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CHKApril2012

CHKApril2012

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Published by Devon Shire

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Categories:Business/Law, Finance
Published by: Devon Shire on Apr 30, 2012
Copyright:Attribution Non-commercial

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05/01/2012

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April 2012Investor Presentation 
 
ion
2
April 2012 Investor Presentation
Eight Major 2011 Accomplishments
Reduced long-term net debt by 25% per proved mcfe
From $0.73/mcfe to $0.55/mcfe
Reduced long-term net debt by $2.3 billion to $10.3 billion, or 18%
Achieved more than 70% of CHK’s two
 -year 25% debt reduction goal
Increased production by 15% (net of asset sales) to an average of3.27 bcfe/dayIncreased liquids production by 72% to ~110 mbbls/d (YE exit rate)Increased proved reserves by 10% to 18.8 tcfe,
 
despite the sale of2.8 tcfe
(1)
Increased fully diluted shares outstanding by only 0.6% (all~13,000 employees receive restricted stock awards)Created ~$15 of NAV per share
(2)
Made strategic investments in natural gas demand creationinitiatives (Clean Energy convertible debt, Sundrop Fuel preferredstock, fleet vehicle, drilling rig and frac crew conversions)
We believe this is an excellent series of accomplishments in a verytough year for the industry as natural gas prices declined ~30%
(1) Based on trailing 12-month average price required by SEC rules(2) See page 27 for additional details
 
ion
3
April 2012 Investor Presentation
Strong Results in 4Q ’11
 
Top-tier production growth
4Q ’11 production averaged 3.6 bcfe/d; up 23% YOY and up 8%
sequentially
4Q ’11 liquids production of ~106,000
bbls/d; up 76% YOY and 13%sequentially
Liquids now 18% of total production and 47% of unhedged natural
gas and liquids revenue
Moved up to 11
th
largest U.S. liquids producer from #15 in 2010and #21 in 2009
Strong 4Q ’11 financial performance
 
~$1.3 billion of adjusted ebidta
(1)
 ~$1.3 billion of operating cash flow
(1)
 ~$0.4 billion of adjusted net income to common
(1)
 $0.58 of adjusted earnings per fully diluted common share
(1)
 Realized hedging gains of $315 million, or $0.95 per mcfe
FY 2011 production growth up 15% YOY 
Up 26% pro forma for asset sales
FY 2011 proved reserves increase by 1.7 tcfe, or 10%, despitethe sale of 2.8 tcfe of proved reserves
Up 26% pro forma for asset sales
CHK added new proved reserves of 5.6 tcfe through the drillbit in2011 at a drilling and completion cost of $1.08 per mcfe
(2)
Added more proved reserves in just one year than the total provedreserves in all but a handful of our competitors
(1)Reconciliations of non-GAAP financial measures to comparable GAAP measures appear on pages 49
51(2)Based on trailing 12-month average price required by SEC rules 

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