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oul and gas ncreased holdings in prospective oil and gas producing areas by 3,209,000 acres .. . drilled 388 new
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wells,. . . produced 44 million barrels of petroleum liquids . . . brought the Company’s oil reserves to the highest point
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in history . . . invested $82,000,000 in new construction and acquisitions . . . refined 75,500,000 barrels of crude oil . . .
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ment in blustery Alberta, Canada. are checked by a supervisor. eLAR UL L T TP T B o TER THTR T TTS
distributed 559 billion cubic feet of natural gas to 705,500 customers in homes and factories . . . transported by tankers
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PR ] bylfl‘,h.u workers emphasize a 43 rocky desert hills of Texas,: Cities Service '« § mogf.cphie CTLARCICU T LI RN L R & year transported 270 million. barrels of
basic refinery rule .. . safety first. drilling ‘rigs are o familiar sight. »/3 lovisiana swamps, Ao a 5 LCLA |
54,542,000 barrels of oil products . .. sold nearly 4 billion gallons of refined petroleum products . .-. these varied activ
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sties made it possible for the Directors to report to the stockholder-owners that their Company had another record year.
-~ pre b Gitios Sor oii ®AN Figurei ore from the Cities Service 42nd Annwal Report, which is_available on request, Write 70 Pine Street, New York 5, N..Y}
A pheior ore 06, Gities Sorvice gperGionE.
THE BANNER-HERALD, ATHENS. QYORGIA
Th . S t
...and we do mean
EVERYBODY'!
—You CUSTOMERS, who, with others, purchased more than
$800,000,000 worth of Cities Service petroleum, natural gas
and other products in 1951. .. o
—You SHAREHOLDERS, who, along with 200,000 shareholders
in other localities, helped furnish our working tools. ..
—You, our SERVICE STATION DEALERS and 17,000 others like
you, who distributed our products . . .
—You INSURANCE POLICY HOLDERS and SAVINGS BANK
DEPOSITORS who share in this success story because a success
ful operation enabled us to pay you for the hire of your money...
—And you TAXPAYERS also share when a company is operated
efficiently. Cities Service in 1951 paid more than $50,000,000 in
corporate income taxes which, if the Company had not been
efficiently operated, would have been added to the tax burden of
other taxpayers. (As Ralph Hendershot, noted Financial Editor,
wrote in the New York World -Telegram and Sun, **By working
real hard in 1951, the officials and employees of the Cities Service
Co. managed to earn $20,000,000 more for Uncle Sam than they
did the year before and $518,000 more for the company.”)
T'his joint effort of investors, employees, managers, distributors
and deaiers, as described in our 1951 Annual Report, is an in
spiring chapter in the Great American Story of Progress, Here
are some interesting facts about the growth of Cities Service in
the past six years, since World War 11:
In 1945, gross income was $362,385,000, principally representing
customers’ purchases of products and services. In 1551, gross
income was $835,565,000—an increase of almost half a billion
dollars.
Common Stockholders’ equity increased from $149,000,000 to
$413,000,000.
During this period, Cities Service expended $447,000,000 in the
oil and natural gas business.
Long-term debt and preferred stock, including prior claims
thereon, decreased $176,000,000,
Provision for taxes on income increa: °d from $7,474,000 to
$50,744,000.
Quality Petroleum Products
To our friends in Athens who helped make 1951 a
big year for us and for Cities Service—many thanks!
We shall do everything we can tc show our apprecia
tion by making this a “‘continued story” of good serv
ice through 1952, ¢ ‘
|
YOUR NEIGHBORLY |
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P i pl y
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