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EXHIBIT 99
CHESAPEAKE ENERGY CORPORATION
OUTLOOK
NOVEMBER 13, 2000
We have adopted a policy of providing investors with guidance on certain factors
that affect our future financial performance. As of November 10, 2000, we are
using the following key operating assumptions in our projections for the fourth
quarter 2000 and full year 2001. The key operating assumptions for 2001 assume
the completion of the pending merger with Gothic Energy Corporation in January
2001.
<TABLE>
<CAPTION>
Quarter Ending Year Ending
December 31, 2000 December 31, 2001
<S> <C> <C>
PRODUCTION
Oil - Mbo 675 - 725 2,750 - 3,250
Gas - Bcf 28.5 - 29 148 - 155
Gas Equivalent-Mmcfe 32.7 - 32.9 165 - 175
NYMEX PRICES
Oil - $/Bo $26.67 $24.50
Gas - $/Mcf $4.93 $3.50
DIFFERENTIALS
Oil - $/Bo ($0.80) ($0.80)
Gas - $/Mcf ($0.30) ($0.30)
HEDGING VOLUMES
Oil - Mbo 125 1,825(1)
Gas - Mmcf 930 7,360(2)
HEDGING PRICES (NYMEX)
Oil $28.40 $29.76
Gas $2.50 $4.71
OPERATING COSTS PER MCFE
Production Expense .38 - .40 .32 - .35
Production Taxes (6% of O&G revenues) .26 - .28 .18 - .22
General and administrative .11 - .13 .10 - .11
DD&A - oil and gas .79 - .81 .86 - .92
Depreciation of other assets .05 - .06 .05 - .06
Interest expense .64 - .66 .62 - .68
OTHER INCOME AND EXPENSE PER MCFE
Marketing gross profit .02 - .04 .02 - .04
Other income .01 - .03 .01 - .05
BOOK TAX RATE - PRIMARILY DEFERRED 1 - 2% 35 - 40%
EQUIVALENT SHARES OUTSTANDING
Basic 152,000 m 157,000 m
Diluted 167,000 m 172,000 m
CAPITAL EXPENDITURES
Drilling $35,000 m $190,000 - $210,000 m
SENSITIVITY TO PRICE CHANGE - FOR EACH $1.00/BBL
P.V. 10% $14 mm $15 mm(3)
Cash flow from operations $0.7 mm $2.5 - $3.0 mm(3)
SENSITIVITY TO PRICE CHANGE - FOR EACH $0.10/MCF
P.V. 10% $60 mm $72 mm
Cash flow from operations $2.9 mm $15 - $16 mm
</TABLE>
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1) 5,000 BOPD from January through December, 2001.
2) 80,000 Mcfd from March 1 - May 31, 2001
3) Current reserves pro forma for Gothic merger.
The key operating assumptions presented in the table are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Although we believe that the
expectations reflected in these forward-looking statements are reasonable, we
can give you no assurance that such expectations will prove to have been
correct. Various factors could cause actual results to differ materially from
those projected, including, without limitation, those discussed under Risk
Factors in the proxy statement/prospectus for the Gothic acquisition dated
November 1, 2000, a form of which is included in our registration statement on
Form S-4 (file no. 333-47330) filed with the Securities and Exchange Commission
on November 1, 2000. Such factors are our substantial indebtedness, fluctuations
in the prices of oil and gas, the need to replace reserves, the substantial
capital requirements of our business, substantial uncertainties inherent in
estimating quantities of oil and gas reserves, projecting future rates of
production and the timing of development expenditures, operating risks,
restrictions imposed by lenders, the effects of governmental and environmental
regulation, pending or future litigation, conflicts of interest our CEO and COO
may have, and uncertainties related to the proposed business combination with
Gothic. We caution you not to place undue reliance on these forward-looking
statements, which speak only as of the date set forth above.
