Word: exxon
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Many prominent political, literary and academic figures are on the 83-person committee organizing the scholarship. They include: Marguerite S. Robinson '56, dean of students at Tufts University: John C. Culver '54, former senator from lowa: and Stephen Stamas '53, vice-president of Exxon...
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 using inflation accounting, other large companies show smaller profits, if not outright losses. Exxon's income dips $560 million to slightly more than $5 billion; Alcoa's plunges from $470 million to $ 144 million. Robert Hampton III, a Price Waterhouse senior partner, says that a survey of 83 companies using inflation accounting last year showed that real profits were about 40% less than those reported on the normal balance sheet. Another survey, by Arthur Young & Co., revealed after adjustments for inflation that airlines, railroads and tire and rubber companies actually lost money. High-technology companies like...
...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...