Lee Raymond Prices Quotations

History teaches us that punitive measures hastily crafted in response to short-term rises in prices will have unintended consequences and disincentives to investment,

When the company does well, the shareholders and employees should do well, and when the company does poorly, then the shareholders and employees should do poorly. The facts are that when prices of oil collapsed, the incentive program went down, substantially.

Crude oil prices weakened in the quarter, driven by the slowdown in Asian economies, mild winter weather, and a surplus of crude oil supplies,

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.

Our earnings in the third quarter reflect the impact of the relatively volatile industry environment on commodity prices and industry margins.