Word: petroleum
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Dates: during 1980-1989
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Since then, the Cornell professor has been vigorously promoting an equally unorthodox theory about the origin of oil and gas. Nearly all geologists believe that petroleum is the product of ancient decayed organisms. Gold insists that natural gas is an inorganic component of the earth's mantle, as much as 200 miles below ground, and is continually thrust toward the surface by geological and mechanical forces. "When choosing a hypothesis," he says, "there's no virtue in being timid...
...corporation: "You'd have trouble convincing my company to put money into a project like this." They may regret doubting Thomas: six test bores 1,500 ft. to 2,000 ft. deep have been drilled into the Siljan area, and though Sweden is not thought to sit atop typical petroleum sediments, all six have shown traces of hydrocarbons...
Under the banner of Mesa Petroleum, T. Boone Pickens has launched one corporate raid after another and in the process reshaped the American oil industry. He used Mesa as a vehicle to buy huge chunks of such companies as Cities Service, Gulf and Phillips, then sold the stock to other bidders at premium prices. Last week Pickens moved to end the Mesa saga. In December, shareholders will be asked to convert the company from a public corporation into a limited partnership. After that move, Mesa is not expected to make any further takeover attempts...
...been the result of takeover mania," says William Cornish, executive vice president of Chicago's Duff & Phelps, a securities research firm. "Either companies want to add to their holdings or they fear that someone wants to take them over." In evading Raiders Carl Icahn and T. Boone Pickens, Phillips Petroleum took on $4.5 billion in new loans. It now plans to sell about $2 billion worth of assets in the next twelve months to trim its obligations. Chevron borrowed $10 billion to acquire Gulf Oil last year, and it too has been forced to cut back. The California giant...
...complex case stems from regulations imposed by the Nixon Administration that allowed companies to charge more for certain oil produced after 1972 than for petroleum pumped from wells operating before that date. The Energy Department accused Exxon of reaping windfall profits by improperly charging the higher prices for the Texas...