text: 2010 also marked a truly transformative year for our industry. We and 
  a handful of our peers enhanced our capabilities to find and produce sig- 
  nificant new resources of oil and natural gas liquids (collectively, “liquids”) in 
  unconventional formations. Chesapeake and these other companies combined 
  creativity, innovation and technology to reinvent the way that our industry 
  explores for and produces natural gas and liquids. 
  
  Furthermore, 2010 was the year when global energy companies more 
  fully recognized the importance of these developments and the tremendous 
  opportunities that have emerged in the U.S. Through a wide variety of trans- 
  actions, including several led by Chesapeake, the global energy industry made 
  it clear that the assets owned by Chesapeake and some of its peers are the most 
  attractive in the world. This realization has already increased the value of high- 
  quality unconventional assets in the U.S. and, in time, should lead to higher 
  stock prices for the leading U.S. onshore E&P companies, especially Chesapeake. Simply put, the global energy 
  industry is beating a path to our door, and we are welcoming it with open arms. 
  
  Before we move ahead, I want to emphasize that even though 2010 was a year of transition and achievement, 
  our stock price was essentially unchanged. Nevertheless, it was still a very strong year for the company operation- 
  ally and financially. Here are the year’s highlights for your review: 