Word: occidentale
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Iowa Beef was acquired last year by Occidental Petroleum Corp. for about $800 million in stock. In 1981, Iowa Beef earned $58 million on sales of $5.2 billion. Company officials have consistently pumped profits back into upgraded facilities. Says Spokesman Charles Harness: "We have a philosophy that if we can...
Leasing is a prime case in point. Congress was concerned last year that the investment tax credits would be of little use to companies that needed to buy new machinery but had no profits and thus no taxes to reduce. So the legislators allowed such companies, in effect, to sell...
"There is a feeling that it is a bum idea and ought to be changed," says Wyoming Congressman Dick Cheney, chairman of the Republican Policy Committee. But, surprisingly, the leasing provisions are defended by some of the very economists who most harshly assail last year's giveaways. Brookings Institution...
Similar questions arise about the appointment of Armand Hammer, chairman of Occidental Petroleum, as head of the President's Cancer Panel. In 1975, Hammer pleaded guilty to three misdemeanor charges involving improper contributions to the campaign fund administered by Stans. It was hardly a major matter, and Hammer is...
Like Exxon, other oil companies operating in Libya are discontented, particularly with Gaddafi's high prices, royalties and taxes. Mobil, for one, announced late last week that it was considering pulling out. Only Occidental, which negotiated a special price concession from Gaddafi two months ago, says that it firmly...