OIL: Barco

No. 2 oil company Socony-Vacuum told its stockholders last week that it had slashed its stake in Colombia’s famed Barco concession (originally $26,201,415) to $6,501,415. Similar action had already been taken by Barco’s co-owner, Texas Corp. Explanation: the $50,000,000 field —ranked as one of the oil industry’s greatest engineering feats—was bringing in only 12,000 barrels a day last December, 50% of October 1939, still further below the 50-70,000 barrels expected. Further exploration might bring in more oil, but in the meantime the late Andrew Mellon’s big Gulf Oil is probably glad it sold out for $12,500,000.