Question-and-Answer Session
Operator
(Operator Instructions)
Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press *, followed by 1 on your touchtone telephone. If your question has been answered, or you wish to withdraw your question, please press * followed by a 2. Press *1 to begin. We will stand by for the first question.
The first question comes from Arjun Murti, with Goldman Sachs.
Arjun Murti – Goldman Sachs
Thanks, Jim. I was wondering if you could provide an update on the relationship with LUKOIL? I know you took an impairment charge, but otherwise still owned the stock. With Russian supply, looking like it's probably going to decline as a country, this year, and probably next year, are you starting to see the potential for more opportunities, given your ongoing partnership with LUKOIL? Or, in light of all the things that have gone on in Russia, with oil prices having fallen so much, has the relationship changed in a way where we shouldn’t think about gaining additional opportunities? I'm just hoping you can provide some update on LUKOIL and what you see in Russia, going forward.
Jim Mulva – Chairman and CEO
Thank you, Arjun. Our relationship with LUKOIL continues very strong, Arjun, and I really shouldn't comment on the forecasts that they have, with respect to their production levels, and all. We are working quite well with LUKOIL on some investment opportunities, both inside and outside of Russia. Hopefully, as we go through 2009, those organic growth opportunities, we can make known to you and hopefully update some of that in March, with our presentation to the financial community.
The other thing is that we continue t work with Gazprom, on things we can be doing inside and outside of Russia, to a lesser extent Russneft, but I was just in Russia this past week. I can tell you, the ministry and the authorities are certainly looking at ways in which they can help promote investment opportunities for companies like ConocoPhillips to be working in Russia, as well as outside of Russia, as I said, both with LUKOIL, Gazprom, and Russneft and others. Hopefully, as we go through 2009, we can roll out some of these opportunities. They are in the formative stage. We recognize that there are a different pricing environment, and I would also say that Russian authorities recognize the importance of having the right fiscal take to generate and support those investment opportunities.
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