Word: mobil
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...been a long time since the 13 members of the Organization of Petroleum Exporting Countries were unable to sell every barrel of crude they pumped, or since oil companies such as Exxon, Mobil Oil and Gulf Oil suffered from declining profits and bulging inventories. But that is precisely the situation in the suddenly upside-down world oil market. Skyrocketing prices and sagging demand have brought on a continuing petroleum mini-glut...
...predict that as a result of the weak market, first-quarter earnings, which the companies will begin to release this week, will be down sharply. Said Dillard Spriggs of New York's Petroleum Analysis Ltd. research house: "Virtually every company will be affected by the downturn." Exxon and Mobil are expected to see earnings drop about 25%, while Gulfs earnings may decline more than 40%. Overall, of course, Big Oil will still remain very profitable. Some companies, such as Standard Oil of California, may well show modest increases over first-quarter 1980 profits, which were enormous...
...companies go?" They can hardly buy up more oil and gas properties without running afoul of antitrust laws. At the same time, oil companies' investments outside of natural minerals have often been bummers. Exxon has reportedly lost heavily on its venture into office equipment, and Mobil has been forced to pump millions into the Montgomery Ward retail chain that it bought in 1976. Moreover, natural resources look like a smart investment. President Reagan's pledge to increase defense spending should increase the demand for strategic materials. The stocks of many mining companies are currently depressed and thus...
...price overcharges and other offenses amounting to $11 billion. Before leaving office, the Carter Administration dropped $3.5 billion of the claims against 15 companies after they agreed to make cash payments totaling $550 million to consumers and the Government. But many of the biggest firms, including Exxon, Texaco and Mobil, refused to settle. In view of the new President's budget proposals, they may have been wise. Says Paul Bloom, who headed Carter's oil-price investigation: "These cutbacks would constitute a death blow to any credible effort to pursue prosecutions against major refiners...
Gary S. Guzy, a law student and former director of the CCRP, said Mobil's conclusion about the similarity of CCRP's 1980 and 1981 proposals is "entirely unjustified," adding that it did not contain false or misleading statements. In a letter to the SEC, Mobil stated that the CCRP resolution is not limited to South Africa and Rhodesia, and could prohibit important investments in Canada and Britain, two countries whose secrecy laws also prevent full disclosure of the use of goods and services supplied by the company...