Word: petroleum
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Since then, the Cornell professor has been vigorously promoting an equally unorthodox theory about the origin of oil and gas. Nearly all geologists believe that petroleum is the product of ancient decayed organisms. Gold insists that natural gas is an inorganic component of the earth's mantle, as much as 200 miles below ground, and is continually thrust toward the surface by geological and mechanical forces. "When choosing a hypothesis," he says, "there's no virtue in being timid...
...been the result of takeover mania," says William Cornish, executive vice president of Chicago's Duff & Phelps, a securities research firm. "Either companies want to add to their holdings or they fear that someone wants to take them over." In evading Raiders Carl Icahn and T. Boone Pickens, Phillips Petroleum took on $4.5 billion in new loans. It now plans to sell about $2 billion worth of assets in the next twelve months to trim its obligations. Chevron borrowed $10 billion to acquire Gulf Oil last year, and it too has been forced to cut back. The California giant...
...complex case stems from regulations imposed by the Nixon Administration that allowed companies to charge more for certain oil produced after 1972 than for petroleum pumped from wells operating before that date. The Energy Department accused Exxon of reaping windfall profits by improperly charging the higher prices for the Texas...
...speculation had been building, fed in part by Soviet officials themselves, that the United Nations 40th anniversary session in New York this September would provide the backdrop for an informal meeting between President Reagan and Soviet Leader Mikhail Gorbachev. But last week Armand Hammer, 87, chairman of the Occidental Petroleum Corp.. revealed in Moscow that he had been told by Anatoli Dobrynin, the Soviet Ambassador in Washington, that Gorbachev would not attend the U.N. session. The decision was later confirmed by a U.S. official in Moscow...
...setting for the meeting was Taif, a restful summer retreat outside the Saudi Arabian city of Jidda, but the mood of the participants was far from relaxed. Representatives from nine of the 13 feuding members of the Organization of Petroleum Exporting Countries got together informally last week to debate what to do about falling oil prices. Several members of the group, including Nigeria and Ecuador, have been offering under-the-table discounts and exceeding their OPEC-decreed production quotas. As a result, Saudi Arabia's King Fahd directed Sheik Ahmed Zaki Yamani, his Oil Minister, to deliver an ultimatum...