Word: texaco
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...richest plum among the oil industry's independents finally fell last week, and it went to one of the strongest integrated majors. In an $810 million deal, Texaco, No. 2 U.S. producer-No. 1: Standard Oil Co. (N.J.)-and refiner, bought California's profitable Superior Oil Co., whose earnings last year totaled $39.20 a share. Superior stockholders will get 24 shares of Texaco for each share they now hold; Texaco will then absorb Superior's holdings and dissolve the company...
...Texaco gets a company rich in reserves to protect itself against trouble in the Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well...
...Share. It also gets a prime profitmaker. Though Superior's $1,825 per-share purchase price seems very high (46 times earnings), Texaco knows that the reason is due to a curious bookkeeping quirk. Superior charges off all drilling costs in one year against overall earnings, rather than amortizing such capital expenses against individual properties over a period of years. By shifting to standard accounting, the net per share would double, and the price-earnings ratio drop to about...
...Robinson and his staff saw light ahead, and M.I.T. began switching out of defensive stocks and into railroads, automobiles, mining and steel. With a poker player's eye, Robinson could look at a company's present and guess its future. He personally researched the Texas Co. (now Texaco, Inc.), persuaded the trustees to buy 15,000 shares. The trust kept on buying until it had put $9,400,000 in Texas Co.; today the shares are still in M.I.T.'s portfolio-at a market value of $44 million...
...Texaco...