The only good news about the first quarter is that it's over,
I think Exxon would probably have to sweeten the deal with some cash, but Exxon stock is an extremely good currency for Mobil shareholders to hold.
Exxon is a good corporate citizen but it does not work for the welfare of the country.
CNOOC handled it very badly, with poor strategy and poor decision-making. They had the deal almost in their back pocket but they threw it away, insisting Unocal pay Chevron the breakup fee. Either they got bad advice or they didn't take good advice.
They were hitting on all cylinders. ... It's good news for Exxon shareholders and likely to continue in '06.
This is a very very freaky market. The the bad news is this was a very bad quarter. The good news is next quarter is going to be better.
They're on the right track, they're doing a good job, stay tuned. As long as we have $60-plus oil, I think they're all going to do well.
A rise in oil prices is not good news for the equity market or the economy.