Word: shelling
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Dates: during 1950-1959
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...dropped from 45⅞ to 42; Texas Co. from 71⅝ to 68; Gulf from 118 to 109⅛. Domestic oils, which could benefit from greatly increased production at home in another situation like Suez (see below), staged a smart rally. Atlantic Refining rose from 38 to 40¾; Shell from 76 to 80⅝; Amerada from 104 to 109¼. Like the home-grown oils, many other industries slowed by the recession picked up market strength as investors gambled on an imminent change in the business tides. Some steels, coppers and aircrafts rose to new highs for the year...
...acre (v. $100 or so only two years ago), only the biggest companies can afford to gamble. They are there-in force. El Paso Natural Gas built a $750,000 division headquarters to operate the pipeline, has expanded it three times since 1952. This week or next, Shell Oil moves into a $500,000 headquarters, while Phillips Petroleum, Humble, Superior, Union, Carter, Gulf, Magnolia, Continental, Skelly and half a dozen other majors all have sizable operations...
...Reluctant Drillers. The first real oil find came in 1954. Shell Oil brought in a 1,170-bbl.-daily well at Desert Creek in nearby Utah. But the biggest discovery came in 1956. The Texas Co. tried to get other companies to come in on a deal to drill in the Aneth section of southeastern Utah, where the lease was about to expire, found no takers, and finally went reluctantly ahead itself. Result: it bored smack into the Aneth pool with estimated reserves of 300 million bbls., the biggest find since the Williston Basin seven years...
...great trouble was getting the oil out. Truck and rail costs were so high that Four Corners oil was priced out of the market. To lick the problem, a combine of six companies (Standard of California, Gulf, Continental, Shell, Richfield and Superior) formed the Four Corners Pipe Line Co., spent $50 million for a 16-in. line pumping 70,000 bbls. daily to Los Angeles. Now a second outfit, the Texas-New Mexico Pipe Line Co., has built another line, with 50,000 bbls. daily capacity, from Aneth field in Utah to Jal, New Mexico, where the oil goes into...
...Henley Royal Regatta on the River Thames, the University of Washington crew, whose trip to Britain was financed by voluntary subscription from loyal supporters, launched a gleaming cedar shell bought for them by U.S. admirers. But the long-legged Huskies, set to sail off with the Grand Challenge Cup, overlooked the heavily muscled Russians, who brought the same crew that narrowly lost to Cornell last year. Through a torrential thunderstorm Russia's Trud Club crew chopped off a snappy 37 strokes to the minute that gave them an immediate three-quarter-length lead. The Huskies started at 38, flagged...