Richfield Oil Corporation

Richfield Oil Corporation was an American petroleum company based in California from 1905 to 1966. In 1966 it merged with Atlantic Refining Company to form the Atlantic Richfield Company (also known as ARCO).

A Richfield service station located on a Phoenix Arizona street, July 1939

History

The Richfield Oil Corporation was founded in 1905[1] and opened its first automotive service station in Los Angeles in 1917.[2] After quick expansion, Richfield Oil Corp fell to the Great Depression and went into receivership in 1931.[3][4]

Cities Service Company (now known as Citgo) offered one share of stock for every four Richfield's[5] and acquired a majority of the stock.

Consolidated Oil Corporation (in 1943 renamed Sinclair Oil Corp), in 1932, offered to buy Richfield Oil.[6] While this offer was not accepted, Harry Sinclair president of Consolidated Oil continued to pursue Richfield Oil[7] and prevented Standard Oil of California (now known as Chevron) from taking over the company.

Consolidated Oil Corp, in 1935, bought Richfield's eastern United States operations. This maneuver removed Standard Oil of California's interest in Richfield Oil. The east coast gas stations would later be rebranded as Sinclair stations.

Richfield Oil Corp emerged from receivership in 1936 after Rio Grande controlled by Consolidated Oil Corp and Cities Service Company agreed to a merger between Richfield Oil and Rio Grande.[8]

Two Richfield Oil tanks were bombarded by the Japanese on February 23, 1942 in an attack on the Ellwood oil field, which is west of the city of Santa Barbara in California. This attack by the Japanese submarine I-17 was the first attack on the United States mainland since the War of 1812.

Richfield Oil sponsored Disneyland's model freeway Autopia from 1955 to 1970.[9]

The company merged with Atlantic Refining to form Atlantic Richfield Corp, also known as ARCO in 1966. ARCO in turn was purchased by BP p.l.c. in 2000.[10]

Landmarks

The construction of the Richfield Tower in Los Angeles. This 12 story black and gold Art Deco building was completed in 1929. This building served as Richfield's headquarters for many years. It was demolished in 1968.

Opening of the California Carson Oil Refinery in 1938.[11]

The Richfield Oil Corp was the first to discover commercial quantities of oil in the state of Alaska. This occurred in 1957 on the Kenai Peninsula.[12][13] Richfield's success at Kenai helped push their leasing tracks at Prudhoe Bay, which ARCO would later take advantage of.

Merger with Atlantic Refining Company

Atlantic Refining Company found itself needing more oil reserves and production. It first merged in 1962 with Hondo Oil & Gas Company. Later, with Hondo Oil & Gas's ex-president Robert O. Anderson now running the Atlantic Refining Company, further expansion was seen as needed. On a fishing trip, as Chairman of the Atlantic Refining Company, Robert O. Anderson arranged a merger with Chairman of Richfield Oil Corp Charles S. Jones.[14] The merger to form Atlantic Richfield Company ARCO was completed in 1966.[15]

Trademarks

Symbols and Colors

Richfield used both a realistic drawing and a stylized eagle as its symbol. This was often done in blue and yellow since blue and yellow were used as corporate colors.

References

  1. ↑ "History of ARCO/ampm". BP. Retrieved 8 January 2012.
  2. ↑ "Oil". Retrieved 8 January 2012.
  3. ↑ "Business: Deals & Developments". Time. Feb 9, 1931. Retrieved 9 August 2011.
  4. ↑ Thompson, Eric. "A Brief History Of Major Oil Companies In The Gulf Region". Retrieved 8 January 2012.
  5. ↑ "Business: Deals & Developments". Time. Feb 9, 1931. Retrieved 9 August 2011.
  6. ↑ "Business: Richfield Wanted". Time. Aug 8, 1932. Retrieved 9 August 2011.
  7. ↑ "Business & Finance: Two after Richfield". Time. Nov 21, 1932. Retrieved 9 August 2011.
  8. ↑ "Business: Richfield & Sinclair". Time. Dec 12, 1936. Retrieved 9 August 2011.
  9. ↑ "Yesterland: Richfield Oil at Disneyland". Retrieved 8 January 2012.
  10. ↑ "Mergers and acquisitions - ARCO" (Acrobat pdf). BP. Apr 1999. p. 17. Retrieved 9 January 2012.
  11. ↑ "History of California Oil Refineries". The California Energy Commission. Retrieved 4 August 2011.
  12. ↑ "Time Clock, Aug. 5, 1957". Time. Aug 5, 1957. Retrieved 9 January 2012.
  13. ↑ Fairbanks Daily News Miner (Sep 9, 1999). "Oil competition has helped the state". Juneau Empire. Retrieved 9 August 2011.
  14. ↑ "Oil: Frosting from the Frozen North". Time. Aug 9, 1968. Retrieved 9 August 2011.
  15. ↑ Jones, Charles (1972). From the Rio Grande to the Arctic: The Story of the Richfield Oil Corporation. Norman OK: University of Oklahoma Press. p. 364. ISBN 978-0806109763.

External links

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