Word: texaco
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...million gal. of gasoline bought each day are made from imported petroleum. What few American consumers realize is that an increasing amount of the fuel they use is not only shipped, refined and delivered but also pumped into their car by foreign producers. To paraphrase the old Texaco jingle, The man who wears the star is also wearing an Arab burnous...
...great international oil companies based in the U.S. and Europe controlled the supply of the world economy's lifeblood. At the peak of their clout in the 1960s, the renowned Seven Sisters -- British Petroleum, Gulf, Esso (now Exxon), Mobil, Royal Dutch/Shell, Standard Oil of California (now Chevron) and Texaco -- ruled with unquestioned authority. They discovered crude oil in the Middle East and Asia, shipped it to the developed world in their own tankers, processed it in their own refineries and sold it through gas stations that carried their logos...
...individuals and corporations, yielding fines of $26 million and prison sentences totaling 270 years. Among the defendants: Ashland Oil, fined $2.25 million last year for the collapse of a storage tank near Pittsburgh that discharged more than 700,000 gal. of diesel fuel into the Monongahela and Ohio rivers; Texaco, fined $750,000 in 1988 for failing to conduct important safety tests on a California off-shore drilling rig; and Ocean Spray Cranberries, fined $400,000 in 1988 for discharging acidic waste water from its processing plant in Middleboro, Mass...
Sorriest Dealmaker. All's fair in love and takeover war, or so thought Texaco. In 1984 the Lone Star oil giant pined for Getty Oil, even though that company had already pledged its hand to another suitor, Pennzoil. Texaco managed to seduce Getty with a sweeter offer, but the jilted Pennzoil persuaded a Dallas jury that it had been cheated. To avoid posting a $10 billion bond, Texaco had to declare bankruptcy. Eventually the company settled the dispute by wiring $3 billion to Pennzoil's bank account...
...more than a year, takeover artist and TWA chairman Carl Icahn has been missing from the roiling waters of corporate raids, beached by huge investments in Texaco and USX. But last week Texaco's largest stockholder sent a quiver through the New York Stock Exchange when he abruptly unloaded his 17.3% stake, or 42 million shares, for $2.07 billion (his profit: $600 million). The sale, which ranked as the largest single trade in Big Board history, was so unwieldy that three investment firms -- Shearson Lehman Hutton, Goldman, Sachs and Salomon Brothers -- teamed up to buy the shares. The bombshell transaction...