October 9, 1997 |
Ashland Inc. settled Federal Trade Commission charges that it misled consumers with ads touting the protection provided by the company's Valvoline TM8 engine treatment. The Russell, Ky.-based company agreed to limit advertising claims about the oil additive's ability to reduce engine-part wear. The settlement does not include a fine or an admission of wrongdoing. In July, Quaker State Corp.
May 16, 1997 |
USX Corp. and Ashland Inc. said Thursday that they will combine their oil-refining, marketing and transportation operations in a bid to cut costs in the competitive and profit-squeezed industry. The move is the latest by major oil firms to try to bolster results in refining and marketing. Shell Oil Co. and Texaco Inc., for example, recently announced a joint venture.
February 18, 1992 |
Los Angeles-based Unocal Corp. announced on Monday a "definitive agreement" to sell for $90 million most of its retail chemical distribution business to a subsidiary of a competitor, Ashland Oil Inc. The sale is part of a strategy Unocal announced last April to restructure by focusing on other core operations. The sale is scheduled to close Feb. 28, at which time Ashland will pay Unocal $85 million, with $5 million to come in future payments. Other terms were not disclosed.
November 9, 1991 |
In its latest move to trim and restructure, Los Angeles-based Unocal Corp. has agreed in principle to sell its retail chemical distribution business to competitor Ashland Oil Inc. The deal, details of which were still being worked out Friday, would transfer up to 21 metropolitan distribution centers as well as several deep-water marine terminals to Ashland at a reported price of more than $90 million. Unocal spokesman James H.
October 23, 1991 |
Mobil Corp. reported surprisingly strong third-quarter earnings Tuesday, but other major oil companies reported net income down because of lower crude oil and natural gas prices and poor demand for petroleum products because of the recession. Los Angeles-based Occidental Petroleum Corp. also reported strong third-quarter results, but they reflected one-time gains from the company's restructuring program.
July 23, 1991 |
Atlantic Richfield Co., citing depressed domestic gasoline and natural gas prices and lower chemical earnings, said Monday that its second-quarter earnings fell 37%. During the three-month period ended June 30, Arco earned $246 million on sales of $4.2 billion, compared to earnings of $391 million on revenue of about $4 billion in the comparable quarter of 1990. Earnings from gasoline sales declined partly because Arco was forced to cut its prices to generate demand, the company said.