Word: petroleum
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...million project was built with contributions from more than 60 companies. Oklahoma-based Phillips Petroleum Co. chipped in $2 million and its former chairman, William Martin, directed the fund-raising campaign...
...Ewing Kerr, is that the legislation says that "one state, Alaska, is not subject to the same tax at the same rate as all the other states. This is a clear violation of the constitutional requirement of uniformity." The ruling, which came in a suit brought by the Independent Petroleum Association of America and other oilmen, could force the U.S. Treasury to return some $23 billion collected from oil companies since the tax took effect in 1980. Worse yet, from the Government's standpoint, the judge's Nov. 4 decision could shut off permanently an important source...
While American investors fumed, Canadian companies rushed in to buy the assets of U.S. firms in Canada, helped by generous financing from Canadian banks. In one of the biggest transactions, Canada's Dome Petroleum spent $3.2 billion acquiring Hudson's Bay Oil & Gas, a subsidiary of Connecticut-based Conoco Inc. In the nationalistic climate of 1980-81, Canadian companies spent more than $7.3 billion on the purchase of foreign-held assets, creating a massive drain on the economy. Severely compounding the problem, Canadians invested at least $19 billion in the U.S. during roughly the same period...
...highest bid was a $227 million offer for a 5,700-acre tract submitted by a group of companies led by the Sohio Alaska Petroleum Co., an exploration subsidiary of Standard Oil Co. of Ohio, and including Mobil Corp. and British Petroleum Alaska Exploration. Their bid for that choice tract far outstripped the $129 million offered by Exxon and Marathon Oil, which was bought in March by U.S. Steel. Another group led by Texaco, which is seeking to increase its holdings in the Prudhoe Bay region, weighed in with the second-highest successful bid for a tract near the Sohio...
Last week's heavy bidding was even more noteworthy in view of the current worldwide glut of oil that has driven down prices for gasoline and other petroleum products. The oil companies, nevertheless, were looking ahead to the time when the surplus ends and prices once again rise. A report published last week by the Paris-based International Energy Agency also looked to higher prices in the future. The organization's experts predict that oil prices will continue to decrease in real terms this year and next, but will begin to rise after 1985, when supplies dwindle...