Word: hitting
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Dates: during 1950-1959
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...knows when the inventory slide will hit bottom. Yet the cuts have been so drastic that few businessmen think they can continue much longer. Steelmen, operating at less than 60% of capacity, are making so little steel that first-quarter production may actually fall some 5,000,000 tons short of consumption, even with the big drop in steel use in Detroit. January auto sales were the most disappointing since 1954 with only 381,000 new cars delivered-down 22.6% from December. Ford Motor Co., after record 1957 sales of $5.8 billion (with profits of $282 million...
When Paul was eleven his father moved to Indian Territory (soon-1907-to be a part of the new state of Oklahoma), began to search for oil on a barren, sandy track that had cost him $500. He hit oil with his first well. A few years later he was a millionaire-and Paul was bitten by the oil bug himself...
Getty stepped in and outbid them all. Though not a drop of oil had yet been discovered in the Neutral Zone, he offered Saud $9,500,000 in cash, $1,000,000 a year whether he hit oil or not, to be applied against 55?-per-bbl. royalties and 25% of the company's net profits from Neutral Zone production. In 1949, "in the name of God, the Merciful, the Compassionate," Pacific Western and the Kingdom of Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George...
Luck in the Eocene. The gamble did not begin to pay off until 1953, when drillers hit a rich field 3,500 feet down in the Burgan sand at Wafra. Oil began flowing plentifully the next year, and production had doubled by 1956, when Getty made his second trip to the zone. He clambered over the rigs, walked tirelessly over the sands. A good practical geologist, he decided to drill in the neglected Eocene formation, down only 1,200 ft. Eocene oil can be pumped cheaper and faster than other oil ($30,000 and one week to drill a well...
...estimated $17.3 million last year, and Skelly's earnings rose from $34.1 million to an estimated $37.3 million. But Tidewater is expected to report an earnings drop from $34 million in 1956 to $27.2 million in 1957. Reason: Refiner Tidewater has been harder hit than the producing end of Getty's empire by the drop-off in gasoline demand...