%
of U.S. Lower 48 natural gas production. The curtailed volumes are
located primarily in the Haynesville and Barnett shale plays. In
addition, wherever possible, the company is deferring completions of dry
gas wells that have been drilled, but not yet completed, and is also
deferring pipeline connections of dry gas wells that have already been
completed.

Company is Reducing 2012 Operated Drilling Capital Expenditures in
Dry Gas Plays by Approximately 70% from 2011 Levels, Lowest Level Since
2005; 2012 Average Net Natural Gas Production Projected to Decrease 4%
Year Over Year

The company continues to substantially reduce its operated dry gas
drilling activity. By the 2012 second quarter, the company expects that
its dry gas rig count will be reduced from an average of approximately
75 dry gas rigs used during 2011 to approximately 24 rigs, including 12
rigs in the northeastern portion of the Marcellus Shale, six rigs in the
Haynesville Shale and six rigs in the Barnett Shale. Chesapeake′s
operated dry gas drilling capital expenditures in 2012, net of drilling
carries, are expected to decrease to $0.9 billion, a decrease of
approximately 70% from similar expenditures of $3.1 billion in 2011 and
the company′s lowest expenditures on dry gas plays since 2005.

As a result of production curtailments and reduced drilling and
completion activity, partially offset by growth in associated natural
gas production in liquids-rich plays, Chesapeake projects that its 2012
net natural gas production will average approximately 2.65 bcf per day,
a decrease of 100 mmcf per day, or 4%, compared to the company′s 2011
average net natural gas production of 2.75 bcf per day.

Chesapeake to Double 2012 Operated Drilling Capital Expenditures in
Liquids-Rich Plays; 2012 Average Net Liquids Production Projected to
Increase More than 70% Year Over Year to Approximately 150,000 Barrels
per Day

Chesapeake has reallocated capital from reduced dry gas drilling and
deferred well completion and pipeline connection activities to its
liquids-rich plays that offer superior returns in the current strong
liquids price environment. This reallocation will result in a doubling
of operated drilling capital expenditures compared to 2011 activities in
Chesapeake′s liquids-rich plays, which include the Eagle Ford Shale,
Utica Shale, Mississippi Lime, Granite Wash, Cleveland, Tonkawa,
Niobrara, Bone Spring, Avalon, Wolfcamp, and Wolfberry. Chesapeake is
increasing its operated drilling activity in liquids-rich plays by
approximately 45% from an average of approximately 92 rigs used in
liquids-rich plays during 2011 to an average of approximately 133 rigs
in 2012. The company estimates that approximately 85% of its 2012 total
net operated drilling capital expenditures will be invested in its
liquids-rich plays.

As a result of continued strong operational results and increased
drilling activity in liquids-rich plays, Chesapeake has increased its
current liquids production to more than 110,000 bbls per day. The
company projects that its 2012 net liquids production will increase by
approximately 63,000 bbls per day, or more than 70% year over year, to
an average of approximately 150,000 bbls per day. Additionally,
Chesapeake projects that its liquids production will average more than
200,000 bbls per day in 2013 and 250,000 bbls per day in 2015. Relative
to its liquids production rate of approximately 32,000 bbls per day in
2009, Chesapeake believes that its liquids production growth of
approximately 220,000 bbls per day from 2009-2015 will represent the
best track record of liquids production growth in the U.S. and one of
the best track records of liquids production growth in the world during
this period.

Chesapeake′s projected drilling activity and production in liquids-rich
plays discussed above excludes the potential effects of planned 2012
asset monetization transactions associated with the company′s
Mississippi Lime and Permian Basin assets discussed below.

As Previously Disclosed, Chesapeake Plans to Reduce 2012 Net
Leasehold Expenditures by Approximately 60% Year Over Year

Having captured the largest U.S. oil and natural gas resource base
during the past six years of new unconventional play identification and
opportunity capture, Chesapeake is reducing its undeveloped leasehold
expenditures. The company is now targeting to invest approximately $1.4
billion in net undeveloped leasehold expenditures in 2012, of which
approximately 90% will target liquids-rich plays and 100% will be in
plays where the company is already active. This compares to net
undeveloped leasehold expenditures of approximately $3.5 billion and
$5.8 billion in 2011 and 2010, respectively.

Company Provides Details on its Financial Plan for 2012

Chesapeake′s primary business goal is to continue creating at least $10
billion of shareholder net asset value each year through a strategy
dedicated to growing its reserves and production and transitioning to a
more balanced mix of liquids and natural gas production. As a result of
this strategy, the company plans to make capital expenditures in 2012
and 2013 that will exceed its projected cash flow from operations. As
previously disclosed in its press release dated February 13, 2012,
Chesapeake is pursuing a financial plan to fully fund its anticipated
capital expenditures during 2012 and provide additional liquidity for
2013. Furthermore, the company is also projecting that its rapidly
increasing liquids production will enable it in 2014 to reach
equilibrium between its cash flow from operations and its planned
drilling and completion capital expenditures.

Chesapeake anticipates receiving total proceeds in March 2012 of
approximately $2 billion in two separate transactions ? a volumetric
production payment on its Texas Panhandle Granite Wash assets and a
financial transaction (similar to the company′s recent CHK Utica
financial transaction) involving a new unrestricted subsidiary formed to
hold a portion of Chesapeake′s assets in Ellis and Roger Mills counties,
Oklahoma, in the Cleveland and Tonkawa plays.

In addition, the company is pursuing joint venture transactions in its
Mississippi Lime and Permian Basin plays where it owns 1.8 million and
1.5 million net acres of leasehold, respectively. Chesapeake has also
recently received industry inquiries about a complete exit from the
Permian Basin and may consider a 100% sale of its Permian Basin assets
if it receives a compelling offer. Chesapeake′s position in the Permian
Basin is one of the largest in the basin, with leading positions in the
Bone Spring, Avalon, Wolfcamp and Wolfberry plays. Chesapeake′s assets
in the Permian Basin represent approximately 5% of the company′s total
net proved reserves and current production. Chesapeake believes the
Mississippi Lime joint venture, a Permian Basin transaction and various
other minor asset sales could result in cash proceeds to Chesapeake of
approximately $6-8 billion in 2012. The company is targeting completion
of these transactions by the end of the 2012 third quarter.

Furthermore, Chesapeake anticipates monetization proceeds of
approximately $2 billion during 2012 involving a portion of its
midstream assets, oilfield services assets and miscellaneous
investments, bringing estimated total monetization cash proceeds in 2012
to $10-12 billion. These proceeds are substantially in excess of the
difference between the company′s expected cash flow from operations and
its planned capital expenditures and would allow the company to achieve
its previously announced debt reduction goals while providing additional
financial strength during this current period of low U.S. natural gas
prices.

Company Returns to its Original 25/25 Plan

As a result of reducing its projected natural gas production through
production curtailments and reduced natural gas drilling, Chesapeake is
returning to its original 25/25 Plan announced in January 2011 that
outlined the company′s plan to increase its production and reduce its
total long-term debt by 25% each during 2011-12. During 2011, the
company achieved 60% of its two-year production growth goal and 72% of
its two-year long-term debt reduction goal. The company projects 2012
average daily production of 3.550 bcfe per day, a 25% increase from its
2010 average daily production of 2.836 bcfe per day. Chesapeake
continues to affirm its plan to reduce its long-term debt to no more
than $9.5 billion at December 31, 2012 and achieving its 25/25 Plan
objectives regardless of the level of natural gas prices during 2012.

2011 Fourth Quarter and Full Year Financial and Operational Results

Conference
Call Information

A conference call to discuss this release has been scheduled for
Wednesday, February 22, 2012 at 9:00 am EST. The telephone number to
access the conference call is 913-312-0684 or toll-free 800-289-0546.
The passcode for the call is 4996325. We encourage those who
would like to participate in the call to place calls between 8:50 and
9:00 am EST. For those unable to participate in the conference call, a
replay will be available for audio playback at 1:00 pm EST on Wednesday,
February 22, 2012 and will run through midnight Wednesday, March 7,
2012. The number to access the conference call replay is 719-457-0820 or
toll-free 888-203-1112. The passcode for the replay is 4996325.
The conference call will also be webcast live on Chesapeake′s website at www.chk.com
in the 'Events? subsection of the 'Investors? section of the website.
The webcast of the conference call will be available on Chesapeake′s
website for one year.

This news release and the accompanying Outlooks include
'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 and give our current expectations or
forecasts of future events.They include estimates of natural gas
and oil reserves and resources, expected natural gas and oil production
and future expenses, assumptions regarding future natural gas and oil
prices, planned drilling activity, drilling and completion costs and
anticipated asset sales, projected cash flow and liquidity, business
strategy and other plans and objectives for future operations.Disclosures
concerning the fair value of derivative contracts and their estimated
contribution to our future results of operations are based upon market
information as of a specific date.These market prices are
subject to significant volatility.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.

Factors that could cause actual results to differ materially from
expected results are described under 'Risks Related to Our Business? in
our Prospectus Supplement filed with the U.S. Securities and Exchange
Commission on February ?14, 2012.These risk factors include
the volatility of natural gas and oil prices; the limitations our level
of indebtedness may have on our financial flexibility; declines in the
values of our natural gas and oil properties resulting in ceiling test
write-downs; the availability of capital on an economic basis, including
through planned asset monetization transactions, to fund reserve
replacement costs; our ability to replace reserves and sustain
production; uncertainties inherent in estimating quantities of natural
gas and oil reserves and projecting future rates of production and the
amount and timing of development expenditures; inability to generate
profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established; hedging
activities resulting in lower prices realized on natural gas and oil
sales; the need to secure hedging liabilities and the inability of
hedging counterparties to satisfy their obligations; drilling and
operating risks, including potential environmental liabilities;
legislative and regulatory changes adversely affecting our industry and
our business, including initiatives related to hydraulic fracturing;
general economic conditions negatively impacting us and our business
counterparties; oilfield services shortages and transportation capacity
constraints and interruptions that could adversely affect our cash flow;
and losses possible from pending or future litigation.

Our production forecasts are dependent upon many assumptions,
including estimates of production decline rates from existing wells and
the outcome of future drilling activity.Although we believe the
expectations and forecasts reflected in these and other 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.

The SEC requires natural gas and oil companies, in filings made with
the SEC, to disclose proved reserves, which are those quantities of
natural gas and oil that by analysis of geoscience and engineering data
can be estimated with reasonable certainty to be economically
producible?from a given date forward, from known reservoirs, and under
existing economic conditions, operating methods, and government
regulations?prior to the time at which contracts providing the right to
operate expire, unless evidence indicates that renewal is reasonably
certain, regardless of whether deterministic or probabilistic methods
are used for the estimation.In this news release, we use the
terms 'risked and unrisked unproved resources? to describe Chesapeake′s
internal estimates of volumes of natural gas and oil that are not
classified as proved reserves but are potentially recoverable through
exploratory drilling or additional drilling or recovery techniques.These
are broader descriptions of potentially recoverable volumes than
probable and possible reserves, as defined by 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 the company.We believe our estimates of unproved resources are reasonable, but
such 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.

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 Barnett,
Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and
in the Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring,
Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara and Utica
unconventional liquids-rich plays.The company has also
vertically integrated its operations and owns substantial midstream,
compression, drilling, trucking, pressure pumping and other oilfield
service assets directly and indirectly through its subsidiaries
Chesapeake Midstream Development, L.P. and Chesapeake Oilfield Services,
L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM).Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.