Word: exxon
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...mind-boggling. They fill seven of the eleven top slots in the list of the world's largest industrial companies; General Motors, IBM and Ford are the only U.S. non-oil firms in their class. In size, the Sisters easily match many of the nations they deal with. Exxon's assets ($38 billion) and Shell's sales ($39 billion last year) are about equal to the Italian national budget...
...where they have wangled concessions. But they still get to sell the oil from those former concessions, and without having to put any money into new wells and pipelines. Case in point: Saudi Arabia, which has bought 60% of Aramco from the firms that created it 45 years ago, Exxon, Mobil, Texaco and SoCal. But the main result, as SoCal Chairman Harold J. Haynes describes it, is that "capital investment will be supplied by the Saudis. We are relieved of that responsibility...
...exhaustible asset: though the day when the oil begins to run out has been delayed, it will come. The companies prudently are putting huge sums into diversification. They own far more coal than firms that specialize in coal mining, are active in uranium production and solar power research. Exxon and Gulf are partners with Cities Service and the Canadian government in Syncrude, a company that will open a plant designed to squeeze oil at last from the famed Athabasca tar sands. The sands, in northern Alberta, have long been known to contain gigantic amounts of petroleum...
...EXXON, the world's largest energy concern, suffered an 8% drop in profit last year, to $2.4 billion, but only because the weakness of the dollar increased the number of greenbacks that will be needed to pay off its foreign debts. In the first half of this year, however, its net increased 13%, to $1.4 billion, and the quarterly dividend was raised 10? a share, to 85?. Exxon is a prize example of strength begetting strength. It has bid top dollar on the choicest drilling leases around the world and has participated in all the major new finds...
...guard against the day when the oil runs out, Exxon since 1970 has acquired coal reserves of more than 8 billion tons, and now operates several mines. It is also pushing some ventures far removed from oil. For example, early this year it introduced Qyx, a computer-programmed typewriter designed to undersell wordprocessing IBM and Xerox machines. One indication of Exxon's strength: it plans a staggering $24 billion in capital expenditures over the next four years, to be financed just about entirely out of its own cash, with little if any borrowing...