Word: amerada
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Dates: during 1960-1969
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Then the results were announced. For the first six tracts, a combine of Gulf Oil, British Petroleum and its Alaskan subsidiary bid $97 million. Another tract, just southwest of Prudhoe Bay, brought the highest single bid of the day, submitted jointly by Amerada Hess and Getty Oil: $72,277,133. A rival consortium of Phillips, Mobil and Standard Oil of California had bid a scant $164,133 less. Having underestimated on one tract, the same group decidedly overestimated on another, making a bid of $18,130,000. The next highest bid was a nominal...
Size is not everything; FORTUNE also measures profitability. On the basis of earnings as a percentage of invested capital, 180th largest industrial firm Avon Products was the best performer with 37.3%. On the basis of earnings as a percentage of total sales, Amerada Petroleum, the 337th company on the list, ranked highest with 26.7%. By either measure, Polaroid and such drug firms as G. D. Searle, Smith Kline & French Laboratories and Merck were outstanding performers...
Oddly enough, the three networks did relatively poorly: while grossing $904 million from time and program sales, they netted only $79 million before taxes, a mere 8.7% of the gross-compared with such corporations as Amerada Petroleum (49%). One reason is the high cost of filming documentaries and maintaining big news-gathering organizations. Another is the higher cost of developing new entertainment programs; the networks spend $15 million to $24 million a year replacing shows that have flopped...
...nowhere among the oil-producing nations of the world. Today it stands seventh, behind the U.S., U.S.S.R., Venezuela, Saudi Arabia, Kuwait and Iran. Thirty-nine companies have drilling operations in the Libyan desert. The biggest producer is a consortium, Oasis Oil Co. of Libya, Inc., comprising Continental, Marathon and Amerada-Shell. Also on the scene are Esso, Mobil/ Gelsenberg (75% Mobil-owned) and Amoseas, a joint exploration venture of Texaco and Standard of California. Together, these giants pump more than 1.7 million...
Cash for Complaints. The drought ended dramatically in 1958 when the Oasis Oil Co., which Marathon owns jointly with Continental Oil and Amerada Petroleum, hit the Dahra field in Libya. "That success alone," says Donnell, "more than justified the decision to venture abroad." The find has in creased Donnell's proven reserves by more than 100% (to 1.7 billion bbl.) and expanded his production by 150,000 bbl. per day. With that, Donnell moved into high gear. He acquired four more refineries and hundreds of gas stations by taking over Michigan's Aurora Gasoline Co. and Texas...