Word: exxon
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...million shares, the largest single voting block, will have no part of that. Superior's management claims that Keek's sister is in effect putting a For Sale sign on the company and making it vulnerable to a takeover by a major oil company such as Exxon or Texaco. Day has filed suit seeking to stop Superior from holding its annual meeting in May. That would forestall the re-election of directors whom Day deems obstructionist...
...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...
When Atlantic Richfield Co. decided a year ago to eliminate credit cards and cut its gasoline prices by 30 per gal., competitors snickered. After all, 25% of drivers buy gasoline on credit. But when Arco's volume started zooming upward, the competition quickly retaliated. Exxon and Amoco, two of the nation's largest marketers, announced a discount-for-cash policy. And Shell counterattacked by accepting credit cards from Arco holders and converting them into Shell customers...