Word: gulf
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Dates: during 1960-1969
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...horrified, interested, excited, amused and maybe pleased." After a month the exhibition will move to London's Tate Gallery. Even in a big art center it should prove instructive. Picasso's nude and a bleak industrial landscape by British Primitive Laurence Stephen are separated not by a gulf, but by the vast sea that present-day artists venture upon. Beaverbrook's hundred provide a lively answer to an impossible question...
Last week Steiniger, who also has an incisive way of sizing up balance sheets, announced that Sinclair had found oil in quite another manner. For about $252 million, it agreed to buy Houston's Texas Gulf Producing Co., Sinclair's third acquisition this year. If stockholders and the Government approve, Sinclair will get added supplies of 33,500 bbl. daily from Texas Gulf fields in nine states as well as in Libya and Peru. On the lookout for still more, Steiniger will spend $80 million this year for Sinclair explorations from Canada to Somalia...
Costly Prospect. Texas Gulf was eager to sell, though earnings last year were $6,300,000 and stand to increase 40% in 1963. The company is controlled by two brothers, Chairman Gordon Reed, 63, and President Lawrence S. Reed, 58, who spent almost ten years buying and selling oil leases before they took over Texas Gulf in 1941. The Reed brothers have also been adept at oil prospecting. Their greatest strike was the 150 million bbl. Headlee Field in West Texas' Permian Basin. But that was in 1952, and the costs of finding another one like it today...
...that for the rest of our corporate lives we'd be in a position of liquidating our U.S. reserves, spending our money overseas and paying out large dividends. Keep that up, and I have doubts what tax position Uncle Sam would someday take." The brothers advised Texas Gulf shareholders to get out while they were ahead...
...even Allah had been there." But under these simmering sands American geologists discovered a sea of oil, and the company that tapped it-the Arabian American Oil Co.-has become one of the world's two largest single oil producers. (The other: Kuwait Oil Co., jointly owned by Gulf and British Petroleum...