Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock Dividends

  Chesapeake Energy Corporation Declares Quarterly Common and Preferred Stock
  Dividends

Business Wire

OKLAHOMA CITY -- December 17, 2012

Chesapeake Energy Corporation (NYSE:CHK) today announced that its Board of
Directors has declared a $0.0875 per share quarterly dividend that will be
paid on January 31, 2013 to common shareholders of record on January 15, 2013.
Chesapeake has approximately 665 million common shares outstanding. In
addition, Chesapeake’s Board has declared dividends on its outstanding
convertible preferred stock issues, as stated below.

                                      5%                                  5.75%
               4.50%         (2005B)       5.75%         (Series
                                                                          A)
NYSE Symbol     CHK Pr D      N/A           N/A           N/A
Date of             September         November          May 17,           May 17,
Original        14, 2005      8, 2005       2010          2010
Issue
Registered      165167842     165167826     N/A           N/A
CUSIP
144A CUSIP      N/A           165167834     165167776     165167784
RegS CUSIP      N/A           N/A           U16450204     U16450113
Clean (no
legends)        N/A           N/A           165167768     N/A
CUSIP
Par Value       $0.01         $0.01         $0.01         $0.01
per Share
Shares          2,558,900     2,095,615     1,497,000     1,100,000
Outstanding
Liquidation
Preference      $100          $100          $1,000        $1,000
per Share
Record Date     March 1,      February      February      February
                    2013              1, 2013           1, 2013           1, 2013
Payment         March 15,     February      February      February
Date                2013              15, 2013          15, 2013          15, 2013
Amount per      $1.125        $1.25         $14.375       $14.375
Share
                                                         

Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer of
natural gas, a Top 15 producer of oil and natural gas liquids and the most
active driller of new wells in the U.S. Headquartered in Oklahoma City, the
company's operations are focused on discovering and developing unconventional
natural gas and oil fields onshore in the U.S. Chesapeake owns leading
positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa,
Mississippi Lime and Niobrara unconventional liquids plays and in the
Marcellus, Haynesville/Bossier and Barnett unconventional natural gas shale
plays. The company also owns substantial marketing and oilfield services
businesses through its subsidiaries Chesapeake Energy Marketing, Inc. and
Chesapeake Oilfield Operating, L.L.C. Further information is available at
www.chk.com where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

Contact:

Chesapeake Energy Corporation
Investor Contacts:
Jeffrey L. Mobley, CFA, 405-767-4763
jeff.mobley@chk.com
or
John J. Kilgallon, 405-935-4441
john.kilgallon@chk.com
or
Media Contacts:
Michael Kehs, 405-935-2560
michael.kehs@chk.com
or
Jim Gipson, 405-935-1310
jim.gipson@chk.com