Word: texaco
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Dates: during 1960-1969
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...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...
...truism that oil companies will go almost anywhere to find oil-and the jungles of Colombia are no exception. In 1963, after 15 years of geological surveys, Texaco discovered oil in the wilds of Putumayo on the Ecuadorian border. The find was among the world's richest; the location was one of the world's worst...
...Texaco's 4,000,000-acre claim is carpeted with thick jungle fed by a 200-inch annual rainfall. As one engineer puts it: "Five hours without rain is a dry season." To make matters worse, the Orito field in Putumayo is 193 miles from the Pacific port of Tumaco, and in between loom the Andes mountains, requiring a pipeline rising to 11,450 ft. Because of the physical difficulties, development costs became prohibitive for Texaco alone, so the company formed a fifty-fifty partnership with Gulf, which supplied the necessary capital boost while Texaco handled the exploration...
...ground, work is frustrating for the 300 native laborers and their supervisors. Bulldozers slop through red clay so slippery that they have to winch their way downhill as well as up. The biggest challenge is laying the pipeline, which will cost Texaco and Gulf about $50 million. Machete-wielding workers are helicoptered into the jungle to clear the land for the disassembled bulldozers that follow. Then pipe is dropped in. Four 3,600-h.p. diesel pumping stations are being constructed to boost the oil up the mountain...
Jersey has a lot of big company on the international scene, including such other U.S. firms as G.M., Ford, Chrysler, General Electric, IBM, ITT, Union Carbide, Du Pont, 3M, Kodak, Texaco, UniRoyal, Mobil, Boeing, Pfizer, Olin Mathieson and Corn Products Co. Together, they are rocking the world. Their globalization is an inevitable showdown between modern technology and old-style nationalism. Technology is an odds-on favorite...