Technology And Innovation

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Technology And Innovation – Exxon Co. A Case Study Essay, Research Paper I. EXXON CORPORATE HISTORY + 1870 – Standard Oil Company formed John D. Rockefeller first entered the oil business in 1863. Seven years later, he and others formed the first Standard Oil Company in Ohio. The “Standard” name was chosen to indicate high, uniform quality. The company was the largest refiner and marketer of kerosene in Cleveland. + 1882 – Standard Oil Trust formed Early in 1882, the Standard Oil Trust was formed under the leadership of John D. Rockefeller. The Trust organized the interests of 40 separate petroleum companies into one orderly system. + August 5, 1882 – Standard Oil Company of New Jersey incorporated The company’s principal facility was the Bayonne refinery, which

could process 2,000 barrels of oil per day. Initial capitalization was $3 million. + 1888 – Anglo-American Oil Company organized 1890 – Interest acquired in Deutsch-Amerikanische Petroleum – Gesellschaft, Germany Anglo-American was Standard’s first international venture, formed to market products, principally kerosene, in England. Two years later a 40 percent interest was acquired in DAPG, a new German company. Marketing expansion proceeded rapidly to many other countries around the world. + 1892 – Standard Oil Trust dissolved Standard Oil Interests formed The new group consisted of twenty holding/operating companies, including Jersey Standard. In 1899, Jersey became the holding company for all, with Rockefeller as President. The organization had by then expanded into

an industrial consortium of more than 70 companies. + 1898 – Imperial interest acquired 1904 – First foreign oil production When Imperial needed financing to expand in Canada, Anglo-American purchased a majority interest. Six years later Jersey organized its first affiliate for foreign oil production, in Rumania. + 1906 – U.S. Government files anti-trust suit 1911 – U.S. Court orders break-up The court divided Jersey standard into 34 unrelated companies, seven of which kept “Standard Oil” in their name. Jersey was left with 43% of its original assets, mostly refining and marketing operations, but little production or access to former research and technical activities. + 1914 – Peru operations begin 1919 – 50% of Humble Oil & Refining Company purchased After

the dissolution, Jersey needed production, which led to expansion into new countries and areas. Humble in 1919 established the first broadly-based research and development department in the oil industry. + 1921 – Venezuela operations begin 1928 – Purchase of Creole Petroleum Initial operations in Venezuela were greatly expanded with the purchase of Creole Petroleum’s holdings in that country. + 1934 – Standard-Vacuum Oil Co. formed The new company was formed by merging the Far Eastern affiliates of Jersey and Socony-Vacuum. + 1959 – Domestic decentralization 1966 – Foreign decentralization Rapid growth for many years resulted in an organization too large and complex for central management. Beginning in 1959, Jersey’s major U.S. affiliates were consolidated into

wholly-owned Humble Oil & Refining Company. Efficiency was greatly increased, and Humble became the largest U.S. producer, transported, and marketer. Foreign decentralization began in 1966, by establishing four regional organizations to coordinate the work of affiliate companies in each area. Creole, Imperial, and Humble were left as separate regions. + 1972 – Exxon Corporation name adopted 1975 – Venezuelan assets nationalized The name change was needed so that the company could operate in the U.S. under a single nationwide trademark, instead of regional brands. When Venezuela nationalized the assets of Creole Petroleum and other affiliates in 1975, the action duplicated the seizures by Bolivia in 1937, Mexico in 1938, Iran in 1951, Peru in 1968, and Iraq in two stages,