Word: texaco
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...would not be the first time.* But the oil refiners were convinced that Castro's squeeze would not end here: eventual confiscation seemed certain. Texaco sent its staff families home and prepared for further trouble. For months the Cuban government had refused to allow the oil companies to exchange pesos for hard currency to pay for crude. Remittances were more than $60 million in arrears. Moreover, using Russian oil would disrupt the well-to-pump integration that big oil companies count on for efficiency and profits. The companies decided to stand fast. Last week Castro sent two barges...
Lacking water power, coal or petroleum, Cuba runs on imported oil. For many years, the oil has flowed from Shell, Jersey Standard or Texaco wells in Venezuela, traveled in Shell, Jersey Standard or Texaco tankers to Cuba, been refined at Shell, Jersey Standard or Texaco refineries at Santiago or Havana. It was paid for with dollars earned by selling sugar...
Tempted by visions of bartering sugar for oil, and taking the advice of the Communist who is his chief economic brain, Ernesto ("Che") Guevara, Fidel Castro last week turned to Russia for the oil to run Cuba. In doing so, he seized a $20 million Texaco refinery and a $35 million Jersey Standard (Esso) refinery, both U.S.-owned, and a $20 million refinery of Canadian Shell...
...Texaco...
First seven places were the same as 1958, but Texaco moved up to eighth spot from ninth last year. Chrysler rose to ninth from eleventh and Swift dropped to tenth from eighth. Western Electric, tenth in 1958, was eleventh last year. FORTUNE found sales of 500 largest firms rose to $197.4 billion, up 11.6% from 1958, with profits up 25.1% to $12 billion...