Word: esso
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...Paris Stock Exchange six months ago, shares in Esso Standard of France were selling for $27. Last week the same shares had risen to $160. Reason for the sixfold increase: Esso France had struck a rich oil field southwest of Bordeaux. It was the first major oil discovery in French history, and crude production from Esso France's first two producing wells is already up to 5,400 bbls. a day, v. 7,000 bbls. from all other wells in France...
Four years ago, Esso France-63% owned by Standard Oil Co. (N.J.), 18% by Gulf Oil Corp., 19% by French individuals-got permission from the French government to explore 4,300,000 acres of Les Landes. In exchange, the company agreed to give the French government 10% of the stock in any exploitation company. The venture started inauspiciously. The first well 30 miles south of Bordeaux was dry. Then the rig was moved to the village of Parentis (pop. 998), about 44 miles southwest of Bordeaux...
Drilling began at Parentis last fall, and, at 7,380 ft., Esso France found what it called "an excellent crude, similar to the best Venezuelan crude." Parentis No. 1 is now pumping 3,000 bbls...
...fine for America, but would not work in England and other foreign countries. So runs the argument of many a British businessman. But last week a report issued by the British Institute of Management told British businessmen that they are wrong. The report was on the building of Esso's giant refinery at Fawley in Hampshire, approximately 83 miles southwest of London, under the supervision of a 70-man American management team. The $105 million Fawley refinery, says the report, is the largest ever built anywhere at one time (annual processing capacity: 6,500,000 tons of crude...
...brightest of them into bosses. These men are shifted from department to department to get the broadest possible view of the entire operation and to keep from getting in the rut that is frequently the penalty of over-specialization. Periodically, the men are graded by their superiors, e.g., Esso Standard Oil has an elaborate form on which a man's superiors grade him for everything from job performance to ambition, analytical ability, emotional stability, cooperation, decisiveness, coordination and responsibility. At General Motors, any man making more than $1,000 a month is "rated" by all the top officers...