Word: exxon
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...Exxon Corp. announced last week that its second-quarter profits totaled $885 million. At almost any other company, such a performance would be cause for frenzied backslapping and fat bonuses. But at the world's largest industrial corporation, which earned $1.8 billion during the same period last year, there were no celebrations. In fact, the plunge in profits has forcecd Exxon to conserve cash by slashing its work force, cutting back on advertising and reducing executive perks. Hurt by sluggish demand for petroleum products and a string of troublesome investments, Exxon is preparing for a bout of hard times...
...retrenchment marks a substantial reversal for a company that politicians and the public have regularly reviled for making "obscene" profits. Between 1978 and 1980, Exxon more than doubled its annual earnings, to $5.7 billion. This incredible surge, caused by an unprecedented jump in oil prices, could not continue for long. Profits dipped slightly in 1981, and oil industry analysts predict that the company's income will fall this year to as low as $4 billion. Though that sum still looks enormous, it will not be enough to meet Exxon's burgeoning cash needs. The company had hoped...
...shore up profits, Exxon is slimming down its work force, which has swelled 28% since 1972, to 180,000. Within the past few weeks, some 30,000 employees in the U.S. have received letters from management offering them cash incentives to quit their jobs. The company will not reveal the exact terms of the golden handshake deals, but range from a few months' pay for relatively new workers to full pension benefits and generous bonuses for those nearing retirement. Insiders say that management's goal is to trim the staff by 15%. Supervisors have warned their workers that...
...world at large. The "work hard / play hard" cultures of companies like McDonald's, IBM, Xerox, Pitney Bowes and R.H. Macy carry well beyond the office, showing up in a dedication to sales and customer service. A spirit of entrepreneurial risk-taking helps "bet-your-company" firms like Exxon and Boeing to make huge investments in high-risk ventures that take years to develop...
...pullout by Exxon from the Colony Shale Oil Project does not diminish the potential for synthetic fuels as an eventual solution to our energy problems. Government and private energy planners forecast rising world oil prices in the near future. All foresee the necessity for synfuels before the year 2000. The pullout by Exxon underscores the need for the Government to set a firm, long-term policy through the Synthetic Fuels Corporation for the development of a synfuels industry...