Exxon agrees to buy Mobil for $75.3 billion; historic deal, precipitated by plunging oil prices, signals shift in industry

Article Abstract:

In the largest acquisition to date, Exxon will buy Mobil Corp. for about $75.3 billion in stock, assuming regulatory approvals go through. Said to signal a major irreversible change in the oil industry, due in part to very low crude prices, these two giants together plan to save about $730 million a year in job cuts and closing offices. Much, much more can be saved in other overlaps by combining their mind-boggling resources.

Asset sales & divestitures, Acquisitions & mergers, Mergers, acquisitions and divestments, XON, Exxon Mobil Corp., Mobil Corp., MOB

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Triton's restructuring disclosure sends firm's stock tumbling 32%

Article Abstract:

Triton Energy Corp.'s announcement that it would undergo a restructuring instead of stock offering led to a 32% drop in the company's shares on July 17, 1998. Some analysts predict that the stock might fall even more due to the fact that Triton's sale of 50% of one of its largest assets failed to reach expectations. Triton also reduced exploration operations and its labor force. This also led to the low stock predictions.

Comment:

Restructuring announcement leads to 32% drop in the company's shares on July 17, 1998

Strategy & planning, Company Planning/Goals, Crude Petroleum and Natural Gas Extraction, Crude Petroleum & Natural Gas, Natural gas, Gas industry, Triton Energy Ltd., Article

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Texaco plans restructuring, job cuts as depressed oil prices hurt industry

Article Abstract:

Texaco Inc. announced job cuts of 1,000 people along with other moves to save the company $200 million per year. While cutting jobs, it will also keep on making acquisitions; and although spending will be cut on exploration, production will be increased. It will also cut capital spending by about $1 billion. Most of the job cuts will be in the U.S. with about 250 cuts in the U.K.

Financial management, Planning, Human resource management, Natural gas exploration, Texaco Inc., TX, Oil and gas exploration, Petroleum exploration

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