Word: texaco
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...Texaco's reputation was tarnished when its chairman was forced to resign after a company representative in Germany was found to be a Nazi spy who had obtained a valuable report on the U.S. aircraft industry prepared by Texaco economists. That same year Texaco sponsored a German lawyer who, while on a purported business mission to the U.S., was actually cultivating goodwill toward the Nazis...
Over the next two decades Texaco steadily developed its vast petroleum reserves and sold more gasoline than any of its rivals. But the world changed for the company when the Organization of Petroleum Exporting Countries jacked up the price of oil in the 1970s. In 1979 Texaco and other U.S. producers were accused of overcharging for their crude. Throughout the decade, many of Texaco's vast but maturing oil reserves began to dwindle. At the same time, consumption of gasoline leveled off and Texaco's network of filling stations became something of a burden. Many were eventually folded...
...Texaco is today seen as arrogant in its dealings with competitors, suppliers and its own station operators, some of whom have secretly enjoyed its discomfort in the Pennzoil crisis. The company's chairmen have been known for making their own decisions. James Kinnear, who has been chief executive for less than four months, may adopt a more democratic management style. But Texaco could have already paid a steep price for its autocratic tradition. It was one man -- John McKinley, Kinnear's predecessor -- who decided in 1984 to buy Getty Oil. At best, he had a good idea that was poorly...
Never have the stakes in a corporate battle been higher. After losing a crucial decision in the U.S. Supreme Court last week, Texaco faced the disastrous prospect of having to post a $10 billion bond in its epic legal fight with Pennzoil. As its stock plummeted and its credit began to dry up, the company was thrown into a financial crisis. Over the weekend, Texaco's board of directors gathered for an emergency meeting at the firm's White Plains, N.Y., headquarters. Following a marathon discussion, the directors chose a stunning course: the eighth largest U.S. industrial corporation (1986 sales...
...Texaco made that dismal choice only after frantic, repeated efforts to reach a settlement with Pennzoil produced no results. Within hours following the Supreme Court's ruling, Texaco Chairman Alfred DeCrane, 55, and Chief Executive James Kinnear, 59, flew with a battery of lawyers from White Plains to Pennzoil's home city of Houston. But Pennzoil's combative chairman, J. Hugh Liedtke, 65, who has stayed on past retirement age to fight the case, steadfastly refused at least ten settlement offers from Texaco. At the start of the talks, Texaco apparently had a figure of $500 million in mind...