Word: texaco
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Dates: during 1960-1969
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Reverberating Impact. Oil companies also have fared unevenly, even though they raised gasoline prices in March. Earnings at Standard Oil of New Jersey advanced only 1.6%; profits rose 6% or more at Gulf, Mobil, and Standard Oil of Ohio but fell at Texaco, Phillips and Atlantic-Richfield. Occidental Petroleum recorded an 84% earnings increase, reflecting the rich flow of low-cost crude oil from its Libyan strikes...
Expanding Mass. The management of Union Oil Co. was understandably reticent about divulging fully what went wrong on Platform A, which it managed in consortium with Gulf, Mobil and Texaco. After getting permission to cut some corners from the U.S. Geological Survey, an arm of the Interior Department that has the responsibility of enforcing federal laws governing drilling, Union Oil went ahead and drilled A21. Having burrowed down 3,500 ft. below the ocean floor, the riggers than began to retrieve the pipe in order to replace a drill bit. At a point during the withdrawal, the drilling "mud," which...
...chemical companies generally did well on the strength of greater demand and firmer prices. Standard Oil of New Jersey, the oil-industry leader, earned an alltime high of $1.275 billion, up 10% from the year before, on sales of $16 billion. Texaco also set a record with earnings of $835.5 million, while Atlantic Richfield gained 14.5% over 1967, Mobil 11% and Gulf, California Standard and U.S. Shell each about 10%. The chemical industry was cheered by the end of a slump in sales of synthetic textiles. Du Pont, which derives one-third of its business from nylon and other synthetics...
...list and the itinerary symbolized Brown Brothers Harriman's intimate connections with U.S. industry and global finance. There were such business bigwigs as U.S. Steel's Roger Blough, Bethlehem's Edmund Martin, Columbia Broadcasting's William S. Paley, President Orville Beal of Prudential Insurance, and Texaco Chairman Howard Rambin Jr. Among the foreign bankers: Director Otmar Emminger of West Germany's Deutsche Bundesbank, Governor Louis Rasminsky of the Bank of Canada, Vice Chairman Marcus Wallenberg of the powerful Stockholms Enskilda Bank...
Died. Torkild Rieber, 86, chairman of Texaco from 1935 to 1940, and overseer of one of the greatest engineering feats in oil-industry history; in Manhattan. Shortly after becoming boss, Rieber bought the idle Barco oilfields, 1,200,000 acres deep in the jungles of Colombia, and during three years of collaboration with Socony-Vacuum Oil Co., hacked a 263-mile pipeline over the Andes to service tankers on the country's Caribbean coast...