Word: chevrons
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...produce fewer than 10 bbl. a day but collectively supply the U.S. with about 15% of its total production of 9 million bbl. a day. If most of those wells close, the country could lose a sizable portion of its reserves. Says Allan Martini, a senior vice president at Chevron: "Once some old wells stop pumping, it's almost impossible to get them producing again. It isn't a question of turning the tap off and bringing it back later." The U.S. can ill afford to give up reserves, since it holds only 4% of the world's known supply...
...last week offered cash prizes to the service-station operator who "bid" to sell his product at the lowest price. In Milwaukee, the Park Plaza Mobil station sold off 8,000 gal. of regular unleaded at 36.9 cents per gal. In Concord, Calif., the Sun Valley Auto Wash, a Chevron station, offered gasoline for .1 cents per gal., while in Diamond Bar, Calif., George Benitez's Shell service station went one better by offering for one day up to 30 gal. of regular leaded per customer at .00l cents per gal. Then, overwhelmed by the task of making change, Benitez...
...Last week Unocal posted a loss of $134.7 million for the fourth quarter of 1985. The company was hurt last year by the cost of fighting off Corporate Raider T. Boone Pickens and by its money-losing oil-shale plant in Colorado. While several big oil companies, including Exxon, Chevron and Mobil, showed earnings gains in the past quarter, most petroleum experts see a lean future. Says Constantine Fliakos, who follows the industry for Merrill Lynch: "The last good news in the oil patch was the fourth-quarter results. We'll have to wait quite a while to hear anything...
...least one oil company got an unexpected break last week. Chevron said that after three years of negotiations, Iran had finally agreed to pay the company $115 million for property confiscated during the 1979 revolution. That gives hope to the twelve other oil firms that are still haggling with the Ayatullah Khomeini's government...
Savimbi also argues that U.S. aid of another sort helps bolster the current Angolan regime. The M.P.L.A. government earns $2 billion a year in oil revenues from Chevron Corp. through Chevron's subsidiary Gulf Corp., which owns a 49% interest in Angola's Cabinda Gulf Oil Co. Says one UNITA leader: "Gulf Oil has been subsidizing the Soviet and Cuban occupation of Angola." Although the U.S. has long supported and encouraged the American industrial presence in Angola, Crocker last week issued a warning to U.S. companies: "They are in the middle of a war zone. They should be thinking about...