Word: exxon
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...slide began early in the week, when both Exxon and U.S. Steel announced lower second-quarter earnings. Then on Wednesday came a shocker from Bethlehem Steel, which reported an operating loss of $75.4 million for the first half and cut its dividend. With that, the slide turned to slaughter: in frantic trading, the Dow plunged almost 20 points. For the week, it closed down 33 points, at 890.07, almost 10% below its January level...
...rising profits were caused mainly by higher sales, typically up 12% or more. Because operating expenses remained roughly the same as last year, when sales were slow, much of the increase in turnover spilled into profits. Among the 19 large oil companies, only two-Exxon and Occidental-showed slight second-quarter decreases. All the rest showed gains. The best performer by far was Amerada Hess, a big independent, whose second-quarter earnings rose 77% over the same period last year, to $51.9 million. Other outstanding performances: Atlantic Richfield (up 41%, to $191.2 million), Getty (up 21%, to $75.8 million), Union...
...work of independent operators Their names-Houston Oil & Minerals Mesa Petroleum; Sanchez-O'Brien and Denver's Davis Oil are some of the "hot" outfits-are unknown to the public. But last year Davis, for example, discovered more onshore gas and oil wells in the U.S. than Exxon. Lately the big firms have begun to drill more too. So far this year Shell has sunk 59 wells in the U.S., compared with only...
...companies take ostentatious care to have everyone use first names-though secretaries often remain "Ellen" while the boss is "Mr. Jackson." The jaunty practice of using initials is often helpful: everyone becomes E.C., J.B., T.L., and so on. Clare, a young woman who wants to make her way at Exxon, began introducing herself...
...Amerada Hess, Arco, Sohio, Exxon, Mobil, Phillips. Union and British Petroleum...