Word: oilfield
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Dates: during 1980-1989
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Some firms already foresee a rebound and are starting to buy oilfield equipment on the cheap. "Anyone can steal a rig now," says James Jackson of Jim Davis Auctioneers in Dallas. "All the boys out there are hurting...
...Arguello, Calif. Now that money looks like the down payment on a bonanza. Last month Phillips and Chevron announced that a test well had brought in a gusher, and expectations were heightened by several other successful drillings near by. Then last week Texaco confirmed the existence of a major oilfield by announcing crude flows from an 8,500-ft. well. Experts now say that the Santa Maria basin could be the biggest single find in the U.S. since 1968, when reserves were discovered on the North Slope of Alaska that have now been estimated at 9.5 billion...
Someone once said that no man should be ashamed of his poverty; he should get rid of it as fast as he can. Texas Governor William Clements did just that, transforming himself from an oilfield roughneck to the millionaire founder of Sedco Inc., one of the world's largest offshore drilling companies. As the first Republican Governor of the Lone Star State in more than a century, "Dollar Bill" Clements, 65, who is seeking a second term this year, is proud to say, "The people of Texas like the idea that I can call the White House and someone...
...Denver-based Mountain States Legal Foundation, a "public interest" law firm underwritten by conservative Western businessmen. Under Watt, Mountain States went to court to fight against discount utility rates for elderly and disabled people in Colorado, federal strip-mining regulations, a plan to designate part of a Wyoming oilfield a protected wilderness area and a National Park Service ban on motorized rafts in the Grand Canyon. "When Jim believes he's right, he's a man of action," says Lawyer William Mellor III, who worked for Watt in Denver. Another Mountain States lawyer, Kea Bardeen, explains Watt...
...take over. Meanwhile, National Steel Corp., the sixth largest U.S. producer, has spent $75 million to take over savings and loans in Miami and New York. In 1978 Armco even went so far as to drop the word steel from its corporate name altogether, and is now diversified into oilfield equipment and financial services...