SECURITIES AND EXCHANGE COMMISSION

                             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)
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                           MAY 18, 2004 (MAY 17, 2004)


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



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


 6100 NORTH WESTERN AVENUE, OKLAHOMA CITY, OKLAHOMA                73118
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    (Address of principal executive offices)                     (Zip Code)



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



                    INFORMATION TO BE INCLUDED IN THE REPORT


ITEM 5.  OTHER MATTERS

Chesapeake Energy Corporation  ("Chesapeake")  issued a Press Release on May 17,
2004. The following was included in the Press Release:


                     CHESAPEAKE ENERGY CORPORATION DECLARES
                            PREFERRED STOCK DIVIDEND

OKLAHOMA CITY, OKLAHOMA, MAY 17, 2004 - Chesapeake Energy Corporation (NYSE:CHK)
today  announced  that its Board of Directors  has  declared a cash  dividend on
Chesapeake's 4.125% Cumulative  Convertible Preferred Stock, par value $.01. The
dividend  for the  preferred  stock is  payable  on June 15,  2004 to  preferred
shareholders  of  record  on June 1,  2004 at the  rate of  $8.5938  per  share.
Chesapeake  has 313,250  shares of 4.125%  preferred  stock  outstanding  with a
liquidation value of $313.3 million.


CHESAPEAKE ENERGY CORPORATION IS ONE OF THE SIX LARGEST INDEPENDENT U.S. NATURAL
GAS PRODUCERS.  HEADQUARTERED  IN OKLAHOMA  CITY,  THE COMPANY'S  OPERATIONS ARE
FOCUSED  ON  EXPLORATORY  AND  DEVELOPMENTAL  DRILLING  AND  PRODUCING  PROPERTY
ACQUISITIONS IN THE MID-CONTINENT,  PERMIAN BASIN, SOUTH TEXAS, TEXAS GULF COAST
AND ARK-LA-TEX  REGIONS OF THE UNITED STATES.  THE COMPANY'S INTERNET ADDRESS IS
WWW.CHKENERGY.COM.

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                                    SIGNATURE


         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:         AUBREY K. MCCLENDON
                                            -----------------------------------
                                                   Aubrey K. McClendon
                                                Chairman of the Board and
                                                  Chief Executive Officer

Dated:        May 18, 2004

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