Word: gulf
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Dates: during 1950-1959
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...face of it, these moves made the chance of new foreign oil investment in Bolivia look dim indeed. Nonetheless, Paz Estenssoro made a hard-boiled decision that Bolivia needed foreign capital, and in 1955 enacted a liberal code for oil operators from abroad. Last week Pittsburgh's Gulf Oil Corp., first big operator to move in, signed a 40-year agreement to search for and produce petroleum in Bolivia...
...Gulf's operation at Kuwait on the Persian Gulf makes it No. 2 (after Jersey Standard) among U.S. oil companies in world production. Company chiefs evidently concluded that the 1952 tin nationalization was a political necessity, and that Paz Estenssoro is now able to get on realistically with the development of the country. The exploration area granted to Gulf is-ironically enough-part of Jersey Standard's old concession...
...Florida Gulf Life Insurance Co. (which does about $6,000,000 a year in business from Negroes) was threatened by boycott after one of its directors, Sumter Lowry, filed as a race-baiting candidate for governor. Lowry was swiftly dropped from the Gulf directorate, and the threat eased. But C. Blythe Andrews, publisher of a Tampa Negro weekly, says: "If, after the first primary or later, we find General Lowry has been put back on the board, the insurance company will be in for trouble...
...companies turned in rich earnings reports. Socony Mobil announced alltime high sales of $1.7 billion for 1955, with earnings of $207 million, up nearly $24 million from 1954. Gulf reported 1955 sales and service revenue of $1.8 billion, with profits of $218 million, 19% higher than...
Among the biggest spenders is the oil industry. With 1955 earnings of $262 million (up $36 million over 1954), Texas Co. Chairman J. S. Leach announced that his company would spend $325 million this year for new petrochemical plants, refineries and research centers. Close behind, Gulf Oil, Standard of Ohio...