Word: magnolia
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Dates: during 1950-1959
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Singer Shore goes about her painstaking rehearsals with the same simple warmth and magnolia-scented vivacity she exudes onscreen, but "deep down," says a close friend, "she's insecure. Everything that's happened to her is so good that she's afraid it will disappear tomorrow. So she drives hard all the time...
...offshore oil area," says Magnolia Petroleum Co., "may be the last big undeveloped oil province in the U.S." Yet, while the U.S. is worried about sources and has only an eleven-year supply of proven reserves, Magnolia and most of the other major producers are cutting back their offshore search. Last week only 79 seaborne rigs were poking their drill bits into the Gulf of Mexico; last August in rigs were operating off Louisiana's shores alone...
Below Capacity. Oilmen last week were working some offshore wells at only one-third capacity. And they were slowing down new drilling. Explained Magnolia President J. L. Latimer: "We are not going to drill a lot of new wells to bring in fewer barrels...
...Magnolia, which is sinking 45 offshore wells this year, is planning only 25 new ones in 1958. Even the two biggest offshore operators, Shell (average offshore output: 45,000 bbl. a day) and California Oil Co.. are leveling off their drilling. California Oil has reduced offshore drilling by 25%. Shell, which has been expanding rapidly, plans to sink only the same number of offshore wells in 1958 as it will in 1957-about...
...slowdown has idled millions of dollars worth of drilling equipment. Humble Oil, which vies with Magnolia as the third biggest offshore producer (12,115 bbl. a day), has only twelve rigs operating in the Gulf now, v. 16 during the first ten months of this year. The powerful CATC oil combine-composed of Continental Oil, Atlantic Refining, Tidewater and Cities Service-last week was working only 15 rigs, v. 19 in August...