BP Amoco
British Petrochemical Corporation registered on April 14, 1909, as the Anglo-Persian Oil Company, Ltd. It was named the Anglo-Iranian Oil Company, Ltd., in 1935 and changed its name to the British Petroleum Company Limited in 1954. The current name was adopted in 1982. The company’s headquarters are in London. The Anglo-Persian Oil Company was formed in 1909 to take over and finance an oil-field concession granted in 1901 by the Iranian government to an English investor, William Knox D’Arcy. (Britannica)
In 1914 the British government became the company’s principal stockholder and over the years was usually the largest single stockholder. Effective January 1, 1955, British Petroleum became a holding company. In the beginning of the 1977 the British government reduced its ownership of BP by selling shares to the public, and in the late 1980s the government turned over BP entirely to private ownership by selling its remaining shares of the company. In 1987 BP acquired the remainder of the Standard Oil Company for almost $8 billion reinforcing its position as one of the largest oil companies in the world.
Amoco Corporation formerly Standard Oil Company, American petroleum corporation, was founded in 1889 by the Standard Oil trust to direct the refining and marketing of oil in the Midwestern states. The company’s first refinery, outside Whiting, Ind., produced fuel oil, kerosene, and other petroleum products. Around 1910 Standard Oil developed the cracking process, which became the most important method fro producing gasoline from petroleum. In 1911 the U.S. Supreme Court dissolved the nationwide Standard
Oil trust, and Standard Oil (Indiana) became independent. Its headquarters are in Chicago. (Britannica)
In the 1920 Standard Oil acquired partial interest in companies that owned Midwestern oil fields and pipeline networks in order to add production to its refining and marketing operations. In the 1950s Standard Oil became active in oil exploration and production ventures in South America and the Middle East. In 1961 most of the company’s U.S. operating activities were unified in the American oil company, for which Standard Oil (Indiana) served as a holding company. The byname Amoco was increasingly used as a brand and corporate name. In 1985 the Standard Oil Company (Indiana) became officially the Amoco Corporation.
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...heir gearing within a band of around 25% to 30% and to maintain our dividend policy of paying out 50% of underlying mid-cycle earnings. BP Amoco will continue to plan on the basis of a low oil price, driving down supply cost to ensure the group’s robustness at $11 a barrel. Capital spending this year should be around $7 billion and disposals $2 billion. Some $2.2 billion of the cost-reduction targets is expected to come from the upstream business, $1.4 billion from refining and marketing and $400 million from petrochemicals. After the $10 billion of divestments, the group expects to see gas production growing by 5% a year, and oil production by 8% a year.
CONCLUSION
BP Amoco is proud to be part of an organization that does much to improve the quality of life of people everywhere. They believe that their business should be both competitively successful and a force for good. They seek to conduct their business in a manner that is distinctive, responsible and forward-looking. BP Amoco strives to be a good citizen. This is reflected in their active support for the people and communities where they operate.
“A good business should be both successful and a force for good.”
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 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.
Steffy, L. C. (2010). Drowning in Oil: BP and the Reckless Pursuit of Profit. McGraw Hill.
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
Oil provided new fuel for transportation and manufacturing, even railroads were able to convert to oil. Oil helped manufacturing plants and farms move to a cheaper source of energy. Another significant factor of oil is that it helped encourage automobile production as well as roads. The production of the Interstate highway led to the movement of people and goods (Champagne, Harpham 13). Rapid industrialization of the Gulf Coast region sparked. By 1929 in Harris County, 27 percent of all manufacturing employees worked in refineries. By 1940 the capacity of the refineries had increased fourfold. The oil and gas industries carried a boom-and-bust mentality (Oliena 1). The economy flourish at times and failed other times, because the prices would rise and fall. When new oil was discovered in a particular place it brought about more people, overcrowding the schools and new housing. Yet a couple years later the town could experience a bust creating poverty and making the town a ghost town. The oil and gas industry transformed the government and its role with the economy. The Texas Railroad Commission was extended to regulate energy and to promote well-spacing rules. Higher education benefitted through the oil and gas industry ( Munch, Francis, and Rundell 604). In 1923 oil was discovered in the West Texas Permian Basin on university land. The Permanent University Fund was split up between the
BP was founded in 1908 under the name Anglo-Persian Oil Company. They changed their name to British Petroleum in 1954 and merged with Amoco in 1998. (BP Public Website, 2010) “The Texas City Refinery is BP’s largest and most complex oil refinery... It was owned and operated by Amoco prior to the merger of BP and Amoco.” (Michael P. Broadribb, 2006) Throughout their history, there have been a number of accidents that have been caused by negligence and disregard of safety precautions. Unfortunately many lives have been cut short or seriously injured as a result. My research will focus on the 2005 Texas City Oil Refinery Explosion. I will attempt to look into the ethical implications that surrounded this disaster before and after the event and suggest what BP could have done to prevent the incident then and in the future.
...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.
Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Mr. Rex W. Tillerson is the current CEO, Director and President of ExxonMobil Corporation. He was appointed Chairman of the Board and Chief Executive Officer on January 1, 2006. According to Annual Report Form 10-K, Mr. Tillerson still carries these positions. Exxon Mobil’s nature of business is “energy, involving exploration, form and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of natural oil, fuel, and lubricant products. Exxon Mobil is also a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products”. The primary products and services of ExxonMobil are the production and sale of fuels ranging from diesel, gas and Liquefied Petroleum Gas (LPG) for commercial and industrial applications; passenger, commercial, marine, aviation and industrial lubricants, signum oil analysis; base stocks and specialty products.
oil companies began to search for oil in countries overseas. Many began to see luck in the Middle East, Egypt, the North and Caspian Seas, West Africa, Western Canada, and South America. With the shift overseas, the pipeline industry began to construct major systems from the U.S. Gulf Coast and Western Canada to states in the Midwest, as well as from California to other West Coast states.
As automobiles sales went up, the demand for fuel led to a more efficient way. In 1914 Standard oil of California opened a chain of 34 gas stations along the west coast. Quickly gasoline pumps were not just being installed at gas stations but at hardware stores, feed companies, livery stables, and a variety of other retailers.
PricewaterhouseCoopers (PwC)is the world’s largest accounting firm and ranks as one of the giants in the global professional services arena. PwC employs over 146,000 people with 766 offices in 150 countries. The Firm is led by Samuel A. DiPiazza, CEO, and is headquartered in New York City on Madison Avenue. Its clients include 84 percent of the Fortune Global 500 companies. Price Waterhouse and Coopers & Lybrand merged in 1998, which made the combined firm the top player in public accounting. In the 2007 fiscal year, PwC had gross revenue of over $25 billion. Structured as a limited liability partnership (LLP), the private company would rank in the low 300s on the Fortune 500 companies.