Cravath represented the underwriters, led by Morgan Stanley and Citigroup, in connection with the US$3.0 billion registered high-yield senior debt offering of Chesapeake Energy Corporation, the second-largest producer of natural gas and the 10th largest producer of oil and natural gas liquids in the United States. The transaction closed on April 24, 2014. Cravath also represented Morgan Stanley and Citigroup as dealer managers for a concurrent senior notes tender offer by Chesapeake Energy Corporation.

The Cravath team included partners Stephen L. Burns and Johnny G. Skumpija and associates Michael S. Darby and Gabriella Kleeman on corporate matters and partner Andrew W. Needham and associate Jay S. Gill on tax matters. Andrew B. Langworthy also worked on corporate matters relating to the tender offer.