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The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
The brand was formerly owned and operated by an oil and gas corporation of the same name (Mobil Oil Corporation), which itself merged with Exxon to form ExxonMobil in 1999. A direct descendant of Standard Oil , Mobil was originally known as the Standard Oil Company of New York (shortened to Socony) after Standard Oil was split into 43 different ...
Mobil 1 is a brand of synthetic motor oil and other automotive lubrication products. Originally developed by the Mobil oil company, it is now globally marketed and sold by ExxonMobil. Mobil 1 engine oil was introduced in 1973. [1] The brand range now includes a variety of engine oils, oil filters, chassis grease, transmission fluids, and gear ...
The Standard Vacuum Oil Company was an American joint venture by Standard Oil of New Jersey and Socony-Vacuum Oil (aka Mobil) established in 1931 to make and market products in the Far East. [1] Around World War I, the market in the Far East was too large to leave unattended, but still small.
In 1998, the two companies agreed to merge and form ExxonMobil, with the deal closing on November 30, 1999. The two companies cited lower oil prices and a better ability to compete with other state-owned oil companies outside of the United States like Pemex and Aramco. With the deal, the two companies practically merged, with the new company's ...
In 1959, Magnolia was fully incorporated into the Mobil division of Socony-Vacuum, which later changed its name to 'Socony Mobil' and, ultimately to Mobil Oil Corporation. In 1999, Mobil merged with Exxon to form ExxonMobil, one of the largest oil companies in the world. Preferred Magnolia stock was eventually converted to ExxonMobil stock ...
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