Word: exxonmobil
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Were increasing the profits of U.S. energy companies actually President Bush’s driving motivation, he would not be preparing the American military for a massive operation. The reason ChevronTexaco and ExxonMobil are currently unable to tap the wealth of resources in Iraq is because of the U.N.-imposed economic sanctions that have been in place since Hussein’s invasion of Kuwait in 1990. The easiest way to get at Iraqi oil, therefore, is to end sanctions. Peter Beinart, editor of the New Republic magazine, illustrated this point in early October. “Attacking Saddam...
...Security concerns, too, continue to dog foreign operators, who are targets for myriad Indonesian groups with grievances and agendas. Last year, ExxonMobil closed its gas field in Aceh for four months due to safety concerns as violence escalated in the region, where separatist rebels are fighting a guerrilla war against the government. Now 3,000 government troops guard the site, but turmoil continues. Earlier this year, a bicyclist carried a pipe bomb to within a few hundred meters of the front gate of the gas field operation when the bomb detonated prematurely, killing him. "Indonesia is becoming the Nigeria...
...Middle East - a search made more urgent in the wake of this month's terror bombing of an oil tanker off the coast of Yemen. European companies such as TotalFinaElf and Royal Dutch Shell have long been players in the region but leading the new charge are U.S. giants ExxonMobil and Chevron and independents such as New York-based Amerada Hess. American firms have been particularly aggressive in wooing new producing countries like Equatorial Guinea and can tap their experience in deep water drilling in the Gulf of Mexico. West African oil is low in sulphur, which makes it easy...
...shareholder lawsuits, Mayo estimates. At the same time, the bank is dealing with souring investments in Argentina and Brazil and is under a cloud for lending practices in the Caribbean. This should have been Weill's year. Citi's booming earnings have put it on track to unseat ExxonMobil as the most profitable corporation in the world. Fortune named Citi one of the world's most admired companies, and Chief Executive named Weill the best CEO. A proud business builder, Weill would like nothing better than to refocus the spotlight on what he's done right...
...quarter turned around and bitten the entire industry on the rump. With the suffering global economy keeping prices down all winter, first-quarter earnings season has hardly been a great one for BP (profits down 57 percent year-over-year), ChevronTexaco (down 70 percent), Conoco (down 84 percent) or ExxonMobil (down 58 percent). And the oft-quoted Marathon Oil? Net income in Q1 2002 was down 87 percent from 2001, due primarily to - as was the case for all of the above - reduced profit margins for refined crude products...