The Magazine April, 1970 - Mines Magazine - Colorado School of ...

P R O F I L E OF J M I N E S G R A D U A T E
WHAT does an oilman do for an encore after he's
achieved virtually every goal in a 34-year career
in the petroleum industry
Joseph B. Kennedy Jr., E.M. 1935 and Medalist 1964,
answered the question by accepting still another major
responsibility—the presidency of Imperial-American Resources
Fund, Inc., and Imperial-American Management
Co., subsidiaries of The Colorado Corporation. The effective
date of his new position was Jan. 1, 1970, the day he
retired officially as executive vice president of Atlantic
Richfield Corp.
Mr, Kennedy had planned to indulge in long-neglected
leisure by catching up on swimming, boating, fishing and
reading. Mr. and Mrs. Kennedy had chosen an almost
perfect setting that afforded all the elements they required
as retirees: They moved from New York to Fort Lauderdale,
Fla., an elegant haven for water sportsmen,
A few months ago, Mr. Kennedy was persuaded by
John M. King, chairman of the board of The Colorado Corporation,
to become president of Imperial-American.
"I've been interested in the things John King has been
doing," Mr. Kennedy said, "I admire his enthusiasm. His
ideas are contagious. He makes you think. And, I feel that
because of my 34 years in the oil business, I can bring
some valid experience to Imperial-American,"
Mr. Kennedy's "valid experience" is modest self-appraisal:
He has performed in every aspect of the oil business,
including geology, production, operations, petrochemical,
acquisition and marketing.
"Working for Imperial-American and with the outstanding
men in The Colorado Corporation complex will be a
rewarding experience," Mr, Kennedy said.
Born in New York's Bronx when that borough was dominated
by the Irish, Mr, Kennedy was graduated from a
Long Island high school and almost steered into the medical
profession. His father, a successful New York contractor,
and mother wanted their son to become a doctor.
Respecting their wishes, Mr, Kennedy studied two years
at Johns Hopkins University,
"Actually," Mr. Kennedy recalled, "I wanted to do
something closer to my father's field—contracting or engineering."
So, Mr. Kennedy transferred from Johns Hopkins to
Colorado School of Mines. It was an easy transition because
for two years his studies had included physics, physical
chemisti'y and mathematics, important subjects at the
School of Mines. Mr, Kennedy received an Engineer of
Mines degree in 1935 and set out to conquer the world of
*Th3s article appeared in the Jan,-Feb. 1970 issue of PortfoHo Magazine, a
a pubUcation of The Cnlorado Corporation.
Joseph B. Kennedy Jr.
petroleum. He left campus life confidently and was humbled
immediately by The Great Depression.
His first post-college job, as a geological scout in Oklahoma,
paid only $85 a month, but there was a fringe benefit
which he considered remarkable. He had the use of a
company car ("a big financial plus for Depression days").
Prior to joining Imperial-American, Mr. Kennedy's entire
career was spent with the Sinclair Oil Corp. complex.
(Sinclair was merged into Atlantic Richfield Corp, in
1969). From 1935 to 1942, Mr. Kennedy was a geologist and
division engineer for Sinclair Oil and Gas Co. in Oklahoma
and Texas. After serving as a lieutenant commander in
the U.S. Navy from 1942 to 1946, he rejoined Sinclair and
became assistant superintendent of production.
In 1951, he was assigned to Casper, Wyo,, as production
superintendent for the Rocky Mountain area and Canada.
Mr, Kennedy was transferred to Tulsa in 1952 on special
assignment. He started Sinclair's acquisition department.
16 APRIL, 1970 • THE MINES MAGAZINE
Retaining his duties as manager of acquisitions, he was
.given additional responsibilities in 1954 when he was assigned
to Sinclair's Houston office. He became vice president
and division manager for the GuH Coast and his departments
included exploration, production, gas plants
and pipelines.
He was switched back to Tulsa in 1957 and was named
executive vice president of operations for Sinclair Oil and
Gas Co, In 1964 he was appointed president of the company.
From 1965 to 1969, Mr. Kennedy was executive vice
president of the parent Sinclair Oil Corp. in New York.
He retained that position following the Sinclair-Atlantic
Richfield merger in 1969.
"I'd say that one of my happiest and most rewarding
jobs was that of making acquisitions," Mr. Kennedy recalled,
"Sinclair was one of the first to recognize the
diminishuig supply of oil and gas reserves and that our exploration
effort wasn't particularly keeping up with it.
"So, we didn't supplant our exploration effort, but we
supplemented it by forming an acquisition department.
For about 10 years, starting in 1954, my main concern was
acquisitions. I enjoyed that very much,
"We acquired about one and a half billion dollars worth
of companies. We managed to improve our reserves to
production ratio."
Another highUght in Mr. Kennedy's career came in 1957
when he directed a Sinclair exploration team in Alaska.
"Our conclusion was that Alaska was a very, very attractive
oil area," Mr, Kennedy said. "From that time on,
Sinclair took an increasingly active role in acquiring
acreage in the areas we had graded Number One, Number
Two, etc. We graded Cook Inlet first and the North Slope
second. So, things turned out very well for Sinclair in
Alaska."
Mr. Kennedy, again, was modest about his role. As even
casual newspaper readers know, the areas described by
1970 Commencemenf
Annual Alumni Banquet
{Stag)
Denver Afhleflc
Club
1300 Block on Glenarm
ThursM May 28, 1970
Hospitality Hour, 6:30 p.m.
Buffet Dinner, 7:30 p.m.
Price $5.50
THE MINES MAGAZINE • APRIL, 1970
Mr. Kennedy are among Alaska's major oil boom regions,
"Our exploration and the results give you an idea of
the lead time required in a project," Mr. Kennedy said.
"Prudhoe Bay was only 'discovered' last year. We were
up there in 1957, making field trips, checking various literature,
investigating reports of the U.S. Bureau of Mmes
and U.S. Geological Survey and doing all the other things
that are necessary.
"People think a North Slope (Alaska) discovery is
something that happens overnight. A good number of companies
have been up there (in Alaska) for years, trying to
figure out the secrets of nature,"
In addition to his roles in the domestic operations of
Sinclair, Mr. Kennedy participated in projects in Libya,
Algeria, Venezuela, Colombia, Mexico, and Indonesia.
Despite his heavy administrative load, Mr, Kennedy managed
to squeeze in an advanced management course at
Harvard Business School in 1960.
In 1964, Mr. Kennedy received the Distinguished
Achievement Medal from Colorado School of Mines, an
honor accorded outstanding alumni. Mr, Kennedy's long
hst of professional and civic achievements includes:
Director of American Red Cross, 1960-62; director of
Texas Mid-Continent Oil and Gas Association, 1960-65;
member of Governor's Council for Petfoleum Development,
1964; member-director of International Petoleum Exposition,
1964; member of the Advisory Committee on
Care and Treatment of Mentally Retarded, Oklahoma
Public Welfare Commission, 1964; director of Arkansas
Basin Development Association, 1964, He is a member of
the Board of Directors of the American Petroleum Institute
and is a registered professional engineer in Texas.
Mr. and Mrs. Kennedy have four children, Mrs. John
Elias of Fort Worth, Tex,; Allen Kennedy of Denton, Tex.;
Joseph B, Kennedy HI, a University of Texas student,
and Joanne Kennedy, who iives with her parents.
The Kennedys will maintain a home in Fort Lauderdale
and "living quarters" in Houston where he will be headquartered.
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J. K, HOUSSELS, Sr„ Chairman of the Board
CLASS OF '22
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