While the refining outlook is expected to remain highly profitable through 2007, the equities have for the most part priced this in.

Others have been more willing to take risks. Some say Exxon is actually being blind and missing out on huge opportunities for growth.

Exxon has really been about discipline. What Exxon brings to the table is their balance sheet, the technical expertise, and their operational management and development. That's where they shine.

We continue to see Exxon Mobil as the benchmark for operational performance in the sector. On ROCE (return on capital employed), Exxon Mobil continues to lead the industry and we see this leadership sustained through our forecast period through 2009.

The issue is not the supply of crude oil. Where there is an issue is natural gas in the U.S.

Anyone who worked with Michael knows what a great room-jarring laugh he had. He was your best audience for anything remotely funny.