Risk Factors Update Summary

• Capital expenditures for 2024 are $1.25 billion, a decrease from $1.835 billion in 2023.
• The Southwestern Merger may result in a Section 382 Ownership Change, impacting tax attributes. This change could lead to a more restrictive annual limitation on tax attribute utilization.
• The estimated proved reserves decreased from 34% to 33% as of December 31, 2023.
• The combined company will have substantial indebtedness post-merger, with total long-term indebtedness of approximately $2.0 billion and $4.1 billion for Chesapeake and Southwestern, respectively.
• The 2024 capital spending level is $1.25 billion, down from $1.9 billion in 2023.
• The combined company may face challenges in managing its expanded operations post-merger, leading to increased scrutiny from governmental authorities and potential loss of business partners.
• The estimated proved reserves may be less than estimates, with a decrease from 34% to 33%.
• Regulatory developments, such as proposed rules by the EPA and BLM, could impact the natural gas and oil industry, potentially requiring additional costs and affecting operations.
• The 2024 capital expenditures are $1.25 billion, compared to $1.835 billion in 2023.
• Changes in tax policies, including the CAMT and potential Section 382 Ownership Changes, could impact the company's tax obligations and financial position.
• The estimated proved reserves decreased from 34% to 33% as of December 31, 2023.
• Efforts related to ESG matters, including evolving stakeholder expectations and activism, may impact the company's ability to attract or retain employees and customers.
• The 2024 capital spending level is $1.25 billion, down from $1.9 billion in 2023.
• Advocacy groups campaigning for ESG-related changes could lead to demand shifts for natural gas, impacting the company's operations and future business strategy.