Word: petroleum
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When he was chosen to move up to the chairmanship of British Petroleum Co. last month, Deputy Chairman Eric Drake noted that he had already had "a pretty good bash at about every end of the business." Last week Drake was in the midst of a brand-new bash-one that could turn out to be very good indeed. In a lightning move that belied B.P.'s sure-but-slow reputation, Drake set plans to buy B.P.'s way into the American market at a cost of $300 million-one of the biggest single invasions...
Drake's adventure involved a week of swift, secret transatlantic negotiations with the "Lions" and "Tigers"-code names for Atlantic Richfield and Sinclair. If everything works out, British Petroleum will buy an Atlantic Richfield refinery in Texas, a Sinclair refinery in Pennsylvania, and a string of 5,600 Sinclair gas stations in eleven Eastern states and the District of Columbia. The deal hangs on Justice Department approval of a pending merger of Sinclair and Atlantic Richfield, which now may well pick up speed. One Justice hang-up has been that the merger would lessen competition in the East, where...
...Dollars. For its part, British Petroleum has been looking for more than a decade for just such a U.S. opportunity. It operates in 70 countries, has access to 20% of the world's known reserves, and ranks third on FORTUNE'S list of the 200 biggest non-U.S. companies. Yet B.P. has never won any stars for marketing. Unlike its international rivals, the U.S. majors and Royal Dutch/Shell, it does not have a retail network big enough to even begin to sell its output, of which 85% comes from high-cost Middle East fields. As a result...
...chicken wire, sulphur and thin air. In September Manhattan was treated to the spectacle of James Lee Byars, 36, parading more than 300 votaries along East 66th Street in a communal robe. There were the "earthworks" artists at the Dwan Gallery, who had assembled works replete with peat and petroleum jelly. Meanwhile, their leader, Walter de Maria, 33, was filling three rooms of a Munich gallery with eight tons of "pure dirt, pure earth, pure land...
Computers have changed everything. They are more responsible for technological warfare than bombs and rockets. Computers control industrial processes, sometimes by making calculations and telling human operators what needs to be done, sometimes by regulating variables on production lines, and sometimes--mainly in the chemical and petroleum business--by running the routine operations of a whole plant. Computers may masquerade as tools, but they are better at cutting out machine tools than humans. They can design bridges, ships, and auto bodies...