After looking for a way to sell kerosene in San Francisco in 1875, the inception of ConocoPhillips commenced as Continental Oil and Transportation Co. by founder, Isaac E. Blake. For the following ten years, Standard Oil acquired Conoco, until the U.S. Supreme Court overturned that acquisition. By this time, Conoco’s competitive advantage shifted from kerosene to gasoline refineries, as automobiles began to gain popularity. For the next twenty years, Conoco remained combative within the petroleum industry by implementing a market push strategy. Conoco became ubiquitous with the origination of more than 1,000 service stations in fifteen states and the investment of a fleet of delivery trucks (http://www.phillips66.com/EN/about/history/Pages/index.aspx). Conoco’s expansion continued as the company also incorporated refineries. Throughout the years, Conoco continued to develop and strengthen its diversified portfolio with additional mergers and acquisitions. As a mission to strengthen its market position, Conoco made another breakthrough with building pipelines and funding new products. Amid the World War II, Phillips invented the HF Alkylation process, which made high-octane aviation fuel possible, boosting the power of Allied airplanes and helping to win …show more content…
With this said, in 2011, the company separated its Refining & Marketing and Exploration & Production businesses into two standalone, publicly trade corporations. “Our portfolio includes resource-rich North American tight oil and oil sands assets; lower-risk legacy assets in North America, Europe, Asia and Australia; several major international developments; and an inventory of global conventional and unconventional exploration prospects, [all while employing] approximately 15,900 people worldwide. (ConocoPhillips 2015 10K
Rockefeller was America’s first billionaire, and he was the true epitome of capitalism. Rockefeller was your typical rags-to-riches businessman, and at the turn of the twentieth century, while everyone else in the working class was earning ten dollars max every week, Rockefeller was earning millions. There has been much discussion as to whether Rockefeller’s success was due to being a “robber baron”, or as a “captain of industry”. By definition, a robber baron was an industrialist who exploited others in order to achieve personal wealth, however, Rockefeller’s effect on the economy and the lives of American citizens has been one of much impact, and deserves recognition. He introduced un-seen techniques that greatly modified the oil industry. During the mid-nineteenth century, there was a high demand for kerosene. In the refining process from transforming crude oil to kerosene, many wastes were produced. While others deemed the waste useless, Rockefeller turned it into income by selling them. He turned those wastes into objects that would be useful elsewhere, and in return, he amassed a large amount of wealth. He sold so much “waste” that railroad companies were desperate to be a part of his company. However, Rockefeller demanded rebates, or discounted rates, from the railroad companies, when they asked to be involved with his business. By doing so, Rockefeller was able to lower the price of oil to his customers, and pay low wages to his workers. Using these methods,
The Gilded Age refers to a period in which things were fraudulent and deceitful; the surface was clinquant while underneath that lustrous coat laid corruption. During the Gilded Age companies recruited to corrupt methods to further increase profits, leading to an increase in power, rapid economic prosperity, and domination of industries, leading to monopolistic corporations. As a result, antitrust laws to regulate business began to emerge in the late 19th and early 20th century known as the Progressive Era. Among these companies was Standard Oil, which was founded in 1870 by John D. Rockefeller; in 1880, Standard Oil was responsible for refining 90 percent of America’s oil and between 1880-1910, dominating the oil industry (Marshall). The lack of intervention from the government and regulations impeding monopolistic practices allowed Standard Oil to
Fifth Edition Vol 2, New York: Longman, 1999. Hidey, Ralph W. and Muriel E. "History of Standard Oil Company (New Jersey), Vol. 1" Pioneering in Big Business" " Taking Sides Clashing Views on Controversial Issues in American History" eds.
Imperial Oil ltd. Limited (Esso) is a Canadian public corporation that produces crude oil and natural gas. Currently the headquarters are based out of Calgary, Alberta employing over 5000 people, with Exxon Mobil owning 69.6 percent of the company. Imperial Oil ltd. was previously located in Toronto and has recently moved all main facilities over to the Calgary, Alberta headquarters.1 Esso was incorporated in London, ON in 1880 and became a land mark in the development of crude oil and natural gases.1 Its retail business consists of service stations and "On the Run Express and Tiger Express-brand" convenience stores. Esso also owns a 25% portion of Syncrude, which are the world’s largest oil sands.1
One of these factors was the logistical nightmare of redeveloping the infrastructure needed to transport oil to the refinery. As early as 1881, Standard oil operated approximately 3,000 miles of pipelines, eventually owning ninety percent of the nation’s pipelines. Although transcontinental railroads were an available alternative, pipelines were cheaper, reduced handling and storage fees, and were more efficient. The fact that modern oil companies invest hundreds of millions of dollars into speculating for sustainable natural oil deposits implies that such deposits are rare and hard to identify with a passing glance. If the spurts of oil proved to be isolated incidents, the capital invested in building pipelines and reestablishing a monopoly would have been squandered.
Although the Skelly Oil Company had its hard times, it wasn’t all bad. Skelly Oil was one of the early leaders in off shore drilling and a pioneer of LPG products which established a role in conversion and fuel fabrication in the nuclear power. They also were among the first to develop a network of truck stops along major highways and, uniquely, offered a credit card to its female customers, in the shade of light
Exxon Mobile employs roughly 83,600 employees worldwide. The company produces approximately 3 percent of the world’s oil and about 2% of energy. Exxon Mobil had 72 billion barrels of oil equivalent reserves that are expected to last more than 14 years, the company also had 37 oil refineries in 21 countries, which collectively have a refining capacity of 3.92 million barrels per day, and this makes the corporation the largest oil manufacturer in the world.
One of the Gilded Age’s most prominent well-known philanthropist’s, John D. Rockefeller, had a lasting effect in the United States. He was America’s first ever billionaire. Rockefeller entered the oil business by first investing on an oil refinery in Cleveland, Ohio in 1863. He established his own oil company named “Standard Oil”, which controlled nearly 90 percent of America’s oil refineries by the 1880’s. At first, Rockefeller borrowed money from some of his buddy’s to buy out some stocks and take control of his first refinery in Ohio. He then formed the “Standard Oil Company” along with his brother William Rockefeller and other groups of men, John D. Rockefeller was the largest shareholder of the company. Standard oil was a monopoly in the oil industry for buying other refineries who were competition to Standard oil in order to distribute and market there oil around the globe. Standard oil even went as far as making their own oil barrels and employed scientists to develop other uses for kerosene and petroleum products. John D. Rockefeller was viewed as a target of “muckraking” by journalists, who viewed him as a monopoly giant setting up a monopolistic company in America which helped build his vast oil empire. Critics accused Rockefeller of engaging unethical practices such as competitive pricing when it came to products and negotiating with railroads to eliminate his competitors. The United States Supreme Court wou...
...mpanies, it eventually came to the point where they couldn’t keep up and eventually became a part of Standard Oil. By the time Rockefeller had reached the age of 40, his company had controlled all national oil refining by 90% and about 70% of international export of said oil.
Rockefeller was an industrialist and philanthropist who made his fortune by founding the Standard Oil Company in 1870. Attempting to monopolize the industry and squeeze out the middle man, Rockefeller slowly gained almost complete control of the oil industry. He formed the powerful Standard Oil Trust in 1882, which united all of his companies and secured 95% of oil production in the United States for himself. Rockefeller was an industrialist who stamped out all of his competition with his trust, eventually leading to Congress intervention.
This compliments the already effective natural gas operations. In doing so annual revenue has increased to more than 10.8 million dollars just within the first quarter results. While continuing to strengthen the core operations, in Missouri, he focused on propelling the organization to the forefront of the gas industry, and amplified the focus on business growth. Of course this built value to shareholders, and created a notable reputation of safety and quality.
...o chance of competing with Standard Oil due to all the tactics they employed to keep their prices low. This ravished small town families and had a similar effect as to what Wal-Mart does to family run shops nowadays. Numerous families living in small town America lost their income because of Standard Oil and forced hardship upon many.
As time went on Northern kept expanding through acquisitions. First in 1967 it made an acquisition with Protane Corporation, a distributor of propane gas in the eastern US and the Carribbean. In 1976, Northern formed Northern Arctic Gas Company, a partner in the proposed Alaskan arctic gas pipeline, and Northern Liquid Fuels International Ltd., a supply and marketing company.
Royal Dutch Petroleum. In the 1930’s Shell started exploring for oil in Africa. It was not
Enron Corporation started back in 1985. It was created as a merger of Houston Natural Gas and Omaha based InterNorth as a interstate pipeline company (CbcNews). Kenneth Lay was the former chief executive officer of Houston natural gas merged his company with another natural gas line company, Omaha Based InterNorth. During the time of the merger there were many arguments amongst the two companies and in the end Ken Lay the former C...