July 17, 1998 |
Royal Dutch/Shell Group and Mobil Corp. have abandoned plans to spend $3 billion on a Peruvian natural gas project after the government balked at their demand for a distribution monopoly and the right to set prices. President Alberto Fujimori shrugged off the loss of what would have been Peru's biggest foreign investment. He said Peru will meet its deadline of delivering gas from the Camisea gas field in the eastern Andean foothills to Lima by 2003.
July 28, 1997 |
Chevron Corp., Mobil Corp. and Exxon Corp. are set to sign Azerbaijan oil development contracts Aug. 1, the Azerbaijan embassy said. The contracts, which signal the next major involvement of U.S.-based petroleum companies in the oil-rich Caspian region, will be signed in Washington by Azerbaijan President Heydar Aliyev, said Araz Abbasov, third secretary in Azerbaijan's Washington embassy.
July 24, 1997 |
Mobil Corp. reported higher second-quarter profit Wednesday, while net income for Unocal and Chevron Corp. fell as lower oil and natural gas prices affected all energy companies. Mobil, based in Fairfax, Va., said its net income for the three months ended June 30 increased 9% to $850 million, or $1.06 a share, from $783 million, or 98 cents a share, a year earlier. Operating earnings, excluding one-time charges, rose 7% to $870 million, or $1.09 a share, from $814 million, or $1.02 a share.
June 3, 1997 |
Shell Oil Co. and Mobil Corp. announced Monday that they are combining their California oil fields in a joint venture that will surpass Chevron Corp. to become the state's largest producer of crude oil. The deal is designed to cut costs and foster entrepreneurship in an increasingly competitive oil market, they said. It will save the companies a combined $1 per barrel in production costs over time, according to Gene Voiland, chief executive of the venture.
May 19, 1997
Mobil Corp. and Amoco Oil Co. are discussing a possible merger of their refining and other so-called downstream operations to boost sagging earnings in those areas, Britain's Sunday Telegraph newspaper reported. A spokesman for Chicago-based Amoco, Jim Fair, told The Times on Sunday that he could neither confirm nor deny the report, but added that "clearly everybody in the industry is looking at various opportunities" to bolster their refining operations. Executives of Fairfax, Va.
February 20, 1997 |
A gasoline marketer that helped pave the way for motorists to pay at the pump with a credit card has a new device that should speed visits to its service stations while letting customers leave the card at home. Mobil Corp. plans to introduce in May an electronic gizmo to hook on a key chain that uses radio signals to activate the gas pump and charges the purchase with a single swipe past the pump.
CALIFORNIA | LOCAL
November 22, 1996
A fire at the Mobil Oil Refinery in Torrance on Thursday caused two minor injuries and led to the temporary closure of Crenshaw Boulevard and the onramps to the San Diego Freeway in both directions, officials said. The blaze at Crenshaw Boulevard and 190th Street broke out in the coker unit, a tank filled with a tar-like substance used in the refining process, at 2:45 p.m.
November 7, 1996 |
Mobil Corp. said it will form an alliance with Shell Oil Co. that will be composed of both companies' exploration and production operations in California. Fairfax, Va.-based Mobil said it will own 40% of the new company and that CalResources, a limited liability concern that is an affiliate of Shell, will hold the remainder. The company, which is expected to begin operations by mid-1997, will be based in Bakersfield.
October 22, 1996 |
Fairfax, Va.-based Mobil, the No. 2 oil company, said its profit fell 2%. "Third-quarter results were disappointing due to unfavorable market conditions in many of the businesses where we have a substantial presence," Chairman Lucio A. Noto said, adding that the company was hurt by unexpected refinery outages. Mobil earned $769 million, or $1.92 per share, for the quarter ended Sept. 30. That compares with $786 million, or $1.95, earned in the 1995 quarter.
CALIFORNIA | LOCAL
September 7, 1996 |
A fire that erupted at the 750-acre Mobil Oil Corp. refinery in Torrance on Friday shook nearby residents out of their beds at 5:18 a.m., causing many of them to flee when they saw flames coming from one of the many towers. The fire was under control less than two hours later. No one was injured or evacuated, Torrance Fire Chief R. Scott Adams said. Residents heard a loud boom and saw flames erupt from a unit called a platinum reformer, which upgrades low-octane gas to high-octane gas.