AMERICA’S PREMIER 
ENERGY RESOURCE BASE »
16  |  OPERATING AREAS
1
2
3
4
8
7
 6
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Marcellus Shale
Barnett Shale
Haynesville 
Shale
Bossier
Shale
Eagle Ford
Shale
Anadarko 
Basin
Rockies
Permian
Basin
Chesapeake is the second-largest producer of U.S. natural gas and a Top 15 producer of U.S. oil and natural gas liquids. The company has 
built a large resource base of high-quality U.S. assets in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays  
and in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara and Utica  
unconventional liquids plays. In 2010 Chesapeake increased its focus on applying the geoscientific and horizontal drilling expertise  
gained from developing unconventional natural gas shale plays to unconventional liquids-rich plays. Our goal is to reach a balanced mix of  
natural gas and liquids revenue as quickly as possible through organic drilling. We invested approximately $4.7 billion in 2010, net of  
divestitures, primarily in liquids-rich acreage to provide the foundation for this shift toward more profitable plays.
We own interests in approximately 46,000 producing natural gas and oil wells, and in 2010 we produced approximately 1.035 trillion  
cubic feet of natural gas equivalent (tcfe) for an average of 2.8 billion cubic feet of natural gas equivalent (bcfe) per day. At year-end  
2010, our proved reserves were 17.1 trillion cubic feet of natural gas equivalent, of which 90% were natural gas and all were onshore in the 
U.S. We have also captured an inventory of up to 115,000 unrisked net future drilling opportunities — almost 50 years worth of drilling  
opportunities — on approximately 13.2 million net leasehold acres in the U.S. The following highlights Chesapeake’s ownership position 
in our key operating areas.
Natural Gas Shale Areas
Liquids-Rich Areas 
Operating States