Chesapeake is in the midst of a transformation in strategy from a company focused on acquiring and holding land to one intent on delivering value with every well. A petroleum systems based approach to identifying new opportunities on its vast U.S. Lower 48 acreage is now in effect led by using enormous amounts of in house well and seismic data. Over the past decade the company has accumulated large acreage positions funded through joint ventures asset sales debt accumulation and alternative financing. Despite a heavy focus on farm outs and divestments Chesapeake retains a large inventory of proved reserves in some of the most prolific resource plays in North America. Full cycle returns over the decade were 8% somewhat dampened by Chesapeake's initial focus on gas plays. The switch to liquids rich plays the emphasis on unlocking opportunities on existing acreage and the use of new drilling and completion techniques all point to a future with healthier value creation.