Word: richfield
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...large oil companies, only two-Exxon and Occidental-showed slight second-quarter decreases. All the rest showed gains. The best performer by far was Amerada Hess, a big independent, whose second-quarter earnings rose 77% over the same period last year, to $51.9 million. Other outstanding performances: Atlantic Richfield (up 41%, to $191.2 million), Getty (up 21%, to $75.8 million), Union of California (up 41%, to $75.2 million) and California Standard (up 34%, to $277 million). Despite the surging profits, oil stocks fell sharply last week, partly because the confidence of analysts and investors alike was shaken by a variety...
Pipes Under Pipes. First proposed in 1969, more than a year after the Atlantic Richfield Co. (Arco) struck oil at Prudhoe Bay, the pipeline ran into one delaying tactic after another. Alaska's natives-Eskimos, Aleuts and Indians -pressed for and won a federal law guaranteeing them a share of the pipeline's riches. Environmentalists insisted that the wildest of America's frontiers be protected, its delicate balance of nature left undisturbed. Not until the spring of 1974 did the bulldozers start moving; they began then only because the Arab oil embargo pressured Congress into passing...
...just possible that out of this debate will come a new partnership between Government and business, closer than Carter himself has proposed. An articulate advocate of such an approach is Thornton Bradshaw, the thoughtful president of Atlantic Richfield. Despite his belief in capitalism, Bradshaw contends that the U.S. does not enjoy a totally free market in which competing and countervailing forces work, as Adam Smith would have it, for the ultimate benefit of the consumer. Instead, the U.S. already has developed an only partially free market characterized by a unique blend of private and Government forces...
Thornton Bradshaw, president of Atlantic Richfield, directed his barbed wit against the Executive Branch's energy efforts. So far, he said, that branch has accomplished little other than creating needless jobs and promulgating senseless regulations. Said Bradshaw: "There is a basic rule: any regulation must be followed by another regulation that tries to overcome the problems raised by the first...
...companies, asking them to buy stock in the venture. He made no threats, but took care to say that the companies were selected because they did business with Pertamina. Eventually he collected $1.1 million from 54 individuals and companies, including Mobil Oil, Union Oil, Cities Service and Atlantic Richfield...