Word: crudely
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Dates: during 1960-1969
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John D. to break up in 1911. Jersey Standard has 200 affiliate companies in 100 nations, produces one of every six barrels of world oil. Humble Oil, its biggest affiliate and the source of 40% of Jersey's profits, produces 8% of all U.S. crude oil and natural gas, sells 13% of the nation's petroleum products. Jersey last year earned a record $1.1 billion on its sales of $12 billion; this year it anticipates a 4% increase...
...glass, she watched as a host of suitors tried to negotiate the slippery slope to win her hand. Pure would welcome a corporate marriage, all right: although its sales in the past ten years have risen 64% , to $630 million, gas wars and short supplies of Pure-produced crude have cut earnings to a disappointingly steady $30 million. Plenty of wooers have tried the hill but slipped on Pure's fussy terms: Atlantic Refining, Petrofina, Hercules Powder, a syndicate comprised of Loeb, Rhoades, Allied Chemical and Consolidation Coal, and a group that includes DuPont family members. Last week someone...
...merger would be a marriage of convenience. Union has ample crude oil to supply Pure's outlets in 24 Mid west and Southern states. The deal would also broaden Union's marketing outside of the highly competitive West Coast area. One important Union stock holder, however, is not impressed. Ship ping Magnate Daniel K. Ludwig, who in 1963 bought 14% of Union stock as a long-term investment, argued that the merger would dilute stock values. He prepared to sell his 4,100,000 shares back to the company for $146 million. The sale will be the largest...
California, that land of anomalies, imports 36% of its crude oil while the continent's largest proven reservoir of untapped oil sits untouched under the harbor and waterfront of Long Beach. The size of this pool-1.2 billion bbl.-has been certain for four years, but Long Beach ordinances forbade drilling inside the city and the city fathers disagreed with the state over the division of royalties. Finally, last fall, the drilling laws were relaxed and a split finally agreed on: 85% for California, 15% for Long Beach...
Last week oilmen jammed into the Long Beach city council chambers to bid for the right to tap the pool. So desperate are West Coast oil companies for local crude that the bids, which were expected to offer 90% of net profits as royalty, averaged out to 96.25% on the six sections of the field. Over the next 35 years Long Beach and California will slice up $1.4 billion...