Word: norths
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Dates: during 1970-1979
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...effort to sell natural gas legislation that would allow the companies to raise prices and profits. Economically, in the first three months of this year, the Sisters sold 38% of all the oil moving in world trade, about as large a proportion as ever. Rising output from Alaska, the North Sea and the Gulf of Mexico, where they dominate drilling, might even increase their future share. The new production, combined with a slowdown in consumption, has put off the day when the world will start running out of oil to the 1990s, or the early 21st century. Far from being...
...companies have done a creditable job of maintaining earnings through what amounts to an oil revolution, and for some the outlook is so bright as to make Pocock's optimism seem understated. Once they pass the point at which the rising returns from Alaska, the North Sea and the Gulf of Mexico outweigh the enormous sums they are still spending to expand there, the Sisters will probably confront an unusual new problem for the 1980s: coping with a flood of profit so great that the men in charge literally will not know what to do with...
...Exxon is a prize example of strength begetting strength. It has bid top dollar on the choicest drilling leases around the world and has participated in all the major new finds; it has a 25% interest in Alaska's Prudhoe Bay fields, and a major stake in the North...
...addition, Mobil has strengthened its position as an oil and gas producer with major interests in the North Sea and Alaska, and has had incredible luck in the Gulf of Mexico. Last year it sank 28 wildcat wells there and struck oil in 14, a feat about equal to a baseball player hitting .425. Mobil has the most important nonenergy businesses of all the Seven; in 1976 it completed a 100% takeover of Marcor, parent of Container Corp. of America and Montgomery Ward. Last year these subsidiaries earned $175 million, or 17.5% of Mobil's profits...
...year they plunged 28%. Domestically, Texaco stayed far too long with its Louisiana oilfields, where output is now dropping sharply, and overseas it has put too much of its money into Indonesia, where new finds are inadequate to replace the oil being lifted. It missed out on the choicest North Sea tracts, and must now spend enormous sums to develop fields less promising than those tapped by others. It has been drilling wells in Alaska but it has not yet found oil there...