VENEZUELA: Progressive & Profitable

As a U.S.-owned "business embassy" to Venezuela, Creole Petroleum Corp. is one of the world's most progressive firms. It is also one of the world's most profitable.

The company's annual report, issued last week, showed that in 1954 Creole, a subsidiary of Standard Oil Co. (New Jersey), earned $239 million—almost 24% net profit after taxes on its investment.

By making capital expenditures of $91 million during the year, Creole pushed its total investment to $1,026,384,492. Because of higher oil production (822,000 barrels a day* v. 794,000 in 1953) and higher selling prices ($2.35 a barrel v.

$2.31), the company grossed $718 million. One-third of this fat sum paid all operating costs, including $104 million in wages and benefits to Creole's 14,000 workers, more than 90% of them Venezuelans. The rest was divided equally between the company and the Venezuelan government under the terms of the 50-50 split of earnings that Creole and Venezuela pioneered in 1948.