Word: coal
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...contest for control of Conoco, the energy company laden with 1.7 billion bbl. of oil reserves, 3.8 trillion cu. ft. of natural gas and 14.3 billion tons of coal, whirled on last week at a billion-dollar pace. The opponents: Du Pont, the largest U.S. chemical producer; Seagram, the world's biggest liquor distiller; Mobil, the second largest American petroleum company; and Texaco, the third-ranking oil firm. As the price for Conoco whirled higher and higher, the contestants launched a global financial free-for-all and corralled almost $20 billion in standby credit at multinational banks from...
...bidding for Conoco continues to rise because of the company's huge treasure chest of natural resources. Conoco has oil drilling rigs from the Gulf of Mexico to the South China Sea, coal mines from West Virginia to Alberta, natural gas wells from Texas to the North Sea and uranium deposits from New Mexico to Niger. Since the first oil price explosion in 1973, the value of Conoco's assets has soared from $2.6 billion to $14 billion. The firm's oil and gas holdings alone have a value of $2.3 billion on Conoco's books...
That same bitterness, powerfully expressed, lies at the heart of nearly every conversation John Gwaltney has recorded in his new book, whose title means "ordinary" in one American Black argot. One man, a coal miner, says this of whites: "Just thinking about them makes me feel like I have swallowed shit. I mean, a rat or a maggot is better than the best white cat who ever drew breath. Just looking at those things makes me want to spit up. Everything they do is rotten." Or this from a cook: "These people hide their dirt or make everybody...
Within 24 hours Bailey was on the phone to Jefferson. "Now you can help," said Bailey. The merger talks moved swiftly, in part because Bailey, 57, the burly son of an Indiana coal miner, and Jefferson, 59, a London-born intellectual with a Ph.D. in chemistry, knew each other well. They had worked together on joint gas-exploration ventures that Du Pont and Conoco had begun three years ago in Texas. Jefferson flew to Stamford four times in the next eight days. All along, he assured Bailey that Conoco's management would not be changed...
...private supply of crude. Last year Conoco produced 374,461 bbl. of oil per day worldwide, of which 36% came from U.S. wells. Moreover, Jefferson contends that Du Pont scientists will be able to help Conoco develop new techniques for boosting the yield from oil wells and converting coal into synthetic fuel. Conoco is the second largest U.S. producer of coal...