Word: mobiles
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Dates: during 1970-1979
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...worth an estimated $500 million, Bakr & Co. endangered the bulk of their future revenues. Now the government must produce and market oil in the face of legal threats from one of the world's most powerful consortiums, IPC, which is owned by Standard Oil (New Jersey), Mobil, Royal Dutch/Shell, British Petroleum, Compagnie Franchise des Petroles and minority investors. The four senior partners are influential enough to block sales of Iraqi crude to other major oil companies. IPC also stands ready to act under international law to sequester cargoes of "stolen" Iraqi oil. British Petroleum has already seized tankers carrying...
Quite a few businessmen are in favor of controls but annoyed by bureaucratic confusion in applying them. Both Rawleigh Warner Jr., chairman of Mobil Oil, and John Watlington, president of Winston-Salem's Wachovia Bank, say that the Price Commission has accused their companies of not filing required profit reports, although in fact they did. At the Price Commission, says Warner, "the right hand does not know what the left hand is doing." The quickening upturn in business the last few months has allayed many executives' doubts about Nixon, but others still worry that the domestic economic difficulties...
More to the point, it is easy to find stocks in heavy industry in general or oil in particular which offer better combinations of risk and return than does Gulf. For example, Gulf's competitor Mobil Oil has shown a far greater earnings growth than Gulf (since 1968, Gulf's earnings have actually declined), better price performance and a comparable dividend yield (Mobil's dividends have increased). Whatever the precise balance of merits between Gulf and similar, but "good" capitalists, it is safe to say that in this case a solid argument can be made for divestment on economic grounds...
...price will be figured. The OPEC governments want to calculate their bill simply by totaling the book value of a company's equipment, real estate and other holdings. By that measure, Aramco, which is jointly owned by Standard Oil of California, Jersey Standard, Texaco and Mobil, is worth some $500 million. Yet company officials rightly believe that as the holder of a concession on Saudi Arabia's fabulous oil reserves until 1999, Aramco has a much higher commercial value. They insist on compensation for the loss of future profits...
Officers of oil companies-notably Jersey Standard and Mobil-argue that some trust-fund money should be spent on rail as well as highway transit projects. These executives are worried about a future shortage of oil, which they want to conserve. It is remarkable that some top businessmen are contemplating means to reduce demand for their basic product. Even more remarkable, this rejiggering of the oilmen's past philosophy puts them in the same camp as their most outspoken critics-the environmentalists...