Word: bbl
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...contest for control of Conoco, the energy company laden with 1.7 billion bbl. of oil reserves, 3.8 trillion cu. ft. of natural gas and 14.3 billion tons of coal, whirled on last week at a billion-dollar pace. The opponents: Du Pont, the largest U.S. chemical producer; Seagram, the world's biggest liquor distiller; Mobil, the second largest American petroleum company; and Texaco, the third-ranking oil firm. As the price for Conoco whirled higher and higher, the contestants launched a global financial free-for-all and corralled almost $20 billion in standby credit at multinational banks from...
With cosmetics demand now far outstripping supply, the price of jojoba oil is soaring. In Mesa, Ariz., Processor Tom Janca sells 55-gal. barrels of jojoba oil for $6,900, almost triple last year's price of $2,500 per bbl. Says he: "We're trying to talk the big companies out of ordering too much. We just don't have enough seeds...
...Conoco is understandable. Petroleum is the raw material for some 80% of its products. Like all chemical makers, Du Pont has been badly hurt by the surge in oil prices since 1973. Now Du Pont will have its own private supply of crude. Last year Conoco produced 374,461 bbl. of oil per day worldwide, of which 36% came from U.S. wells. Moreover, Jefferson contends that Du Pont scientists will be able to help Conoco develop new techniques for boosting the yield from oil wells and converting coal into synthetic fuel. Conoco is the second largest U.S. producer of coal...
Mexico, which is not an OPEC member, finds itself in a similar bind. Since 1976, Mexican production has more than tripled, to 2.8 million bbl. daily, and the resulting revenues from exports have become the foundation of economic development. Mexico has now cut prices by $4 per bbl. on both light and heavier grades of crude...
Meanwhile, B.N.O.C. has now offered to trim the cost of its crude by $2, to $37.25 per bbl., in order to deter customers from seeking even cheaper deals elsewhere...