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Coastal Chem history
Coastal Chem company history timeline
The practice enraged other pipeline owners, but the arrangement worked to Coastal's advantage, and by 1960 revenues exceeded $17.6 million.
In 1962 Coastal purchased 800 miles of crude oil pipeline from Sinclair Oil Corporation, including a major refinery in Corpus Christi with a capacity for almost 30,000 barrels of oil per day.
In 1968 Coastal acquired a 965-mile system from United Pipeline Company.
In 1973 Coastal entered the coal mining field with the acquisition of Southern Utah Fuel Company.
By 1975 revenues had reached $1.9 billion.
The spinoff, Valero Energy Corporation, which was formed on December 31, 1979, from LoVaca and other Coastal assets, had annual revenues of about $1 billion.
Economic recession and an oversupply of oil and natural gas, as well as conservation by consumers, led to Coastal's first loss, which amounted to $96.4 million for the year 1981.
In 1983, for example, Coastal's attempt to secure Texas Gas Resources failed, yet Coastal's initial investment in the company generated a total of $26.4 million in profits.
1987: Despite United States economic sanctions against Libya, CEO Wyatt negotiates a deal with Libyan dictator Muammar Qaddafi.
In 1988 Coastal concluded an agreement with China National Chemicals Import and Export Corporation (Sinochem) for joint ownership of Coastal's Pacific Refining Company.
The agreement was part of the United Nation's oil-for-food deal, in which the proceeds of the sales would be used to purchase food and medicine for Iraqi citizens, who had suffered significantly from economic sanctions in place against Saddam Hussein since 1991.
Also in 1993 the company acquired Soldier Creek Coal Co. and Sage Point Coal Co., both subsidiaries of Sun Co., Inc.
To procure funds for additional ventures, Coastal sold its Utah coal mining operations for approximately $610 million in late 1996.
When Wyatt stepped down as chairman in 1997, Arledge gained the additional post.
Coastal acquired oil and gas assets in northeastern Utah and western Colorado in late 1998.
In Coastal's electric power business, the company increased its interest in a cogeneration plant in Midland, Michigan, from 10.9 to 20.4 percent in 1998.
Coastal's refinery in Eagle Point, New Jersey, was busy in 1998 as well.
JC served as board chairman until his death in April 2013, and was proud to see Coastal reach 60 successful years in business.
The business operated in the corner of Cannon’s Tobacco Warehouse for 11 years before building at the Evans Street location where our corporate offices were located for 53 years until 2017.
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Coastal Chem competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wholesale Fuels | 1982 | $46.3M | 50 | - |
| Barton Solvents | 1938 | $110.0M | 178 | - |
| C-Line Products | 1949 | $11.8M | 50 | - |
| American Material Handling | - | $7.3M | 2 | - |
| Helena Agri-Enterprises | 1957 | $130.0M | 2,049 | 145 |
| Forest Products Holdings LLC | 2004 | $798.4M | 10,191 | - |
| Renewable Fibers, LLC | - | $240,000 | 5 | - |
| Callanan Industries | 1883 | $990,000 | 125 | - |
| Old Dominion Supply, Inc. | - | $11.0M | 50 | - |
| High Tec Industrial Services Inc | 1995 | $6.3M | 100 | - |
Coastal Chem history FAQs
Zippia gives an in-depth look into the details of Coastal Chem, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Coastal Chem. The employee data is based on information from people who have self-reported their past or current employments at Coastal Chem. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Coastal Chem. The data presented on this page does not represent the view of Coastal Chem and its employees or that of Zippia.
Coastal Chem may also be known as or be related to Coastal Chem, Coastal Chem, Inc., Coastal Chemical Co LLC and Coastal Chemical Co., LLC.