The Western news. [volume] (Libby, Mont.) 1933-current, 1946-05-02
DEVELOPMENTS IN THE
PETROLEUM INDUSTRY

+ Opposing ideas of statism and in
dividual freedom were cited as ma.
jor factors in today's world in the
annual report of the Standard Oil
company New Jersey, issued to-
day to stockholders.
In a Statement of Principles
opening the report, the Jersey
Directors said, 1.-TWO faiths are in
conflict today, at home as well as
abroad a belief in an expanding
freedom and responsibility for the
Individual versus a belief in an ex-
panding authority Of the state even
though the result may be a con-
tracing freedom for the individual"
In such a world, the statement
set forth, Jersey Standard is on the
side of human freedom both as a
matter of principle, and because it
believes the prosperity of the or
ganization is directly related to the
freedom people enjoy.
1T is out of Individual freedom
that people draw the hope, the ini-
tiative, the willingness to take risks
which are characteristic of vigorous
producers" the statement continues,
"And it is always the actively pro-
ducing peoples and nations who are
the large consumers and the best
markets.
STANDARD Oil Company New
Jersey does not believe in econ
omic blocs and monoples. The
Company believes that restrictions
in world trade and foreign exchange
which cut nations off from supplies,
are among the important pressures
which drive peoples toward Excess
SEES of nationalism and toward war.
Crude oil production and refinery
runs by operating affiliates were
the largest in the Company's his
tory, Eugene Holman, president and
F. w. Abrams, chairman, reported
to the shareholders. Consolidated
net earnings of the Company in
l945, amounting to 1854, 1856, 1876 were
equivelant to 1854 per share. This
compared with $3.50 per share for
the previous year. Total income
for l945 was 81 ,635, 1856, 900 compared !
with $1,652, 100000 the year before |
While production of crude oil in
the United States by consolidated |
companies declined slightly to 443,- |
BOO barrels daily in 1945, foreign |
outside enemy occupied |
gained 16 percent in pro-
1uctiOn, bringing the total to a new
record level of 995,00 barrels a
1ay-an increase of 8 percent over
1914.
Despite the high rate of Crude
output during 1945," the report ad-
led, preliminary estimates indicate
hat more oil was added to reserves
If affiliates by discoveries, extern
'ions and revisions of previous es-
Inmates than was produced, so that
1t the end of the year reserves of
rude oil in the ground were carried
It higher figure than at the be-
ginning of the year"
Pointing out that recent develop
nents in the petroleum industry
lave in them the seeds of great
.hanges, the report said that cur
ent Improvements in the oetane
lumber of motor fuels can be htil-
zed to obtain either more power
r greater economy in the opera
ion of automobiles, and that even
etter fuels can be made with to-
avs techniques when engine de-
require them.
1t was revealed for the first time
hat during 1945 it became possible
, obtain from fluid catalytic crack
lg units-a Jersey Developments
utputs approximately 80 percent
bove design capacity. This i'm
the report stated, can
e made for a relatively small cost,
nd provisions have been made for
lree of the eight fluid units of
filiates to operate at this higher
lan-design capacity, while the re-
aiming five units will be changed
hen necessary. Through relati-
ely small changes, it was pointed
1t, it now appears that capacity
)uld be increased to about three
mes the original.