In the integrated companies you're competing for funds versus investments in the tar sands or gas wells or oil wells. If they can get 100% write-off—The average return on capital employed in the upstream is about 30% plus. It depends on the company. If they're investing in that business at 35%, they can invest in the refining at 17%. There isn't enough money to do everything. There aren't enough people—there are lots of other issues—and skilled labour to do everything, so you have to pick your winners.
On June 18th, 2007. See this statement in context.