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Chesapeake Energy Corporation Updates Its 2012 Operating Plan in Response to Low Natural Gas Prices
Chesapeake Energy Corporation (NYSE:CHK) today provided an update on additional steps it is taking to continue creating shareholder value in response to the lowest natural gas prices in the past 10 years.

Total expands its position in the USA, entering the Utica Shale formation in Ohio
Total announces that its subsidiary, Total E&P USA, Inc.(“Total”), has signed and completed on December 30, 2011 an agreement to enter into a Joint Venture with Chesapeake Exploration, L.L.C.,a subsidiary of Chesapeake Energy Corporation (NYSE:CHK), (“Chesapeake”) and affiliates of its partner EnerVest Ltd.

Chesapeake Midstream Partners, L.P. Agrees to Acquire Gas Gathering Assets in Marcellus Shale from Chesapeake Energy Corporation
Chesapeake Midstream Partners, L.P. (NYSE:CHKM) (“CHKM”) today announced it has agreed to acquire Appalachia Midstream Services, L.L.C. (“AMS”), the wholly owned subsidiary of Chesapeake Midstream Development, L.P. that holds its Marcellus Shale midstream assets, for total consideration of $865 million. Chesapeake Midstream Development, L.P. is a wholly owned subsidiary of Chesapeake Energy Corporation (NYSE:CHK) (“Chesapeake”). The addition of the Marcellus assets makes CHKM the industry’s largest gathering and processing master limited partnership as measured by throughput volume.

Leading Players Spectra Energy, American Electric Power and Chesapeake Energy Announce an Agreement of Intent to Develop Ohio In
Spectra Energy Corp's (NYSE: SE) Texas Eastern Transmission, LP (Texas Eastern), American Electric Power (NYSE: AEP) and Chesapeake Energy Marketing, Inc., a wholly owned subsidiary of Chesapeake Energy Corporation (NYSE: CHK), today announced their intention to advance the development of the Ohio Pipeline Energy Network (OPEN) project, a proposed expansion of the Texas Eastern pipeline system that will connect Ohio's Utica and Marcellus shale gas supplies with the fast-growing markets attached to the Texas Eastern system, in particular natural gas-fired power generation.

Enterprise and Chesapeake Enter into Agreement to Transport Ethane from the Marcellus/Utica Shale to Gulf Coast
Enterprise Products Partners L.P. (NYSE: EPD) and Chesapeake Energy Corporation (NYSE: CHK) today announced they have entered into a long-term contract whereby Chesapeake would anchor Enterprise's proposed long-haul ethane pipeline from the Marcellus and Utica shale regions in Pennsylvania, West Virginia and Ohio to the U.S. Gulf Coast.

Chesapeake Energy Corporation Unveils Bold Plan to Transform U.S. Transportation Fuels Market and Reduce OPEC Oil Imports
In an effort to help break OPEC's 38-year stranglehold on the U.S. economy and to lower energy costs to American consumers, enhance national security, stimulate economic growth, create hundreds of thousands of high-paying jobs and improve the environment, Chesapeake Energy Corporation (NYSE:CHK) today unveiled its plan for an achievable, scalable and affordable pathway toward a transportation future that runs on America's own abundant supplies of natural gas and oil from deep shale and other unconventional formations. Central to this private-sector initiative to stimulate world-class technological innovation and stronger economic growth is the creation of a $1.0 billion venture capital fund, Chesapeake NG Ventures Corporation (CNGV), dedicated to identifying and investing in companies and technologies that will replace the use of gasoline and diesel derived primarily from OPEC oil with domestic oil, natural gas and natural gas-to-liquids (GTL) fuels.

BHP Billiton Announces Acquisition Of Chesapeake Energy Corporation's Fayetteville USA, Shale Assets
BHP Billiton today announced it has agreed to acquire all of Chesapeake Energy Corporation's (Chesapeake) interests in the Fayetteville Shale, USA, including the midstream pipeline system, for US$4.75 billion, which BHP Billiton expects to fund from the Group's cash resources.

Chesapeake Energy Corporation and CNOOC Limited Announce
Chesapeake Energy Corporation ("Chesapeake", NYSE:CHK) and CNOOC Limited (NYSE:CEO; SEHK:0883) today announced the execution of an agreement whereby CNOOC International Limited, a wholly-owned subsidiary of CNOOC Limited, will purchase 33.3% undivided interest in Chesapeake's 800,000 net oil and natural gas leasehold acres in the Denver-Julesburg (DJ) and Powder River Basins in northeast Colorado and southeast Wyoming. The consideration for the transaction will be $570 million in cash at closing. In addition, CNOOC Limited has agreed to fund 66.7% of Chesapeake's share of drilling and completion costs until an additional $697 million has been paid, which Chesapeake expects to occur by year-end 2014. Closing of the transaction is anticipated in the first quarter of 2011.

Chesapeake Energy Corporation and CNOOC Limited Announce Eagle Ford Shale Project Cooperation Agreement
Chesapeake Energy Corporation ("Chesapeake", NYSE: CHK) and CNOOC Limited (NYSE: CEO; SEHK:00883) today announced the execution of an agreement whereby CNOOC International Limited, a wholly-owned subsidiary of CNOOC Limited, will purchase a 33.3% undivided interest in Chesapeake's 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale project in South Texas. The consideration for the sale will be $1.08 billion in cash at closing, subject to adjustment. In addition, CNOOC Limited has agreed to fund 75% of Chesapeake's share of drilling and completion costs until an additional $1.08 billion has been paid, which Chesapeake expects to occur by year-end 2012. Closing of the transaction is anticipated in the 2010 fourth quarter.

Chesapeake Energy Corporation Monetizes Certain Barnett Shale Assets
Chesapeake Energy Corporation (NYSE:CHK) today announced it has monetized certain of its producing assets in the Barnett Shale. The company has sold a five-year volumetric production payment (VPP) to an affiliate of Barclays Bank PLC for proceeds of $1.15 billion. The transaction, which closed on September 30, 2010, includes approximately 390 billion cubic feet of proved reserves and approximately 280 million cubic feet per day of net production in 2011. Chesapeake has retained drilling rights on the properties below currently producing intervals and outside of existing producing wellbores.