(from www.sec.gov)
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Mobil Corp. |
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From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 81,503,000 | 8.1 |
| Net Income | 2,964,000 | 24.7 |
Description:
Mobil, the nation's second-largest oil company and the biggest company in the Washington area as measured by revenue, is engaged in every aspect of the energy business, including exploration, production and marketing. The company also is a chemical manufacturer and marketer.
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Mobil, which developed Reston as part of its planned community development business, exited that business last year, selling much of its Mobil Land Development Corp. to a real estate investment fund sponsored by Westbrook Partners LLC. Lucio A. Noto, Mobil's chairman and chief executive, said the sale was part of a strategy to sell assets that were worth more to others and to use the proceeds in its oil, gas and chemicals businesses.
The company also started a new marketing venture with PanEnergy Corp. to market natural gas and electricity in North America.
During 1996 Mobil signed an agreement with Indonesia's state-owned oil and gas company to acquire a 26 percent interest in a natural gas field in the South China Sea. It also purchased the Australian oil and gas exploration and production company Ampolex Ltd. for $936 million and acquired a 25 percent stake in a major production and pipeline consortium in the former Soviet republic of Kazakstan. Mobil also was part of a partnership that made a successful bid to explore and develop the 445,000-acre La Ceiba block in Lake Maracaibo in western Venezuela.
The company also announced it was forming a major marketing and refining partnership with British Petroleum in Europe.
Mobil Shipping and Transportation Co. signed a contract with Sumitomo Heavy Industry Ltd., to buy two double-hull Very Large Crude Carriers, doubling the number of these oil transport vessels in its fleet.
Another Mobil subsidiary reached an agreement with Saudi Basic Industries Corp. to begin engineering for a major expansion of a petrochemicals complex at Yanbu, Saudi Arabia, that is jointly owned by the two companies. The project is expected to cost $2 billion and double the complex's capacity.
