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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Dec 24, 1961
Page
5
Fragmentary OCR notes describe an oil well survey near Mobil with volumes in cubic feet and gas flow estimates, including depths and casing details. Mentions locations such as 2439 feet from south and 1300 feet from lines of Section 21 Blak G and a survey by WTRR about 12 miles north of No. H&I.
A fragmented report notes Conoco's acquisition of San Juan area wells and properties in New Mexico and Texas. The deal involves multiple stakes and adjacent fields including the San Andres discovery near Hockley County and related development interests, with several named prospect areas and associated entities.
Independent analysts foresee limited improvement for oil operations in 1962 with ongoing exploration, new discoveries, and price pressures. The industry flags rising costs, regulatory hurdles, and supply concerns as key factors shaping near term plans and reserves.
US crude oil production in 1961 averaged about 7.18 million barrels daily for the first 50 weeks, near the 1957 high. The year saw a steady output but a disappointing overall performance with oversupply and weaker demand affecting growth.
Stockholders debated pooling of interest and native vote hurdles as Cities Service Co and Columbian Carbon to merge despite board approvals. The special meeting centered on share counts and the treatment of convertible preferred stock amid cross holdings and authorization concerns.
The Lubbock Texas region notes 35 oil fields found during the Christmas to New Year holidays in the Permian Basin including two on Christmas Day and six on January 1. Major finds include the Christmas Field near Nel Lamb and the McCulloch pool in Hockley County. Field names often reflect handy objects and places, with Dec 28 as the busiest holiday discovery day and activity continuing in the field despite office closures.
IPAA warns in The Independent Petroleum Monthly that seven year drift in U S core drilling and geophysical activity, driven by poor economic conditions, reduces new field discoveries and threatens future hydrocarbon supplies. The report notes declines in annual new field discoveries and a drop in crew months since 1953, urging renewed exploration to rebuild domestic petroleum capability.
The LP-Gas market rose 3.7 percent from 1960 to 1961 with total use near 9.9 billion gallons. Domestic, industrial, and chemical manufacturing demand drove gains while mild weather and distribution expansion limited shortages. Production outpaced demand yet facility expansions and new pipelines promise stronger growth ahead.
The Federal Power Commission and Tennessee rate disputes center on interim orders and refunds. The commission argues interim orders protect consumers from excessive rates while Tennessee contends costs and zone pricing affect lawful rates, with a 7 percent refund interest measure aiding pipeline expansion.
Dr Hoover Mack of University of Washington named first recipient of the William Stamps Farish Chair in Geology at the University of Texas effective Sept 1. The chair honors oil pioneer Harold Farish who helped found Humble Oil and Refining. In Galveston, Harold Metz, 42, was found dead in a car with exhaust hose connected to a sealed off area, police say.
RRC Chairman William Murray attributes a tough year for oil to imports and competition from other states. He warns independent operators could go out of business as 1962 prospects look weak. 1961 crude output stood at 58 217 539 barrels, with fewer well completions than 1960.
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