Word: wellheads
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...reduce the 271% depletion allowance enjoyed by wildcatters, along with other drillers. Costs of drilling a well in Texas have risen 28% since 1959 and, as oil near the surface has become depleted, crews have had to go three times as deep for almost the same returns. Meanwhile, the wellhead price of oil has risen hardly at all. Partly because of climbing costs, the number of wildcat wells drilled has declined from 16,200 in 1956 to 8,900 last year. While many other countries are sharply increasing oil production in 1969, U.S. output is expected to rise only...
...Commerce Commission and gas by the Federal Power Commission. The industry's rising revenues reached $4.5 billion last year. The oil lines' share of this profit comes from simply carrying other companies' crude or products for a fee, but gas pipelines buy natural gas at the wellhead, resell it at the far end at cost, plus an intricately figured fee. Because of recurring battles over rate increases with the consumer-minded FPC, the gas lines are usually involved in controversy. In a recent rate case, El Paso Natural Gas was ordered to give back $155 million with...
...Wellhead to Pump. Always an innovator, Ludwig devised ways to spare dollars and swell loads by welding tankers instead of riveting them, launching them sideways, and using thinner decks. In all, Kure has built 2,200,000 tons of shipping for Ludwig, including the 114,500-ton supertanker Universe Apollo. When the tanker market became swamped, Ludwig last year subleased the yard, but Japanese aides still hold in awe the thrusting man who, as one says, "knew every detail and kept our brains spinning...
Smaller operators, by hooking several dummy wellheads to each slanted pirate well, have been able to keep production at each wellhead under 20 bbl. a day, and therefore to qualify for the marginal operator's allowance of 30 pumping days a month. If illegal operators could be prevented from putting all this extra oil on the market, the commission might well be able to grant big operators a ninth day's pumping...
...contracts give YPF all the oil and, upon expiration in 20-30 years, the wells themselves. To come in on such terms, the companies demanded and got a fast payoff. For getting YPF's oil out of the ground and to the wellhead, the Carl M. Loeb, Rhoades group, investing $100 million, will get 70% of the world oil price until its investment is amortized. 15-20% after that. Five other big companies (Pan American International, Esso, Shell, Union Oil of California, Tennessee...