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.
• Chesapeake's exploration, development, and acquisition activities require $1.25 billion in 2024, down from $1.835 billion in 2023.
• The Southwestern Merger may not be completed on the terms or timeline currently contemplated.
• The combined company will have substantial indebtedness of approximately $6.1 billion post-merger.
• The estimated proved reserves as of 2023 are approximately 34%, up from 33% in 2022.
• The completion of the Southwestern Merger may trigger limitations on the utilization of tax attributes.
• Regulatory developments, such as the EPA's proposed methane emissions fee, could impact operations.
• The capital needs of the company limit its ability to access capital markets on favorable terms.
• The Southwestern Merger agreement may subject the company to restrictions that could impact business opportunities.