We still believe that 2006 results could be very strong vs. a stock market where energy is once again gaining relative market index weight.

One needs to remember that production disruption insurance usually doesn't start until 90 days elapse from outage, so some companies could stand to lose meaningful cash flow if their facilities are affected.

Unless the winter is polar, Gulf of Mexico natural-gas output will be back.

The threat of scarcity and the potential for infrastructure or throughput damage to refining should cause oil and natural gas prices to spike.

When it comes to finding oil and gas, you tend not to find it in politically bucolic places. So when these companies make commitments, they factor in some of those risks.