FINANCE
:Μ.Κ£/ΑΛΙ off the biff item anil for
masonry eoatinys by foMmmulatiwiy
Oil Companies Show Gains Petrochemicals m a k e significant contributions t o in creasing sales a n d net i n c o m e of m a n y petroleum processors
exterior
f/Offf* Off'ff
water-base* paints
WITH
vriVAr POLYVINYL
ACETATE
EMULSIONS
V I N A C Polyvinyl Acetate emulsions a r e the key to the successful production of exterior masonry coatings. M a d e by The Colton Chemical Co., V I N A C is easily formulated into your own water-base paints to produce exterior paints with exceptional w e a t h e r ing properties. Paints containing V I N A C have a l k a l i resist ance that makes them ideal for coatings over concrete and cinder blocks, stucco, plaster, masonry. V I N A C - b a s e d paints d o not discolor or deteriorate in sunlight, nor d o they require special primer coats. Colton s technical knowledge a n d w i d e formula experience a r e a t your disposal to help you g e t into p r o f i t a b l e Exterior Masonry Paints quickly. For full, heloful information, write D e partment 162.
Manufacturers of "Vinac" Polyvinyl Acetates, "Vino!" Polyvinyl Alcohol, Phenol and Urea Formaldehydes/ Alkyds and Polyesters 2160
Petroleum refiners a n d their petro chemical subsidiaries have been show ing considerable financial success in recent times. Most, if not all, have re ported increasing net incomes a n d sales during 1953; some, in reporting on t h e first quarter of 1954, make similar state ments. In a brief cross-section of these oil companies C&EN finds: Atlantic Refining h a d its highest n e t in history last year—$49.8 million. This compares with $40.4 million net income reported for t h e previous year. Gross income from sales and other operating revenues in 1 9 5 3 w a s $607 million, compared with $603 million in 1952. Product sales totaled 201,537 barrels per d a y last year, an increase of about 1% over daily product sales in 1952. Atlantic completed t h e financing it had planned for some time in January 1954 with sale of $ 5 5 million of 2 5 year, 3l/4% debentures. Most of this went to retire bank loans which h a d been acquired to finance new plant and equipment. Phillips Petroleum h a d a gross in come of $765.2 million in 1953, 6 % above that of 1952. N e t profit of $76.8 million compared with $75.3 million for 1952. Phillips Chemical increased its bank borrowings $15 million a n d h a s available until midyear an unborrowed balance of $10 million from a $50 mil lion standby credit with a group of banks. Phillips' expansions at t h e e n d of 1953 a n d beginning of this year will probably affect earnings for 1954. Its 450-ton-per-day ammonia plant was put on stream in December; a plant de signed to make 4 0 5 tons p e r day of triple superphosphate began operation in January. T w o additional nitric acid units started u p in January bringing production to 4 5 7 tons a d a y of am monium nitrate a n d nitrogen solutions, compared with 3 3 7 tons last year. An underground cavern was completed for storing liquefied ammonia gas. Phillips completed facilities during 1953 for doubling its cyclohexane pro duction to 17 million gallons. Its p-xylene plant came into production at rate of 5 million pounds p e r year. In July Phillips suspended operation of its methylvinylpyridine operations d u e to difficulties in t h e finished product of the contract purchaser. This production should b'_ resumed b y midyear. Socony-Vacuum, in a quarterly re port, says its net earnings are u p from C H E M I C A L
$44 million to $46 million in t h e first three months of this year compared with last year. Product sales of 614,000 barrels a day were about the same as in the 1953 first quarter. Sales of all prod ucts except residual fuel increased, however, with the decrease in residuals stemming from improved refinery equipment that has reduced the yield of this product. Overseas, SoconyVacuum's crude production rose by 22,000 a day, to about 245,000 barrels. Refinery runs abroad were u p 4 % , while foreign product sales were u p between 2 and 3 % . For 1954 as a whole, Socony-Vacuum plans capital outlays of about $300 mil lion, roughly a third more than last year. The company has under construc tion a new refinery at Ferndale, Wash., and four catalytic reformers and a cata lytic cracking unit at four other domes tic refineries. Standard Oil (Calif.) h a d a net in come of $189.5 million in 1953; this compares wirJh $174.0 million in 1952. For these periods its gross income was $1.2 and $1.1 billion. I t h a d its largest year in volume of product sales and re finery runs. During 1953 its Oronite division expanded facilities for produc tion of a basic chemical used in making Du Pont Dacron polyester fiber. Com pletion of its phenol plant at Richmond will add to Oronite's line. A plant mak ing basic chemicals for synthetic coat ings and plastics was enlarged. Con struction of the first commercial isophthalic plant is planned to provide another series of new products. Standard of California has continued its increasing sales a n d income into 1954: Its first quarter gross income was $269.5 million compared with $251.8 million in 1953. Its estimated net in come was $52.4 million compared with $42.0 million in 1953. Standard Oil (N. J.) reports t h e highest net income it has ever had. It was $552.8 million in 1953 compared with $520 million in 1952. Total in come for the two years was $4.3 and $4.2 billion for t h e parent company and its affiliates in the Western Hemi sphere. Its major sources of income are dividends and interest on its invest ments in companies that are active in all phases of t h e oil business. T h e parent company functions in an ad visory and coordinating capacity to as sist affiliates in financial a n d operating activities. A N D
E N G I N E E R I N G
N E W S
