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Many other records fell last week as more third-quarter earnings figures were published. Standard Oil (N.J.), biggest of the petroleum giants, announced a nine-month net of $523 million, 19% above last year, setting a high mark for the company and the entire oil industry. Socony Mobil Oil hit $145 million, 13% above a year ago. The Texas Co. soared to a nine-month high of $189,767,006, up 24.9% over...
...CONSUMPTION in the free world will jump so fast in the next 20 years that it will be "increasingly difficult" to keep pace with demand, says Socony Mobil President Albert L. Nickerson. The forecast: a 65% jump over 1954, to 21.4 million bbls. daily by 1965, a 100% jump, to 26.7 million bbls. daily...
Many another corporation followed right behind the leaders. In petroleum, Socony Mobil earned a record $97 million in the first half, up 10.2% from last year; Gulf Oil's semiannual $91,871,000, 13.7% higher than last year, set another record; Phillips Petroleum's profit hike of 12.3% above the previous half year, to $42,575,770, set still another high mark. Little Steel was not to be outdone. Operating at 101% capacity, Jones & Laughlin netted $12,926,000 in the second quarter, 104% above a year ago. while Bethlehem, averaging 100.6% capacity, also hit a new quarterly...
EAST COAST GAS WARS are forcing bie producers to chop prices to retailers. With some Manhattan service stations selling gas as low as 15.8? per gal., Socony Mobil, Esso Standard Oil and others have cut wholesale prices up to ½? per gal. in most of the seaboard marketing area from Maine to Washington, D.C., the first price reduction in nearly a year...
...Benjamin) Brewster Jennings, 57, was elected Socony Mobil Oil Co. chairman, succeeding George V. Holton, 65, who retired. The grandson of John D. Rockefeller partners, Jennings started as a clerk for the old Standard Oil Co. of New York in 1920, worked up to Socony's presidency in 24 years. While remaining as the company's chief executive officer, he was succeeded as president by Albert L. Nickerson, 44, who joined the company as a service-station attendant after graduating from Harvard in 1933, has directed its far-flung foreign trade as a vice president since...