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Chesapeake Energy
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2008 Investor and Analyst Meeting
| Aubrey K. McClendon | Page 11 of 11 |
November 22, 2024
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"2008 Investor and Analyst Meeting"
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5 2008 Investor and Analyst Meeting History of CHK ? 1993-97: IPO introduced our strategy of "Growth through the Drillbit"; became #1 stock in America during ’94-96 after >70% 1993 decline ? 1998-99: Rode out tough times because we had no debt maturities for 5 years and then reinvented company around three ideas: – Gas prices going higher on declining production and rising electrical generation demand – Tight reservoirs were the best places to achieve manufacturing type predictability – Improved horizontal drilling applied to tight reservoirs would lead to the opportunity to lock up huge swaths of newly prospective lands and provide differentially positive performance for decades to come ? 2000-07: Natural gas prices moved up, land grab implemented, transitioned geological focus from tight sands and carbonates to shales ? 2008 and beyond: #1 U.S. natural gas producer; #1 driller of new wells in the U.S.; asset monetizations capture value and demonstrate huge latent value in asset base; remain technological leader; remain proactive and highly adaptive to evolving industry conditions