3Q’16 EARNINGSNovember 3, 2016

3Q'16 Earnings 2

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 or at all; the availability of cash flows from operations and other funds to finance reserve replacement costs or satisfy our debt obligations; a further 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 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 of our spin-off of Seventy Seven Energy Inc. (SSE) 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 and preferred 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.

3Q'16 Earnings 3

CHESAPEAKE’S FOCUS IN 2016DELIVERING ON OUR PLAN

2016 Plan 2016 Progress to Date

(1) Includes general and administrative expenses, including stock based compensation. (2) Includes production expenses and general and administrative expenses, including stock based compensation.

Maximize Liquidity

□ Reduce capital budget by >50%□ 10% reduction in LOE/boe□ 15% reduction in G&A/boe (1)

■ Raised 2016 production guidance and reiterated capex guidance

■ Reduced cash costs by 20% third quarter YOY (2)

Optimize Portfolio

□ Close on $700mm in signed asset divestitures□ $500 – $1,000mm in additional asset

divestitures□ Fund short-cycle cash-generating projects

■ $1.3 billion in gross proceeds from divestitures YTD

■ Expect more than $2.0 billion in gross proceeds

■ Acquired ~70,000 net acres in the Haynesville

Increase EBITDA

□ Improve gathering and transportation agreements

□ 2016 capital program focusing on TILS□ Reduce base decline rate by 10%

■ ~$715mm reduction in GP&T expenses in 2016 and 2017 due to Barnett divest

■ $200 – $300mm increase in annual operating income from 2016 – 2019 due to Barnett divest

■ 36% reduction in Mid-Continent gathering costs; PRB restructuring to take effect in 2017

Debt Management/Elimination

□ Proactive liability management□ Open market repurchases of debt□ Focus on 2017 and 2018 maturity

management

■ Reduced 2017 maturing/puttable debt by ~$1.6 billion since 9/30/15

■ ~$1.4 billion in incremental liquidity since 9/30/2015 due to proactive liability management

43Q'16 Earnings

3Q’16 FINANCIAL AND OPERATIONAL RESULTS

(1) Includes stock-based compensation(2) Adjusted for asset sales(3) Oil and NGLs collectively referred to as “liquids”

ADJ. EBITDA

$421mm

LIQUIDS MIX (3)

24%of total production2% YOY (2)

ADJ. EPS

$0.09

ADJ. PRODUCTION

638 mboe/d

PROD. and G&A EXP.

ADJ. OIL PRODUCTION

16% YOY (2)

86 mbo/d

20% YOY

$3.88/boe (1)

3Q'16 Earnings 5

RETURNING TO GROWTHSIGNIFICANT OIL GROWTH WILL DRIVE MARGIN EXPANSION

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

~10% oil production growth projected from 4Q’16 to 4Q’17~20% oil production growth projected from 4Q’17 to 4Q’18

4Q'16E 4Q'17E 4Q'18E450,000

500,000

550,000

600,000

650,000

700,000

750,000

Total Production (mboe/d) (1)

4Q'16E 4Q'17E 4Q'18E60,000

80,000

100,000

120,000

140,000

Oil Production (mbo/d) (1)

3Q'16 Earnings 6

3Q'16 4Q'16 1Q'170

100

200

300

400

500

600

700

800

Total Production Divested Liquids Volume Divested Gas Volume

ADJUSTED PRODUCTION RECONCILIATIONCUMULATIVE IMPACT OF MULTIPLE SALES TRANSACTIONS IN 2016

Production with Divestiture Adjustments (1)

Mid-Continent divestitures close

Partial quarter impact of Barnett Shale exit

Full impact of Barnett and planned Devonian and Haynesville divestitures

(mbo

e/d)

(2) (2)

(1) 3Q’16 divestiture production impact of 8,200 bo/d, 102mmcf/d and 5,900 bbl/d of NGL. 4Q’16 projected divestiture production impact of 8,300 bo/d, 310 mmcf/d and 7,200 bbl/d of NGL. 1Q’17 projected divestiture production impact of 8,500 bo/d, 495 mmcf/d and 8,100 bbl/d of NGL.

(2) Projected total production volumes represent the mid-point of guidance provided on page 5.

7

HEDGING POSITION

3Q'16 Earnings(1) Using midpoints of total production from 11/3/2016 Outlook

Oil 2017 (1)

52%

Swaps $49.68/bbl

Natural Gas 2017 (1)

63%

60%Swaps

3%Collars $3.00/$3.48/

mcfNYMEX

$3.07/mcfNYMEX

Natural Gas2016 (1)

79%72%

Swaps

7%Collars

$3.00/$3.48/mcf

NYMEX

$2.85/mcfNYMEX

Oil2016 (1)

67%

Swaps $46.84/bbl

NGL2016 (1)

18%

Ethane Swaps $0.17/galPropane Swaps $0.46/gal

8

CONTINUE TO DELIVER IN 2016

~$1.4 billion incremental liquidity generated through proactive liability management (1)

3Q'16 Earnings(1) Since 9/30/2015, as of 11/3/16.

~$1.3 billion in gross proceeds from asset divestitures YTD; Expect more than $2.0 billion in gross proceeds

Barnett divest is expected to increase annual operating income by $200 – $300mm per year from 2016 – 2019; Reduced cash costs by 20% in third quarter YOY

Reduced 2017 maturing/puttable debt by ~$1.6 billion (1)

3Q'16 Earnings 9

APPENDIX

3Q'16 Earnings 10

RECONCILIATION OF ADJUSTED EARNINGS PER SHARE

(a) Weighted average common and common equivalent shares outstanding do not include 113 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 September 30, 2016 was 0%; thus, there is no tax effect on the reconciling adjustments. (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 common 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 adjusted 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 calculating earnings per share in accordance with GAAP.

3Q'16 Earnings 11

RECONCILIATION OF ADJUSTED EBITDA

(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.

123Q'16 Earnings

CORPORATE INFORMATION

PUBLICLY TRADED SECURITIES CUSIP TICKER6.25% Senior Notes due 2017 #027393390 N/A6.50% Senior Notes due 2017 #165167BS5 CHK177.25% Senior Notes due 2018 #165167CC9 CHK18A3mL + 3.25% Senior Notes due 2019 #165167CM7 CHK196.625% Senior Notes due 2020 #165167CF2 CHK20A6.875% Senior Notes due 2020 #165167BU0 CHK206.125% Senior Notes Due 2021 #165167CG0 CHK215.375% Senior Notes Due 2021 #165167CK21 CHK21A8.00% Senior Secured Second Lien Notes due 2022 #165167CQ8

#U16450AT2N/AN/A

4.875% Senior Notes Due 2022 #165167CN5 CHK225.75% Senior Notes Due 2023 #165167CL9 CHK232.75% Contingent Convertible Senior Notes due 2035 #165167BW6 CHK352.50% Contingent Convertible Senior Notes due 2037 #165167BZ9/

#165167CA3CHK37/ CHK37A

2.25% Contingent Convertible Senior Notes due 2038 #165167CB1 CHK384.5% 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

HEADQUARTERS

6100 N. Western AvenueOklahoma City, OK 73118WEBSITE: www.chk.com

CORPORATE CONTACTS

BRAD SYLVESTER, CFAVice 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