Financial analysis chesapeake energy corp - chesapeake energy corporation produces oil and natural gas. the company's operations are focused on discovering, developing and acquiring

20.02.2013

Ticker: Chesapeake Energy Corp Benchmark:

Currency: New York: CHK, Currency: USD S&P 500 INDEX (SPX)

Sector: Energy Industry: Oil, Gas & Consumable Fuels Year:

Telephone 1-405-848-8000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)

Website www.chkenergy.com No of Employees Oil and Natural Gas 6813 Unallocated Sales 1

Address 6100 North Western Avenue Oklahoma City, OK 73118 United States Gathering & Compression 5090

Share Price Performance in USD Oilfield Services 521

Price 20.60 1M Return 15.6%

52 Week High 25.61 6M Return 7.2%

52 Week Low 13.13 52 Wk Return -15.1%

52 Wk Beta 1.72 YTD Return 24.6%

Credit Ratings

Bloomberg IG10

S&P BB- Date 15.05.2012 Outlook NEG

Moody's Ba3 Date 07.07.2005 Outlook NEG

Fitch BB- Date 18.05.2012 Outlook -

Valuation Ratios

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

P/E 4.6x 10.0x 8.8x 8.0x 42.4x 17.1x 10.6x

EV/EBIT 6.4x 10.6x 9.7x 8.9x - - -

EV/EBITDA 4.0x 6.8x 6.6x 5.6x 10.3x 7.5x 6.0x

P/S 0.8x 1.9x 1.6x 1.1x 1.4x 1.3x 1.2x

P/B 0.6x 1.5x 1.4x 1.1x 1.1x 1.0x 0.9x

Div Yield 1.8% 1.2% 1.2% 1.5% 1.7% 1.6% 1.7%

Profitability Ratios %

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Gross Margin 68.1 66.5 71.3 71.1 31.2 31.6 33.9

EBITDA Margin 52.0 53.8 49.5 42.2 33.9 45.7 50.2

Operating Margin 32.2 34.3 33.4 26.7 -4.7 18.1 24.5

Profit Margin 5.6 -70.3 17.7 14.0 2.4 8.7 13.0

Return on Assets 1.7 -17.0 5.3 4.4 -1.1 3.1 4.3

Return on Equity 3.6 -42.6 14.4 12.2 1.1 6.2 11.5

Leverage and Coverage Ratios

12/08 12/09 12/10 12/11

Current Ratio 1.2 0.9 0.7 0.4 Current Capitalization in USD

Quick Ratio 0.8 0.6 0.5 0.4 Common Shares Outstanding (M) 660.9

EBIT/Interest 4.1 3.8 4.6 4.3 Market Capitalization (M) 13688.6

Tot Debt/Capital 0.4 0.5 0.5 0.4 Cash and ST Investments (M) 142.0

Tot Debt/Equity 0.8 1.0 0.8 0.6 Total Debt (M) 16218.0

Eff Tax Rate % 39.1 - 38.5 39.0 Preferred Equity (M) 3062.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 2364.0

Enterprise Value (M) 35190.6

12'600

Chesapeake Energy Corporation produces oil and natural gas. The Company's

operations are focused on discovering, developing and acquiring conventional and

unconventional natural gas reserves onshore in the United States.

CHK US

12'424

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.chkenergy.com

Chesapeake Energy Corp

Target price in USD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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20.02.2013


Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 660.9 United States 82.54%

Float 89.4% Britain 4.80%

Short Interest (M) 77.2 Bahamas 2.45%

Short Interest as % of Float 13.06% Canada 2.13%

Days to Cover Shorts 3.83 Unknown Country 1.93%

Institutional Ownership 82.45% Germany 1.27%

Retail Ownership 15.92% Japan 1.25%

Insider Ownership 1.62% Others 3.64%

Institutional Ownership Distribution

Investment Advisor 77.68%

Hedge Fund Manager 14.57%

Pension Fund (Erisa) 2.84%

Individual 1.93%

Pricing data is in USD Others 2.99%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

SOUTHEASTERN ASSET M 85'481'331 -4'237'700 1'760'488'012 12.86% 31.12.2012 13F UNITED STATES

ICAHN ASSOCIATES COR 59'698'689 9'613'487 1'229'494'500 8.98% 31.12.2012 13F UNITED STATES

ICAHN ASSOCIATES COR 59'698'689 0 1'229'494'500 8.98% 31.12.2012 Research UNITED STATES

FRANKLIN RESOURCES 34'252'412 7'174'601 705'428'425 5.15% 31.12.2012 ULT-AGG UNITED STATES

BLACKROCK 29'102'143 -2'986'790 599'358'635 4.38% 31.12.2012 ULT-AGG UNITED STATES

VANGUARD GROUP INC 25'656'221 747'083 528'389'871 3.86% 31.12.2012 13F UNITED STATES

STATE STREET 24'670'203 242'007 508'082'831 3.71% 19.02.2013 ULT-AGG UNITED STATES

WELLINGTON MANAGEMEN 23'781'033 3'174'148 489'770'375 3.58% 31.12.2012 13F UNITED STATES

BANK OF AMERICA CORP 16'076'279 5'022'300 331'090'966 2.42% 31.12.2012 13F UNITED STATES

BRANDES INVESTMENT P 12'740'892 -830'057 262'398'671 1.92% 31.12.2012 13F UNITED STATES

OLDFIELD PARTNERS LL 9'140'400 384'100 188'246'538 1.38% 31.12.2012 13F BRITAIN

NORTHERN TRUST CORPO 7'250'423 -6'964 149'322'462 1.09% 31.12.2012 13F UNITED STATES

SUSQUEHANNA INTERNAT 6'976'795 2'846'012 143'687'093 1.05% 31.12.2012 13F UNITED STATES

BANK OF NEW YORK MEL 6'794'499 937'512 139'932'707 1.02% 31.12.2012 13F UNITED STATES

DIMENSIONAL FUND ADV 6'205'209 567'637 127'796'279 0.93% 31.12.2012 13F UNITED STATES

MACKENZIE FINANCIAL 5'057'882 -4'008'545 104'167'080 0.76% 31.12.2012 13F CANADA

CORTLAND ADVISERS LL 4'868'900 4'868'900 100'274'996 0.73% 31.12.2012 13F UNITED STATES

MORGAN STANLEY 4'837'769 10'445 99'633'853 0.73% 31.12.2012 ULT-AGG UNITED STATES

DEUTSCHE BANK AG 4'500'499 -484'943 92'687'777 0.68% 31.12.2012 13F GERMANY

FMR LLC 4'092'438 -2'266'979 84'283'761 0.62% 31.12.2012 ULT-AGG UNITED STATES

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

MCCLENDON AUBREY K 3'183'188 177'915 65'557'757 0.48% 29.01.2013 Form 4

DIXON STEVEN C 1'201'014 88'960 24'734'883 0.18% 29.01.2013 Form 4

JACOBSON DOUGLAS J 972'304 69'190 20'024'601 0.15% 29.01.2013 Form 4

HOOD HENRY J 704'429 14'507'715 0.11% 01.10.2012 Form 4

SIMPSON LOUIS A 542'098 3'997 11'164'508 0.08% 13.12.2012 Form 4

Company Analysis - Ownership

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Financial information is in USD (M)

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 969 739 1'717 2'709 4'624 6'830 8'174 10'832 8'290 10'023 12'424 10'027 10'208 11'670

- Cost of Goods Sold 426 529 1'012 816 1'470 2'197 2'939 3'460 2'780 2'872 3'590

Gross Income 543 209 705 1'893 3'154 4'633 5'235 7'372 5'510 7'151 8'834 3'129 3'230 3'958

- Selling, General & Admin Expenses 23 18 24 896 1'422 1'661 2'212 3'882 2'665 3'805 5'515

(Research & Dev Costs)

Operating Income 520 192 682 997 1'732 2'972 3'023 3'490 2'845 3'346 3'319 -468 1'847 2'858

- Interest Expense 98 112 154 167 220 301 406 271 113 19 44

- Foreign Exchange Losses (Gains) 0 0 0 0 0 0 0 0 0 0 0

- Net Non-Operating Losses (Gains) -16 12 26 25 19 -584 276 2'228 12'020 443 395

Pretax Income 438 67 501 805 1'493 3'255 2'341 991 -9'288 2'884 2'880 -290 1'830 2'792

- Income Tax Expense 175 27 190 290 545 1'252 890 387 -3'483 1'110 1'123

Income Before XO Items 263 40 311 515 948 2'003 1'451 604 -5'805 1'774 1'757

- Extraordinary Loss Net of Tax 46 0 -2 0 0 0 0 0 0 0 0

- Minority Interests 0 0 0 0 0 0 0 0 25 0 15

Diluted EPS Before XO Items 1.51 0.17 1.20 1.53 2.51 4.35 2.62 0.93 (9.57) 2.51 2.32

Net Income Adjusted* 201 95 304 458 924 2'291 1'657 1'999 1'608 1'971 1'936 238 886 1'518

EPS Adjusted 1.16 0.55 1.26 1.60 2.63 3.61 3.21 3.55 2.58 2.95 2.80 0.49 1.21 1.95

Dividends Per Share 0.00 0.06 0.14 0.17 0.20 0.23 0.26 0.29 0.30 0.30 0.34 0.34 0.34 0.34

Payout Ratio % 0.0 35.4 10.1 10.3 7.1 4.8 9.7 31.1 11.4 13.7 0.70 0.28 0.18

Total Shares Outstanding 165 190 217 312 370 457 511 648 648 655 661

Diluted Shares Outstanding 174 173 259 306 367 459 487 545 612 706 752

EBITDA 698 427 1'068 1'602 2'668 4'422 4'994 5'634 4'460 4'960 5'242 3'398 4'670 5'856

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets 361.383 435.317 342.404 567.54 1183.397 1153.869 1396 4292 2446 3266 3177

+ Cash & Near Cash Items 118 248 41 7 60 3 1 1'749 307 102 351

+ Short Term Investments 0 0 0 0 0 0 0 0 0 0 0

+ Accounts & Notes Receivable 51 109 174 347 615 845 1'074 1'324 1'325 1'974 2'505

+ Inventories 11 15 19 32 87 82 87 58 25 0 0

+ Other Current Assets 182 63 109 181 421 225 234 1'161 789 1'190 321

Total Long-Term Assets 1'925 2'440 4'230 7'677 14'935 23'263 29'338 34'301 27'468 33'913 38'658

+ Long Term Investments 0 0 0 93 159 699 612 444 404 1'208 1'531

Gross Fixed Assets 3'728 4'561 6'675 10'587 18'486 27'396 35'744 45'670 51'763 58'692 65'029

Accumulated Depreciation 1'942 2'172 2'542 3'143 4'074 5'492 7'407 12'362 25'053 26'314 28'290

+ Net Fixed Assets 1'786 2'390 4'133 7'444 14'412 21'904 28'337 33'308 26'710 32'378 36'739

+ Other Long Term Assets 140 50 97 140 364 660 389 549 354 327 388

Total Current Liabilities 173 266 513 964 1'964 1'890 2'761 3'621 2'688 4'490 7'082

+ Accounts Payable 80 86 164 367 517 860 1'262 1'611 957 2'069 3'311

+ Short Term Borrowings 1 0 0 0 0 0 0 0 0 0 0

+ Other Short Term Liabilities 93 180 349 597 1'447 1'030 1'499 2'010 1'731 2'421 3'771

Total Long Term Liabilities 1'346 1'702 2'326 4'118 7'980 11'276 15'843 17'955 14'885 17'425 16'792

+ Long Term Borrowings 1'329 1'651 2'058 3'075 5'490 7'376 10'950 13'175 12'295 12'640 10'626

+ Other Long Term Borrowings 17 51 269 1'043 2'490 3'900 4'893 4'780 2'590 4'785 6'166

Total Liabilities 1'519 1'968 2'839 5'082 9'944 13'166 18'604 21'576 17'573 21'915 23'874

+ Long Preferred Equity 150 150 552 491 1'577 1'958 960 505 466 3'065 3'062

+ Minority Interest 0 0 0 0 0 0 0 0 897 0 1'337

+ Share Capital & APIC 1'037 1'208 1'391 2'443 3'807 5'878 7'037 11'686 12'152 12'201 12'153

+ Retained Earnings & Other Equity -419 -450 -211 229 791 3'416 4'133 4'826 -1'174 -2 1'409

Total Shareholders Equity 767 908 1'733 3'163 6'174 11'251 12'130 17'017 12'341 15'264 17'961

Total Liabilities & Equity 2'287 2'876 4'572 8'245 16'118 24'417 30'734 38'593 29'914 37'179 41'835

Book Value Per Share 3.75 3.99 5.45 8.57 12.42 20.32 21.85 25.49 16.95 18.62 20.52 19.24 20.16 21.78

Tangible Book Value Per Share 3.75 3.99 5.45 8.57 12.42 20.32 21.85 25.49 16.95 18.62 20.52

Company Analysis - Financials II/IV


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income 217 40 313 515 948 2'003 1'451 604 -5'830 1'774 1'742 -1'060 847 1'202

+ Depreciation & Amortization 178 235 386 606 936 1'449 1'971 2'144 1'615 1'614 1'923

+ Other Non-Cash Adjustments 124 137 205 376 702 518 1'311 2'555 8'707 1'160 1'644

+ Changes in Non-Cash Capital 35 20 42 -64 -180 873 199 54 -136 569 594

Cash From Operating Activities 554 433 946 1'432 2'407 4'843 4'932 5'357 4'356 5'117 5'903

+ Disposal of Fixed Assets 5 7 28 0 10 244 369 64 1'626 4'292 8'963

+ Capital Expenditures -460 -769 -2'061 -3'341 -6'782 -8'726 -9'705 -17'770 -7'524 -13'513 -14'450 -10'872 -6'812 -7'328

+ Increase in Investments 0 0 0 0 -135 -555 -8 0 -40 -134 0

+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0

+ Other Investing Activities -215 -17 -44 -40 -15 94 1'422 7'741 476 852 -325

Cash From Investing Activities -670 -780 -2'077 -3'381 -6'921 -8'942 -7'922 -9'965 -5'462 -8'503 -5'812

+ Dividends Paid -1 -15 -48 -80 -92 -175 -210 -183 -204 -281 -379

+ Change in Short Term Borrowings 0 0 26 0 61 70 -98 330 -2'246 1'834 -1'604

+ Increase in Long Term Borrowings 1'462 699 1'223 3'326 8'607 10'125 9'539 15'427 1'491 1'967 1'614

+ Decrease in Long Term Borrowings -1'365 -360 -851 -2'101 -5'765 -8'264 -6'160 -11'307 0 -3'434 -2'015

+ Increase in Capital Stocks 148 164 577 941 2'349 2'477 35 2'650 4 2'562 0

+ Decrease in Capital Stocks -0 0 -2 0 -4 -86 -5 -7 0 0

+ Other Financing Activities -10 -11 -0 -171 -588 -105 -118 -556 626 533 2'542

Cash From Financing Activities 234 477 925 1'915 4'568 4'042 2'988 6'356 -336 3'181 158

Net Changes in Cash 118 130 -207 -34 53 -58 -2 1'748 -1'442 -205 249

Free Cash Flow (CFO-CAPEX) 94 -336 -1'116 -1'909 -4'375 -3'882 -4'773 -12'413 -3'168 -8'396 -8'547 -7'959 -3'323 -2'988

Free Cash Flow To Firm 153 -269 -1'020 -1'802 -4'235 -3'697 -4'521 -12'248 -8'384 -8'520

Free Cash Flow To Equity 312 -1 -309 -785 -418 -1'415 -2'215 -8'387 -2'359 -1'249 -1'764

Free Cash Flow per Share 0.58 -2.02 -5.28 -7.54 -13.58 -9.74 -10.47 -23.16 -5.18 -13.31 -13.42

Company Analysis - Financials III/IV


Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 5.7x 14.1x 10.8x 10.3x 12.3x 8.0x 12.9x 4.6x 10.0x 8.8x 8.0x 42.5x 17.1x 10.6x

EV to EBIT 4.7x 15.8x 8.1x 8.7x 10.8x 7.6x 10.6x 6.4x 10.6x 9.7x 8.9x

EV to EBITDA 3.5x 7.1x 5.2x 5.4x 7.0x 5.1x 6.4x 4.0x 6.8x 6.6x 5.6x 10.3x 7.5x 6.0x

Price to Sales 1.1x 1.7x 1.7x 1.5x 2.2x 1.7x 2.2x 0.8x 1.9x 1.6x 1.1x 1.4x 1.3x 1.2x

Price to Book 1.8x 1.9x 2.5x 1.9x 2.6x 1.4x 1.8x 0.6x 1.5x 1.4x 1.1x 1.1x 1.0x 0.9x

Dividend Yield 0.0% 0.8% 1.0% 1.0% 0.6% 0.8% 0.7% 1.8% 1.2% 1.2% 1.5% 1.7% 1.6% 1.7%

Profitability Ratios

Gross Margin 56.1% 28.3% 41.1% 69.9% 68.2% 67.8% 64.0% 68.1% 66.5% 71.3% 71.1% 31.2% 31.6% 33.9%

EBITDA Margin 72.0% 57.8% 62.2% 59.1% 57.7% 64.7% 61.1% 52.0% 53.8% 49.5% 42.2% 33.9% 45.7% 50.2%

Operating Margin 53.7% 26.0% 39.7% 36.8% 37.5% 43.5% 37.0% 32.2% 34.3% 33.4% 26.7% -4.7% 18.1% 24.5%

Profit Margin 22.4% 5.5% 18.2% 19.0% 20.5% 29.3% 17.8% 5.6% -70.3% 17.7% 14.0% 2.4% 8.7% 13.0%

Return on Assets 11.7% 1.6% 8.4% 8.0% 7.8% 9.9% 5.3% 1.7% -17.0% 5.3% 4.4% -1.1% 3.1% 4.3%

Return on Equity 47.9% 4.4% 30.0% 22.8% 24.2% 27.4% 12.0% 3.6% -42.6% 14.4% 12.2% 1.1% 6.2% 11.5%

Leverage & Coverage Ratios

Current Ratio 2.08 1.64 0.67 0.59 0.60 0.61 0.51 1.19 0.91 0.73 0.45

Quick Ratio 0.98 1.34 0.42 0.37 0.34 0.45 0.39 0.85 0.61 0.46 0.40

Interest Coverage Ratio (EBIT/I) 5.05 1.64 4.07 4.90 5.80 6.19 4.48 4.08 3.81 4.55 4.28

Tot Debt/Capital 0.63 0.65 0.54 0.49 0.47 0.40 0.47 0.44 0.50 0.45 0.37

Tot Debt/Equity 1.73 1.82 1.19 0.97 0.89 0.66 0.90 0.77 1.00 0.83 0.59

Others

Asset Turnover 0.52 0.29 0.46 0.42 0.38 0.34 0.30 0.31 0.24 0.30 0.31

Accounts Receivable Turnover 13.05 9.19 12.14 10.40 9.61 9.35 8.52 9.03 6.26 6.08 5.55

Accounts Payable Turnover 6.06 6.44 8.12 3.12 3.45 3.18 2.78 2.39 2.14 1.88 1.33

Inventory Turnover 61.71 40.73 58.47 31.75 24.66 26.06 34.88 47.72 66.99 229.76

Effective Tax Rate 39.9% 40.0% 38.0% 36.0% 36.5% 38.5% 38.0% 39.1% 38.5% 39.0%

Company Analysis - Financials IV/IV


CHESAPEAKE

ENERG

ANADARKO

PETROLEAPACHE CORP

NOBLE ENERGY

INC

SOUTHWESTRN

ENGYPIONEER NATURAL CONOCOPHILLIPS FOREST OIL CORP OCCIDENTAL PETE

SANDRIDGE

ENERGY

EXXON MOBIL

CORPPLAINS EXPLORATI BP PLC CHEVRON CORP

DEVON ENERGY

CO

12/2011 12/2012 12/2012 12/2012 12/2011 12/2012 12/2012 12/2011 12/2012 12/2011 12/2012 12/2011 12/2012 12/2012 12/2012

26.09 88.28 112.09 115.59 36.87 133.68 62.05 14.53 106.68 8.98 93.67 48.47 512.00 118.53 76.34

20.03.2012 22.02.2012 24.02.2012 08.02.2013 11.10.2012 14.02.2013 30.01.2013 21.02.2012 28.02.2012 27.02.2012 19.10.2012 06.02.2013 05.03.2012 21.09.2012 19.03.2012

13.32 56.42 74.50 76.83 25.63 77.41 50.62 5.68 72.43 4.81 77.13 30.12 389.50 95.73 50.89

17.05.2012 04.06.2012 16.11.2012 25.06.2012 13.06.2012 25.06.2012 04.06.2012 12.07.2012 16.11.2012 09.11.2012 05.06.2012 22.06.2012 18.05.2012 04.06.2012 31.12.2012

2'476'762 665'684 940'925 78'178 371'480 210'971 1'074'697 634'609 689'006 716'899 1'644'160 170'275 23'075'700 620'333 807'996

20.58 82.85 76.40 113.25 33.10 130.63 58.47 6.23 86.02 5.92 89.76 46.63 449.35 115.99 60.10

-21.1% -6.2% -31.8% -2.0% -10.2% -2.3% -5.8% -57.2% -19.4% -34.1% -4.2% -3.8% -12.2% -2.1% -21.3%

54.5% 46.8% 2.6% 47.4% 29.2% 68.8% 15.5% 9.6% 18.8% 22.9% 16.4% 54.8% 15.4% 21.2% 18.1%

660.9 499.8 392.0 179.0 349.0 123.4 1'285.7 114.5 811.0 412.0 4'734.0 130.6 19'119.8 1'981.2 404.0

13'678.6 41'471.9 29'948.8 20'239.5 11'597.6 16'114.6 71'391.6 736.0 69'692.0 2'901.2 409'264.8 6'015.3 86'111.6 227'007.6 24'340.5

10'626.0 13'269.0 12'345.0 4'064.0 1'343.3 4'201.1 22'623.0 1'693.0 5'871.0 2'814.2 17'033.0 3'761.0 48'797.0 10'152.0 9'780.0

3'062.0 - 1'227.0 - - - - - - 765.0 - - - - -

1'337.0 1'253.0 - - - 178.0 510.0 - - 922.9 6'348.0 430.6 1'206.0 799.0 -

351.0 2'471.0 160.0 1'387.0 15.6 229.4 6'361.0 3.0 3'781.0 207.7 12'664.0 1'030.8 20'114.0 16'113.0 7'058.0

35'180.6 53'522.9 42'133.8 22'916.5 13'275.6 20'264.2 91'711.6 2'789.2 73'554.0 8'839.9 414'275.8 10'233.0 161'704.3 219'050.6 28'073.5

LFY 12'424.0 14'060.0 16'947.0 4'003.0 2'952.9 3'207.4 57'967.0 752.5 24'172.0 1'364.5 449'886.0 1'913.2 370'866.0 222'580.0 9'502.0

LTM 11'414.0 14'058.0 16'947.0 4'079.0 2'686.2 3'186.5 96'888.0 714.3 24'172.0 1'703.0 426'252.0 2'230.5 370'866.0 222'580.0 9'627.0

CY+1 10'027.2 15'155.2 17'714.5 5'140.5 2'389.3 3'653.6 51'242.3 658.5 24'965.7 1'946.8 422'334.8 2'478.7 337'719.0 227'992.7 9'792.8

CY+2 10'207.8 17'079.1 19'444.0 6'222.2 2'760.4 4'410.3 54'625.6 627.3 26'980.7 1'880.4 454'263.9 4'296.7 348'629.6 237'395.0 10'793.3

LFY 2.7x 3.5x 2.5x 5.2x 4.7x 5.4x 1.5x 4.1x 3.0x 6.9x 0.9x 4.7x 0.4x 1.0x 3.0x

LTM 3.0x 3.5x 2.5x 5.1x 5.2x 5.4x 0.7x 4.3x 3.1x 5.5x 1.0x 4.1x 0.4x 1.0x 2.9x

CY+1 3.3x 3.5x 2.5x 4.6x 5.6x 5.3x 1.7x 3.9x 3.0x 4.5x 1.0x 5.5x 0.5x 1.0x 3.4x


LFY 5'242.0 6'950.0 12'283.0 2'545.0 1'782.8 1'816.0 19'396.0 533.9 12'765.0 715.3 69'687.0 1'203.7 21'187.0 48'426.0 6'389.0

LTM 4'058.0 6'948.0 12'283.0 2'588.0 1'615.3 1'816.2 20'383.0 492.4 12'164.0 903.1 64'877.0 1'474.6 22'056.0 48'426.0 5'263.0

CY+1 3'397.7 9'609.7 12'435.4 3'723.5 1'529.3 2'330.6 21'776.5 479.4 15'793.4 1'100.8 80'165.0 1'679.1 37'939.7 54'850.9 5'768.3

CY+2 4'669.9 11'163.2 13'913.2 4'579.3 1'873.1 2'848.9 24'210.1 438.5 17'278.3 1'033.3 83'096.6 3'236.3 42'132.4 57'388.5 6'620.5





LFY 2.79 4.10 9.63 4.95 1.82 3.93 5.37 0.87 7.09 0.02 7.56 1.86 0.44 12.10 3.26

LTM 0.84 4.12 9.56 4.84 1.39 3.58 6.09 0.44 7.09 0.11 7.89 1.32 0.61 12.12 3.28

CY+1 0.49 4.24 9.39 6.56 1.38 4.78 5.51 0.37 7.32 0.16 7.89 1.80 0.87 12.17 3.95

CY+2 1.21 5.30 10.95 8.40 1.64 6.32 6.19 0.37 7.90 (0.28) 8.30 3.23 0.98 12.55 5.26




CY+2 17.1x 15.6x 7.0x 13.5x 20.2x 20.7x 9.4x 16.8x 10.9x - 10.8x 14.4x 7.0x 9.2x 11.4x

1 Year 24.0% 3.0% 0.8% 22.2% 13.1% 30.3% (74.9%) (8.2%) 1.0% 18.0% 3.8% 23.9% (1.2%) (5.8%) (13.3%)

5 Year 12.5% 6.5% 12.1% 6.9% 28.1% 12.1% (10.5%) (8.4%) 4.0% 35.2% 2.4% 31.9% 5.1% (0.1%) (3.3%)

1 Year 5.7% (5.5%) (2.1%) 21.1% 10.5% 16.5% (26.2%) (11.9%) (9.9%) 19.8% - 27.7% (53.7%) (5.4%) -

5 Year 3.5% 4.5% 10.9% 3.3% 34.9% 14.6% (8.8%) 0.1% 4.5% 50.2% 0.4% 20.1% (10.8%) 7.1% (0.4%)

LTM 35.6% 49.4% 72.5% 63.4% 60.1% 57.0% 21.0% 68.9% 50.3% 53.0% 15.2% 66.1% 5.9% 21.8% 54.6%

CY+1 33.9% 63.4% 70.2% 72.4% 64.0% 63.8% 42.5% 72.8% 63.3% 56.5% 19.0% 67.7% 11.2% 24.1% 58.9%

CY+2 45.7% 65.4% 71.6% 73.6% 67.9% 64.6% 44.3% 69.9% 64.0% 55.0% 18.3% 75.3% 12.1% 24.2% 61.3%

Total Debt / Equity % 78.4% 64.3% 39.4% 49.2% 33.8% 73.8% 34.7% 141.9% 15.6% 326.8% 11.0% 115.2% 41.2% 8.4%

Total Debt / Capital % 37.2% 37.7% 28.3% 33.0% 25.3% 41.7% 25.6% 58.7% 13.5% 52.5% 9.6% 50.4% 29.0% 7.7%

Total Debt / EBITDA 3.997x 1.910x 1.005x 1.570x 1.050x 2.313x 1.008x 4.249x 0.570x 4.762x 0.192x 3.063x 2.212x 0.254x

Net Debt / EBITDA 3.962x 1.554x 0.992x 1.034x 1.039x 2.187x 0.948x 4.170x 0.289x 4.016x -0.010x 2.563x 1.300x -0.190x

EBITDA / Int. Expense 6.755x 9.367x 74.442x 5.960x 25.568x 8.444x 14.650x 3.336x 109.103x 2.928x 82.961x 4.350x 18.833x 177.813x

S&P LT Credit Rating BB- BBB- A- BBB BBB- BBB- A B+ A B AAA BB- *+ A AA

S&P LT Credit Rating Date 15.05.2012 08.09.2006 26.01.2001 24.02.2009 06.07.2010 11.11.2011 07.02.2012 18.07.2012 23.06.2008 30.09.2011 16.12.1985 06.12.2012 24.09.2010 01.07.1987

Moody's LT Credit Rating Ba3 Baa3 A3 Baa2 Baa3 Baa3 A1 B2 A1 B2 WR B1 *+ - Aa1

Moody's LT Credit Rating Date 17.12.2007 23.03.2012 29.11.2010 14.10.1993 22.02.2012 30.05.2012 26.04.2012 02.08.2012 19.04.2012 06.08.2012 16.08.1993 05.12.2012 - 27.02.2009

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Company Analysis - Peers Comparision


Documents

Financial analysis chesapeake energy corp - chesapeake energy corporation produces oil and natural gas. the company's operations are focused on discovering, developing and acquiring