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Chesapeake Energy Corporation Reports Financial And Operational Results For The 2012 Fourth Quarter And Full Year

2012 Fourth Quarter Average Daily Liquids Production Increases 39% Year over Year and 3% Sequentially to 147,500 Bbls; 2012 Fourth Quarter Average Daily Oil Production Increases 69% Year over Year and Was Flat Sequentially at 97,100 Bbls, Primarily as a Result of Asset Sales

Chesapeake’s daily production for the 2012 fourth quarter averaged 3.931 bcfe, an increase of 9% from the average 3.596 bcfe produced per day in the 2011 fourth quarter and a decrease of 5% from the average 4.142 bcfe produced per day in the 2012 third quarter. The decrease was primarily the result of selling approximately 0.220 bcfe per day of production associated with the company’s Permian Basin producing assets in September and October of 2012. Chesapeake’s average daily production of 3.931 bcfe for the 2012 fourth quarter consisted of approximately 3.046 billion cubic feet (bcf) of natural gas (77% on a natural gas equivalent basis) and approximately 147,500 barrels (bbls) of liquids, consisting of approximately 97,100 bbls of oil (15% on a natural gas equivalent basis) and approximately 50,400 bbls of NGL (8% on a natural gas equivalent basis) (oil and NGL collectively referred to as “liquids”).

For the 2012 fourth quarter, the company’s year-over-year growth rate of natural gas production was 3%, or approximately 87 million cubic feet (mmcf) per day, and its year-over-year growth rate of liquids production was 39%, or approximately 41,300 bbls per day. Chesapeake’s year-over-year liquids production growth consisted of oil production growth of 69%, or approximately 39,600 bbls per day, and NGL production growth of 4%, or approximately 1,700 bbls per day.

Chesapeake’s daily production for the 2012 full year averaged 3.886 bcfe, a 19% increase from the average 3.272 bcfe produced per day for the 2011 full year. The company’s average daily production of 3.886 bcfe for the 2012 full year consisted of approximately 3.084 bcf of natural gas (80% on a natural gas equivalent basis) and approximately 133,550 bbls of liquids, consisting of approximately 85,420 bbls of oil (13% on a natural gas equivalent basis) and approximately 48,130 bbls of NGL (7% on a natural gas equivalent basis).

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