Word: richfield
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...TIME erred in reporting that Atlantic Richfield Company's earnings fell in the first quarter of 1969 [May 9]. To the contrary, Robert O. Anderson, chairman of Atlantic Richfield, announced at the annual meeting in Chicago on May 6 that net income for the quarter rose 7% to $58,763,000 from $54,957,000 in the like period...
Reverberating Impact. Oil companies also have fared unevenly, even though they raised gasoline prices in March. Earnings at Standard Oil of New Jersey advanced only 1.6%; profits rose 6% or more at Gulf, Mobil, and Standard Oil of Ohio but fell at Texaco, Phillips and Atlantic-Richfield. Occidental Petroleum recorded an 84% earnings increase, reflecting the rich flow of low-cost crude oil from its Libyan strikes...
...well on the strength of greater demand and firmer prices. Standard Oil of New Jersey, the oil-industry leader, earned an alltime high of $1.275 billion, up 10% from the year before, on sales of $16 billion. Texaco also set a record with earnings of $835.5 million, while Atlantic Richfield gained 14.5% over 1967, Mobil 11% and Gulf, California Standard and U.S. Shell each about 10%. The chemical industry was cheered by the end of a slump in sales of synthetic textiles. Du Pont, which derives one-third of its business from nylon and other synthetics, increased its profits...
...daily and have made Alaska the U.S.'s eighth largest oil-producing state. Three years ago. with U.S. consumption increasing and reserves decreasing, oilmen decided to take advantage of a state auction of North Slope oil leases. Companies like Sinclair, British Petroleum, Union Oil and Atlantic-Richfield spudded about 30 wells and came up with nothing worthwhile. Then, after drilling through the permafrost to 9,500 ft., a consortium of Atlantic-Richfield and Humble Oil last spring brought in a well named Prudhoe Bay State No. 1. When high-grade oil in sufficient flow was located seven miles away...
...always in a spot of bother, in one political situation or another," says Drake, who is 58. "It's just the way we make our daily bread." Should Drake's plans come a cropper, perhaps through continued Justice opposition to the Sinclair and Atlantic Richfield merger, B.P. promises to have another bash at the U.S. before long...