Word: texaco
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...stripped by Congress of its depletion allowance. Oil company profits for the first nine months of this year ran, on an average, 31% below last year's spectacular highs. In the quarter ended Sept. 30, Exxon's profits were down 31.2% from a year earlier, Gulfs 36%, Texaco's 38% and Mobil's 17%. The slide in earnings, plus the new price rollback, is certain to dampen oilmen's enthusiasm for much needed exploration. U.S. production of crude is in its fifth consecutive year of decline. And though oil companies completed drilling a record...
...longer run, the country's economic prospects are brighter. International arms of Texaco oil and Kennecott mining, among others, have shown interest in developing the country's rich but largely unexploited natural resources (oil, gas, zinc, gold, silver). Somare hopes to tap other sources in Australia, Japan, Britain, West Germany and the U.S. for additional development capital. Although they now have their independence, the people of Papua New Guinea are not likely to be liberated of their liking for that Western cargo...
...color), have in many cases doubled, or even tripled, in the past two years. Through 1980, costs could reach $35 billion for Britain and Norway alone, or $11 billion more than the U.S. spent to land a man on the moon. Major U.S. oil companies, including Chevron, Amoco, Exxon, Texaco and others are drilling in the North Sea. But rigs are now in surplus, and the pace of exploration is expected to slow. One Norwegian oilman says flatly that "the North Sea is not a bonanza...
Economically, Angola is an extremely rich prize: in addition to its booming industry and commerce, it possesses vast supplies of diamonds, iron, coffee, cotton and other natural resources. Texaco has discovered an oil bed off northern Angola which is half as large as that of Nigeria and ten times the size of the Cabinda concessions which have already provoked gleams in neighborly eyes. The 1960s saw the rapid expansion of investment from US, South African, German, British, and Japanese companies in exploiting this treasure trove. Thus policy toward foreign investment is crucial for whatever regime emerges. The MPLA would...
Syrian Forebears. Aramco, a consortium composed of the Saudi Arabians, Exxon, Mobil, Texaco and Standard Oil of California, gives about $200,000 a year to support groups in the Arab lobby. In the past twelve years, Mobil has donated $170,000. Exxon, excluding its gifts for Arab studies at various U.S. schools, contributes about $150,000 a year. Most oil companies are reluctant to discuss such gifts, but despite the oil companies' obvious self-interest, Aramco Senior Vice President Joseph J. Johnston insists that the donations could play a crucial educational role. "It would be useful," he says...