Changes in global energy markets are playing to ExxonMobil's strengths, chairman and CEO Lee Raymond told analysts at the company's annual investor day in New York recently. He cited the firm's differentiated technological advantages, integrated operating facilities worldwide, and a disciplined, long-term focus. "Seeing past the market noise and understanding long-term market trends is one of the hallmarks of our approach. Some companies talk about their business in much shorter time frames than we do," Raymond said. Over a 20-year period, the company's stock has earned an average 16% return per year. ExxonMobil has a resource base of 73 billion barrels of oil equivalent, which leads the industry. Last year, the company reported record results across all business segments, reporting net income of $25.3 billion and a return on capital employed of 24%, which leads its peer group. Analyst Michael Mayer of Prudential Securities said the presentation contained nothing particularly new, but he remains upbeat about the company's industry-leading performance and retained his earnings estimate of $70 per share for 2005.