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New April Investor Presentation Final

New April Investor Presentation Final

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Published by Devon Shire

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Published by: Devon Shire on Mar 26, 2012
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03/26/2012

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 April InvestorPresentation
 
April Investor Presentation 
2
Introduction to CHK Introduction to CHK 
#1 independent producer of U.S. natural gas:#3 overall including majors, and moving up fast
#1 driller in U.S.:138 operated rigs, 84 non-operated rigs, 14 info only rigs, collector of ~15% of all dailydrilling information generated in the U.S. (~20% in our areas ofinterest)
#1 hedger in industry:2006 and 2007 realized gains of $2.5 billion
#1 large-cap production growth:2,219 mmcfe/day 4Q'07 production: up 34% YOY and 10% sequentially;production increased 23% in '07, projecting increases of 20-22% in ’08 and 15-17% in ’09
#1 large-cap proved reserve growth:10.9 tcfeestimated proved reserves at 12/31/07, increased 21% YOY,93% natural gas, 64% proved developed, 15 year R/P; expect ~13 tcfein proved reserves by 12/08 and~15 tcfeby 12/09
#1 gas resource play:33 tcfe of risked unproved reserve potential in: i) conventional gas resource,ii) unconventional gas resource, iii) emerging gas resource and iv) Appalachian gas resource plays;>10-year drilling inventory of 36,300 net drilling locations,BEFOREcounting potential contributions fromthe Haynesville Shale and new unconventional oil projects
#1 inventory of U.S. onshore leasehold and 3-D seismic:13.2 mm net acres of U.S. onshore leasehold and19.2 mm acres of 3-D seismic
2008 estimates:ebitda $5.9 billion, operating cash flow $5.4 billion, net income to common $1.8 billion
Great value to investors:4.7x operating cash flow, 6.3x ebitda, 13.5x P/E ratio
$37.2 billion enterprise value:$25.7 billion equity value, $10.1 billion long-term debt and $1.4 billion networking capital deficit
Top stock price performance:CHK up ~35-fold in 15 years as a public company, #2 performer amonglarge-cap E&P companies during that period
Data above incorporates:
CHK’s Outlook and realized and locked gains as of 3/31/08
 An assumed common stock price of $46.00, NYMEX prices of $8.00/mcf and $82.36/bbl for 2008 and excludes effects of FAS 133 (unrealized hedging gain or loss)
Reconciliations of ebitda and operating cash flow (before changes in assets and liabilities) to GAAP measures appear in page 17
Risk disclosure regarding unproved reserve estimates appears in page 24
 
April Investor Presentation 
3
Location of CHK PropertiesLocation of CHK Properties
CHK/CNR field officesCHK OKC headquartersCHK operated rigs (138)CHK non-operated rigs (84)CHK Eastern Division Headquarters
 AnadarkoBasinBarnettShale
S    o   u   t    h   T    e    x   a   s   
  T e x a s  G u  l f  C o a s t
 Ark-La-TexPermianBasin ArkomaBasin AppalachianBasin
Mississippian & Devonian black shalesCounties with CHK leasehold
Gas-focused
Well-diversified
 All onshore U.S.
Not in the GOM (high and dry)
Not in the Rockies (fewer hassles, better gas prices)
Not international (lower political risk)
Scale: 1 inch =
275 milesThrust Belt
r  i  d  T  r  u  s  t   B  l  t  
        O       u       a      c          h          i         t       a         T          h       r       u       s         t          B      e          l         t
 E a s t e r n  O v e r t h r u s t  B e l t
DelawareBasin
WoodfordShale
  A  l  a  b  a  m  a   S  h  a  l e  s
Barnett andWoodford ShalePlaysFayettevilleShale

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