Word: texaco
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...Petroleum Co., an exploration subsidiary of Standard Oil Co. of Ohio, and including Mobil Corp. and British Petroleum Alaska Exploration. Their bid for that choice tract far outstripped the $129 million offered by Exxon and Marathon Oil, which was bought in March by U.S. Steel. Another group led by Texaco, which is seeking to increase its holdings in the Prudhoe Bay region, weighed in with the second-highest successful bid for a tract near the Sohio purchase: $219 million...
A.G.P, which calls itself "a marketing communications and design consulting firm," has done similar image-lifting jobs for, among others, Citibank/Citicorp, Mitsubishi Bank, J. Walter Thompson and AMF leisure products. The firm's redesign of Texaco's graphics is not so much concerned with enhancing the company's image as attracting customers to shiny new stations where a range of goods and services is on sale. Texaco's familiar star is given new prominence by being displayed in white on a red circle against a black background. The company's black, white and red service...
Since oil prices are still languishing below last year's levels, the profits of the major refiners kept slipping away. Texaco's earnings fell from $556 million to $305 million, and those of Standard Oil of Indiana dropped from $553 million to $382 million...
American companies with a stake in the region still have enthusiastic hopes for the Reagan plan. Says Thomas Johnson of the American Chamber of Commerce of Guatemala: "It's marvelous. It's perfect. It's just what we needed." U.S. firms in the country include Texaco, General Telephone & Electronics, Rayovac and Du Pont...
...earnings, Big Oil has been forced into some uncharacteristic penny pinching. Exxon, for example, has halted its image-boosting advertising campaign featuring that familiar theme: "We're Exxon. We're more than 100,000 people working on energy." In many cases, the cutbacks are more than cosmetic. Texaco has closed one refinery and plans to shut down two more, eliminating a total of 1,250 jobs. Worse, several companies are trimming their exploration budgets The number of drilling rigs in operation has dropped 27% since December...