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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010

Commission File No. 1-13726

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

CHESAPEAKE ENERGY CORPORATION

SAVINGS AND INCENTIVE STOCK BONUS PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

CHESAPEAKE ENERGY CORPORATION

6100 North Western Avenue

Oklahoma City, OK 73118

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Table of Contents

Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Index

 

 

		Page
Report of Independent Registered Public Accounting Firm			3
Financial Statements
Statements of Net Assets Available for Benefits at December 31, 2010 and 2009			4
Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2010 and 2009			5
Notes to Financial Statements			6
Supplemental Schedules
Schedule H, line 4a- Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2010			15
Schedule H, line 4i-Schedule of Assets (Held at End of Year) at December 31, 2010			16
Schedule H, line 4j-Schedule of Reportable Transactions for the Year Ended December 31, 2010			17
Signatures			18
Exhibit Index			19

 

Note:		Other schedules required by section 2520-103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.

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Report of Independent Registered Public Accounting Firm

To the Participants and Administrator of the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan and the Employee Compensation and Benefits Committee of Chesapeake Energy Corporation:

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan (the “Plan”) at December 31, 2010 and 2009, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year), Schedule of Delinquent Participant Contributions, and Schedule of Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

/s/ PricewaterhouseCoopers LLP

Tulsa, Oklahoma

June 29, 2011

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Statements of Net Assets Available for Benefits

December 31, 2010 and 2009

 

 

		Years Ended December 31,
		2010				2009
Assets:
Investments, at fair value		$	474,344,455			$	365,330,548
Receivables:
Notes receivable from participants			9,483,025				6,816,019
Employee contributions			1,102				—
Employer contributions			706,035				1,198,795
Dividends			684,370				571,117
Total assets			485,218,987				373,916,479
Liabilities:
Accrued administrative expenses			109,374				32,393
Excess contributions payable			—				26,881
Participant contributions payable			—				165
Total liabilities			109,374				59,439
Net assets available for benefits, at fair value			485,109,613				373,857,040
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			1,907,514				889,928
Net assets available for benefits		$	487,017,127			$	374,746,968

 

The accompanying notes are an integral part of these financial statements.

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31, 2010 and 2009

 

 

		Years Ended December 31,
		2010				2009
Investment income (loss):
Interest and dividends		$	6,676,843			$	5,010,405
Net appreciation (depreciation) in fair value of investments			27,627,144				96,744,348
Total investment income (loss)			34,303,987				101,754,753
Contributions:
Employer			50,023,098				48,701,527
Participants			57,550,306				50,679,394
Total contributions			107,573,404				99,380,921
Total additions			141,877,391				201,135,674
Deductions:
Benefits paid to participants			(29,078,859	)			(19,873,887	)
Administrative expenses			(528,373	)			(441,103	)
Total deductions			(29,607,232	)			(20,314,990	)
Net increase (decrease) in net assets available for benefits			112,270,159				180,820,684
Net assets available for benefits:
Beginning of year			374,746,968				193,926,284
End of year		$	487,017,127			$	374,746,968

 

The accompanying notes are an integral part of these financial statements.

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

1.	Description of the Plan

The following is a brief summary of the various provisions of the Chesapeake Energy Corporation Savings and Incentive Stock Bonus Plan (the “Plan”). Effective July 1, 2009, the Plan was amended to designate the employer stock option as an Employee’s Stock Ownership Plan (“ESOP”), now considered a subset of the Plan. Participants should refer to the Plan agreement for a complete description of the Plan’s provisions.

General and Eligibility

The Plan is a defined contribution plan that covers all employees of Chesapeake Energy Corporation (the “Company”) and its subsidiaries, except for hourly employees of Chesapeake Appalachia, L.L.C., a wholly owned subsidiary, that are members of the United Steel Workers of America Union. Any covered employee who is at least 18 years old and has completed three months of employment with the Company is eligible to participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Principal Trust Company, an affiliate of Principal Financial Group (“Principal”), serves as trustee and record keeper for the Plan.

Contributions

Each year, participants may contribute up to 75% of pre-tax annual salary compensation and up to 100% of performance related bonus compensation, as defined by the Plan, subject to certain limitations ($16,500 in 2010 and 2009). In addition, participants who are age 50 and above may elect to make “catch-up” contributions, limited to $5,500 in 2010 and 2009. Participants may also contribute amounts representing rollover distributions from other qualified plans.

The Company matches 100% of participant contributions up to 15% of eligible participant compensation. Profit-sharing contributions may be made at the discretion of the Company. No discretionary profit-sharing contributions were made in 2010 or 2009. Contributions are subject to certain annual Internal Revenue Service limitations.

The Company’s matching contribution is invested in Company common stock. These contributions are made in cash, which is used to purchase shares of Company common stock on the open market, and previously forfeited shares of Company common stock. Participants may also elect to direct all or a portion of their contributions into Company common stock. Employees are allowed to direct the transfer of 100% of employer stock from Company matching contributions after:

 

(a)

reaching age 55, or

 

(b)

completing at least three years of vesting service.

Participant Accounts

Each participant’s account is credited with the participant’s contribution and allocations of the Company’s contribution and Plan investment income (loss). Allocations are based on participant investment income (loss) or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.

Vesting

Participants are immediately vested in their personal contributions plus actual earnings thereon. Vesting in the Company’s matching and profit-sharing contributions plus actual earnings thereon is based on years of credited service or retirement at or after age 55. A participant becomes 100% vested after five years of credited service under a graded vesting schedule.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

Participant Loans

Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years or up to ten years for the purchase of a primary residence. The loans are collateralized by the balance in the participant’s account and bear interest at a rate of prime plus 2% at the time of loan origination. The prime rate at December 31, 2010 was 3.25%. Principal and interest are paid ratably through payroll deductions. Interest rates on loans outstanding at December 31, 2010 ranged from 3.25% to 10.5% with loans maturing at various dates through 2020.

Payment of Benefits

Upon termination of service due to death, retirement or separation from service, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or have the value rolled over to another qualified plan or IRA. Participants may elect to have the value of investments vested in Company common stock paid in cash or shares of common stock.

Amounts Forfeited

Forfeited non-vested amounts are generally used to pay administrative expenses of the Plan or to reduce future Company contributions into the Plan. Unallocated forfeited non-vested accounts totaled $1,670,443 and $3,808,609 at December 31, 2010 and 2009, respectively. During 2010 and 2009, administrative expenses were reduced by $337,734 and $356,434, respectively, and employer matching contributions were reduced by $4,675,793 and $88,105, respectively, from forfeited non-vested accounts.

 

2.	Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the plan administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Shares of mutual funds are valued at net asset value on the last business day of the year. Common stock is valued at the closing market price on the last business day of the year, as reported by the New York Stock Exchange. Units of pooled separate accounts are recorded at estimated unit value based on the estimated market value of the underlying assets net of annual expense charges divided by the beginning units. The pooled separate accounts are redeemable daily without restrictions.

Effective January 1, 2007, the Plan entered into a benefit-responsive investment contract, referred to as the Principal Fixed Income Option 401(a)(k), with Principal. Principal maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at the contract value. However, the Company will be assessed a penalty of 5% of the contract value if it were to discontinue the investment contract without a 12-month notification to Principal. At December 31, 2010, the Company did not intend to discontinue the investment contract with Principal. This investment is presented at fair value with an adjustment to contract value in the Statement of Net Assets Available for Benefits. Contract value is equal to the

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

principal balance plus accrued interest. Fair value is the present value of the expected principal balance and interest cash flows over the remaining term of the investment contract through December 31, 2020, discounted at the risk free rate of return for this period. There are no reserves against the contract value for credit risk of the contract issuer or otherwise. The crediting interest rates are reset every January 1 and July 1 as determined by Principal, and were 3.1% and 2.9% for interest rate periods January 1, 2010 through June 30, 2010 and July 1, 2010 through December 31, 2010 compared to interest rates of 3.5% and 3.15% for interest rate periods January 1, 2009 through June 30, 2009 and July 1, 2009 through December 31, 2009, respectively. The average yield for 2010 was 3.34% compared to 3.16% in 2009.

Purchases and sales of securities are recorded on a trade-date basis. Investment income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The Statements of Changes in Net Assets Available for Benefits present the net appreciation (depreciation) in the fair value of investments, reflecting the realized gains and losses and the unrealized appreciation (depreciation) of those investments during the years presented.

Fair Value Measurements

Assets and liabilities that are required to be measured at fair value are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. See Note 4 for the fair value measurement disclosures associated with the Plan’s investments.

Payment of Benefits

Benefits are recorded when paid.

Risks and Uncertainties

Investment securities are exposed to various risks, such as interest rate, market, and credit risk. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will continue to occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.

Plan Expenses

Trustee and recordkeeper fees are paid by the Plan. Certain Plan expenses, such as annual audit fees, are paid by the Plan sponsor and are not included in these financial statements.

New Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued an update on the guidance for fair value measurements and disclosures. The update requires new disclosures and clarification of existing disclosures related to fair value measurements. Certain disclosures are effective for reporting periods beginning after December 15, 2009 and the remaining disclosures are effective for fiscal years beginning after December 15, 2010. Because it only includes enhanced disclosures, this statement did not have a significant impact on us.

In September 2010, the FASB issued an update on reporting loans to participants by defined contribution pension plans. This update requires that participant loans in a defined contribution plan be classified as notes receivable from participants and measured at the unpaid principal balance plus any accrued but unpaid interest, which approximates fair value. As loans to participants will no longer be considered a plan investment, this guidance eliminates the disclosures currently required for participant loans. The guidance is effective for years ending after December 15, 2010 and has been applied retrospectively. The financial statement impact of the adoption of the provisions of this guidance includes a decrease in Investments at Fair Value and an increase to Participant Loans Receivable of $9,483,025 in 2010 and $6,816,019 in 2009.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

In May 2011, the FASB issued an update to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments are of two types: (i) those that clarify the Board’s intent about the application of existing fair value measurement and disclosure requirements and (ii) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The update is effective for annual periods beginning after December 15, 2011. Plan management believes the adoption of this update will not have a material impact on the Plan’s financial statements.

 

3.	Investments

The following presents investments that represented 5% or more of the Plan’s net assets at December 31, 2010 and 2009:

 

 

*

Balances include nonparticipant-directed investments.

For the years ended December 31, 2010 and 2009, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

 

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

4.	Fair Value Measurements

The authoritative guidance for fair value measurements establishes a framework for measuring fair value of assets and liabilities. The guidance defines fair value as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels:

 

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The following tables provide classification information for Plan assets measured at fair value on a recurring basis as of December 31, 2010 and 2009:

 

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

Schedules of changes in the Plan’s assets classified as Level 3 measurements are presented below.

 

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

The valuation methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

5.	Non-participant Directed Investments

The Company’s discretionary contribution is automatically invested in Company common stock. Employees also have the option of investing their contributions, or a portion thereof, in Company common stock. Since the activity of the non-participant directed and participant-directed investments in the Company’s common stock is combined, the entire investment is considered non-participant directed for purposes of this disclosure. Information regarding the net assets available for benefits and the changes in net assets available for benefits for Company common stock is shown below:

 

 

6.	Party-in-interest Transactions

The Plan invests in Company common stock. These transactions represent investments in the Company and, therefore, constitute party-in-interest transactions. Further, certain Plan investments are units of pooled separate accounts or an investment contract managed by Principal, which served as the trustee and record keeper for the Plan in 2010 and 2009. During 2010 and 2009, there were 658 and 657 purchases of Company common stock for a total purchase price of $125,751,253 and $68,709,600, respectively, and 1,518 and 1,368 sales of Company common stock for a total selling price of $90,524,885 and $28,452,785, respectively.

The market price for Chesapeake common stock at December 31, 2010 and 2009 was $25.91 and $25.88, respectively. The closing market price at June 28, 2011 was $28.51.

 

7.	Tax Status

The Plan received an Internal Revenue Service opinion letter dated November 12, 2004, with respect to the prototype adopted by the Plan which indicates that the prototype as designed at the date of the letter is in compliance with the applicable requirements of the Internal Revenue Code. Effective July 1, 2009, the Plan was amended to designate the employer stock option as an ESOP, now considered a subset of the Plan. The plan administrator believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions by the Plan and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes the Plan is no longer subject to income tax examinations for years prior to 2004.

 

8.	Plan Termination

Although the Company has not expressed any intent to do so, the Company reserves the right to change, amend or discontinue the Plan at any time, subject to the provisions of ERISA. In the event of discontinuance of the Plan, participants will become 100% vested in their accounts and participant account balances will be distributed to participants in accordance with the terms of the Plan.

 

9.	Concentration of Investments

As of December 31, 2010, the Plan held $236,427,190 of Company common stock, which was approximately 49.8% of total investments. Changes in the value of the Company will affect the price of shares held by the Plan. These changes could be significant.

 

10.	Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits as of December 31, 2010 and 2009, as reflected in the accompanying financial statements, to the Form 5500:

 

Administrative expenses are recorded on the Form 5500 when paid.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Notes to Financial Statements

December 31, 2010 and 2009

 

 

The following is a reconciliation of investment income (loss) for the years ended December 31, 2010 and 2009, as reflected in the accompanying financial statements, to the Form 5500:

 

Benefits are recorded when paid on the financial statements; the Form 5500 includes benefits accrued but not yet paid.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Schedule H, line 4a-Schedule of Delinquent Participant Contributions

Year Ended December 31, 2010

 

 

Participant Contributions Transferred Late to Plan				Total that Constitutes Non-exempt Prohibited Transactions
$    50				$    50

In 2010, the Company was late in submitting participant contributions to Principal. The Company has completed the necessary actions of the Voluntary Fiduciary Correction Program (VFCP).

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Schedule H, line 4i-Schedule of Assets (Held at End of Year)

December 31, 2010

 

 

(a)

(b)

(c)

(d)

(e)

Identity of Issue, Borrower, Lessor, or Similar Party

Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value

Cost

Current Value

*

Chesapeake Energy Corporation

Common Stock, $0.01 par value

$

208,343,809

$

236,427,190

American Fnds Fundamental Investors R4 Fnd

Mutual Fund

**

14,102,796

American Fnds Growth Fd of America R4 Fnd

Mutual Fund

**

14,068,175

Davis New York Venture A Fund

Mutual Fund

**

9,230,223

Alger Small Cap Growth Inst I Fund

Mutual Fund

**

8,663,590

PIMCO Total Return Admin Fund

Mutual Fund

**

20,734,816

Russell Lpts’ In Retirement R2 Fund

Mutual Fund

**

2,114,790

Russell Lpts’ 2010 Stra R2 Fund

Mutual Fund

**

7,877,186

Russell Lpts’ 2015 Stra R2 Fund

Mutual Fund

**

2,008,552

Russell Lpts’ 2020 Stra R2 Fund

Mutual Fund

**

20,897,248

Russell Lpts’ 2025 Stra R2 Fund

Mutual Fund

**

3,673,368

Russell Lpts’ 2030 Stra R2 Fund

Mutual Fund

**

18,884,006

Russell Lpts’ 2035 Stra R2 Fund

Mutual Fund

**

3,167,614

Russell Lpts’ 2040 Stra R2 Fund

Mutual Fund

**

17,865,420

Russell Lpts’ 2045 Stra R2 Fund

Mutual Fund

**

5,166,147

Russell Lpts’ 2050 Stra R2 Fund

Mutual Fund

**

13,755,746

Eaton Vance Lg-Cap Value A Fund

Mutual Fund

**

1,334,909

Munder Mid-Cap Core Growth A Fund

Mutual Fund

**

6,958,688

Dreyfus International Stock Index Fund

Mutual Fund

**

1,437,137

Goldman Sachs MidCap Value I Sep Acct

Pooled Separate Account

**

13,990,716

*

Principal LargeCap S&P 500 Index Sep Acct

Pooled Separate Account

**

1,905,103

*

Principal MidCap S&P 400 Index Sep Acct

Pooled Separate Account

**

1,405,580

*

Principal SmallCap S&P 600 Index Sep Acct

Pooled Separate Account

**

1,187,565

*

Principal SmallCap Value Sep Acct

Pooled Separate Account

**

4,716,206

*

Principal Real Estate Secs Sep Acct

Pooled Separate Account

**

1,341,989

*

Principal Diversified International Sep Acct

Pooled Separate Account

**

15,407,728

*

Principal Fixed Income 401(a)(k)

Investment Contract

**

19,386,759

*

Principal Self-Directed Brokerage Acct

Common Stock, Mutual Funds and Money Market

**

6,536,953

Allianz Life Variable Annuity

Investment Contract

**

98,255

Total Investments

474,344,455

*

Participant Loans

Interest rates ranging from 3.25% to 10.5% due through December 2020

**

9,483,025

Total

$

483,827,480

*

Identifies parties-in-interest.

**

Identifies fully participant-directed investment options for which presentation of cost in the Schedule of Assets (Held at End of Year) is not required.

 

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Chesapeake Energy Corporation

Savings and Incentive Stock Bonus Plan

Schedule H, line 4j-Schedule of Reportable Transactions

Year Ended December 31, 2010

 

 

		Number				Number				Total				Total
		of				of				Purchase				Selling				Net Gain
Description of Asset		Purchases				Sales				Price				Price				(Loss)
Chesapeake Energy Corporation Common Stock			658				—			$	125,751,253			$	—			$	—
Chesapeake Energy Corporation Common Stock			—				1,518			$	—			$	90,524,885			$	(3,600,957	)

Note: All other columns are excluded as they are not applicable.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Compensation and Benefits Committee of Chesapeake Energy Corporation has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 29, 2011

 

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EXHIBIT INDEX

 

Exhibit		Description
23		Consent of PricewaterhouseCoopers LLP

 

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