Word: chevronings
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...this era of increasing shareholder power, whenever an industry bellwether makes the move, others tend to fall into line. US West was the first among telecom companies, in 1994; eight others have direct purchase now. Texaco got the ball rolling in oil five years earlier; now you can own Chevron and Mobil that way. Disney's move to reinstate direct purchase most likely will have influence outside its industry as well. CEOs of all stripes will probably conclude that it must have good reason--beyond the p.r. pop--for the flip-flop...
...Saddam Hussein offers proof that he has nukes, and says, by the way, he'd really like to rule Kuwait. Oil prices soar. No one thinks about inflation; it's dead. The Dow jumps to a 265-point gain, led by Chevron and Exxon...
...President included in his 1993 deficit-reduction plan. But pandering isn't inevitable: four years ago, Ross Perot and Paul Tsongas were calling for a new 50 cent-per-gal. tax to be phased in over a number of years. The Big Three automakers and oil giants Chevron and Conoco were onboard with the basic concept. Why? They had come around to the view held by every other advanced nation: cheap oil is costly to the environment, the economy and national security, and raising taxes to reduce consumption is a smart way to fund government...
Tapping the crude was one thing, getting it to market another. Without roads or navigable waterways, Chevron built a 165-mile pipeline that followed the Kikori River to the Gulf of Papua, where the first tanker filled...
...Chevron also had to contend with irate Foi and Fasu tribesmen who, armed with spears, axes and bows and arrows, occupied the project's airstrip and attacked some company officials. The tribespeople demanded a more favorable split of the oil royalties between them and the provincial government and fulminated over damage to their hunting and fishing grounds. The take was subsequently improved from a 20%-80% division to 30%-70%; after Chevron built medical facilities for the villagers and buried the pipeline, peace was restored...