Word: texaco
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About a year and a half aw this coalition approached Seaboard. formed the exploration companies, gave Seaboard a 51% interest. Mr. Hart then began to palaver in Kabul and Teheran. Biggest stockholder in Seaboard Oil (32%) is Texas Corp. Last week Texaco filed a registration statement with the Securities & Exchange Commission for the issuance of 1,557,000 shares of common stock, to be offered to Texas stockholders at about $40 a share on the basis of one new share for each six held. Market price of Texas common last week was $52. Of the estimated $62,000.000 proceeds from...
Last week Carib stockholders learned the deal was off, at least for the time being. The undisclosed group who wanted Carib's share of the Barco was, it turned out, in fact acting for Socony and Texaco. Knowing this, little Carib was obviously in a better position to bargain. It was announced that "the parties in interest have taken the matter under consideration." presumably meaning more money for Carib...
...Texaco and Socony were ready to spend the big money that the Barco needs. A pipeline over the mountains to the sea (more than 200 miles) may cost $12,000,000. Little Carib Syndicate found itself sitting in on a game it could not afford to play, for unless it shared development expenses in proportion to its one-fifth interest, that interest would be gradually shaved down to an insignificant figure. At the Barco table on one side was Texaco's Chairman Torkild Rieber with $473,000,-000 in assets beside him, on the other Socony's President...
...this case "east" meant nearly everything from Egypt to California, from Palestine to Capetown, including Australia and New Zealand. Texaco at present has no commercial production outside the U. S., though foreign business accounts for about 20% of its total sales. California Standard has no retail marketing system "east of Suez." But on the island of Bahrein in the Persian Gulf it does have a great potential supply of crude (see p. 21). Development was started in 1931 and a big refinery is under construction. Yet last year California Standard was able to sell only...
...east of Suez" agreement provides assured markets for California's Kingsbury, assured sources of supply for Texaco's Rieber...