Word: texaco
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...interest in keeping that oil flowing is not only strategic. The Middle East reserves are controlled by seven companies, known to oilmen as "the Seven Sisters." Five of them are American-owned: Jersey Standard, Mobil, Texaco, Gulf and Standard of California. (The other two are British Petroleum and Shell.) U.S. companies produce 100% of Saudi Arabia's oil, 75% of Libya's, 50% of Kuwait's, 40% of Iran's and 25% of Iraq's. The companies' investments are calculated to be $2.2 billion in book value alone. A more realistic assessment of their...
...declared that Esso was charging its Italian and Spanish customers an "artificially low price," and appointed a commission to investigate. Meantime, the company's two new tankers sat idle off the coast. In another move, Libya en forced an order requiring Occidental Petroleum and a joint venture of Texaco and Standard of California to reduce production by approximatey one-third. The declared reason: they were depleting the country's reserves too rapidly. - Algeria, which is against almost all Western countries except France, nationalized the operations of Phillips, Royal Dutch/Shell, West Germany's El-werath and Italy...
Among the biggest companies in the top ten, General Motors was No. 1, as always, in sales, followed by Standard Oil of New Jersey, Ford Motor Co. and General Electric. IBM moved up to fifth place, and Chrysler down to sixth, just ahead of Mobil Oil and Texaco. The largest gain among the big ten was made by that exclusive club's sole newcomer and only conglomerate, ITT, which scored a 34.6% sales increase, boosting it into ninth place, ahead of Gulf Oil. U.S. Steel, a member of the club since the list was first published in 1955, dropped...
...Moreover, Interior Secretary Walter J. Hickel recently approved a resumption of drilling in the channel. Reason: a special presidential panel recommended further drilling to relieve the pressure that pushed the oil to the surface. While some critics dispute this approach, a consortium of four oil companies (Union, Gulf, Mobil, Texaco), soon to be joined by Sun Oil, continues to pump 30,000 barrels of oil a day from the waters off Santa Barbara...
...second largest producer is Gulf Oil, which is producing 200,000 bbl. a day offshore. Mobil, Italy's AGIP, Texaco and Standard of California are moving rapidly to begin producing early this year. Most offshore operators anchor a ship next to their rigs to provide living quarters for the crew, equipment storage space and a helicopter...