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By Joseph E. Pogue, F. G. Coqueron

Prior to 1934, published information covering expenditures by oil companies for properties, plant, and equipment and the residual investments in the various segments of the petroleum industry was not readily available. This paper presents an analysis of the funds invested by a selected group of oil companies during the years 1934 through 1942, based on an extensive study of the individual records of 30 oil companies. The sources, disposition, and characteristics of the capital employed by this group of companies are traced through a series of combined statements and appropriate charts, covering financial and operating data. The analysis of these statements not only constitutes a record useful for comparative purposes but also serves as a basis for a number of broad conclusions, as follows: 1. The petroleum industry generates the capital needed for its expansion almost entirely from its own operations and is therefore a singularly self-contained economic unit. 2. The long-term debt contained in the financial structure of the industry is small relative to the total capital employed, is less than the net working capital, and has increased but slightly during the period under review. 3. The capital expenditures of the group of 30 oil companies for 9 years amounted to 6.1 billion dollars, 58.3 per cent of which went into crude-oil producing facilities. The trend of this segment of expenditures has been downward since 1937. In 1942, expenditures for refining facilities increased sharply and for marketing facilities declined drastically. 4. The net working capital of the group increased 380 million dollars over the period, and the industry is in a favorable position of liquidity. The ratio of combined current assets to current liabilities was 3.21 at the close of the period. 5. The net income of the group displayed an upward trend for the period but with rather sharp cyclical fluctuations. 6. In 1942, Government funds entered the industry for the first time in substantial amounts and were utilized for the provision of war facilities needed for emergency use. 7. The group has paid out a relatively low percentage of net income in the form of dividends. For the period the average was 55 per cent of net income. 8. The rate of return on invested capital for the group averaged 6.4 per cent for the

Jan 1, 1944

By Joseph E. Pogue, F. G. Coqueron

Prior to 1934, published information covering expenditures by oil companies for properties, plant, and equipment and the residual investments in the various segments of the petroleum industry was not readily available. This paper presents an analysis of the funds invested by a selected group of oil companies during the years 1934 through 1942, based on an extensive study of the individual records of 30 oil companies. The sources, disposition, and characteristics of the capital employed by this group of companies are traced through a series of combined statements and appropriate charts, covering financial and operating data. The analysis of these statements not only constitutes a record useful for comparative purposes but also serves as a basis for a number of broad conclusions, as follows: 1. The petroleum industry generates the capital needed for its expansion almost entirely from its own operations and is therefore a singularly self-contained economic unit. 2. The long-term debt contained in the financial structure of the industry is small relative to the total capital employed, is less than the net working capital, and has increased but slightly during the period under review. 3. The capital expenditures of the group of 30 oil companies for 9 years amounted to 6.1 billion dollars, 58.3 per cent of which went into crude-oil producing facilities. The trend of this segment of expenditures has been downward since 1937. In 1942, expenditures for refining facilities increased sharply and for marketing facilities declined drastically. 4. The net working capital of the group increased 380 million dollars over the period, and the industry is in a favorable position of liquidity. The ratio of combined current assets to current liabilities was 3.21 at the close of the period. 5. The net income of the group displayed an upward trend for the period but with rather sharp cyclical fluctuations. 6. In 1942, Government funds entered the industry for the first time in substantial amounts and were utilized for the provision of war facilities needed for emergency use. 7. The group has paid out a relatively low percentage of net income in the form of dividends. For the period the average was 55 per cent of net income. 8. The rate of return on invested capital for the group averaged 6.4 per cent for the

Jan 1, 1944

By P. G. Shewmon, J. Y. Choi

The surface-diffusion coefficient for , has been measured on (111) and (100) surfaces of copper from 1000" to 620°C. D,(Ge) on the (111) is two to three times that on the (100) as was found earlier for copper and gold on copper. D, (Ge) on both (111) and (100) is about thirty times that found for gold or copper tracers on the same surfaces, while in the temperature range where both D,(Ge) and Ds(Au) have been measured the activation energy for germanium is the same as that for gold. The apparent activation energy for Ds(Ge) is not a constant, but decreases with temperature. In a recent paper we reported on the application of a new tracer technique to the determination of the surface-diffusion coefficient (D,) for gold and copper on (111) and (100) surfaces of copper.' In this paper, we shall give the results obtained when the same technique was used to measure Ds for germanium on the (111) and (100) surfaces of copper. In addition to providing data on D., for an additional element on copper, the longer half-life of germanium (275 days) meant that Ds could be measured down to a much lower temperature and thus over a much wider temperature range (1000" to 620°C) than was used in our gold-tracer work (1060" to 780°C) or copper mass-transport studies (1060" to 800). The apparent activation energy for D, (Ge) is essentially the same as that found for gold or copper in the same temperature range, though the values of D, (Ge) are thirty times greater than those found for gold or copper tracers. The most interesting new result found is that the apparent activation energy for Ds(Ge), and thus Do, definitely increases with temperature. Such a trend was much more apparent in Gjostein's mass-transport work on copper than in our own, though in an earlier paper we mentioned the difficulty of fitting all of our points with one straight line:= No real explanation of this is given though experiments done on grain boundary groove growth at various ambient pressures demonstrate unequivocally that vapor transport plays no part in the increase in activation energy with temperature.

Jan 1, 1964

By Robert B. Fulton

Commercially, celestite (SrSO,) is the only significant strontium mineral. Among other strontium-bearing minerals, only strontianite (SrCO,) occurs commonly; however, it is not an item of commerce. The principal production of celestite is in England, Mexico, and Spain. New production is now coming on stream in Canada. Consumption is mainly in the United States. Lesser quantities are consumed in Japan and Europe. Main uses are for the manufacture of strontium carbonate and nitrate. The carbonate is used in glass for TV tube face plates and in ferrites for magnets. The nitrate is used in pyrotechnics to which it imparts a characteristic brilliant red color, mainly in safety flares. Minor amounts of strontium compounds are used in electrolytic zinc manufacturing and very small quantities in greases, ceramics, soaps, alloys, and pharmaceuticals. Specifications and Prices Typical celestite specifications for the carbonate and nitrate markets are as follows: [ ] Celestite currently shipped from Mexico for carbonate manufacture tends to be slightly better than these industry specifications, assaying about 92-93% SrSO, with less than 1% BaSO, but it is generally below the 95% minimum required for nitrate production. Contract prices for celestite are approximately $32-34 per st at U.S. Port of Entry in 50 to 60-ton carload lots for Mexican material. Spot prices are generally reported as low as $20 per st but are for minor volumes. A recent sale of surplus from the U.S. stockpiles, announced by the General Service Administration (GSA), was 4005 st sold to Du Pont for $140- 455 or $35.07 per st. British celestite, ground, washed, and graded, 95% SrSO, bulk, ex- works, 240 mesh, is quoted at £ 28.75 per mt in British trade journals, and a recent figure quoted for crushed lump material was $36.00 per st f.0.b. vessel Bristol Channel port (1973). Specifications of manufactured carbonate made from celestite and sold in two grades, one to the glass industry, the other to the electronic industry for ferrites, are given in [Table 1]

Jan 1, 1975

By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential, but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for converting a prospect into a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is usually headed by an engineer-promoter or an entrepreneur trader who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the ha1 operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1964

By Linn M. Farish

The reported production of petroleum in the Dominion of Canada for 1930 was 1,555,199 bbl., an increase of 455,373 bbl. over 1929. Alberta accounted for nearly all the production with Ontario and New Brunswick, the other two productive provinces, contributing less than 1 per cent, of the total. The completion of about 25 producing wells in Alberta was more than sufficient to offset the decline of the older wells in that province and the small decline in Ontario. The production of about 5000 bbl. in New Brunswick represents a restricted output to meet the market demand. Table 1 shows the production by provinces for the past 10 years. The consumption of natural gas for all purposes in Canada reached a new record of practically 40,000,000,000 cu. ft. in 1930, which was a considerable increase over 1929. The estimated value of the gas output was $10,500,000, against a little over $5,000,000 for the total petroleum production. Gas wells in Alberta accounted for over 75 per cent. of the total, with Ontario second and New Brunswick a poor third. The outlook for 1931 is for very little change in production of either gas or oil in Ontario and New Brunswick but for a substantial increase in both in Alberta.

Jan 1, 1931

By John V. Beall

AMONG electrical manufacturers, interest in the outlook for copper supplies has not diminished despite signs of a healthier market following price decontrol. Reason: Electrical utility industry output is expected to grow at an average annual rate of 6 pct for the next 15 years. A more graphic description of the growth ahead is given in the Eighth Quarterly Report of the Director of Defense Mobilization as follows: "Power generating capability, which amounted to 63 million kw at the time of Korea, now stands at more than 81 million. The established goal for installed capability at the end of 1955 is 116 million kw. Orders already on the books of power equipment manufacturers, if fulfilled on schedule, will bring installed capability to over 123 million kw by the end of 1956-and more orders for equipment are yet to come." These statistics portend an impressive requirement for copper, not only for power plants and distribution lines themselves but for the multitude of industry and domestic end-uses.

Jan 4, 1953

By Per-Martin Sandgren, Alrik Anttila

LKAB's ores have specific mineralogical properties that make them especially suitable for the production of supergrade concentrates. Conditions are particularly good for this purpose at Malmberget, where a concentrate for high-purity sponge iron production has been produced for many years. This product assays approximately 71.5% Fe and 0.20% SiO2. Potential exists for still further improvement. In recent years, the production of fractioned concentrates has been started. The material lies within the size range 74-125 µm and the approximate chemical analysis is 71.4% Fe and 0.30% SiO2. Other special products are under discussion. Malmberget ores are also suitable for the production of high- purity direct reduction pellets with a SiO2 content below 1%.

Jan 1, 1983

By Charles Meyer

The year 1955 was a busy one for mining geologists, for the expanding world-wide business activity kept the demand for mining products generally high, stimulating operators to develop local ore reserves and to expand their efforts to find new deposits. The uranium rush was still on, although probably past its maximum rate of climb. Prospecting was also stimulated by the increasing demand for rare metals, and this created new and fascinating targets for exploration. On the whole, it was a boom year when the prospector's chronic optimism found few repressions.

Feb 1, 1956

By T. N. Singh, B. Singh

SUMMARY. The supports account for over 501 of the total expenditure for a longwall face. The success and economics of a face depend upon the optimum selection of type and density of the supports. Empirical solutions involving uncertain safety factor are replaced by a geo-mining approach developed at OMRS in which the support resistance is defined by the stability index of the roof rock mass and the failure pattern of the immediate roof. The paper gives the methodology adopted to define the support resistance for Alkusha colliery longwall face of Jharia coalfield (India). The stability index of the roof mass varied from 218 to 520 for the individual beds and 1100 to 1374 for the immediate roof mass. The exact support resistance for the condition was found to be 42 t/m2.

Jan 1, 1982

By H. N. Mills

The glass industry is a major user of many industrial minerals in the manufacture of its product. It is the intent of this chapter to: (1) acquaint the reader with the glass industry by including a few production statistics, and (2) cover the various aspects of the major raw materials used to make glass. The matter of glass compositions, properties, and batches is considered beyond the scope of this chapter which deals only with raw materials. For more details on the particular minerals and rocks used in glassmaking, the reader is referred to chapters in the commodity section of this book. Glass Industry Statistics Glass manufacture in the United States can be divided into three major product classifications as follows: 1) Glass containers 2) Pressed and blown glass 3) Flat glass Glass containers include bottles and jars for the packaging of food and beverages, as well as drugs, chemicals, and cosmetics. Pressed and blown glass includes table, kitchen, art and novelty ware, lighting and electronic glassware, and fiber glass. Flat glass covers sheet or window glass, plate, laminated, and safety glass. The US Department of Commerce statistics, as recorded in the 1977 Census of Manufacturers, compares the dollar value of glass shipments for each product category. These statistics are shown in Table 1 (Anon., 1980) and are self-explanatory. A comparison of the tonnage output in each product classification is difficult, as production data is reported in "gross" for glass containers, "pounds" for fiber glass, "pieces" for glassware, [ ] and "square feet" for flat glass. In the case of glass containers, an average "pounds per gross" factor can be applied to the total production figures reported in thousands of gross in Bureau of Census industrial reports. Table 2 presents the calculated annual production tonnage for glass containers for the years 1974-1979. Except for 1979, there was a yearly increase in production. The tonnage figures of Table 2 are further influenced by decreasing weight per gross which has occurred in the glass container industry since 1975. This reflects the gradual shift to lighter weight containers for beverages. Other segments of the glass industry have experienced growth, but the figures in tons are not published information. Fiber glass growth has been influenced by the heavy demand for insulation as part of energy conservation efforts on a national basis. The production of flat glass by the float process has continued to grow with several new plants entering production. All portions of the glass industry experienced the effects of the general economic decline of 1979-1980, but the outlook for the future is bright. Batch Materials For Glass Use Materials and Function Soda-lime-silica glass represents the largest proportion of glass manufactured for commercial use. It is produced by the fluxing and

Jan 1, 1983

By Arthur Fleischer

The Kalunite process+ for the production of metal-grade alumina from alumina-con-taining ores is applicable, considered from a general point of view, to any aluminous raw material that can be converted to potassium alum or equivalent normal alum. This result of modern technology has been the subject of a continuous study and development since 1929, on a laboratory and test-plant scale, with initial emphasis on the utilization of alunite as the raw material. The research and developmental program was carried out by the Kalunite Company and its successor, Kalunite, Inc., an affiliate of the Olin Corporation of East Alton, Illinois. The process is now approaching the time for a major test in its history with the completion of construction of a plant having a capacity of IOO tons of alumina per day in Salt Lake City for the conversion of Marysvale, Utah, alunite ores to alumina and potassium sulphate. The Salt Lake Alumina Plant is a Defense Plant Corporation project. Production of Aluminum: The known existence of alunite deposits, especially in the Marysvale district, furnished the motive for the original inquiry into the utilization of this raw material for aluminum production. The deposits in this region were actively explored during World War I and utilized for the production of potassium sulphate, an essential fertilizer, of which a shortage of monumental proportions then existed. Up to the twentieth century—for alunite is a mineral with an ancient history—it was used in Europe and in China as a source of potassium alum. It never had been used successfully in this country as a source of oxide for reduction to metal. Although the known reserves of this ore, which undoubtedly will be greatly expanded with a commercial outlet for this ore, are recognized to be sufficient for only a part of the present-day needs of aluminum, it has a definite place in the aluminum industry. Academically it points the way for future raw materials. The aluminum industry has undergone a remarkable growth in the past few years as a result of defense and war requirements. Its expansion in many ways has been beyond belief and prediction, both in volume and location. This wartime status of the industry has accelerated the consumption of bauxite to such an extent that a re-evaluation of the raw material reserves for the future peacetime industry and for eventual wartime reserves is seemingly of concern. The generally accepted picture of bauxite ore reserves in the United States, especially in raw material suitable for treatment by the Bayer process, focuses attention on other possible sources of raw material of metal-grade oxide. The perspective for the development of a suitable process may have changed in the interim since the original work by Kalunite, but the ultimate goal is the same.

Jan 1, 1944

By Arthur Fleischer

THE Kalunite process? for the production of metal-grade alumina from alumina-containing ores is applicable, considered from a general point of view, to any aluminous raw material that can be converted to potassium alum or equivalent normal alum. This result of modern technology has been the subject of a continuous study and development since 1929, on a laboratory and test-plant scale, with initial emphasis on the utilization of alunite as the raw material. The research and developmental program was carried out by the Kalunite Company and its successor, Kalunite, Inc., an affiliate of the Olin Corporation of East Alton, Illinois. The process is now approaching the time for a major test in its history with the completion of construction of a plant having a capacity of zoo tons of alumina per day in Salt Lake City for the conversion of Marysvale, Utah, alunite ores to alumina and potassium sulphate. The Salt Lake Alumina Plant is a Defense Plant Corporation project. PRODUCTION OF ALUMINUM The known existence of alunite deposits, especially in the Marysvale district, furnished the motive for the original inquiry into the utilization of this raw material for aluminum production. The deposits in this region were actively explored during World War I and utilized for the production of potassium sulphate, an essential fertilizer, of which a shortage of monumental proportions then existed. Up to the twentieth century for alunite is a mineral with an ancient history-it was used in Europe and in China as a source of potassium alum. It never had been used successfully in. this country as a source of oxide for reduction to metal. Although the known reserves of this ore, which undoubtedly will be greatly expanded with a commercial outlet for this ore, are recognized to be sufficient for only a part of the present-day needs of aluminum, it has a definite place in the aluminum industry. Academically it points the way for future raw materials. The aluminum industry has undergone a remarkable growth in the past few years as a result of defense and war requirements. Its expansion in many ways has been beyond belief and prediction, both in volume and location. This wartime status of the industry has accelerated the consumption of bauxite to such an extent, that a re-evaluation of the raw material reserves for the future peacetime industry and for eventual wartime reserves is seemingly of concern. The generally accepted picture of bauxite ore reserves in the United States, especially in raw material suitable for treatment by the Bayer process, focuses attention on other possible sources of raw material of metal-grade oxide. The perspective for the development of a suitable process may have changed in the interim

Jan 1, 1944

By R. J. Lytle

Geophysical exploration for engineering purposes is conducted to decrease the risk in encountering site uncertainties. Such studies are needed in construction of underground facilities. Current responsibilities, opportunities and challenges for those with geophysical expertise are defined. These include: replacing the squiggly line format, developing verification sites for method evaluations, applying knowledge engineering and assuming responsibility for crucial national problems involving rock mechanics expertise.

Jan 1, 1982

The Committee on Nominations, begs to submit the following as its nominees for the respective offices indicated, for the year beginning February, 1920. For President and Director: HERBERT HOOVER Palo Alto, Calif. For Vice-President and Director: FREDERICK LAIST, Anaconda, Mont District 5 SEELEY W. MUDD, Los Angeles, Calif District 6 For Directors: W: M. CORSE, Mansfield, Ohio District 3 A. S. DWIGHT, New York, N. Y District 0 R. M. CATLIN, Franklin Furnace, N. J District 1 C. H. CLEVENGER, Washington, D. C District 9 W. A. CARLYLE, Ottawa, Can District 11 POPE YEATMAN, Chairman, Committee on Nominations.

Jan 12, 1919

By P. L. Lavery

A numerical method to derive approximate solutions for stress intensity factors for rectilinearly anisotropic bodies without resolving to complex variable approach is presented. The method is based on the assumption that the crack opening profile can be simulated by a simple curve such as an elliptic function and a relationship is found for the stress intensity factor in terms of near tip displacements. An example solution is derived for a transversely isotropic body and the results are verified with Westergaard's stress function approach. The proposed model has a great potential for the applications to fracture mechanics of anisotropic rock materials.

Jan 1, 1984

By Phillip Philbin, Frank E. Senftle

A field neutron activation analysis technique suitable for determining uranium in ores has been tested. The method is based on the measurement of the 74.7 keV gamma ray from 'U. When the thorium/uranium ratio is greater than one or the vanadium is greater than 1%, a low uranium analysis is obtained. No satisfactory correction for thorium has been found, but a correction for vanadium can be deter¬mined. For ore containing greater than 0.01% uranium, the uranium can be deter¬mined with an accuracy of about 10% which is quite adequate for a field exploration technique.

Jan 1, 1972

By Erkki Laurila

INVESTIGATION of the methods of analyses for magnetite and ilmenite in the Otanmäki iron-titanium ore and respective mill products has resulted in certain improvements in the methods conventionally employed. The outcome of the investigations is summarized as follows: 1-Development of a diamond-drill core analyser for the determination of magnetic susceptibility of drill cores containing magnetic minerals. 2-Development of a magnetite-ilmenite analyser for pulverized products. 3-Development of a potentiometric method of chemical analysis for the determination of iron, vanadium, and titanium in succeeding steps from one test sample. 4-Proposal for a continuous and automatic magnetite assay method.

Jan 9, 1951

I HAVE already described to you many kinds of fusions and fires and still have many to describe if1 am to guide you, as I intend, among the operations of these processes. In all these, quantities of charcoal and various kinds of it must be handled continually and it therefore seems to me necessary to tell something about charcoal for aiding you in these processes. Without it artificers could scarcely bring their works to an end, because it is the food that nourishes the fire both for smelting and for softening the metals, or for calcining or drying things out. [61] It is a very powerful means and not only is its fire used for many more works than other fires, but it is also essential. Although there are many other things that make fire and would make it, I do not know of any that are better adapted for this purpose, or that can be more easily procured in large quantities, than wood and charcoal. For, as you can see, very great forests are found which make one think

Jan 1, 1942

By J. C. Deppe

A method is presented for calculating approximate injection rates in secondary recovery operations. The method can be applied to cases of unequal fluid mobilities, irregular well patterns and boundary patterns. The steady-state pressure distributions for the four flood patterns reported by Muskat and for five additional patterns reveal that most of the difference in pressure between the injection and producing wells occurs in regions around the wells which can adequately be described as regions of radial flow. This leads to a method of calculating injectivity by approximating the flood pattern with radial flow elements (or a combination of radial- and linear-flow elements for some patterns such as the direct line drive). Irregular and boundary patterns can also be approximated by radial and linear elements. Each of these elements can be described by radial-and linear-flow equations and the results combined as series flow resistances to give an approximate equation for the initial injection rate. The mobility ratio does not affect the initial rate; therefore, if the well pattern is one of those regular patterns for which theoretical rate equations have been derived for unity mobility ratio, the approximate initial rate equation can be improved by adjusting it to match the theoretical equation. The available theoretical rate equations are listed, including five new cases. As the flood progresses, the injectivity changes because in general the flood front will divide the pattern into areas of different fluid mobilities. Simple shapes can be assumed for the flood front so that both areas can be divided into radial- and linear-flow elements. Radial- and linear-flow equations are applied to these elements to account for the change in flow resistance behind the front. To calculate injection rates after breakthrough, it is necessary to know the sweep efficiency at breakthrough. Areal sweep data are available in the literature for a number of patterns, and sufficiently accurate breakthrough sweep efficiency can be estimated from these data if it is not otherwise available. Again, simple shapes for the flood front can be assumed after breakthrough, and injection rates can be calculated for the remainder of the flood. When areal sweep data are available, these data can be used to cbeck. the calculated injection rates after breakthrough. Injection rates calculated by this approximate method compare favorably with available model data. INTRODUCTION When the fluid mobilities in the swept and un swept regions are equal, the injectivity will not change as the flood front advances; and for regular patterns it can be calculated by mathematical formu1as.l When the fluid mobilities in the swept and unswept regions are not equal, the injectivity will increase or decrease as the flood front advances. In this case, the injectivity has not been calculated by analytical means for any practical well pattern; and, furthermore, scale model and analog4,6 results have been published only for the five-spot pattern. The main object of this paper is to present an approximace method for calculating injectivity for the case of unequal mobilities. The method can be applied to regular, irregular and boundary patterns. Before the approximate method is discussed, the analytical formulas for equal mobilities will be summarized, and the analytical solution for radial flow with unequal mobilities will be used to show how the injectivity changes as the flood progresses. EQUAL MOBILITIES, REGULAR PATTERNS In a flooding operation the injectivity, the rate at which fluid can be injected per unit difference in pressure between injection and producing wells, depends on basic physical properties and, in addition, on three variables to be treated here—the area of the swept region, the fluid mobilities in the swept and unswept regions, and the well geometry (pattern,