Word: petroleum
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...leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...
...Petroleum companies and their executives are among the largest contributors of soft money. Their greatest fear is that the next Administration and Congress may try to help balance the budget by raising taxes on gasoline. Oil and real estate baron Nicolas Salgo gave more than $500,000 to the New York State Republican Party. Great Western Resources of Houston donated $100,000 to the Democrats. Los Angeles-based Arco played both sides of the contest, with a $135,000 contribution to the Republicans and $85,000 to the Democrats...
...million drop reflects the fact that Harvard decided during the previous fiscal year to sell its holdings in six companies--Mobil, Texaco, Chevron, Royal Dutch Petroleum, Ford Motors and Phelps Dodge. The CCSR announced that decision last year...
Falling temperatures usually boost the spirits of oil producers. As energy users in the Northern Hemisphere stoke their furnaces and fill up their oil tanks, demand for fuel begins climbing toward its annual peak. For members of the Organization of Petroleum Exporting Countries, who supply 40% of the world's crude, the season should be one of relative harmony. But not this year. The group is in the throes of an oil-pumping free-for-all that has sent prices tumbling to levels not seen in more than two years...
...remain at that level for the next six months. That would mean a repeat by next spring of the oil-market collapse of early 1986, when OPEC overproduction sent prices crashing to less than $10 per bbl. While cheap energy helps most Western economies by lowering inflation, petroleum at prices below $10 or $12 per bbl. is a painful prospect for such indebted oil producers as Algeria and Mexico and the weakened U.S. energy belt...