137-626: Gulf Oil was a major global oil company in operation from 1901 to 1985. The eighth-largest American manufacturing company in 1941 and the ninth largest in 1979, Gulf Oil was one of the Seven Sisters oil companies . Prior to its merger with Standard Oil of California , Gulf was one of the chief instruments of the Mellon family fortune; both Gulf and Mellon Financial had their headquarters in Pittsburgh, Pennsylvania , with Gulf's headquarters,
274-485: A Delaware corporation , voiding the ability of shareholders to cumulatively vote (fearing that Pickens would use his shares to gain control of the board) and listening to offers from Ashland Oil (which would double Gulf's price from its pre-Mesa level), General Electric (two years before it took over the media company NBC/RCA) and finally Chevron to act as its white knight in 1984. Gulf divested many of its worldwide operating subsidiaries and then merged with Chevron by
411-422: A royalty trust that management argued would "slim down" Gulf's market share. Pickens had acquired the reputation of being a corporate raider whose skill lay in making profits out of bidding for companies but without actually acquiring them. During the early 1980s alone, he made failed bids for Cities Service, General American Oil, Gulf, Phillips Petroleum and Unocal . The process of making such bids would promote
548-509: A 1981 post-apocalyptic dystopian action film about apocalyptic fuel shortages. Being politically influential, vertically integrated , well organized, and able to negotiate cohesively as a cartel, the Seven Sisters were initially able to exert considerable power over Third World oil producers. Despite their market power, the Seven Sisters kept prices stable at moderate levels. This was done to not incentivize governments in both
685-508: A book titled "We Came in Peace," containing pictures of the Apollo 11 Moon landing. Gulf was also a major sponsor of Walt Disney's Wonderful World of Color , which also aired on NBC. Disney magazines and activity books were often given away with a gas fill-up. Gulf was also noted for its "Tourgide" road maps. One particularly memorable Gulf advertisement carried by NBC during their coverage of
822-503: A critical concern for many nations. Oil accounts for a large percentage of the world's energy consumption , ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East. Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 36 billion barrels (5.8 km ) of oil per year, with developed nations being
959-538: A critical time in Gulf's fortunes may have had a bearing on the events that followed. Gulf's operations worldwide were struggling financially in the recession of the early 1980s, so Gulf's management devised the "Big Jobber " strategic realignment in 1981 (along with a program of selective divestments) to maintain viability. The Big Jobber strategy recognized that the day of the integrated, multi-national oil major might be over, since it involved concentrating on those parts of
1096-548: A drilling/production oil-platform in 20 ft (6.1 m) of water some 18 miles off Vermilion Parish, Louisiana . Kerr-McGee Oil Industries, as operator for partners Phillips Petroleum ( ConocoPhillips ) and Stanolind Oil & Gas ( BP ), completed its historic Ship Shoal Block 32 well in November 1947, months before Superior actually drilled a discovery from their Vermilion platform farther offshore. In any case, that made Kerr-McGee's Gulf of Mexico well, Kermac No. 16,
1233-622: A few giant corporations, was popularized in print from the late 1960s. Today it is often used to refer specifically to the seven supermajors. The use of the term in the popular media often excludes the national producers and OPEC oil companies who have a much greater global role in setting prices than the supermajors. China's two state-owned oil companies , Sinopec and the China National Petroleum Corporation , as well as Saudi Aramco , had greater revenues in 2022 than any investor-owned oil company. In
1370-494: A frenzy of asset divestiture and debt reduction in the target companies. This is a standard defensive tactic calculated to boost the current share price, although possibly at the expense of long-term strategic advantage. The target shares would rise sharply in price, at which point Pickens would dispose of his interest at a substantial profit. Gulf management and directors took the view that the Mesa bid represented an undervaluation of
1507-515: A lighting and heating fuel, the demand for petroleum increased greatly, and by the early twentieth century had become the most valuable commodity traded on world markets. Imperial Russia produced 3,500 tons of oil in 1825 and doubled its output by mid-century. After oil drilling began in the region of present-day Azerbaijan in 1846, in Baku , the Russian Empire built two large pipelines:
SECTION 10
#17327865661711644-557: A market share. For example: Midstream operations are sometimes classified within the downstream sector, but these operations compose a separate and discrete sector of the petroleum industry. Midstream operations and processes include the following: While some upstream companies carry out certain midstream operations, the midstream sector is dominated by a number of companies that specialize in these services. Midstream companies include: The oil and gas industry spends only 0.4% of its net sales on research & development (R&D) which
1781-524: A new Gulf network of independent stations began appearing across the UK, many of which offered leaded "four-star" petrol, for which Bayford had a special dispensation to sell. At the same time, Gulf Lubricants (UK) Ltd was set up to market Gulf products in the UK, mostly manufactured by the Gulf Netherlands operation. This return by Gulf to the UK after a four-year absence used the slogan "The Return of
1918-550: A nuclear laboratory complete with reactor in 1985 and employed close to 2,000 engineers and scientists operating with a $ 100 million budget ($ 293.3 million today) from Gulf/Chevron. After its donation, it was renamed the University of Pittsburgh Applied Research Center or U-PARC and opened to small technology, computer and engineering firms as well as graduate level research. BP, Chevron, Cumberland Farms and other companies that acquired former Gulf operations continued to use
2055-610: A number of businesses that use the Gulf brand under license. The Canadian exploration, production, and distribution arm of Gulf Oil was sold to Olympia and York in 1985. From 1992 it continued as an independent oil company (Gulf Canada Resources) until its acquisition by Conoco in 2002. Most Gulf downstream operations in Europe were sold to the Kuwait Petroleum Corporation (KPC) in early 1983. The associated Gulf filling stations were converted to trade under
2192-405: A number of hurdles in terms of nationalizing the oil production. First, a number of oil-producing countries did not have independence and were controlled by empires. Second, great powers had installed compliant heads of state in several oil-producing countries, making those leaders reliant on the support of the great powers and unwilling to upset them. Third, a number of oil-producing countries lacked
2329-647: A payroll of $ 54 million ($ 158.4 million today) and corporate charity to 50 Western Pennsylvania organizations worth $ 2 million/year ($ 5.9 million/year today). These losses were mitigated some with the donation of Gulf Labs in suburban north Pittsburgh to the University of Pittsburgh to be used as a research business incubator along with $ 5 million ($ 14.2 million today) in maintenance and seed money. The "Gulf Labs" research complex consisted of 55 multi-story buildings with 800,000 square feet (74,000 m) on 85 acres (34 ha) and including several chemical labs, petroleum production and refining areas and even
2466-583: A period of over-capacity, Gulf was more interested in holding the reserve than developing it. In 1936 Gulf sold Barco to the Texas Corporation, now Texaco , and they would eventually all merge as Chevron. Gulf had extensive exploration and production operations in the Gulf of Mexico , Canada , and Kuwait . The company played a major role in the early development of oil production in Kuwait, and through
2603-524: A share in a friendly offer which Cities (by then trading at $ 37) accepted. Cities then bought out Pickens for $ 55 a share. Once Pickens was gone, Gulf reneged on its buyout offer, supposedly over a dispute regarding accuracy of Cities Service's reserves, and the stock price of Cities plunged, triggering stockholder lawsuits as well as distrust for Gulf's management on Wall Street and among financing investment banks who bet big in assisting Gulf to defeat Mesa only to be left broke when Gulf backed out. Cities Service
2740-520: A special Gulf livery for the 2021 Monaco Grand Prix. In February 2023, GOI announced a multi-year partnership with Williams Racing . For the 2023 Singapore, Japan and Qatar Grands Prix, Williams raced a special Gulf livery chosen by a fan vote. In March 2016, Gulf MX announced that they will put their own filling stations in Mexico, which is planned to begin operations in July of the same year to compete with
2877-747: A substantial consolidation phase of "Major" Oil companies which would result in a group of dominant "Super-Major" entities. Big Oil previously referred to seven oil companies which formed the Consortium for Iran ; such " Seven Sisters " were the Anglo-Persian Oil Company (a predecessor of BP), Shell plc, three of Chevron's predecessors (Standard Oil of California, Gulf Oil and Texaco ), and two of ExxonMobil's predecessors ( Jersey Standard and Standard Oil of New York ). The term, analogous to others such as Big Steel , Big Tech , and Big Pharma which describe industries dominated by
SECTION 20
#17327865661713014-503: A takeover target, only to discover while fighting Gulf for Citgo how increasingly top-heavy its portfolio and declining reserves were undervaluing its overall assets. They subtly but quickly acquired 4.9 percent of Gulf Oil's stock by early fall 1983, just shy of having to declare themselves and their intent at 5 percent to the SEC. In the ten days allowed to prepare the SEC filing, Mesa and its investor partners accelerated buying to 11 percent of
3151-598: A variety of applications ranging from metal working oils to refrigeration oils. Car engine oils include the Gulf Formula, Gulf MAX, and Gulf TEC ranges. Heavy duty diesel engine lubricants include the Gulf Supreme and Gulf Superfleet ranges. In the summer of 2013, Gulf Oil licensed the "Gulf" name for racing fuels in a return to the American racing scene for the 2014 competition season. The fuels were announced at
3288-663: A worldwide basis from the end of the Second World War . The company leveraged its international drilling experience to other areas of the world, and by mid-1943 had established a presence in the eastern oil fields of Venezuela as the Mene Grande Oil Company (See San Tomé, Venezuela ). Much of the company's retail sales expansion was through the acquisition of privately owned chains of filling stations in various countries, allowing Gulf outlets to sell product (sometimes through "matching" arrangements) from
3425-503: Is a name sometimes used to describe the world's six or seven largest publicly traded and investor-owned oil and gas companies , also known as supermajors . The term, particularly in the United States , emphasizes their economic power and influence on politics. Big Oil is often associated with the fossil fuels lobby and also used to refer to the industry as a whole in a pejorative or derogatory manner. Sources conflict on
3562-652: Is generally accepted that oil is formed mostly from the carbon rich remains of ancient plankton after exposure to heat and pressure in Earth 's crust over hundreds of millions of years. Over time, the decayed residue was covered by layers of mud and silt, sinking further down into Earth's crust and preserved there between hot and pressured layers, gradually transforming into oil reservoirs . Petroleum in an unrefined state has been utilized by humans for over 5000 years. Oil in general has been used since early human history to keep fires ablaze and in warfare . Its importance to
3699-521: Is in comparison with a range of other industries the lowest share. Governments such as the United States government provide a heavy public subsidy to petroleum companies , with major tax breaks at various stages of oil exploration and extraction, including the costs of oil field leases and drilling equipment. In recent years, enhanced oil recovery techniques – most notably multi-stage drilling and hydraulic fracturing ("fracking") – have moved to
3836-597: Is often employed by means of aerobic degradation. More recently, other bioremediative methods have been explored such as phytoremediation and thermal remediation. The industry is the largest industrial source of emissions of volatile organic compounds (VOCs), a group of chemicals that contribute to the formation of ground-level ozone ( smog ). The combustion of fossil fuels produces greenhouse gases and other air pollutants as by-products. Pollutants include nitrogen oxides , sulphur dioxide , volatile organic compounds and heavy metals . Researchers have discovered that
3973-470: Is one of the most famous corporate racing colors and has been replicated by other racing teams sponsored by Gulf. Much of its popularity is attributed to the fact that in the 1971 film Le Mans , Steve McQueen 's character, Michael Delaney , drives for the Gulf team. As a result of McQueen's increasing popularity following his death and the increasing popularity of the Heuer Monaco which he wore in
4110-417: Is primarily in the provision of downstream products and services to a mass market through joint ventures, strategic alliances, licensing agreements, and distribution arrangement. In Spain and Portugal, the Gulf brand is now owned by TotalEnergies SE . The business that became Gulf Oil started in 1901 with the discovery of oil at Spindletop near Beaumont, Texas . A group of investors came together to promote
4247-430: Is usually divided into three major components: upstream , midstream , and downstream . Upstream regards exploration and extraction of crude oil , midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products . Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it
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4384-544: The Financial Times called these "the new Seven Sisters". According to consulting firm PFC Energy , by 2012 only 7% of the world's known oil reserves were in countries that allowed private international companies free rein. Fully 65% were in the hands of state-owned companies. The Era of the Super Major was an industry report published by Douglas Terreson of Morgan Stanley on 13 February 1998. Mr. Terreson
4521-585: The Greater Pittsburgh area. As a result, the Texaco brand name disappeared from the area in June 2004 when the nonexclusive rights agreement with Shell expired, with Shell itself expanding in the area by means other than Texaco. However, in June 2006, Chevron gave exclusive rights to the Texaco brand name in the U.S. In New England, former Exxon stations have been rebranded as Gulf, in accordance with
4658-608: The Gulf Tower , being Pittsburgh's tallest building until the completion of the U.S. Steel Tower . Gulf Oil Corporation (GOC) ceased to exist as an independent company in 1985, when it merged with Standard Oil of California (SOCAL), with both re-branding as Chevron in the United States . Gulf Canada , Gulf's main Canadian subsidiary, was sold the same year with retail outlets to Ultramar and Petro-Canada and what became Gulf Canada Resources to Olympia & York . However,
4795-702: The Irwin – Carlisle section. Sunoco was also awarded franchises in the 1980s for the filling stations at the Sideling Hill and (now-closed) Hempfield travel plazas. Gulf had the opportunity to become the exclusive filling station franchisee on the Turnpike after Exxon withdrew in 1990 and Cumberland Farms (owner of the Gulf brand in the northeastern U.S.) was awarded a new contract with the Pennsylvania Turnpike Commission . However,
4932-624: The OECD , namely CNPC , Gazprom (Russia) , National Iranian Oil Company (Iran) , Petrobras (Brazil) , PDVSA (Venezuela) , Petronas (Malaysia) , and Saudi Aramco (Saudi Arabia) . Other companies not directly involved in trading oil and gas, but still supplying accessories such as drilling, fracking and refining equipment, have also been associated with Big Oil due to their political influence. In particular, Koch Industries and Wilks Masonry have actively funded lobby groups, think tanks and media outlets aligned with Big Oil. In
5069-505: The OPEC cartel and state-owned oil companies , primarily located in the Middle East. A trend of increasing influence of the OPEC cartel, state-owned oil companies in emerging-market economies is shown and the Financial Times has used the label "The New Seven Sisters" to refer to a group of what it argues are the most influential national oil and gas companies based in countries outside of
5206-581: The Pennsylvania Turnpike alongside Howard Johnson's restaurants at the Turnpike's travel plazas starting in 1950 with the opening of the Philadelphia Extension and continuing for decades, with Gulf adding more filling stations as the Turnpike was extended. The Standard Oil Company of Pennsylvania (later Exxon ) was the exclusive filling station franchisee on sections of the Turnpike that opened prior to 1950—principally,
5343-575: The Universe Ireland was added to Gulf's tanker fleet. At 312,000 long tons deadweight (DWT), this was the largest vessel in the world and incapable of berthing at most normal ports. Gulf also participated in a partnership with other majors, including Texaco , to build the Pembroke Catalytic Cracker refinery at Milford Haven and the associated Mainline Pipelines fuel distribution network. The eventual reopening of
5480-467: The maritime industry, six to seven large oil companies that decide a majority of the crude oil tanker chartering business are called "Oil Majors". The expression "Seven Sisters" was coined by the head of the Italian state oil company ( Eni ), Enrico Mattei , who sought membership for his company, but was rejected. The history of the supermajors traces back to the seven oil companies which formed
5617-468: The oil industry , includes the global processes of exploration , extraction , refining , transportation (often by oil tankers and pipelines ), and marketing of petroleum products . The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products , including pharmaceuticals , solvents , fertilizers , pesticides , synthetic fragrances , and plastics . The industry
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5754-582: The petrochemical industry can produce ground-level ozone pollution at higher amounts in winter than in summer. Greenhouse gases caused by burning fossil fuels drive climate change . In 1959, at a symposium organised by the American Petroleum Institute for the centennial of the American oil industry , the physicist Edward Teller warned of the danger of global climate change . Edward Teller explained that carbon dioxide "in
5891-512: The world economy however, evolved slowly, with whale oil being used for lighting in the 19th century and wood and coal used for heating and cooking well into the 20th century. Even though the Industrial Revolution generated an increasing need for energy, this was initially met mainly by coal, and from other sources including whale oil. However, when it was discovered that kerosene could be extracted from crude oil and used as
6028-724: The " Consortium for Iran " cartel and dominated the global petroleum industry from the mid-1940s to the 1970s. The Seven Sisters were: By the 1930s, the Seven Sisters dominated oil production in the world. The companies owned nearly all rights to the oil in Iran , Iraq , Saudi Arabia , and the Persian Gulf . The companies established jointly owned companies (such as the Iraq Petroleum Company ) to legally tie their hands together, facilitate cooperation, and prevent cheating on one another. The companies sought to limit
6165-540: The 1880s. In the early 1930s the Texas Company developed the first mobile steel barges for drilling in the brackish coastal areas of the Gulf of Mexico . In 1937 Pure Oil Company (now part of Chevron Corporation ) and its partner Superior Oil Company (now part of ExxonMobil Corporation ) used a fixed platform to develop a field in 14 feet (4.3 m) of water, one mile (1.6 km) offshore of Calcasieu Parish, Louisiana . In early 1947 Superior Oil erected
6302-546: The 1950s and '60s apparently enjoyed a "special relationship" with the Kuwaiti government. This special relationship attracted unfavorable attention since it was associated with "political contributions" (see below) and support for anti-democratic politics, as evidenced by papers taken from the body of a Gulf executive killed in the crash of a TWA aircraft at Cairo in 1950. In 1934, the Kuwait Oil Company (KOC)
6439-629: The 1970s, Gulf participated in the development of new oilfields in the UK North Sea and in Cabinda , although these were high-cost operations that never compensated for the loss of Gulf's interest in Kuwait. A mercenary army had to be raised to protect the oil installations in Cabinda during the Angolan civil war. The Angolan connection was another "special relationship" that attracted comment. In
6576-450: The 2019 season and Formula 1 teams McLaren and Williams . This sponsorship is used across the world by Gulf distributors, alongside local activity demonstrating the GOI company ethos of "your local global brand". In July 2020, GOI announced a multi-year strategic partnership with long time partner McLaren which includes Gulf being the preferred lubricant supplier to McLaren Automotive and
6713-474: The 2022 Fortune Global 500 than Eni, though the company frequently touts that it is an independent refiner focused on midstream and downstream operations which does not have significant upstream activities. In the media, however, Valero is sometimes called a "Big Oil" company and grouped with the other large companies. As a group, the supermajors control around 6% of global oil and gas reserves. Conversely, 88% of global oil and gas reserves are controlled by
6850-625: The 833 km long pipeline to transport oil from the Caspian to the Black Sea port of Batum (Baku-Batum pipeline), completed in 1906, and the 162 km long pipeline to carry oil from Chechnya to the Caspian. The first drilled oil wells in Baku were built in 1871–1872 by Ivan Mirzoev , an Armenian businessman who is referred to as one of the 'founding fathers' of Baku's oil industry. At
6987-493: The Anglo-Iranian Oil Company (now BP ), and Iranian oil was subjected to an international embargo . In an effort to bring Iranian oil production back to international markets, the U.S. State Department suggested the creation of a consortium of major oil companies, several of which were daughter corporations of John D. Rockefeller 's original Standard Oil monopoly. In 1959, the Seven Sisters reduced
SECTION 50
#17327865661717124-742: The Apollo missions showed aerial and onboard views of the Universe Ireland with Tommy Makem and the Clancy Brothers singing " Bringin' Home the Oil " – a tribute to the opening of Gulf's operations in Bantry Bay . In 1937, Gulf Oil became involved in racing when they purchased the racing car project of Ira Vail and Harry Miller and brought the project into the Gulf Research and Development Company. This produced innovative new cars that were
7261-586: The East Indies oil-supply (especially via submarine campaigns ) considerably weakened Japan in the latter part of the war. After World War II ended in 1945, the countries of the Middle East took the lead in oil production from the United States. Important developments since World War II include deep-water drilling, the introduction of the drillship , and the growth of a global shipping network for petroleum – relying upon oil tankers and pipelines. In 1949
7398-518: The Energy sector. Corporate performance was very positive in Energy through 2007, underscoring the premise that the "Super-Major" thesis would create significant economic value for shareholders: This process of consolidation created some of the largest global corporations as defined by the Forbes Global 2000 ranking, and as of 2007 all were within the top 25. Between 2004 and 2007 the profits of
7535-544: The Gas with Guts." Gulf service stations often supplied customers with pens and key rings bearing these slogans. For a few years, beginning in 1966, Gulf stations in the U.S. gave away orange plastic "Extra Kick Horseshoes" to customers who filled their tanks with Gulf's No-Nox premium fuel (the novelty items were commonly mounted on bumpers). GOI still produces and sells a wide range of branded oil based products including lubricants and greases of all kinds. These include products for
7672-612: The Gulf brand from Chevron. Chevron still owned the Gulf brand, but was making almost no direct use of it. In January 2010, GOLP bought the entire brand from Chevron and began a nationwide expansion campaign. GOLP operates a distribution network reaching from Maine to Ohio. Most Gulf-branded filling stations in North America are owned by Cumberland Farms of Framingham, which owns a two-thirds interest in GOLP. In addition there are some independently owned franchises still operating under
7809-490: The Gulf brand name and a number of the constituent business divisions of GOC survived. Gulf has experienced a significant revival since 1990, emerging as a flexible network of allied business interests based on partnerships, franchises and agencies. Gulf, in its present incarnation, is a " new economy " business. It employs very few people directly and its assets are mainly in the form of intellectual property : brands, product specifications and scientific expertise. The rights to
7946-546: The Gulf brand within North America, such as Nu-Tier Brands, Inc., which is licensed by GOLP to blend and distribute Gulf-branded lubricants. Gulf Oil International (GOI) owns the rights to the Gulf brand outside the United States, Spain & Portugal. It is now owned by the Hinduja Group. After they acquired a large share from the Taher family, a major Saudi Arabian family led by Dr. Abdulhadi H. Taher (former governor of
8083-473: The Gulf business as a long-term going concern and that it was not in the interest of Gulf shareholders. James Lee, Gulf's CEO and Chairman, even claimed during the November 1983 shareholders meeting to address the Mesa ownership that Pickens' royalty trust idea was nothing more than a " get-rich-quick scheme " that would undermine the corporation's profit potential in the coming decades. Gulf, therefore, sought to resist Pickens by various means, including refiling as
8220-572: The Gulf cars qualified but one was destroyed in a race morning garage fire and the other dropped out of the race early. Gulf sold the car in 1946 to Preston Tucker who ran it as the "Tucker Torpedo Special" that year in its last race appearance. Gulf Oil was most synonymous for its association with auto racing , as it famously sponsored the John Wyer Automotive team in the 1960s and early '70s. The signature light blue and orange color scheme associated with its Ford GT40 and Porsche 917
8357-513: The Gulf name through the early 1990s. This caused consumer confusion in the US retail market as the parent companies would not accept each other's credit cards. All former Gulf stations franchised by BP and Chevron in the United States have since been converted to those names. Gulf Oil Limited Partnership (GOLP), based in Framingham, Massachusetts , has bought a license for North American rights to
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#17327865661718494-490: The Legend". The post-2001 Gulf presence in the UK is a wholly network-based operation. It involves almost no direct Gulf investment in fixed assets, corporate infrastructure, or manufacturing capability. This is a complete contrast to the pre-1997 presence. In January 2010, after using the name since 1986, Gulf Oil LP acquired all right, title and interest in the Gulf brand name in the United States and announced plans to expand
8631-726: The Middle East. The expansion of Imperial Japan to the south aimed largely at accessing the oil-fields of the Dutch East Indies. Germany, cut off from sea-borne oil supplies by Allied blockade , failed in Operation Edelweiss to secure the Caucasus oil-fields for the Axis military in 1942, while Romania deprived the Wehrmacht of access to Ploesti oilfields – the largest in Europe – from August 1944. Cutting off
8768-1147: The Performance Racing Industry Show in Indianapolis , Indiana, in December 2013. The racing fuels support the World Racing League and the Formula Atlantic Championship in the United States. Andrew W. Mellon , 1907–1908 William L. Mellon, 1908–1931 J. Frank Drake, 1931–1948 Sidney A. Swensrud, 1948–1953 William K. Whiteford, 1953–1960 Ernest D. Brockett, 1960–1965 Bob R. Dorsey, 1965–1972 James E. Lee, 1973–1981 William L. Mellon Sr. , 1931–1948 J. Frank Drake, 1948–1953 Sidney A. Swensrud, 1953–1957 David Proctor, 1958–1959 Ralph O. Rhoades, 1959–1960 William K. Whiteford, 1960–1965 Ernest D. Brockett, 1965–1971 Bob R. Dorsey, 1972–1976 Jerry M. McAfee, 1976–1981 James E. Lee, 1981–1986 Seven Sisters (oil companies) Big Oil
8905-523: The Q8 brand by 1988. However, attempts to sell Gulf Oil (Great Britain) to KPC failed because of irrevocable GOC guarantees given earlier in regard to bonds issued to finance the construction of refinery facilities in the UK. GO(GB) was taken over by Chevron and its stations continued to use the Gulf brand name and insignia until 1997 when the network was sold to Shell , although by this stage a fairly large proportion of Gulf stations were supplied by jobbers rather than Gulf Oil (GB). Gulf completely withdrew from
9042-464: The Saudi Petroleum and Mineral organization and board member of Aramco). GOI trades mainly in lubricants, oils, and greases. GOI is also involved in franchising the Gulf brand to operators in the petroleum and automotive sectors; Gulf-branded filling stations can be found in several countries including the UK , Belgium , Germany , Ireland , Slovakia , Czechia , the Netherlands , Jordan , Finland and Turkey . GOI has direct and indirect interests in
9179-412: The Saudi oil production ultimately became jointly controlled by four of the seven sisters, thus making it easier to maintain coordination between the Seven Sisters. According to Jeff Colgan, the Seven Sisters faced two major problems. The first revolved around coordinating the activities of the companies so that oil prices would be kept high. The second revolved around cooperation with the governments of
9316-460: The Suez Canal and upgrading of the older European oil terminals (Europoort and Marchwood) meant that the financial return from these projects was not all that had been hoped for. The Bantry terminal was devastated by the explosion of a Total tanker, the M/V Betelgeuse , in January 1979 ( Whiddy Island disaster ) and it was never fully reopened. The Irish government took over ownership of the terminal in 1986 and held its strategic oil reserve there. In
9453-404: The Super-Major", BP and Amoco merged, representing the largest industrial combination on Wall Street at that time. The combined value of the stocks of those 2 companies rose significantly and that merger was followed by ExxonMobil , BP-Amoco-Arco, ConocoPhillips , Chevron-Texaco- Unocal , Total-Petrofina-Elf and others. The phase represented one of the largest consolidation phases in the history of
9590-439: The U.S. and Canada would accept Gulf credit cards for food and lodging. In return, Gulf placed service stations on the premises of many Holiday Inn properties along major U.S. highways to provide one-stop availability for fuel, auto service, food and lodging. Many older Holiday Inns still have those original Gulf stations on their properties, some in operation and some closed, but few operate today as Gulf stations. Gulf No-Nox fuel
9727-560: The UK in 1997. This represented the end of the last major "downstream" use of the Gulf brand by Chevron. In the UK, the Gulf brand is now licensed by Certas Energy (GB Oils), who also now own the Pace brand, which was coincidentally formerly owned by the Kuwait Petroleum Corporation . GOI and GOLP continue to sell Gulf-branded lubricants worldwide through a network of official licensed companies, joint ventures and wholly owned subsidiary companies. Many of these official Gulf distributors carry out local marketing and sponsorship which help to raise
9864-764: The advent of hydraulic fracturing and other horizontal drilling techniques, shale play has seen an enormous uptick in production. Areas of shale such as the Permian Basin and Eagle-Ford have become huge hotbeds of production for the largest oil corporations in the United States. The American Petroleum Institute divides the petroleum industry into five sectors: Oil companies used to be classified by sales as " supermajors " ( BP , Chevron , ExxonMobil , ConocoPhillips , Shell , Eni and TotalEnergies ), "majors", and "independents" or "jobbers". In recent years however, National Oil Companies (NOC, as opposed to IOC, International Oil Companies) have come to control
10001-403: The amalgamation of a number of oil businesses, principally the J.M. Guffey Petroleum Company, Gulf Pipeline Company, and Gulf Refining companies of Texas. The name of the company refers to the Gulf of Mexico where Beaumont lies. Output from Spindletop peaked at around 100,000 barrels per day (16,000 m/d) just after it was discovered and then started to decline. Later discoveries made 1927
10138-527: The area. Canada's first gusher (flowing well) erupted on January 16, 1862, when local oil-man John Shaw struck oil at 158 feet (48 m). For a week the oil gushed unchecked at levels reported as high as 3,000 barrels per day. The first modern oil-drilling in the United States began in West Virginia and Pennsylvania in the 1850s. Edwin Drake 's 1859 well near Titusville, Pennsylvania , typically considered
10275-628: The atmosphere causes a greenhouse effect " and that burning more fossil fuels could "melt the icecaps and submerge New York". The Intergovernmental Panel on Climate Change , founded by the United Nations in 1988, concludes that human-sourced greenhouse gases are responsible for most of the observed temperature increase since the middle of the twentieth century. As a result of climate change concerns, many people have begun using other methods of energy such as solar and wind. This recent shift has some petroleum enthusiasts skeptical about
10412-522: The brand in the United States are owned by Gulf Oil Limited Partnership (GOLC), which operates over 2,100 service stations and several petroleum terminals; it is headquartered in Wellesley, Massachusetts . The corporate vehicle at the center of the Gulf network outside the United States, Spain and Portugal is Gulf Oil International , a company owned by the Hinduja Group . The company's focus
10549-470: The capital and technical expertise to run the oil production, as well as needed access to North American and European markets. Fourth, oil-producing countries feared that they would be punished by Western governments and firms if they nationalized oil production (as Mohammad Mossadegh was when he nationalized the Iranian oil industry). In 1951, Iran nationalized its oil industry , previously controlled by
10686-427: The case. Until well into the 1970s, Gulf (in common with other oil companies) sold distinctive brands of petrol/gasoline including subregular Gulftane (briefly a midgrade low lead), Good Gulf regular, Gulf No-Nox premium, Gulf Super Unleaded, and Gulfcrest (Regular Unleaded). Gulfcrest was also a super premium grade in the 1950s and early 1960s. Gulf petrol was sold using the slogans "Good Gulf Gasoline," and "Gulf –
10823-685: The characteristics of a giant corporation that had lost its way. It had a huge but poorly performing asset portfolio, associated with a depressed share price. The stock market value of Gulf started to drop below the break-up value of its assets. Such a situation was bound to attract the interest of corporate raiders , although a corporation in the top 100 of the Fortune 500 was in the early 1980s thought immune to takeover risk. Its undoing as an independent company began in 1982 when T. Boone Pickens , an Amarillo , Texas, oilman and corporate raider (or greenmailer ), and owner of Mesa Petroleum, made an offer for
10960-428: The company's stock, larger than the founding Mellon family's share, by October 1983. Gulf responded to Mesa's interest by calling a shareholders' meeting for late November 1983 and subsequently engaged in a proxy war on changing the corporation's by-laws to minimize arbitrage . Pickens made loud criticisms of the existing Gulf management and offered an alternative business plan intended to release shareholder value through
11097-417: The comparatively larger (but still considered "non-major" oil company) Cities Service Company (more generally known by the name Citgo ) from Tulsa, Oklahoma which was then trading in the low 20s. Pickens first privately offered $ 45 a share for a friendly takeover and then later made a $ 50 a share public offer when Cities' CEO rejected the friendly offer. Gulf forestalled Mesa's takeover attempt by offering $ 63
11234-451: The consent decree that allowed the merger of Exxon and Mobil . Many of the former Exxon stations feature a rectangular logo that fit into the existing sign standards used by Exxon. Gulf refers to the look as its "sunrise" imaging. The Gulf logo is still used around the world by various businesses. GOI uses it for their marketing activities to focus on the sponsorship of motorsport teams including MotoGP team Aprilia Racing Team Gresini for
11371-628: The consumer and producer countries to impose regulations on the oil industry. Preceding the 1973 oil crisis , the Seven Sisters controlled around 85 per cent of the world's petroleum reserves . In the 1970s, many countries with large reserves nationalized holdings of all major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies in emerging-market economies , such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). In 2007,
11508-431: The contract was sold to Sunoco two years later as part of Cumberland Farm's bankruptcy proceedings, and all former Gulf filling stations on the Turnpike converted to Sunoco in June 1992, leaving Sunoco the sole brand of fuel on the Turnpike to this day. Most filling stations in Europe sell three types of fuel: unleaded, LRP , and diesel . Although these products lack any real brand differentiation, this has not always been
11645-621: The countries in which they operated. In 1924, it acquired the Venezuelan-American Creole Syndicate's leases in the strip of shallow water 1.5 kilometers (0.93 mi) wide along the Lake Maracaibo east shore. In Colombia , Gulf purchased the Barco oil concession in 1926. The government of Colombia revoked the concession the same year, but after much negotiation Gulf won it back in 1931. However, during
11782-415: The deal subject to strict conditions. Never before had a "small operator" successfully taken apart a Fortune 500 corporation, or in Gulf's case a "Fortune 10" corporation. The merger sent even deeper shock waves through the long-time exclusive "Seven Sisters" club of major integrated oil companies that defined themselves as elevated from the "non-major independents". A board member of Exxon even admitted in
11919-434: The designs of Miller which became the first mid-engined cars to race in the Indianapolis 500 . The cars also featured four-wheel-drive which was very novel at the time, disc brakes and a supercharged 6-cylinder engine. The only notable restriction was that the engine needed to run on standard Gulf pump fuel. Four of the cars were built with 3-liter engines and one was entered in the 1938 "500" but did not qualify as much testing
12056-486: The development of a modern refinery at nearby Port Arthur to process the oil. The largest investors were Andrew Mellon and William Larimer Mellon Sr. , of the Pittsburgh Mellon family . Other investors included many of Mellon's Pennsylvania clients as well as some Texas wildcatters . Mellon Bank and Gulf Oil remained closely associated thereafter. The Gulf Oil Corporation itself was formed in 1907 through
12193-611: The early 20th century, non-branded fuel in the United States was often contaminated or of unreliable quality). Gulf Oil grew steadily in the inter-war years, with its activities mainly confined to the United States. The company was characterized by its vertically integrated business activities and was active across the whole spectrum of the oil industry : exploration, production , transport, refining and marketing. It also involved itself in associated industries such as petrochemicals and automobile component manufacturing. It introduced significant commercial and technical innovations, including
12330-405: The eastern and southern United States, requiring heavy capital investment. Thus, Gulf Oil provided Mellon Bank with a secure vehicle for investing in the oil sector. Gulf promoted the concept of branded product sales by selling fuel in containers and from pumps marked with a distinctive orange disc logo. A customer buying Gulf-branded fuel could be assured of its quality and consistent standard. (In
12467-491: The exact makeup of Big Oil today, though the companies which are most frequently mentioned as supermajors are ExxonMobil , Shell , TotalEnergies , BP , Chevron and Eni , with ConocoPhillips frequently being included as well prior to spinning off its downstream operations into Phillips 66 . The phrase "Super-Major" emanated from a report published by Douglas Terreson of Morgan Stanley in February 1998. The report foretold
12604-466: The expansion of crude oil import from Kuwait , a nation that was - at the time - a yet incipient supply region to the United States. This expansion program implemented by Robert E. Garret and Jones consisted of construction of a fleet of supertankers and was meant to "result in a sharp increase in the processing of crude oil and various petroleum products at a time when the domestic demand for (such) products (was) at an unprecedented peak." Gulf expanded on
12741-464: The film, TAG Heuer released a limited edition of the watch with the Gulf logo and trademark color scheme. In the same era, Gulf Oil also sponsored Team McLaren during the Bruce McLaren days, which used a papaya orange color scheme with Gulf blue for lettering. From 1963 to 1980, Gulf Oil had a formal agreement with Holiday Inn , the world's largest lodging chain, for which Holiday Inn's in
12878-458: The first drive-in service station (1913), complimentary road maps, drilling over water at Ferry Lake , and the catalytic cracking refining process (Gulf installed the world's first commercial catalytic cracking unit at its Port Arthur, Texas refinery complex in 1951). Gulf also established the model for the integrated, international "oil major", which refers to one of a group of very large companies that assumed influential and sensitive positions in
13015-523: The first ever well drilled with percussion tools to a depth of 21 meters for oil exploration. In 1878 Ludvig Nobel and his Branobel company "revolutionized oil transport" by commissioning the first oil tanker and launching it on the Caspian Sea . Samuel Kier established America's first oil refinery in Pittsburgh on Seventh avenue near Grant Street in 1853. Ignacy Łukasiewicz built one of
13152-555: The first modern oil-refineries near Jasło (then in the Austrian dependent Kingdom of Galicia and Lodomeria in Central European Galicia ), present-day Poland, in 1854–56. Galician refineries were initially small, as demand for refined fuel was limited. The refined products were used in artificial asphalt, machine oil and lubricants, in addition to Łukasiewicz's kerosene lamp . As kerosene lamps gained popularity,
13289-617: The first offshore oil-drilling at Oil Rocks (Neft Dashlari) in the Caspian Sea off Azerbaijan eventually resulted in a city built on pylons. In the 1960s and 1970s, multi-governmental organizations of oil–producing nations – OPEC and OAPEC – played a major role in setting petroleum prices and policy. Oil spills and their cleanup have become an issue of increasing political, environmental, and economic importance. New fields of hydrocarbon production developed in places such as Siberia, Sakhalin , Venezuela and North and West Africa. With
13426-578: The first oil discovery drilled out of sight of land. Forty-four Gulf of Mexico exploratory wells discovered 11 oil and natural gas fields by the end of 1949. During World War II (1939–1945) control of oil supply from Romania, Baku, the Middle East and the Dutch East Indies played a huge role in the events of the war and the ultimate victory of the Allies . The Anglo-Soviet invasion of Iran (1941) secured Allied control of oil-production in
13563-631: The first true modern oil well , touched off a major boom. In the first quarter of the 20th century, the United States overtook Russia as the world's largest oil producer. By the 1920s, oil fields had been established in many countries including Canada, Poland, Sweden, Ukraine, the United States, Peru and Venezuela. The first successful oil tanker , the Zoroaster , was built in 1878 in Sweden, designed by Ludvig Nobel . It operated from Baku to Astrakhan . A number of new tanker designs developed in
13700-812: The forefront of the industry as this new technology plays a crucial and controversial role in new methods of oil extraction. Some petroleum industry operations have been responsible for water pollution through by-products of refining and oil spills . Though hydraulic fracturing has significantly increased natural gas extraction, there is some belief and evidence to support that consumable water has seen increased in methane contamination due to this gas extraction. Leaks from underground tanks and abandoned refineries may also contaminate groundwater in surrounding areas. Hydrocarbons that comprise refined petroleum are resistant to biodegradation and have been found to remain present in contaminated soils for years. To hasten this process, bioremediation of petroleum hydrocarbon pollutants
13837-435: The front cross-shaped desk of every special event and coverage broadcast by the network and it was notably used by Chet Huntley and David Brinkley or the other correspondents since the 1964 Republican National Convention . The company used the connection to its advantage by offering giveaway or promotional items at its stations, including sticker sheets of space mission logos, a paper punch-out lunar module model kit , and
13974-546: The industry and operate upstream , midstream , and downstream . ConocoPhillips is less frequently counted as one of the Big Oil companies due to spinning off its downstream division into Phillips 66 . Additionally, ConocoPhillips in 2022 ranked lower than any of the six major Big Oil companies on the Fortune Global 500 , and its revenue was superseded by Phillips 66 in 2022. Valero Energy ranked higher on
14111-417: The largest consumers. The United States consumed 18% of the oil produced in 2015. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world's largest industry in terms of dollar value. Petroleum is a naturally occurring liquid found in rock formations. It consists of a complex mixture of hydrocarbons of various molecular weights, plus other organic compounds. It
14248-526: The late 1970s, Gulf was effectively funding a Soviet bloc regime in Africa while the US government was attempting to overthrow that regime by supporting the UNITA rebels led by Jonas Savimbi . In 1975, several senior Gulf executives, including chairman Bob Dorsey, were implicated in the making of illegal "political contributions" and were forced to step down from their positions. This loss of senior personnel at
14385-527: The local company ( PEMEX ) (as a result of the recent changes in the local laws in matter of energy and oil resources). As said by Sergio De La Vega (CEO of Gulf Mexico), in order to improve a better service, Gulf will make fidelity programs and dedicated smartphone apps. for customers (improving fuel payment into the same, fuel administration and better experience with fidelity programs as another additional benefits) adding to modern service stations with more quality-added services. Gulf operated filling stations on
14522-406: The maritime industry, a group of six companies that control the chartering of the majority of oil tankers worldwide are together referred to as "oil majors" . These are: Shell , BP , ExxonMobil , Chevron , TotalEnergies and ConocoPhillips . Charter parties such as "Shelltime 4" frequently mention the phrase "oil major". Petroleum industry The petroleum industry , also known as
14659-512: The mid-1980s that "mostly all we talk about in board meetings anymore is T. Boone Pickens". Chevron, to settle with the government antitrust requirements, sold some Gulf stations and a refinery in the eastern United States to British Petroleum (BP) and Cumberland Farms in 1985 as well as some of the international operations. The effect on the Pittsburgh area was severe as close to 900 PhD and research jobs and 600 headquarters (accounting, law, clerical) jobs were transferred to California or cut,
14796-515: The oil that it was "lifting" in Canada, the Gulf of Mexico, Kuwait, and Venezuela. Some of these acquisitions were to prove less than resilient in the face of economic and political developments from the 1970s on. Gulf invested heavily in product technology and developed many specialty products, particularly for application in the maritime and aviation engineering sectors. It was particularly noted for its range of lubricants and greases. Gulf Oil reached
14933-487: The other parts of the market. The premise of the report was that "a confluence of industry dynamics would conspire to produce a strategic and financial environment that was conducive to major consolidation activity in the Integrated Oil sector. Significant modifications to the strategic landscape would result, dictating competitive placement and equity market performance for years to come". The report indicated that
15070-449: The peak of its development around 1970. In that year, the company processed 1.3 million barrels (210,000 m) of crude daily, held assets worth $ 6.5 billion ($ 51 billion today), employed 58,000 employees worldwide, and was owned by 163,000 shareholders. In addition to its petroleum marketing interests, Gulf was a major producer of petrochemicals, plastics, and agricultural chemicals. Through its subsidiary, Gulf General Atomic, Inc., it
15207-546: The peak year of Spindletop production, but Spindletop's early decline forced Gulf to seek alternative sources of supply to sustain its substantial investment in refining capacity. This was achieved by constructing the 400-mile (640 km) Glenn Pool pipeline connecting oilfields in Oklahoma with Gulf's refinery at Port Arthur . The pipeline opened in September 1907. Gulf later built a network of pipelines and refineries in
15344-505: The phase would be driven by the competitive implications of: (1) the globalization of privatized national oil companies and (2) the rising stature of specialized multinationals. Combinations were expected primarily between Major Oils which would then become "Super-Majors" which was a phrase created at Morgan Stanley in the late 1990's to denote the prototype model for success in the Integrated Oil industry as gains in globalization and scale unfolded. Within 6 months of publication of "The Era of
15481-434: The price of oil for Venezuela and Middle Eastern producers, which provoked anger among oil-producing governments. This prompted the oil-producing governments to take the initial steps to establish OPEC. The Seven Sisters threatened the OPEC founders that they would lose market access if they went ahead with their plans. The head of the Italian state oil company ( Eni ), Enrico Mattei , sought membership for his company, but
15618-561: The profile of the brand. Of these wholly owned subsidiaries Gulf Oil Corporation India has raised the market profile of the Gulf brand in the Middle East . GOCL have emerged as one of leading lubricants brands in India and run many marketing sponsorships targeted at the ever-growing youth sector in the country. GOI licenses the Gulf brand and logo in the UK to the Bayford group , one of the largest independent fuel distributors. Starting in 2001,
15755-537: The refining industry grew in the area. The first commercial oil-well in Canada became operational in 1858 at Oil Springs, Ontario (then Canada West ). Businessman James Miller Williams dug several wells between 1855 and 1858 before discovering a rich reserve of oil four metres below ground. Williams extracted 1.5 million litres of crude oil by 1860, refining much of it into kerosene-lamp oil. Some historians challenge Canada's claim to North America's first oil field , arguing that Pennsylvania 's famous Drake Well
15892-558: The rights over the largest oil reserves; by this measure the top ten companies all are NOC. The following table shows the ten largest national oil companies ranked by reserves and by production in 2012. Most upstream work in the oil field or on an oil well is contracted out to drilling contractors and oil field service companies. Aside from the NOCs which dominate the Upstream sector, there are many international companies that have
16029-465: The six supermajors totaled US$ 494.8 billion. Many of these now-merged companies remain in the Fortune Global 500 , with ExxonMobil ranking 12th, Total ranking 27th, BP ranking 35th, and Chevron ranking 37th in the 2022 edition of the list. The composition of Big Oil is subject to wide debate. Nearly all accounts of Big Oil include ExxonMobil , Chevron , Shell , BP , Eni and TotalEnergies . All six of these companies are vertically integrated within
16166-432: The spring of 1985. The Mesa group of investors was reported to have made a profit of $ 760 million ($ 2,153 billion today) when it assigned its Gulf shares to Chevron. Pickens has claimed that after realizing a more than doubling of stock appreciation for Gulf shareholders (as well as its management that fought him at every turn), Mesa's shares were the last to be paid out by Chevron. The forced merger of Gulf and Chevron
16303-624: The supply chain where Gulf had a competitive advantage. In the late 1930s, Gulf's aviation manager, Major Alford J. Williams, had the Grumman Aircraft Engineering Corporation construct two modified biplanes, cleaned-up versions of the Grumman F3F Navy fighter, for promotional use by the company. Wearing Gulf Oil company colors and logos, the Grumman G-22 "Gulfhawk II", registered NR1050 ,
16440-519: The supply of oil by controlling the speed at which oil fields were developed. From the 1920s to 1940s, they had agreements not to produce oil in the Middle East unless it was in coordination with one another. After the 1940s, the companies continued to collude. The discovery of massive oil fields in Saudi Arabia threatened to scuttle the cartel, as control of the oil fields by two companies could undermine existing supply management schemes. However,
16577-584: The territories containing the oil reserves: the companies sought to minimize the taxes and royalties paid to the governments. In terms of dealing with host governments, the Seven Sisters benefitted from the willingness of British and American governments to pressure and coerce the host governments. The oil companies also slowed down production when taxes and royalties were increased by one host government while ramping up production in other territories with lower taxes and royalties, thus pressuring host governments to keep taxes and royalties low. Host governments faced
16714-602: The turn of the 20th century, Imperial Russia's output of oil, almost entirely from the Apsheron Peninsula , accounted for half of the world's production and dominated international markets. Nearly 200 small refineries operated in the suburbs of Baku by 1884. As a side effect of these early developments, the Apsheron Peninsula emerged as the world's "oldest legacy of oil pollution and environmental negligence". In 1846 Baku (Bibi-Heybat settlement) featured
16851-514: The use of the Gulf brand beyond its parent company's Northeastern United States base. Its promotions have included sponsorship of major sporting events in the area with advertisements for Gulf in New York City , Boston , Philadelphia , and Pittsburgh. To take one case as an illustrative example of the Gulf revival, after Texaco's 2001 merger with Chevron, many former Texaco stations in Pittsburgh switched to Gulf since Chevron does not service
16988-440: The world market at commercial prices. The whole GOC(EH) edifice now became highly marginal in an economic sense. Many of the marketing companies that Gulf had established in Europe were never truly viable on a stand-alone basis. In 1976 during the nationalization of Venezuelan oil, the transfer of properties, benefits, equipment of Gulf Oil to PDVSA was carried out without any setback and with full satisfaction on both parts. Gulf
17125-710: Was also active in the nuclear energy sector. Gulf abandoned its involvement in the nuclear sector after a failed deal to build atomic power plants in Romania in the mid-1970s. In 1974, the Kuwait National Assembly took a 60 percent stake in the equity of KOC with the remaining 40 percent divided equally between BP and Gulf. The Kuwaitis took over the rest of the equity in 1975, giving them full ownership of KOC. This meant that Gulf (EH) had to start supplying its downstream operations in Europe with crude bought on
17262-656: Was at the forefront of various projects in the late 1960s intended to adjust the world oil industry to developments of the time including closure of the Suez Canal after the 1967 war . In particular, Gulf undertook the construction of deep-water terminals at Bantry Bay in Ireland and Okinawa in Japan capable of handling Ultra Large Crude Carrier (ULCC) vessels serving the European and Asian markets respectively. In 1968,
17399-626: Was controversial, with the U.S. Senate considering legislation to freeze oil industry mergers for a year—before the Reagan administration made it known it opposed government intervention in the matter and would veto any bill. However, Pickens and Lee (Gulf's CEO) were summoned to testify before the Senate months before the merger was hammered out and the matter was referred to the Federal Trade Commission (FTC). The FTC only approved
17536-586: Was delivered in December 1936, and in 1938 Maj. Williams flew it on a tour of Europe. A second scavenger pump and five drain lines were added to the engine installation that allowed the aircraft to be flown inverted for up to thirty minutes. This aircraft is now preserved in the National Air and Space Museum in Washington, D.C. A second airplane, the Grumman G-32 "Gulfhawk III", registered NC1051 ,
17673-493: Was delivered on May 6, 1938. Impressed by the Army Air Force in November 1942 for use as a VIP transport and designated a UC-103, it crashed in the southern Florida Everglades in early 1943. Gulf Oil was the primary sponsor for NBC News special events coverage in the 1960s, notably for coverage of the U.S. space program . It also became a sponsor for a program called NBC News Special Report. The logo even appeared on
17810-426: Was formed as a joint venture by Anglo-Persian Oil Company (APOC) (now BP , and Gulf. Both APOC and Gulf held equal shares in the venture. KOC pioneered the exploration for oil in Kuwait during the late 1930s. Oil was discovered at Burgan in 1938, but it was not until 1946 that the first crude oil was shipped. Oil production started from Rawdhatain in 1955 and Minagish in 1959. KOC started gas production in 1964. It
17947-495: Was needed to get the car to the point of being ready for competition. Three of the Gulf-Miller cars were entered in 1939 with one, driven by George Bailey making the race with a second-row qualifying position. Another of the cars was crashed in practice and the third didn't attempt qualifying. The Bailey car dropped out of the race with a broken valve. In 1940, a fatal practice accident caused the team to withdraw. In 1941, two of
18084-404: Was promoted with a bucking horse leaving an imprint of two horseshoes. Several promotions centered on the two horseshoes. In 1966, bright orange 3-D plastic self-adhesive horseshoes for car bumpers were given away. Another popular giveaway was during the 1968 election season, gold horseshoe lapel pins featuring either a Democratic donkey or a Republican elephant. By 1980, Gulf exhibited many of
18221-464: Was rejected and since then spread the expression "Seven Sisters". British writer Anthony Sampson took over the term when he wrote the book The Seven Sisters in 1975, to describe the oil cartel that tried its best to eliminate competitors and keep control of the world's oil resource. The term for the oil cartel was further popularized, along with a fictional logo, in Mad Max 2: The Road Warrior ,
18358-611: Was the cheap oil and fuel being shipped from Kuwait that formed the economic basis for Gulf's diverse petroleum sector operations in Europe, the Mediterranean, Africa, and the Indian subcontinent. These last operations were coordinated by Gulf Oil Company, Eastern Hemisphere Ltd. (GOCEH) from their offices at 2 Portman Street in London W1. While serving as General Manager and Vice President of Gulf Oil, Willard F. Jones facilitated
18495-411: Was the continent's first. But there is evidence to support Williams, not least of which is that the Drake well did not come into production until August 28, 1859. The controversial point might be that Williams found oil above bedrock while Edwin Drake 's well located oil within a bedrock reservoir . The discovery at Oil Springs touched off an oil boom which brought hundreds of speculators and workers to
18632-421: Was the top-rated Integrated Oil analyst according to Institutional Investor magazine at the time and had a broad following within the global investment community. After many years of poor industry performance by the Energy sector. Mr. Terreson suggested that business models had become obsolete, and that major strategic change was needed across the global Energy sector for value propositions to become competitive with
18769-478: Was ultimately sold to Occidental Petroleum , and the retail operations were resold to Southland Corporation, the operators of 7-Eleven stores. Gulf's termination of the Cities Service acquisition resulted in more than 15 years of shareholder litigation against Gulf (and later Chevron). With declining margins in the industry and left without Citgo's reserves, Mesa and its investor partners kept hunting for
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