I am delighted to be with you this evening. It's great to be back in one of America's premier oil-producing states! How many Californians know that their state ranks third in oil production – and that, for well over a century, California has been a leader in the U.S. oil and natural gas industry? It's doubly nice to be back in Pasadena, having grown up in the neighboring community of Alhambra. I always enjoy returning home to Southern California.

The organizers of tonight's event asked me to give my talk a provocative title. Fittingly, I chose: "It's the Policy, Stupid: Meeting Energy Challenges in the 21st Century." It's a serious title, because we're at a critical time for making energy policy decisions. As I will explain, I take an optimistic view of our ability to ensure energy supplies for future generations of Americans.

For more than 100 years, our companies have been dedicated to the efficient and reliable production of energy for U.S. consumers. It is a role we'll continue to play for generations to come.

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