1. Wash hands with soap and water.
    
2. In a large, heavy saucepan, heat oil over medium heat. Add carrots, celery, onions and turkey neck and giblets. Cook, stirring occasionally, until well-browned, about 15 minutes.
    
3. Add chicken broth, water, peppercorns, thyme and bay leaf. Bring to a boil, immediately reduce heat to a gentle simmer, partially cover the pan and continue cooking for one hour. Strain, skim off any fat. Reduce to 2 ½ cups stock for gravy, soup or stuffing.

Store leftovers in an airtight container in the refrigerator up to four days.