Business Unit Snapshot (4Q’22):

(1) A non-GAAP measure as defined on our website.

Haynesville Operations:

• Currently operating six drilling rigs in northwest Louisiana. We dropped one rig in the first quarter and expect to drop one in the third quarter.
• Currently have two frac crews operating and expect to release one crew in the second quarter.
• Preparing for further adjustments based on market conditions.​

Answering the Call for Affordable, Reliable, Lower Carbon Energy

Today more than ever, we need to move from a world of energy shortage to one of energy surplus. This will provide us with opportunity — to decarbonize, to transition, to invest — all while supporting basic human needs and lessening our environmental footprint. Some believe that energy can only be affordable and reliable or lower carbon, but not both. At Chesapeake, we fundamentally reject this viewpoint, and more importantly, we are proving it’s possible every day.

The United States, and Louisiana in particular, is positioned to help solve this global challenge, and Chesapeake is ready to help unleash the unique resources and opportunity the state holds to ensure Louisiana plays a leadership role in delivering the energy the world desperately needs.

We are producing 1.6 billion cubic feet per day of natural gas in the Haynesville — enough to power 22,365 homes a day using natural gas produced by Chesapeake’s Louisiana operations. The fuel we produce is helping power our homes and our businesses and lessen our nation’s dependence on foreign fuel sources. Your constituents are seeing the benefits of Haynesville Shale production every day in the form of lower natural gas costs and increased royalty payments to landowners. Additionally, our employees are playing an active role in your communities by volunteering for numerous organizations.

Welcome Michelle Cavanaugh

We are pleased to welcome Michelle Cavanaugh to our Community Affairs team in our Haynesville operating area.

Michelle will be working with local stakeholders and community leaders and will organize Chesapeake’s community outreach program. She will be your primary contact for the Haynesville.

Michelle previously was the executive director of Finance for Research at LSU Health in Shreveport, where she was a member of the research department leadership team managing an $80 million budget. She also has experience working for Chambers of Commerce in several states, specializing in community outreach, governmental relations and economic development.

Awarding a Deserving Student

Senior Administrative Assistant Stormey Webster recently presented a Chesapeake Energy Scholarship to Christopher Ezernack, a graduate of Negreet High School in Sabine Parish. Christopher is pursuing an engineering degree from Northwestern State University and plans to embark on a career in oil and gas.​

ESG Update

• We saw a year-over-year improvement of 72% in our combined total recordable incident rate, which includes the rate for both employees and contractors in the first quarter.
• Our Haynesville team has gone 2.4 years without an employee recordable injury.

We are proud of the accomplishments and dedication of our teams for prioritizing safety and working to ensure we follow our strict standards.​
For more information on our sustainability efforts, visit chk.com/sustainability, and stay up to date on Chesapeake employees’ related activities on ESG News.