Word: petroleum
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...same time, the regime has worked hard to present itself as an up standing member of the international financial community. Since March 1983 it has abided by the production quotas and prices set by the 13-nation Organization of Petroleum Exporting Countries (OPEC...
Gulf is entertaining offers because it is frantically seeking a buyer to save it from T. Boone Pickens Jr., chairman of Mesa Petroleum. Although Pickens lost a proxy battle to gain control of Gulf in December, his group holds 13.2% of the oil company's stock. In addition, Pickens has offered to buy an additional 8.1% of Gulf for $65 a share in a tender offer that takes effect at midnight on March 21. If successful, he might go ahead with his plan for a drastic restructuring of the company...
...this year. Mitterrand is pressing ahead despite predictions that France may not need all the electricity that the nuclear reactors could generate. To spur demand for atomic power, the state-run electric company is offering low prices to businesses that switch from oil and gas heat to electricity. Currently, petroleum accounts for 46.5% of France's total energy consumption, and nuclear reactors supply 23%. According to government projections, by the year 2000, nuclear power will provide 30% of the country's energy, and petroleum only 27%. Some time this year France will start up Super...
...still makes more steel than any other American company, but investors would never know it from U.S. Steel's balance sheet. The firm last year made more than half its revenues from petroleum, a result of its 1982 purchase of Marathon Oil, and only 31% from steel. Last week, though, U.S. Steel took a giant leap back to basics. Directors approved the purchase of National Steel, the seventh-largest maker, for $575 million in cash and stock. U.S. Steel will also absorb some $460 million in long-term National debt, making the total buy-out worth $1 billion...
...land with 5 percent of the nation's oil and gas reserves, 470 billion tons of high-quality coal and half of the nation's uranium supply, valued at $400 billion. The southwestern Navahos, with 160,000 members, are making $55 million a year from mining and pumping petroleum...