CHK shares are lower by 56% largely due to the drop in energy prices with Earnings tonight. 

The first area of interest will be liquidity and debt

In the co's most recent 10K filing (issued on February 27, 2015) CHK stated "As of December 31, 2014, we had indebtedness of $11.535 bln, and our net indebtedness represented 30% of our total book capitalization, which we define as the sum of total equity and total current and long-term debt less unrestricted cash. Our level of indebtedness affects our operations in several ways...We may continue to incur cash and noncash charges that would negatively impact our future results of operations and liquidity." 

Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders. 

The next area of interest will be production 

Taking a look at last quarter, the company reported that Q3 production averaged ~ 667,000 barrels of oil equivalent, a YoY increase of 3% adjusted for asset sales. Average daily production consisted of ~ 114,100 barrels of oil, 2.9 billion cubic feet of natural gas and 76,200 bbls of NGL, which represent year-over-year increases of 4%, 2% and 7%, respectively; CHK's 2015 third quarter drilling and completion capital expenditures decreased 41% sequentially to ~ $467 million. The company is also expected to guide for FY16 production and capital. The current FY15 guidance for production is for 670 -- 680 mboe per day. FY15 Capital guidance is $3.4-3.9 bln.

Based on the CHK Weekly Feb26 $2.5 straddle, the options market is currently pricing in a move of ~25% in either direction by weekly expiration (Friday).

Technical Perspective

CHK shares have underperformed the Nasdaq so far this year with CHK falling by 15% vs 12% decline in the index.CHK tends to have 5-7% reactions to earnings. 

On a positive report, look for resistance near the $3.00 area while support sits near $2.00.