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NEWS
January 18, 1993 | MARK FINEMAN, TIMES STAFF WRITER
Far beneath the surface of the tragic drama of Somalia, four major U.S. oil companies are quietly sitting on a prospective fortune in exclusive concessions to explore and exploit tens of millions of acres of the Somali countryside. That land, in the opinion of geologists and industry sources, could yield significant amounts of oil and natural gas if the U.S.-led military mission can restore peace to the impoverished East African nation.
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NEWS
July 3, 2001 | TYNISA E. TRAPPS, TIMES STAFF WRITER
U.S. refineries have contributed to gasoline price increases during the last two years by closing storage facilities, withholding supplies in some markets and undergoing mergers, a consumer group charged Monday. Gas prices are about 20 cents per gallon higher than they were in the late 1990s, costing consumers an additional $150 a year per household, according to a study by the Consumer Federation of America.
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BUSINESS
December 16, 1999 | From Times Staff and Wire Reports
The merger of Exxon and Mobil will bring bigger cost savings than expected for shareholders, though thousands more employees will lose their jobs, company executives said Wednesday. Exxon Mobil Corp. will cut almost 16,000 jobs--about 15% of its work force--by the end of 2002, an increase from the 9,000 cuts estimated when the companies announced plans to merge a year ago.
BUSINESS
April 25, 2001 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Wholesale gasoline prices leaped Tuesday after a fire at a major Los Angeles-area oil refinery raised fears of tighter gasoline supplies as the summer driving season approaches. A "coker" unit caught fire late Monday at the Tosco Corp. refinery in Carson, which has the capacity to produce about 5.5 million gallons of gasoline and other fuels a day.
BUSINESS
October 11, 1988 | DONALD WOUTAT, Times Staff Writer
One of the oil industry's biggest auctions drew to a close Monday when Tenneco, the Houston-based conglomerate that is bailing out of the oil and gas business, announced that it will gross more than $7.3 billion from a massive sale of its energy assets. The price was considered a premium, despite the dismal economic climate in the Oil Patch over the past several months. As such, it was seen as a signal that the U.S.
NEWS
February 23, 1998 | TYLER MARSHALL, TIMES STAFF WRITER
The lure of oil--as much as $4 trillion worth--is drawing the United States deep into distant and dangerous lands around the Caspian Sea. Although few Americans know the region, the prospect of enormous energy deposits is likely to make the Caspian as familiar a part of the world for the next generation of Americans as the Persian Gulf is for today's. It has already pulled in a who's who of oil industry giants and let loose a multibillion-dollar wave of international investment.
BUSINESS
November 11, 1988 | From Reuters
Saudi Arabia and Texaco Inc. signed a $1.8-billion deal Thursday creating a joint venture to refine, distribute and market oil products in 23 American states. The deal gives Saudi Arabia, the world's biggest crude oil exporter, access to the largest oil market in the world and is a major step toward integrating its operations from the well to the gas pump.
BUSINESS
May 26, 1988 | From Reuters
Tenneco Inc., the energy and industrial conglomerate long rumored as a possible takeover target, said Wednesday that it would sell its oil and gas business, whose huge reserves could bring a price of $7 billion or more. Proceeds from the sale will be used to reduce debt and, possibly, to repurchase shares of the company's common stock, Tenneco said. The news sent Tenneco shares up $4.375 to $45.75 on the New York Stock Exchange.
BUSINESS
August 13, 1990 | CARLA LAZZARESCHI, TIMES STAFF WRITER
Big Oil is going on a public relations counteroffensive. Amid continuing charges of profiteering with the immediate run-up of gas prices following Iraq's invasion of Kuwait nearly two weeks ago, U.S. oil companies are responding with highly publicized price freezes at the pump, full-page newspaper advertisements, lengthy position papers and, even, a radio talk show appearance. At 9 a.m. today, Chevron Chairman and Chief Executive Kenneth T.
NEWS
December 25, 1988 | DONALD WOUTAT, Times Staff Writer
For four years, Dan Beck of Pasadena hauled his pool-cleaning gear 50 miles a day from swimming pool to swimming pool in the back of a little Toyota pickup truck. A few months ago, he traded in the Toyota on a full-size Ford. Beck, the proprietor of Dan's Pool Service, is also an inveterate watcher of oil prices. He bought the bigger but less fuel-efficient truck because he figures, as many economists do, that the price of gasoline is going to remain low for several years.
BUSINESS
April 24, 2001 | From Times Wire Services
Exxon Mobil Corp., the No. 1 oil company, said Monday that first-quarter earnings jumped 51% as it cashed in on strong crude oil and natural gas prices as well as better profits from refined fuels such as gasoline. The company, which last year set a record for the world's highest corporate profits, recorded first-quarter income of $5.05 billion, or $1.44 a diluted share, excluding merger effects, up from $3.35 billion, or 95 cents a diluted share, in the year-earlier period.
BUSINESS
April 9, 2001 | From Associated Press
Gas prices shot up 7 cents at the pump in the last two weeks, the first such rise since early January, an oil industry analyst said Sunday. The price increase was due mainly to seasonal demand, said analyst Trilby Lundberg. The average price of gasoline was about $1.54 a gallon, up 7.1 cents from March 23, according to the Lundberg Survey of 8,000 stations nationwide. Prices had fallen more than 5 cents per gallon since Jan. 15 as the winter season reduced driving and thus gasoline demand.
NEWS
March 18, 2001 | DAVID WILLMAN, TIMES STAFF WRITER
With consumers facing a possible increase in gasoline prices at the pump, President Bush's Energy secretary said Saturday that the decision by major foreign oil producers to slash output emphasizes the need to increase production within the United States.
BUSINESS
February 26, 2001 | From Associated Press
The retail price of gasoline fell over the last two weeks, reflecting declines in the cost of crude oil and seasonal demand, an industry analyst said Sunday. The average price of gas at the pump nationwide on Friday was about $1.50 per gallon, down 2.26 cents from Feb. 9, according to the Lundberg Survey of 8,000 stations. The drop was most dramatic in the Midwest, where the price fell more than 8 cents a gallon.
BUSINESS
February 19, 2001 | Bloomberg News
Exxon Mobil Corp., BP Amoco, Royal Dutch/Shell Group, TotalFinaElf and other oil companies may sign multibillion-dollar gas projects with Saudi Arabia as early as April, the country's foreign minister said.
NEWS
January 24, 2001 | JOSH GETLIN, TIMES STAFF WRITER
It has become the most controversial--and mysterious--of President Clinton's last-minute pardons: Marc Rich, a fugitive commodities trader indicted in 1983 on charges of massive tax fraud and illegal oil trading with Iran, is now free from prosecution after 17 years on the lam. But why would a billionaire who thumbed his nose at the U.S. justice system, a businessman facing more than 300 years in prison, receive such largess?
BUSINESS
November 15, 1989 | PATRICK LEE, TIMES STAFF WRITER
Haunted by the Exxon Valdez oil spill and a recent rash of refinery accidents, the oil industry has embarked on an unprecedented round of soul-searching. Oil executives meeting here the past few days recognize that their credibility has taken a severe beating lately, and they expect to continue paying dearly for their mistakes.
NEWS
November 11, 1999 | RICHARD SIMON and NICK ANDERSON, TIMES STAFF WRITERS
Oil refineries spew an estimated 80 million pounds of previously undetected air pollutants into the nation's skies yearly--much of it in California--from leaking valves that often can be fixed with a simple wrench, according to a congressional report released Wednesday. The report by the House Government Reform Committee's Democratic staff accuses the oil industry of greatly underreporting leaks at refineries that release into the air the equivalent of pollutants from 5 million cars.
BUSINESS
November 7, 2000 | Reuters
Amerada Hess Corp. agreed to pay $3.48 billion for Britain's Lasmo, reaching overseas to build its oil business and making it a top exploration and production company outside of so-called majors such as Exxon Mobil Corp.
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