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By J. E. Pogue, F. G. Coqueron

This paper describes the sources of funds required by the petroleum industry to finance capital expenditures and also presents a discussion of the effect of rising construction costs on these expenditures. The petroleum industry obtains its capital funds from several sources: (I) internal, from retained cash earnings; and (2) external, from borrowings and the sale of securities to the public. The upward trend of capital expenditures of the petroleum industry is caused in the main by the influence of two powerful factors: (I) the physical growth in the demand for oils; and (2) the rising cost of drilling wells and constructing refineries, pipe lines, and other facilities. The segregation of these factors is accomplished by deflating the actual capital expenditures so that they are shown in terms of 1939 costs and then subtracting the adjusted series from the actual figures to yield a set of data representing the expenditures made on account of higher costs. Rising costs affect prices and the portion attributable to this factor had to be generated from the cash earnings of the industry, which called for higher oil prices. Introduction Capital may be defined as "wealth employed in or available for production." All production requires capital. Expanding industries require more capital than static ones, and technological industries employ more capital than. those in which little equipment is needed. The petroleum industry is both rapidly growing and highly technological, and, being a large industry, its capital requirements are prodigious, amounting to about one-seventh of the total of all American business, excluding agriculture.* Capital formation may be defined as the method by which the wealth or capital needed in the productive processes is created. There are various ways in which capital funds may be obtained but there is only one way in which capital can be created—out of production in excess of consumption, that is, savings. The physical realities are simple, but the monetary concepts are complicated because the mechanism of credit can draw upon future savings. Source of Capital Funds An industry, such as the petroleum industry, can obtain its capital funds from

Jan 1, 1949

By E. I. Larsen, F. R. Hensel

According to statements by Guertler1 Smith and Hamilton were the first to study the copper-titanium alloys, but owing to the presence of large amounts of impurities their data are inconclusive. M. A. Hunter and I. W. Bacon later investigated the electrical conductivity and the temperature coefficients at room temperature. The present writers reported their results2 in November, 1930. Recently Kroll published data on copper-titanium alloys3 which agree closely with those obtained by the authors. Material Tested The titanium used was in the form of square sintered rods, the analysis of which runs as follows: titanium, 95.4 per cent; silicon, 0.7; iron,l.8; aluminum, 1.4; copper, 0.1; manganese, 0.05. The ingots were prepared in a high-frequency induction furnace in air atmosphere. Their analyses are given in Table 1. Up to 5 per cent titanium the alloys could be forged. Above that amount they were red short and broke up easily. Owing to their rapid absorption of nitrogen and oxygen from the air, the alloys with the higher amounts of titanium tend to form surface films which greatly increase the casting difficulties, especially when small masses of metal are handled. It was, however, possible to prepare sound ingots up to 25 per cent titanium. Thermal and X-ray Investigation The cooling curves of some of the alloys are plotted in Fig. 1, and R tentative diagram constructed from these data is given in Fig. 2. From this it is evident that the solid solubility of copper for titanium is approxi-mately 4 to 5 weight per cent titanium at 878" C., which is the eutectic temperature. The melting point of copper is lowered gradually by adding

Jan 1, 1932

INTRODUCTION Engineering studies of many near surface coal deposits that are amenable to strip mining can be enhanced and expedited by the application of computer techniques for defining coal reserves and overburden and intraburden yardage and their stripping ratios. The case study discussed herein could be from the western coalfields of Colorado, Wyoming, or Montana; the lignite deposits of the Dakotas or Texas, or from the strippable coal seams of the midwest. Because the techniques can be applied so universally, the actual map locations are not identified. The same computing principles apply to one seam or multiseam deposits, and the capability of the computing programs and plotting routines to display the coal seams in plan and sections provide excellent base maps for further engineering planning and mine layout studies. MANAGEMENT OF DRILL HOLE DATA Drilling for coalfield information is usually done at much wider centers than for other mineral deposits. The geologic logs of the holes are generally quite simple, and frequently record only major lithologies and depths to the top and bottom of the coal seams, together with hole collar survey information. A header card is prepared for each drill hole showing: Hole ID Northing Fasting Elevation Azimuth Dip The header card can be followed by any number of downhole lithologic intercept records: [Hole Depth Lithology Hole ID From-To Coal] Less data errors occur if the computer cards are punched directly from drill hole logs, thus eliminating opportunities for mistakes in transcribing data. All arithmetic manipulations should be left to the computer to avoid as much human error as possible. The SURVEY program is run over the raw data file and all lithologic intercepts are computed and defined in XYZ space. BOUNDARY SURFACES-COAL SEAMS AND LITHOLOGIC UNITS The most useful computer program for defining coal seams in 3D space is a linear inter-

Jan 1, 1980

By John S. Brown

AT opposite ends of a mineralized belt of northeast-southwest trend, and ten miles apart, are the Edwards and Balmat zinc minas, in St. Lawrence County, New York, west of the Adirondacks. The principal town is Gouverneur, fifteen miles west of Edwards, eight miles northwest of Balmat, and the area is often referred to as the Gouverneur district. (See Fig. 1.) At various times the district has been noted for its hematite mines, pyrite mines, and marble quarries, all now abandoned. At present, in addition to zinc, it is the country's largest source of industrial talc. A short distance to the east important magnetite mines are operating. Geologically the district lies at the southern margin of the Canadian shield, where this great expanse of Pre-Cambrian igneous and metamorphic rocks merges into the foothills of the Adirondacks. The rock formations in approximate order of areal extent and importance are as follows:

Jan 1, 1947

Jan 1, 1938

Jan 1, 1942

Jan 1, 1917

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Jan 1, 1938

By O. L. Culberson, J. J. McKetta

Experimental and smoothed data are presented for the solubility of methane in water for temperatures of 77, 100, 160. 220. 280, and 340°F at prejsures to 10.000 psia. The minimum solubility phenomenon exists within this temperature range to pressures of 10.000 psia. INTRODUCTION The study of hydrocarhon-water systems has been extended to the determination of the solubility of methane in water at pressures to 10.000 psia. The experimental apparatus, and the technique. are the same as that previously reported.' - In the determination of the solubility of methane in water, only two phases were present at temperatures between 100 and 340°F. these being the vapor phase and the water-rich. liquid phase. The determinations involved the agitation of methane and water in an equilibrium cell. withdrawal of a sample from the liquid phase, and the analysis of the sample. The experimental value; determined in this manner are pre9ented in Table I and in Fig. 1. Since experimental and analytical techniques have improved since the initial experiments with this equipment, it was decided to repeat the 77°F isotherm determinations.' Fig. I shows that the individual results for this isotherm are much

Jan 1, 1951

By L. C. De Jong, J. F. Shirley, M. L. Campbell

The Toquepala concentrator of the Southern Peru Copper Corp., located approximately 720 miles southeast of Lima near the Chilean border, processes 36,500 tons of ore daily containing between 0.50% and 3.00% copper. The molybdenite content in the ore also varies greatly, ranging from essentially nothing to as high as 0.15%. The 1966 yearly averages were approximately 1.20% copper and 0.03 % molybdenite. The three basic problems that plague the opera- tion of any molybdenite recovery plant are all present at Toquepala in large measures. Both the quantity of plant feed and the quantity of molybdenite contained in the plant feed are continuously changing. Even more detrimental to an efficient operation is the fact that the copper mineralization in the feed frequently changes once in every 24 hours and occasionally once a shift. From the point of view of the molybdenite plant metallurgist, there are four distinctive chalcopyrite concentrates and, at least, an equal number of chalcocite concentrates treated in the molybdenite recovery circuit. The various types of concentrates are distinguished mainly by their mineral content and how effectively the copper minerals are depressed by the different reagents used in the circuit.

Jan 9, 1967

By J. J. McKetta, O. L. Culberson

Experimental and smoothed data are presented for the solubility of methane in water for temperatures of 77, 100, 160. 220. 280, and 340°F at prejsures to 10.000 psia. The minimum solubility phenomenon exists within this temperature range to pressures of 10.000 psia. INTRODUCTION The study of hydrocarhon-water systems has been extended to the determination of the solubility of methane in water at pressures to 10.000 psia. The experimental apparatus, and the technique. are the same as that previously reported.' - In the determination of the solubility of methane in water, only two phases were present at temperatures between 100 and 340°F. these being the vapor phase and the water-rich. liquid phase. The determinations involved the agitation of methane and water in an equilibrium cell. withdrawal of a sample from the liquid phase, and the analysis of the sample. The experimental value; determined in this manner are pre9ented in Table I and in Fig. 1. Since experimental and analytical techniques have improved since the initial experiments with this equipment, it was decided to repeat the 77°F isotherm determinations.' Fig. I shows that the individual results for this isotherm are much

Jan 1, 1951

By S. P. Sharples

Under the act providing for the taking of the Tenth Census, the superintendent was authorized to appoint experts to inquire into special industries; accordingly Professor Charles S. Sargent was appointed to gather statistics in relation to the forest industries. As chief of the Department of Forestry of the Tenth Census he has been busily engaged in this work since the fall of 1879. Soon after his appointment he became convinced that it would be desirable to make an examination of the fuel-value of the various woods of the United States, and this work was placed in my hands. At the same time I made the suggestion that while we had the opportunity, it would be well to test also the strength of these woods. The suggestion was adopted and Professor Sargent at once set his agents to work in various parts of the country to collect specimens of all the trees growing in their localities, employing as a rule botanists who were familiar with the flora of the region in which they were at work. The result of this work was the collection of over thirteen hundred specimens of wood, comprising over four hundred species and varieties, nearly one hundred of which had not before been described as trees existing in the United States.

Jan 1, 1883

By H. P. Greenwald

THIs paper brings forward a discussion that was prepared for the meeting of the Coal Division in Chicago in 1938.1 War in Europe less than a year after that meeting, followed by our defense preparations and entry into the conflict, caused general cessation of large-scale experimentation on the subject, and it is best to confine this paper to events in the United States during the five-year period since the preceding paper was written. The views of members of the Coal Division's Committee2 on Rock-dust-ing for 1943 were obtained before this paper was written and the manuscript was reviewed by them. Extent of Rock-dusting Statistics on the use of rock dust in the United States during the years 1930-1933, appearing on page 97 of Volume 139 of the Transactions are extended in Table I herein through the year 1941. The results through 1933 did not appear encouraging, but there has been improve-ment since that date. It has always been true that the larger operations were the ones that used rock dust. In 1941 only 10 per cent of the mines in the country used rock dust, but they produced 57 per cent of the coal, employed just under 50 per cent of the miners, and accounted for 52 per cent of the man-hours. Unfortunately, collection and compilation of these statistics are slow procedures, and figures dealing with the tremendous war expansion of the industry are not likely to be available for a year or more. In 1941 the five leading states in regard to percentage of man-hours worked in mines using rock dust were: Utah, 92.1; Wyoming, 79.3; Alabama, 77.4; New Mexico, 72.5; West Virginia, 65.3. The first four states were the same as in 1933, but West Virginia displaced Washington in fifth place. On the basis of pounds of rock dust used per ton of coal, the five leading states in

Jan 1, 1944

By H. P. Greenwald

THIs paper brings forward a discussion that was prepared for the meeting of the Coal Division in Chicago in 1938.1 War in Europe less than a year after that meeting, followed by our defense preparations and entry into the conflict, caused general cessation of large-scale experimentation on the subject, and it is best to confine this paper to events in the United States during the five-year period since the preceding paper was written. The views of members of the Coal Division's Committee2 on Rock-dust-ing for 1943 were obtained before this paper was written and the manuscript was reviewed by them. Extent of Rock-dusting Statistics on the use of rock dust in the United States during the years 1930-1933, appearing on page 97 of Volume 139 of the Transactions are extended in Table I herein through the year 1941. The results through 1933 did not appear encouraging, but there has been improve-ment since that date. It has always been true that the larger operations were the ones that used rock dust. In 1941 only 10 per cent of the mines in the country used rock dust, but they produced 57 per cent of the coal, employed just under 50 per cent of the miners, and accounted for 52 per cent of the man-hours. Unfortunately, collection and compilation of these statistics are slow procedures, and figures dealing with the tremendous war expansion of the industry are not likely to be available for a year or more. In 1941 the five leading states in regard to percentage of man-hours worked in mines using rock dust were: Utah, 92.1; Wyoming, 79.3; Alabama, 77.4; New Mexico, 72.5; West Virginia, 65.3. The first four states were the same as in 1933, but West Virginia displaced Washington in fifth place. On the basis of pounds of rock dust used per ton of coal, the five leading states in

Jan 1, 1944

Jan 1, 1919

By AIME

Rapid exhaustion of iron ore in Minnesota's Mesabi range has led the Jones & Laughlin Steel Corp. to develop the world's largest open quarry mine for magnetite iron ore, at Star Lake, N. Y. Already contributing more than one eighth of the total iron ore used by the Corporation, the expanding Benson mines are destined to become Jones & Laughlin's important source of ore within the next ten years. In 1947 over 650,000 long tons of high-grade ore was produced. Output this year is expected to reach 800,000 long tons and studies are under way to increase production further. The future of the Benson mines is assured as present indications show large reserves of ore. The property, briefly described in M & M for November 1943, then under

Jan 1, 1948

By Eugene S. Perry

The only outstanding development in Montana oil or gas fields during 1935 was the extension of the Cut Bank oil and gas field 7 miles southward. This field is now about 20 miles long and 3 to 8 miles wide, with 218 producing oil wells and 39 producing gas wells. Average daily production of the oil field during December, 1935, was about 6700 bbl.; total production for the year 1935 was approximately 2,020,770 barrels. The Cut Bank field in northern Montana is in a flat to rolling glaciated area used mainly for grazing purposes. Oil and gas occurs in sandstones and shaly sandstones in the Kootenai (Dakota) formation of Lower Cretaceous age at depths ranging from 2700 to 3000 ft. Prominent anticlinal or domal structure is not present, but small plunging anticlines occur locally. Strata dip westward from 75 to 200 ft. per mile. The field lies on the western flank of the Sweetgrass arch, a broad gentle upwarp over 150 miles long. Localization of oil and gas appears to be due either to pinching or lensing out of the sandstone beds, or else silting of the sandstones with clay minerals so that porosity becomes low. Within the field offset wells show marked variation in initial production, which suggests that differences in porosity of sandstone is the controlling factor. The gas-producing portion of the field is entirely updip (east) from the oil-producing portion, and the producing horizons are the same. Initial production of oil wells ranged from about 50 to about 200 bbl. per day, and initial open flow of gas wells ranged from about one million to about 37 million cubic feet per day, with an average of 11 million cubic feet. Initial gas pressures were slightly greater than 700 lb. per sq. in. Oil is brought to the surface by pumping. Both rotary and standard churn-drilling equipment are used. In the remaining 14 oil and gas fields but little new activity took place other than the drilling of offset wells and wells in proven territory. Continuation of "acid treatment" of wells in the Kevin and Pondera oil fields led to reconditioning of many old wells and the drilling of a number of new wells within these fields. Acid treatment of the oil-bearing horizon, which is the dolomitized and silicified Madison limestone of Mississippian age, has proved quite satisfactory, and some "bone dry"

Jan 1, 1936

By Eugene S. Perry

The only outstanding development in Montana oil or gas fields during 1935 was the extension of the Cut Bank oil and gas field 7 miles southward. This field is now about 20 miles long and 3 to 8 miles wide, with 218 producing oil wells and 39 producing gas wells. Average daily production of the oil field during December, 1935, was about 6700 bbl.; total production for the year 1935 was approximately 2,020,770 barrels. The Cut Bank field in northern Montana is in a flat to rolling glaciated area used mainly for grazing purposes. Oil and gas occurs in sandstones and shaly sandstones in the Kootenai (Dakota) formation of Lower Cretaceous age at depths ranging from 2700 to 3000 ft. Prominent anticlinal or domal structure is not present, but small plunging anticlines occur locally. Strata dip westward from 75 to 200 ft. per mile. The field lies on the western flank of the Sweetgrass arch, a broad gentle upwarp over 150 miles long. Localization of oil and gas appears to be due either to pinching or lensing out of the sandstone beds, or else silting of the sandstones with clay minerals so that porosity becomes low. Within the field offset wells show marked variation in initial production, which suggests that differences in porosity of sandstone is the controlling factor. The gas-producing portion of the field is entirely updip (east) from the oil-producing portion, and the producing horizons are the same. Initial production of oil wells ranged from about 50 to about 200 bbl. per day, and initial open flow of gas wells ranged from about one million to about 37 million cubic feet per day, with an average of 11 million cubic feet. Initial gas pressures were slightly greater than 700 lb. per sq. in. Oil is brought to the surface by pumping. Both rotary and standard churn-drilling equipment are used. In the remaining 14 oil and gas fields but little new activity took place other than the drilling of offset wells and wells in proven territory. Continuation of "acid treatment" of wells in the Kevin and Pondera oil fields led to reconditioning of many old wells and the drilling of a number of new wells within these fields. Acid treatment of the oil-bearing horizon, which is the dolomitized and silicified Madison limestone of Mississippian age, has proved quite satisfactory, and some "bone dry"

Jan 1, 1936

By John H. Smith, Michael B. Bever

Pure gold was deformed by wire drawing at room temperature and 78°K. After deformation at room temperature, the stored energy and the resistivity increment reached nearly constant levels at high strains, whereas the yield stress continued to increase with strain. After deformation at 78K, the stored energy, the reszstivity increment, and the yield stress were larger than after deformation at room temperature mzd increased continuously with strain. Annealing at THE stored energy and the changes in properties resulting from cold working of Au-Ag alloys by various processes have been the subject of a series of investigations in this laboratory.'-' The work reported here room temperature after deformation at 78°K did not affect the yield stress appreciably. The stored energy, resistivity increment, and Lncrease in yield stress after deformation at room te-lnperature can be explained primarily in lerrns of dislocations while point defects, as well as dislocations, contribute to the changes in these properties after deformalion at 78°K. extends this research to pure gold. The stored energy, the resistivity increment, and the tensile properties after deformation by wire drawing were measured as functions of the strain at room temperature and at 78°K. The effect of the testing temperature and the effect of intermediate annealing at room temperature before testing at 78°K on the tensile properties of gold deformed at 78°K were also investigated. wire drawing made it possible to use a large range of strains, which was desirable because previous work on the deformation of gold had been carried out mainly at relatively small strains.'-l2 Also, wire specimens

Jan 1, 1969

Jan 1, 1940