Page 61

The following tables show production and average sales prices received by our operating divisions for 2015, 2014 and 2013: 2015 Oil (a)

(mmbbl) (b)

Southern .. Northern(c) ... Total......

Natural Gas ($/bbl)

47.33 39.45 45.77

33.4 8.2 41.6

(bcf)

573.8 496.0 1,069.8

NGL (a)

($/mcf)

(mmbbl)

2.52 2.06 2.31

Total (a)

($/bbl)

14.9 13.1 28.0

13.13 15.12 14.06

(mmboe)

143.9 104.0 247.9

%

58 42 100%

($/boe)(a)

22.40 14.85 19.23

2014 Oil (b)

Southern .. Northern(c) ... Total......

Natural Gas ($/bbl)(a)

(mmbbl)

91.15 80.15 89.41

35.3 7.0 42.3

(bcf)

580.7 514.3 1,095.0

($/mcf)(a)

NGL (mmbbl)

4.20 4.08 4.14

Total

($/bbl)(a)

16.9 16.2 33.1

32.18 29.56 30.95

(mmboe)

148.9 108.9 257.8

%

58 42 100%

($/boe)(a)

41.62 28.81 36.21

2013 Oil (mmbbl) (b)

Southern .. Northern(c) ... Total......

37.6 3.5 41.1

Natural Gas ($/bbl)(a)

97.30 91.17 96.78

(bcf)

692.9 401.7 1,094.6

($/mcf)(a)

NGL (mmbbl)

3.42 3.47 3.44

16.7 4.2 20.9

Total

($/bbl)(a)

33.15 47.65 36.08

(mmboe)

169.7 74.7 244.4

%

69 31 100%

($/boe)(a)

38.85 25.63 34.77

___________________________________________ (a)

Average sales prices exclude gains (losses) on derivatives. The decrease in the average sales price for our oil sold in 2015 as compared to 2014 and 2013 was primarily driven by lower crude oil prices. The decrease in the average sales price for our natural gas sold in 2015 as compared to 2014 was primarily driven by lower natural gas prices. The decrease in the average sales price for our NGL sold in 2015 as compared to 2014 and 2013 was primarily driven by a decrease in ethane and propane prices due to seasonality in the Utica Shale play.

(b)

Our Southern Division includes the Eagle Ford and Anadarko Basin liquids plays and the Haynesville/Bossier and Barnett natural gas shale plays. The Eagle Ford Shale accounted for approximately 24% of our estimated proved reserves by volume as of December 31, 2015. Eagle Ford Shale production for 2015, 2014 and 2013 was 38.5 mmboe, 35.4 mmboe and 31.7 mmboe, respectively.

(c)

Our Northern Division includes the Utica and Niobrara liquids plays and the Marcellus natural gas play. The Utica Shale accounted for approximately 18% of our estimated proved reserves by volume as of December 31, 2015. Utica Shale production for 2015, 2014 and 2013 was 43.8 mmboe, 26.6 mmboe and 7.5 mmboe, respectively. The Marcellus Shale accounted for approximately 17% of our estimated proved reserves by volume as of December 31, 2015. Marcellus Shale production for 2015, 2014 and 2013 was 49.7 mmboe, 74.7 mmboe and 62.9 mmboe, respectively.

Our average daily production of 679 mboe for 2015 consisted of approximately 114,000 bbls of oil (17% on an oil equivalent basis), approximately 2.9 bcf of natural gas (72% on an oil equivalent basis) and approximately 76,700 bbls of NGL (11% on an oil equivalent basis). Oil production decreased by 2% year over year, natural gas production decreased by 2% and NGL production decreased by 15%.

56

Profile for Chesapeake Energy

2015 Annual Report  

2015 Annual Report