Word: oilmen
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...TEXAS OILMEN Clint Murchison and Sid Richardson, who own 80% of Kirby Petroleum Co. (120 wells, three plants in seven states), are negotiating to sell the company to Continental Oil Co. Conoco, which operates in 26 states and Canada, has offered $26 million for the company, would pay $10.20 a share plus all accrued dividends for 500,000 preferred shares, $34 a share for 593,000 shares of common stock...
Test in Sicily. But the clearest indication of whether state-run companies can do a better job than private oilmen has been in Sicily. After drilling 20 dry holes, Mattel's A.G.I.P. pulled out of Sicily. In 1950 Sicily, which has a large amount of autonomy, allowed two dozen foreign and Italian firms in to hunt for oil under a new Sicilian law. By last week, Gulf Oil Corp. had brought in three promising wells with an average production of 350 tons daily in the Ragusa area (TIME, Jan. 25). The Anglo-Iranian Oil Co. has reported that...
Some 500 curious oilmen gathered at Bethlehem Steel's Beaumont, Texas shipyard last week for the christening of an odd contraption called "Mr. Gus." Built at a cost of $3,500,000, the rig is a monster (4,000 tons) barge for drilling oil wells in the deep water of the Gulf of Mexico. It can operate in 100 ft. of water (v. 40 ft. for most other rigs), will triple the area that can be explored on the continental shelf off Texas and Louisiana. Mr. Gus was bought by (and named for) C. G. ("Gus") Glasscock...
...move to another site, the lower deck is pumped out and refloated, and the "legs" are pulled back up. The main barge is connected to another, slightly smaller service barge with engine rooms, crew's quarters, helicopter platform, etc.. by a narrow steel gangway. Thus, say oilmen, Mr. Gus should be even more seaworthy than Humble Oil's big, new. single-deck Delong-McDermott barge (TIME. June 21). Bethlehem figures if the offshore producing area that is believed to lie within the 100-ft. depths is to be fully drilled in the next 25 years. 100 more...
Since the government opened the door to foreign exploration capital this summer, U.S. oilmen have been filling Havana with ten-gallon hats and billion-barrel talk. Last week a band of ten Latin American and U.S. businessmen flew into Havana to promote the development of the country's oil resources. Among the officers of the newly chartered Cuban-Colombian Petroleum Co.: Board Chairman Joseph W. Frazer. once of Kaiser-Frazer Corp., who now heads a uranium company; Director John A. Roosevelt, youngest of F.D.R'.s four sons, whose business ventures have ranged from department stores to home permanent...