Page 50: of Maritime Reporter Magazine (September 15, 1974)

Petroleum Engineers 40th Annual Meeting

Set For Houston Oct. 6-9

An analysis of current tax leg- islation affecting the oil and gas industry and a discussion of the financing of LNG and other ma- jor energy projects will be the highlights of two special sessions on "Energy Economics" at the 49th Annual Fall Meeting of the

Society of Petroleum Engineers of AIME. The SPE fall meeting will be held October 6-9 at the

Albert Thomas Convention Cen- ter in Houston, Texas.

The "Economics" sessions will be part of a 185-paper technical program centered around the theme "Energy Perspectives — A

Short Look Backward and a Long

Look Ahead." Leading petroleum industry engineers and executives and representatives from the

Federal Government will be dis- cussing professional, economic, and technical innovations in the energy resource industries. Some 5,000 persons are expected to at- tend the four-day meeting.

A summary of current tax leg- islation and its impact on the self-sufficiency of the oil and gas industry will be presented by J.W.

Bullion of Thompson, Knight,

Simmons & Bullion in Dallas, in his paper entitled "Today's Oil and Gas Tax Problems." Mr. Bul- lion, a former special attorney with the IRS, will also analyze treasury regulations, IRS rulings, and decided cases affecting the energy industries.

Three papers will be presented concerning the financing of major energy projects, including a paper entitled "Money for Energy" by

George B. Yurchyshyn of First

National Boston Ltd. in London.

Using international LNG projects as an example, Mr. Yurchyshyn will discuss the limitations of existing sources of energy financ- ing, the modification of money market mechanisms to supple- ment these sources, and the cre- ation of additional lending insti- tutions to finance energy projects.

D.I. Heather and W.B. Cline, of Gaffney, Cline & Associates,

Ltd. in Surrey, England, will re- late the financial return on off- shore oil and gas projects to the technical risks associated with these projects and financial stand- ing of the projects' participants.

The paper, entitled "The Merits of Some Alternative Development

Plans for Offshore Oilfield Devel- opment," will also review the most recent financing proposals for North Sea development.

A presentation on innovative financing methods for independ- ent petroleum companies will be made by I.D. Flores III of Eppler,

Guerin & Turner, Inc. in Dallas.

In his paper "Drilling for Dollars for Drilling," Mr. Flores will dis- cuss present and future financing techniques that will facilitate the independent petroleum companies' long-range planning for oil and gas financing and development.

The Society of Petroleum Engi- neers of AIME, located at 6200

North Central Expressway, Dal- las, Texas 75206, is an interna- tional technical and professional organization for engineers and managers in the exploration, drilling and production phases of the petroleum and natural gas industries. The Society has more than 20,000 members in the ma- jor oil producing areas of the world.

American Ship Shows

Third Quarter Increase

Net income of The American

Ship Building Company for the third quarter ended June 30, 1974, increased 38 percent over year- ago net income for the same pe- riod after giving effect to the disposition last year of certain operations.

Net income from continuing operations for the three months was $1,397,000, compared to $1,014,000 for the same period last year. On a per share basis, net income was 71 cents, com- pared to 51 cents last year. For the nine months, net income was $2,595,000, compared to $2,845,- 000 for the year-ago nine months, or $1.27 per share, compared to $1.39. Net income in the current year includes significant income from the gain on sale of vessels and the investment tax credit.

The net income figure for the first nine months last year has not been restated downward to reflect reserves totaling $3.5 million which were established at the end of the last fiscal year. "The company's resources are being directed towards taking ad- vantage of the rebuilding of the

Great Lakes fleet and the demand for barges to haul petroleum products and other energy-related materials," a company spokesman said.

The company is now completing work on the expansion of its

Lorain, Ohio, shipyard, lengthen- ing its largest drydock to 1,020 feet to accommodate construction on three 1,000-foot-long self- unloaders now under contract.

The American Ship Building

Company, headquartered in Lor- ain, Ohio, is listed on the New

York Stock Exchange. It oper- ates shipyard facilities in Lorain and Toledo, Ohio, Chicago, 111.,

Tampa, Fla., and barge and tow- boat construction yards in Nash- ville and Ashland City, Tenn. r| p-,7 0 £,

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September 15, 1974 53