Word: texaco
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...1950s, at the peak of its financial might, Texaco was the most profitable oil company in the U.S. and one of the best known. Millions of Americans watched the Texaco Star Theater television show, featuring Milton Berle, and a decade later any child could sing the jingle "You can trust your car to the man who wears the star." With exploration, refining and retail operations from Abilene to Aberdeen, the company has generated huge wealth and no small amount of controversy in its 86-year history...
...Texaco grew from one great gusher. In 1901 Joseph Cullinan, a former Standard Oil employee, found black gold on Spindletop Hill, near Beaumont, Texas. The next year he formed the Texas Co., and by 1928 it was operating in all 48 states. Texaco ventured overseas in 1936, when it teamed up with Standard Oil of California to market Middle Eastern oil. It also bought an interest in California Arabian Standard Oil, which held a major concession in Saudi Arabia. That company later became Aramco, a consortium that joined Saudi Arabia and American producers...
...Jamail, the Houston lawyer who has become a Texas folk hero by championing Pennzoil's case, crowed about his latest triumph. Said Jamail: "I'm a happy man today. The judgment says that the conduct of Texaco management was guilty and malicious." Investors share his enthusiasm: Pennzoil stock rose 10 1/8, closing the week at 81 1/8, while Texaco shares fell...
Still confident of winning on appeal, Texaco has not yet faced any unusual hardships. Some oil executives may be anxious about the company's future, but the depressed state of the industry ensures that almost no one turns down a chance to do business with Texaco. No creditors are demanding to be paid in cash. There can be no doubt, though, that its battle with Pennzoil has preoccupied Texaco executives and employees. All are well aware that if Texaco loses the final round of its battle with Pennzoil, the firm will have little choice but to file for bankruptcy protection...
...more likely denouement of this corporate drama is that Pennzoil and Texaco will finally strike an out-of-court deal. Texaco might pay Pennzoil in cash, or transfer some assets, including, perhaps, the Getty Oil company. The two companies have tried and failed to make their peace several times so far. After its latest victory, Pennzoil is sure to drive a harder bargain than ever...