Word: crude
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...analysts contend. In addition, loan payments, which average 30% of corporate cash flow, often divert money away from more productive pursuits, including research, advertising and capital spending. While Phillips Petroleum was digging out from under its $9 billion debt, the corporation had to pass up several opportunities to acquire crude-oil reserves at bargain prices...
...This crude tactic affronted voters of all faiths. It also drowned out Boschwitz's attack on Wellstone's expensive proposals for a national health- care scheme and other ambitious programs. The result was a 51%-49% vote for the outsider destined to star in the Senate's left wing. Says Wellstone's campaign manager, Sam Kaplan: "He'll be in Jesse Helms' face all the time...
...industry is being hit harder by gushing crude prices than the airlines. Loaded with debt after a string of mergers, takeovers and multibillion-dollar orders for new aircraft, U.S. carriers are reeling under the one-two punch of explosive fuel costs and a recessionary slowdown in air travel. Says Stephen Wolf, head of United Airlines: "Fourth-quarter projections for the industry are nothing short of alarming...
...companies ripping off their customers? As the gyrating price of crude sends quakes through the world economy, consumers and politicians have hurled angry accusations that Big Oil is using the crisis to maximize profits. Those suspicions only grew stronger last week, when several leading oil companies reported that their earnings rose sharply in the July-September quarter. At Phillips Petroleum, profits more than doubled, to $178 million. Unocal's earnings were up 53%, to $121 million. The Justice Department and the Senate are investigating oil pricing. And some legislators, notably Senator Joseph Lieberman, a Connecticut Democrat, are calling...
...industry, not all companies have profited handsomely from the rise in crude prices. The big winners are mostly firms that own large petroleum reserves as well as those that sell large amounts of gasoline or oil products to others at wholesale. Arco, for example, which controls a large stake in Alaska's North Slope, enjoyed third-quarter earnings of $462 million, up 22% from last year. Some companies were losers because they lack major reserves but operate large retail networks of gas stations. Mobil, which buys an unusually high proportion (60%) of its crude oil from other companies, suffered...