OIL & GAS: Battle of the Giants

OIL & GAS

Two giants of the oil business squared off last week for a fight to dominate Canada's natural gas industry. In one corner was Clint Murchison, the flamboyant Texas oil tycoon (TIME, May 24, 1954) who bosses an empire of companies with assets of about $400 million. Against him was Francis Murray Patrick McMahon, 53, multimillionaire Canadian who began as a $4-a-day driller and rose to be a leading operator in Western Canada's spectacular oil boom. The big stake in the contest between them: a franchise to build a $350 million pipeline to carry Western gas 2,200 miles to...