Chesapeake Energy Corporation Increases Quarterly Common Stock Dividend by 17% and Declares Preferred Stock Dividends


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 July 15, 2011 to common shareholders of record on July 1, 2011. Chesapeake has approximately 658 million common shares outstanding. In addition, Chesapeake's Board has declared dividends on its outstanding convertible preferred stock issues, as stated below.


    4.50%   5% (2005B)   5.75%   5.75% (Series A)
NYSE Symbol   CHK Pr D   N/A   N/A   N/A
Date of Original Issue   September 14, 2005   November 8, 2005   May 17, 2010   May 17, 2010
Registered CUSIP   165167842   165167826   N/A   N/A
144A CUSIP   N/A   165167834   165167776   165167784
RegS CUSIP   N/A   N/A   U16450204   U16450113
Clean (no legends) CUSIP   N/A   N/A   165167768   N/A
Par Value per Share   $0.01   $0.01   $0.01   $0.01
Shares Outstanding   2,558,900   2,095,615   1,500,000   1,100,000
Liquidation Preference per Share   $100   $100   $1,000   $1,000
Record Date   September 1, 2011   August 1, 2011   August 1, 2011   August 1, 2011
Payment Date   September 15, 2011   August 15, 2011   August 15, 2011   August 15, 2011
Amount per Share   $1.125   $1.25   $14.375   $14.375

Aubrey K. McClendon, Chesapeake's CEO commented: "We are pleased that our Board has approved a significant 17% increase in Chesapeake's common stock dividend. This is our first dividend increase since June 2008 and reflects the Board's confidence in Chesapeake's steadily strengthening financial position. It is our goal to be able to increase our common stock dividend regularly in the years ahead."

Chesapeake Energy Corporation 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 Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara, Three Forks/Bakken and Utica unconventional liquids plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets. Chesapeake's stock is listed on the New York Stock Exchange under the symbol CHK. Further information is available at where Chesapeake routinely posts announcements, updates, events, investor information, presentations and press releases.

SOURCE: Chesapeake Energy Corporation

Chesapeake Energy Corporation
Investor Relations:
Jeffrey L. Mobley, CFA, 405-767-4763
John J. Kilgallon, 405-935-4441
Media Relations:
Jim Gipson, 405-935-1310