Word: texaco
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...difficult obstacle is how the price will be figured. The OPEC governments want to calculate their bill simply by totaling the book value of a company's equipment, real estate and other holdings. By that measure, Aramco, which is jointly owned by Standard Oil of California, Jersey Standard, Texaco and Mobil, is worth some $500 million. Yet company officials rightly believe that as the holder of a concession on Saudi Arabia's fabulous oil reserves until 1999, Aramco has a much higher commercial value. They insist on compensation for the loss of future profits...
...mayor of Guayaquil, Assad Bucaram. But the generals may also have been lured by the spoils of office. Ecuador may eventually become Latin America's second largest oil producer (after Venezuela). The Trans-Andean pipeline goes into operation next June. President Velasco had already received $11 million from Texaco-Gulf in advance royalties. He had also signed a secret decree giving the military half the total oil royalties. Now, for the time being at least, the army will control the other half as well...
...with social problems in the U.S., the courts have to put a price tag on values that are hard to measure. The latest decision has come from a Santa Barbara court, where Judge Morton L. Barker ruled that the oil companies responsible for the oil spill-Union Oil, Mobil, Texaco and Gulf-should each pay $500 in criminal penalties...
...those only slightly involved. Examples: The United Church of Christ, the United Presbyterian Church and especially the United Methodist Church are stockholders in Honeywell, with nearly 21% of sales to the military, including antipersonnel weapons like cluster bombs. On the other hand eight churches cited hold stock in Texaco, with a mere 1.3% of its sales to the military. In implying that all military production is immoral-a highly dubious assumption-the report totally ignores the view of those Christians, undoubtedly a majority, who believe that defense still remains a necessity in an all too imperfect world...
Great Search. For six years, a consortium of 33 companies-headed by Humble Oil, a Jersey Standard affiliate, and including such giants as Atlantic Richfield, Getty, Mobil and Texaco -have poked and probed the continental shelf in hopes of a big discovery. Recently oil and gas were discovered off Sable Island, Nova Scotia, and hopes soared. Geologists concluded that the find was probably part of a pool extending southward to North Carolina, and oilmen accelerated the Atlantic search. Most promising sites so far: Georges Bank Trough off Massachusetts, Baltimore Canyon Trough off the Middle Atlantic states and Blake Plateau...