Word: chevronings
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...battle is still going in Arco's favor. The company increased its market share last year from 3.8% to 4.8%, pushing past Chevron into seventh place among the major refiners. Some of Arco's gains have come at the expense of independent dealers who depend on the majors for their gasoline. An owner of independent gas stations in Massachusetts claims that price competition from Arco and British Petroleum (brand name: BP) has forced him to sell gas below cost. Even at that, he says, his retail price of $1.07 per gal. is still 4? above the price charged...
...Phillips Petroleum Co. and Chevron U.S.A., a subsidiary of Standard Oil Co. of California, paid a record $333.6 million for the right to explore for oil on a single 5,700-acre offshore tract in the Santa Maria basin off Point Arguello, Calif. Now that money looks like the down payment on a bonanza. Last month Phillips and Chevron announced that a test well had brought in a gusher, and expectations were heightened by several other successful drillings near by. Then last week Texaco confirmed the existence of a major oilfield by announcing crude flows from...
...recently as October, the oil companies gauged the field's potential reserves at a conservative 100 million bbl. Since then, the projections have been rising quickly. Just last week a Chevron vice president declared that the new field could contain up to 300 million bbl. Other industry estimates put it as high as 500 million bbl., and one Government expert says the ultimate potential could be 1 billion bbl. Such heady forecasts have drillers scrambling. Texaco is already operating the Glomar Atlantic, a drillship, in the area, and Phillips has dispatched a rig from Africa's Ivory Coast...
...newly discovered marijuana fields were to be sprayed with paraquat. The state of Florida, in apparent agreement, has announced that it will spray some fields with the herb killer. The Florida plan has prompted critical editorials in local newspapers as well as a lawsuit from NORML. In addition, the Chevron Chemical Co., a distributor of paraquat, has fired off a warning letter to the U.S. Department of Justice and the DEA: "The product label bears the word poison and the skull-and-crossbones insignia, but terrifying people in order to modify behavior is not a registered use." Still, Florida officials...
India is also encouraging foreign companies to make direct investments in the country. Japan's Suzuki Motor Co. is expected to pay $70 million for a 25% share in Maruti Udyog, a nationalized automobile company. Chevron International Oil Co. has agreed to invest at least $27 million in three exploration wells on India's continental shelf, an area that was formerly off limits to foreign companies. India currently meets about 55% of its oil needs from domestic production, and it hopes to boost that figure...