Word: petroleum
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Dates: during 1950-1959
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...anywhere in the world." Instead of the standard fifty-fifty split, Gulf gets 80% of all profits, has pumped $50 million into Sicilian oil development. The payoff: wells that will produce 1,650.000 tons of oil next year, some 15% of Italy's total needs. Last week British Petroleum and Standard Oil Co. (New Jersey) were also coming in beside Gulf...
...offshore oil area," says Magnolia Petroleum Co., "may be the last big undeveloped oil province in the U.S." Yet, while the U.S. is worried about sources and has only an eleven-year supply of proven reserves, Magnolia and most of the other major producers are cutting back their offshore search. Last week only 79 seaborne rigs were poking their drill bits into the Gulf of Mexico; last August in rigs were operating off Louisiana's shores alone...
Brazil self-righteously spurned offers by foreign companies with technical know-how to develop its petroleum resources, instead gave the job to a government monopoly. Result: Brazil produced only 12% of its 1956 requirements, had to spend $268 million on oil imports...
...Republic Steel raised its nine-month earnings 30%, for a record $73 million, and Inland Steel lifted its nine-month net to $43 million, 18% over 1955, its best previous year. Among the oil companies, hurt by overproduction, Socony Mobil and Shell Oil both reported profit dips. But Phillips Petroleum and Texas Co. reported 1957 profits ahead...
...imports of cheaper foreign oil under a "voluntary" 10% reduction program (TIME, Sept. 30). Having already rejected appeals by three companies (Tidewater, Indiana Standard Oil, Ohio Standard) for sizable boosts in their import quotas. Navy Captain Matthew V. Carson Jr., administrator of the program, also turned down Eastern States Petroleum Co. and Sinclair Oil Co., even though Sinclair argues that it will mean costly cutbacks in its ambitious plans to sell Venezuelan crude...