Word: petroleum
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Dates: during 1950-1959
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...oils: Shell at $30,702,649 dropped about half a million in net profits for the third quarter; Phillips Petroleum was 12% lower; Richfield Oil declined from $8,029,540 to $6,236,962; Atlantic Refining raised its net 92%, and Gulf and Sinclair also boosted profits during the quarter...
...both sides. To stay healthy,, domestic producers must constantly find new reserves. Yet, in the past decade, while U.S. oil demand has risen 71%, proven domestic reserves have increased only 48%. One big reason is that oil is getting harder and more expensive to find. According to Independent Petroleum Association of America, the cost of finding, developing and producing oil and gas has jumped 43% since 1948 v. a mere 6.5% increase in the general level of crude-oil prices...
Last week the Middle Eastern Switzerland turned out instead to be a little Egypt. It threatened Iraq Petroleum Co., producer of one-fifth the Middle East's oil, with confiscatory fines, warned that it might nationalize the oil company's Lebanese properties...
...Marshes. The biggest waterway customer of all is the booming Gulf Coast oil industry, which last year shipped out some 25 million tons of petroleum products, more than half of all the waterway's traffic. From New Orleans' Harvey Lock southward, the water is lined solid with oil activity-war-weary landing craft being converted into tenders for offshore drilling rigs, big yards piled high with pipe, well-cementing companies, plants where the giant offshore rigs are fabricated. At intervals, veinlike side canals branch off into the marshes, where oilmen have dredged passageways to float equipment into their...
...Deep Oil. The Magnolia Petroleum Co. announced a drilling mud that will make it possible to reach oil at depths that could neyer be attempted before, save more than $50,000 in costs on deep wells. Chemical muds are pumped down inside a drill pipe to the bit and then back up the hole, thus holding down subterranean oil pressures, keeping the bit cool, and carrying the drill cuttings back up to the surface. In deep holes, conventional muds jell under the intense heat and dry up at 300° F, cause expensive delays. The new muds, DMS (Drilling...