Item 2.01 Completion of Acquisition or Disposition of Assets.

On December 20, 2012, Chesapeake Midstream Development, L.L.C., an indirect wholly owned subsidiary of Chesapeake Energy Corporation (the "Company"), closed the previously announced sale of 100% of the issued and outstanding equity interests in Chesapeake Midstream Operating, L.L.C. ("CMO") to Access Midstream Partners, L.P. ("ACMP") for proceeds of $2.16 billion in cash, subject to post-closing adjustments. CMO, together with its subsidiaries, owns certain midstream gas gathering, processing and related assets in the Eagle Ford, Utica, Niobrara, Haynesville and Marcellus shale plays. We refer to this transaction as the "CMO Sale."

The Company's historical financial statements reflect the effects of assets owned by CMO that were sold prior to the CMO Sale, including amounts related to CMO's investment in ACMP that was sold in June 2012. The accompanying financial information required by the CMO Sale adjusts for these transactions in the unaudited pro forma condensed consolidated statements of operations as the assets were owned by CMO at the time of their disposal.

Item 9.01 Financial Statements and Exhibits.

(b) Pro Forma Financial Information. The Company's unaudited pro forma condensed consolidated balance sheet as of September 30, 2012 and its unaudited pro forma condensed consolidated statements of operations for the nine months ended September 30, 2012 and the year ended December 31, 2011 that give effect to the CMO Sale are filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

(d) Exhibits. See "Exhibit Index" attached to this Current Report on Form 8-K, which is incorporated by reference herein.

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