Word: exxon
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Dates: during 1970-1979
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...total of $1.5 billion in South Africa, and they are the chief purveyors of its modern technology and consumer goods. Ford, South Africa's biggest automaker (1977 sales: 42,874 vehicles), and GM together account for 26% of the automotive market. Goodyear, General and Firestone dominate tire sales; Exxon, Mobil and Caltex are leaders at the fuel pumps. Kellogg's cereals are found on 40% of South Africa's breakfast tables, and Otis elevators convey riders in two of every five office buildings. IBM enjoys a near monopoly in data processing, challenged only by Control Data. Even...
...exhaustible asset: though the day when the oil begins to run out has been delayed, it will come. The companies prudently are putting huge sums into diversification. They own far more coal than firms that specialize in coal mining, are active in uranium production and solar power research. Exxon and Gulf are partners with Cities Service and the Canadian government in Syncrude, a company that will open a plant designed to squeeze oil at last from the famed Athabasca tar sands. The sands, in northern Alberta, have long been known to contain gigantic amounts of petroleum...
...EXXON, the world's largest energy concern, suffered an 8% drop in profit last year, to $2.4 billion, but only because the weakness of the dollar increased the number of greenbacks that will be needed to pay off its foreign debts. In the first half of this year, however, its net increased 13%, to $1.4 billion, and the quarterly dividend was raised 10? a share, to 85?. Exxon is a prize example of strength begetting strength. It has bid top dollar on the choicest drilling leases around the world and has participated in all the major new finds...
...guard against the day when the oil runs out, Exxon since 1970 has acquired coal reserves of more than 8 billion tons, and now operates several mines. It is also pushing some ventures far removed from oil. For example, early this year it introduced Qyx, a computer-programmed typewriter designed to undersell wordprocessing IBM and Xerox machines. One indication of Exxon's strength: it plans a staggering $24 billion in capital expenditures over the next four years, to be financed just about entirely out of its own cash, with little if any borrowing...
SHELL, No. 2 in oil and the biggest business of any kind based outside the U.S., increased profits about 9% last year, to $2.3 billion-almost as much as Exxon earned on far greater sales. Of all the Sisters, Shell seems best suited to benefit from the trend toward getting a larger share of profit from refining and marketing. The firm has long concentrated on those areas, to the point that outside the U.S. it buys around 60% of its crude from other companies. Says Shell's European coordinator Jan Choufoer: "Adding value to bought crude is the name...