Statement of Changes in Beneficial Ownership (4)

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