Word: texaco
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...eight companies rank in the top 25 of the FORTUNE 500. In order of size of assets, they are: Exxon, Texaco, Gulf, Mobil, Standard of California, Standard of Indiana, Shell and Atlantic Richfield. Among them, they have assets of $76 billion; their profits last year totaled nearly $4.6 billion. All are vertically integrated, that is, involved in every phase of the industry-exploring for oil, pumping it from wells, shipping it by pipelines, refining it, and selling it at service stations. Together, they control 51% of domestic crude-oil production, 64% of proven domestic reserves, 58% of refinery capacity. Their...
...works in the best interest of consumers. By controlling production, they say, they ensure that their refineries will be supplied, and by operating retail outlets, they guarantee that the refineries will turn out products that are in demand. They also argue that their industry is intensely competitive. Says a Texaco spokesman: "No single company has as much as 12% of the crude production, refining capacity or product sales." Atlantic Richfield President Thornton Bradshaw sums up industry feeling about the charges: "Baloney...
...Justice Department gave the critics more ammunition last week when it brought suit against Texaco and the Coastal States Gas Producing Co., a big refiner, to nullify an agreement that would have reduced the amounts of gas available to independent station owners. Under the agreement, Texaco would buy an increasing share of Coastal States' gas output and, in return, supply the refiner with larger percentages of its required crude. In reply, both Texaco and Coastal maintain that the agreement is legal...
...targets are Oasis Oil Co., which is owned by Continental Oil, Marathon Oil, Amerada, Hess and Royal Dutch/Shell; American Overseas Petroleum Ltd., owned by Texaco and Standard of California; and Occidental Petroleum. Negotiations between Oasis and the Libyans over the 50% demand had been proceeding fitfully for months until last week. Then Gaddafi called a Tripoli press conference and produced a couple of Israeli grapefruit that he said had been confiscated by Libyan workers at a pipeline terminal run by Oasis, the largest foreign producer. He accused Oasis of allowing Israeli spies to operate in Libya disguised as oil workers...
...coming to join the world's most frenetic rush for undersea oil and gas. No fewer than 350 companies and consortiums have begun putting up money for the search, investments expected to total $12.5 billion over the next ten years. Their ranks include such American giants as Exxon, Texaco, Mobil, Gulf and Phillips...