Word: exxon
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Dates: during 1970-1979
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...advertising on a network that does not go along with our type of thinking, then perhaps we here, in this area, can change networks." Others were convinced that the program " would jeopardize their right to own handguns. Advertisers were made nervous by false rumors; one canceled because it heard Exxon was pulling...
...lengthening list of giant U.S. corporations, including Exxon, Gulf, Mobil, United Brands and Northrop, had previously admitted to making similar payoffs. The SEC's policy has been to require corporations in such cases to reveal who got their political payments and to agree not to make any more. Some have complied, others are resisting. Last week Ashland Oil Inc. argued that securities laws do not require public disclosure of the recipients of questionable payments that the company says it has made in Nigeria, Gabon, Libya and the Dominican Republic. Ashland has already supplied the names...
...later this month are expected to show that the drilling rate slackened somewhat during the second quarter, though it remained ahead of 1974. One reason is that oil companies have less money to spend: Congress has eliminated most of their depletion allowance, and their profits have dropped. Exxon, for example, reported a 34.3% decline in net from the second quarter, compared with 1974. But another reason is the discouragingly low rate of discovery. Says Petroleum Industry Research Foundation Executive Director John Lichtblau: "The plain truth is, we just haven't seen any results from the recent rapid pace...
...been found since 1973, and their discoveries are unlikely to have a major impact on the nation's total supply during the next few years. The major producers, meanwhile, seem almost certain to drill less aggressively in areas where they believe only modest quantities can be found. Says Exxon Executive Vice President W.T. Slick Jr.: "We don't find it economical to drill in isolated locations or for small amounts...
...promising offshore sites, like the Destin Anticline off the Gulf Coast of Florida, have proved every bit as disappointing as wells drilled in the continental U.S. In 1973 the Destin fields looked so lucrative that oil companies bid a record $1.49 billion for leases. After drilling 14 dry holes, Exxon, Shell and three other producers pulled out their rigs, and oilmen now refer to that ill-fated venture as "the Destin Anticlimax." They remain confident that other offshore sites-mainly along the Eastern seaboard and the California coastline-will produce better results, perhaps yielding as much as 2 billion...