Word: jamieson
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Dates: during 1970-1979
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...Aramco has to pay 94.8% of the posted price as well as the higher taxes and royalties, its costs per barrel could jump as high as 55?, to about $10.35. At a meeting of security analysts in Manhattan last week, Exxon Chairman J. Kenneth Jamieson said he was "somewhat mystified" by the impact of the Abu Dhabi decision. But he estimated that the rise in royalties and taxes alone would add 45? to Exxon's cost for a barrel of Arabian light. This cost, he said, "will have to be passed on to the consumer," and would amount...
...used to help offset expected losses this year resulting from higher U.S. taxes on the oil industry and from the higher prices that Middle Eastern countries are expected to charge Exxon for crude under revised participation agreements. Both are reasonable expectations, but neither is yet certain. Exxon Chairman J.K. Jamieson confirmed that the company had such a reserve, but did not say how large it was and denied that its purpose was to understate Exxon's profits. Jamieson called that charge "absolutely wrong." Creation of the reserve, he said, is a legitimate accounting practice. Not only did some analysts...
...Exxon Chairman John Jamieson's salary and bonus were reported to be $596,666 in 1973, not to mention his fringe benefits, which probably amount to plenty. Add to this the earnings of Exxon's other top executives. It appears that the increased fuel prices are necessary to maintain these ridiculous salaries, which the public is paying indirectly. Congress ought to stop this public gouging...
When Haider reached the mandatory retirement age of 65 in 1969, Jamieson took over as chairman, moving in 1972 into a huge, sparsely furnished office on the 51st floor of the Exxon Building in mid-Manhattan. Jamieson, who earned $401,666 in salary plus $195,000 in bonus last year, smoothly delegates authority. "In a big organization like this," he says, "you've got to push decision making to as low a level as possible and get it done. There is a fine line between pushing too far and not far enough." Says one Exxon insider of Jamieson...
There is a new strain on Jamieson's time: answering Exxon's critics with what he calls "our own version of Project Candor." He concedes that the industry's public image is bad: "The friction point we've got at the service stations is god-awful." But he also gives feisty defenses of company policy. Speaking to the Detroit Economic Club, he said of the oil industry's critics: "Being angry with the oil companies or the Government is more satisfying than being upset at economics or politics or the way nature doles...