Word: exxon
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Forty percent of the Saudi crude yield belongs to the four members of Aramco-Texaco, Mobil, Exxon and Standard Oil of California. Sixty percent belongs to the Saudi government. The Aramco companies must ante up taxes and royalties on their share, calculated on the basis of a theoretical "posted price." It is this posted price that the Saudis reduced-from $11.65 to $11.25 per bbl. for its Arabian light crude. But at the same time, they sharply raised the taxes and royalties...
Lost Profit. The reason is that unless Aramco raises its prices to those customers, it could lose all the profit that Aramco companies now collect on Arabian light crude. Exxon, one of Aramco's owners, estimates its own profit at 34? per bbl. But if Aramco has to pay 94.8% of the posted price as well as the higher taxes and royalties, its costs per barrel could jump as high as 55?, to about $10.35. At a meeting of security analysts in Manhattan last week, Exxon Chairman J. Kenneth Jamieson said he was "somewhat mystified" by the impact...
...Secretary of State, traditionally a sleepy sinecure for men content to shuffle documents. But Brown, using the latent powers of the office, began acting more and more like the state's Attorney General. He sued three oil companies for making illegal campaign contributions. Today Brown runs against Exxon nearly as vigorously as he does against Richard Nixon; he has accepted no contribution from a major oil company-not that many have been offered. Says Pat Brown proudly: "He had more guts than I did, taking on major oil companies. I just let 'em alone...
...price increase had helped West Virginia to start coal operations again, reopen the mines and reinstate thousands of jobs. He said, "Don't ever lower oil prices below those of alternative sources of energy." I want to know, are you Americans always going to think of Exxon and Texaco? What about West Virginia...
...biggest stockholdings are in what once were strictly family businesses: Exxon ($28 million-417,015 shares) and Rockefeller Center ($25.5 million-325,000 shares). Next come IBM ($19.9 million-103,635 shares) and Eastman Kodak ($11.9 million -148,524 shares). Others: Standard Oil of California ($11 million-449,558 shares), General Electric ($2.8 million -72,648 shares) and Dow Chemical ($1.5 million-26,031 shares...