Finally, in downstream operations, Chevron and Exxon have chosen not to follow ConocoPhillips and others that have spun off their refining and chemical operations in favor of remaining vertically integrated. Chevron actually just brought on Jon Huntsman Jr. as a board member, potentially signaling an even greater move toward the downstream side of its business given Huntsman's experience in the chemical-manufacturing industry. With spreads between domestic and global crude oil prices having widened again recently, Chevron's prospects in refining and chemical manufacturing have a lot of promise, and that's a big reason why the company has partnered with Phillips 66 on a large-scale ethane-cracking facility that represents a substantial part of Chevron's overall capital budget.