Word: petroleum
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
With the price of petroleum declining, there were simply no more oil fields worth the struggle. Said Pickens: "We had more cash flow than investment opportunities. We want to give the money back to shareholders, and this is the best way to do it." Energy analysts agreed. Said Alan Edgar of the Dallas investment firm of Schneider, Bernet and Hickman: "They'd run out of targets." While Mesa will be out of the raiding business, Pickens may not be. His 9% share of Mesa could be worth $130 million to $150 million when the company is transferred to a limited...
...abandoned the land for the promise of lucrative jobs in the oil industry. As a result, shortages of basic commodities quickly developed. The Shagari regime's tolerance of corruption only added to the country's woes. In 1983 alone, according to Oil Minister Tam David-West, $1 billion in petroleum was secretly diverted from state oil terminals to foreign tankers, with Nigerian businessmen and politicians taking the profits. Some reports say $1 million a day was skimmed from the public treasury. Transport Minister Dikko reportedly amassed a $1 billion fortune, much of it outside the country...
Union Carbide's long-term woes stem partly from its slowness to adjust to a slump in the chemicals business, particularly in petroleum-based products. The company's financial performance has lagged behind such rivals as Du Pont and Monsanto for the past several years. To perk up profits, Union Carbide is expected to put less emphasis on petrochemicals so that it can concentrate on its more successful business lines, including industrial gases (nitrogen, argon, oxygen) and consumer products (Eveready batteries, Glad bags, Prestone antifreeze...