Word: mobilize
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Mobil entered the battles for Conoco and Marathon because it desperately wants to get additional domestic oil and gas sources to ease its dependence on supplies from Saudi Arabia and some potentially unstable countries. Even though Mobil spent $4.3 billion on domestic exploration and production between 1976 and 1980, its U.S. reserves declined by 6% in the past five years. Buying Marathon could increase Mobil's American oil supplies by 75%. For example, the Yates Field in West Texas, where Marathon owns a half-interest, now produces...
...Mobil, however, has been ham-handed in its efforts to buy another oil company. Some industry observers blame its failures on the insistence of Chairman Rawleigh Warner and President William Tavoulareas that they plan their own tactics without consulting outside advisers. Mobil lost out to Du Pont in the contest for Conoco by coming in with a low bid. Its initial $5.1 billion offer for Marathon in October was also immediately denounced as "grossly inadequate" by the company's president, Harold Hoopman. Said a leading investment banker: "If Mobil had bid $126 a share from day one, instead...
Some Wall Streeters speculate that in addition to seeking new American supplies of crude, Mobil is trying to find the limits of the Reagan Administration's antitrust policy. Says Philip Dodge, an oil analyst for Donaldson, Lufkin & Jenrette: "Mobil is really testing how far it can go in bidding for another oil company. In going after Conoco last summer, it never became clear whether there would be any antitrust objections...
...Mobil's bet-a-billion tactics, though, are disturbing many executives in the oil industry. Says one competitor: "If Mobil continues to be this aggressive, there may be new antitrust legislation. It would be better if they started to back off." Responds President Tavoulareas: "You're bound to be criticized as lead dog. Other oil companies just don't have the guts...
...Mobil has long been the lonely end of the oil industry. Consigned to runner-up status among petroleum refiners behind giant Exxon, it has earned a reputation for being combative and controversial. While some oil companies were worried about the political impact of venturing into other areas of business, Mobil jumped into retailing by spending $1.8 billion to buy Marcor, the parent company of Montgomery Ward...