Word: texaco
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...rest of the funding came from theassociates of the Harvard International EnergyProgram, a group of donors which includes Apache,Chevron, Texaco, the DOE and the governments ofVenezuela, Spain and Japan. Except for Apache, allof those donors strongly oppose any oil importfee. But each contributed only a small fraction tothe project and none had specially earmarked thefunds for the study...
Bucking like a determined bronc, Texaco has been trying to throw Corporate Raider Carl Icahn off its back for the past six months. Now the company may finally have succeeded. Last week Icahn conceded that he had lost in a proxy vote of Texaco's 215,000 stockholders. The investors rejected his proposal to put himself and four associates on the oil company's 14-member board in a bid to force Texaco to consider his $60-a-share takeover offer. While the exact tally of the votes is likely to take several more weeks, Icahn figured that he narrowly...
Long the world's leading exporter of crude, Saudi Arabia now wants more of the profits its oil generates -- from the ground to the gas tank. The Saudi government has agreed to pay $1.2 billion for a 50% interest in Texaco's refining and marketing operations in 23 U.S. states, mostly in the East. If the deal is approved by both governments and Texaco's shareholders, it would represent the largest Arab investment in the U.S. oil industry...
...Saudi money would reduce Texaco's $10.4 billion debt and perhaps help ward off a takeover by Carl Icahn. In fact, the proposed pact was made public the day before Texaco stockholders met to vote on Icahn's bid to win five seats on its 14-member board, a crucial step toward a takeover. Counting of the ballots will not be finished for several weeks, but Icahn says he would not mind sharing Texaco with the Saudis...
Panama's three largest supermarket chains helped Noriega's cause by bowing to government pressure and reopening stores that had been shut for ten days by the general strike. Meanwhile, several U.S. companies, including Texaco and Eastern Air Lines, paid nearly $3 million in taxes and fees to Panama's cash- starved treasury. The firms said the payments were part of the normal course of business. The money temporarily relieved a financial squeeze that had grown severe since Washington froze some $50 million in Panamanian funds in the U.S last month. To prevent companies from easing Noriega's fiscal woes...