Richfield Oil Corporation
| Industry | Petroleum |
|---|---|
| Founded | 1911 |
| Defunct | 1966 |
| Fate | Merged with Atlantic Refining Company to form Atlantic Richfield Company (ARCO) |
| Headquarters | Los Angeles , United States |
Area served | United States |
Key people | Charles S. Jones (Chairman), William C. McDuffie (Receiver) |
| Products | Petroleum products, automotive fuel |
Richfield Oil Corporation operated as a petroleum enterprise headquartered in California from its inception in 1911 until 1966. That year, it combined forces with Atlantic Refining Company to create the Atlantic Richfield Company, later known as ARCO.
History
Established in 1911, Richfield launched its inaugural automotive service station in Los Angeles by 1917. Following its incorporation in 1928, Pacific Western Oil Corporation, which succeeded Petroleum Securities Co., became the supplier of crude oil to Richfield.
The company's corporate offices were housed in the 12-story black-and-gold Art Deco Richfield Tower located in Los Angeles, constructed in 1929 and standing until its demolition in 1968.
Despite experiencing swift expansion, Richfield entered receivership amid the Great Depression in 1931. William C. McDuffie, who also served as president of Pacific Western Oil, was appointed as receiver. Subsequently, Cities Service Company—now known as Citgo—secured majority ownership of Richfield by exchanging stock shares.
In 1932, an acquisition attempt by Consolidated Oil Corporation (which later became Sinclair Oil Corporation) was unsuccessful. Sinclair persisted in its efforts to acquire Richfield, effectively preventing Standard Oil of California (Chevron) from gaining control. By 1935, Consolidated Oil acquired Richfield’s operations on the eastern seaboard, which were eventually rebranded under the Sinclair name.
Richfield exited receivership in 1936 following a merger with Rio Grande, a company jointly managed by Consolidated Oil and Cities Service Company.
The company inaugurated the Carson Refinery in 1938. During World War II, two storage tanks owned by Richfield at the Ellwood oil field near Santa Barbara were targeted by the Japanese submarine I-17, marking the first assault on continental U.S. soil during the conflict.
From 1955 through 1970, Richfield sponsored Disneyland's model freeway attraction known as Autopia.
In 1966, Richfield merged with Atlantic Refining to establish Atlantic Richfield Corp (ARCO). After divesting Atlantic Refining to Sonoco, ARCO was ultimately acquired by BP plc in the year 2000.
Richfield achieved a significant milestone by being the pioneer in discovering commercially viable oil reserves in Alaska in 1957 on the Kenai Peninsula. This breakthrough enabled substantial leasing activities at Prudhoe Bay, which greatly benefited ARCO after the merger.
Merger with Atlantic Refining Company
In pursuit of expanding oil production capabilities, Atlantic Refining Company merged with Hondo Oil & Gas Company in 1962. Under the leadership of former Hondo president Robert O. Anderson, the consolidated entities sought further mergers. During a fishing excursion with Richfield Oil’s Chairman Charles S. Jones, Anderson negotiated a merger agreement that resulted in forming the Atlantic Richfield Company. Finalized in 1966, this union established ARCO as a prominent entity within the petroleum industry.
Company histories
Charles S. Jones. From the Rio Grande to the Arctic: The Story of the Richfield Oil Corporation. University of Oklahoma Press, 1972.
External links
- Oil Company Histories
- Atlantic Richfield Company, Funding Universe retrieved 8/4/2011
- Articles with short description
- Defunct oil companies of the United States
- Automotive fuel retailers
- Petroleum in California
- ARCO
- Companies based in Los Angeles County, California
- Defunct companies based in Greater Los Angeles
- Non-renewable resource companies established in 1905
- Non-renewable resource companies disestablished in 1966
- 1905 establishments in California
- 1966 disestablishments in California