Page 16: of Maritime Reporter Magazine (February 15, 1973)

Getty Oil's Worldwide

Operations To Expend $205.2 Million In 1973

Capital expenditures of $205.2 million in 1973 have been approved for the worldwide operations of

Getty Oil Company and its wholly owned subsidiaries.

Recently, in a separate action, the board of directors of Skelly Oil

Company approved a capital ap- propriations budget which will re- sult in expenditures of $117.3 mil- lion for 1973. As of December 31, 1972, Getty Oil Company owned an 87.16 percent interest in Mis- sion Corporation, and a 1.42 per- cent interest in Skelly Oil Com- pany. Mission owned a 72.53 per- cent interest in Skelly Oil. Direct- ly and indirectly through Mission,

Getty Oil held a 64.64 percent in- terest in Skelly Oil.

George F. Getty II, executive vice president and chief operating officer, said that of the $205.2 mil- lion for Getty Oil capital expendi- tures, $146.9 million or 71 percent of the planned 1973 budget will be invested in the company's petrole- um and hard minerals exploration and production programs.

Mr. Getty noted that $139.7 mil- lion, or 95 percent of the $146.9 million, will be invested in petrole- um and hard minerals exploration and production activities on the

North American continent, and the e.fcRV'C^

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CLEARING HOUSE FOR MARINE DIFFICULTIES SINCE 1894 . 17 BATTERY PLACE, NEW YORK 10004 . «(212) 944-1048 remainder will ibe invested in over- seas projects.

The company's principal petro- leum exploratory areas in North

America are in the mid-continent southern states, the 'Gulf of Mexi- co, Canada, and Alaska. Its princi- pal domestic petroleum production activities are located in the mid- continent southern states, in the

Gulf of Mexico._ offshore Louisiana and Texas, and in California.

Getty Oil will invest $7.2 million in overseas exploration and produc- tion. Getty Oil's principal overseas petroleum exploration areas of in- terest are the Oriente Basin of

Peru, the United Kingdom sector of the North Sea and offshore In- donesia. Its foreign petroleum pro- duction interests are in the Saudi

Arabia-Kuwait Partitioned Neutral

Zone, in Iran, and in Algeria.

For its marketing, manufactur- ing and transportation operations,

Getty Oil has designated $51.4 mil- lion, or 25 percent of the planned 1973 capital expenditures. The sum includes $19.6 million for market- ing operations, $10.5 million for manufacturing operations, an $11.8- million payment toward construc- tion of a new 222,000-deadweight- ton international tanker, and $9.5 million for various smaller projects.

The remaining $6.9 million of the 1973 capital expenditures program is designated for miscellaneous op- erations. In 1972, Getty Oil capital 'expenditures were $181 million.

Freddie L. Jordan

Named To New Post

At TMT Shipping

Freddie L. Jordan

Freddie L. Jordan has been named manager of the operations/ agency department of Houston,

Texas-based TMT Shipping &

Chartering, Inc.

Mr. Jordan has 20 years of ex- perience in the shipping business and will supervise all operations, agency, and consignment vessel ac- tivities in his new post.

TMT Shipping & Chartering is a worldwide marine transportation consultant, shipbroker/ehartering agent and steamship agent. Its sub- sidiary, TMT Marine Equipment

Sales, Inc., specializes in the sale and purchase of all types of com- mercial marine equipment ranging from inland/offshore tugs, barges and floating contractors' equipment to dry cargo vessels and tankers of both American and foreign flags.

Mowbray Marine Enterprises in

New York represents both firms on the East Coast. 18 Maritime Reporter/Engineering News