Word: exxon
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Dates: during 1980-1989
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...companies have been feeling the pain as well. In their case, however, it has taken the form of lower profits rather than bankruptcies and losses. Earnings for the two dozen largest oil producers fell to an estimated $20.3 billion last year, down nearly one-third from their 1980 peak. Exxon, the world's largest industrial company, cut its work force by 7,000, closed some 3,000 service stations and sold off 17 tankers, but reported that profits still dropped 13%, to $4.2 billion. Texaco earned $1.3 billion, down about...
...Exxon, Texaco and other big oil firms face another threat to the bottom line. Last week the Supreme Court refused to hear a Texaco appeal of a lower-court ruling that the company overcharged customers by some $750 million during the 1970s. That decision came shortly after a federal judge had ordered Exxon to refund about $1.5 billion in overcharges and interest in another Government case. Both companies insist that they will continue to fight the complaints...
Part of Denver's office glut reflects the collapse of the synfuels industry, which was to have produced high-cost fuels from shale, tar sands and other sources. Dozens of projects have been shelved in the face of falling energy prices. One of the largest was Exxon's multibillion-dollar Colony Shale Oil venture near Parachute, Colo., which was closed a year ago at a cost of 2,100 jobs. Recalls Allen Koeneke, president of the First National Bank in Rifle, Colo. (pop. 3,215), some 17 miles away: "When the news hit, we would have...
...committee divided on a resolution asking Exxon to stop its attempts to obtain a mining permit on land in Wisconsin in that Indians claim belongs to them...
Kossan said that the 3-3 vote, with four people abstaining, drew extensive discussion because of the unclear language of both the resolution and Exxon's response to the proposal...