Chevron 2004 Annual Report Download - page 22

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
SUSTAINED SUCCESS REQUIRES A DEEP UNDERSTANDING
OF THE OPERATING ENVIRONMENT, THE DEVELOPMENT OF
SOUND STRATEGIES IN THE CONTEXT OF THAT ENVIRON-
MENT AND DISCIPLINED, FLAWLESS EXECUTION OF THOSE
STRATEGIES. CHEVRONTEXACO HAS A BROAD GRASP OF ALL
THREE DIMENSIONS OF SUCCESS. HERE, CHAIRMAN AND
CEO DAVE O’REILLY AND OTHER COMPANY EXECUTIVES DIS-
CUSS THE NEW ENERGY EQUATION AND CHEVRONTEXACO’S
STRATEGIC ROAD MAP.
 When we talk about a new
equation in the energy business, we
mean that our operating environment is
changing in significant ways. Demand
continues to rise while supplies are rela-
tively constrained, particularly in OECD
(Organization for Economic Cooperation
and Development) countries. New
resources are located in areas that are
increasingly challenging to develop,
such as the deep water or oil sands. And
the geopolitical environment is becom-
ing more complex. As we move into
this new environment, both consum-
ing and producing nations are coming
to view energy as a strategic concern.
ChevronTexaco is in a strong position to
succeed in this environment. We have
robust strategies that work well under
a wide range of market conditions. We
are bringing major new production proj-
ects on line in key energy basins around
20