Assets alone don’t deliver value — advantages do. And the tight credit markets are highlighting one of our greatest competitive advantages — our financial liquidity. While some companies scramble to secure financing to fund their projects, we have the financing in place to fuel our growth at our own pace.

Our decision to go to the financial markets in 2007 to secure 30-year debt is paying off. Today, our balance sheet remains healthy and we have no debt repayments before 2012. The average term to maturity of our debt is 19 years. Plus we have over $3.5 billion in cash and committed lines of credit to draw on if we choose.

With solid financial capacity, we can also take advantage of opportunities as others are forced to sell attractive assets to shore up their balance sheets. In December 2008, we acquired an additional 15% interest in Long Lake and became operator of the upgrader — all for less than cost. Choices like this make great strategic sense, and we are on the hunt for more outstanding deals that build on our advantages.