The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-11
oil Company Issues
,Semi.uHnudL Report

skclly on company IL mailing 20
! It's stockholders ita scmlannual re-
port covering the hnlf-ycnr period
| from January 10 June 80, 1922. Tho
report shows tho company 20 be IN
very prosperous and thriving Condi-
| tion In all departments Not earn
| ings for the six months covered by
the report were t2,55S,bS0.G9, OF
which nearly two-thlrda accrued in
the months OF April, May aud June,
tho Companys net oarninRs for the
month OF May having been $685.
1896 ana for the month OF Juno
S704. 0bG.3O.
Tho report shows that tho current
oil production Of Skelly oil COM
pany Is running at o net daily rate
exceeding 1900 borrelh, which n
In contrast with a net daily aver
age OF 1876 barrels In the year 1921
and n net daily average OF 4.ASO bar
rols in tho year 1890. These figures
show tho remarkable growth that
tho business OF this company has on
joyod.
In addition 20 It's oil producing
business Skelly oil company owna
and operates four cnsinghecd gaso
line plants, and reports that II IN
planning tho installation OF at least
two additional plants In locations
whore II has under ownership ade-
quate volumes OF gas of suitable
gasoline content The refinery in-
tcrests OF the company are large ana
important. II owns and operates two
roflneries, namely, the Midland ro-
flnery at Eldorado. Kan. and tho
Nortex refinery, at Burkburnott.
Texas, which have a total crude
capacity OF approximately 1900 bar
rels, ana are now operating at
capacity. The reports show how
these roflnerics are served by their
own Bystom OF pipelines for the
transportation OF their crude mate
rial and by their own fleet of 4ib
tank cars for the movement of their
refined products. A large part of
the company'B refined products is
now being marketed through It's
own system OF filling stations and
bulk stations, direct to the consum-
ing public, In 70 cities and towns In
tho states OF Minnesota, Iowa. Me-
braska. Missouri and Kansas. with
these refining and marketing inter-
ests Skelly oil company'S cycle OF
activity In the industry. from tho
production OF crude oil to the retail
sale of the refined product to the
consumer. Il complete.
The report states that the COM
pnny's stock was formally listed on
tho New York stock exchange on
July 81. 1922.
In spite of the recent reductions
in tho crude market, the tone OF the
report is entirely optimistic. skelly
holds the Wow that fundamentally
the position of the petroleum In
dustry is stronger than It has been
In many years. and he regards the
recent price decline al an event of
superficial and transltory bignifi-
cance. and no predicts that when
this temporary disturbance shall
have run Its course, the industry
will enter into the most prosperous
era II has ever known. But no
urges for the present the importance
OF comprehensive. and thorough
going curtailment of new develop
ment, and tho determined carrying
out by independent producers OF the
policy OF storing n large proportion
OF current production, as being the
two quick and certain available
methods OF restoring sound condi-
tion In the crude market and forcing
n long. strong swing-back OF the
crude price.
The company's balance sheet
shows total assets of nearly s40,-
100000. OF which S5.745,126.91 are
current assets. these exceeding cur
rcnt liabilities in the ratio OF more
than 2 Ia 10 1.
Al the office of Skelly OIL COM
pany II Il announced that the COM
pany'H storage program. TO which II
is already committed and upon
which tsnkage Is being erected. or
have been ordered for immediate
erection, exceed 100000 barrels,
and this program Is expected 20 he
materially enlarged. The major part
OF this tankage will be erected In
Oklahoma. IN the Hewitt. Bristow
and Burbank fields, and at the COM
pany's Midland refinery at Eldorado,
Kan.