Word: petroleum
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Dates: during 1950-1959
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...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 waves; President Octavio Reyes Espin-dola, onetime Mexican Ambassador to Cuba...
...TEXAS OILFIELD may turn out to be a major discovery. In the Panhandle's Gray County, Phillips Petroleum Co.'s No. 1 Delp well has produced 3,720 barrels of oil a day on tests, plus 6.6 million cubic feet of natural gas. Geologists believe that the oil-famous Anadarko basin, major Oklahoma producer, has finally been traced into Texas...
...Beerstecher believes that oil-eating bacteria will eventually prove more useful than harmful to man's operations. He foresees a great industry built on the fermentation of hydrocarbons by specially trained bacteria. Some of them will turn petroleum or natural gas into valuable organic compounds too complicated to be produced by man's simple chemical processes. Others will graze on hydrocarbons like microscopic cattle. Their harvested bodies, fat and nutritious, will serve as food for man and his larger cattle...
Sales & Profits. Despite oil production cutbacks, major petroleum companies were still able to report higher profits. For the first six months, the Texas Co. showed a record net of $97 million, Jersey Standard reported earnings up to $4.84 a share from $4.42 a year ago, and Phillips Petroleum's sales and earnings were ahead of 1953. In the fast-stepping electrical and electronics industries, Westinghouse Electric's second-quarter net was up 2% to a record $19 million, and Radio Corp. of America reported new record earnings...
LITTLE-BIG INCH pipeline, converted from oil to natural gas after World War II, will again become a petroleum carrier to the East Coast if the FPC approves. Texas Eastern Transmission Corp. wants to reconvert 1,168 miles of the line up to Moundsville, W.Va. at a cost of $13 million; to replace it, the company will build a $72 million gas line from Texas to Mississippi to join with an existing gas line to the East, thus keeping gas deliveries at 1.2 billion...