Union Oil & Gas Corporation of Louisiana, Houston, Tex.—Venezuela United Carbon Co., Charleston, W. Va.—Colombia United Cuban Oil Co., Inc., Los Angeles, Calif—Cuba United Fruit Co., New York, X. Y.—Panama United States Smelting, Refining & Mining Co., Boston, Mass.—Canada Utah Construction Co., Salt Lake City, Utah—Panama Venezuela Independent Oil & Refining Co.,—Venezuela Venezuelan Leasholds, S. A., Houston, Tex.—Venezuela Venezuela Oil, RFO, S. A.—Cuba, Venezuela Venezuela Syndicate, Inc., Houston, Tex.—Venezuela Vimex Oil Co., Houston, Tex.—Venezuela Waterford Oil Co., New Orleans, La.—Nicaragua Western Hemisphere Petroleum Corp.,—Canada, Cuba, Colombia, Honduras Western Natural Gas Co., Houston, Tex.—Venezuela White Eagle Oil Co., Tulsa, Okla.—Bolivia, Venezuela, Philippines Wichita River Oil Corp., New York, X. Y.—Mexico Woodley Petroleum Co., Houston, Tex.—Canada Charles B. Wrightsman, Houston, Tex.—Sicily Yemen Development Corp., Washington. D. C.—Yemen Zimerl Jordanian Oil Co. (J. W. Sparks), Jackson, Miss.—Jordan. Semimajorb And Their Subsidiaries Amerada Petroleum Corp., New York, X. Y.—Canada, Guatemala, Peru, Venezuela, Egypt, Iran, Libya, Somalia, Somaliland Ashland Oil & Refining Co., Ashland, Ky.—Canada, Guatemala, Venezuela, Xeutral Zone Atlantic Refining Co., Philadelphia, Pa.—Canada, Cuba, Guatemala, Venezuela, Iran, Saudi Arabia, Syria, Turkey Canadian Superior Oil Company of California—Canada Cities Service Oil Co., Xew York, X. Y.—Canada, Colombia, Peru, Venezuela, Algeria, Dhofar, Egypt, Iran, Oman, Sahara Conorada Petroleum Co., New York, N. Y.—Peru, British Somaliland, Iran Continental Oil Co., Houston, Tex.—Canada, Guatemala, Peru, Venezuela, Egypt, Iran, Libya, Somalia, Somaliland Ohio Oil Co., Findlay, Ohio.—Alaska, Canada, Bolivia, Guatemala, Venezuela, Egypt, Libya, Somalia, Somollland Oasis Oil Co., Findlay, Ohio.—Egypt, Libya Phillips Oil Co., Ltd.—Canada Phillips Petroleum Co., Bartlesville, Okla.—Alaska, Canada, Mexico, Venezuela, Neutral Zone, Jordan Pure Oil Co., Chicago, 111.—Bolivia, Colombia, Paraguay, Venezuela Richfield Oil Co., Los Angeles, Calif.—Alaska, Canada, Bolivia, Peru, Venezuela, Dhofar, Egypt Neutral Zone Sun Oil Co., Philadelphia, Pa.—Canada, Bahamas, Colombia, Guatemala, Vene- Tidewater Oil Co., San Francisco, Calif.—Canada, Bolivia, Guatemala, Iran Income from oil wells—Value of oil and gas from oil wells and gross revenue per well Year 1940.. 1941.. 1942.. 1943.. 1944.. 1945.. 1946.. 1947.. 1948.. 1949.. 1950.. 1951.. 1952.. 1953.. 1954.. 1955.. 1956.. 1957 ». Average Market value of crude oil (in millions) Oil reve- Total gross revenue per well 12, 721 13, 272 154 .54 (HI 65 65 81 121 120 lit'. 139 179 206 256 283 323 3S9 390 181 193 284 297 2fi4 304 380 427 S19 560 624 666 701 'Average of wells reported at beginning and end of year. 1 Preliminary estimates based upon partial data reported by Bureau of Mines and American Gas Association. ACTUAL SHARE OF MARKET DEMAND FUELS FROM NATURAL GAS COMPETITION OF IMPORTS HOW DOMESTIC CRUDE'S SHARE WOULD STILL HAVE DECLINED HAD THERE BEEN NO OIL IMPORTS! Exhibit VI It thus becomes evident that drastic curtailment of petroleum imports could not have much influence on these inescapable market trends, because natural gas is underpriced and therefore more economical to use (costing about onefifth as much per British thermal unit) as oil. Exhibit VII Fortunately for the oil producer, despite the fact it is underpriced in terms of its fuel value, the natural gas he formerly burned in flares for lack of markets now provides valuable supplementary income. Exhibit VIII The additional income derived from growing sales of natural gas products has oabined with an almost uninterrupted increase in the value of crude to help te producer, for imports have not caused damage to price structures. Exhibit IX Anti-imports spokesmen deal In percentage growth of imports to obscure the that actual volumetric growth of domestic petroleum production has ronto be much more rapid than rise in import levels. They have not lost of their sales volume: they have failed to gain as much as they want. |