Reborn American Giants

After pushing the time back another month, Texaco put down its airs, took it seriously, and negotiated repeatedly, but the Pennsylvania court was only willing to reduce the amount of compensation to US$8.5 billion.

Texaco, which was already heavily in debt for the acquisition of Getty Oil and the development of the Grenada oil field, simply could not raise such a huge amount of cash.

Aaron Elvis had no choice but to seek a solution outside the court. He proposed that if Penzel did not make major concessions, Texaco would have no choice but to declare bankruptcy.

However, Hof-Lidke believes that he cannot be too soft on giant companies like Texaco, and this time he will bite off a piece of meat.

Until April, Texaco proposed that it was willing to pay Penzer US$3 billion to settle the case. The differences between the two parties were too great, and Penzer would naturally not agree to this result.

So Texaco applied for bankruptcy protection from the federal court in accordance with Chapter 11 of the U.S. Bankruptcy Code. At this time, Penzer's shareholders were panicked, and the company's stock price fell. Li Deke immediately followed the wind and made concessions. By May

, the two parties reached an agreement, and Texaco finally paid US$3 billion, and Penzer dropped the lawsuit to the court.

The dispute between the two parties over the acquisition of Getty Petroleum, which had been entangled for a full year, came to an end.

At the same time, Texaco proposed a US$5.6 billion reconstruction plan, which was approved by the shareholders' meeting. This plan includes the sale of assets with a total value of no less than US$3 billion, including upstream, downstream and chemical industries.

assets and used them as collateral to borrow another US$3 billion in short-term debt from banks to pay Penzel's compensation.

1984 became Texaco's most difficult year. Even with Victor's intervention, Texaco obtained the right to operate the Golden Bay oil field in Grenada, nothing changed.

At the same time, due to the fall in world crude oil prices and the settlement of the lawsuit with Penzer, Texaco lost US$4.4 billion this year, which paved the way for its future acquisition by Chevron.

As a major measure in Texaco's reconstruction plan, in June, Texaco sold half of its downstream assets in the United States to Saudi Aramco for US$1.8 billion.

These assets include Texaco's three refineries in Port Arthur, Texas, Louisiana and Delaware, 50 sales terminals and more than 10,000 gas stations in 23 states in the United States. These assets make up

Star Enterprise is a joint venture between Texaco and Saudi Aramco. The new company's profits in 1990 were US$377 million.

In 1985--1986, Texaco sold its German branch (total assets of 1.2 billion US dollars) and 78% of the shares in its Canadian branch, the latter of which alone returned capital of 1.5 billion US dollars. It also sold its assets offshore Angola

Half of the 40% stake in the oil company.

Texaco's "eating" of Getty Oil actually cost more than $13.12 billion, and it also had to pay considerable interest on its huge debt.

At the same time, the Federal Trade Commission, which was originally opposed to mergers between large companies, and was led by Democrats, also came to add insult to injury. Even though Penzel had withdrawn its lawsuit, it still followed the ruling of the Pennsylvania court and filed a lawsuit against Texaco.

The company’s acquisition of Getty Oil made the following ruling:

1. Texaco will divest 2% of the assets of the acquired company. Within one year, Texaco must sell Getty Oil Company’s 9 gasoline transfer stations and 1,900 refueling stations in 13 states including Maine and New Hampshire.

station. However, Getty Oil's 30 projects in the Northeast

The various operating assets and the refinery in Delaware City that processes 2.14 million barrels of crude oil per day (about 107 million tons per year) (together with ancillary facilities) do not have to be sold; Texaco is not allowed to purchase the above 14 states for 10 years

Equity interests in companies engaged in refining or distributing refined petroleum products.

Second, sell its Eagle Point refinery in Westerville, New Jersey, which processes 90,000 barrels per day (about 4.5 million tons per year), along with ancillary facilities.

Third, the Federal Trade Commission believes that this merger will reduce competition in Colorado's refined oil pipeline transportation. Since Texaco holds a 40% interest in one of the four pipelines, and Getty holds a 50% interest in the other, Texaco holds a 50% interest in the other.

Skull must sell Gertie

50% of the company's equity, as well as the El Dorado refinery in Kansas on the pipeline (80,500 barrels/day, or 402.5 tons/year). Within 10 years, Texaco is not allowed to purchase any refined oil pipeline in Colorado.

Equity.

Fourth, limit Texaco’s operating rights on the Colonial refined oil pipeline (Texaco holds 14% of the shares), and must support the expansion of the pipeline’s transmission capacity within 10 years.

Of course, none of this has happened yet, but things are always moving according to a certain trajectory, as if there is an invisible hand moving everything.

And Victor is also busy with the construction of the refinery, purchasing land, and getting approvals. All these things make him worry too much. Recently, under the recommendation of Ansaldo, he worked with Acajutla.

A group of city officials maintained friendship.

In fact, relying solely on his status as a member of the Christian Democratic Party, Victor can also get in touch with this group of people. However, after all, the refinery is located in Akajutla, and in terms of relationships, it is definitely not as good as Ansar, who acts as a local gangster.

To this end, Victor took out 5% of the shares of the refinery and established a public fund. No matter who controls the Akajutla city government, the officials on the stage can enjoy the dividends provided by this fund.

Of course, the external statement will not be so straightforward, but will be made by Nathan in the form of political donations to show the friendship of Mr. Jose Victor.

This group of officials, who had long been lured into the trap by Ansaldo, readily accepted Victor's bribes, and promised with all their heart: As long as they are here, Green Bay Energy's refinery will definitely continue to produce safely...

Hum hum, whoever believes in the promises of professional politicians is a fool, Victor sneered secretly, what these people are good at is adding icing on the cake, and it is definitely not providing help in times of need.

Victor never believed in anything forever, and when a politician is at the peak of his political career, what awaits him next is a downhill road, like a fallen branch, being swept away mercilessly.

Therefore, his safety rope is never tied to these people, but to the throne under the buttocks of these officials.

These people undoubtedly noticed this, but they didn't take it seriously.

No one will admit that there will be a day when they lose their rights, and in their minds, even if Victor is a member of the capital city and is known as the "political star of the party", so what if Victor grows up enough to use his power to control them

By then, they had already taken the "retirement money" they had earned over the years and didn't know where to go.

These people can only focus on the little benefits in front of them without any foresight.

This was Victor's private comment to Nathan on this matter. From a small perspective, you can imagine what kind of people the politicians in other places are. No wonder the economic activities of the entire country are in a mess, except that the United States controls the economy of El Salvador.

In addition to turning it into a source of raw materials, the quality of these officials also plays a large part.

If one day Victor gains power, he will immediately find a way to get rid of these bugs.

The officials of Akajutla, who were chatting and laughing loudly during the feasting banquet, could not imagine what kind of fate their actions would bring to other colleagues.