26-inch pipeline and also began construction of new, larger pipelines aimed at the burgeoning California market. As a result of those efforts, El Paso's assets rose from about $23.5 million in 1945 to $285 million in 1950. Meanwhile, sales increased from $9 million to $41 million and net income climbed to a record $9 million in 1950. During the early 1950s, El Paso continued to post steady gains as demand for its natural gas increased. It built or purchased pipes reaching as far north as Ignacio, a small town in southern Colorado, and continued its westward expansion, bolstering its feeder pipes going to California and increasing sales throughout Arizona and New Mexico. By 1955, El Paso captured nearly $30 million in profits annually from about $180 million in sales. By the early 1960s, those figures had risen to more than $40 million and $400 million, respectively. El Paso's big gains during the late 1950s were partially attributed to its 1957 acquisition of part of the operations of Pacific Northwest Pipeline Corporation. The acquisition gave El Paso a presence in several western and northwestern states, with pipelines reaching as far as Washington and connecting to other companies' networks in Canada. In addition to geographic expansion, El Paso began to diversify during the 1950s into related oil and chemical businesses. It created El Paso Products Company as a subsidiary to manufacture chemicals from natural gas derivatives. Despite forays into other industries, El Paso remained focused on buying, transporting, and selling natural gas. After 35 years, El Paso's founder left his chief executive duties during the early 1960s. The company's president, Howard Boyd, replaced Kayser. Kayser had transformed his company from a tiny start-up supplier with 200 miles of pipeline to a $500 million corporation with 20,000 miles of pipe delivering gas throughout the western United States. Throughout his reign, he remained committed to the pragmatic development of natural resources and sound business practices. "There is nothing more vital to our economy than the orderly, wise, and free use of our precious natural resources developed under practical, intelligent conservation policies," Kayser stated in 1954. El Paso continued to grow at a rapid pace during the late 1960s and early 1970s. Although natural gas industry profits were generally cyclical, El Paso's overall sales and earnings grew during the period. By the early 1970s, El Paso operated one of the nation's largest pipeline systems. It