Word: exxon
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...organizations in the movement "have sought to increase their income by investing in the very companies that they criticize most." The stock portfolios of the Sierra Club and the Sierra Club Foundation have included securities of such frequent targets as General Motors, U.S. Steel, Tenneco, Weyerhaeuser Co. (timber) and Exxon. The Environmental Defense Fund also holds Exxon, even though the fund fought a court battle against the Alaska pipeline, in which Exxon owns a 25% interest...
...later this month are expected to show that the drilling rate slackened somewhat during the second quarter, though it remained ahead of 1974. One reason is that oil companies have less money to spend: Congress has eliminated most of their depletion allowance, and their profits have dropped. Exxon, for example, reported a 34.3% decline in net from the second quarter, compared with 1974. But another reason is the discouragingly low rate of discovery. Says Petroleum Industry Research Foundation Executive Director John Lichtblau: "The plain truth is, we just haven't seen any results from the recent rapid pace...
...been found since 1973, and their discoveries are unlikely to have a major impact on the nation's total supply during the next few years. The major producers, meanwhile, seem almost certain to drill less aggressively in areas where they believe only modest quantities can be found. Says Exxon Executive Vice President W.T. Slick Jr.: "We don't find it economical to drill in isolated locations or for small amounts...
...promising offshore sites, like the Destin Anticline off the Gulf Coast of Florida, have proved every bit as disappointing as wells drilled in the continental U.S. In 1973 the Destin fields looked so lucrative that oil companies bid a record $1.49 billion for leases. After drilling 14 dry holes, Exxon, Shell and three other producers pulled out their rigs, and oilmen now refer to that ill-fated venture as "the Destin Anticlimax." They remain confident that other offshore sites-mainly along the Eastern seaboard and the California coastline-will produce better results, perhaps yielding as much as 2 billion...
...Exxon also disclosed that its Canadian subsidiary, Imperial Oil Ltd., paid $1.2 million to Canadian political parties over the past five years. Monroe stressed that payments in both countries were perfectly legal, but labeled the Italian payments "a mistake." In response, Church quoted from the auditors' report, which concluded that "the principal factor" in the irregularities "was that higher levels of management . . . condoned falsification of records." That, Church remarked, "says it all." Though bribing foreign officials or making donations to foreign parties do not now violate American law, concealing payments on corporate books could easily breach Internal Revenue Service...