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 Inc’s (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 management’s best judgement only as of

the date of this presentation.

Q4 2016 EARNINGS 2

4Q’16 FINANCIAL AND OPERATIONAL RESULTS

Q4 2016 EARNINGS

(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”

ADJ. EBITDA (1)

$384mm

LIQUIDS MIX (4)

26% of total production4% QOQ. (3)

ADJ. EPS (1)

$0.07

ADJ. PRODUCTION

575 mboe/d

PROD. and G&A EXP.

ADJ. OIL PRODUCTION

4% QOQ. (3)90 mbo/d

10% QOQ.$4.26/boe (2)

3

> Oil growth driven by Eagle Ford,

Mid-Continent and the emerging PRB

2017 CAPITAL ALLOCATION AND FOCUSFLEXIBLE PROGRAM BUILDING FOR GROWTH IN 2018

Q4 2016 EARNINGS

> Strong gas economics from Haynesville,

Utica and Marcellus provide >40% ROR (1)

Eagle Ford Shale175 – 195 Spuds

155 – 175 TILS

Haynesville Shale30 – 35 Spuds

32 – 37 TILS

Mid-Continent100 – 120 Spuds

95 – 115 TILS

Powder River Basin25 – 30 Spuds

28 – 33 TILSUtica Shale40 – 50 Spuds

70 – 80 TILS

Marcellus Shale10 – 15 Spuds

50 – 60 TILS

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

Eagle Ford

Utica

Haynesville

Marcellus

OtherPowder

River

Mid-Continent

50

70

90

110

130

150

170

Q1 2017 Q2 2017 Q3 2017 Q4 2017

TILs by Quarter

2017 Capital

4

SOUTH TEXAS ASSET OVERVIEWUNDRILLED ACREAGE, POSITIONED FOR GROWTH

• Extended laterals driving value

and providing strong oil growth

in 2017 and 2018

• Secure acreage position

(1) Net processed production mix

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

56%19%

25%

Production Mix (1)

Oil NGL Natural Gas

Locations

Remaining

Development

75%

Drilled

25%

5 – 6 rigsActive in 2017 drilling 175 – 195 wells

with 155 – 175 TILs

Q4 2016 EARNINGS 5

MID-CONTINENT WEDGE & OSWEGO RAPID OIL GROWTHLOW-COST, HIGH-RETURN OIL VOLUME

Q4 2016 EARNINGS

~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 M

ILE

S

~2 rigsActive in 2017 drilling 40 – 50 Wedge play

wells with 40 – 50 TILs

6

POWDER RIVER BASIN2017 CAPITAL PROGRAM

2 rigsActive in 2017 drilling 25 – 30 wells

with 28 – 33 TILs

Q4 2016 EARNINGS

Teapot

ParkmanE, A, B/C & Deep

Surrey

Sussex

Niobrara

Turner

Frontier

Mowry

2017 Focus Areas

7

GULF COASTWORLD-CLASS RESOURCE

Delivering monster IPsROTC 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 rigsActive in 2017 drilling 30 – 35

wells with 32 – 37 TILs

Q4 2016 EARNINGS

Nabors 2H

ROTC 1H

CA 1H

8

UTICA SHALEVALUE OPTIMIZATION

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

Q4 2016 EARNINGS

~2 rigsActive in 2017 drilling 40 – 50

wells with 70 – 80 TILs

Value focused DUC ROR ~90%

(1)

New drill ROR ~50%(1)

Operational highlightsAverage completed lateral length in 2017 ~9,600'

> 90% of gas sent to Gulf markets

2017 Focus Areas

9

MARCELLUS SHALESUSTAINABLE FREE CASH GROWTH

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

Q4 2016 EARNINGS

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2015 2016 2017 2018 2019 2020 2021

Gro

ss P

roduction,

MM

CF

D

Future

Opportunity

Actual Production

Significant flexibility to

maximize with favorable pricingFree cash machineDelivers ~$225mm in 2017 (1)

Limited capital required

2017 DUC focusComplete – TIL: 40 – 45 DUCs

Drill – TIL: 10 – 15 wells

Control the core~65% of Marcellus core is CHK operated

~92% of CHK acreage is HBP

10

RETURNING TO GROWTHPORTFOLIO STRENGTH AND OIL GROWTH WILL DRIVE MARGIN EXPANSION

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

450

500

550

600

650

700

750

4Q'16 4Q'17E 4Q'18E

Total Production (mboe/d) (1)

60

80

100

120

140

4Q'16 4Q'17E 4Q'18E

Oil Production (mbo/d) (1)

Q4 2016 EARNINGS

~10% oil production growth projected from 4Q’16 to 4Q’17

~20% oil production growth projected from 4Q’17 to 4Q’18

11

2020

Strategic targetsSubstantial progress on every front

Reduced total leverage by

~50% ($11.2 billion)

Improved cash costs by

~50% per boe

Reduced financial and balance

sheet complexity

High-graded portfolio —

10,500+ locations above 20% ROR

Grow production 5 – 15%

annually

Expand margin through

10 – 20% annual oil growth

Achieve free cash flow

neutrality in 2018

Retire $2 – $3 billion of debt

Achieve 2x net debt/EBITDA

2016

Q4 2016 EARNINGS 12

Q4 2016 EARNINGS 13

RECONCILIATION OF ADJUSTED EARNINGS PER SHARE

Q4 2016 EARNINGS 14

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.

RECONCILIATION OF ADJUSTED EBITDA

Q4 2016 EARNINGS 15

CHESAPEAKE ENERGY CORPORATION

RECONCILIATION OF ADJUSTED EBITDA

($ in millions)

(unaudited)

THREE MONTHS ENDED: December 31,

2016

December 31, 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.

215

2017 CAPITAL BUDGET

• 2017 budget of $1.9 – $2.5 billion

˃ 2017 investment expected to deliver FCF in 2018

˃ Lower DUC working inventory

Drilled Uncompleted InventoryReducing DUC inventory

by 40 – 65 wells

2016 2017E

150 – 175

Q4 2016 EARNINGS

$1.9 – $2.5B

$1.7B

2017 Capital Budget

$1.7 – $2.3B

D&C

$0.25B Cap Int.

2016 2017E

$1.45B

D&C

$0.2B Cap Int.

16

OPTIMIZING DOWNSTREAM COMMITMENTS

(1) Assumes Seaway and MEP buy down

Q4 2016 EARNINGS 17

~$560mm additional commitment reductions

with Seaway and MEP buy down

($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

GP&T Commitments ($ billion)

YE’14 YE’15 YE’16 YE’17

$16.0 $14.0 $11.1 $9.3E

Optimizing Commitments To Further Increase EBITDA

~$7 billion reduction In midstream and marketing

commitments since 2014

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

Reducing Commitments

DEBT MATURITY PROFILE

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

redemption

Q4 2016 EARNINGS 18

HEDGING POSITION

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

Oil2017 (1)

68%

Swaps $50.19/bbl

Natural Gas2017 (1)

71%

68%Swaps

3%Collars

$3.00/$3.48/mcfNYMEX

$3.07/mcfNYMEX

~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

NGL2017 (1)

7%

Ethane Swaps $0.28/gal

Q4 2016 EARNINGS 19

CORPORATE INFORMATION

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

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Q4 2016 EARNINGS 20

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