Word: swensrud
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...total expansion since war's end to $1 billion, one-twelfth of the whole U.S. industry's postwar investments. With such huge costs for hunting and producing oil, not even the giants can afford many mistakes. Says Gulf's 51-year-old President Sidney A. Swensrud: "A man used to be a good executive if he guessed right three out of five times. Now, you can't stay in business on executive hunches...
...hunches, but the cold facts of the world demand for oil are behind Gulf's expansion. Swensrud, who has already built the world's largest "cat" (catalytic) cracker at Gulf's main refinery at Port Arthur, Texas, will now build a still bigger one (63,000 bbls. a day) at Gulf's Philadelphia refinery. He will also build the world's biggest (125,000 bbls. per day) atmospheric and vacuum crude-oil "topping" unit (which skims off the lighter components of crude). The result will boost the military's supply of high-octane gasoline...
Answer Man. Swensrud has been exploring new oil markets ever since he finished Harvard Business School in 1927, went to work as an assistant to W. T. Holliday, president of Standard Oil of Ohio. While riding Standard's tank trucks and dropping in at filling stations, Swensrud always asked the "Why" for everything, jotted down the answers in a little notebook. He found out so many things that executives who played by ear couldn't answer that he rose swiftly to vice president. He was marked for the top job at Sohio when Gulf hired him away...
Despite the empire's size, Swensrud soon knew it inside & out, traveling its reaches in Gulf planes, asking questions, jotting down answers in his notebook. In Swensrud's first year, Gulf's sales passed the $1 billion mark for the first time in history...
Sidney A. Swensrud M.B.A. '27, and Edward W. Carter M.B.A. '37 are candidates for Graduate School Directors...