Corporations: How to Find Oil the Modern Way

Sinclair Oil President Edward L. Steiniger, 60, became chief executive of the nation's ninth largest oil company two years ago because he has a talent for finding oil. Supervising Venezuelan operations earlier in his 38-year career with Sinclair. Steiniger brought in 105 wells in 108 attempts during a three-year period, and located the Barinas Field that is one of the company's prime properties. Sinclair needs oil badly because it is in the uncomfortable position of owning far more refining capacity (470,000 bbl. daily) than production capacity (201,000 bbl.). Buying crude to keep its refineries cracking costs Sinclair $3 a bbl....

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