Texaco, Inc. is an American oil subsidiary of Chevron Corporation. Its flagship product is its fuel "Texaco with Techron", it owns the Havoline motor oil brand. Texaco was an independent company until its refining operations merged into Chevron Corporation in 2001, at which time most of its station franchises were divested to the Shell Oil Company, it began as the Texas Fuel Company, founded in 1901 in Beaumont, Texas, by Joseph S. Cullinan, Thomas J. Donoghue, Walter Benona Sharp, Arnold Schlaet upon the discovery of oil at Spindletop; the Texas Fuel Company was not set up to produce crude oil. To accomplish this, Cullinan organized the Producers Oil Company in 1902 as a group of investors affiliated with The Texas Fuel Company. Men like John W. Gates invested in "certificates of interest" to an amount of ninety thousand dollars. Future restructuring would merge Producers Oil Company and The Texas Fuel Company as Texaco when the company needed additional funding which J. W. Gates provided in the amount of around $590,000.00 in return for company stock.
For many years, Texaco was the only company selling gasoline under the same brand name in all 50 US states, as well as Canada, making it the most national brand among its competitors. It was one of the Seven Sisters which dominated the global petroleum industry from the mid-1940s to the 1970s, its current logo features a white star in a red circle, leading to the long-running advertising jingles "You can trust your car to the man who wears the star" and "Star of the American Road." The company was headquartered in Harrison, New York, near White Plains, prior to the merger with Chevron. Texaco gasoline comes with Techron, an additive developed by Chevron, as of 2005, replacing the previous CleanSystem3; the Texaco brand is strong in the U. S. Latin America and West Africa, it has a presence in Europe as well. Texaco was founded in Beaumont, Texas as the Texas Fuel Company in 1902. In 1905, it established an operation in Antwerp, under the name Continental Petroleum Company, which it acquired control of in 1913.
The next year, Texaco moved to new offices in Houston on the corner of San Rusk. In 1928, Texaco became the first U. S. oil company to sell its gasoline nationwide under one single brand name in all 48 states. In 1931, Texaco purchased Indian Oil Company, based in Illinois; this expanded Texaco's refining and marketing base in the Midwest and gave Texaco the rights to Indian's Havoline motor oil, which became a Texaco product. The next year, Texaco introduced Fire Chief gasoline nationwide, a so-called "super-octane" motor fuel touted as meeting or exceeding government standards for gasoline for fire engines and other emergency vehicles, it was promoted through a radio program over NBC hosted by Ed Wynn, called the Texaco Fire Chief. In 1936, the Texas Corporation purchased the Barco oil concession in Colombia, formed a joint venture with Socony-Vacuum, now Mobil, to develop it. Over the next three years the company engaged in a challenging project to drill wells and build a pipeline to the coast across mountains and through uncharted swamps and jungles.
During this time, Texaco illegally supplied the fascist Gen. Franco faction in Spanish Civil War, despite a federal fine, with a total 3,500,000 barrels of oil. In 1936, marketing operations east of Suez were placed into a joint venture with Standard Oil Company of California – Socal under the brand name Caltex, in exchange for Socal placing its Bahrain refinery and Arabian oilfields into the venture; the next year, Texaco commissioned industrial designer Walter Dorwin Teague to develop a modern service station design. In 1938, Texaco introduced Sky Chief gasoline, a premium fuel developed from the ground up as a high-octane gasoline rather than just an ethylized regular product. In 1939, Texaco became one of the first oil companies to introduce a "Registered Rest Room" program to ensure that restroom facilities at all Texaco stations nationwide maintained a standard level of cleanliness to the motoring public. After the onset of World War II in 1939, Texaco's CEO, Torkild Rieber, an admirer of Hitler, hired pro-Nazi assistants who cabled Berlin "coded information about ships leaving New York for Britain and what their cargoes were."
This espionage enabled Hitler to destroy the ships. In 1940, Rieber was forced to resign when his connections with German Nazism, his illegal supply of oil to the fascist forces during the Spanish Civil War were made public by the Herald Tribune through information produced by British Security Coordination. Life Magazine portrayed Rieber's resignation as unfair, advocating that he only dined with Westrick, lent him a company car. During the war, Texaco ranked 93rd among United States corporations in the value of military production contracts. In 1947, Caltex expanded to include Texaco's European marketing operations; that same year, Texaco merged its British operation with Trinidad Leaseholds under the name Regent. In 1954, the company added the detergent additive Petrox to its "Sky Chief" gasoline, souped up with higher octane to meet the antiknock needs of new cars with high-compression engines; the next year, Texaco became the sole sponsor of The Huntley-Brinkley Report on NBC-TV. In 1959, the Texas Company changed its corporate name to Texaco, Inc. to better reflect the value of the Texaco brand name, which represented the biggest selling gasoline brand in the U.
S. and only marketer sel
Mellon Financial Corporation was one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds. On December 4, 2006 it announced a merger agreement with Bank of New York, to form The Bank of New York Mellon. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007. Mellon was founded in 1869 by Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon, as T. Mellon & Sons' Bank. In 1902, the institution became Mellon National Bank. Mellon Bank was an important force in the mass production revolution in the United States in the Midwest; the Mellon family using the bank as a proxy had direct involvement with founding the modern aluminium, consumer electronics and financial industries. Alcoa, Gulf Oil and Rockwell, all were directly founded and managed by the bank. U. S. Steel, General Motors and ExxonMobil were born and nurtured by Mellon.
In 1920 Andrew left his leadership post of the bank to become the longest serving U. S. Treasury Secretary in history. In 1929, Richard founded Mellbank Corporation. In 1946, Mellon National and the Union Trust Company merged to form Mellon National Bank and Trust Company. A reorganization in 1972 brought about a name change to Mellon Bank, N. A. and the formation of a holding company, Mellon National Corporation. In 1983, Mellon bought Girard Bank of Philadelphia and Central Counties Bank of State College, Pennsylvania; the next year, Mellon National Corporation became Mellon Bank Corporation, purchased Northwest Pennsylvania Corporation of Oil City, Pennsylvania. In 1986, Mellon bought Commonwealth National Financial of Pennsylvania, it is reported that Mellon operated the 2nd largest financial computing system in the world. In 1991, Mellon bought United Penn Bank of Pennsylvania; the next year, Mellon bought 54 branch offices of Philadelphia-based Philadelphia Savings Fund Society, whose parent company had become insolvent.
Philadelphia Savings Fund Society, was the first savings bank in the United States, founded in 1819. In 1993, Mellon bought The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation; the next year, Mellon merged with the Dreyfus Corporation, bringing its mutual funds under its umbrella. 1998 saw Mellon's purchase of United Bankshares, Inc. of Miami, 1st Business Bank of Los Angeles, Founders Asset Management. In 1999, Martin G. McGuinn became chairman and chief executive officer of Mellon Bank Corporation. Mellon Bank Corporation became Mellon Financial Corporation. Two years it sold its retail banking operations to Citizens Financial Group. In 2004, Mellon announced it would purchase Safeco Trust Company from Seattle-based Safeco Corporation; the same year, it purchased outstanding shares in London-based Pareto Partners and offered them floor space in Mellon Financial Centre. In 2006, Mellon announced its plans to merge with Bank of New York. Talks began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation.
The $16.5 billion deal was announced in December 2006 and finalized on July 1, 2007, with Kelly as the Chief Executive Officer of the new company, Renyi as Executive Chairman. Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, eight by Mellon; the merger was completed July 2007, as The Bank of New York Mellon. Headquartered in New York, it is the world's largest securities servicing firm and one of the world's top ten asset managing firms; the new venture launched its brand identity on October 1, 2007. These two companies, along with State Street, followed the same evolution. All were large diversified financial service providers in the corporate banking space in the regions they were located in; however competition in the corporate loans and retail banking businesses saw them jettison these operations in favor of what were believed to be more stable, fee based business: asset management and asset servicing. Mellon is a large provider of; these are checking accounts in specialized locations which are given early warning by the Federal Reserve as to what checks will be clearing them.
Companies can transfer the exact amount needed to pay those checks, while investing the unneeded money or using other funds to pay down debt. Robert E. Kelly February 13, 2006 – July 1, 2007 Martin G. McGuinn January 1, 1999 – February 13, 2006 Frank Cahouet April 13, 1987 – January 1, 1999 J. David Barnes March 1, 1981 – April 13, 1987 James H. Higgins August 1, 1974-March 1, 1981 John A. Mayer February 8, 1963 – August 1, 1974 Frank R. Denton 1946-February 8, 1963 www.bnymellon.com Mellon Financial Corporation.
Apple Inc. is an American multinational technology company headquartered in Cupertino, that designs and sells consumer electronics, computer software, online services. It is considered one of the Big Four of technology along with Amazon and Facebook; the company's hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatch, the Apple TV digital media player, the HomePod smart speaker. Apple's software includes the macOS and iOS operating systems, the iTunes media player, the Safari web browser, the iLife and iWork creativity and productivity suites, as well as professional applications like Final Cut Pro, Logic Pro, Xcode, its online services include the iTunes Store, the iOS App Store, Mac App Store, Apple Music, Apple TV+, iMessage, iCloud. Other services include Apple Store, Genius Bar, AppleCare, Apple Pay, Apple Pay Cash, Apple Card. Apple was founded by Steve Jobs, Steve Wozniak, Ronald Wayne in April 1976 to develop and sell Wozniak's Apple I personal computer, though Wayne sold his share back within 12 days.
It was incorporated as Apple Computer, Inc. in January 1977, sales of its computers, including the Apple II, grew quickly. Within a few years and Wozniak had hired a staff of computer designers and had a production line. Apple went public in 1980 to instant financial success. Over the next few years, Apple shipped new computers featuring innovative graphical user interfaces, such as the original Macintosh in 1984, Apple's marketing advertisements for its products received widespread critical acclaim. However, the high price of its products and limited application library caused problems, as did power struggles between executives. In 1985, Wozniak departed Apple amicably and remained an honorary employee, while Jobs and others resigned to found NeXT; as the market for personal computers expanded and evolved through the 1990s, Apple lost market share to the lower-priced duopoly of Microsoft Windows on Intel PC clones. The board recruited CEO Gil Amelio to what would be a 500-day charge for him to rehabilitate the financially troubled company—reshaping it with layoffs, executive restructuring, product focus.
In 1997, he led Apple to buy NeXT, solving the failed operating system strategy and bringing Jobs back. Jobs pensively regained leadership status, becoming CEO in 2000. Apple swiftly returned to profitability under the revitalizing Think different campaign, as he rebuilt Apple's status by launching the iMac in 1998, opening the retail chain of Apple Stores in 2001, acquiring numerous companies to broaden the software portfolio. In January 2007, Jobs renamed the company Apple Inc. reflecting its shifted focus toward consumer electronics, launched the iPhone to great critical acclaim and financial success. In August 2011, Jobs resigned as CEO due to health complications, Tim Cook became the new CEO. Two months Jobs died, marking the end of an era for the company. Apple is well known for its size and revenues, its worldwide annual revenue totaled $265 billion for the 2018 fiscal year. Apple is the world's largest information technology company by revenue and the world's third-largest mobile phone manufacturer after Samsung and Huawei.
In August 2018, Apple became the first public U. S. company to be valued at over $1 trillion. The company employs 123,000 full-time employees and maintains 504 retail stores in 24 countries as of 2018, it operates the iTunes Store, the world's largest music retailer. As of January 2018, more than 1.3 billion Apple products are in use worldwide. The company has a high level of brand loyalty and is ranked as the world's most valuable brand. However, Apple receives significant criticism regarding the labor practices of its contractors, its environmental practices and unethical business practices, including anti-competitive behavior, as well as the origins of source materials. Apple Computer Company was founded on April 1, 1976, by Steve Jobs, Steve Wozniak, Ronald Wayne; the company's first product is the Apple I, a computer designed and hand-built by Wozniak, first shown to the public at the Homebrew Computer Club. Apple I was sold as a motherboard —a base kit concept which would now not be marketed as a complete personal computer.
The Apple I went on sale in July 1976 and was market-priced at $666.66. Apple Computer, Inc. was incorporated on January 3, 1977, without Wayne, who had left and sold his share of the company back to Jobs and Wozniak for $800 only twelve days after having co-founded Apple. Multimillionaire Mike Markkula provided essential business expertise and funding of $250,000 during the incorporation of Apple. During the first five years of operations revenues grew exponentially, doubling about every four months. Between September 1977 and September 1980, yearly sales grew from $775,000 to $118 million, an average annual growth rate of 533%; the Apple II invented by Wozniak, was introduced on April 16, 1977, at the first West Coast Computer Faire. It differs from its major rivals, the TRS-80 and Commodore PET, because of its character cell-based color graphics and open architecture. While early Apple II models use ordinary cassette tapes as storage devices, they were superseded by the introduction of a 5 1⁄4-inch floppy disk drive and interface called the Disk II.
The Apple II was chosen to be the desktop platform for the first "killer app" of the business world: VisiCalc, a spreadsheet program. VisiCalc created a business market for the Apple II and gave home users an additional reason to buy an Apple II: compatibility with the office. Before VisiCalc, Apple had been a distant third place c
Amazon.com, Inc. is an American multinational technology company based in Seattle, Washington that focuses in e-commerce, cloud computing, artificial intelligence. Amazon is the largest e-commerce marketplace and cloud computing platform in the world as measured by revenue and market capitalization. Amazon.com was founded by Jeff Bezos on July 5, 1994, started as an online bookstore but diversified to sell video downloads/streaming, MP3 downloads/streaming, audiobook downloads/streaming, video games, apparel, food and jewelry. The company owns a publishing arm, Amazon Publishing, a film and television studio, Amazon Studios, produces consumer electronics lines including Kindle e-readers, Fire tablets, Fire TV, Echo devices, is the world's largest provider of cloud infrastructure services through its AWS subsidiary. Amazon has separate retail websites for some countries and offers international shipping of some of its products to certain other countries. 100 million people subscribe to Amazon Prime.
Amazon is the largest Internet company by revenue in the world and the second largest employer in the United States. In 2015, Amazon surpassed Walmart as the most valuable retailer in the United States by market capitalization. In 2017, Amazon acquired Whole Foods Market for $13.4 billion, which vastly increased Amazon's presence as a brick-and-mortar retailer. The acquisition was interpreted by some as a direct attempt to challenge Walmart's traditional retail stores. In 1994, Jeff Bezos incorporated Amazon. In May 1997, the organization went public; the company began selling music and videos in 1998, at which time it began operations internationally by acquiring online sellers of books in United Kingdom and Germany. The following year, the organization sold video games, consumer electronics, home-improvement items, software and toys in addition to other items. In 2002, the corporation started Amazon Web Services, which provided data on Web site popularity, Internet traffic patterns and other statistics for marketers and developers.
In 2006, the organization grew its AWS portfolio when Elastic Compute Cloud, which rents computer processing power as well as Simple Storage Service, that rents data storage via the Internet, were made available. That same year, the company started Fulfillment by Amazon which managed the inventory of individuals and small companies selling their belongings through the company internet site. In 2012, Amazon bought Kiva Systems to automate its inventory-management business, purchasing Whole Foods Market supermarket chain five years in 2017; as of March 2019, the board of directors is: Jeff Bezos, President, CEO, Chairman Tom Alberg, Managing partner, Madrona Venture Group Rosalind Brewer, Group President, COO, Starbucks Jamie Gorelick, Wilmer Cutler Pickering Hale, Dorr Daniel P. Huttenlocher and Vice Provost, Cornell University Judy McGrath, former CEO, MTV Networks Indra Nooyi, former CEO, PepsiCo Jon Rubinstein, former Chairman, CEO, Inc. Thomas O. Ryder, former Chairman, CEO, Reader's Digest Association Patty Stonesifer, CEO, Martha's Table Wendell P. Weeks, President, CEO, Corning Inc.
In 2000, U. S. toy retailer Toys "R" Us entered into a 10-year agreement with Amazon, valued at $50 million per year plus a cut of sales, under which Toys "R" Us would be the exclusive supplier of toys and baby products on the service, the chain's website would redirect to Amazon's Toys & Games category. In 2004, Toys "R" Us sued Amazon, claiming that because of a perceived lack of variety in Toys "R" Us stock, Amazon had knowingly allowed third-party sellers to offer items on the service in categories that Toys "R" Us had been granted exclusivity. In 2006, a court ruled in favor of Toys "R" Us, giving it the right to unwind its agreement with Amazon and establish its own independent e-commerce website; the company was awarded $51 million in damages. In 2001, Amazon entered into a similar agreement with Borders Group, under which Amazon would co-manage Borders.com as a co-branded service, Borders pulled out of the arrangement in 2007, with plans to launch its own online store. On October 18, 2011, Amazon.com announced a partnership with DC Comics for the exclusive digital rights to many popular comics, including Superman, Green Lantern, The Sandman, Watchmen.
The partnership has caused well-known bookstores like Barnes & Noble to remove these titles from their shelves. In November 2013, Amazon announced a partnership with the United States Postal Service to begin delivering orders on Sundays; the service, included in Amazon's standard shipping rates, initiated in metropolitan areas of Los Angeles and New York because of the high-volume and inability to deliver in a timely way, with plans to expand into Dallas, New Orleans and Phoenix by 2014. In June 2017, Nike confirmed a "pilot" partnership with Amazon to sell goods directly on the platform; as of October 11, 2017, AmazonFresh sells a range of Booths branded products for home delivery in selected areas. In September 2017, Amazon ventured with one of its sellers JV Appario Retail owned by Patni Group which has recorded a total income of US$ 104.44 million in financial year 2017–18. In November 2018, Amazon reached an agreement with Apple Inc. to sell selected products through the service, via the company and selected Apple Authorized Resellers.
As a result of this partnership, only Apple Authorized Resellers may sell Apple products on Amazon effective January 4, 2019. Amazon.com's product lines available at its website include several media, baby products, consumer electronics, beauty products, gourmet food, groceries and perso
Harris, Forbes & Co.
Harris, Forbes & Co. was an investment banking affiliate of Harris Bank incorporated in 1911. Harris, Forbes. Just two years in 1932, the firm was dissolved after the passage of the Glass–Steagall Act in 1932. Chase transferred what remained of its securities business to the Bank of Boston's newly formed First Boston Corporation, buttressing that firm's early municipal bond department; the firm traces its origins to the founding of N. W. Harris & Co. in 1882 by Norman Wait Harris. This firm, which specialized in the underwriting of municipal bonds, was one of the early pioneers in the investment banking outside of New York. In 1907, Harris formed folded in the investment banking business. Harris Forbes incorporated in 1911. Wetmore Halsey a founder of Halsey, Stuart & Co. was a partner in Harris, Forbes. A 1929 profile in Time Magazine offered this summary of the firm's history: Harris, Forbes & Co. began in 1882 as N. W. Harris & Co. At that time Founder Norman Wait Harris had an office on Chicago's Clark Street, three employes and $30,000.
But he had two ideas. First idea was to send salesmen out to sell bonds. In 1882 such procedure was regarded as undignified, but Mr. Harris knew that he, new, would never prosper by waiting for investors to call upon him, so he rang the doorbells, sold the bonds, became ancestor of all bond salesmen since. Second idea was to specialize in municipal bonds. In 1867 Mr. Harris had traveled through the south and west, had seen countless small but growing towns and cities. Farsighted, he looked ahead, saw the school houses, water works, bridges, sewage plants and other public works of the future... It is said that every U. S. city with a population of more than 100,000 has put up part of its public buildings with bonds marketed through Harris, Forbes & Co. As a logical development of its municipal business, the company has in more recent years become equally outstanding in the field of public utility finance. Harris, Hall & Co. Harris Bank
Silicon Graphics, Inc. was an American high-performance computing manufacturer, producing computer hardware and software. Founded in Mountain View, California in November 1981 by Jim Clark, its initial market was 3D graphics computer workstations, but its products and market positions developed over time. Early systems were based on the Geometry Engine that Clark and Marc Hannah had developed at Stanford University, were derived from Clark's broader background in computer graphics; the Geometry Engine was the first very-large-scale integration implementation of a geometry pipeline, specialized hardware that accelerated the "inner-loop" geometric computations needed to display three-dimensional images. For much of its history, the company focused on 3D imaging and was a major supplier of both hardware and software in this market. Silicon Graphics reincorporated as a Delaware corporation in January 1990. Through the mid to late-1990s, the improving performance of commodity Wintel machines began to erode SGI's stronghold in the 3D market.
The porting of Maya to other platforms is a major event in this process. SGI made several attempts to address this, including a disastrous move from their existing MIPS platforms to the Intel Itanium, as well as introducing their own Linux-based Intel IA-32 based workstations and servers that failed in the market. In the mid-2000s the company repositioned itself as a supercomputer vendor, a move that failed. On April 1, 2009, SGI filed for Chapter 11 bankruptcy protection and announced that it would sell all of its assets to Rackable Systems, a deal finalized on May 11, 2009, with Rackable assuming the name Silicon Graphics International; the remains of Silicon Graphics, Inc. became Graphics Properties Holdings, Inc. James H. Clark left his position as an electrical engineering associate professor at Stanford University to found SGI in 1982 along with a group of seven graduate students and research staff from Stanford: Kurt Akeley, David J. Brown, Tom Davis, Rocky Rhodes, Marc Hannah, Herb Kuta, Mark Grossman.
Ed McCracken was CEO of Silicon Graphics from 1984 to 1997. During those years, SGI grew from annual revenues of $5.4 million to $3.7 billion. The addition of 3D graphic capabilities to PCs, the ability of clusters of Linux- and BSD-based PCs to take on many of the tasks of larger SGI servers, ate into SGI's core markets; the porting of Maya to Linux, Mac OS X and Microsoft Windows further eroded the low end of SGI's product line. In response to challenges faced in the marketplace and a falling share price Ed McCracken was fired and SGI brought in Richard Belluzzo to replace him. Under Belluzzo's leadership a number of initiatives were taken which are considered to have accelerated the corporate decline. One such initiative was trying to sell workstations running Windows NT called Visual Workstations instead of just ones which ran IRIX, the company's version of UNIX; this put the company in more direct competition with the likes of Dell, making it more difficult to justify a price premium. The product line abandoned a few years later.
SGI's premature announcement of its migration from MIPS to Itanium and its abortive ventures into IA-32 architecture systems damaged SGI's credibility in the market. In 1999, in an attempt to clarify their current market position as more than a graphics company, Silicon Graphics Inc. changed its corporate identity to "SGI", although its legal name was unchanged. At the same time, SGI announced a new logo consisting of only the letters "sgi" in a proprietary font called "SGI", created by branding and design consulting firm Landor Associates, in collaboration with designer Joe Stitzlein. SGI continued to use the "Silicon Graphics" name for its workstation product line, re-adopted the cube logo for some workstation models. In November 2005, SGI announced that it had been delisted from the New York Stock Exchange because its common stock had fallen below the minimum share price for listing on the exchange. SGI's market capitalization dwindled from a peak of over seven billion dollars in 1995 to just $120 million at the time of delisting.
In February 2006, SGI noted. In mid-2005, SGI hired Alix Partners to advise it on returning to profitability and received a new line of credit. SGI announced it was postponing its scheduled annual December stockholders meeting until March 2006, it proposed a reverse stock split to deal with the de-listing from the New York Stock Exchange. In January 2006, SGI hired Dennis McKenna as its new chairman of the board of directors. Mr. McKenna succeeded Robert Bishop. On May 8, 2006, SGI announced that it had filed for Chapter 11 bankruptcy protection for itself and U. S. subsidiaries as part of a plan to reduce debt by $250 million. Two days the U. S. Bankruptcy Court approved its first day motions and its use of a $70 million financing facility provided by a group of its bondholders. Foreign subsidiaries were unaffected. On September 6, 2006, SGI announced the end of development for the MIPS/IRIX line and the IRIX operating system. Production would end on December 29 and the last orders would be fulfilled by March 2007.
Support for these products would end after December 2013. SGI emerged from bankruptcy protection on October 17, 2006, its stock symbol at that point, SGID.pk, was canceled, new stock was issued on the NASDAQ exchange under the symbol SGIC. This new stock was distributed to the company's creditors, the SGID common stockh
Gulf Oil was a major global oil company from 1901 until March 15, 1985. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called 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. Gulf's former headquarters referred to as "the Gulf Building", is an Art Deco skyscraper; the tallest building in Pittsburgh until 1970, when it was eclipsed by the U. S. Steel Tower, it is capped by a step pyramid structure several stories high; until the late 1970s, the entire top was illuminated, changing color with changes in barometric pressure to provide a weather indicator that could be seen for many miles. Gulf Oil Corporation ceased to exist as an independent company in 1985, when it merged with Standard Oil of California, 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, 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 and agencies. Gulf, in its present incarnation, is a "new economy" business, it employs few people directly and its assets are in the form of intellectual property: brands, product specifications and scientific expertise. The rights to the brand in the United States are owned by Gulf Oil Limited Partnership, which operates over 2,100 service stations and several petroleum terminals; the corporate vehicle at the center of the Gulf network outside the United States and Portugal is Gulf Oil International, a company owned by the Hinduja Group. The company's focus is in the provision of downstream products and services to a mass market through joint ventures, strategic alliances, licensing agreements, distribution arrangement. In Spain and Portugal, the Gulf brand is now owned by Total S.
A.. 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 the development of a modern refinery at nearby Port Arthur to process the oil; the largest investor was William Larimer Mellon of the Pittsburgh Mellon banking family. Other investors included many of Mellon's Pennsylvania clients as well as some Texas wildcatters. Mellon Bank and Gulf Oil remained associated thereafter; the Gulf Oil Corporation itself was formed in 1907 through the amalgamation of a number of oil businesses, principally the J. M. Guffey Petroleum and Gulf Refining companies of Texas; the name of the company refers to the Gulf of Mexico. Output from Spindletop peaked at around 100,000 barrels per day just after it was discovered and started to decline. Discoveries made 1927 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 Glenn Pool pipeline connecting oilfields in Oklahoma with Gulf's refinery at Port Arthur. The pipeline opened in September 1907. Gulf built a network of pipelines and refineries in 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 gasoline in containers and from pumps marked with a distinctive orange disc logo. A customer buying Gulf-branded gasoline could be assured of its quality and consistent standard.. Gulf Oil grew in the inter-war years, with its activities confined to the United States; the company was characterized by its vertically integrated business activities, was active across the whole spectrum of the oil industry: exploration, transport and marketing. It involved itself in associated industries such as petrochemicals and automobile component manufacturing.
It introduced significant commercial and technical innovations, including the first drive-in service station, complimentary road maps, drilling over water at Ferry Lake, the catalytic cracking refining process. Gulf established the model for the integrated, international "oil major", which refers to one of a group of large companies that assumed influential and sensitive positions in the countries in which they operated. In 1924 had acquired the Venezuelan-American Creole Syndicate's leases in the strip of shallow water 1.5 kilometres 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 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. Gulf had extensive exploration and production operations in the Gulf of Mexico and Kuwait.
The company played a major role in the early development of oil production in Kuwait, through the 1950s and'60s enjoyed a "special relationsh