Word: exxon
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Randall Meyer, president of the U.S. subsidiary of Exxon, met two weeks ago with Tosco President Morton M. Winston in Los Angeles and told him that Exxon was withdrawing its funding of the project. Tosco exercised its option to sell Exxon its 40% share in Colony. Tosco, with various partners, has been trying to develop shale oil in Colorado for almost 30 years. Along the way, it has become the second largest refiner of gasoline in the U.S., behind Ashland...
Tosco, though, was not big enough to carry the Colony project by itself. Its net worth is only $259 million, and it was hoping that revenues from oil shale would be large enough to make its investment in time, money and faith pay off. Winston, of course, thinks that Exxon acted too hastily. Says he: "Tosco believes that the project would be found satisfactory if full engineering and other assessment work were completed...
...Exxon's departure left Union Oil with the largest stake in shale oil in the U.S. That company has a project not far from Colony's retort, where 1,700 workers are now employed. Union President Fred Hartley vowed to press ahead, calling Exxon's decision "irrelevant" to Union's plans. Says he: "We've always felt ours was the only project really going on. The others were simply going through the motions." The company plans to have up to 700 more workers at the shale works by June. In 15 months, its plant should...
Even before the Exxon decision, the Federal Government was already getting out of the synfuel business. The Synthetic Fuels Corporation, the agency proposed by the Carter Administration to make federally guaranteed loans for synfuel projects, is off to a slow start. The Reagan Administration's market-oriented philosophy does not foresee a major Government role in synthetic energy production. A large part of the $17.5 billion allotted by Congress for shale under Carter has not been spent. Another $68 billion, envisioned in the original program as being spent on synfuels in a second phase in 1985, probably will...
...Exxon's cancellation of the Colony Shale Oil Project was more than a huge financial loss for the world's largest energy company. It was also a startling and crushing blow to the 2,100 workers who lost their jobs and to the merchants in the small prosperity. boomtowns that had been enjoying an Exxon-fueled prosperity...