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NEWS RELEASE FOR IMMEDIATE RELEASE AUGUST 10 , 2021 ● ● OKLAHOMA CITY , August 10 , 2021 Chesapeake Energy Corporation ( NASDAQ : CHK ) today reported 2021 second quarter results . Highlights include : ● CHESAPEAKE CHESAPEAKE ENERGY CORPORATION REPORTS 2021 SECOND QUARTER RESULTS ENERGY Net cash provided by operating activities of $ 394 million , resulting in unrestricted cash balance of $ 612 million Net loss totaled $ 439 million , or $ 4.48 per diluted share ; adjusted net income ( ¹ ) of $ 181 million , or $ 1.64 per diluted share Adjusted EBITDAX ( 1 ) of $ 429 million ; free cash flow of $ 292 million ; net debt ( ¹ ) at June 30 to 2021E adjusted EBITDAX ratio of 0.3x Initiating variable return program to deliver 50 % of free cash flow ( 1 ) to shareholders on a quarterly basis , payable in the 2022 first quarter Announced responsibly sourced gas ( RSG ) partnership ; first company seeking to certify and continuously monitor production across two major shale gas basins Positive 2021 guidance adjustments include increasing adjusted EBITDAX , raising oil and gas production estimates due to lower base decline rates , lower general and administrative ( G & A ) expenses , and no change in capital spending ( 1 ) A Non - GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com . INVESTOR CONTACT : Brad Sylvester , CFA ( 405 ) 935-8870 ir@chk.com Mike Wichterich , Chesapeake's Board Chairman and Interim Chief Executive Officer , commented , " Behind our talented employees , Chesapeake executed another quarter of strong results , improving our guidance outlook for the rest of the year as our base production decline rates continue to improve and general and administrative ( G & A ) expenses continue to fall . In addition , Chesapeake is pleased to launch a variable return program designed to deliver 50 % of free cash flow to shareholders in cash on a quarterly basis . Chesapeake remains well positioned to responsibly deliver sustainable returns and cash flow through consistent quarterly performance . " Base Dividend Information and Establishing Variable Return Program During the 2021 second quarter , Chesapeake generated $ 394 million of operating cash flow and ended the quarter with $ 612 million of cash on hand . Consistent with the company's strong liquidity and free cash flow generation , Chesapeake's Board of Directors declared a quarterly dividend on its common shares of $ 0.34375 per share . The dividend will be payable on September 9 , 2021 to shareholders of record at the close of business on August 24 , 2021. Additionally , Chesapeake announced the establishment of a variable return program to deliver 50 % of the previous quarter's free cash flow to investors in cash , payable the following quarter , and beginning with results from the 2021 fourth quarter . MEDIA CONTACT : Gordon Pennoyer ( 405 ) 935-8878 media@chk.com CHESAPEAKE ENERGY CORPORATION 6100 North Western Avenue P.O. Box 18496 Oklahoma City , OK 73154