Word: petroleum
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Dates: during 1930-1939
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...years since oil was first found oozing from the ground around masses of asphalt in the Maracaibo Basin, more than 1,000,000,000 barrels of crude petroleum have crossed the shallow bar that joins Lake Maracaibo to the Gulf of Venezuela. For a few years Venezuela ranked second to the U. S. in oil production, though since 1931 Russia has crowded it into third place. In neighboring Colombia, where the oil oozed just as freely, only Standard Oil of New Jersey has so far made the tremendous investment necessary to get South American oil to market. Colombian oil fields...
Chairman Rieber did not buy the Barco concession itself. What he bought and now shares with Socony is all of the stock in a Gulf subsidiary which in turn owns 79% of the stock in a company called Colombian Petroleum. The other 21% of Colombian Petroleum is still held by Carib Syndicate. In the highly involved concession arrangement both Colombian Petroleum and the Gulf subsidiary are the concessionaires, each being responsible for the other's obligations, which include a prescribed amount of well-drilling and, after potential production has reached about 20,000 bbl. per day, the building...
President Frank Phillips of Phillips Petroleum, announced last week that his company's earnings this year were running 100% ahead of a year ago. In 1935 Phillips took in $92,000,000-19% more than in 1934. But benefiting from its famed "polymerization" process, which converts into high-grade motor fuels waste gases and refinery products hitherto lost or used in inferior products (TIME, Sept. 2), Phillips made $13,400,000 as against $5,757,000 in the previous year...
...court record of my trial gives the following evidence: In the Petroleum Producers' Association, of which I was president and with 22 other officers and assistants was on trial, the following facts were admitted by the Federal Bank Examiner...
...were confirmed when Flintkote filed a registration statement for an issue of common stock to replace the present Class B stock now outstanding. Upon that conversion the Class A automatically becomes plain common. When this operation is completed, two Royal Dutch affiliates, Shell Union .and N. V. de Bataafsche Petroleum Maatschappij, will sell the Flintkote shares they will get in exchange to a banking group headed by Manhattan's Lehman Brothers, who will in turn offer the stock to the public. For the Royal Dutch interest the Lehman group will pay about $15,000,000, thereby providing Sir Henri...