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Atlantic Richfield Company Inc history
Atlantic Richfield Company Inc company history timeline
Not surprisingly, Atlantic was unable to compete successfully in the turbulent world of petroleum, and in 1874, the gigantic Standard Oil Trust swallowed up Atlantic, although the merger was kept a secret, with Atlantic retaining its name and personnel.
Founded in 1893, University of California Press, Journals and Digital Publishing Division, disseminates scholarship of enduring value.
Richfield, the product of several mergers in the first two decades of the 20th century, formally began in 1911 as a refining company financed jointly by the Los Angeles Oil and Refining Company and the Kellogg Oil Company (two of the several companies that were to merge under the Richfield name).
Jones delves into the earliest history of Richfield, whose predecessor, the Rio Grande Oil Company, was established by a store-owner in El Paso, Texas, in 1915.
1936: Rio Grande Oil merges with other companies to become the Richfield Oil Corporation.
Richfield embarked on a new era, marked by a significant oil discovery in California in 1938.
By 1948, according to Jones, Richfield had developed into a highly successful, well-balanced oil company.
The company's fortunes began to turn around, however, when a former Harvard business professor, Thornton Bradshaw, became financial vice president of Atlantic in 1956.
1957: Richfield is the first to discover oil in Alaska.
The candidate for a merger, in 1962, was Hondo Oil & Gas Company, whose president, Robert O. Anderson, was a dynamic, multi-faceted businessman.
The California-based company, with its vast Alaska leases, 2.5 million acres, would have had little reason to merge with eastern-based Atlantic were it not for a still-pending 1962 Department of Justice suit against Richfield.
Sinclair opened a management development center in 1962 to encourage employees to develop their minds, benefitting both Sinclair and themselves.
As early as 1970, for instance, the company began producing lead-free gasoline.
The federal government granted permission for the construction of the much disputed pipeline, and oil flowed through it for the first time in midsummer 1977.
The growth of ARCO with the completion of the pipeline in 1977 necessitated further restructuring.
In 1977, as part of an attempt to diversify out of a dependence on petroleum, Atlantic Richfield bought the Anaconda Company, a miner and processor of copper, aluminum, and uranium and a manufacturer of copper and aluminum products.
ARCO had discovered an 85-billion-cubic-meter gas field in 1982 off the southeast coast of China, but had been unable to exploit the find.
In 1985 the company formed Lyondell Petrochemical Company by merging existing assets.
'A Brief History of ARCO,' Atlantic Richfield corporate typescript, 1989.
In 1994 Mike R. Bowlin took over as chief executive officer and the following year replaced Lodwrick M. Cook as chairman of the board.
1995: ARCO purchases an eight percent stake in the Russian oil company Lukoil.
By the end of 1997 ARCO had increased the field's production by 17,000 barrels a day.
In 1999 ARCO agreed to be acquired by BP Amoco for $26.8 billion in stock, which would make BP Amoco the world's second-largest oil and gas company.
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Atlantic Richfield Company Inc competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| The Williams Companies | 1908 | $10.5B | 5,425 | 216 |
| Chesapeake Energy | 1989 | $11.7B | 1,300 | 38 |
| Chevron | 1879 | $146.5B | 44,679 | 437 |
| Energy Transfer Solutions | 2003 | $8.5M | 75 | 5 |
| Kinder Morgan | 1997 | $15.1B | 11,012 | 206 |
| Exxon Mobil | 1870 | $343.4B | 72,000 | 269 |
| Helmerich & Payne | 1920 | $2.8B | 9,777 | 35 |
| BP America Inc | 1909 | $164.2B | 70,100 | 64 |
| EnergySolutions | 2006 | $1.8B | 5,300 | 60 |
| Colonial Pipeline | 1962 | $500.0M | 700 | 62 |
Atlantic Richfield Company Inc history FAQs
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