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Richfield Oil Corporation
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Richfield Oil Corporation
Richfield Oil Corporation was an American petroleum company based in California from 1911 to 1966. In 1966, it merged with Atlantic Refining Company to form the Atlantic Richfield Company (later renamed ARCO).
The Richfield Oil Corporation was founded in 1911, and opened its first automotive service station in Los Angeles in 1917. Pacific Western Oil Corporation was successor to Petroleum Securities Co. and, when incorporated in 1928, continued Petroleum Securities Company's existing contract to supply crude oil to Richfield.
The 12-story black and gold Art Deco style Richfield Tower in Los Angeles, constructed in 1929, served as the corporate headquarters until its demolition in 1968.
After quick expansion, Richfield Oil Corp fell to the Great Depression and went into receivership in 1931. William C. McDuffie, recently elected president, who was also president of Pacific Western Oil, was appointed receiver on January 15, 1931 on complaint from Republic Supply Co. which owned $275,000 of the bonds.
Cities Service Company (now Citgo) offered one share of stock for every four of Richfield's and acquired a majority of the stock.
In 1932, Consolidated Oil Corporation (who was subsequently renamed Sinclair Oil Corporation), in 1932, offered to buy Richfield Oil. While this offer was not accepted, Harry Ford Sinclair, president of Consolidated Oil, continued to pursue Richfield Oil which prevented Standard Oil of California (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, which was controlled jointly by Consolidated Oil Corp (Sinclair) and Cities Service Company (Citgo), agreed to merge with Richfield.
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Richfield Oil Corporation
Richfield Oil Corporation was an American petroleum company based in California from 1911 to 1966. In 1966, it merged with Atlantic Refining Company to form the Atlantic Richfield Company (later renamed ARCO).
The Richfield Oil Corporation was founded in 1911, and opened its first automotive service station in Los Angeles in 1917. Pacific Western Oil Corporation was successor to Petroleum Securities Co. and, when incorporated in 1928, continued Petroleum Securities Company's existing contract to supply crude oil to Richfield.
The 12-story black and gold Art Deco style Richfield Tower in Los Angeles, constructed in 1929, served as the corporate headquarters until its demolition in 1968.
After quick expansion, Richfield Oil Corp fell to the Great Depression and went into receivership in 1931. William C. McDuffie, recently elected president, who was also president of Pacific Western Oil, was appointed receiver on January 15, 1931 on complaint from Republic Supply Co. which owned $275,000 of the bonds.
Cities Service Company (now Citgo) offered one share of stock for every four of Richfield's and acquired a majority of the stock.
In 1932, Consolidated Oil Corporation (who was subsequently renamed Sinclair Oil Corporation), in 1932, offered to buy Richfield Oil. While this offer was not accepted, Harry Ford Sinclair, president of Consolidated Oil, continued to pursue Richfield Oil which prevented Standard Oil of California (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, which was controlled jointly by Consolidated Oil Corp (Sinclair) and Cities Service Company (Citgo), agreed to merge with Richfield.