FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Patterson Frank J. 2. Issuer Name and Ticker or Trading Symbol CHESAPEAKE ENERGY CORP [ CHKAQ ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP-Exploration & Production
(Last)         (First)         (Middle)
6100 N. WESTERN AVE.
3. Date of Earliest Transaction (MM/DD/YYYY)
5/5/2020
(Street)
OKLAHOMA CITY, OK 73118
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  5/5/2020    D    8310 (1) D $0  3349 (2) D   
Common Stock  12/16/2020    S    3349  D $1.97  0  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy)  $742.0 (3) 5/5/2020    D        2465 (3)  1/14/2017  1/14/2026  Common Stock  2465.0 (4) $0  0  D   
Non-Qualified Stock Option (right to buy)  $1090.0 (3) 5/5/2020    D        1572 (3)  3/15/2018  3/15/2027  Common Stock  1572.0 (4) $0  0  D   
Non-Qualified Stock Option (right to buy)  $602.0 (3) 5/5/2020    D        3055 (3)  3/19/2019  3/19/2028  Common Stock  3055.0 (4) $0  0  D   

Explanation of Responses:
(1)  Reflects the forfeiture of 100% of the Reporting Person's outstanding restricted stock units, as disclosed in the Issuer's Current Report on Form 8-K filed with the SEC on May 8, 2020.
(2)  Reflects the effect of a 1-for-200 reverse stock split executed on April 14, 2020, as disclosed in the Issuer's Form 10-K/A filed with the SEC on April 29, 2020 and in other SEC filings.
(3)  Reflects an adjustment to the non-qualified stock options, including the exercise price and number of underlying common shares, resulting from the Issuer's 1-for-200 reverse stock split effective as of April 14, 2020.
(4)  Reflects the forfeiture of 100% of the Reporting Person's outstanding non-qualified stock options.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Patterson Frank J.
6100 N. WESTERN AVE.
OKLAHOMA CITY, OK 73118


EVP-Exploration & Production

Signatures
J. David Hershberger For: FRANK J. PATTERSON 12/18/2020
**Signature of Reporting Person Date