Word: exxon
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...Exxon were shorn of all its foreign operations, it would still be the ninth or tenth largest U.S. industrial company-even though it gets only 16% of its oil production and 32% of its sales from the U.S. Orphaned from their corporate parent, Exxon's petrochemical operations, which produce materials that go into fertilizers, records, pantyhose and myriad other products, would rank about fifth among U.S. chemical companies. If Exxon merely transported oil, it would be the world's biggest shipping firm, with 155 tankers of its own and varying numbers under charter at sea. In finance...
When profits fall in one part of its empire, Exxon usually rolls with the punch because profits rise in another part. In 1972 profits fell sharply in Venezuela because of higher taxes, but they rose in the U.S. and Canada because of higher crude production. Last year, despite the criticism in Congress that oil companies earned extortionate profits, Exxon's net income in the U.S. climbed only 16%, hardly excessive in a rapidly surging economy; meanwhile, huge demand lifted its net income in the Eastern Hemisphere by 83%. If Exxon's foreign oil concessions are taken over in the future...
Tapping Tuktoyaktuk. Exxon's world intelligence network and penchant for long-range planning have given it a head start in coping with the oil shortage. A decade ago, Monroe J. Rathbone, then chairman, began to get more and more reports that oil use was running increasingly ahead of new discoveries-and that Arabs would one day demand greater control over their resources. He ordered a stepped-up search for oil-even though the world then had a crude glut. In the past decade, Exxon's worldwide reserves have increased more than 9 billion bbl., or 21%. Crews are now searching...
Last September, just before the Arab embargo, when shortages were already cropping up, Ken Jamieson and other Exxon officials privately warned leaders of Britain, Germany, Italy and the European Common Market that they had better get an international allocation plan ready in case the Arabs turned off the spigot. They paid no attention, so it fell to Exxon and other oil companies to switch shipments around when the Arabs cut back and embargoed last October. Exxon, for example, has routed to Rotterdam Iranian oil that would normally go elsewhere, and switched away from Rotterdam the Arabian oil that King Faisal...
...politics and public relations, Exxon has been less adroit. Its top men, who are still largely geologists and engineers, are just learning that they are operating in a highly charged atmosphere in which all the company's moves have to be explained to a wary public. Jamieson complains that he is often approached by people asking about rumors of tankers riding at anchor offshore, waiting for prices to go up before unloading. Says Jamieson: "We took the trouble of going to the port captain of New York Harbor and asking if he could give us the facts. He said that...