BUSINESS
April 25, 1989 | From Associated Press
Exxon Corp.'s first-quarter earnings fell 13%, the company said Monday, as rising crude oil prices took a bite out of refining margins and the Alaskan oil spill took a toll mostly on the company's image. For the three months ended March 31, earnings at the nation's biggest oil company declined to $1.3 billion from $1.5 billion in the first quarter of last year. Revenue rose 1% to $22.2 billion, compared to $22 billion in the year-ago period. Exxon, based in New York, said expenses grew fourfold from the 1988 first quarter--to $5.4 billion from $1.3 billion--due mainly to special one-time costs, including the acquisition of Texaco Canada Inc. Exxon said the March 24 spill that tarnished its reputation had only a negligible financial impact in the first period.
BUSINESS
January 26, 1999 | From Bloomberg News
Occidental Petroleum Corp., the 13th-largest oil company in the U.S., on Monday slashed its spending on exploration and production of oil and natural gas by 63% to cope with low energy prices. Los Angeles-based Occidental, with 1997 revenue of about $8 billion, reported to the Securities and Exchange Commission this month that it's facing a cash shortfall for 1998 that may force it to sell assets, restructure debt and cut spending. Occidental reports fourth-quarter earnings today.
CALIFORNIA | LOCAL
September 20, 2000
Re "Oil-Hog Nations Look to Saudis," editorial, Sept. 13: If OPEC were to increase production to fit the consuming countries' idea of "fair" oil prices, global oil consumption would continue to expand unabated because there would be no limit of supply at "fair" prices. You should add the words "arrogant" and "bully" to the description of the major consuming nations. The interests of the producing nations are involved in the supply/price equation, but why should they be forced to unfairly consider our interests over their own?
BUSINESS
December 10, 2010 | By Ronald D. White, Los Angeles Times
Chevron Corp. said Thursday that it would increase spending on exploration to drive production growth in 2011, but that it would devote fewer resources to the part of its business that makes, transports and sells gasoline, diesel and other products. Total capital spending for the San Ramon, Calif.-based company next year will be $26 billion, about 20% more than for this year, Chevron said. The increase will be going "upstream," or into exploration and production of oil and natural gas. More than $17 billion of that amount will be spent overseas, the company said.
CALIFORNIA | LOCAL
April 13, 1985
Your editorial (March 1), "Glut Is a Four-Letter Word," on the so-called oil "glut" provided some thoughtful and constructive observations. Many Americans have become smug about energy, even though we still spend about a billion dollars a week to import nearly 30% of our oil. Our smugness may cost even more during the next crisis. However, an important element of this problem was conspicuous in its absence: the need for more oil and gas exploration and production right here in the United States.
BUSINESS
July 12, 2010 | By Ronald D. White, Los Angeles Times
Shares of beleaguered BP jumped 8% Monday on hopes for the latest attempt to stop the gulf oil leak and reports that BP may be turning to Apache Corp., a Houston-based exploration and production company, for a $10-billion asset sale. BP's U.S.-traded shares closed at $36.76, up 36% since the company hit a 14-month low in June but down 39% from the stock's value on April 20, when the Deepwater Horizon drilling rig exploded and sank, leaving a well gushing oil into the Gulf of Mexico.