“At a time when global demand for petroleum products was already strong, major disruptions in the Gulf of Mexico drove oil prices and refining margins to very high levels in the third quarter,”
“I believe that it is necessary today to join forces to assure continued solid growth and to take our place as an oil major of the first rank at a time when the industry is restructuring on a global scale,”
“Continued demand growth and a high rate of capacity utilization for production and refining drove crude prices and refining margins to very high levels in the second quarter of 2005,”
“We've closed the gap in terms of production capacity and profitability. To embark on another phase of consolidation, you have to find new synergies and not run into any regulatory problems, ... We've done the necessary mergers to bring shareholder value.”
