Word: richfield
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...record low 66.3% of capacity. According to Daniel Lundberg, the Los Angeles-based consultant who tracks U.S. gasoline prices, the wholesale cost of gas has dropped by an average of nearly .8? per gal. in the past two weeks. As a sign of a softening market, Atlantic Richfield and Texaco are now offering selected dealers a 4?-per-gal. discount on wholesale prices...
...Crab Orchard Mountains of Cumberland County, Tenn., Ladd Petroleum has struck oil and gas at depths of up to 4,000 ft., and expects to keep searching for the next five years before the area's potential is firmly established. In Kentucky, Tennessee and Georgia, Atlantic Richfield and Gulf are planning to spend up to $26 million over the same period to drill on some 1.2 million leased acres...
...trendy, left-of-center Observer had been in danger of failing until it was bought in 1976 for the token price of ? 1-plus its outstanding debts-by Atlantic Richfield Co., the U.S.'s seventh largest oil company. Arco spent about $14 million to modernize production facilities, and under its ownership, circulation rose from 600,000 to nearly 1 million. Arco Chairman Robert O. Anderson had been eager to sell it, partly because he was finding it burdensome to oversee the paper's operations from his Los Angeles headquarters more than 5,000 miles distant. Said an Arco...
...presided over much of the pandemonium, RCA Chairman Edgar Griffiths, 59, is himself leaving, effective July 1. The announcement of Griffiths' departure took place during another painfully familiar management and public relations muddle. Griffiths' successor will be Atlantic Richfield (Arco) President Thornton Bradshaw, 63, an outside director on RCA's board since...
Though research on extracting kerogen from marl began in the 1920s, shale oil went undeveloped because its production cost always exceeded the market price of crude. Promises still outpace production, but during the past few years Occidental Petroleum, Atlantic Richfield and Union Oil have spent millions experimenting with shale-oil extraction in Colorado's Piceance Basin. Occidental Chairman Armand Hammer believes that his company will be able to begin commercial production by 1985, keeping costs below $25 per bbl. Today other companies are digging mines near Grand Junction and Rangely, Colo., and Vernal, Utah. Exxon is the most enthusiastic...