Word: exxonmobil
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...global maker of food products, ended 2004 with a pension deficit of $1.5 billion. The company's pension plans held enough assets to cover 69.8% of promised retirement pay. Ford Motor Co.'s deficit came in at $12.3 billion. It could write retirement checks for 83% of money owed. ExxonMobil Corp. was down $11.5 billion, with enough money to issue retirement checks covering 61% of promised benefits. Exxon had extracted $1.6 billion from its pension plans in 1986 because they were deemed overfunded. The company explained then that "our shareholders would be better served" that...
...been predicting peak oil before 2007, but in an era of cheap oil, few people listened. Lately, several major oil companies seem to have got the message. One of Chevron's ads says the world is currently burning 2 bbl. of oil for every barrel of new oil discovered. ExxonMobil says 1987 was the last year that we found more oil worldwide than we burned. Shell reports that it will expand its Canadian oil-sands operations but elsewhere will focus on finding natural gas and not oil. It sounds as though Shell is kissing the oil business goodbye. M. King...
Inside the ExxonMobil refinery offices he commandeered after Hurricane Katrina, where temporary telephone wires dangle from the ceiling alongside sticky yellow flytraps dotted with dead flies and mosquitoes, Henry (Junior) Rodriguez is deliberating on the future of devastated St. Bernard Parish, east of New Orleans. As he downs a bag of chocolates that constitutes dinner, his considerable paunch on display, the parish president rehearses his upcoming appeal to Congress: with no taxpayers and no businesses, St. Bernard has money for just one month's payroll. Rodriguez wants help from Washington--or else. "Do people realize we produce...
...probably the wrong time to try to make a buck on soaring energy prices. Sure, Katrina has pushed oil prices-and gasoline prices at the pump-higher than you might have figured. And that spells windfall profits for energy companies, especially big oil firms like ExxonMobil and ConocoPhillips. But these stocks have been surging for more than a year. Wall Street has priced in oil at $65 or so a barrel. For the stocks to be a buy now you have to expect oil to keep going higher. Yet as the waters recede around New Orleans and oil firms...
...lies the crux of their differences. Exxon did toy with alternative-energy technologies--most notably with solar in the 1970s--but failed miserably. "Who was brought in to clean it up? Lee Raymond. He sold it all off," says Ed Ahnert, who retired last December as president of the ExxonMobil Foundation. "He learned you stick to what you know best...