Many more of the technology patents would follow. His oilfield invention of fracturing to improve a well would vastly improve oil production from America’s young petroleum industry. Roberts received his first patent for an “Improvement in Exploding Torpedoes in Artesian Wells” on April 25, 1865. But the Virginia battlefield observation gave him an idea that would evolve into what he described as “superincumbent fluid tamping.” Roberts founds his company in 1865, his many patents give him a monopoly on torpedoes needed by the oil industry.ĭespite heroic actions during the battle, he was cashiered from Union Army in 1863. Amid the chaos of the battle, he saw the results of explosive Confederate artillery rounds plunging into the narrow millrace (canal) that obstructed the battlefield. Roberts led a New Jersey Regiment at the bloody 1862 Battle of Fredericksburg, Virginia. ![]() ![]() Civil War Veteran’s “Torpedo”Ĭivil War veteran Col. His explosive method for fracking wells in Pennsylvania’s oil-bearing geologic formations would be adopted as other states made their first oil discoveries. petroleum industry began in August 1859 with the first American well specifically drilled for oil. Roberts’ torpedo company operated in the Allegheny region of Titusville, where the U.S. “Our business since Colonel Roberts’ day has concerned lowering high explosives charges into oil wells in the Appalachian area to blast fractures into the oil bearing sand,” Tallini said. The Cupler Torpedo Company became Otto Cupler Torpedo Company in 1937 after Otto Torpedo Company purchased it. When the Roberts patent expired in 1883, his company was sold to former employee Adam Cupler Jr. In December he “conceived the idea of opening the veins and crevices in oil-bearing rock by exploding an elongated shell or torpedo therein.” Images courtesy Drake Well Museum, Early Days of Oil, Princeton University Press. Roberts was appointed Lieutenant Colonel of the Union Army. It can be used by homeowners and businesses to calculate the return on energy-efficient technologies such as solar panels and insulation, including maintenance and upgrades.In 1862, E.A.L. One way corporate financial analysts do this is with the payback period.Īlthough calculating the payback period is useful in financial and capital budgeting, this metric has applications in other industries. One of the most important concepts every corporate financial analyst must learn is how to value different investments or operational projects to determine the most profitable project or investment to undertake. In most cases, this is a pretty good payback period as experts say it can take as much as 9- 10 years for residential homeowners in the United States to break even on their investment.Ĭapital budgeting is a key activity in corporate finance. For example, if solar panels cost $5,000 to install and the savings are $100 each month, it would take 4.2 years to reach the payback period. ![]() Conversely, the longer the payback, the less desirable it becomes. ![]() The shorter the payback, the more desirable the investment. Payback Period = Average Annual Cash Flow Cost of Investment You can figure out the payback period by using the following formula: This metric is useful before making any decisions, especially when an investor needs to make a snap judgment about an investment venture. It helps determine how long it takes to recover the initial costs associated with an investment. The payback period is a method commonly used by investors, financial professionals, and corporations to calculate investment returns.
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