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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2012 Third Quarter

b) Natural gas and oil volumes estimated under the 10-year average NYMEX strip reflect an alternative pricing scenario that illustrates the sensitivity of proved reserves to a different pricing assumption. Futures prices represent an unbiased consensus estimate by market participants about the likely prices to be received for future production. Management believes that 10-year average NYMEX strip prices provide a better indicator of the likely economic producibility of the company’s proved reserves than the historical 12-month average price.

Company Achieves Strong Operational Results in its Liquids-Rich Plays with Daily Liquids Production Increasing 51% Year over Year and 10% Sequentially, Led by 410% Year-over-Year and 43% Sequential Liquids Production Growth in its Eagle Ford Shale Play; Oil Production Comprised 69% of Total Liquids Production in the 2012 Third Quarter and Increased 96% Year over Year and 21% Sequentially

Since 2000, Chesapeake has built a leading position in 10 of what it believes are the Top 15 unconventional plays in the U.S. – the Eagle Ford Shale in South Texas; the Marcellus Shale in Pennsylvania and West Virginia; the Utica Shale in Ohio, West Virginia and Pennsylvania; the Granite Wash, Cleveland, Tonkawa and Mississippi Lime plays in the Anadarko Basin in Oklahoma and the Texas Panhandle; the Haynesville/Bossier shales in western Louisiana and East Texas; the Barnett Shale in North Texas; and the Niobrara Shale in the Powder River Basin in Wyoming. These 10 plays represent Chesapeake’s core assets and will be the nearly exclusive focus of the company’s future drilling efforts.

During the past four years, Chesapeake has substantially shifted its drilling and completion activity to liquids-rich plays in response to strong U.S. oil and NGL prices and relatively weak U.S. natural gas prices. During 2012 and 2013, the company projects that approximately 85% and 88%, respectively, of its total drilling and completion capital expenditures will be invested in liquids-rich plays.

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