Exxon and Mobil agree to merge: the $76.6 billion deal would create the world's largest corporation. Area employees are concerned
Article Abstract:
The number one and and number two oil companies in the US, Exxon and Mobil, have reached an agreement to merge in an exchange of stock worth $76.6 billion. The deal will lead to a major reshuffling of the oil industry. Over 1,000 employees in Gloucester Country expressed concerns over their jobs following the announcement of the merger, as it is expected lead to the downsizing of 9,000 jobs. The new entity will be named Exxon Mobil Corp. It will takeover Royal Dutch Shell's position as being the largest energy company in the world. Exxon Mobil will have revenues every year of $203 billion.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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Earnings leap 79 pct. at diversified Sunoco
Article Abstract:
Sunoco Inc. posted a 79% increase in earnings for the fourth-quarter of 1998. The company was successful in dealing with the worldwide oil glut thanks to its improved productivity and diversification. Sunoco stated that its quarterly net income increased even though its revenues fell. A company spokesman said that Sunoco can make profits at high or low oil prices since it is not longer engaged in the oil exploration business.
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Posts 79% increase in earnings for the fourth-quarter of 1998
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999
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Exxon and Mobil confirm talks about merger
Article Abstract:
Exxon Corp. and Mobil Corp. confirmed they are discussing a merger that would make the largest oil company in the world. The merger could threaten 900 jobs in Glouscester County at Mobil's Paulsboro lubricant blending plant. The merger would allow the companies to reduce costs by cutting duplicate functions and shutting down inefficient operations.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1998
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