Word: oilmen
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...ground, where its value is likely to keep abreast of inflation, 2) as the raw material of the new petrochemical industry, and 3) as the beneficiary of a "depletion allowance" which permits 27½% of income from producing wells to be plowed back before taxes are computed, thus giving oilmen a tax edge over most other industries. As a result, in two years the stocks of some of the biggest & soundest U.S. companies (Standard of Indiana, Socony, Texas Co., Shell, etc.) have more than doubled in value, while riskier Canadian "penny" oil stocks have made incredible climbs (one stock rose...
Prize Pop. No oilman is scared by the long odds. Amerada's Alfred Jacobsen, one of the industry's great pioneers in scientific oil exploration (TIME, March 24), decided to chance it in the Williston Basin, after other oilmen had been drilling there sporadically and futilely for about 30 years. Jacobsen drilled to 11,000 ft. before discovering that "core samples," removed at 8,000 ft., indicated the presence of oil. By a new technique (using hydrochloric acid to flush oil out of close-pored limestone), Jacobsen found the oil that others had missed, and the great Williston...
...city in the U.S. Nobody yet knows how vast the basin's oil pools may be, but Amerada, Shell, Texaco and others have already brought in wells as far as 115 miles apart. Since oil has also been found across the Canadian border in Saskatchewan, oilmen suspect that the Williston pool extends there, think they may find fields rivaling Alberta's great Leduc and Redwater fields...
...Connecticut warehouseman, "our salesmen are actually out on the road selling steel instead of just taking orders." The reason is that Connecticut Valley manufacturers are stocked up with enough steel to last them up to six months; even when the strike came, no rush for steel developed. Texas oilmen have no trouble finding all the pipe they want; Detroit's auto industry is so well stocked that steel sheets are selling at discounts, and expensive "conversion" steel (i.e., metal produced at one plant and converted into shapes at another) has disappeared...
...view of the basin at Socony's annual meeting. Said he: Socony is finding good oil at depths as shallow as 3,000 ft. and will drill eight to ten wells there this year. Result: Northern Pacific shot up nearly five points, and the whole market rose. Other oilmen explained the seeming contradiction in Williston estimates: Texaco's holdings are near the center of the basin, where the oil is more than 9,000 ft. down, whereas others on the rim (like Socony) can strike it as shallow...