Word: texaco
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...Chomping away at his customary cigar. Texaco Inc.'s soft-spoken Chairman Augustus C. Long, 57. prepared to swap $200 million worth of Texaco shares for the TXL Oil Corp.. a crude oil producer with mineral rights on nearly 2.000,000 acres in oil-rich west Texas...
...acquisition will be the third Texaco takeover of a major crude producer since Long became chairman six years ago. He is a determined Annapolis graduate (1926) who quit the Navy because he decided he would never make admiral. His emphasis on domestic crude production has paid off royally for Texaco, helped boost the company's 1961 earnings to a record $430 million, v. $392 million...
Some of the best yearly profits were rung up by the oil industry, where machines now run entire refineries and petrochemical plants. JERSEY STANDARD gained 10% to $758 million, TEXACO 10% to $430 million, STANDARD OF INDIANA 6% to $154 million. Said Senior Vice President George James of SOCONY MOBIL, whose net jumped 16% to $211 million: "Staff reduction is primarily responsible. We have been carrying on an intensive job method study, then offering early retirement plans wherever we can weed out unneeded workers...
...Shaken by this month's loss of the $12 million Texaco advertising account that it has held for 26 years and that brought more than 20% of its billings, Manhattan's Cunningham & Walsh agency put in a new, young management team. Founder John P. Cunningham, 63, moved upstairs to chairman of the executive committee. New head of the agency is softspoken, Kansas-born Carl W. Nichols Jr., 37, a World War II Marine combat lieutenant who joined C. & W. in 1946 as a market researcher, later supervised the Johns-Manville account. Nichols promptly began an austerity program, will...
Despite the problems of surplus, the oil companies did well. Texaco's indicated fourth-quarter profits rose to $1.73 per share from $1.44, giving it a year-end profit record of $6.34 per share v. $5.85 a year earlier. Said Chairman Augustus C. Long: "New records were established in every phase of our operations." This year will be even better, he thinks, with U.S. demand improving 2% to 3% and overseas demand by 7%. Socony Mobil piled up indicated earnings of 96? per share v. 84? in the fourth quarter, for a year's total...