Word: kermac
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...water and 16,000 ft. of mud and shale. A single successful well costs as much as $3,000,000, about six times the cost of a similar dry-land operation. The lease on a giant three-legged drilling platform, such as Kerr-McGee's Kermac 54, now jack-legged this week into 180 ft. of water 80 miles from shore, runs to $8,000 a day. Oil companies so far have invested $4.25 billion in offshore operations, recovered $1.75 billion of it. Under such conditions, all but a handful of independents have been frozen out of the play...
...Kermac Nuclear Fuels Corp. (which is 51% owned by Oklahoma Democratic Senator Robert S. Kerr's Kerr-McGee Oil Industries, Inc.) is digging four mines and for $16 million is putting up a 3,300-ton-a-day mill, which will be the biggest in the U.S. Homestake Mining Co. has joined with Sabre-Pinon Corp. to build a 1,500-ton mill, which will go into operation by mid-1958. This December, Homestake also will finish a 750-ton mill, under construction in partnership with J. H. Whitney and Co., White, Weld & Co., San Jacinto Petroleum Corp...
BIGGEST URANIUM MILL in U.S. will be built in New Mexico's Ambrosia Lake area to process ores of Kermac Nuclear Fuels Corp. The $16 million plant will go into operation in 18 months, have daily capacity of 3,300 tons v. 3,000 tons for next largest mill. Kermac has 15 million tons of high-grade proven reserves in area...
Credit for Kermac's climb goes largely to President McGee, 52, a tall, rawhide-tough wildcatter aad geologist (University of Kansas, '26) who first went to work for Phillips Petroleum, was its chief geologist by the time he was 30. McGee did so well that when he left the company to hook up with Oilman Bob Kerr in 1937 Phillips hated to let him go, in 1943 agreed to an unusual deal to keep a string on his talents. It promised to underwrite 75% of the company's drilling costs in return for only...
Courage or crapshooter's luck, the gamble paid off. In 1947, in 18 ft. of water ten miles off Louisiana, Kermac brought in the first big tidelands well out of sight of land and developed by crews living on the rig. What's more, Oilman McGee & Co. did it cheaply. Where most big companies planned huge, $1,000,000 floating platforms with rig, crew quarters and space for drilling supplies, Kermac's equipment cost only $250,000. The platform was barely big enough for the drilling rig: floating tenders moored alongside housed the crew and stored...