This document provides an earnings summary and overview of Chesapeake Energy Corporation's business strategies and accomplishments in 4Q 2018. It discusses the company's focus on financial discipline, profitable growth from captured resources, exploration, and business development. The company achieved margin enhancement in 2018 by generating its highest margins since 2014, optimizing its portfolio, and growing oil production. It also accelerated its transition to positive free cash flow. Chesapeake further reduced its long-term net debt to EBITDA ratio and maintained industry-leading safety performance. The document outlines the company's highest margin asset positions and investment plans across its diverse portfolio of basins for 2019.

1. 4Q 2018 EARNINGS
February 27, 2019

2. FORWARD-LOOKING STATEMENT
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, management's outlook guidance 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, anticipated timing of wells to be placed into production, general and administrative expenses, capital expenditures, the timing of anticipated asset sales
and proceeds to be received therefrom, the expected use of proceeds of anticipated asset sales, projected cash flow and liquidity, our ability to enhance our cash flow and financial
flexibility, plans and objectives for future operations, 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/secfilings).
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; downgrade in 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 to 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; an interruption in operations at our headquarters due to a
catastrophic event; 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 presentation, except as required
by applicable law. In addition, this presentation contains time-sensitive information that reflects management's best judgment only as of the date of this presentation.
We use certain terms in this presentation such as “Resource Potential,” “Net Resource,” “Net Reserves” and similar terms that the SEC’s guidelines strictly prohibit us from including in
filings with the SEC. These terms include reserves with substantially less certainty, and no discount or other adjustment is included in the presentation of such reserve numbers. U.S.
investors are urged to consider closely the disclosure in our Form 10-K for the year ended December 31, 2018, File No. 1-13726 and in our other filings with the SEC, available from us at
6100 North Western Avenue, Oklahoma City, Oklahoma 73118. These forms can also be obtained from the SEC by calling 1-800-SEC-0330.
4Q 2018 Earnings 2

3. BUSINESS STRATEGIES
Our strategy remains unchanged –
resilient to commodity price volatility
Financial discipline
Profitable and efficient growth
from captured resources
Exploration
Business development
STRATEGIC GOALS
Margin enhancement
Free cash flow
Net debt to EBITDA of 2X
Excellence in HSER
4Q 2018 Earnings 3

4. ACCELERATING CHESAPEAKE’S
STRATEGIC PRIORITIES IN 2018
(1) Adjusted for asset sales
2018 ACCOMPLISHMENTS
Margin
Enhancement
• Generated highest margins since 2014
• Optimized portfolio by divesting lower-margin Utica asset and acquiring
higher-margin oil growth WildHorse platform
• Grew oil production 10% yoy(1)
; reaching 21% of total production mix
Free Cash Flow
• Accelerated transition to positive free cash flow
• Drove well costs lower through supply chain and operational efficiencies
• Reduced controllable downtime through new technology solutions
Long Term Net Debt /
EBITDA of 2x
• Removed $1.8 billion in total net debt
• Eliminated $2.6 billion in secured debt
• Generated highest adjusted EBITDA per boe since 2014
CHESAPEAKE’S CONTINUED COMMITMENT
HSER Excellence • Industry-leading TRIR of 0.18
4Q 2018 Earnings 4

5. 0
50
100
150
200
250
300
350
400
450
500
550
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19E 2Q'19E 3Q'19E 4Q'19E
INVESTING IN OUR HIGHEST-MARGIN
OPPORTUNITIES
4Q 2018 Earnings
(1) Unless otherwise noted, operational statistics are as of 12/31/2018 for acreage totals and total production as of 4Q’18; Acreage and production volumes are net to CHK
0
20
40
60
80
100
120
140
1Q'19 2Q'19 3Q'19 4Q'19
2019 TIL Schedule
High-margin Oil-growth Assets
Cash-generating Gas Assets
Growth Optionality
18%
oil mix 1Q'18
26%
oil mix 4Q'19
Total Gas + NGL Volume (mboe/d)
Total Oil Volume (mbo/d)
$10.83
$12.81
$14.50
2017 2018 2019E
Adj. EBITDA/boe
17 18 19E
5
High-margin Oil-growth Assets(1)
South Texas 105 mboe/d
Brazos Valley 52 mboe/d
Powder River Basin 31 mboe/d
Cash-generating Gas Assets(1)
Appalachia North 137 mboe/d
Gulf Coast 121 mboe/d
Growth Optionality(1)
Mid-Continent 25 mboe/d

6. CHK TODAY: DIVERSE & STRONG PORTFOLIO
CORE POSITIONS ACROSS MULTIPLE BASINS
(1) Adjusted for asset sales
Marcellus: Foundational Asset
Mid-Continent: Growth Optionality
Gulf Coast: Consistent Performance
Powder River Basin: Oil Growth Engine
South Texas: Free Cash Flow Machine
Brazos Valley: Strategic Portfolio Addition
4Q’18 DAILY PRODUCTION
~419 mboe(1)
4Q 2018 Earnings 6

7. MARCELLUS
FOUNDATIONAL ASSET
Significant free cash flow with minimal
capital investment
Long laterals and optimal spacing driving
value and expanding core
January 2019 production record of
2.5 bcf/d
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
8
14
12
14
0
2
4
6
8
10
12
14
16
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL ScheduleOverview
Current Production 137 mboe/d
Net Acres ~540,000
2019 Activity(2)
Wells to Turn in Line 48
Rigs 3
Frac Crews 1
D&C Capex (millions) $215 – $235
Production Mix(1)
Gas
100%
1Q’19E 2Q’19E 3Q’19E 4Q’19E
7

8. BRAZOS VALLEY
STRATEGIC PORTFOLIO ADDITION
Premier high-margin oil growth platform
Significant opportunity to reduce cost
and accelerate value
Additional opportunity in Austin Chalk
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
2019 Activity(2)
Wells to Turn in Line 83
Rigs 4
Frac Crews 2
D&C Capex (millions) $700 – $730
Overview
Current Production 52 mboe/d(1)
Net Acres ~420,000
Production Mix(1)
GasOil NGL
15%73% 12%
17
15
33
18
0
5
10
15
20
25
30
35
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL Schedule
1Q’19E 2Q’19E 3Q’19E 4Q’19E
8

9. POWDER RIVER BASIN
OIL GROWTH ENGINE
Industry-leading production results
Project 100% YOY oil growth in 2019
Turner focused program in 2019
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
13
17
20
14
0
5
10
15
20
25
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL ScheduleOverview
Current Production 31 mboe/d
Net Acres ~248,000
2019 Activity(2)
Wells to Turn in Line 64
Rigs 5
Frac Crews 1
D&C Capex (millions) $410 – $430
Production Mix(1)
GasOil NGL
42%45% 13%
1Q’19E 2Q’19E 3Q’19E 4Q’19E
9

10. SOUTH TEXAS
FREE CASH FLOW MACHINE
Best-in-class operations
Driving free cash flow
High-margin multi-zone growth potential
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
28
18
42
37
0
5
10
15
20
25
30
35
40
45
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL ScheduleOverview
Current Production 105 mboe/d
Net Acres ~235,000
2019 Activity(2)
Wells to Turn in Line 125
Rigs 4
Frac Crews 3
D&C Capex (millions) $510 – $530
Production Mix(1)
GasOil NGL
24%58% 20%
1Q’19E 2Q’19E 3Q’19E 4Q’19E
10

11. GULF COAST
CONSISTENT PERFORMANCE
Access to premium markets
Base optimization yielding significant results
Expansive inventory
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
10
6
8
0
0
2
4
6
8
10
12
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL ScheduleOverview
Current Production 121 mboe/d
Net Acres ~337,000
2019 Activity(2)
Wells to Turn in Line 24
Rigs ~2
Frac Crews 1
D&C Capex (millions) $135 – $155
Production Mix(1)
Gas
100%
1Q’19E 2Q’19E 3Q’19E 4Q’19E
11

12. MID-CONTINENT
GROWTH OPTIONALITY
Efficient oil volumes
Appraising liquids-rich stacked opportunities
Well-positioned acreage
4Q 2018 Earnings
(1) Production mix is the average for 4Q’18
(2) 2019 Activity reflects 2/27/2019 Outlook
9
5 5
6
0
1
2
3
4
5
6
7
8
9
10
Q1 2019E Q2 2019E Q3 2019E Q4 2019E
2019 TIL ScheduleOverview
Current Production 25 mboe/d
Net Acres ~768,000
2019 Activity(2)
Wells to Turn in Line 25
Rigs 1
Frac Crews 1
D&C Capex (millions) $110 – $130
Production Mix(1)
GasOil NGL
44%36% 20%
1Q’19E 2Q’19E 3Q’19E 4Q’19E
12

13. 4Q 2018 Earnings
APPENDIX
13

14. HEDGING POSITION
AS OF 2/22/19(1)
(1) As of 2/22/18, does not reflect January or February 2019 settlements
4Q 2018 Earnings 14
Weighted Average Price
OIL Volume (mmbbl) Fixed Call ($ per bbl) Put
Swaps:
2019 16.7 $57.16
2020 6.7 $58.28
Collars:
2019 5.8 $67.75 $58.00
2020 1.8 $83.25 $65.00
Puts:
2019 1.7 $53.83
Total 2019 24.2
Total 2020 8.5
NATURAL GAS Volume (bcf) Fixed Call ($ per mcf) Put
Swaps:
2019 452.8 $2.87
2020 217.1 $2.75
Three-way collars:
2019 87.6 $3.10 $2.50/$2.80
Collars:
2019 54.5 $3.02 2.75
Swaptions:
2020 106.0 $2.77
Total 2019 594.9
Total 2020 323.1

15. BASIS HEDGES
AS OF 12/31/18
CIG
2019: 11 bcf @ ($0.89) / mcf
HSC
2019: 22.5 bcf @ $0.03 / mcf
Argus LLS vs Argus WTI
2019: 4.0 mmbbls @ $6.20 / bbl
Argus Houston vs Argus WTI
2019: 2.9 mmbbls @ $5.75 / bbl
154Q 2018 Earnings

16. $1,250
$380
$665
$814
$451
$338
$850
$1,300
$400
$1,300
$700
$675
$419
$0
$500
$1,000
$1,500
$2,000
$2,500
2019 2020 2021 2022 2023 2024 2025 2026 2027
Convertibles
Unsecured
BVL Unsecured
Revolving Credit Facility
$millions
DEBT MATURITY PROFILE
AS OF 12/31/18(1)
(1) Reflects redemption of CHK’s 2.25% notes on 1/28/19; BVL balances as of 2/1/2019 acquisition date
BVL
CHK
$1.1 billion
$419 million CHK RCF
$675 million BVL RCF
$8.4 billion
Senior Notes
6.7%
WACD
4Q 2018 Earnings 16

17. CORPORATE INFORMATION
As of November 30, 2018
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
Publicly Traded Securities Cusip Ticker
3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK19
6.625% Senior Notes due 2020 #165167CF2 CHK20A
6.875% Senior Notes due 2020
#165167BU0
#165167BT3
#U16450AQ8
CHK20
6.125% Senior Notes Due 2021 #165167CG0 CHK21
5.375% Senior Notes Due 2021 #165167CK1 CHK21A
4.875% Senior Notes Due 2022 #165167CN5 CHK22
5.75% Senior Notes Due 2023 #165167CL9 CHK23
7.00% Senior Notes due 2024 #165167DA2 N/A
8.00% Senior Notes due 2025
#165167CT2
#165167CU9
#U16450AU9
N/A
7.50% Senior Notes due 2026 #165167DB0 N/A
8.00% Senior Notes due 2027
#165167CV7
#U16450AV7
N/A
5.50% Contingent Convertible Senior Notes due 2026 #165167CY1 N/A
4.5% Cumulative Convertible Preferred Stock #165167842 CHK PrD
5.0% Cumulative Convertible Preferred Stock (Series 2005B)
#165167834
#165167826
N/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
4Q 2018 Earnings 17