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Petroleum Mergers, Multinational Investments, Refining Capacity and Performance in the Energy Crisis
Samuel Richardson Reid
Vol. 2, No. 4 (Winter, 1973), pp. 50-56
Stable URL: http://www.jstor.org/stable/3665424
Page Count: 7
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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.
Financial Management © 1973 Financial Management Association International