What a great topic we have before us—The future of the upstream oil and gas industry.

But what a dilemma: Only two hours in which to discuss it.

I'm pleased to report that we have a running start. Assembled before you are some of the best thinkers I know on the upstream business. A few comments, though, before I begin.

When you think about the upstream oil and gas business, I'll bet you concentrate on supply. Am I right? Upstream, after all, is where everything in the oil and gas business starts. It's about raw material. It's about supply. The...

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