Washington, D.C. 20549

                                    Form 8-K

              Current Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

        Date of Report (date of earliest event reported) January 9, 2003
                               (January 10, 2003)

                          CHESAPEAKE ENERGY CORPORATION
             (Exact name of Registrant as specified in its Charter)

         Oklahoma                       1-13726                   73-1395733
(State or other jurisdiction      (Commission File No.)           (IRS Employer
   of incorporation)                                         Identification No.)

  6100 North Western Avenue,   Oklahoma City, Oklahoma              73118
    (Address of principal executive offices)                      (Zip Code)

                                 (405) 848-8000
              (Registrant's telephone number, including area code)



         Chesapeake Energy Corporation ("Chesapeake") issued a Press Release on
January 9, 2003 announcing an update on natural gas hedging program for 2003.
The following was included in the press release:

Chesapeake  today  announced  that during the past six weeks it has entered into
additional  hedges  covering a portion of its  anticipated  187-192  bcf of 2003
natural gas production. The table below sets forth the company's current hedging

                            AS OF 12/4/02                  AS OF 1/9/03

                                       Average                       Average
Period:                % hedged      NYMEX Price     % hedged      NYMEX Price
------                 --------      -----------     --------     -----------

1Q '03 Gas:                66%         $ 4.10            83%        $ 4.23

2Q '03 Gas:                 0%            N/A            29%        $ 4.34

3Q '03 Gas:                 0%            N/A            25%        $ 4.41

4Q '03 Gas:                 0%            N/A            19%        $ 4.62

Full-year '03 Gas:         16%         $ 4.10            39%        $ 4.33

Full-Year '03 Oil:        100%         $27.78           100%        $27.78

                               Management Summary

Aubrey K. McClendon,  Chesapeake's Chief Executive Officer,  commented:  "During
the past year, our study of evolving  supply/demand  fundamentals in the natural
gas industry has enabled  Chesapeake  to assume a bullish  stance on natural gas
prices for 2003.  Accordingly,  until the past six weeks we had remained largely
unhedged for our natural gas  production in 2003. We are now seeing  natural gas
markets reflect the impact of an ongoing decline in North American gas supply, a
trend  that we  believe is  unlikely  to be  reversed  in 2003.  We believe  the
severity of this  problem  will result in even higher  natural gas prices  later
this year, prices that may result in further hedging by Chesapeake".

This document contains forward-looking  statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934.  Forward-looking  statements  include  estimates  and give our  current
expectations  or forecasts of future  events.  They are based on our  historical
operating  trends,  our  existing  commodity  hedging  position  and our current
estimate of proved reserves.  Although we believe our forward-looking statements
are  reasonable,  they can be affected by inaccurate  assumptions or by known or
unknown risks and  uncertainties.  For example,  statements  concerning the fair
values of derivative  contracts and their  estimated  contribution to our future
results of operations  are based upon market  information as of a specific date.
These market prices are subject to  significant  volatility.  Factors that could
cause actual operating and financial  results to differ materially from expected
results  include  the  volatility  of  oil  and  gas  prices,   our  substantial
indebtedness,  our  commodity  price risk  management  activities,  the cost and
availability  of  drilling  and  production  services,  our  ability  to replace
reserves, the availability of capital,  uncertainties inherent in evaluating our
own reserves and the reserves we acquire, drilling and operating risks and other
risk factors  described  in the  company's  2001 annual  report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.

Chesapeake Energy Corporation is one of the 10 largest  independent  natural gas
producers in the U.S.  Headquartered in Oklahoma City, the company's  operations
are focused on exploratory  and  developmental  drilling and producing  property
acquisitions  in the  Mid-Continent  region of the United States.  The company's
Internet address is

With the filing of this report on Form 8-K, we are  updating  the outlook on our
website at  We caution  you that our  outlook is given as of
January 9, 2003 based on currently  available  information,  and that we are not
undertaking any obligation to update our estimates as conditions change or other
information becomes available.


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                            CHESAPEAKE ENERGY CORPORATION

                                            By: /s/ Aubrey K. McClendon
                                                    Aubrey K. McClendon
                                                 Chairman of the Board and
                                                  Chief Executive Officer

Dated:        January 10, 2003