Word: exxon
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Dates: during 1970-1979
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...provisions are another blow for the oil industry, which earlier this year was stripped by Congress of its depletion allowance. Oil company profits for the first nine months of this year ran, on an average, 31% below last year's spectacular highs. In the quarter ended Sept. 30, Exxon's profits were down 31.2% from a year earlier, Gulfs 36%, Texaco's 38% and Mobil's 17%. The slide in earnings, plus the new price rollback, is certain to dampen oilmen's enthusiasm for much needed exploration. U.S. production of crude is in its fifth...
However, Mitch Thompson, who carried a huge effigy of Ford in an Exxon football uniform, said he objected primarily to Ford as an individual politician. "He's just plain dumb and the way he's treated the American people has been despicable," Thompson said...
...turtleneck number ($355). A nationwide bestseller is Victor Joris' self-belted gabardine suit with pleated pants ($110); in all, some 600 stores have ordered 38,000 Joris jumps. One of the most popular numbers, though, is the inexpensive Esso suit, a loose overall in cotton emblazoned with Exxon's familiar name...
...city is nonetheless getting some help. Last week twelve big corporations with headquarters or major operations in New York, including Exxon, Union Carbide and IBM, agreed to buy $20 million of bonds to be issued by the Municipal Assistance Corp., a state corporation that is raising money for the city. (Older, higher-yield MAC bonds have been holding steady in price.) The EFCB and city hall are fashioning a new, presumably realistic budget for the present fiscal year, which Beame will announce on Oct. 20. In December, though, the money crunch begins anew: the city will have to come...
...color), have in many cases doubled, or even tripled, in the past two years. Through 1980, costs could reach $35 billion for Britain and Norway alone, or $11 billion more than the U.S. spent to land a man on the moon. Major U.S. oil companies, including Chevron, Amoco, Exxon, Texaco and others are drilling in the North Sea. But rigs are now in surplus, and the pace of exploration is expected to slow. One Norwegian oilman says flatly that "the North Sea is not a bonanza...