Word: exxon
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...invitation for price gouging. The National Iranian Oil Co. (NIOC) demanded $50 per bbl. for some oil it put on the spot market and threatened that if its regular customers did not pay the price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot market. Meanwhile, Saudi...
Carter's latest episode of rhetorical overkill may have won him some election campaign points, coming when oil companies have been announcing unexpectedly high profits. Last week, following reports by other major oil companies of large third-quarter profit boosts, including Exxon's 118% rise to a record $1.1 billion, the Standard Oil Co. of California announced a quarterly gain of 110%. Ten of the largest U.S. oil companies showed third-quarter gains averaging...
...third quarter of 1978 had been the worst three-month period in five years, and thus comparisons with this year's figures would show exaggerated growth. A July change in British tax law provided a onetime $200 million bonanza, and a reduction in foreign exchange losses saved Exxon $51 million. Those two items accounted for nearly a quarter of the 118% increase...
...energy companies will need vast sums to pay for development projects, and much of it will have to come from profits or from the capital of investors attracted by profits. While Exxon, for example, has earned nearly $3 billion so far this year, it has also invested $7.5 billion in energy exploration and development, with 41% of it in the U.S. Partly because prices and profits are up, domestic drilling is booming. The number of oil rigs at work in the U.S. has jumped from 1,929 in April to 2,391 at present and is expected to reach...
...international bankers find this money eminently spendable. If Exxon earns $100 million on sales in Europe and deposits it in a U.S. bank's Lon don branch, the money becomes Eurodollars, and the bank can lend it to some other company to build a plant in Turin or Trenton. Because the dol lars are outside the U.S., the bank is free from Federal Reserve rules that require it to keep as much as 16.25% of its U.S. demand deposits frozen rather than loaned out. Since this free dom lowers the bank's costs, it can pay perhaps...