![]() ![]() With the end of World War I, company chairman Colonel Robert Stewart ’s top priority was to find a secure source of crude oil, to meet the rapidly expanding demand for gasoline and kerosene. The possibility of cheaper gasoline and a new line of petroleum-based products made the method attractive to other refiners, who licensed it, accounting for 34% of the company ’s total profits between 19. To get as much gasoline out of each barrel of crude as possible, Standard formulated the cracking process, that doubled the yield by separating the oil ’s molecules, by means of heat and pressure, into a dense liquid plus a lighter product that would boil in gasoline ’s range. Together with growing sales of road oil, asphalt, and other supporting products, the automotive industry provided one-third of all Standard (Indiana) business. Chicago ’s first service station opened in 1913, and by 1918, there were 451 altogether. Once independent, Standard (Indiana) began to cater to the burgeoning automobile market, opening a Minneapolis, Minnesota, service station in 1912. Gasoline sales had risen from 31.6 million gallons to 1.57 billion between 18. In 1911, after a court battle lasting almost three years, Standard Oil Company ( New Jersey) -the parent company to Standard (Indiana) and other Standard companies-was ordered to relinquish its supervision of its subsidiaries. Earnings rose from $605,781 in 1896 to a high of almost $4.2 million in 1899, but the company ’s competitive practices and its growing market share made it the target of government agencies. ![]() After competition began to grow, Standard (Indiana) fought back with strategically placed bulk storage stations and subsidiary companies in competitive areas that cut prices and drove competitors out. Other acquisitions followed by 1901 the company was marketing through its own organization in 11 states.Īt first Standard (Indiana) had few competitors in the petroleum-product market, and enjoyed about 88% of the business in kerosene and heavy fuel oil. The extra capital expanded Standard ’s sales territory, which was broadened even further when the property of Chester Oil Company of Minnesota was bought. Hanford Oil Company, an oil-marketing organization in Chicago. Standard (Indiana) used the extra cash to buy Standard Oil Company ( Minnesota) and Standard Oil Company (Illinois), formerly P.C. Standard Oil still owned about 54% of Standard (Indiana). The company ’s capitalization was now increased from $500,000 to $1 million, and divided into $100 shares. The functions of Standard Oil (Indiana) were then expanded to include marketing. After the Standard Oil Trust was liquidated in 1892 by order of the Ohio Supreme Court, the 20 companies under its jurisdiction reverted to their former status, and became subsidiaries of Standard Oil Company ( New Jersey). Standard (Indiana) had no direct marketing organization of its own. This terminal ’s placement gave the company exclusive use of the tracks, access to the West and the Southwest, and a direct route that eliminated the expense of switching tolls. Land transportation began on the refinery ’s grounds, at a railroad terminal belonging to the Chicago & Calumet Terminal Railroad, a company over which a Standard Oil interest had gained control. The oil itself flowed to Chicago and other midwestern cities via two pipes originating in Lima, Ohio. Though refining was its main activity, it also constructed oil barrels for transportation, and manufactured an oil-based product line consisting of axle grease, harness oil, paraffin wax for candles, and kerosene produced from the crude oil. The company was formed outside Whiting, Indiana, a location chosen by John Rockefeller ’s Standard Oil Trust as a refinery site close enough to sites in the growing midwestern market to keep freight costs low, yet far enough away to avoid disturbing residents.įrom the beginning, the Whiting facility was organized as a self-supporting entity, planning for long-term expansion. Other ventures involve hazardous waste incineration, medical diagnostic products, and lasers.Īmoco has been in business since 1889, though it was known as Standard Oil Company (Indiana) until its name was changed in 1985. Public Company Incorporated: 1889 as Standard Oil Company ( Indiana) Employees: 54,524 Sales: $31.58 billion Stock Exchanges: New York Midwest Pacific Toronto Basel Geneva Lausanne Z ürichĪmoco Corporation operates in more than 40 countries, in fields that include petroleum and natural gas exploration, manufacture, marketing and transportation, plus the manufacture and sales of polymers, fabrics, and fibers. 200 East Randolph Drive Chicago, Illinois 60601 U.S.A.
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