CORPORATE PROFILE 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 and Utica unconventional liquids-rich plays.  The company has also vertically integrated its oper-  ations 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  www.chk.com where Chesapeake routinely posts  announcements, updates, events, investor informa-  tion, presentations and press releases. CONTENTS  ON THE COVER Moving west, a Chesapeake rig  drills toward the Niobrara Shale in the Powder River Basin of southeastern Wyoming, one of  several new liquids-rich plays that are enabling the company to increase its profitability and return on capital. 1  Financial Review 4  Letter to Shareholders 16  Operating Areas 20  Investor Q&A 22  Social Responsibility 24 Community Relations 26 Environmental, Health & Safety 28  Board of Directors 28  Governance 29  Officers 30  Employees 45  Form 10-K Inside Back Cover  Corporate Information