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Dividend Reinvestment Plan

On October 1, 2003, Chesapeake Energy Corporation instituted a Dividend Reinvestment Program (DRIP). Guidelines for participation in the DRIP are set forth in the ''Eligibility'' and ''How to Enroll'' sections listed below.

Plan Benefits

  • A convenient and economical way of increasing your ownership of Chesapeake common stock.
  • Dividends are credited to your account on both whole and fractional shares.
  • Computershare Trust Company, N.A. (the ''Bank'') will hold your Plan shares in safekeeping for you at no charge until you discontinue your participation in the Plan or request that a certificate be issued to you.
  • You will receive a statement of your account each time there is activity in your account.
  • You may enroll or discontinue your participation in the Plan at any time.



Any registered owner of Chesapeake common stock is eligible to participate in the Plan. Beneficial owners of our common stock whose shares are held through a bank, broker or other nominee will need to contact their bank, broker or nominee regarding options for participating in the Plan.

How the Plan Works

Once you have enrolled, each time cash dividends are paid on the Chesapeake common stock in your Plan account, the Bank will commingle your dividends with those of other Participants in the Plan and will then purchase additional shares of Chesapeake common stock in the open market. Your proportionate share of the additional shares purchased, including fractional shares carried to four decimal places, will be credited to your account. The fractional shares will earn dividends just as the whole dividends do.

The price per share of the Chesapeake common stock acquired on your behalf in the open market will be the weighted average of the actual prices paid by the Bank for all of the shares purchased by the Plan for a specific dividend. Any fees or commissions that the Bank is required to pay to buy the additional shares will be reimbursed by the Company and not charged to your account.

How to Enroll

To enroll in the Plan you must fill out an Authorization Form and mail it to the Bank. To receive an Authorization Form contact Computershare at the address shown below and request a reinvestment kit for Chesapeake Energy. When you receive and complete the form, be sure to sign exactly as your name appears in Chesapeake's shareholder records (all joint owners must sign). The Authorization Form authorizes the Bank, as your agent, to receive your cash dividends and use them to purchase additional shares of Chesapeake common stock in the open market on your behalf. You can choose, on the Authorization Form, to have your dividends reinvested on all the shares of Chesapeake common stock in your account or on a percentage of the shares in your account. You can change your election to have all or a percentage of your shares be subject to dividend reinvestment at any time by completing and returning a new Authorization Form to the Bank.

Your Authorization Form must be received by the Bank before the dividend record date for a particular dividend in order for that dividend to be reinvested for you through the Plan.


All notices, questions or other communications regarding the Plan should be addressed to:

Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 884-4225

Be sure to reference Chesapeake Energy Corporation in all of your correspondence to the Bank regarding the Plan.

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