Word: petroleum
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Dates: during 1960-1969
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Soviet seapower sustains the two countries that are giving the U.S. the most trouble. A bridge of 150 freighters from Russian ports carries to Haiphong the SAMs, the petroleum, the rockets, the assault rifles and the ammunition that keep North Viet Nam fighting and killing U.S. soldiers. More over, it is the fear of hitting those Russian ships that...
...companies fared remarkably well, despite the Middle East war in June. Increased reliance on supertankers and Western Hemisphere oil spared most producers any serious dislocations. Advances ranged from 9% to 18% for such companies as Continental Oil, Atlantic Richfield, Phillips Petroleum, Jersey Standard, Shell and Texaco. In keeping with the industry's buoyant mood, Atlantic Richfield Chairman Robert O. Anderson pointed to expected benefits from recent refinery modernization and predicted "continued earnings improvement during 1968" for his company...
...ends a quarter of the marriages among the nation's people, remains a comparative rarity among companies. Last week, in an unusual split-up intended to revitalize the fortunes of both companies, the oil-realty-finance combine of Sunasco Inc. formally dissolved its ties with subsidiary Sunset International Petroleum Corp...
...selling Sunset Petroleum, which had $20 million worth of losses in California real estate last year and plunged Sunasco deeply into the red. The buyer: Manhattan's Commonwealth United Corp., a movie-making (The Pawnbroker) and -distributing company with realty and insurance sidelines. Price: $25.2 million, paid in Commonwealth stock. In an accompanying deal akin to a divorce settlement, Sunasco lined the coffers of money-shy Sunset with $ 1,000,000 in cash and $8.6 million worth of Sunasco stock-chiefly in exchange for Sunset's interest in five California realty ventures...
Sunasco's troubles began almost as soon as the company was created in April 1966 by a merger of Beverly Hills-based Sunset International Petroleum with suburban Philadelphia's Atlas Credit Corp., a mortgage-banking, title-insurance and home-repair finance concern. First, a plan to float $14 million worth of long-term debentures went awry in the 1966 credit squeeze. Then the merger partners, Atlas' John L. Wolgin and Sunset's Morton Sterling, locked horns over how to raise money for the ailing realty side of their operation. Recalls Rozet: "There were four children...