Word: chevrons
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...holdings or they fear that someone wants to take them over." In evading Raiders Carl Icahn and T. Boone Pickens, Phillips Petroleum took on $4.5 billion in new loans. It now plans to sell about $2 billion worth of assets in the next twelve months to trim its obligations. Chevron borrowed $10 billion to acquire Gulf Oil last year, and it too has been forced to cut back. The California giant is negotiating the sale of a majority stake in Gulf's Canadian operations for $2.5 billion, and may unload more property by the end of the year. The proceeds...
Many Pittsburgh residents grieved last year when Californiabased Chevron bought Gulf, which made its home in the Pennsylvania city. The purchase wounded Pittsburgh's pride, and stands to cost it more than 2,000 jobs as Chevron shuts offices and shifts employees to other U.S. locations. In all, Pittsburgh Mayor Richard Caliguiri estimates that the Chevron-Gulf merger will result in the loss of nearly $75 million in income for residents of the area...
...Chevron last week presented the Pittsburgh community with something in return. The giant oil company (1984 revenues: $27.8 billion) said it will donate the 85-acre Gulf research laboratories in nearby Harmarville to the University of Pittsburgh and will chip in a $3 million start-up grant as well. The firm said that the fully equipped 52-year-old labs would cost about $100 million to duplicate today...
...industry executives are as tough on Pickens as he is on them. "He's only after the almighty buck," says G.C. Richardson, a retired executive of Cities Service. He's nothing but a pirate." Gulf Chairman James Lee accuses Pickens of "hit-and-run tactics." Says Chevron Chairman George Keller: "Pickens does not break any laws doing what he does. But he breaks tradition." Many oilmen are reluctant to discuss Pickens publicly for fear of drawing his attention to their companies. Says one executive: "They want to let sleeping dogs...
...many opportunities that many other investors have become involved. By far the biggest and boldest of the arbs is Ivan F. Boesky, 47, who has his own privately held firm. He raked in about $50 million on Texaco's 1984 takeover of Getty and $65 million last year when Chevron bought Gulf. Three weeks ago, Boesky turned a tidy profit when he bought 3 million shares of Holiday Inns at $47.30 just as the company was offering to buy back its stock...