Word: exxon
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...years ago, such Ethel Mermanesque exuberance would have sounded strange coming from the chief of one of world oil's fabled Seven Sisters-Exxon, Shell, Mobil, Texaco, British Petroleum, Standard Oil of California and Gulf.* Though the sorocracy had ruled the international oil trade since it began, the upheaval in the business that started with the Arab embargo of 1973 threatened to end this reign. Flushed with their success in quintupling the price of petroleum, the OPEC countries were about to nationalize their oilfields, which would strip the Sisters of ownership of much of their crude reserves. Some governments...
...gain from sheer size. Different though they are, they all-again like real sisters-show a strong family resemblance. They are all vertically integrated companies controlling the flow of oil from well through pipeline and refinery to gasoline pump. All are multinationals; Shell operates in well over 100 countries, Exxon nearly as many...
They have also gained a foot in the corporate door. More than 50 companies have been interested in the program since its inception. Funded by the National Endowment for the Humanities, with grants from such corporations as A T & T, Exxon and General Motors, the program has established strong links between business and academe. Part of the mission has been to smash stereotypes. Says one Ph.D.: "It works both ways. Businessmen see us as people with no feet on the ground; we see them as ogres...
...incurable gamblers that they are, oilmen seldom quit. Shell is moving its rig southward and, along with a group of 18 partners, will sink a second well, to a planned 16,000 ft. Mobil, Exxon and Texaco are pressing ahead with test borings of their own. They recognize that a few disappointments should not cause them to give up the search at sea. So far, only two test wells-the Conoco and Shell dry holes-have been drilled to completion in the Baltimore Canyon. By comparison, at least eleven were sunk into Alaska's North Slope before a good...
...ship is named the S.S. Arco Anchorage, and it leaves at dawn for Long Beach, Calif., carrying 120,000 tons of oil. Outside the harbor's "narrows," a glitter of orange lights signals the impatience of the 800-ft.-long, 71,500-ton Exxon New Orleans, waiting its turn at the spigot. Though they are less than half as big as the Ultra-Large Carriers (ULCCS), both ships are leviathans of 20th century technology: supersized carriers of an increasingly scarce resource. They are also dinosaurs. When the oil is gone, or is replaced as an energy source, these tankers...