What problems did Hammer experience in managing the oil industry in his later years, and finally discovered the second largest oil field in California history?

When Hammer runs the oil industry, the first thing he encounters is the problem of oil source. In the United States, Texas, which accounted for 38% of the total oil production in the United States in 1960, could not intervene. Because the oil fields in this state have long been owned by other "independent" oil companies in the United States. In the Middle East, Saudi Arabia has always had a special relationship with the United States, but its oil has the closest relationship with Daniel F. Akerson Oil Company, and Hammer's western oil company will never get its hands on it.

How should western oil companies solve the oil source problem? Hammer, full of adventurous spirit, after carefully analyzing the international market, decided to enter Libya, a Middle East country, and squeeze into Libya to exploit oil. At the end of 1950s, Hammer's western oil company finally got its wish, obtained the oil exploration right in Libya, and then refined and sold it in western European countries. By the end of 1960s and the beginning of 1970s, the daily crude oil output of western oil companies in Libya had reached 680,000 barrels. At that time, all the oil sources of this company came from Libya.

American Western Oil Company is a new company that has entered the ranks of international oil giants. It is precisely because of Hammer's adventurous spirit and decisive decision-making that it can develop rapidly and become a multinational company with diversified business, covering North America, Western Europe, Africa and Asia. While Hammer was looking for investment and opportunities everywhere, an oil company called Texaco was looking for natural gas in the Sacramento Valley east of San Francisco. When drilling to 5600 feet (1700 meters), there was still no natural gas. The company's decision-makers thought that it would be too expensive to drill any further, and it would be futile and difficult to extricate themselves. So they hurriedly rang the retreating gong and sentenced the well to "death". After hearing the news, Hammer invited geologists to investigate. Experts think Texaco abandoned the area too hastily. After reaching this conclusion, Hammer rented the place and continued drilling. Every time I drill 1 ft (30cm), I feel like a dental drill has drilled into the root nerve of a western oil company. If the drilling fails, it is certain that the value of the company's stock will be drilled into a big hole.

Hammer waited anxiously for the news. When drilling to 8000 feet (more than 2400 meters), there was still not a drop of oil. Hammer began to fidget, but he still gritted his teeth. When the depth reaches 8600 feet (more than 2600 meters), the oil layer pierces and oil gushes out. This is the second largest oil field discovered in California history, worth 200 million dollars.

The oil industry is the most risky industry in the world. In this industry, the rich businessmen and tycoons show their magical powers, and the competition is extremely fierce. However, with his extraordinary talent, Hammer defeated one competitor after another, and in just a few years, the oil business became the core industry in his diversified industries.