Business: Personal File: Feb. 16, 1962

∙Chomping away at his customary cigar. Texaco Inc.'s soft-spoken Chairman Augustus C. Long, 57. prepared to swap $200 million worth of Texaco shares for the TXL Oil Corp.. a crude oil producer with mineral rights on nearly 2.000,000 acres in oil-rich west Texas.

The TXL acquisition will be the third Texaco takeover of a major crude producer since Long became chairman six years ago. He is a determined Annapolis graduate (1926) who quit the Navy because he decided he would never make admiral. His emphasis on domestic crude production has paid off royally for...

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