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NEWS RELEASE FOR IMMEDIATE RELEASE NOVEMBER 2 , 2021 OKLAHOMA CITY , November 2 , 2021 third quarter results . Highlights include : ● ● ● CHESAPEAKE ENERGY CORPORATION REPORTS 2021 THIRD QUARTER RESULTS CHESAPEAKE ENERGY Net cash provided by operating activities of $ 443 million , resulting in unrestricted cash balance of $ 849 million Chesapeake Energy Corporation ( NASDAQ : CHK ) today reported 2021 Net loss totaled $ 345 million , or $ 3.51 per diluted share ; adjusted net income ( ¹ ) of $ 269 million , or $ 2.38 per diluted share Adjusted EBITDAX ( ¹ ) of $ 519 million ; free cash flow ( ¹ ) of $ 265 million ; net debt ( ¹ ) at September 30 to 2021E adjusted EBITDAX ratio of 0.2x Increased base dividend by 27 % , as previously announced , to $ 1.75 per share annually and payable beginning in December 2021 Increased 2021 guidance for adjusted EBITDAX and total production with no change in capital spending ; increased preliminary 2022 guidance for adjusted EBITDAX significantly Intends to invest over $ 30 million in ESG initiatives by year end 2022 , including retrofitting over 19,000 pneumatic devices , reducing reported GHG emissions ( 2 ) by approximately 40 % and methane emissions by approximately 80 % ( 1 ) A Non - GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com . ( 2 ) As reported under 40 CFR 98 Subpart W INVESTOR CONTACT : Brad Sylvester , CFA ( 405 ) 935-8870 ir@chk.com Nick Dell'Osso , Chesapeake's President and Chief Executive Officer , commented , " Chesapeake has built significant momentum throughout this year as our employees continue to deliver outstanding results by maintaining their focus on the execution of our strategy – maximizing sustainable cash flow through our high return drilling program , building inventory by reducing our breakeven levels in all assets and reducing operating costs . We look forward to integrating the outstanding assets in the Vine acquisition and expect our strong performance will continue into 2022 . Additionally , we are very pleased to be making rapid progress on certifying 100 % of our dry gas production as Responsibly Sourced Gas by mid - year 2022 as well as significantly reducing our emissions in our oil assets as we highlight the very low methane emissions profile of our modern , responsibly operated oil and gas operations . " Increase in Base Dividend ; Incremental Variable Dividend Payable Beginning March 2022 MEDIA CONTACT : Gordon Pennoyer ( 405 ) 935-8878 media@chk.com During the 2021 third quarter , Chesapeake generated $ 443 million of operating cash flow and ended the quarter with $ 849 million of cash on hand . Consistent with the company's strong liquidity , free cash flow generation and its previous announcement , Chesapeake's Board of Directors increased its base quarterly dividend on its common shares to $ 0.4375 per share , representing a 27 % increase compared to the previous dividend amount . The base CHESAPEAKE ENERGY CORPORATION 6100 North Western Avenue P.O. Box 18496 Oklahoma City , OK 73154