But the energy business does not work that way.
He continued to make deals, many in the energy business, almost until his death.
"I think 1988 will be a year of acquisitions in the energy business," he said.
This, power officials say, is the way to make money in the energy business these days.
Since he started at Exxon, the energy business has changed radically.
"But they are individuals who have for many years engaged in the energy business."
Some companies in the energy business also rely on water contracts for operations.
Sales for the energy business were up slightly, to $3.4 billion, compared with $3.3 million in the first quarter of 1990.
Bryce has been writing about the energy business for more than two decades.
"Then you have decided to try to drive us out of the energy business."