Evening star., 1932-11-09
REPORTED
BY OIL COMPANIES
Dividends Declared Earn.
ings Laid to Operating
Economies.
BY WILLIAM vOIGT, JR.,
Associated Press STAFF Writer.

TULSA, Okla, November Gin the
face of unsettled conditions in the oil
industry, many Of the major and inde-
pendent companies eked out profits
again in the third quarter of the year
some Of them strengthening their posi-
tions sufficiently to tack extra dividends
to their regular payments to stock
holders
A survey Of published reports shows
profits were made from coast to coast.
Many companies still have not reported
for the period but those issuing state
ments show that operating economies
and marketing ingenuity had favorable
results on balance sheets despite dis
turbances over prices and questions con-
cerning regulations of production.
The Sun Oil Co., first to increase
prices in the midcontinent after the
recent slash in production, declared its
regular ascent dividend and an extra
one of 8 cents, all payable December
Is.
Standard Oil Dividend.
Standard Oil Co. OF New Jersey de-
clared a 25-cent regular and extra
dividend. and from California came q
report the Union Oil Co and associated
firms had net earnings equivalent to
30 cents q share. and would declare
the regular dividend of 25 cents.
Amerada Corporations earnings for
the first nine months OF the year were
reported as s957,972, or s125 a share
A loss 10000 greater than this figure
was shown during the same period of
1891.
Stanolind Crude OIL Purchasing Co. IS
profit for the third quarter was s303,449
It's parent company, Standard OIL OF
Indiana, declared the regular dividend
of 25 cents a share payable December
Is to stockholders Of record Novem-
Der Is.
Continental OIL Co.. Ponca City Okla,
showed decided improvement in its
statistical position Third quarter
earnings OF S358,450 were s33l3.772
better than those Of the same perio1
of 1881
While reducing inventories and re-
vising assets to bring about further
ultimate strength, the Skelly Oil Co. o.
Tulsa reported a net loss of S226,979
for the period Comparative figures
were not given.
S1,I86,698 Profits.
Phillips Petroleum Co. of Bartlesville
Okla, reported net profits for the thirc
quarter Of Sl,l86.693, as compared with
net profits Of $263,9 for the same
period of 1881.
Tidewater Associated Oil Co. profits
for the period were S34S5,370 after al
charges were deducted. and amounted
to l9 cents share. Last years profits
for the period were only Sl75.7l1.
Socony- Vacuum declared a l0-cent
dividend. Its previous dividends wert
30 cents q share.
In the Midcontinent area this week
the Texas Legislature was in special
session at the call of Gov. r. S. Sterl-
ing, seeking passage of new oil con-
servation law which will stand up under
legal fire as present statutes have been
unable to do. and permit the Texas
regulatory body. the railroad commits
sion, to older and enforce curtailment
of production in line with demand.
Such, a law. patterned somewhat after
the Oklahoma law, was sought to pre-
vent the constant threat of ,overproduc-
tion in East Texas and other flush
and semi-fiush fields, with the resultant
chaos in the price structure.
Divergent Price Scales.
Meanwhile, the Midcontinent pro-
ducers were receiving prices on di-
vergent scales for their crude oil. one
paid by Standard Oil Cos. of New
Jersey and Indiana. the other paid by
the bulk of other major companies and
independents.
The deadlock between the two groups
was as tight as ever, with the twosfrms
paying ST top, the others II cents more
per barrel
Whether the outcome Of yesterdays
election would serve to relieve the ten
sion in Midcontinent Oil circles was the
subject of considerable speculation here
today.