Word: petroleum
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...angry Socialists walked out of the five-party coalition to protest the rejection by Parliament of one of the four decrees in the austerity program. The measure, opposed by the oil industry, was designed to curb tax evasion by tightening up fiscal controls on refiners and distributors of petroleum products. It seemed a small matter on which to bring down a government, but the Socialists took the defeat symbolically because it was caused by about 30 Christian Democrat Deputies, the so-called franchi tiratori, or snipers, who, although ostensibly loyal to the government, voted secretly against the measure. "Under these...
Iowa Beef was acquired last year by Occidental Petroleum Corp. for about $800 million in stock. In 1981, Iowa Beef earned $58 million on sales of $5.2 billion. Company officials have consistently pumped profits back into upgraded facilities. Says Spokesman Charles Harness: "We have a philosophy that if we can still recognize a plant after ten years, we must have done something wrong...
...largest industrial corporation, which earned $1.8 billion during the same period last year, there were no celebrations. In fact, the plunge in profits has forcecd Exxon to conserve cash by slashing its work force, cutting back on advertising and reducing executive perks. Hurt by sluggish demand for petroleum products and a string of troublesome investments, Exxon is preparing for a bout of hard times...
...some degree, Exxon's profit problems are shared by the entire oil industry. The recession has dampened demand for crude and brought an end, at least temporarily, to sharp increases in petroleum prices. As a result, other major oil companies, including Mobil and Phillips, are streamlining their operations to cut costs...
...part from the inbred nature of its management. Many of the top executives, including Chairman Clifton Garvin Jr., 60, are engineers who have spent their entire careers at Exxon. Wall Street analysts have begun to wonder if these lifetime oilmen have the versatility to venture out of the petroleum industry...