Word: oil
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Dates: during 1950-1959
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...London Times agony column in an attempt to get 33 seats for himself and guests. When a purposeful posse from Dallas came yipping into town but found itself seatless, Ambassador John Hay Whitney patriotically handed over his own four seats, and black marketeers supplied the rest at oil-well prices...
...richest plum among the oil industry's independents finally fell last week, and it went to one of the strongest integrated majors. In an $810 million deal, Texaco, No. 2 U.S. producer-No. 1: Standard Oil Co. (N.J.)-and refiner, bought California's profitable Superior Oil Co., whose earnings last year totaled $39.20 a share. Superior stockholders will get 24 shares of Texaco for each share they now hold; Texaco will then absorb Superior's holdings and dissolve the company...
Texaco gets a company rich in reserves to protect itself against trouble in the Middle East. Though it has large holdings in Louisiana and Canada, 40% of Texaco's oil comes from a 30% interest in Saudi Arabia's Arabian American Oil Co., a 7% interest in the Iranian consortium, and a 50% interest in Caltex operations in Sumatra and elsewhere. To back them up, Texaco bought Trinidad Oil Co. Ltd. in 1956, last year added Seaboard Oil Co. Now with Superior, it gets big production in Venezuela's rich Maracaibo field, crude-oil reserves of well...
...fight and realizes that a producer must have markets to remain strong. Says a Keck aide: "It has simply become too difficult to do business. Without refinery facilities, we have no import quotas of our own and are entirely at the mercy of the majors. When they want our oil, we move it. When they don't, it sits there. The sale to Texaco, which has tremendous refining capacity, was a natural...
...Oil Painting Controversy...