Iwas just surfing around reading news stories (orkut, gmail all blocked by bloody websense, wiki websense if you dont know what I mean), I am came across an interesting one.
'Exxon Mobil is suing Venezuela for violating its contract and due to that the courts have sealed about $12 billion of Venezuela Oils assets'
That made me thinking how much does these oil companies earn, esp Exxon Mobil. Last heard it was the biggest company in the world. Bigger than Pakistan's GDP also.
Therefore, I decided to see how much do they really earn. Exxon Mobil has a revenue of $440 billion (http://finance.google.com/finance?q=xom)
This made me curious about its origins (money really gets me excited), with considerable research (wiki wiki wiki) Exxon was formed with the combining of Esso, Enco and Hustle brands in USA.
Digging deeper i found out the Mother of all Oil Companies. To give you an idea, todays Exxon was just one part of it!!!
Established in 1870, Standard Oil as a major company trust and was one of the world's first and largest multinational corporation until it was dissolved by the US Supreme Court in 1911 under the monopolies act. It was dissolved in 34 parts.
Just take a look how did these parts fared, (courtsey wiki again)
- Standard Oil of New Jersey(SONJ) - or Esso (S.O. or Eastern States, Standard Oil) - renamed Exxon, now part of ExxonMobil. Standard Trust companies Carter Oil, Imperial Oil (Canada), and Standard of Louisiana were kept as part of Standard Oil of New Jersey after the breakup.
- Standard Oil of New York- merged with Vacuum - renamed Mobil, now part of ExxonMobil
- Standard Oil of California- or Socal - renamed , became Chevron.
- Standard Oil of Indiana - renamed Amco (American Oil Co.) - now part of BP.
- Standard's Atlantic and the independent company Richfield merged to form Atlantic Richfield, now part of BP. Atlantic operations were spun off and bought by
- Standard Oil of Kentucky - was acquired by Chevron.
- Continental Oil company - or Conoco now part of ConocoPhillips
- Standard Oil of New Jersey - now part of BP.
- The Ohio Oil Company - more commonly referred to as "The Ohio", and marketed gasoline under the Marathon name. The company is now known as Marathon Oil Company and was often a rival with the in-state Standard spinoff, Sohio.
Other Standard Oil spin-offs:
- Standard Oil of Iowa- pre-1911 - became Standard Oil of California.
- Standard Oil of Minnesota - pre-1911 - bought by Standard Oil of Indiana.
- Standard Oil of Illinois - pre-1911 - bought by Standard Oil of Indiana.
- Standard Oil of Kansas - refining only, eventually bought by Indiana Standard.
- Standard Oil of Missouri - pre-1911 - dissolved.
- Standard Oil of Louisiana- always owned by Standard Oil of New Jersey (now ExxonMobil).
- Standard Oil of Brazil - always owned by Standard Oil of New Jersey (now ExxonMobil).
Other companies divested in the 1911 breakup:
- Anglo-American Oil Co. - acquired by Jersey Standard in 1930, now Esso UK.
- Buckeye Pipeline Co.
- Borne-Scrymser Co. (chemicals)
- Chesebrough Manufacturing
- Colonial Oil.
- Crescent Pipeline Co.
- Cumberland Pipe Line Co.
- Eureka Pipe Line Co.
- Galena-Signal Oil Co.
- Indiana Pipe Line Co.
- National Transit Co.
- New York Transit Co.
- Northern Pipe Line Co.
- Prairie Oil & Gas.
- Solar Refining.
- Southern Pipe Line Co.
- South Penn Oil Co. - eventually became Pennezol, now part of Shell.
- Southwest Pennsylvania Pipe Line Co.
- Swan and Finch.
- Union Tank Lines.
- Washington Oil Co.
Enough Gyan for today.