Word: exxon
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Dates: during 1970-1979
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...ownership of the Arabian American Oil Co. Only two weeks ago they completed an interim deal that raised their ownership from 25% to 60%-a move with ironic consequences in light of their stated desire to lower prices. Under the complicated oil pricing system, the four American oil companies (Exxon, Texaco, Standard of California and Mobil) that have part-ownership of Aramco will have to "buy back" 60% of Aramco's daily output at 93% of the posted price, raising the market price of Saudi crude by about $1 per bbl. But when the Saudis take complete control...
...conservative portfolio, for example, contained stock in American Telephone & Telegraph, DuPont, Exxon, General Electric, Manufacturers Hanover Corp., and Proctor and Gamble...
...directory of the nation's 500 largest industrial corporations shows that their total sales went up 19.6% and their profits 39% from 1972. Both gains were the biggest in the 20-year history of the survey. Oil companies, not surprisingly, posted the largest profit gains, a median 53.3%. Exxon, while remaining second to General Motors in sales ($25.7 billion to $35.8 bil lion) passed GM by almost every other measure: profits ($2.44 billion to $2.40 billion), assets and stockholders' equity. But many other industries did almost as well: paper and wood-products makers, mining companies and textile manufacturers...
...both rightists and leftists proclaim allegiance to him. But one key element in his effort to keep the country together is continued economic improvement, or at least stability, which depends in no small measure on foreign investment. Many of the kidnap victims have been foreign businessmen, such as U.S. Exxon Executive Victor Samuelson, 36, who was released last week after 144 days of captivity and after his firm paid $14.2 million hi ransom. Last November a U.S. Ford executive was killed in an apparent kidnap attempt. With such rampant violence seemingly beyond Perón's control, U.S. companies...
...actual practice this has been the case for the oil companies. When the oil shortage made Exxon's profits rise 60 per cent in 1973 to $2.4 billion, the company increased 1974 investment in the search for oil 73 per cent, to $6.1 billion. Gulf's profits were up 79 per cent in 1973, to $800 million, but Gulf has increased its 1974 capital investment to $2 billion. Atlantic Richfield, making $270 million last year, plans to double its capital investment in 1974 to $1.1 billion. The same is true for all oil companies, large and small. The oil companies...