1961: the low point. Lowest prices and earnings in 15 years were accompanied by increases in raw materials and gas production and a 15.8 percent rise in export sales.

1962: the road back. New record in refined products sales resulted from upgraded quality. Earnings increased 411.4 million despite a $12 million shrinkage in price realizations.

1963: further progress. Net profit rose 32 percent despite falling prices, all but $300,000 of the gain attributed to the 1-2-3 program.

1964: a pause to regroup. Prices at a ten year low. But of $20.4 million withering of price realizations, all but $4 million were offset by the 1-2-3 results. Year 1964 marked a lull between the full impact of completed retrenchments and the earnings leverage generated by new programs.

1965: the rising tide. Earnings begin sharp rise in response to management program, and higher goals are set for future.

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