David O'Reilly

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 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.

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,

Mergers in the US oil and gas industry over the past 25 years have helped the industry become more efficient in the production, refining and marketing of energy supplies. These mergers have created benefits for the American consumer in the form of affordable, reliable and higher-quality fuels.

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

We came back expecting to go headfirst into working with the city and the state to fix the levees, the transportation system and the power grid. There has not been an opportunity like this in our generation to rebuild an American city on this magnitude.

As the world's largest consuming nation, the United States bears a unique responsibility in addressing global energy issues.

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.

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.

Ed has been instrumental in Catalyst's growth and evolution as a company. We are pioneering a new drug discovery approach to disease, and Ed has provided exceptional leadership for the rapid development of technology and programs that align our milestones with our vision.

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.