CHESAPEAKE ENERGY CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2021 FINANCIAL AND OPERATING RESULTS AND UPDATES 2022 GUIDANCE

About this update from Expand Energy Corporation

[{"type":"text","content":"OKLAHOMA CITY, Feb. 23, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) today reported fourth quarter and full-year 2021 results and updated 2022 guidance. \n\n \n \n \n \n \n \n\n \n2021 Fourth Quarter Highlights:\nNet cash provided by operating activities of $563 million; unrestricted cash balance of $905 million Net income of approximately $1.4 billion, or $11.13 per diluted share; adjusted net income(1) of $308 million, or $2.39 per diluted share Adjusted EBITDAX(1) of $687 million; adjusted free cash flow(1) of $372 million Quarterly dividend of $1.7675 per common share, consisting of the first quarterly variable dividend of $1.33 per common share and a quarterly base dividend of $0.4375 per common share, payable on March 22, 2022 to shareholders of record at the close of business on March 7, 20222021 Full-Year Highlights:\nRefocused and high-graded asset portfolio, expanding highest-return assets in the Marcellus and Haynesville through two major acquisitions and divesting Powder River Basin asset Announced $1 billion common stock and warrant repurchase program expected to be executed by year end 2023 Proved reserves of approximately 1.6 billion barrels of oil equivalent (boe) at year end 2021; standardized measure of discounted future net cash flows of approximately $12.3 billion Generated over $1.2 billion in adjusted free cash flow Established base and variable dividend programs; increased base dividend by 27% in 20212022 Guidance Highlights:\nIncreased 2022 adjusted EBITDAX guidance to $3.8 – $4.0 billion (previous range $3.4 – $3.6 billion) with no change in capital spending Expected to generate approximately $1.9 – $2.1 billion in adjusted free cash flow in 2022 and greater than $9 billion in adjusted free cash flow over the next five years Anticipate paying between $900 million – $1.1 billion (approximately 13% current yield, based on current stock price) in total dividends in 2022 and greater than $5 billion over the next five years Strong balance sheet with net debt(1)-to-2022E EBITDAX ratio of approximately 0.7x, pro forma for Chief and Powder River Basin cash consideration \n(1) A Non-GAAP measure as defined in the supplemental financial tables available on the company's website at www.chk.com. \nNick Dell'Osso, Chesapeake's President and Chief Executive Officer, said, \"In 12 short months, we ha...

More updates from Expand Energy Corporation