July 20, 1999 |
Among the new stock ratings issued Monday by Wall Street analysts: * Conoco Inc. (COC; close and change: $26.13, down 13 cents) was raised to "buy" from "hold" by CIBC World Markets. * Cummins Engine (CUM; $62.81, up $1.31) was raised to "buy" from "market perform" by MidWest Research, with a 12-month target of $80. * Horace Mann Educators (HMN; $27, up 50 cents) was downgraded to "market perform" from "buy" by Legg Mason Wood Walker.
August 31, 2002 |
Phillips Petroleum Co.'s $25-billion merger with Conoco Inc. to form the largest U.S. oil refiner was approved by U.S. antitrust enforcers after the companies agreed to sell two oil refineries in the West. The company, to be called ConocoPhillips, will be based in Houston and rank behind Exxon Mobil Corp. and ChevronTexaco Corp. as the third-largest U.S. oil company. The merger was approved by the Federal Trade Commission. Conoco shares rose 60 cents to $24.
February 12, 1992 |
An upscale topless nightclub has sued the onetime employer of an engineer who owes it $22,664, contending that the charges were corporate entertainment expenses. The Paradise Club maintained that both the engineer and his former employer, Conoco Inc., are liable for the charges, which included $9,000 in payments to dancers in 1990, because the engineer made them while he was entertaining clients. Conoco fired the man after the charges were rung up in the summer of 1990. It declined to say why.
February 27, 1985
Conoco Inc., a unit of DuPont Co., said it raised its price for West Texas Intermediate crude by $1.55 a barrel to $26.75, effective March 1. The price increase is the first by a major oil company in several months and reverses a long period of price cuts in the industry. Conoco's prices have been the lowest among major firms and even after the increase will be below the industry average.
November 24, 1998 |
Unocal Corp. said it is withdrawing from a pipeline project meant to bring natural gas to Turkey from Turkmenistan. The 15th-largest U.S. oil company, faced with a prolonged period of low oil prices, plans to cut capital spending next year by as much as $650 million. To do so, it's deferring spending on lower-return projects and suspending or withdrawing from projects with high political risk and long payback times.
May 26, 1989 |
The Fluor Daniel unit of Fluor Corp. in Irvine said it has been awarded an $84-million contract to assist in construction of a 90-megawatt power plant at one of Boise Cascade Corp.'s pulp and paper mills in Canada. The contract, issued by a unit of the Intercity Gas Corp. of Winnipeg, Canada, calls for Fluor Daniel to provide engineering, procurement and construction management services for the project, which is expected to be completed late next year. At its peak, the contract will provide jobs for about 175 workers in the Canadian province of Ontario, a Fluor spokeswoman said.
January 14, 1999 |
Atlantic Richfield Co., the sixth-largest U.S. oil company, said it's close to sending a project proposal to Saudi Arabian oil officials as the oil-rich kingdom considers opening its fields to U.S. companies for the first time in more than 25 years. Saudi officials asked for ideas on how to develop the country's vast energy resources when they met with Arco Chief Executive Michael Bowlin and heads of other major U.S. oil companies in September.