James Hackett was named President and Chief Executive Officer of the Company in December 2003, and Chairman of the Board of the Company in January 2006. Prior to joining the Company, Mr. Hackett was the Chief Operating Officer of Devon Energy Corporation from April 2003 to December 2003, following Devon's merger with Ocean Energy, Inc. Mr. Hackett was President and Chief Executive Officer of Ocean Energy, Inc. from March 1999 to April 2003 and was Chairman of the Board from January 2000 to April 2003. He served as Chief Executive Officer and President of Seagull Energy Corporation from September 1998 until March 1999 and as Chairman of the Board from January 1999 to March 1999 prior to its merger with Ocean Energy. He currently serves as a Director of Fluor Corporation and Halliburton, and serves as Chairman of the Federal Reserve Bank of Dallas.
Question: Will we see a water crisis?
Jim Hackett: Absolutely, were you and I grew up in the Great Lakes is where you want to buy a real estate, because every place in, there is a great book that was written years and years ago called the Cadillac Desert by journalism major at California. It was written about the building of the dams in the west and how we convert it what was a desert into habitable cities and the thesis in this book, which I think was written in the 80s was that what was desert will become desert, and I scared to had been on the west, because we think about what is required for physical existence and you exclude spiritual existence, clean air, clean water, abundant food at the right price and energy, these are the four major things and they all are equally important, because you cannot live with out any of it and water is one that we spend so little time out and when I think about the priorities between water and CO2 emissions it is not even close, which one is the higher priority and it is water. So, for us to be doing corn based ethanol which is highly water consumed is crazy, it is crazy, but people just do not even think about it, because everybody in the media has got focused on CO2 emissions. Let us talk about the full environment. What it is that we need from the environment and how do we best get there and that is really focused on water?
Recorded On: 3/24/08