Word: exxon
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...reserves began to dwindle. At the same time, consumption of gasoline leveled off and Texaco's network of filling stations became something of a burden. Many were eventually folded. As a result, Texaco's industry lead faded. By 1977 it had dropped to its current No. 3 spot, behind Exxon and Mobil. In recent years Texaco has struggled to boost profits in the face of depressed energy prices...
...Exxon, ABC and Tiffany have more in common than famous names and slick midtown-Manhattan addresses. All have Japanese landlords. Within the past six months, investors from Japan have bought the headquarters buildings of the three firms. In a new twist on the protectionist slogan "Buy American," Japanese firms are literally buying America, or at least choice pieces of it, from New York City high-rises to beachfront hotels in Hawaii. Eager as customers at a close-out sale, these investors from the Far East snapped up as much as $6 billion worth of U.S. real estate last year, more...
...their invasion of the U.S. property market, the Japanese have spent spectacular sums. Mitsui Real Estate Development paid $610 million for the Exxon Building in Rockefeller Center last December, the highest price ever fetched by a Manhattan office tower. Last November, Daiichi America Real Estate paid an all-time top price for U.S. retail space when it shelled out $94 million, or about $1,000 per square foot, for the Tiffany building on Manhattan's Fifth Avenue. Nissei Realty turned over an estimated $135 million last November for a half share of San Francisco's 38-story Crocker Bank Tower...
...slice $50 million from its $300 million budget. That draconian figure was denied by Chief Executive Officer Laurence Tisch, but the company admitted that it was still looking for ways to improve efficiency. Hundreds of other large corporations are planning or already carrying out slimming-down programs, including Exxon, Union Carbide and Time...
...University's announcement on October 3 included plans to sell $160 million worth of investments in 8 corporations including Exxon. The other seven--Royal Dutch Petroleum/Shell, the Chevron Corporation, Ford Motor Co., Texaco, Mobil Oil, Phelps Dodge, and Schlumberger, Inc.--retain links to South Africa. Harvard's endowment still includes approximately $367 million worth of stocks and bonds in companies with South African operations...