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As a matter of Public Interest
v.IOME HIGHLIGHTS FROM THE ANNUAL REPORT OF STANDARD OIL (N. J.) Because Standard Oil Company (New Jersey) with its affiliated companies is one. of the nation's large, enterprises, its operations may be of interest not only to shareholders and employees, but to others as Well. The following facts, selected from the. Company's Annual Report, just published, provide a good summary of the Report and cover the. developments of greatest public interest. EUGENE HOLMAN FIANK W. ABRAMS PRESIDENT CHAIRMAN Of THE BOARD End Of During World War II Jersey and its affiliates were called upon to a greater extent than any other company to fuel the armed forces of the country. They were the largest producers of 100 octane gasoline in the world. They produced, in Government-owned plants which they operated, as much synthetic toluene as all the rest of the world com bined. They were among the largest producers of the raw materials of synthetic rubber. Reconversion Reconversion was carried out smoothly and quickly. It was possible, with relatively few difficulties, to change over from an^intricate pattern of manu facture and transportation designed for a nation at war to an equally complex pattern fitted to a nation at peace, and to begin supplying, upon short notice, civilian demand for un rationed gasoline and many other products. Oil Production World-Wide production of crude oil by consolidated companies was 995,000 barrels per day, an increase of 8 percent over 1944. During 1945 the domestic crude production of Jersey affiliates represented 9 percent of the oil produced in the United States, and their world-wide production amounted to 13.5 percent of the oil produced throughout the world. He«tiing T domestic and , 6 9ni0un* of cnide 1)119,900 h reSeries 0f proce«sed in th , U0 barrels Per f1o es of affiliated tbe cent over 1944 Cn , * represented an i C°mpa^es-^ cent *». crud;run <o d°°>Mtic wwT'"of s per Tra„SB iB the Unitad IZ13 PW' ansPorfaH0tl r, “H#> tortB VJOv 9" °m th* outbreafc 0f h ated “mpttfe, were f' 6 ‘anie« owned by ,, i0stfli««> * -»* ava been partially 'S'°n- or branding. The ' ^Kvn by fUrther to the fleet-e ! * ^ P,“» are und ^ • 6ets capaa.ty_ “» UPd« »ay to add Marke«no fa* activities were i ery'V',ere. throughout «. and •’hen these « feguJated by gov 8 War' »«rfcet. mai c°mPetitive activity. World-wide sales of refined products in 1945 were at the rate of 1,193,000 barrels per day, an increase of 4 percent over 1944. Of this amount 694,000 barrels per day were sold in the United States dolnestic market. Research Until the end of hostilities Jersey research was almost entirely on war work of highest importance. Im mediate postwar research budgets will be approximately 50 percent above prewar budgets as part of a program to carry over into a peace-time world research begun for war, and to continue scientific inquiries on petroleum as a raw material for many products. ®**®P^®Y®® Relations Jersey and affiliates con tinued to enjoy excellent labor-management relations. When the war ended, Jersey’s domestic petroleum affiliates proposed upward adjustment in wages and salaries of 15 percent. This was accepted by all employee bargaining agencies involved. By March 1, 1946, an additional 3 percent had been negoti ated and accepted. One of the best evidences of the satis factory employee relationships in Jersey is the fact that 95 percent of the domestic employees who have been released from the armed forces have returned to the Company. More than 79 percent of eligible domestic employees are now buying term life insurance under the Group Insurance Program for a total coverage of $160,241,800. Employees participating in the Thrift Plan contributed last year $15,019,011, which was supplemented by Company contributions of $18,921,235. Earnings Consolidated net' earnings in 1945 amounted to $154,156,196, equivalent to $5.64 per share. For 1944 the consolidated net earnings were equivalent to $5.69 per share. During the year the Company paid dividends totaling $2.50 per share. Statement of Principles in order to make as clear as possible the Company’s outlook in today’s changing world, the Board of Directors has prefaced this year’s Annual Report with a special Statement of Principles. This expresses, for our stockholders and for anyone else interested, b^asic viewpoints and policies of the Company. [Copies of the full report are available on request. Address *1 Room 1626, 30 Rockefeller Plaza, New York 20, N. Y. J STANDARD OIL COMPANY (NEW JERSEY) AND AFFILIATED COMPANIES iUffitfifWtiriifiifc ukw' widinino ownership op JERSEY is shown by the fact that the number of shareholder accounts has increased from 5,816 in 1912 to 160,025 aa of December 31, 1945. WAGES AND DIVIDENDS 1108,000 Employees Shared ttHiiii *314,042,000 160,000 Owners Shared *68,334,000 IACH FIGURE REPRESENTS 6,750 PERSONS, and the bars represent the amounts of income each group received from Jersey in 1945. The sum of $314,042,000 was paid to employees of the Com pany and affiliates in wages, salaries and benefits. Dividends amounted to $68,334,000. r THIS SHOWS THI PROPORTION OF NET PROFIT made by Jersey and affiliates out of total income in 1945. It shows also the proportion paid to shareholders in dividends and that left in the business to meet future capital expenditures, etc. All the rest of the income was required to pay wages, purchase materials and meet other operating costs. INVESTMENT § PER EMPLOYEE 1 IN PROPERTY, I PLANT AND | EQUIPMENT I _ j FOB iach imployee on the payroil, Jersey and ita consolidated companies have invested $22,600 in property, plant, and equipment. The gross value of capital investments in lands, refineries, pipe lines, tankers and other properties necessary to provide 108,000 jobe was $2,441,942,488 at the •Qd Of IMS.