Abstract

The oil industry began to pull out of its economic downturn in the late 1980s and this reflected on the bottom lines of geophysical companies at the start of the new decade when expenditures on geophysical exploration, which had fallen to about half of their US$4 billion peak, improved by about 15%. This, in turn, led to record revenue for SEG in 1992 and a decision by the executive committee to pay off the loan which financed construction of the Geophysical Resource Center in Tulsa (where SEG's permanent staff works). The outstanding debt was paid in 1993, only eight years after the building was formally dedicated.

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