Word: exxon
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...directory of the nation's 500 largest industrial corporations shows that their total sales went up 19.6% and their profits 39% from 1972. Both gains were the biggest in the 20-year history of the survey. Oil companies, not surprisingly, posted the largest profit gains, a median 53.3%. Exxon, while remaining second to General Motors in sales ($25.7 billion to $35.8 bil lion) passed GM by almost every other measure: profits ($2.44 billion to $2.40 billion), assets and stockholders' equity. But many other industries did almost as well: paper and wood-products makers, mining companies and textile manufacturers...
...both rightists and leftists proclaim allegiance to him. But one key element in his effort to keep the country together is continued economic improvement, or at least stability, which depends in no small measure on foreign investment. Many of the kidnap victims have been foreign businessmen, such as U.S. Exxon Executive Victor Samuelson, 36, who was released last week after 144 days of captivity and after his firm paid $14.2 million hi ransom. Last November a U.S. Ford executive was killed in an apparent kidnap attempt. With such rampant violence seemingly beyond Perón's control, U.S. companies...
...past two weeks, the profits for the first quarter of 1974 for the largest U.S. oil companies have been widely reported as showing great gains for the oil companies. Texaco's profits were up 123 per cent, Standard Oil of Indiana's profits were up 81 per cent, and Exxon's profits were up 38 per cent. But what do these statistics mean...
...actual practice this has been the case for the oil companies. When the oil shortage made Exxon's profits rise 60 per cent in 1973 to $2.4 billion, the company increased 1974 investment in the search for oil 73 per cent, to $6.1 billion. Gulf's profits were up 79 per cent in 1973, to $800 million, but Gulf has increased its 1974 capital investment to $2 billion. Atlantic Richfield, making $270 million last year, plans to double its capital investment in 1974 to $1.1 billion. The same is true for all oil companies, large and small. The oil companies...
...Exxon, the world's largest oil firm, showed the smallest gain: 39%. Its report drew accusations from Wall Street oil analysts quoted by the Associated Press that Exxon had understated its profits by $400 million, and that the true increase was 118%. The money, said the analysts, is being salted away in a reserve fund that would be used to help offset expected losses this year resulting from higher U.S. taxes on the oil industry and from the higher prices that Middle Eastern countries are expected to charge Exxon for crude under revised participation agreements. Both are reasonable expectations...