Word: oilman
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Dates: during 1950-1959
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Reserves & Rawhide. Uranium is nothing new to Kermac, whose founder and board chairman is Oklahoma's Oilman-Senator Robert S. Kerr. As far back as 1951, the company was the first oil producer to decide that uranium, instead of being competitive with oil, was a supplemental and profitable field. In 1952, with $700,000, Kermac bought New Mexico's small Navajo Uranium Co., built a mill at Shiprock, N. Mex., did so well that it has expanded operations to a total of $3.3 million. By spending $100,000 a month for more exploration, it uncovered sizable reserves near...
...largely to President McGee, 52, a tall, rawhide-tough wildcatter aad geologist (University of Kansas, '26) who first went to work for Phillips Petroleum, was its chief geologist by the time he was 30. McGee did so well that when he left the company to hook up with Oilman Bob Kerr in 1937 Phillips hated to let him go, in 1943 agreed to an unusual deal to keep a string on his talents. It promised to underwrite 75% of the company's drilling costs in return for only a 50-50 share in the oil profits...
...first the signs were strong for Oilman Kerr, but because he had fought too hard for the natural-gas bill, roundly vetoed by the President (TIME, Jan. 30. et seq.), it was decided that Kerr was not the man for this year. Nor could the committee quite agree that the quick-tongued Humphrey should have center stage so early in the convention; he was too outspoken on civil rights, too vociferously in favor of Adlai Stevenson...
Petrofina, which has extensive holdings in Africa, Mexico and the Middle East, was invited into Canada by a veteran Canadian oilman, Alfredo Campo, 51, who is now Canadian Petrofina's president. Campo was sales manager for another big company (McColl-Frontenac) when he decided to set up his own firm in 1953. He tried to raise capital in Canada but failed to interest any of his fellow countrymen. Said Campo philosophically: "Canadians are too cautious." Finally, he got in touch with Petrofina's head office in Brussels and negotiated the backing...
Staked on the pipeline, along with Trans-Canada's financial future, is the political fate of Canada's long-ruling Liberal government. Opposition parties and most of the Canadian press bitterly opposed the lending of public funds to Trans-Canada, a firm originally set up by Texas Oilman Clint Murchison and still 83% owned by U.S. gas and oil interests. Some of the opponents of the loan held out for a public-owned pipeline; others demanded that the money be lent to a Canadian company. The government stuck to its argument that Trans-Canada was the only builder...