Word: mobilizations
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...companies agreed that the quarter had been good. Shell's earnings were up 7% to $66 million, Texaco's up 8.7% to a record $191 million, Mobil's up 9% to $93 million. Smaller Continental Oil had a 26.3% increase in profits to $31 million. Jersey Standard, biggest of them all, was beset by lower product prices abroad and increased costs, and managed only to equal last year's first-quarter earnings of $294 million despite a 7% rise in revenues. Gulf and Phillips Petroleum, on the other hand, did so well that they increased dividends...
...Shared by British Petroleum, Compagnie Française des Petroles, Royal Dutch/Shell, Mobil Oil, Standard Oil (New Jersey) and the Gulbenkian family of Europe...
...world. Today it stands seventh, behind the U.S., U.S.S.R., Venezuela, Saudi Arabia, Kuwait and Iran. Thirty-nine companies have drilling operations in the Libyan desert. The biggest producer is a consortium, Oasis Oil Co. of Libya, Inc., comprising Continental, Marathon and Amerada-Shell. Also on the scene are Esso, Mobil/ Gelsenberg (75% Mobil-owned) and Amoseas, a joint exploration venture of Texaco and Standard of California. Together, these giants pump more than 1.7 million...
...Sukarno in 1964 began forcing foreign firms into a plan called "production sharing"-a euphemism for expropriation-the U.S. investment alone in Indonesia amounted to more than $520 million. Only two oil companies, Caltex (owned by Texaco and Standard Oil of California) and Stanvac (owned by Jersey Standard and Mobil), managed to keep operating. Other companies lost longtime investments: U.S. Rubber had to give up 54,000 acres of rubber plantation, and Goodyear Tire & Rubber lost two plantations and a tire plant at Bogor, near the capital. Though ridiculously low repayments were negotiated, no money has yet changed hands...
...I.P.C., composed of French, British and U.S. partners, including Mobil and Jersey Standard, considers Syria's demands "fantastic." Syria wants its annual take increased by $15 million to $43 million; on top of that, it is asking for another $11 million a year over the next decade to make up for what it calls "faulty accounting" in I.P.C.'s past fee payments. When I.P.C. balked at the outrageous sums, Syria at first threatened to blow up the pipeline, then decided to seize it and force I.P.C. to run it under government supervision. As things stand, I.P.C. may have...