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Mergers in the Petroleum Industry:; '.. ' ~~~). , " cMERGERS IN THE PETROLEUM INDUSTRY:; REPORT OF THE FEDERAL TRADE COMMISSION C'V\UE CUMM/ APR 2 :' 1983 . LrRR A. "\\'l , SEPTEMBER 1982 :'; ACKNOWLEDGMENT This report was jointly prepared by the Bureaus of Competitonand Economics under the supervision of Thomas J. Campbell, Director; Walter T. Winslow, Deputy Director; and Ronald B. Rowe, Assistant Director, Bureau o Competition; and Robert Tollson, Director; John L. Peterman, Deputy Director; and David T. Scheffman, Acting Associate Director for Special Projects, Bureau of Economics. Bureau of Competition Deputy Assistant Director Marc G. Schildkraut supervised the research and drafting of the report by staff attorneys David C. Dickey, DanielP. Ducore, Gregory M. Fox, David Frankel, James M. Giffin, Jeffrey S. Jacobovitz, Wiliam Kovacic, Rhett R. Krulla, Frank Lipson, Arthur J. Nolan and Mark L. Rosenberg; and Research Analysts Harvey Blumenthal, Judith S. Carman, Lawrence R. Kaufman, Eileen C. Reed, Marissa G. Repp and Warren S. Sockwell. , Attorneys Eugene A. Higgins, David Lira, Constance M. Salemi, and John F. Stephens; and Research Analyst Nancy M. Ovuka also contributed to the report. Bureau of Economics Acting Assistant Director fhilp B. Nelson supervised the research and drafting of the report by staff economists Geary H. Gessler, Scott M. Harvey, John M. Howell, James A. Hurdle, Christopher C. Klein, PauL A. Pautler, John Phelps, Charles Pidano , Calvin T. Roush, Jr., and Willam Shughart; and statistical clerks Barbara J. Battle, Lynn Jay Carpenter, Delores A. Munson, Carolyn Samuels, John P. Sharpe, Jr., David L. Wickam , Addie L. Wiliams, and Cheryl G. Wiliams. James M. Ferguson, Assistant Director for Antitrust, provided substantial help in the review process. Bureau of Competition Head Secretary Jeanne M. McGraw supervised the typing and revising of numerous drafts of the study in the Bureau of Competition, as did Deborah Ruggles, Supervisor, Word Processing Center, in the Bureau of Economics. This study would not have been completed but for their dedicated efforts. Others who made substantial typing contributions to the study include JaniceAle ander, Lois E. Baker, Donna L. Joanne Davis, Mary M. Gibson, Cary Hoagland, Janice Johnson, Dianne Jones, Preston, Emily K. Robinson, Kenney, Jacqueline Morson, Nora L. Parker, Yolanda E. Mildred E. Taylor, Jeffrey Wilson and Betsy Zichterman. , r . i , ' ............................................................. .. .- ... .. ... .'. ... ...... .'.. .. .. .. ... ... ..... ....... ..................... .............. ............. .. .,. .... ......... .' . ....................... '. .. .. ........ .. .- . ... .. .. .. .. ...... .. .. ................... .... .. ......... ;. .. .. .' . .... ......... .-.. .. .. .. ......... ... .; . .. ..-. .-. .' . TABLE OP CONTENTS Page INTRODUCTION AND SUMMARY. I ll. OVERVIEW OF THE PETROLEUM INDUSTRY Crude Oil Exploration and Production . 10 Refining Transporta tion Marketing il. MERGERS AND, THEPETROLEUM INDUSTRY SINCE 1971: THE EMPffICAL DATA. 1-8 Acquisitions Involving Large Petroleum Companies Since 1971. .. 19 Methodology Identifying "large petroleum companies" Defining an acquisition. Oil company acquisition activity: 1971-1981. Comparison of Merger Activity Between Large Petroleum Companies and Other Large Companies Methodology 19 . ' 52 The Study . e .0 . e - e . IV., INCENTIVES FOR MERGERS . e . e In troduction . e , . Motives for Mergers . e Economic efficiencies or synergies as a merger ive .. Managerial synergies Productive efficiencies. Market power as an incentive to merge Efficiency Considerations in Some Recent i': . .. .. .................................... .. ..... ... ............. .... .. ............................ ." . .. -.. -... -.. ........................ ........................ ........ ... .. ..-.. '. .......... ... ... ... .. ... .. ......... ... .. ... .. .. ....... .. .. Oil Company Mergers. 8 . Shell' s acquisition of Belridge Mobil' s proposed acquisition of Marathon. The Du Pont acquisition of Conoco Petroleum Price and Allocation Regulations. Historical description. Effects of the price and allocation regula tions. 76 Federal Tax Incentives to Merge. The windfall profits tax incentive Taxable acquisi tiOt1S and stepped-up basis. Diverse Expectations and the Evaluation of Acquisition Targets Valuing a target firm Oil company valuations of target firms Stock market "undervaluation" as an explanation for mergers Financial Considerations as a Motive for Acquisition Activity. Oil company cash flows in the 1970s The use of internal funds in oil industry mergers: five case studies Conclusi-ons MERGER TRANSACTION COSTS The Types of Transaction Costs and the Factors Affecting Their Magnitude Empirical Data Concerning Merger Transaction Costs 104 Costs by category. 104 Two case examples. e 110 - i i - .. .. .. .... .... ....... ....... .. ..'.. ... ..... ....... .-... ...... ..... ... ..... .. ....... - ."..... ......... .. ....., ....... .... ... ....... .... .... .. .... .. ... .... .................... ... ..-. ... .. ... ... ... ... ... ..... ...., .. .... ... .... ... ..... ... ... .... ... ... ... - .... ... ... ... ... ... .- ..... .. ... ... .... ..... ......- .. .- . ... ... ..... ... .. ... .. ...... .... VI. COMPETITE FACTORS IN EXAMINING PETROLEUM MERGERS. ... 113 Overview of Competition Policy. .. 113 Introduction.. 113 The economic rationale for preventing certain horizontal mergers .. 114 Application of Section 7 of the Clayton Act to horizontal mergers. 114 Petroleum merger cases. 121 Crude Oil 126 Overview. 126 Product market 127 The international market for crude oil . 130 The free world as a geographic market. 130 Concentration in the international market 131 Special considerations in the inter- national market. .. 137 Influence of price-conscious company behavior on pricing policy. .. 140 Oil company ties to Saudi Arabia. 143 The effect of mergers in domestic crude oU markets 149 Potential domestic submarkets 149 Concentration in domestic crude oil markets- - . t . 154 Other factors affecting the domestic industry. .. 8: .. 8 . .. 158 Control factors 158 Interdependence factors. 160 Oil reserve acquisitions. 161 Conclusion. .. .. .. .. .. t. 167 -iii- . .. .. .. .. .. .... .. .. .. - ,.. .... ... .. .. .. .. .. .. .. .. .. ...- . .. .- . .. .. .. .. .. .. .. .. .. .. .'. .. ... .-. .... .... .. ... .. .. .... ..... .. ...... Refining 169 Overview. 169 Relevant product market 171 Supply substitutabilty 171 Demand substitutabilty 173 Probable product markets. .. 174 The geographic refining market (for gasoline and middle distilates) 174 Defining the relevant market 174 The Gulf Coast (P ADD un as a distinct market. 177 PADD U, the Midcontinent 178 PADD IV, Rocky Mountain states................... 181 PADD V, the West Coast. .. 182 Sum mary 183 Market share/concentration data. .. 183 Entry conditions. 189 Environmental factors 189 Difficulty of access to crude suppliers. 189 Economies of scale. 191 History of entry into the domestic refining industry. 194 Capacity expansions by existing refiners 20 I Conclusion. 204 Interdependence and competition in the refining industry. 205 Output determined in response to- marginal revenue effects 206 Interrelatiol1ships among major refiners. 208 Intergroup rivalry between majors and j v- ............................................ ..." .. .... ........ ...... .- . -. .................. .. ..'. ...... .... .......... .. .. ........................ .. .. .. .......... .. ... .- .". ... .. ............. ..:. ... .. .. - .. .- . .. ... .. ... .. .. .. .. .. .. .. .. .. ... independent$ 209 The history of major refining acquisitions for the period 1948-1980. 210 Conclusion. 216 Pipelines 217 Overview. 217 Product market definition. 217 Defining a product market 217 Transport of crude oil 219 Crude Qil gathering services 219 Movement of crude oil to refineries. 219 Transport of Pfatroleum products. .. 220 Movement of petroleum products from refineries to central distribution point 220 Distribution of petroleum products 222 Other factors. 223 Conclusion. 223 Geographic market definition 224 Ownership structure 228 Concentration 232 Various aspects of measuring pipeline concentration. 232 Concentration figures for pipeline shipments 234 Federal regulation of pipelines .. 237 Com mon carrier regulation 237 The 1941 Consent Decree. .. 240 Effectiveness of regulation of pipeline rates of return and dividends. 241 . .. .. .. .. ... .. .. .. ... .. .. .. .. .. .. .. .. .. .. ... .. .. .. .. .. .. .. ., .. .. .. .. .. .. .... .. .. .. .. .. .. .. .. .. - .. .. .. .-. .. .. .... .. .. '. .. .. .. .. , ... .. Effectiveness of access regulation. 243 Competitive effects. 243 Entry conditions. 243 , Ii 244 Economies of scale. i I Conclusion 246 i :1 Gasoline Marketing 247 i :1 Overview 247 ill Product markets and geographic markets for gasoline 248 Terminal clusters. 248 Evidence of regional markets 250 Concentration in wholesale gasoline distribution. 251 Changes in market concentration over time. 256 264 Entry cond tions . Pipeline and terminal access . 264 Wholesale supplies to independent marketers 266 Pricing within terminal clusters. 269 Retailng 274 The number of retail outlets. 274 Merger activity 8 8.....................8 8...... 280 Price competition. 285 Eviden( e from economic studies and company documents. 285 PriGe competition among majors. 287 Role of independents . 287 Price leadership. .. 290 Practices tha.t may faciltate price abiljty 291 vi - .. ... .. .... ............ ..
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