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Women in Energy
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Gregory, Elizabeth [host]; Cook, Lynn [moderator]; Toliver, Telisa [panelist]; Clark, Janet [panelist]; Collarini, Cheryl [panelist];. Women in Energy. 2008. Special Collections, University of Houston Libraries. University of Houston Digital Library. Web. April 20, 2014. http://digital.lib.uh.edu/collection/living/item/53.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Gregory, Elizabeth [host]; Cook, Lynn [moderator]; Toliver, Telisa [panelist]; Clark, Janet [panelist]; Collarini, Cheryl [panelist];. (2008). Women in Energy. University of Houston Women’s Studies Living Archives Recordings. Special Collections, University of Houston Libraries. Retrieved from http://digital.lib.uh.edu/collection/living/item/53

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Gregory, Elizabeth [host]; Cook, Lynn [moderator]; Toliver, Telisa [panelist]; Clark, Janet [panelist]; Collarini, Cheryl [panelist];, Women in Energy, 2008, University of Houston Women’s Studies Living Archives Recordings, Special Collections, University of Houston Libraries, accessed April 20, 2014, http://digital.lib.uh.edu/collection/living/item/53.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Women in Energy
Creator (LCNAF)
  • Gregory, Elizabeth [host]
  • Cook, Lynn [moderator]
  • Toliver, Telisa [panelist]
  • Clark, Janet [panelist]
  • Collarini, Cheryl [panelist]
Date 2008
Description Video of a panel of women in the energy industry. The panel consists of three women in energy (Telisa Toliver, Janet Clark, and Cheryl Collarini), and one moderator who is also in energy (Lynn Cook) who asks the panel questions on topics such as advice for women who want to get into corporate America, decisions on getting into energy, perceptions on women in energy, travel opportunities with work, and views on women and education in the sciences. There are then questions and commentary from the audience and commentary from Cook.
Subject.Topical (LCSH)
  • Women--Texas
  • Energy
  • Marathon Oil Company
  • Women oil industry workers
Subject.Name (LCNAF)
  • Gregory, Elizabeth
  • Cook, Lynn
  • Toliver, Telisa
  • Clark, Janet
  • Collarini, Cheryl
Subject.Geographic (TGN)
  • Houston, Texas
Genre (AAT)
  • interviews
Original Item Location http://library.uh.edu/record=b4555844~S11
Repository Special Collections, University of Houston Libraries
Use and Reproduction Educational use only, no other permissions given. Copyright to this resource is held by the content creator, author, artist or other entity, and is provided here for educational purposes only. It may not be reproduced or distributed in any format without written permission of the copyright owner. For more information please see the UH Digital Library Fair Use policy on the “About” page of this website.
File name 2011_17_048.m4v
Access File Run Time 01:13:55;
Transcript Women in Energy Panel [overlapping conversations] Elizabeth Gregory [EG]: okay. [chuckles] Welcome. [chuckles] I’m Elizabeth Gregory, I’m the Director of the Women’s Studies Program at the University of Houston and welcome to the final series in this years Living Archives – uh, final panel in this year’s Living Archives Series which is sponsored by the Friends of Women’s Studies. The series aims to look at and to present for posterity a sense of a complex history for women’s lives in Houston and of the struggles and changes that have characterized that history and what we do is talk to people who are living history as we speak and interview them and the interviews are taped and they become part of the archive at the Library at University of Houston, so if in future you want to come back and see what was said today you can get a transcript or look at the video tape. The interview format was developed as an extension of the Archive – the Women’s Archive at the U of H which serves students, scholars, and the Houston community as a whole. And the focus of the Archive is on both the oral histories of Texas women of which this then becomes a part and the papers of Houston area women’s organizations. And so far we have close to 40 organizations archived there as well as the papers of a number of prominent women of various aspects of life in Houston. Most recently we have acquired the papers of Anice Parker and Silvia Garcia and others too numerous to mention [chuckles]! [chuckles from few] But if you have suggestions for individuals or organizations that should be archived there please be in touch as we have – that’s our aim! To make as complete an archive as possible. And because women for many years were most active through organizations they can represent a sense of what women were doing, especially earlier on but now as well in the public sphere through what seems to be private means through women’s organizations frequently. And they continue to operate now even in the realms of the professional as well as the cultural arenas. The Friend’s of Women’s Studies support the Women’s Archive. If you are not a Friend please consider joining. Among the member benefits is free admission to the Living Archives series. After today’s panel there’ll be time for questions and after the questions we’ll have some wine and cookies in the room to the – to your left. So I’m just going to introduce our moderator now who will introduce our panelists. And tonight our moderator in Lynn Cook who is a business writer for the Houston Chronicle and before that she worked at Forbes and has been an energy writer. Knows the view. [chuckles from few] So she’s going to ask questions from that experience and we’ll begin by introducing our panelists. So please join me in welcoming Lynn and our panel. [clapping] Lynn Cook [LC]: Before I introduce the panelists I just want to say of course that we are going to be talking about women in the energy sector and Houston’s been energy capital of the world for several decades now and I know that there are a lot of Houstonians who hope it continues to be the energy [chuckles from some] capitol of the world. And just as a brief history, Houston gained this status because of all the oil that was discovered really near town and then a solid banking system sprang up so that kept Houston at the center of it as drilling went farther and farther afield. And now a lot of people believe that Houston continues to be the energy capital because of its talent in project management, the sciences, finance. And there are cities from London to Dubai that are starting to challenge that status but that’s why I’m excited to hear from tonight’s three panelists because they’ve built really varied and diverse successful careers in this field that has long been considered a boys club. And so I’m going to introduce each of them briefly and then we’ll hear about their experience. So directly to my left is Telisa Toliver. She is vice president of commercial development for Chevron Global power company. She manages Chevron’s portfolio of power plants around the world and helps identify new growth opportunities. Telisa was named in this position in 2006. It put her in charge of development for both natural gas fire power plants and renewables for the Americas, Europe, the Middle East and Africa. She began her career in energy with Texaco and she held positions, moving up the ranks in natural gas sales, fuels management, business development and strategic planning. And she holds a Bachelor’s degree in business management with honors from Tuskegee University. Next on our list is Janet Clark. She’s Executive Vice President and Chief Financial Officer of Marathon Oil Coporation. And she serves on the company’s Excutive committee. She joined Marathon in 2004 with a strong background in energy and finance. Before that Janet was Senior Vice President and Chief Financial Officer for Nuevo Energy where she was responsible for all finance, accounting, investor relations and IT. She was the company’s direct point of contact with investment banks, commercial banks, Wall Street analysts and rating agencies. Prior to joining Nuevo she was Santa Fe’s Schnider’s CFO and then Chief Executive Vice – or sorry, Executive Vice President of corporate development. She began her career as an investment banker. And as a native of New Orleans she earned her bachelor’s degree in economics at Harvard and then an MBA from Wharton. And then last but certainly not least, is Cheryl Collarini. She began her career as a civil engineer with Mobil Oil. And she advanced through the ranks working as an operations engineer, development project engineer, and ended 11 years there as a reservoir engineering supervisor. And in 1985, Cheryl left Mobile to start her own consulting practice. It specializes in oil and gas appraisals. It grew and then had offices in Houston and New Orleans. And then in 1995 she started Collarini Energy Staffing to provide technical contract workers to companies in the oil patch who needed help with their own projects. She has a Bachelors of science in engineering from MIT and her MBA from the University of New Orleans. So, just to start us off with, I think there’s been a perception that a lot of women get pushed in corporate America to maybe marketing or internal communications and I’m wondering what advice you have for young women who want to go into corporate America in general or more specifically into energy. Do they need to go to the operations side of the business? Does it matter? Can they do internal organization type things? Is there a direct route to take to the C suite? Janet Clark [JC]: You do it. You do it. Panel: [chuckles] JC: You start. Audience: You start. [more chuckles] Cheryl Collarini [CC]: I think that a person, a woman or a man, can direct his or her career and has a responsibility to do that. And I think you can do it in a lot of different ways. I think from my perspective, I was a very young engineer with Mobil designing offshore platforms and we had our annual appraisal where you had to say where do you want to be in 20 years with the company. And I said, “I wanted to be the CFO.” [chuckles] [chuckles] CC: And they said, “Civil engineers don’t run oil companies. Oil engineers run oil companies.” And I was able to make that transition and direct my career with on-the-job training and eventually make my own pathway. So I think you can do it in a lot of different ways and I think you just have to be perceptive and plan your own way. JC: Yeah, I think the important thing is that you do what you like to do. Because you’ve got to be motivated. It’s gotta be something you have a passion for. That being said however, I think for women it’s particularly helpful if you have a strong technical backgound. A woman who comes into a company as a petroleum engineer, a geophysicist, AND an MBA is a powerful combination. But, that’s not to say if you come in with a finance background you can’t eventually get to CFO or CEO. And the same is tru for a man. But I do think that there is a nuance here for a woman in the oil industry that is still very, very, heavily dominate by men, particularly at the upper echelons it gives you a little bit of credibility if in fact you have that technical background. TT: And I agree with everything that was said and I think you have to fundamentally understand where you want to go and be realistic about if you are prepared to go there. And there are a myriad of opportunities in the energy industry and if you happen to have that technical degree and that’s where you want to go, I think there are certainly opportunities to do that. But I also think there are a variety of opportunities that are available in all disciplines in the energy industry. And I think you’re sometimes limited by your own perception of what’s available to you and what’s not. JC: Yeah, yeah. I’d just like to add that that’s absolutely right. Even if you start out – you know you start out as an accountant, or in finance or whatever – learn the business! Learn the technical side of it. You can understand the science. It’s not – you know, it’s not unachievable. But there’s a lot that you can learn about business and operations on the job and I’ll tell you that’s very well appreciated and respected and so even if you don’t have the college degree you can still go up through the operations. TT: I personally have engineers with MBAs working for me. I have economists with finance degrees and MBAs working for me. I have lawyers who handle our contracts that work for me. And the key for me is getting the right skills and the right talent in your organization so that you can be a good leader in that organization. So, I’ve never been intimidated by the fact that I didn’t have that technical degree, but that wasn’t my interest either. So, it just depends on what you said, what your interests are. LC: So I’m curious how did each of you decide to get into energy because civil engineering doesn’t necessarily mean energy. Investment banking, you know business management you could have gone into any industry. JC: I guess it’s only fair if I go first this time, we’ll go down the room. [chuckles] [chuckles from few] Yeah, I went into investment banking after Wharton. And this was in 1982 I got my MBA and you know, Wall Street wasn’t “the” place to go. I went first to Boston. That was kind of “the” place to be and I was there for you know all of the hostile takeovers, with the junk bonds, all the excitement [chuckles] that we had on Wall Street in the 80s. And then ultimately decided by 1990 that I wanted a real job at a real company. [chuckles from all] and so I quit. [chuckles] And I took 3 years off, but ultimately ended up going back into energy. It’s a natural fit coming back to Houston from New York, most of the opportunities here if not specifically energy related are very very close to it at least tangentially. And I think another – you know factor that drove me in that direction is that my father was CFO of Visual Energy. And so you know he kind of – he had an MBA and so a little bit followed in his foot steps. TT: Mmm hmm. I guess for me I think it was the energy industry came to me. I entered for Gulf Royal in college and I did that for two summers. And I used that experience to help me to decide what would be a good industry to work in. And quite frankly they offered me the best opportunity and the best salary. [smiles] [chuckle from one] And it – you know I’m not sure if this happens to answer or not but I chose to stay in the industry and it’s been a very exciting industry and dynamic with a sort of highs and lows. [chuckles from some] I still remember when oil was 10 dollars a barrel. [chuckles] [chuckles fro all] And so basically the industry came to me and so it took me to work in the intern program. I don’t think they would have looked at me if I hadn’t been really successful in school and doing well as a leader in college and so they’ve never been able to get rid of me. [laughter from all] CC: Well, I was bought as well [laughs] [laughter from all] After I graduated from college I was working at a construction company in Boston and it became clear to me after I made that last turn around and slammed into the curb in the snow that this New Orleans girl had to go back home. [laughs] Interviewed over two days and took the highest offer because everyone of the four engineering jobs – one of which was building funeral homes, I wasn’t too crazy about that – but the others were all very interesting in different ways. And I went for the highest bucks which in those days was about 11, 000 dollars a year. [chuckles] [laughter from some] And never looked back because the work was very challenging and very interesting. I was allowed to design 7 offshore platforms in 2 and a half years… and none of them fell down! JC: That’s good. [chuckles] [laughter from all] CC: [chuckles] But it’s been a wonderfully challenging and technically interesting industry and every day it goes out into deeper water. It’s becoming more and more technically interesting and challenging. Almost some days it makes me wish I had stayed as a civil engineer trying to challenge building those big deep water platforms today because they are very, very much pushing into technology. LC: Well back tracking a little bit to what you said Janet, you said you took three years off. I‘m just wondering what you did for those 3 years? JC: Well first of all my dad insisted that I call it a sabbatical. LC: Uh huh [chuckles] [chuckles from some] LC: He also insisted that I talk to various of his friends to try to find a job which I had no intention of taking. [chuckles from some] I did do a little bit of consulting work, which my resume will represent. I did consulting with the Sterling Group was an LBO firm, Okay? TT: Mmm hmm. JC: A very successful one at that and worked with them on an acquisition. Had a couple of other minor consulting engagements, but yeah, I caught up on life. I went to first Boston in 1982 was there til 1990 so it was 8 years. I had probably 20 years working experience in that time. [chuckles from some] And, you know I’d ask myself why am I doing this? And I’d say, “Because I make a lot of money!” And then I’d tell myself, “Well that’s stupid!” [chuckles] “You know you should quit.” And so it took me a year of trying to quit and they finally said, “okay you can quit.” [laughs from some] And so I took French classes. I took tennis lessons. I took painting classes. I traveled. During that 3 year period – I had – well I had 7 nieces and nephews that were born in a 4 year period of which these 3 years was right smack in the middle. So it was truly a kind of catching up on life experiences. And you know a lot of times I get questions on balancing - work-life balance. And I do it differently than most people. I work really, really hard and then I take time off. [chuckles] [chuckles from few] And in fact I had a second sabbatical. If you want me to talk about that? [laughter from all] LC: Sure. If you want to. JC: I went back – actually I went back to investment banking with a small firm. And when you work with small firms you work with smaller companies. And so you get much more involved in the real business as opposed to working with Shell – it’s a great company – but helping them shave a basis point or two off their multi-billion dollar commercial paper programs is not very rewarding – or you know satisfying. But working with a small company you need to do an IPO. And then they realize they have to write an annual report and so you write it for them. You know, that, that (!) – you know you don’t make the same amount of money but it’s a lot more satisfying. But then ultimately from there went to Santa Fe Energy as a CFO, which - You know one of the talks that I’ve given in the past about women in business, not just business but really successful women almost always attribute at least a portion of their success if not the preponderance of their success to luck. Whereas it’s rare that men will do that. And, uh if you have a difference of opinion please speak up. [laughs to all] But, anyway I felt very lucky that I got the CFO job at Santa Fe cause that really kind of you know once you make that transition it launches your career and was there for about 4 years when we sold out to Devon Energy. And no offense to anybody from Oklahoma. [brief pause and looks toward Telisa Toliver] I thought you were from the South? [laughter from all] TT: It depends on who you talk to. [chuckles] JC: Anyway, I didn’t want to move to Oklahoma City so I took a year off and again had more of the same in terms of pursuing personal interests. But at that point of time decided that I need to do something constructive. You know it wasn’t just about goofing off and so started getting involved with some not-for-profit organizations at that point in time. But if you can swing it it’s a wonderful way to kind of punctuate your career. Because while you’re still young – my first sabbatical I think I was 35. You can really, really enjoy it. [chuckles from few] And I think most people have a fear of stepping off the treadmill LC: Yeah. JC: You know, can they get back on? Right there, wrongly I was never worried about that. And I think, truth is I probably was lucky in the way that my career has turned out, you can’t count on that. But I do think that in the last 10, 20 years people’s views of careers has changed. It’s not so linear anymore. You know, from my dad’s perspective it’s very difficult to get a job if you don’t have a job. “Fine, if you’re sick and tired of investment banking that’s fine, totally support you, but go get a job.” Support me… not financially [chuckles] [chuckles from audience] But get another job first. You know he – it was such a foreign concept to him that I was like, “No, I’d rather just go enjoy life for a little while.” LC: Well it sounds like sometimes – my mother’s always told me that “sometimes your greatest blessing is your greatest curse.” I know you go to work on Wall Street and you do make a lot of money but you’re not able to enjoy it. But that probably was able to fuel that sabbatical and… JC: Well that’s right. And I ran out of frequent flyer miles so I had to go back to work. [laughter from all] LC: So, I’m unsure of how to word this, but how has working in a male dominated industry impacted you? Do you feel like you stand out? Do you feel like you have to fight for say? Do you feel like there are so few women going in this industry – people really want to hear what you have to say? I mean, what’s your experience been as a woman in this field? TT: Wow. Is that my turn? Audience: Mmm Hmm. [chuckles from few] TT: I thought it was Janet. Is it my turn? JC: Yes. The answer to your question is yes. TT: Yeah. I guess I’ll aswer that in a couple of ways. I quite frankly never expected a company, a corporation to be markedly different than our community at large or our country at large or the world at large. And so I think that if there were obstacles that were in my way I’d try not to focus on sort of the basis of those obstacles whether it was – some people considered it to be sexism or racism, or whatever it was. What I tried to focus on was how to get around that because I think that if you come into any institution assuming that it is so markedly different than the world at large you’re going to be disappointed. And so there are challenges in this industry, but I think that they can be overcome in a variety of ways. I think that working really hard is just the price of industry, right? So that’s a starting point of what you have to do. You also – you know you need to be flexible. You need to be adaptable. And you have to have sort of a thick skin because there are going to be those sort of subtle innuendos and subtle things that if you get yourself get caught up in, you’ll miss sort of what your ultimate goal is. And I think you have to just manage those things as best you can and keep your eye on what you’re ultimately there trying to accomplish. So I’m not here to say that it’s fundamentally easy. I’m not saying there haven’t been instances where there’s been a question in my mind as to why an opportunity or a particular opportunity didn’t come my way. But I’m saying what I haven’t done is focus on that. I’ve stayed true to why I’m in this corporation, what’ I’m trying to accomplish and working as hard as I can and establishing relationships with those people that I trust and that I respect and making sure they know what my capabilities are and how I want to lead in the company. CC: Well I agree with all of that. I started in the business in 1974. And my first offshore trip I had to get permission slip from the head man. [chuckles from some] And of course the men didn’t. JC: The head man. [laughter from many] CC: The head man. There were no head women. There were no other women! [laughter from all] I was the only female. JC: But if there was a female it’d be the head girl. CC: It would have been the head girl. That’s right. [laughter from all] JC: It would have been the head girl Audience: [more chuckles] that’s right!. CC: We don’t hire girls in my company. [chuckles from few] But anyway, I had to get a permission slip to go offshore so immediately it was a different situation for me TT: Mmm hmm. CC: Compared to the men that were working. JC: Who was it suppose to come from? CC: The permission slip? JC: Yeah. CC: The producing manager. JC: Ohhh. I thought it had to be your mom. [loud laughs from all] CC: You know, the producing manager wrote a permission slip, “okay. She can go offshore for training but don’t make a habit of it.” Honestly I wished I had saved it. [more chuckles from all] CC: But I did get to go offshore. JC: Mobile’s happy you didn’t. It was Mobile was it? CC: It was Mobile. JC: They’ll be happy you didn’t. Audience: Right. [chuckles from many] Audience: Uh huh. CC: Yeah. And I had got to use the Captain’s Cabin on the Derrick’s barge. And two Vice-Presidents from McDermott flew out the day before and cleared the way. [laughter from some] And you know the next time I went out there was a big sign you know, “Woman aboard. Keep your pants on.” [laughter from all] JC: So it was special. CC: I was special. [chuckles] [chuckles from some] CC: Very, very different environment. One of the funny stories about that is that one of my first jobs was to help one of the men in the civil engineering group – we were about 7 people – design a living quarters for an offshore platform. And the first time I looked at it I said, “You don’t have a ladies room.” And he started laughing… [laughter from many] And he said, “By golly.” By the time that living quarters went offshore it had a ladies room. JC: Ha! CC: Because we had two women working as crane operator and operator offshore. And so it was a very interesting time and to combat – I guess – I try never to think of myself as a woman, only as an engineer. I try to always have the relationship with the men. I try to make a joke out of it. I can’t tell you how many Male Chauvinist Pig pens and ties I gave out in those days. [chuckles from few] Because that was the thing, “You’re a male chauvinist pig.” Well I give ‘em all out. And they thought it was funny and therefore we kept this rapport going. And I managed to get by all those years with making good relationships with the men. Some of whom I still visit with today from 30 years ago. LC: Okay. JC: You know I think it’s so important to keep a sense of humor about this stuff. CC: Yeah. JC: And to not take it personally and not make it into a big event because you know more often than not people don’t mean ill by it, you know, they’re just that way. And you kind of have to get over it. But your story reminds of when I was at Santa Fe and I went to this field in Sumatra and the head of our Indonesian operation was very - you could tell flustered by the whole thing. Well by the time we got there the local – the nationals had just finished white washing the toilet area – whatever you call it because it wasn’t a toilet it was a room. But they pulled out all the stops. Because it was important - a woman was coming! We had to have fresh paint. [chuckles from few] Because you wonder, what are they thinking [hand motions for “crazy”] I don’t know. [laughter from many] It’s hard. But for me I kind of grew up in investment banking in New York. I mean I was born in New Orleans. I grew up in Houston. My dad worked for an oil company and go to New York and it’s supposed to be, you know, college or Harvard or Boston, you know very sophisticated, right? And you get there and I tell you, I was treated worse as a woman on Wall Street than I ever have been in the oil industry. Now, people have pointed out to me that there are probably two reasons for that. One, is that on Wall Street everyone treats everyone else badly so don’t think you’re special. [laughter from all] The other thing I was pointed out to was kind of funny and kind of embarrassing. I didn’t recognize this, but I sort of parachuted in to Santa Fe Energy as the CFO. So pretty high level. And so any of the guys who wanted their projects funded – I had to give them the money. So yeah, I was treated with respect! [chuckles] [laughter from many] They’re not stupid. They may be sexist, but they’re not stupid. [more laughter] But you know I will say that I think – at least the culture – particularly at Marathon, it’s a positive culture. It’s very respectful of one another. You recognize that people have differences. You hope that that makes the team better – makes the team stronger. But we’ve got these one off people who you know will point out to you that the last twelve hires in the legal department were all female. [brief pause with eyes rolling]. And you go, “If you’ve got enough time to count that [hand gestures pointing finger to fist]... you’re not staying busy on your job.” [chuckles] [chuckles from few] There’s still that kind of stuff out there. There’s still those, I think men that kind of resent the fact that in today’s world there are women who are kind of leap frogging them and getting ahead of them. And there are minorities that are getting ahead of them and it’s based on merit. And that’s hard for them to take sometimes. And that’s where you do have to diffuse the situation. You don’t have to make it worse. Don’t make it more awkward. If you can inject a little humor that always helps. LC: Well you mentioned Sumatra. And we were talking before the panel about Nigeria. I’m just curious – the energy industry sprawls all over the whole globe and some pretty tough places too. So where literally geographically has this taken you? JC: Telisa you might as well start cause you’ve got the longest list. [chuckles from all] TT: Well, I’ve spent time in Africa. I’ve spent time in Europe. In Bangladesh. JC: Well Nigeria six time last year! TT: Yeah. Nigeria six times last year. JC: That’s different from Africa. TT: Yeah. That’s the truth. JC: Personally. TT: You know, here’s the thing I tell people. The oil and gas resources – the good Lord didn’t necessarily put them in garden spots. [chuckles] [laughs from all] And so, you know there’s sort of a good and bad to the fact that this industry allows you to see the world. And it allows you an opportunity to understand how different cultures perceive you. And there are some places where I go where I’m absolutely different from everyone else [smiles] and then there are places I go where I’m not. And I think, you know the beauty of what’s going on right now in particular in the energy industry is that what we need more than anything is good talent. And so it’s harder and harder not to provide opportunities to people who have the skills regardless of what they look like because the majority of our operations today are outside of the United States. The majority of our employees are outside of the United States. And so while we’re sitting here worried about – in the United States about gender and about sexism and about racism and all these things – there’s a world out there [murmurs/chuckles from few] With a longer list of differences that we need to – and cultural norms that we have to be aware of. And so the way that I look at it is - quite frankly I think the things that are similar kind of out weigh the things that make us different. And the things that make us different are the things that are interesting and that that provides different perspectives as we travel around the globe. I’ve been to some – I’m not trying to offend anybody, but I’ve been to some horrible, horrible places where – you know I’m kind of a creature of comfort and I like air conditioning and … JC: No malaria. TT: No malaria. I don’t like taking, but on the other hand you have an appreciation for you know the opportunities we have on a day to day basis. You go to some of these emerging economies where they don’t have power and they’re looking to Chevron to build their power facilities. They don’t’ have the basic utility infrastructures. Those are the kinds of things you look at and say, “well we don’t have it so bad.” But I think we have an obligation as leaders in this industry to make sure that people know that we got here by the sweat of our brow just like everybody else. You know, like I said I’ve traveled around to a lot of wonderful places and to a lot of not so wonderful places. I’m not sure I would get that experience outside of the energy industry. JC: We’ll you know her getting back to your first question – is it important for a woman to have sort of a technical background to really get to top level. I think what’s really important for any employee in the oil industry today is if given an opportunity to work abroad … that is very very critical because so much of the industry is now – the growth is all outside the US and you really – I never had that opportunity, that experiences because by the time I got to the oil industry I was the CFO and frankly we’re going to stay headquartered in Houston we’re not moving to Dubai! [chuckles from panel] But you learn so much! The cultures are so different. TT: Mmm hmm. JC: And there’s so much we take for granted. Well there’s one way to do things and it’s our way. And so by really immersing yourself into other cultures as opposed to just parachuting in for a few days at a time or a week at a time you really absorb it by living it. So that’s something else that I would say for young people in the industry, that’s how you’re going to get up the learning curve the fastest way possible. CC: And I agree. I have friends who are very high up in Exxon-Mobile and Chevron who earned their way up by spending years in Nigeria, learning the global part of the industry. One of the reason’s I resigned from Mobile is because I didn’t want to leave New Orleans because we had family issues there. So I made a career choice at that time to stay in New Orleans. I knew I would have to go to New York and other places to really succeed in a company like Mobile. And so I made my own choices. And these ladies made their choices to spend rotational assignments or several years assignments in some of these higher risk places in order to get the experience. It is a much more global industry even than it was 10 years ago. TT: Mmm hmm. CC: And on the plus side. Since becoming – well after I left Mobile, three months later they called me back to consult. And the consulting I did was teaching petroleum economics and risk analysis. And I was lucky enough to be able to do that four or five times in Jakarta and Ache – where the Sunami came back and wiped it out. And they had all the military issues in there. And I got to go to Perth, Australia which is just a beautiful country. And I got to go to the Netherlands and then I got to go to some less nice places just as Telisa was saying. So it’s been a very educational experiences for me, culturally. In Indonesia I spent my entire five days in a row teaching with my left hand behind my back in case I would forget and point with the wrong hand because I wanted to appreciate and respect their culture which you can always read in the back pocket of the airline when you’re going [chuckles] over there. [chuckles from some] And Brunei! I went to Borneo, Brunei to teach for Shell. And they had different cultural aspects over there too that were very interesting. So it’s been for me a very interesting opportunity that our industry is going global and also kinda just seeing the downside of life. [tone of voice lowers and quiet] I actually did spend a couple of weeks in Mumbai, Bombay India which where the saddest two weeks I’ve ever spent in a place. TT: Mmmm hmm. CC: They were hurting for power. It’s indescribable how poor the people are and – but I will say this about the culture. My partner and I walked down the street one block to go to Catholic Mass on one Sunday and it was in English. And I don’t know if you’re Catholic but they were singing the same songs we sing in our church. [chuckles] [chuckles from few] They were having the same liturgy they had in our church. And it was a very warming thing to see globally how connected our religion or any other kind of organization and be just that far removed from the kind of life we live over here. TT: I think one of the things that I’ve seen is for those employees, men or women, but particularly women who are willing to take risk and maybe the first real opportunity I had was moving to Los Angeles when none of the other traders wanted to move and luckily I was able to do that and that position really was a platform for me to move into other things and so to the extent you can make that choice and move. It’s nothing to brag about because sometime I think what am I doing? But I’ve probably moved seven or eight times. But each one of those moves have – there has been a risk involved. Is this really the right thing? What’s going to be the next opportunity after that? But most of them have turned out really well and that’s because I was willing to take that risk. Calculated risk as they all were but willing to do that and – but also had a – I think there are people who can’t do that for family reasons and others who shouldn’t be penalized for that but that’s just an opportunity if you make that life choice to take advantage of. JC: Well, and the reality is you’re not going to move ahead quickly, rapidly if you don’t take risks. If you don’t get out of your comfort zone. [be]cause otherwise you just kind of linear career, step by step by step. And you know by the time you’re ready to move on you’re 85 years-old or something. But you have to be willing to get out of your comfort zone. You have to be willing to take risk and you know what, not everything is going to work out great. When I look back on some of the jobs I took, you know [hand to forehead] what was I thinking? [smiles] [chuckles from few] JC: When I got the job at Santa Fe Energy as the CFO I had been working at a small investment bank. And probably shouldn’t be telling this story out loud [chuckles] But [laughs] the fellow who was the director of internal audit. Now this was back in 1997 so this was way before ___________ [36: 29] all that kind of stuff. But the fellow who was director of internal audit came in to chat with me. All I’d ever done was investment banking. What do I know. In investment banking you assume these things away. You know they just take care of themselves. You know, I’m think big picture. And he sat down and he said, “I just want to understand what your philosophy is about internal audit.” [chuckles from panel] “Well you know Ken, I’d really like to hear your thoughts.” [chuckles from few] I didn’t know what internal audit was. It sounded kinda redundant to me. Like audit and internal. [chuckles from few] You know you audit and you audit stuff. Anyway – so it was amazing to me I took the job. You know, what was I thinking! What were they thinking even giving it to me. [laughter from some] It was described to me later – one of the fellows who that described me as drinking from a fire hose. You know, it was a great opportunity. It was a big risk. You threw yourself in it and you absolutely learned as much as you can. And of course those years of investment banking experience kind of got me through where I didn’t know the answer but you kind of slide through. Which is important. You know, you never say anything that’s not true but you just kind of let the other person keep talking till they explain what they’re asking you. TT: And of course they never do that. JC: No! Panel: [laughter] LC: Well I’m so glad we have the panel that we do because I’ve always heard that if you’re to work in an energy company you have to do your hardship duty and work in Baku or somewhere and you’ve done it, you’ve made all these moves and here you’ve made a family decision and said, “I’m going to go it on my own”, which in 1985 was a major entrepreneurial step for a woman especially CC: Mmm hmm. LC: So what was that like for you? You know, deciding to leave the feathered nest of Mobile and go it on your own? CC: Well first I have to give credit to my husband. He actually had a job and so wasn’t like I was diving off the cliff all by myself. And secondly me, I made a conscious decision. I talked to my son, he was 7 and said you know we’re not going to have a maid anymore. We’re not going to belong to the little country club where we played golf, anymore. We’re not going to do certain things, we’re going to be prudent. And the next 8 years he asked me if we were going to lose the house once a week. [laughter from all] But the reality was I knew I couldn’t stay at Mobile like you’re saying and do this and watch everybody pass me by. It’s not my personality. I had complete faith that I was going to succeed at doing something because I was going to work very hard at it. And it’s just my MO. I just dive in and I go. [chuckles from few] And I got lucky and I dove in. And I went. Nine months after I resigned the price of oil went from $26 to 12. and I was out begging for work, but luckily – and this is an interesting background to the story. When I was with Mobile, I had a supervisory group of about 8 reservoir engineers and I was getting some bad economic stuff from them because the reservoir engineers always had to make the recommendations of where to drill the well. How much to spend and give the economic justification. And I noticed that my group was weak in that. And having the MBA that I earned at night while working for Mobile, I knew the fundamentals better than somebody learning on the job. So I put together a 30 page textbook and I baked cupcakes with little formulas on them TT: [loud laugh] CC: I did! [chuckles] I was young. [laughs] JC: Did you take pictures? CC: No I wish I had. No, I’m glad I didn’t. [laughter] CC: I wouldn’t let them leave the room until we had gone through 30 pages of problems where they had to solve things with a pencil. Well, about a month later the department head kind of heard about it because people talk and he wanted me to teach the whole department. So I gave the class again… without the cupcakes. [laughs from some] And three months after I left the human resources department learned about it. They were short instructors on economics and they asked me if I would come back and help them. And that started 18 years of bread and butter business for me for my consulting firm which kept me going through the lean times so when you kind of get out there, I found and you volunteer to do something you never know what’s going to happen. [chuckles] [chuckles from few] But sometimes it works out really well in your favor, and that has kept me going. In fact, even now this last year I’ve done a couple of classes just to keep my consultancy kind of going and it’s been very interesting. Definitely. LC: Well, since this is for the University of Houston, I’m interested in what your – all of your views are on education and especially women when it comes to math and sciences [be]cause I know there’s been a lot of talk – not just in energy – but you know, Bill Gates has said our country is lagging and do you think that American students are getting the education they need to go into the sciences? What’s your view on that? JC: Well I guess, it is amazing to me in this day and age that there still does appears to be gender bias in our public schools vis-à-vis girls in math and science. You know, in my family there are four girls and a boy –actually you know, we’re all grown up now [chuckles], but you know when we were kids we were girls. Four girls and a boy. My oldest sister Virginia Clark, went to MIT, CC: Mmm hmm. JC: She graduated ’69 so she’s a little older than you, but anyway another sister is a lawyer, and the other sister is a lawyer and my brother is lawyer and I’ve got 7 nieces and nephews. They’re all 16-20 years-old. 5 girls, 2 boys. The 2 boys – they both finished their freshman year of college – one petroleum engineering, the other mathematics. The girls are… well… there’s nothing wrong with these - it’s social services or nursing or journalism. But when she says journalism she means reading the news on TV she doesn’t really mean asking questions. [chuckles from some] Drama. You know, and the last one who gets all As – “well I’m really good at math but it’s not much fun. So you know Aunt J I just really want to get married and have children.” And these are girls who have role models and are very bright. And it blows me away. So I don’t understand that. Maybe they think I work too hard and they see their friends’ mom’s who don’t work I don’t know. But I do think there’s an issue that’s still inherent in our public schools and I’m very passionate about education and where I get involved is 6-12th grade. I’m on the Board of Yes Prep Public Schools. It’s a charter school serves, I think we’re now up to 2100 students and five campuses. And it’s geared to low income students. We just had our 6th graduating class 78 students, each of whom got into 4 year colleges. 90% of whom were the first in their families to go to college and I think 85% of whom are from families that are low enough income that they qualify for free or discounted breakfasts or lunches. Now this is a fabulous program and it’s something I’ve been involved in. I’ve been very pleased that Marathon has also supported very substantially. And so education is absolutely key to this country’s future and we can’t afford to sit back and let other people worry about it and other people fix it. We’ve got to take it upon ourselves. I don’t have any kids of my own, but we’ve got to take it upon ourselves or else this country’s in big trouble. LC: Anything to add anyone else? CC: You know, when my son was 8 he looked at me and said, “Girls can’t be doctors.” And I said, “I’m an engineer. Where did you come from?! [chuckles] [laughter from many] And honest to God, today he’s a lawyer so I can’t explain it. [chuckles] All I can say is I have pictures of me pregnant and I know he’s mine. [chuckles] [more laughter] But I couldn’t agree with you more. I think we do, in the industry even the head of the minerals management service gave a talk and told us in this big room with 300 people. “You people are so bad at saying how good you are.” And it’s the lead in to the story about talking to the community about oil and gas, which means also talking to the children, talking to the parents who talk to their children, telling them how exciting technology is and we all could be doing more at getting out into the schools. I for a number of years was the second grade oil lady. And I would go talk to these children and it was extraordinarily interesting because –you know their minds were so open. They didn’t really understand too much about what you were saying, but it was a start and I think that we are behind globally in their education. My husband Rick and I interview prospective freshman for MIT. We have for 30 years and we see the increasing number Asians being able to get into the school which is highly technical where our American students don’t. And I think it’s an issue and I think it starts at the very lowest levels. You want to say it starts with the parents but sometimes it needs to be interventioned to assist parents who are not capable of really seeing the vision and getting there. I think that’s a great thing you’re doing [motions to Janet Clark]. JC: Thanks. LC: Well I just want to open the floor to questions from the audience. Does anyone have any? [chuckles] LC: I wondered if anybody could give maybe a – just from your own experience, what your sense of the proportion of women in the industry currently and how that’s changed over the past 20 years or something like that would you say, and in what realms of the industry you’re seeing? TT: Well, I can. I guess I’ll just speak to it from the companies that I’ve worked for, I can tell you that when I started in natural gas sales I was one of the – there were 3 women that were in the natural gas men’s association [laughs from many] And so certainly I think the roles of women in the industry have changed over time. I think we do have more – and particularly when I look around at Chevron there are more women that are in the operating assets that we have that are in the geoscientist arena and petroleum engineers so I do think that the opportunity space has gotten a lot bigger and I see women in a lot more different type of roles than when I can into the industry which was 24 years ago. And when I came in most of the women were in the business roles, the contract roles, the public affairs roles, the accounting roles and those roles which are very necessary and very valuable to the company but they weren’t as much in the sciences as I think they are now. So from my perspective I don’t think there is a segment or function that is not open to women. When you look at our general population I’m not sure that actually mirrors the community-at-large. So, for all of Chevron – you know, I don’t have all the numbers here, but there maybe 30-35 percent of our general, overall population – I could be stating that it may be a little low, but it doesn’t exactly mirror our community, but I think the base of what they’re involved in and also the levels where they are in our corporation really have expanded. A lot of our executive office and senior officers are women. There may have been one or two when I started. JC: Yeah. I don’t think there is any question that there are a lot more women are becoming petroleum engineers today than there were 20 or 30 years ago. We just had our incoming class summer interns, which lunch was kind of crazy today, but there are a number of young women, petroleum engineers, chemical engineers, geologists, etc. which is very heartening. Now the fact of the matter is that there weren’t so many 20 or 30 years ago means that the pipeline takes a while TT: Mmm hmm. JC: to get those women up to senior positions. But I’m very, very pleased to say that Marathon just last – yes, just last week announced that we’ve just hired a new Senior Vice-President of exploration who’s one of my best friends from junior high. [ooh from audience] [chuckles] and she’s going to join us in June, so out of the top six executives in the corporation two are women. Which I think is pretty good. I think the oil companies are very, very open to women and there’s a lot of competition for women particularly in the technical roles because everybody wants to be able to have women in those technical roles. And so, I don’t think there’s any discrimination against women from that perspective. And I think everybody would like to see more. And again it kind of takes time to fill that pipeline. TT: And as you move up – whether you’re – whatever you happen to be, male, female, whatever a ratio – as you move up it gets more competitive. And so there are a lot of people fighting for the same job that you want and so I think you have to keep that in perspective too that you know, that funnel JC: It gets narrower TT: It gets narrower as you move up the corporation. And so you have to understand how you add value to the corporation. You have to make sure that company is aligned with that proposition that they see what you see and you just have to get in there and work hard and understand where you fit in the companies future. CC: Well I think that in the late 1970s we say, after the quotas and equal rights and all that were brought forward to companies, that gave me lots of opportunities and there was a swell of women graduating from the Universities and engineering and that were hiring at Mobile and then we lost them over the years. And we lost them for reasons – some of which were “I want to go home and have a family.” But some of which were a perceived glass ceiling, which perceived divisiveness Panel: Mmm hmm. CC: Not necessarily conscious, but cultural. That the good old boys were going out to have a beer and the women weren’t and stuff was discussed in the men’s room that the women didn’t hear. And all the stories that you hear – we had a lot of women dwindle out of our industry so today we do have more women than we had 30 years ago but, I will go into an industry meeting, maybe two or three times a month and there will be 100 people and there will be 15 women. It is not the percentage that you want it to be. Furthermore, we just last year did a survey – part of my staffing company – we do this PR stuff so we did a survey of people and we asked them, “What’s more important about the job than money?” or what’s as important about the job? So we asked all these people 36 different things and you know, whether your corporate reputation, your work environment. And so on. And the responses we got – were – and our database is completely whoever gives us their card. They go in our database. [smiles] we had a little over almost 1100 responses and a 186 were women. And so we’re back at the 20% mark Panel: Mmm hmm. CC: of people participating in industry events and people who are responding to things. And I don’t know what the real numbers are in terms of the – and you guys probably know more than I do about that. But there not where I’d like to see them after 30 years of equal rights. TT: Yeah and I think the industry, when you talked about the gentleman saying we’ve done a poor job. I think we have done a poor job of really articulating why people should come into this industry and that’s just one of those things we’ve got to do a better job of. And you know, you talked about technology, and I don’t know of another industry that uses technology and the level of technology that the oil and gas industry uses. And so I think we’ve got to do a better job of articulating why this is a viable alternative. And one of the ways that you can do that is by having sort of visible diversity at the top of the house. And one of the things that I find in Chevron is that when people – when I’m introduced to people and they know who I am and what I do, inevitably I get a call from someone that says, “Will you mentor me because I don’t see anybody that looks like me or I don’t see very many women?” And I think the way you encourage people to stay and the way that you encourage people to come is that they see that there’s the opportunity for people that look like them to succeed in the company. And so to that point we’ve got to do a better job of moving people up the – particularly women up the ranks. JC: Yeah it’s one thing to hire and attract women and diversity candidates, but it’s another to make them feel welcome and included and a part of the team and really get engaged in their work. And that’s the key. CC: What I’d also like to mention is that U of H has these wonderful summer programs for girl engineers. Go Girl Engineers I think [smiles] [laughs from few] And if you haven’t heard of it, they bring in 20-30 girls from junior and senior high school into the program for a week and last week or the year before they designed robots. And they designed the motors. They built the robots. They had to stand up and explain to their classmates what was going on. They got awards and it was just a wonderful program. It’s not big enough to serve the whole Houston area [chuckles from few] But it’s a start. It’s a wonderful program. And there’s probably more programs like that that we could publicize. I try to talk about that every chance I get. LC: My niece actually just went through that two summers ago and she’s starting at A&M in Engineering in the Fall. JC: That’s great. LC: Questions? Audience member A: I just had two. One, of course Big Oil lately has become a dirty word as the gas rises at the pump so do you get a lot people’s critiquing industry and if you do what would you say? And then the second thing, which I’ve completely forgotten what it was. Oh, what about the future of the industry since oil and gas are not renewable? What would you say is the future of the industry? JC: Well to answer your first question, when people ask me why is the price of oil and gasoline so high I say, that’s the wrong question. The question is why is the price of crude oil so high. The price of gasoline is actually low relative to the price of crude oil and I know this for a fact because we reported a loss in our refining business in the first quarter. Which means we paid more for the oil that we bought and the cost converted into gasoline than we got. So, the price of gasoline has not kept up with the price of crude oil. What is amazing to me is how many people don’t fully understand and appreciate that we as oil companies are price takers. We buy a million barrels of crude oil a day and I promise you we pay as little for it as we can. We scour the globe to find the cheapest oils that we can run through our refineries. And then we sell it. And yeah, we’re happy to sell it for as high a price as we can and we still had a loss. So I think what people need to understand is that Big Oil is not All Powerful; that market forces still do govern; supply and demand does drive our prices and ultimately we’re all price takers. So my view is that if you don’t like the high price of gasoline, we all need to be less wasteful. We need to drive – and I need to get a more energy efficient car – I have a sedan, but it’s not a very energy efficient one. We need to drive more efficient cars. We need to be more judicious in where we drive and how we drive, and how many people we have in our car when we drive. And there’s just so many ways that we as a Americans can conserve fuel by just eliminating waste and not really feeling a lot of paying for it. And so, that’s my first answer. If you want the price of gasoline to be lower just look at your own lifestyle and just where can you cut out the waste. Now the problem is in Houston we’ve got an economy and a geography that is built on the car. Audience: Mmm hmm. JC: It’s a fact of life and it’s real hard to get away from that. But there are ways around the edges. You know, my mom and I to New Orleans – you know, drive to New Orleans. I-10. You think people are driving 60 miles and hour to conserve gasoline? [chuckles from few] [shakes head] 85! And what’s that? 10-15 percent more gasoline you consume… per mile. They don’t choose to go slower because the price is high. You keep your tires inflated. You can reduce the amount of gasoline you consume. But people would rather complain about the oil. And so I give people lectures when they bring it up. [laughs] [laughter from many] I’ll let somebody else answer the second part. CC: What was the second part? LC: Well about renewables, the future. I would just want to add to that too, I mean because Houston does have competition, you know for being the global energy capital CC: Oh. JC: Yep. Yep. LC: Do we need to be the renewable capital too? Or the bridge fuel capital for the inevitable transition? I mean who knows when it will actually come. CC: Well it’s actually going to come when it can compete commercially with all the oil. And it’s not yet even with oil climbing to where it is. The technology is just not that well developed yet. I think everybody – all the big oil companies are pursuing alternative research right now to be prepared for that day. But I will take you back to 1979 and 1980 when there was – at least in my company and all the big oil companies – Mobile Solar, Mobile Nuclear, Mobile Wind, Mobile everything researching alternatives because oil was a big 40 – 41 dollars a barrel at its peak back then. And what happened in 1984 is all that went away. In 1980 I got sent to LA to train to be a speaker. And I went to every Kawanas club and Elks club [chuckles from few] and rotary club in the Southeast, talking about conservation of energy, talking about not relying – the United States not relying on other people’s oil. At that time we were importing 40 percent of our oil. Today we’re importing 60 percent of our oil and we just lost it in 1984, ’85 because we were all just scrambling trying to figure out how not to lay off a million people in the industry. Panel: Yup. CC: But if we’re sensible this time and if we stay on Congress and we keep this mentality that doesn’t – all the people in our industry including me, are not quite old enough to have forgotten or young enough not to have lived through it – what we lost last time. I’m hoping we’ll stay sensible this time and not dump all the programs if we get a down in price. TT: You know, there’s this reality out here and I think and you pointed out [break in tape] anything that comes from the oil companies as though we aren’t all part of the oil companies that every 401k doesn’t have oil companies in its confers and that we are all profiting from the fact that this industry exists and so I think there’s some education that has to continue, and dialogue that has to continue to occur or we’re going to continue to sit here and talk and talk, and talk and nothings going to happen. JC: Yeah I think that the bigger oil companies are probably in a better position to invest more substantial sums than a company like Marathon [be]cause of course in Washington it’s Big Oil that’s bad. Again we’re medium. [laughter from many] TT: Medium man. JC: But nonetheless, we are a big refiner in the Midwest. That’s where corn is grown. That’s where ethanol is being produced for the last 20 years. You know, there’s government mandate to blend ethanol, so we do that and we’re probably one of the leaders in terms of investing in infrastructure to be able to blend ethanol with our gasoline. Now, we all know corn based ethanol is not the answer. Audience: Mmm hmm. JC: And the fact that Congress wants to pass a 32 billion gallon a year mandate for biofuels doesn’t mean it will happen because the fact that the technology is not there. You know to get to 15 billion gallons a year which would be 10 percent ethanol which is an E10 blend which you are all using in your cars today, maybe that’s do-able and a lot of arguments around corn-based ethanol – which we won’t go into – we have at least made some see investments on us selling ethanol. We don’t have the capability internally. We don’t have a competitive edge. How do you develop the enzymes that will make that commercial? But we do bring something to the party in terms of knowing how to develop the projects and how to commercialize product and how to distribute it and how to market it so we have done some venture capital investments there. We’re doing some proprietary investments in terms of gas to fuel where we convert methane through a chemical process of bromination into gasoline. We’re working on the catalysts where perhaps we can turn it into diesel. So this would be a wonderful application in the Pacific base where you have a lot of stranded gas, you’ve got a lot of demand for gasoline, a lot of demand for distillate and we could potentially convert that stranded gas into transportation fuels. We’re also working on gas hydrates and whether that’s – and I’m not talking about mining the methane at the sea bottom [be]cause that has all kinds of issues associated with it, but one of the things we’re looking at is potentially locking a CO2 molecule inside the hydrate so you form this __________ 1:02:53 so you can transport it and part of carbon capturing and sequestration. We’ve got some technologies in-house that we’ve been developing and you try to find applications for it. I can assure you that when we first started looking at hydrates the concept of carbon capture and sequestration was nowhere near anybody’s mind. But today its pretty much top of the line. LC: Yes. Everybody talks about that. JC: You cannot ignore the cost of carbon as we think about this industry. And you know it’s the whole buggy whip. [chuckles from few] Its hard to know when the industry is going to become defunct. You know all the arguments about peak oil etcetera, I think if you talk to people in the industry – knowledgeable people, they’ll tell you there’s still plenty of oil out there. Problem is 80 percent, 90 percent of the resource is controlled by national oil companies who don’t necessarily have the same expertise or the same desire to produce as quickly as international oil companies do so the oil will be there. It will be there for a long time. These alternatives will catch up at some point. TT: Mmm hmm. JC: You know, we don’t have our heads in the sand, but on the other hand you know, we cannot – our shareholders would revolt if we started investing huge amounts of money into technology that might pay off 15 years from now or might not. So again there are market constraints in terms of how we allocate capitol. LC: I think the whole independent energy company versus national oil company is something a lot of people don’t understand either and you guys can correct me if I’m wrong, but it’s true, national oil companies you know that are basically government controlled, in Venezuela, Saudi Arabia, Mexico, control most of the world’s oil now, not Exxon JC: Mmm hmm. LC: But it is absolutely in their favor to make that last as long as possible because that’s their patronage and that’s their – you know using to fuel their own economic growth so… TT: Yeah, and the national oil companies are in various states of self-development, right? So you have some that are very capable of competing step by step with international oil companies and then you have others who are trying to develop those capabilities and those skills. But what we have to realize is that right now they’re the resource holders. With the price of oil being the way it is, IOCs – the International oil companies – have to prove sort of why those companies need them and typically that’s through our technology and through our skills and through the things we bring to the table. And we have a long history of being very successful and these project management skills you talked about earlier. So I think there’s still room for international oil companies. I still think we’re part of the solution in working with international oil companies, but I think the way we do business is fundamentally changing and as long as the prices stay where they are, the power shift is occurring and we just have to be cognizant of that. LC: In the very back? Audience member B: I’m a Prof at UH and I’m writing a book on the oil and the oil curse in Africa [1:06:13] so I was wondering if you thought that having women at the top when you’re dealing with corporate social responsibilities or giving more money away, you know, just the younger generation if gonna change practices around the way that it competes with foreign businesses like in Nigeria or you know the different places where environmental concerns haven’t been real thoroughly considered? JC: Yeah, I think Telisa’s already alluded to it. In order to compete as an international oil company today you have to make yourself a preferred partner of national oil company, of the host country government. And that means being a part of sustainable development. And that means being a good corporate citizen. It means training the nationals and having them be part of your workforce, not just as menial laborers but really trying to educate them to be operators, bring them over to the United States for college etcetera. You know doing – providing electric power for the capital city in Equatorial Guinea. You know, they asked us– the government asked us if they could borrow earth moving equipment because the garbage dump was getting kind of high and they needed to push it off the cliff into the ocean and could they borrow our bulldozers to do that. [chuckles] We said, “well, no. but we’ll build you a landfill.” [chuckles] You know, so you do those sorts of things. And we work with the local communities in terms of education. Some of that is not official Marathon stuff but it’s Marathon employees wanting to get involved in the communities. We have a program called books for Bioko where across the corporation we donate money and book supplies that all goes to Equatorial Guinea that goes to the schools there in Malabo and so there’s all that kind of stuff that’s happening. You’ve got to do it or you’re not going to be welcomed as a partner. I do think that – and it may be more the younger generation but I do think the younger generation is more aware and – that’s a gross generalization, I just – from my observation, I think probably is more caring. And you know, you read all this stuff about Gen Y and Gen X and I can’t keep them straight, you know? But they’re not as strictly motivated by money and prestige as – and this is all [hand signal for quotations] you know, the baby boomers, right? Audience: Mmm hmm. So there is an evolution in terms of probably just corporate cultures, that from my perspective that I think is probably going in the right direction and will manifest itself in more sustainable development and greater corporate social responsibility. Audience: Mmm hmm. LC: I think we have time for one more question. Audience member C: Okay. We’ve talked about women and energy and talked about of course the big corporations and Cheryl’s kind of unique in the business that she went into, but right now there’s a lot of real small companies forming and of course they’re going to get bought at some point with the price of oil the way it is, wondering what the proportion of women going out and taking those risks in those start-up companies and if you have any idea, you know if a lot of women are leaving the big companies or whatever to start some of their own. I know Cheryl’s talked about it a little bit but, you know what’s your perspective because I know there’s a ton of them out there. CC: There are many start-up companies happening right now. It’s just an amazing time. There’s plenty of money. I’m doing a start-up oil company and we should get our money in 30 days. [smiles] I know one other women who’s doing that out of all the ones who I know who are doing that. There are men. They’re connected to each other. It’s one of the reason’s you go to these industry meetings because you connect up and you see who’s doing what. I don’t see as many women stepping out and taking the risk. But I think once you start one company, the next one becomes that much easier because you know where to get the pencils and paper and stuff. [chuckles] [laughter from all] How to run an office I mean. It’s just starting off is a real pain. But I don’t know very many women who are doing that and I know a large number of men who are raising hundreds of millions of dollars a piece to do start-ups. JC: Well, Lisa Stewart’s raised over a billion dollars. CC: Well, she has. That’s right. JC: You know, so there’s at least one example of a very successful woman. She’s also very,very high up at Hipachi. CC: Yup. JC: As their business development person, so really sort of the ideal entrepreneur to start up your own EMP company typically is a senior business development person and independent EMP company. You know it’s harder for an explorationist to do it because a lot of times private equity is not really interested in making those big bets. There are some. There are some that are more exploration oriented but tend to be acquire and exploit. So being the petroleum engineer, the reservoir engineer, the production engineer is who ought to drive that, but they have to have that entrepreneurial spirit. They have to have those connections in terms of business development. Like you have. Why don’t you do that? [looking at Telisa and laughs] [laughs from all] Audience: You’re not going to say that on tape. [laughs from all] TT: [chuckles] yeah, we are on tape, aren’t we? [more laughs from all] Audience: Don’t forget. TT: No I – yeah I’ll be honest with you, there have been, particular sort of times we need to have natural exit ramps in my career and at some point or another I decided I wanted to kind of stay where I am. And fortunately I started in this business young enough to where I can retire at a young enough age to do whatever I want to. And that may sound a little arrogant, but that’s just the way it is. And so, I think there’s nothing really out there limiting anyone with skills, with connections, with talent to do what they want to do. I think you do have to understand the risk. I don’t think people understand how risky this business is. And we hear all the time, “Well oil companies are risk adverse.” And I’m saying, “You have no idea what you’re talking about. I mean, we might, you know, stick 100 million dollars down a whole and JC: and find… TT: Find zero. I think there are plenty of opportunities out there. LC: Well thank you very much. Ladies of the panel. [clapping] TT: Okay. None of this goes to my boss, right? [directed to other panelists] [people begin to depart] JC: Right. [laughs] I’m just thinking of my poor niece. The one who said she wants to be a mother and everything. [overlapping conversations]
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  • Women's, Gender and Sexuality Studies Program
  • The Friends of Women's Studies