Word: richfield
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Last month Crocker-Citizens National Bank opened a 42-story headquarters and office building that displaces nearby Union Bank headquarters, completed last year, as the city's tallest structure. Crocker-Citizens' skyscraping title, however, should be short lived. The Bank of America and Atlantic Richfield Co. have just announced plans for a $140 million office and shopping-center complex that will be 47 ft. higher. The project's twin, 52-story towers will rise 667 ft. above a block-square landscaped mall. "We've needed a downtown since World War II," says Louis B. Lundborg...
...keeping up the pressure at Atlantic Richfield is Chairman Robert O. Anderson, 51, who says that his aim in the business is to be "not the biggest but the best." An oilman for nearly 30 years, Anderson sold his New Mexico-based Hondo Oil & Gas to Philadelphia's Atlantic Refining Co. in 1963 for $37 million worth of stock and a seat on the board of directors...
...running an overstaffed, 95-year-old company with outlets in 18 Eastern states but with a sleepy attitude and outdated refinery equipment. Anderson shook off the sleep, cut back on staff, ordered a $100 million modernization program. Then, on a fishing trip with Chairman Charles S. Jones of Richfield Oil Corp., he worked out a merger that linked Atlantic with the Los Angeles company. The agreement between the two was a scant five pages long to cover a $1.2 billion organization with worldwide holdings...
Susie No. 1. Since the merger, Atlantic Richfield has increased combined oil reserves from 1.8 billion bbl. to 2.1 billion, added 52 new producing wells for a total of 7,132, and built more than 500 new service stations while modernizing others. Now the Alaskan find is quite a layer of frosting on the cake. "Everybody else," says Anderson, "had pretty well written the Arctic Slope off because of cost, indifferent success, and the absolute need for a major discovery in order to have commercial significance." Atlantic Richfield thought about writing off the area too. On their 90,000 acres...
...Atlantic Richfield and Humble decided to try one more time at a spot near the Arctic Ocean at Prudhoe Bay. Working in -60° weather that snapped wrenches like matchsticks and froze the drilling equipment whenever work stopped, Atlantic as the working partner of the two brought in oil. The industry and the state of Alaska haven't been the same since. Competing companies who were about to pull out of the North Slope are renewing their efforts. The state government is talking about constructing a railroad and highway from Fairbanks, 390 miles away, to the North Slope fields...