Word: exxon
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Clifton C. Garvin Jr., 60. Last year the Business Roundtable tapped the folksy but forceful head of Exxon to replace Thomas Murphy as its chairman and chief public spokesman. That was a surprising move, considering the unpopularity of oil companies, but Garvin had long since proved his ability to defend business. In the summer of 1979, even as Americans were stuck in gasoline lines across the country, he appeared on the Phil Donahue television show and calmly argued that the shortage was not contrived. A chemical engineer and an Exxon man for 34 years, Garvin believes that energy price controls...
When Thomas D. Barrow, 56, resigned as a senior vice president of Exxon in 1978 to become chairman of Kennecott Corp., the nation's largest copper company (1980 sales: $2.3 billion), he probably figured that his days in the oil business were over. But suddenly last week Barrow found himself back with another oil company. Standard Oil of Ohio made a successful bid to buy Kennecott for $1.8 billion in cash...
...blocked. Asks Wall Street Analyst Joseph Clark of Wertheim & Co.: "Where else can the oil companies go?" They can hardly buy up more oil and gas properties without running afoul of antitrust laws. At the same time, oil companies' investments outside of natural minerals have often been bummers. Exxon has reportedly lost heavily on its venture into office equipment, and Mobil has been forced to pump millions into the Montgomery Ward retail chain that it bought in 1976. Moreover, natural resources look like a smart investment. President Reagan's pledge to increase defense spending should increase the demand...
...refiners of price overcharges and other offenses amounting to $11 billion. Before leaving office, the Carter Administration dropped $3.5 billion of the claims against 15 companies after they agreed to make cash payments totaling $550 million to consumers and the Government. But many of the biggest firms, including Exxon, Texaco and Mobil, refused to settle. In view of the new President's budget proposals, they may have been wise. Says Paul Bloom, who headed Carter's oil-price investigation: "These cutbacks would constitute a death blow to any credible effort to pursue prosecutions against major refiners...
Clifton C. Garvin, Jr., chairman of the Exxon Corporation, will chair the management portion of the group and Lane Kirkland, president of the AFL-CIO, will head the labor segment...