This document contains a 2007 speech by Exxon’s CEO Rex Tillerson. His speech titled, “The State of the Energy Industry: Strengths, Realities, and Solutions” opened CERAWeek 2007, an annual international gathering of energy industry leaders, officials and policymakers. Tillerson begins by detailing the oil industry’s achievements, which includes “a record of accomplishment in ongoing improvements in environmental performance.” Tillerson points out that “many fail to fully appreciate the tremendous strides [the oil] industry has made toward reducing [their] environmental footprint . . . ” Tillerson admits that the climate is changing, the Earth’s temperature is rising and emissions are increasing, but makes sure to include Exxon’s continued stance that the current understanding of climate science is insufficient at predicting future impacts. Tillerson encourages a market-based approach and “thoughtful, frank and intelligent debate” to address climate risks and energy efficiency.