text: Beyond the next two years, there will be many other benefits of the 
  three-way transition we began in 2010. In fact, we are increasingly con- 
  fident that we can double our cash flow and net income by year-end 
  2015. By accomplishing these goals and also having our historic trading 
  multiples expand a bit, we are hopeful that we can achieve a $100 stock 
  price by year-end 2015, perhaps creating the need for a “100/15” plan in 
  the process! Clearly it would be an ambitious goal, and to achieve it we 
  will need the world’s economy to continue growing, China and other 
  emerging economies to continue their rapidly growing thirst for oil and 
  natural gas, our new plays to meet expectations, oil prices to remain 
  strong and natural gas prices not to weaken from where they are today. 
  However, Chesapeake’s growth from here on will be very mechanical 
  with our “factories” (meaning both our individual wells and our large 
  plays) needing only four inputs for success: land, science, people and 
  capital. We now have gathered enough of these four inputs so that our 
  
  The gathering of these assets has been hard work for our employ- 
  ees and management team, and during 2010 it stretched our balance 
  sheet and tested the patience of some of our shareholders. What is 
  clear now, however, is that we have created a tremen- 
  dous storehouse of value and an abundance of oppor- 
  tunities for bountiful harvests for years to come for our 
  shareholders. 