Doug Leggate
Doug Leggate
continue head opportunity risk sector toward view weakness
We continue to view near-term sector weakness as more opportunity than risk as we head toward winter.
attractive half last list lucrative margins position production profiles projects second sector strongest year
The second half of last year we started to see another list of projects in place. It is in a lucrative position with one of the strongest production profiles in the sector with very attractive margins as well.
disrupt gulf pace recovery slow storm
Evacuations have already started, which is going to disrupt production. Any storm going through the Gulf is going to slow the pace of the recovery from Katrina.
deals environment pay price
It doesn't take long in this price environment for these deals to pay for themselves.
best doubt higher management momentum oil pipeline prices promises riding shadow time volume
Without a shadow of a doubt, Exxon has the best management in the oil industry. They've been riding the momentum of higher prices for some time now, and they've got a pipeline of new opportunities that promises volume growth.
actual physical shortage spare
There is no shortage of actual physical supplies; what there is is a shortage of spare capacity.
again currently focus saw seemingly stocks weaker
While stocks once again saw significant draws, the market's focus is currently set on seemingly weaker demand.
coming country driver equivalent meaningful online pipeline produces promises reserves small tough year
Exxon produces the equivalent of a small country every year so replacing that with new reserves is a tough task. But they've got a pipeline of opportunities coming online that promises to be a meaningful driver of growth.
areas european exposure main marketing north prices sea
Exxon Mobil's exposure to North Sea natural-gas prices and European marketing are two main areas of variance vs. our expectations.
economy greater seems terms tolerance
There seems to be a greater tolerance in the economy in terms of what can be withstood.
depressed earnings past power removal reveal three true
The removal of hedging for '06 should reveal (the company's) true earnings power as hedges have depressed earnings over the past three years.
gulf pace recovery slow storm
Any storm going through the Gulf is going to slow the pace of the recovery from Katrina.
critical delivering equally growth margins volume
Delivering volume growth is critical to the Exxon story -- but incremental margins are equally critical.
demand either oil reaction supply
I don't think $65 oil is sustainable in the long term. There will be a reaction from either the supply or demand side.