L. C. Lawyer Chevron Corp. Houston The oil industry has been through major changes in the past 10 years. We have seen an activity high in the early 1980s, which was stimulated by oil price predictions that went as high as $70/bbl. By 1985 we saw oil prices plunge to $8/bbl, causing numerous reorganizations and mergers. Today we find ourselves in a business environment in which large oil companies are reducing their exploration budgets in the mature basins of the U.S. and Canada in favor of

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