Word: texaco
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...basis with Socony-Vacuum for its development (TIME, May 4). Last week Captain Rieber struck another foreign deal with another Standard company, Standard Oil of California. In a terse joint statement from Captain Rieber and Standard's Kenneth Kingsbury it was revealed that Texaco will market all oil produced and refined by California Standard "east of Suez...
...concessionaires, each being responsible for the other's obligations, which include a prescribed amount of well-drilling and, after potential production has reached about 20,000 bbl. per day, the building of a pipeline more than 200 miles to the Colombian coast. In the end, though, Texaco and Socony will have to stand the costs. Most favored parties in the Barco setup are the Colombian Government and the heirs of old General Barco and interests like American Maracaibo Co., who have bought shares in his original royalty rights. Without putting up a cent, Colombia and the Barco heirs & assigns...
...bridge of a steam tanker Captain Rieber sailed into Texaco in 1905, the company having bought the vessel he commanded. For four years he sailed for Texaco, was brought ashore to superintend the conversion of a peach orchard in Bayonne, N. J. into a great Texaco terminal. Today such a job would probably be given to a trained engineer. At that time it was given to Captain Rieber because he had horse sense, a command of men and the driving force of a triple-expansion engine...
...upward push within the company was interrupted just after the War, when he joined Joseph Stephen Cullinan, Texaco's first robustious president, in another oil venture. Mr. Cullinan had quit the company a few years before in one of those periodic management eruptions which have given Texaco such a peculiarly individualistic tang ever since it was founded in 1902. Mr. Cullinan had called for the usual showdown with the board of directors. A loser, he picked up his hat and walked out, with no hard feelings, to start what he hoped would be another Texaco. When he needed...
Oils- Texas Corp., biggest of the so-called "independent" U. S. oil companies, last week reported 1935 sales of $295,000,000, a 10% increase over the previous year. But Texaco's profits more than tripled, increasing from $5,545,000 in 1934 to $17,065,000 in 1935. Higher prices, fewer gasoline wars, tighter control over production and record oil consumption helped Texaco as well as the rest of the industry. Shell Union Oil, U. S. affiliate of Sir Henri Deterding's Royal Dutch-Shell and the only company besides Texaco that distributes in every state...