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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Apr 19, 1964
Page
5
Justice Department delays surprise in oil industry as it scrutinizes a $323 million Tidewater transaction involving Humble Oil and Refining Co. The federal action mirrors prior antitrust probes amid ongoing consolidation in the sector. The case moves through speculation of court involvement since February.
The Independent Petroleum Association of America plans its midyear meeting in New Orleans at the Jang Hotel with discussions on major oil industry mergers and divestiture cases. Key figures include Rep Jona Bell Williams and industry leaders from Pan American Petroleum Standard Oil and Shell, focusing on regulatory pressures and natural gas policy.
Following Stockman’s address IP Allen Calvert Jr. and officials announce Udall will be featured speaker at the PAA midyear meeting. The luncheon Monday at Browns May 4 will cover administration policy and internal matters with focus on interior affairs and study of related issues.
A planned offshore gas platform near Pascagoula will be tested in a project by Pan American and Litios. The platform sits 690 feet from the north and 1 986 feet from the east boundary, with an estimated cost and a 11 month drill plan. Gas flow depths and nearby marine structures are noted as part of the evaluation, with completion aimed for early 20th century operations.
The report notes a massive new mobile platform to operate in Gulf waters, with depths around 120 to 125 feet and hull to derrick measurements over 200 feet. It will support 23 service wells and over 8000 tons of equipment, aiming to become one of the largest marine structures of its kind, later moving to deeper offshore sites.
Gordon A. Cain of Houston has been appointed general manager of Continental Oil Co. petrochemical plants in Houston. He succeeds E R Baker and has earlier served at Petro Tex Chemicals. The Midcontinent Geophysical meeting will run April 26 to 28 at the Scharbauer Hotel and Yucca Theatre with sessions on digital processing and exploration methods.
Exmond T. Anderson of Midland reports steam wells in the Salton Sea area show immense energy potential. Two wells drilled yield gold silver lead and potassium, with potash prospects noted for geothermal outlets.
Petroleum engineering field session at Tech Union features lectures on early gas well estimation using BHP and drawdown data. Rogers presents field procedures and results from two gas well tests, with emphasis on formation pressure data and two-day course coverage.
The Oil and Gas Journal notes 21 leading oil companies posted an average 13.8 percent profit gain in 1963, with 5.1 percent sales growth and 7.3 percent production. Analysts credit diversification and steady energy demand for continued profitability amid higher efficiency and new ventures in steam and recovery projects.
Federal Power Commission speeds up rule changes to streamline gas regulation by May 1. New requirements include annual gas supply verification, deliverability proof, and standardized reporting for interstate pipelines. Most producers support the reform, amid some opposition to the form and scope of the reports.
The journal notes the top companies average return on total capital employed in 1983 was 10.2 percent, up from 4 percent the prior year, and the average stock return rose to 14.5 percent from 10 percent. Average sales return stood at 9 percent, up from 3 percent in 1962, with bridge game statistics mentioning 635,013 deals and 166,600 deals.
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