Lee Raymond
Lee Raymond
Lee R. Raymondis an American businessman, and the chief executive officerand chairman of ExxonMobil from 1999 to 2005. He had previously been the CEO of Exxon since 1993. He joined the company in 1963 and has been president since 1987, and a director since 1984...
commodity earnings environment impact industry prices quarter reflect relatively third volatile
Our earnings in the third quarter reflect the impact of the relatively volatile industry environment on commodity prices and industry margins.
consequences crafted creating earnings globally history including likely market measures negative openly petroleum reception teaches traded volatility
Petroleum earnings go up and down with the volatility in the openly and globally traded commodities in which we deal. ... History teaches us that punitive measures hastily crafted in reception to short-term market manipulations, will likely have unintended negative consequences including creating disincentives for investment.
contrast decline earnings improvement income increased net oil percent quarter second
With the improvement in oil prices, second quarter net income increased 18 percent from the first quarter of 1999, in contrast to the seasonal earnings decline that we usually see from the first to the second quarter of each year,
ability cycle earnings invest less means therefore
If there's an excise tax, what that means is over the cycle we're going to have less earnings than we would have had, and therefore our ability and our willingness to invest is going to diminish.
annual capital cumulative earnings exceeded future high investing last
Over the last 10 years, Exxon Mobil's cumulative capital and exploration expenditures have exceeded our cumulative annual earnings. So, we keep investing in the future when earnings are high as well as when they are low.
along both continued crude declined early earnings gas higher improvement key natural oil quarter reflected second strong third
The improvement in earnings reflected higher U.S. natural gas realizations and refining margins, both of which were very strong early in the second quarter, but declined significantly as the quarter progressed, ... The decline in these key earnings drivers, along with crude oil prices, has continued into the third quarter.
criticize higher shortage trying
I'm not trying to criticize the traders, ... Obviously, the probability of a shortage is higher than it has been in the past.
american-businessman economic energy industry lifeblood profile view
I view energy as the lifeblood of world economic activity. And as a result, the energy industry has a profile that is particularly acute.
asian crude driven mild oil prices surplus winter
Crude oil prices weakened in the quarter, driven by the slowdown in Asian economies, mild winter weather, and a surplus of crude oil supplies,
lean mean outsource
We'll keep a very lean and mean organization, and we'll outsource everything we can.
either retire soon
You either retire or die, and I'd just as soon not die.
anticipate capital higher increase means production rise spending
The rise in capital spending that we anticipate through 2005 means that production will increase at an even higher rate,
acted encouraged pricing retailers service
acted responsibly in pricing at our company-operated service stations, and we also encouraged our independent retailers and distributors to do the same.
above although america early gas levels low marketing natural north oil prices recovery remained seen
Oil prices have remained above first-quarter levels and natural gas prices in North America have also improved, ... Early in the quarter, we have seen some recovery in most refining and marketing margins, although they remain at low levels, particularly in the Asia-Pacific region.