>Project economics in Poland, Germany, Hungary.

We have seen very little detail from XOM to date and look for more in the

future, possibly at the March analyst mtg. Oil priced linkage will

help, but lack of service infrastructure will be a challenge in

these emerging plays.

Perhaps Morgan Stanley didn’t read between the lines.

Turning to slide 12, the transaction provides an outstanding opportunity to establish in our upstream business a global, unconventional resource organization located in Fort Worth, Texas. Consistent with ExxonMobil's highly successful global functional organization model, this premier upstream organization will manage the development and production of unconventional resources worldwide.

XTO's employees, who are recognized for their technical excellence and operating expertise, will be critical to the success of this new, global, unconventional resource organization. They bring significant unconventional drilling capability and expertise in well stimulation and productivity. The integration into ExxonMobil's global functional model will allow the rapid development and deployment of technologies and operating practices globally to maximize resource value.

The new organization will combine the strengths of both the XTO and ExxonMobil cultures. XTO has grown its own highly successful culture and this has helped it to effectively develop and expand its unconventional resources. As we move forward, we will bring the strengths of the two organizations together to create new value for our shareholders from our high-quality global portfolio. The management of both companies believe that this is an excellent match of opportunities and capabilities and will result in a premier global unconventional resources organization.