We made significant progress during 2005 in our exploration and production operations across the globe to grow our reserves and production to meet future energy demand. We are making substantial investments in new field developments, drilling activities and production operations. We also continue to expand our retail and energy marketing businesses as well as operate our refineries to supply our customers with petroleum products. With this high level of activity, we continue to operate in a safe and environmentally sound manner.

We achieved our best ever recorded safety performance in 2005. We are especially pleased to report that we experienced no work related fatalities during the year. Over the past five years we have reduced our injury rate by nearly 50 percent. Continuing and sustaining improvement in safety performance is our No. 1 priority.

We are also pleased to report that we have reduced our normalized emissions of greenhouse gases by nearly four percent since 2001, primarily through efficiency gains in Algeria and United States Exploration and Production activities. In 2005, we also successfully met our targets to reduce atmospheric emissions of sulphur oxides, nitrogen oxides and volatile organic hydrocarbons.

We remain committed to the communities where we live and work. We are proud of our many initiatives to improve the environment, health and education. In Equatorial Guinea the Company, in partnership with the government, has committed $20 million of a $40 million, multi-year program to support education in the West African country. The program will focus on strengthening the country’s educational system for children ages 6 to 18 while improving teacher training, learning initiatives and infrastructure development. In Azerbaijan, we began the second phase of our successful Emergency Medicine Development Initiative, which will rehabilitate five hospitals within the communities where we operate.

Natural disasters were particularly devastating in late 2004 and 2005. We were saddened by the loss of life and destruction of the communities caused by the tsunami in Southeast Asia and the Katrina, Rita and Wilma hurricanes in the United States. We moved quickly to provide immediate emergency assistance to the victims of these disasters, donating approximately $5 million to relief agencies working in these areas.

We trust that the information presented in this online report demonstrates both our commitment to environmental, health and safety issues as well as our progress in helping to meet society’s needs while growing energy supplies to meet world demand. Our success would not be possible without the support of our customers, contractors, suppliers and stockholders and we remain grateful for the commitment and dedication of our employees.