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2010 ANNUAL REPORT | 13 Developing great assets begins with great people, such as the hardworking crews of Nomac, Chesapeake’s wholly owned drilling subsidiary. Employees take pride in the critical roles they play in finding and delivering natural gas to their fellow Americans.
14 | LETTER TO SHAREHOLDERS Rig lights come on at twilight in the Permian Basin of Texas, where crews drill around the clock in the liquids-rich Bone Spring play. This is the newest in a series of energy booms that has enabled West Texas cities like Midland to prosper for almost 100 years. I am pleased to report that we have apparently finally convinced President Barack Obama and Congressional leadership to recognize that the energy path America is on today is completely unsustainable. There appears to be growing recognition that it is spectacularly dangerous for America to continue importing 9 million barrels of oil per day and exporting more than $1 billion per day in national wealth to oil exporting countries. America’s undiminished appetite for foreign oil has created the largest wealth transfer in the history of the world. The political leadership in Washington, D.C., has not seemed overly concerned about this issue until recently. However, after President Obama’s recent speech calling (1) Reserve replacement is calculated by dividing net reserve additions from all sources by actual production for the corresponding period. We calculate drilling and net acquisition cost per mcfe by dividing total drilling and net proved property acquisition costs incurred during the year (excludes certain costs primarily related to net unproved property acquisitions, geological and geophysical costs and deferred taxes related to corporate acquisitions) by total proved reserve additions excluding price-related revisions. (2) A non-GAAP financial measure, as defined below. Please refer to the Investors section of our website at www.chk.com for reconciliations of non-GAAP financial measures to comparable financial measures calculated in accordance with generally accepted accounting principles. • Adjusted ebitda is net income (loss) before interest expense, income tax expense (benefit), and depreciation, depletion and amortization expense, as adjusted to remove the effects of certain items that management believes affect the comparability of operating results. • Operating cash flow is cash provided by operating activities before changes in assets and liabilities. • Adjusted earnings per fully diluted share is net income (loss) per share available to Chesapeake common stockholders, assuming dilution, as adjusted to remove the effects of certain items that management believes affect the comparability of operating results. (3) FORTUNE 100 Best Companies to Work For ® listed in the magazine’s February 7, 2011 issue.
Page 1 and 2: 2010: A YEAR OF TRANSITION AND ACHI
Page 3 and 4: 1 | FINANCIAL REVIEW 2010 ANNUAL RE
Page 5 and 6: 4 | LETTER TO SHAREHOLDERS DEAR FEL
Page 7 and 8: 6 | LETTER TO SHAREHOLDERS vs. an a
Page 9 and 10: 8 | LETTER TO SHAREHOLDERS Growing
Page 11 and 12: 10 | LETTER TO SHAREHOLDERS with th
Page 13: 12 | LETTER TO SHAREHOLDERS wet nat
Page 17 and 18: 16 | OPERATING AREAS AMERICA’S PR
Page 19 and 20: 2010 ANNUAL REPORT | 19 Unconcerned
Page 21 and 22: What advantages does CHK’s unique
Page 23 and 24: 2010 ANNUAL REPORT | 23 Employees l
Page 25 and 26: to selected students pursuing caree
Page 27 and 28: process is saving the company an av
Page 29 and 30: OFFICERS » Aubrey K. McClendon Cha
Page 31 and 32: George Bradley Kim Brady David Bran
Page 33 and 34: Daniel Alford Kenny Alford Jamie Al
Page 35 and 36: Danny Games Felipe Garcia Melissa G
Page 37 and 38: Jeff C. Glenn Jeannie Harris Larry
Page 39 and 40: Allison Earl Shannon Earley Jeremy
Page 41 and 42: Michael Bowling Jesse Bowman Matthe
Page 43 and 44: Terrydon Maroney Maria Marquez Ken
Page 45 and 46: UNITED STATES SECURITIES AND EXCHAN
Page 47 and 48: ITEM 1. Business Our Business Part
Page 49 and 50: Information About Us Our principal
Page 51 and 52: Build Operating Focus and Scale. We
Page 53 and 54: Eagle Ford Shale. Chesapeake’s Ea
Page 55 and 56: Production, Sales, Prices and Expen
Page 57 and 58: are based on prices, costs and disc
Page 59 and 60: The table below compares our estima
Page 61 and 62: Exploration and Development, Acquis
Page 63 and 64: Our marketing activities, along wit
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govern our operations carry substan
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Title to Properties Our title to pr
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Present Value or PV-10. When used w
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ITEM 1A. Risk Factors Natural gas a
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eserves will require significant ca
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least 1.65 times. Under certain cir
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Our operations may be adversely aff
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Part II ITEM 5. Market for Registra
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Years Ended December 31, 2010 2009
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(c) Includes the effects of realize
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Our goal of a 25% reduction in debt
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customary conditions, including fil
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In 2010, we received cash distribut
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Corporate Credit Facility. Our $4.0
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optional repurchase dates, the comm
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The estimated fair values of our na
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For 2010, we realized an average pr
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The following table shows our produ
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Interest Expense. Interest expense
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The selection and application of ac
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Under accounting guidance for incom
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Although we believe the expectation
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As of December 31, 2010, we had the
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We have determined the fair value o
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(a) Month LIBOR has been abbreviate
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MANAGEMENT’S REPORT ON INTERNAL C
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CHESAPEAKE ENERGY CORPORATION AND S
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Compressor Leases CHESAPEAKE ENERGY
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5. Income Taxes CHESAPEAKE ENERGY C
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11. Divestitures CHESAPEAKE ENERGY
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13. Restructuring Costs CHESAPEAKE
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Schedule II Description CHESAPEAKE
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PART III ITEM 10. Directors, Execut
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Exhibit Number Exhibit Description
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CORPORATE INFORMATION Corporate Hea
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