Word: texaco
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...fuel, which can be extracted by relatively inexpensive strip mining, has started an immense coal rush. Many companies, including ARCO, Texaco, Kerr-McGee, Gulf, Exxon and Phillips Petroleum, are paying up to $1,000 an acre for grazing land that sold for only $60 an acre a year ago. Annual coal production-now 13.6 million tons-is expected to double...
...Arabian American Oil Co. Only two weeks ago they completed an interim deal that raised their ownership from 25% to 60%-a move with ironic consequences in light of their stated desire to lower prices. Under the complicated oil pricing system, the four American oil companies (Exxon, Texaco, Standard of California and Mobil) that have part-ownership of Aramco will have to "buy back" 60% of Aramco's daily output at 93% of the posted price, raising the market price of Saudi crude by about $1 per bbl. But when the Saudis take complete control of Aramco, they will...
...things must be done while the technicians strive for that goal. The oil companies, said John K. McKinley, president of Texaco, have "to do the job of supplying the country with some 78% of its total energy in the form of oil and gas." Even more important, Americans must apply themselves to the vital task of cutting demand by conserving energy...
...past two weeks, the profits for the first quarter of 1974 for the largest U.S. oil companies have been widely reported as showing great gains for the oil companies. Texaco's profits were up 123 per cent, Standard Oil of Indiana's profits were up 81 per cent, and Exxon's profits were up 38 per cent. But what do these statistics mean...
...large it was and denied that its purpose was to understate Exxon's profits. Jamieson called that charge "absolutely wrong." Creation of the reserve, he said, is a legitimate accounting practice. Not only did some analysts agree with Exxon's "prudence" but Texaco and possibly other oil companies are also setting up reserve funds...