Word: two
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Dates: during 1970-1979
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...producer and distributor of some 9.5 million bbl. of crude per day, Aramco is by far the world's largest oil-producing corporation. It is not required to publish financial records because its stock is not publicly traded. But by expert estimates, during the past two years Aramco has paid between $800 million and $900 million annually to its four shareholders, as well as providing them with lucrative tax benefits...
...field. Some oilmen believe that with a big development effort, Alaska's OCS could eventually produce 4 million bbl. a day, or enough to replace half of the nation's present oil imports. The Canadians, who have been drilling in their sector of the Beaufort Sea for two years, are very bullish on it: this fall Dome Petroleum Ltd. brought in a 20,000 bbl.-a-day strike, the biggest ever made in Canada. But huge expenses (Dome's well cost $70 million), heavy ice, storms and temperatures as low as - 60° F are only some...
...Caracas gathering last week, Saudi officials proclaimed that the country could boost output almost immediately, perhaps to a hefty 11 million bbl. Meanwhile, the Saudi government is punishing Socal and Exxon for their indiscretion; Aramco is under orders to cut back deliveries to those two parent companies...
...Interior Department has required the companies to take costly environmental precautions in the area. Oilmen will mount their rigs on artificial islands built of gravel. Those located in water depths of more than 42 ft., the Government insists, must be left unused for two years, to see if they can withstand the ice; moving ice packs could knock over the rigs, causing oil spills. Moreover, the companies will be allowed to drill only five to seven months each year, starting in November. Reason: at other times the big bowheads, which weigh as much as 45 tons, migrate through...
Aeroquip sold the plant because, of ficials said, it was too costly to run. By installing two new boilers, Broadwater trimmed utility bills 80%, to $200,000 annually. Other changes were more painful. The number of salaried employees was reduced to 16 from 50, and the top six managers took a combined pay cut of $71,000 a year. With union support, Broadwater dropped hourly wages to a flat $5, from as much as $6.50. Paid holidays fell to eight from twelve. Vacations, which had averaged five to six weeks annually, were reduced and dropped altogether for the first year...