Word: exxon
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Just where that will leave Exxon and the other majors is probably the big oil question of the next decade. Leaders of the producing countries have heady visions of refining, transporting and selling worldwide through their own national oil companies. Exxon officials, who can remember expropriations in Mexico, Peru, Cuba and Iraq, remain quietly confident that the producing governments in the end will turn to them for help. They already control refineries, pipelines, tankers and gas pumps that, they still believe, the producers cannot do without. Iran nationalized its oilfields in 1951, but a consortium in which Exxon...
...Exxon is gearing up to close the gap as much as it can. The company is rich in reserves of what oilmen call "politically insensitive crude"-oil least subject to nationalization. It is among the largest developers of the two richest fields discovered in the past decade: in the North Sea and on Alaska's North Slope. Both should reach peak output around 1980. Exxon also owns most of a field off Santa Barbara, Calif., which holds reserves estimated as high as 1 billion bbl. but cannot be fully exploited until environmentalist objections are overcome. More oil surely lurks beneath...
...confronting the changes now racking the oil business, Exxon is not without its strengths-to put the matter in a classic Exxon understatement. Whatever Arabs or Congressmen do, the company's wealth, experience, savvy, diversity and proven ability to adjust promise to keep it the most formidable tiger in the world...
...criticism. All have been tarred with the same vague but pervasive public suspicion that they have conspired to create the shortage-a charge for which there is no evidence-or at minimum have taken advantage of it to enrich themselves by raising prices. Much of the attack focuses on Exxon's executives, ranging downward from Canadian-born Chairman John Kenneth Jamieson (see box following page). Such men are several light-years removed from the vulgar, wheeler-dealer, overnight Texas oil millionaires of popular myth and occasional reality. Still, as successors of Founder John D. Rockefeller, they must contend with memories...
...same reasons, the Exxon chiefs stand the best chance of coping with the new environment of shortage. The company's size and diversity limit its vulnerability. In 1973 Exxon rolled up worldwide sales of $28.5 billion -about the same as the NATO defense budget. Rigs working for Exxon or companies that it partly owns bring up oil from the Arctic tundra, the Arabian deserts, the Gulf of Mexico and Venezuela's Lake Maracaibo. Gasoline, jet fuel and heating oil are distilled from the crude at refineries in Benicia, Calif., Rotterdam, Ras Tanura in Saudi Arabia, and Singapore. Pumps blazoning...