Abstract: An oil well pumping apparatus and method has an increased walking beam distance ratio of saddle pivot-polished rod distance (DE) to saddle pivot-equalizer pivot distance (DC) of at least 1.4:1. A crank arm axis (A) is positioned substantially to the rear of the equalizer pivot (C) and the pitman rod (21) is connected to the crank arm (16) at any selected stroke point along a crank arm wrist pin angle line (AB) offset at an angle (.phi.) to the center line of the crank arm. A precise counterbalancing is provided by radial adjustability of a weight assembly (17) on the crank arm, a floating safety lock assembly (64), and the addition to or subtraction from auxiliary weights (57) on a main weight member (54). The beneficial results of the present invention include reduction of peak torque requirements, elimination of gear reducer load reversals, and lower sucker rod stress throughout a very wide range of pumping applications with a universal piece of hardware.