Indianapolis Times, Indianapolis, Marion County, 8 May 1949 — Page 8

IL SHORTAGE FEARS of a year ago have

vanished. All around the world, oil resources are expanding. In doing their part to meet the rising needs for oil this Company and its affiliates last year made the greatest

efforts in their history. Here are some facts

from this Company’s Annual Report to its

more than 200,000 stockholders...

©

1 TOTAL PRODUCTION AGAIN INCREASED. After setting new

records in both 1946 and 1947, this Company and

affiliates in 1948 increased crude oil production by 8% over - the year before. Output of crude oil by our domestic affiliates

represented 9% of the total crude produced in the U. S. ‘Output of affiliates, world-wide, represented 14% of world production,

More wells drilled than ever before. Proved reserves increased

SEARCH FOR NEW OIL SOURCES SIT RECORDS. More wells were drilled than ever before. Costs for this were a record $374,000,000 in 1948. Proved reserves.in the earth at year’s end were at a new high.

14. New Supertankers ordered, each nearly twice the size of wartime tankers

EVEN GREATER COSTS FOR EXPANSION AND REPLACEMINT were again required to meet rising needs for oil, Jersey Standard and affiliates spent a record $529,415,000 in 1948, even more than 1947's investment of 426 millions.

For these needs and payment of dividends, money again was drawn from earnings, from borrowing, from sale of assets, and from further call on savings of past years.

New facilities like this modern refinery help increase oil supplies

NEW FACILITIES RESULTED ALL OVIR THE OIL-PRODUCING .

wortp. In Venezuela, the world’s largest pipeline was completed. Fourteen new supertankers were ordered, each nearly twice the capacity of wartime tankers. At Montreal and Edmonton in Canada; at Billings, Montana; Bayway, New Jersey; and Baton Rouge, Louisiana, new refining facilities for more and better oil products went into service. At Amuay, Venezuela, a new 60,000 barrels per day refinery neared completion.

Oil research goes on in this mew Research Center, housing 80 laboratories in Linden, New Jersey

RESEARCH WORK AND RESULTS WENT FORWARD, at a cost to the Company of $20,000,000. At Linden, New Jersey, a new research center was opened, where 600 scientists and their assistants are at work. Along with hundreds of other Company researchers these people are developing better methods of discovering oil, of drilling wells, of refining from oil, shale and coal, more and higher quality products to meet the growing needs. -

6 RELATIONS WITH EMPLOYEES CONTINUED EXCELLENT. Again there were no domestic strikes or work stoppages. At year’s end the gross investment in property, plant and

Standard Oil Company (New J ersey) Reports for 1948... A year of Progress and | for an Oil-using World!..

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equipment amounted to $26,600 for each of the 129,000 employees of Jersey and its affiliated companies.

BOTH INCOME AND EXPENDITURES ROSE. As reported in the consolidated statement, total income of all come

* panies was $3,332,187,000, an increase of 40% over 1947,

At the same time, costs were also up 40%. $1,386,248,000 was paid for crude oil and other supplies, $573,459,000 paid to employees, $492,000,000 for other operating costs. Taxes of $268,000,000 were paid. i

RECORD NET EARNINGS, LARGELY PLOUGHED BACK. Consolidated net earnings totaled $365,605,000. Yet this total, plus affiliates’ earnings assignable to stockholders other than Jersey, plus all of the year’s depreciation allowances was just about equal to the amount of money put back into the

business to meet pressing needs for expansion and replace

ments. Stockholders of Standard Oil Company (N.J.) received dividends of $2.00 per share of the Company's stock, plus a stock dividend of two shares for each 40 shares held.

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FN \) EM

For copies of the full report write Room 1626, 30 Rockefeller Plaza, New York 20, N.Y.

LTHOUGH world oil consumption for the A year increased-6.5%, and U.S. consump. tion 5.6%...the need was met and more, Threatened shortages were averted. Proved reserves in the earth are greater than ever before. New, modern facilities for meeting present and future needs are coming into operation throughout the world. Increasingly, human progress calls for more and more oil. In every Way, the year 1948 was a year of progress and results for an oil-using world,

The better you live, the more oil you use!

STANDARD OIL COMPANY (NEW JERSEY)

. AND AFFILIATED COMPANIES

Results

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