Exxon Completes Purchase Of Goodyear Subsidiary
Dec. 07, 1987
AKRON, Ohio (AP) _ Exxon Corp. has completed its purchase of Goodyear's Celeron Oil & Gas Co. for slightly less than $650 million, Goodyear announced today.
Goodyear made arrangements in August to sell Exxon the subsidiary to help pay off a massive debt incurred last year when Goodyear fought off a hostile takeover bid by Anglo-French financier Sir James Goldsmith.
Hank Ruppel, a Goodyear spokesman, said today that the original offer for Celeron was $650 million, but the price was lowered slightly because of contingencies in the offer. He did not give details.
Celeron operates 450 onshore oil wells in Kern County, Calif., and has interests in 23 offshore California tracts, Goodyear said. It says Celeron's onshore California production is about 17,000 barrels a day.
The sale did not include Goodyear's All-American Pipeline System, a 30-inch pipeline which will move West Coast oil to refineries along the Gulf Coast and in other areas.