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Petroleum Mergers, Multinational Investments, Refining Capacity and Performance in the Energy Crisis

Samuel Richardson Reid
Financial Management
Vol. 2, No. 4 (Winter, 1973), pp. 50-56
Published by: Wiley on behalf of the Financial Management Association International
Stable URL: http://www.jstor.org/stable/3665424
Page Count: 7
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Petroleum Mergers, Multinational Investments, Refining Capacity and Performance in the Energy Crisis
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Abstract

The relative position of the United States as a major petroleum refining center has declined in recent years. This appears to be linked to domestic merger activity and to foreign investments by the large multinational firms. Government policies as related to import quotas, taxes, anti-trust, and environmental constraints have influenced the economic and legal environment in which capital budgeting decisions have been made by the major petroleum firms. The overall performance pattern of the major firms in the industry reveals that the "smaller" majors have outperformed the large multinationals and the merger-active firms.

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