Our integration planning since announcing the merger last October has gone exceptionally well, ... Upon receiving stockholder approval, we will be ready to start operating effectively as one company.

[Environmentalist radicals see doom ahead. But even the suits of Big Oil agree on the underlying facts:] Simply put, the era of easy access to energy is over, ... We are experiencing the convergence of geological difficulty with geopolitical instability. . . . The time when we could count on cheap oil and even cheaper natural gas is clearly ending.

Oil is no longer in plentiful supply. The time when we could count on cheap oil and even cheaper natural gas is clearly ending.

The big issue is what demand is going to be next year. High prices tend to attract higher production and higher supplies. The question then is, What will happen to the demand side? The fact is we rarely know what is going to happen.

I would much prefer to see streamlined permitting... than tax incentives.

Since 2002...we invested what we earned.

Investing aggressively in the development of new energy supplies.

The combination of the two companies creates a U.S.-based global enterprise that will join the ranks of the largest oil companies in the world.

Simply put, the era of easy access to energy is over. We are experiencing the convergence of geological difficulty with geopolitical instability. . . . The time when we could count on cheap oil and even cheaper natural gas is clearly ending.

The supply side is stretched from an industry perspective. It's a little reminiscent of the squeeze we had 25 years ago.

The issue is getting refining and processing rates up, particularly in the Gulf. I'm less concerned about the short- term oil supply. Today there is crude oil in the market.

This merger provides current and long-term investment value, and Unocal is an excellent strategic fit with Chevron's assets and corporate culture. Chevron has proven technical and financial capabilities to maximize the full value of Unocal's world-class assets.