Word: socal
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Dates: during 1970-1979
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...unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise of $6 per bbl. was in part at least...
...restrain OPEC from driving up prices has depended on whether the Saudis can convincingly threaten to boost production enough to create periodic petroleum gluts. Yet high Aramco officers are among the few people who know the real size of Saudi Arabia's production capacity. Last spring Exxon and Socal divulged to the Justice Department, in its ongoing anti-trust investigation of the oil industry, that Aramco had little spare capacity. That statement helped to undercut Saudi influence over cartel price policy. On the eve of the Caracas gathering last week, Saudi officials proclaimed that the country could boost output...
...biggest U.S. firms totaled $5.47 billion, a rise of 66% over the same period last year. Among the five large international companies, Texaco's earnings leaped by 132% to $365 million. Earnings of the others: Exxon, up 20% to $830 million; Mobil, up 38% to $404 million; Socal, up 61% to $412 million; and Gulf, up 65% to $291 million. These gains came on top of strong earnings in the first quarter. For the first half, the combined profits of the five giants came to $4.6 billion, or an increase of 49% over the same period last year...
...Group, and Standard Oil of Indiana, one of the nation's largest retailers, are heavily dependent on business in the U.S., where prices are federally controlled. They had large increases that only seemed puny when compared with the others, which enjoyed gains that ranged from impressive to downright startling: SoCal's ARRIS earnings rose 43% over the past year, Gulfs profits increased 61%, and Texaco's were up 81%. Marathon Oil had a rise of 108%, while Amerada Hess jumped 279%. Standard Oil of Ohio, holder of a large and profitable stake on Alaska's North Slope, increased 303%; Continental...
...biggest beneficiaries of all is the Arabian American Oil Co., the Delaware corporation that is jointly owned by Exxon, Texaco, Mobil and SoCal, and pumps the oil that flows from Saudi Ara bia. Last year the company earned profits of more than $580 million, but it paid no U.S. income taxes at all on its Saudi bonanza. In fact, it has paid no such taxes since...