Word: exxon
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...also seek to limit the amount of foreign tax payments that oil companies can deduct from their U.S. taxes. Treasury Secretary George Shultz calculates that if the limit were in effect now, oil companies this year would pay $400 million more in U.S. income taxes -about as much as Exxon will spend to expand the Baytown refinery. The windfall-profits measure will die if Congress legislates an oil-price rollback, but some increase in taxes seems certain...
Emilio Collado, an Exxon executive vice president, says that any tightening of the rules that permit foreign taxes to be subtracted from U.S. taxes would hurt Exxon worse than many of its competitors, partly because the company's foreign operations are so extensive. Collado insists that critics of the industry should look at not just the U.S. taxes but also the worldwide taxes that it pays. Exxon last year, he asserts, paid 60% of its global taxable income to various governments. The industry's defenders argue further that tax rules have given it no profit bonanza. Until last year...
...people who work in this business are not sissies, and they don't like sissies either," says a Canadian oilman who once worked with John Kenneth Jamieson, Exxon's chairman and chief executive. "Jamieson is .one of the toughest and most evenhanded men I have ever met. When you are supposed to get something done for Jamieson, you had better get it done...
...Texans, and Jamieson's job was to bring it under more direct control of Jersey's central management. He melded the operation of five U.S. affiliates into a smoothly functioning division and cut the work force from 40,000 to 28,000. The division was later renamed Exxon Co., U.S.A. The consolidation left scars; some longtime Humble employees still call the Exxon Tower in Houston "Yankee Stadium." Jamieson became a U.S. citizen in 1964. "It only made good sense," he says, "because when you're dealing with U.S. Government people, you can't deal with them...
When Haider reached the mandatory retirement age of 65 in 1969, Jamieson took over as chairman, moving in 1972 into a huge, sparsely furnished office on the 51st floor of the Exxon Building in mid-Manhattan. Jamieson, who earned $401,666 in salary plus $195,000 in bonus last year, smoothly delegates authority. "In a big organization like this," he says, "you've got to push decision making to as low a level as possible and get it done. There is a fine line between pushing too far and not far enough." Says one Exxon insider of Jamieson...