Word: oiled
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Dates: during 1960-1969
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...running an overstaffed, 95-year-old company with outlets in 18 Eastern states but with a sleepy attitude and outdated refinery equipment. Anderson shook off the sleep, cut back on staff, ordered a $100 million modernization program. Then, on a fishing trip with Chairman Charles S. Jones of Richfield Oil Corp., he worked out a merger that linked Atlantic with the Los Angeles company. The agreement between the two was a scant five pages long to cover a $1.2 billion organization with worldwide holdings...
Susie No. 1. Since the merger, Atlantic Richfield has increased combined oil reserves from 1.8 billion bbl. to 2.1 billion, added 52 new producing wells for a total of 7,132, and built more than 500 new service stations while modernizing others. Now the Alaskan find is quite a layer of frosting on the cake. "Everybody else," says Anderson, "had pretty well written the Arctic Slope off because of cost, indifferent success, and the absolute need for a major discovery in order to have commercial significance." Atlantic Richfield thought about writing off the area too. On their 90,000 acres...
Atlantic Richfield and Humble decided to try one more time at a spot near the Arctic Ocean at Prudhoe Bay. Working in -60° weather that snapped wrenches like matchsticks and froze the drilling equipment whenever work stopped, Atlantic as the working partner of the two brought in oil. The industry and the state of Alaska haven't been the same since. Competing companies who were about to pull out of the North Slope are renewing their efforts. The state government is talking about constructing a railroad and highway from Fairbanks, 390 miles away, to the North Slope fields...
...Standard Oil Co. (California) showed record second-quarter earnings of $116.8 million ($1.44 per share), up from 1967's $107.8 million ($1.33 per share). Chairman O. N. Miller attributed the 8% gain to a 15% jump from 1967's pace of 1,807,500 bbl. daily, plus a "continued strong upward trend" in chemical-sales revenues...
...Nigerian federation. Nigerian reports of mass hunger were rejected out of hand, by pro-Biafrans, as propaganda attempts to lower the morale of those trapped in the secessionist kingdom. Now, however, the sordid truth of colossal human suffering is out. Biafra is not a viable dream without the oil rich territories of five million minorities coerced into the new citizenship...