text: **Strong Partners**
  Over the past few years, in addition to gathering the industry’s best 
  assets, Chesapeake has also built the industry’s finest collection of global 
  energy partners and energy stock investors. We have now entered into 
  transactions with PXP, BP, Statoil, Total, CNOOC and BHP Billiton. Collec- 
  tively, we have sold these companies certain assets for total consider- 
  ation of $20.5 billion in the form of cash and drilling and completion 
  carries for which our net cost was only $6.1 billion resulting in overall 
  value creation of $14.4 billion. While these transactions have been very 
  
  happen to manage some of the world’s largest pools of capital and have 
  a very long-term investment horizon. Their support is an important 
  validation of our strategy. 
  
  **Short-Term Pain for Long-Term Gain**
  Despite this all-star lineup of global partners and investors, some other 
  investors have not yet fully recognized the benefits of our industry 
  leadership in acquiring unconventional natural gas and liquids assets. 
  Whether it was our leveraged balance sheet during recent tough reces- 
  sionary times, our heavy focus on natural gas during a time of persistent 
  market pessimism about natural gas prices or our large capital invest- 
  ments in undeveloped liquids-rich leasehold undertaken to enable 
  Chesapeake to remain an industry leader in the years ahead, it is clear 