Evening journal., 1920-02-21
OIL CO. OFFICERS
GUESTS in CITY
w. w. Laird Entertains in
Honor of Frank Phillips
and L. E. Phillips
TELL OF ACTIVITIES
IN WESTERN FIELD


= Philips, treasurer. OF the Phillips Pc
G troleum Company. were guests yes
, terday Of William W,nder Laird. bank
, er. Mr.. Laird entertained at dinner Il
Tho club room at the Hotel duPon
last night n honor Of The two Okla
homans who have achieved great prom
inence in the oil producing industr,
because Of their activities in the mid
cont nont field
Numerous Delawareans are stock
holders IN the Phillips Petroleum
, Company. Mr. Laird's guests last nigh
: included bankers. brokers and some
others who are interested in the Phil
lips Company and whom he desired Ia
become acquainted with the Messrs.
Philips.
Those present included Mr.. Laird.
Frank Phillips and L. z. Phillips of
Bartelsville. Oklahoma; B. s. Prentice
OF Dominick and Dominick, bankers, OF
New York; 5. C. Mo"gan. Of Wilson &
Company, bankers Of Baltimore; Henry
p Scott, James p. Winchester, Otho
Rowland, Henry F. dupont, Eugene Z.
dupont. a. Felix dupont, Wnlam 5.
Ililles. Josiah Marvel, L. L. Malonsy.
j. Chester Gibson. George p. Blssell,
w Poyntell Johnston. C.. p. Warwick.
5. D. Townsend. Phillip d. Laird,
Charles II. Ten Weeges, Raymond w.
Ellis. and C. B. Hallam
Frank Philips in the course OF the
evening was asked 10 tell Of the scope
and activities of the oil company OF
which he Is president. He was intro
duced by Mr.. Laird as the ''able presi-
don't Of an able organization." Mr..
Philips modestly disclaimed any abil-
ity to make a speech, saying he never
had done so in his life. but he would
do the best he could, and he invited
questions 10 elicit any information de-
sired He sad the Phillips Company
now has SIS producing wells. and owns
100000 acres in Kansas, Oklahoma.
Kentucky. Louisiana and Texas. While
this acreage may seem small compared
with the acreage OF some companies.
IL Is most valuable as proven oil ter
ritory, Mr.. Phillips said. Since Janu-
ary 1. tNventy-six wells successfully /
were brought in and ii0 were acquired |
by purchase.
There was no question IN his mind |
no said, but that production could be
increased considerably any time the
company desired II, but a policy had
been followed OF protecting the COM
pany's pool holdings 10 assure long
lived production and sustained earn
ings rather than large temporary +
profits. He explained what he meant
by protecting" property. system OF
location Of wells TO assure the oil
supply accruirg 70 his company and
to safeguard AGAINST It's diversion to
wells on adjacent properties Mr. Phil
lips said earnings OF the comnanY are !.
now running at the rate Of $50 O00 TO
s700 0o0 a month. and he believed they
night advance to siOO0OO0 a month by
summer Tho company Is the secord
argest oil producer in Kansas, he said
q was devoting 'tselR TO the produc-
ng rather than the manufactur 'ng end
u the business because. he ex- i,
,lained the production OF oil has ,
he greater possibilities Of pront with J
he lesser investment outlay. while on /,
he other hand the manufacturing and
ennins branch OF the business re-
pires an unusually heavy investment
,utlay. with the uncertainty OF an
deUuaie sunnly Of oil to make opera
ion profitable d
Mr. Phillins sad the comnany's p~o- h
ram provides for the drilling Of 200 1
wells this year d
Mr.. Phillips rortraved interestingly Y
he geology Of oil helds. The oil sands s
West Virginia, Kentucky oklahoma :
nd Kansas are the most stable. even n
not the most prolific nroducers. he y
aid His comnanv's ho'dngs are in :
1ese stable sand fo~mat'O-s in Okla
oma. Kansas and Kentucky. He told
ov the strata turns into a lime for
lat'on in parts OF Texas and INTO {
luck formation In Louisiana and into :
hat Is krown as crevice format' ons
J Mexico He exn'ained the pump'nG
perat'ons. and said methods are be-
lg devised TO force the oil ont o.
le saturated sands into the wells or
antral pools.
Some people think me oil bus ness |
hit or mss proposition" said Mr..
hllps. 1t Is no such a thing II Is
business Of averaGes. OF cons'art
eat ons, and OF management. Manv
man may 80 out and sink a we'll and
riRe oil. But after he gets IL he
1esnt know what 10 do with 10, or
)w 10 manage H.
THE world is hurc~y for OIL As
e IL. the gulf between surply ard
mand Is growing wider daily Our
norts OF OIL are greater than of anv
her commodity Greater production
necessary even " orr domestic sun
y is 10 meet the domestic demand
business depression should come
not see how Il will materially effec
g oil PRODUCING business so great
1u'd he the demand" =
Mr. Philips sad the average cost Of
ing'ng in a well is s25 00O At pres-
. wells are not dug deeper than a.:
% feet but he believed the domand VII
: increased production would cause ey
q sinkine and operation Of deeper
us in the future or
rhe ACREAGE owned by his comnsny 80
4 been conservatively appraised az III
OO0oo0 by flve experts. Mr. Philips ru
d. THIS is equivalent 10 s4s a share
the stock. regardless Of earnings. CIl
od-w'll. etc. lie told Of the methods a,
appraisement, and intimated that in al
opinion the company's acreage ed