U.S. PETROLEUM INDUSTRY RETRENCHMENT CONTINUES

Retrenchment among U.S. oil and gas companies and their service/supply contractors is very much alive. ln the latest developments: W. R. Grace & Co. began efforts to sell assets of its Grace Energy Corp. unit and retained four investment brokers to assist it in completing divestitures as soon as possible. Ashland Oil Inc. is implementing an enhanced voluntary retirement program to cut employment levels and costs. Dresser Industries Inc., Dallas, will permanently close its Security Division

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