Chesapeake Energy Corporation Provides Preliminary 2010 Operational Results

Chesapeake Energy Corporation CHK today provided a preliminary 2010 operational report and a 2011-12 strategic and financial plan update. The company's daily production for the 2010 fourth quarter averaged approximately 2.9 billion cubic feet of natural gas equivalent (bcfe), a decrease of 4% below the 3.0 bcfe produced per day in the 2010 third quarter and an increase of 11% over the 2.6 bcfe of daily production in the 2009 fourth quarter. At the end of the 2010 third quarter, the company sold future production through a volumetric production payment covering a portion of its Barnett Shale assets, including approximately 350 mmcfe per day of production in the 2010 fourth quarter. Excluding this sale, the company's 2010 fourth quarter production would have increased 7% sequentially and 25% year over year. Chesapeake's daily production for the 2010 full year averaged approximately 2.8 bcfe, an increase of 14% over the 2.5 bcfe of daily production for the 2009 full year. The 2010 full year was Chesapeake's 21st consecutive year of sequential production growth.