Word: petroleum
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OPEC has plenty of plans for a comeback but is having no luck making them work. Only three months ago, the Organization of Petroleum Exporting Countries seemed to be regaining a grip on world oil prices. The group's agreement in December on a 7% production cut, to 15.8 million bbl. a day, managed to push prices even higher than OPEC's goal of $18 per bbl. But by last week it was clear that the group's clout had slipped once again, as world oil prices dipped as low as $15 per bbl. Several OPEC countries appeared...
Sometimes a city is hurt when its leading company becomes embroiled in a takeover fight. As headquarters for Phillips Petroleum (1986 revenues: $10 billion), Bartlesville, Okla. (pop. 35,000), paid its own price after the eighth largest U.S. oil company fought off takeover raids by T. Boone Pickens Jr. in 1984 and by Carl Icahn the following year. Though Phillips kept its independence, it took on some $4.5 billion in new debts and was forced to shed $2 billion in assets in a subsequent reorganization. Partly as a result, Phillips employment in Bartlesville, which had peaked...
...this year, but Jean-Marie Chevalier, professor of economics at the University of Paris Nord, contends that it will be more like 2%. He cites soft consumer demand at home and still softer exports as causes for concern. Traditionally, some 30% of French exports go to the Organization of Petroleum Exporting Countries and other developing nations where lower oil revenues and large debt loads have sharply curtailed purchasing power. As a result, France's export earnings are bound to suffer. Sluggish growth may nudge up unemployment from 10.6% to 11% this year, Chevalier said...
Khashoggi wanted to become a petroleum engineer and enrolled in the Colorado School of Mines. But Colorado was too cold for his desert blood, so his father arranged for him to go to the California State University at Chico, a school of 2,000. Set in a conservative rural town, it was an oasis for wealthy Middle Eastern students seeking an American education. When his father sent him $10,000 to buy a car and rent a better apartment, Khashoggi purchased two trucks that he leased to the owner of a small construction company for $125 a month. "I used...
...would have been easy enough for Roderick to submit, faced as he was with enormous pressures on all sides. For the past year the oil and gas business, which generates some 60% of USX revenues, has been hit by declining petroleum prices. USX has also been mired in a bitter five-month-old strike by 22,000 steelworkers. The firm, which earned $409 million on sales of $19.3 billion in 1985, is expected to report a net loss for 1986 of about $500 million on revenues of some $16.5 billion...