Important

2011 ANNUAL REPORT

BOLD MOVES BIG FUTURE

BOLD MOVES BIG FUTURE

BOLD MOVE: BOLD MOVE:

Declaring America’s Energy Independence

Leading the charge to saying “yes” to American natural gas and “no” to OPEC

Shifting our focus to liquids

With our liquids production up 72% in 2011, we have the second-best track record of liquids production growth in the industry

BOLD MOVE:

BOLD MOVE:

BIG FUTURE:

Developing value-added financing strategies

Expediting development and recouping leasehold investment while retaining major interests in new plays

Vertically integrating our operations

Creating value for shareholders while streamlining operating efficiency and reducing costs

Capturing the nation’s largest resource base

Significant discoveries and aggressive leasehold acquisitions led to industryleading positions in top U.S. unconventional natural gas and liquids plays

CORPORATE PROFILE

Chesapeake Energy Corporation (NYSE:CHK) is the second-largest

producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company’s operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry and Niobrara unconventional liquids plays. The company has also vertically integrated its operations and owns substantial marketing, midstream and oilfield services businesses directly and indirectly through its subsidiaries Chesapeake Energy Marketing Inc., Chesapeake Midstream Development, L.P. and Chesapeake Oilfield Services, L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE:CHKM). Further information is available at www.chk.com where Chesapeake routinely posts...