Chesapeake Energy : First Quarter 2024 Highlights

Cash and cash equivalents balance as of 3/31/24

~$1.2B

1Q24 adjusted EBITDAX(1)

>$500mm

Base and variable dividend of

$0.715

per share payable to shareholders of record as of 5/16/24

Achieved 2023 methane intensity rate of

0.02% and

GHG emissions intensity rate of

2.1

met 2025 targets(2)

1Q24 production

~3.2 bcfe/d

with capital at low end of quarter guide

Building productive capacity with

22 DTILs and

24 DUCs

available at the end of 1Q24

February 2024 signed

LNG SPAs

~0.5 mtpa offtake from Delfin sold to Gunvor priced on JKM

Superior Capital Returns

Most efficient operator, returning more cash to shareholders than domestic gas peers

Deep, Attractive Inventory

Premium rock, returns, runway with best-in-class execution

1Q24 free cash flow returns $0.715 base and variable combined dividend per common share

Pending merger with SWN would create >5,000 pro forma gross locations across Appalachia and Haynesville

Premier Balance Sheet

Investment grade-quality balance sheet provides strategic through-cycle advantages

Sustainability Leadership

Consistent and measurable progress on our path to net zero

~$1.2B of cash and cash equivalents(3) and hedge-the-wedge preserves financial strength

Met 2025 interim targets for methane and GHG emissions intensity(2) and achieved industry leading combined TRIR of 0.14

Rig Count

Haynesville Quarterly Production

mmcf/d

Cumulative DUC(4) and deferred TIL count, gross

Up to 1.0 bcf/d(5)

• Reducing rig / frac activity as planned
• Volumes decline for the remainder of the year with TIL deferrals and DUC builds on schedule
• 2Q24 outlook includes ~400 mmcf/d of selective base curtailments

This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934. Forward -looking statements include our current expectations or forecasts of future events, including matters relating to the pending merger with Southwestern Energy Company ("Southwestern"), armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our ESG initiatives. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, his- torical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "expect," "could," "may," "anticipate," "intend," "plan," "ability," "believe," "seek," "see," "will," "would," "es- timate," "forecast," "target," "guidance," "outlook," "opportunity" or "strategy." The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

• conservation measures and technological advances could reduce demand for natural gas and oil;
• negative public perceptions of our industry;
• competition in the natural gas and oil exploration and production industry;
• the volatility of natural gas, oil and NGL prices, which are affected by general economic and business con- ditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
• risks from regional epidemics or pandemics and related economic turmoil, including supply chain con- straints;
• write-downsof our natural gas and oil asset carrying values due to low commodity prices;

• significant capital expenditures are required to replace our reserves and conduct our business;

• our ability to replace reserves and sustain production;
• uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
• drilling and operating risks and resulting liabilities;

• our ability to generate profits or achieve targeted results in drilling and well operations;

• leasehold terms expiring before production can be established;
• risks from our commodity price risk management activities;
• uncertainties, risks and costs associated with natural gas and oil operations;
• our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
• pipeline and gathering system capacity constraints and transportation interruptions;
• our plans to participate in the LNG export industry;
• terrorist activities and/or cyber-attacks adversely impacting our operations;
• risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
• disruption of our business by natural or human causes beyond our control;
• a deterioration in general economic, business or industry conditions;
• the impact of inflation and commodity price volatility, including as a result of armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and

oil and on U.S. and global financial markets;

• our inability to access the capital markets on favorable terms;
• the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
• our actual financial results after emergence from bankruptcy may not be comparable to our historical fi- nancial information;
• risks related to acquisitions or dispositions, or potential acquisitions or dispositions, including risks re- lated to the pending merger with Southwestern, such as the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the possibility that our stockholders may not approve the issuance of our common stock in connection with the proposed transac- tion; the possibility that the stockholders of Southwestern may not approve the merger agreement; the risk

that we or Southwestern may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to limitation on our ability to pursue alternatives to the merger; risks related to change in control or other provisions in certain agreements that may be triggered upon completion of the merger; risks related to the merger agreement's restrictions on business activities prior to the effective time of the merger; risks related to loss of management personnel, other key employees, customers, suppliers, vendors, land- lords, joint venture partners and other business partners following the merger; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any

announcements relating to the proposed transaction could have adverse effects on the market price of our common stock or Southwestern's common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits;

• our ability to achieve and maintain ESG certifications, goals and commitments;
• legislative, regulatory and ESG initiatives, addressing environmental concerns, including initiatives ad- dressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
• federal and state tax proposals affecting our industry;
• risks related to an annual limitation on the utilization of our tax attributes, which is expected to be triggered upon completion of the merger, as well as trading in our common stock, additional issuances of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
• other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K.

We caution you not to place undue reliance on the forward-looking statements contained in this presentation, which speak only as of the filing date, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this presentation and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

IMPORTANT INFORMATION FOR INVESTORS; ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the merger between Chesapeake and Southwestern, Chesapeake has filed and will file relevant materials with the Securities and Exchange Commission (the "SEC"). On February 29, 2024, Chesapeake filed with the SEC a registration statement on Form S-4 (as amended on April 11, 2024 and as may be further amended from time to time, the "Form S-4") to register the shares of Chesapeake common stock to be issued in connection with the merger. The Form S-4 includes a joint preliminary proxy statement of Chesapeake and Southwestern that also constitutes a preliminary prospectus of Chesapeake (the "joint proxy statement/prospectus"). The information in the Form S-4 is not complete and may be changed. After the Form S-4 is declared effective, a definitive proxy statement/prospectus will be mailed to stockholders of Chesapeake and Southwestern. This communication is not a substitute for the Form S-4, the joint proxy statement/prospectus or any other document that Chesapeake or Southwestern (as applicable) has filed or may file with the SEC in connection with the merger.

BEFORE MAKING ANY VOTING DECISION, INVESTORS ARE URGED TO CAREFULLY READ THE FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT CHESA- PEAKE, SOUTHWESTERN, THE MERGER, THE RISKS RELATED THERETO AND RELATED MATTERS.

Investors may obtain free copies of the Form S-4 and the joint proxy statement/prospectus, as well as other filings containing important information about Chesapeake or Southwestern, without charge at the SEC's Internet

Southwestern may be obtained free of charge on Southwestern's website at https://ir.swn.com/CorporateProfile/ default.aspx.

Participants in Solicitation

Chesapeake and Southwestern and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus. Information regarding Chesapeake's directors and executive officers and their ownership of Chesapeake's securities is set forth in Chesapeake's filings with the SEC, including Chesapeake's Annual Report on Form 10-K for the fiscal year ended

be reflected on Statements of Change in Ownership on Form 4 filed with the SEC thereafter. Information regarding Southwestern's directors and executive officers and their ownership of Southwestern's securities is set forth in Southwestern's filings with the SEC, including Southwestern's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 22, 2024, and an amendment to its Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2024. To the extent such person's ownership of Southwestern's securities has changed since the filing of Southwestern's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC thereafter. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proxy solicitations may be obtained by reading the joint proxy statement/prospectus and other relevant materials that will be filed with the SEC regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This presentation relates to the proposed transaction between Chesapeake and Southwestern. This presentation is for informational purposes only and shall not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.