Word: oils
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Dates: during 1970-1979
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...million, but in the first half of this 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...
...with secrecy. It goes so far as to send the new employer of most technical people who leave Texaco a gratuitous letter demanding that the new boss not ask the employee to divulge any confidential information. One bright spot: Texaco has been the first to turn up signs of oil and gas in the Baltimore Canyon...
...first quarter, its earnings fell 44%, the probably temporary result of lower prices for North Sea crude and of marketing losses in Continental Europe. BP, which has total operating freedom from the politicians in Whitehall, has long emphasized crude production over marketing. The company produces the "blackest" barrel of oil in Europe-that with the largest proportion of low-profit heavy fuel-and early this year closed its biggest refinery, in Rotterdam, for two months because of poor sales. On the other hand, it has done the best job of any Sister in exploiting new oil finds and cutting itself...
Meanwhile, what to do with the money will be a problem. More will be invested in developing new kinds of energy-shale oil, solar power, coal gasification-but the Sisters expect utility-type regulation by governments that will hold down their return. There is still strong sentiment in Congress to limit, though not forbid, acquisitions in non-oil energy fields. Acquisitions of completely unrelated businesses, like Mobil's link with Marcor, probably will be held back both by political opposition and by :he feeling of most oil managements that they should stick to fields in which petroleum expertise...
...trade front, the most disquieting aspect of the July deficit is that it occurred despite a drop of 4.5% in oil imports. Most of the increase in the deficit came from imports of automobiles, machinery and other goods. Though the import flood is expected to ease off eventually, this year's trade deficit will probably hit a record $30 billion or more. The bad trade news sent gold prices up and all but kayoed a brief comeback of the dollar on foreign exchange markets...