Document xj28rN9oNNpqrX4bqB2gXqqgy

STANDARD OIL COMPANY CAPITAL STRUCTURE LONG TERM DEBT Issue 1. Debenture 2%s, 1971 . 2. Debenture 23,,is, 1974 . 3. 2% notes due 1979 __ 4. Subsidiary debt_____ CAPITAL STOCK Issue 1. Ca_pital stock Rating Aaa Aaa Par Value $7 (A New Jersey Corporation) Amount Outstanding S6o.0U0.U00l 15O.00U.000l 75.0U0.000f 481.032.167J Times Charges Earned 1959 1958" 22.65 24.36 Amount Earned per Sh. Outstanding 1959 1958 E216.532.661 shs. 82.91 52.62 Interest Dates rM&N15 J&J1S *CaH Price 100% 0102 Divs. per Sh. 1959 1958 $2.25 $2.25 Call Price -- Price Range 1959 1932-59 84>s-78'/, S933,j-7SVi 863,-80'a 1 033,-80 v E............ Price Range 1959 1932-59 59U-45% T68`i-45?& ESubject to change: see text. TBaseci on average no. of shares outstanding: 1959, S2.93; 1958, S2.72. SRange since 1946. TPlaeed pri vately. Range since 1949. aRange since 3-or-l split in 1956; range from 2-for-l split in 1951 and to the 3-tor-l split in 1956, 169-58%; from 1932 and to the split in 19~51, 12%-1S%. f@As of Mar. 15, 1960, including reacquired shares. HISTORY Incorporated in New Jersey, Aug. 5, 1882, as Standard Oil Company of New Jersey by the trustees of the Standard Oil Trust to acquire from the trustees in exchange for stock the property of The Standard Oil Co. (Ohio). In March, 1892, in exchange for additional stock acquired from the trustees of the Standard Oil Trust the stocks of other companies and properties of other companies which had pre viously been held by the trustees. (Standard Oil Trust was thereupon dissolved). On March 19, 1892, name of the company was changed to Standard Oil Company. In May. 1911, the United States Supreme Court sustained a lower court decision that the company was a combination in violation of the Sherman Anti-Trust Law. In accordance with a dissolution decree the company, in December, 1911. and in January. 1912, distrib uted pro rata among stockholders its shares in the 33 companies listed below. Anglo-American Oil Co. Ltd. Atlantic Refining Co. Borne-Scrymser Co. Buckeye Pipe Line Co. Chesebrough Manufacturing Co. Colonial Oil Co. Continental Oil Co. Crescent Pipe Line Co. Cumberland Pipe Line Co. Eureka Pipe Line Co. Galena-Signal Oil Co. Indiana Pipe Line Co. National Transit Co. New York Transit Co. Northern Pipe Line Co. The Ohio Oil Co, Prairie Oil & Gas Co. Solar Refining Co. South Penn Oil Co. Southern Pipe Line Co. South West Penna. Pipe Lines Standard Oil Co. (California" Standard Oil Co. (Indiana) Standard Oil Co. (Kentucky) Standard Oil Co. (Nebraska) Standard Oil Co. (New York) Standard Oil Co. (Ohio) Standard Oil Co. (Kansas) On April 30, 1932, entered into a contract with Standard Oil Co. (Indiana) to purchase from the latter 971,897 shares of Class "A" stock and 2301,400 shares of Class "B" stock in Pan American Foreign Corp. for a con sideration of S47.910.10v cash and 1,778,973 shares of company stock, to be paid over a tour-year period. In November, 1932, ended patent litigation with Petroleum Chemical Corp. (which was controlled by National Distillers Products Corp. and by Barnsdall Corp.) by selling its ousiness in the manufacture of alcohol from oetroleum to the newly organized Standard Alcohol Co. in which Petroleum Chemical Corp. took a minority stock interest and the company a majority stock interest. In 1933, company transferred its entire inter est In Nederlandsche Koloniale Petroleum Maatschappij, Gilbert & Barker Mfg. Co. (Australia) Ltd. and Union Atlantic Co. to Standard Vacuum Oil Co. for a 50% stock interest. The Socony Vacuum Oil Co. Inc., also transferred various assets to Standard Vacuum Oil Co. in exchange for the other 50% interest. Standard Vacuum Oil Co. be came an important producer, refiner and marketer in the Far East, Australia and parts of Africa. In March, 1935. distributed as a stock divi dend shares in Mission Corp. which had been organized to acquire company's shareholdings in Tide Water Associated Oil Co. and in Skeliy Oil Co. In June, 1936, made available to a subsidiary. Standard Oil Export Corp., approximately $82. 444.800 which was applied to the retirement of the latter's preferred stock, following which this subsidiary was dissolved and its assets distributed to the company as the sole com mon stockholder. - Also, in 1936. the Pan American Foreign Corp. and the Mexican Petroleum Co. Ltd. (of Delaware) were liquidated. Standard Pine Line Co. was merged with Standard Oil Co. of Louisiana. In March, 1938, the Mexican properties of the following subsidiaries were expropriated by the Mexican government: Huasteca Petroleum Co.. Mexican Petroleum Co.. Com- of N. J. (Del.). In exchange, parent company transferred to its subsidiary all of the stock of Standard Oil Co. of La. As of Dec. 31. 1944. pipeline properties and operations of Standard Oil Co. of Louisiana were acquired by Interstate Pipe Line Co. (formerly Oklahoma Pipe Line Co.), another wholly-owned subsidiary, in exchange for 104.000 shares of latter company's stock. Im mediately thereafter Standard Oil Co. of Louisiana was merged into Standard Oil Co. of N. J. (Del.) (now Esso Standard Oil Co.) In Apr., 1946. company sold entire outstand ing stock of Montreal Pipe Line Co.. Ltd., a subsidiary, to British-American Oil Co., Ltd., Imperial Oil, Ltd.. MeColl-Frontenac Oil Co., Ltd., and Shell Oil Co. of Canada, Ltd., an affiliate of Shell Union Oil Corp. Montreal Pipe Line owns and operates a pipe line from the international boundary, near North Troy, to Montreal East. In addition, the oil com panies through a newly formed subsidiary, Portland Pipe Line Corp., have acquired from Standard Oil (New Jersey) all assets of Port land Pipe Line Co. which owns and operates a pipe line running from Portland, Me., to the international boundary, where it connects with the Montreal line, providing a continuous sys tem from Portland to Montreal. The share In terest in both companies is 40% by Imperial Oil and 20% held by each of the other com panies. in Jan., 1948. Domestic Coke Corp. a wholly owned subsidiary engaged in manufacture of coke and by-products at Fairmont, W. Va. sold its fixed assets to a steel manufacturer for $3, 955,000. Name was changed in 1949 to Esso Shipping Co. and on Jan. 1, 1950 acquired the parent company's U. S. flag ocean going fleet. In Mar., 1948 sold Daggett & Ramsdell, a cosmetic subsidiary. In June, 1948. Imperial Oil Ltd., offered to sell to its stockholders, in proportion to their holdings, its entire stock interest in Interna tional Petroleum Co., Ltd. As a stockholder of Imperial, company thus acquired 6,239.359 shares of International stock at $9.20 per share. At same time company (S, O. N J.) offered to all other stockholders of International 3 shares of its stock m exchange for each 20 shares of International. As of Jan. 31. 1949. the Swan & Finch Co. Union Tank Line Co. oania Transcontinental de Petroleo, S. A., Compania Petrolera Minerva. S. A.. Compania date when exchange offer terminated, com pany had acquired 5.755.023 additional shares Vacuum Oil Co. Washington Oil Co. Waters-Pierce Oil Co. In 1922, company acquired additional stock which gave it control of The West India Oil Refining Co. Petrolera Ulises, S. A., Tuxpan Petroleum Co.. J. A. Brown, S. en C., Doheny. Bridge y Com pania, Green y Compania. Tamiahua Petro leum Co. This expropriation resulted from a controversy over labor decrees. The prop erties of company's subsidiaries .(as well as of International stock in exchange for 862. 336 shares of its own stock and as a result it now held 82.58% interest in International Petroleum. In May, 1958, company (S. O. N. J.) offered 9 shares for each 10 shares of International E In Aug., 1924. announced a joint ownership with General Motors Corp. in the Ethyl Gaso line Corp. which had just been formed to take over the business of General Motors Chemical Co. in the development and distribution of ethyl fiuid, a chemical compound added to gasoline to improve the anti-knock quality. During 1927, company divested Itself of all hysical property and became exclusively a olding company. In this process it organized Standard Shipping Co. which, in August. 1927 acquired all company's vessels and other equipment of its marine department and also organized Standard Oil Co. of N. J. (now Esso Standard Oil Co.) which, in September. 1927 acquired all company's manufacturing and marketing plants and equipment. In July. 1928, acquired shares in Creole Petroleum Corp. (formerly The Creole Syndi cate) in exchange for its shares in Standard Oil Co. of Venezuela, to which latter company had previously been transferred all outstand ing shares of American British Oil Co. Com pany also purchased additional shares In Creole Petroleum Corp.. making its interest a majority of stock. (Subsequently increasing interest to 95%). those of other foreign oil companies) have since been operated by the Mexican govern ment. On Dec. 28, 1943 subsidiaries received from U. S. Secretary of Treasury a first pay ment in amount of $9,807,748 toward settlement of their claims. Total award amounted to $22. 332.486 including interest, all of which has beer paid. In December, 1937, International Petroleum Co., Ltd., which was then a subsidiary of Imperial Oil. Ltd., contracted with Mene Grande Oil Co. C. A., (an indirect sub sidiary of Gulf Oil Corp.) which owned petro leum rtgnts in eastern and western Venezuela, for the purchase of half the oil recovered and for the purchase of an undivided half interest in the producing equipment and facili ties. International Petroleum also obtained an option to purchase at cost an undivided half interest in ail oil concessions in Venezuela hereafter acquired by Mene Grande. Interna tional made an advance cash payment to Mene Grande of $25,000,000 on Dec. 15. 1937, and gave non-interest bearing notes due in 1938,1939 and 1945 for an additional $75,000,000 International was to share equally with Mene Grande in the expenses of development and operation. In 1938. International sold at cost Petroleum Co.: acquiring 1.997,900 additional shares in exchange for 1.798.110 Jersev shares (increasing interest to 96.8%). In Jan.. 1960 Esso Standard (Inter-America) Inc., a whol ly owned subsidiary purchased this stock at $45 per share. In Sept., 1948, purchased for $6,600,000 Societe du Naphte, S. A. (Switzerland) en gaged In marketing operations in various Middle East countries. In Dec., 1948 acquired 30% interest in Ara bian American Oil Co. for $74,133,000. For de tails see under "Middle East Activities-' below. In Dee., 1948, Stanco Inc. was merged with Esso Standard OU Co. In 1948 sold its 22% interest in Mississippi River Fuel Corp. for $3,446,000. In Jan., 1950. company's U- S. flag ocean going fleet and related marine assets were transferred to Esso Shipping Co., a whoUy owned subsidiary. In Apr., 1952 sold 50% interest in Attapulgus Clay Co. On Aug. 6. 1953 sold 54% interest In Inter state Natural Gas Co. for about $23,000,000. In 1956 acquired by exchange of 265.000 shares entire stock of Pate Oil Co., Perfect Power Corp. and Oklahoma Oil Co. Perfect .In January. 1929, purchased for S19.10 per a one half Interest in its contract (with the Power Corp. was subequently merged with chare 350.000 shares of treasury stock in the sale made retroactive to Dec. 15. 1937) to N. Oklahoma Oil Co. Beacon Oil Co. and offered holders of the out standing common stock one share of company stock for each 2>4 shares of Beacon common Offer which expired Jan. 19. 1929. resulted in the acquisition of about 448,771 additional shares and gave company majority control In 1936, made a new offer for stock of this com pany which was then known as Colonial Bea con Oil Co (name having been changed in 1930), on the basis of 1 share of company stock for each 2*4 shares of Colonial Beacon Offer expired Oct. IS. 1936. The assets and business of Colonial Beacon were transferred to Standard Oil Co. of N. J. (now Esso Stand ard Oil Co.) on Dec. 31, 1947. V. Nederlandsche Olie Maatschappij, a sub sidiary of N V de Bataafsche Petroleum Maatschappij (Batavian Petroleum Co.) which, in turn, is 00% owned by N. V. Koninkltjke Nederlandsche Maatschappij tot Exploitatle van Petroleumbronnen in Nederlandsch Indie (Royal Dutch Co. for the Working of Petro leum Wells in the Netherlands Indies). In June. 1944. merged Lago Petroleum Corp. and Pan Foreign Corp. and issued 50,155 shares to minority Interests of these companies. On June 30. 1944. company acquired direct ownership of ocean-going tankers and inci dental marine properties formerly held by Its wholly-owned subsidiary. Standard Oil Co. Early in 1958 acquired Lehigh Realty. Inc. (Conn.) by issuance of 52.571 shares and Gaseteria, Inc, (Ind.) by issuance of lOS.oOO shares. Humble Oil & Refining Merger; In 1959 a new Humble Oil & Refining Co. was formed in Delaware to acquire assets of Humble Oil & Refining Co. (Texas) (minority stockhold ers received 1% SONJ shares for each Humble share). On Dec. 1. 1959 Humble (Tex as) was merged and on Dec. 31, 1959 Carter Oil Co. and Esso Standard Oil Co., both 100% owned by SONJ were merged into new Humble company. .uWJLtJi o jl\ jju ol'KLALi MANUAL Natural Gai Holdings Segregated: Stock Ecuadorean's outstanding shares. Also in Standard Oil International Ltd.--Great holders of record Nov. 13. 1943 received on Jan.. 1960 purchased companies holdings in am--Purchase and sale of Middle East Dee. 15 one share of Consolidated Natural Gas International Petroleum Co. Ltd. (see be Co. for each 10 shares of Standard Oil Co. of low). Staniraq Ltd.--Iraq N. J. The Consolidated Natural Gas Co. was organized to acquire Standard Oil Co. (N. J.) Esso Limltada (1) (0.33%)--Chile Esso Standard Itallana--Soc. per Azloni Stankuwait, Limited Stanquatar, Limited holdings in the following companies: East Ohio Gas Co.. River Gas Co., Hone Natural Gas Co., --Italy--Marketing and refining in Italy "La Columbia" Soc. Marittlma per Azioni S'innIweden Aktteboiae' Sweden--Marketing and Peoples Natural Gas Co. (6) (31.52%) ,, , , Esso Rederi Aktiebolag (99.85%) Segregation of these resulted from an SEC Esso Standard (Libya), Inc., Del.--Explora ruling that Standard Oil Co. was a holding tion in Libya Skandinavisk-Amerikanska Petroleum iv tiebolaget " company within the meaning of the Holding Esso Standard (Malta). Ltd.--Great Britain Standard Petroleum Aktiebolag--Inactive Company Act as long as it retained interest Esso Standard Paraguay. Paraguay _ , Note: Numbers in parentheses Indicate same In these natural gas utility companies. SUBSIDIARIES Esso Standard Oil, S. A.--Panama--Refining company with split ownership. See other exploring, producing and marketing in identical numerals similarly enclosed for to Caribbean area and Central America tal interest of company and subsidiaries Company is predominately a holding com Esso Standard Oil Co. (Puerto Rico) (100%) Also owned, as of Dec. 31, 1938, less "than pany, owning as of Dec. 31, 1959, 100%- voting control of the following: --Marketing in Puerto Rico and Virgin 100% voting control of the following sub Islands , sidiaries: Name, place of incorporation and business: Esso Gas Co. of Puerto Rico--Dei.--Inactive Name, place of Incorporation and business- Ancon Insurance Co.. 5. A., Panama Anbal Co., N- V. (Neth. Antilles) Balhna Insurance Co.. S. A., Panama Lands Exploitation Co., Ltd., Surinam A/S Norske Esso (77.99%)--Refining and mar Stemco S. A. F.--France keting in Norway Esso Standard Oil Co.--Delaware--(Merged Aktieselskapet Tiger (98%) A/S Esso-Haffineriet, Norge, Norway--Re with Humble Oil Sc Refining Co. Dec. 31, A/S Christiana Kul-Vedbolag fining in Norway 1959) Ancon, Ltd. (Bermuda) (99.9%) Atlantic Barrere, S. A.. Uruguay--Marketing Baitisch-Amerikanische Petroleum-Iraporl Colonial Beacon Oil Co. (Del.)--Inactive Cie Esso-Saharienne (France) (99.2%) Enjay Co.. Inc.--Merged into Humble Oil Creole Petroleum Corp. _y(95.40%), Dei.--Pro G. m. b. H. Danzig & Refining Co., effective May 31, 1960. ducing. refining, transportation and mar Butterworth System. Inc.. Delaware Name changed to Enjay Chemical Co., keting in Venezuela Carter Oil Co., W. Va.--(Merged into Humble Marketing and coordination of Humble's Compania de Fetroleo Lago (100%) Oil & Refining Co., Dec. 31, 1959) chemical product activities in U. S. and Standard OH Co.. C.A. (100%)--Inactive Companhia Mantima Branileira. Brazil sells chemicals to Esso Export Corp. for Esso Exploration Guine Inc.. DeL (80% di Danish American Prospecting Co., Fla.--In distribution in foreign markets. liquidation Esso Incorporated rectly and indirectly)--Exploration in Portuguese Guinea Dansk Esso A/S--Marketing in Denmark and Kesbes, Inc., New York--Inactive. Esso-Nederland N. V. (99.9%), Netherlands- Marine Transportation Penola Oil Co. (Dei.) Marketing in Netherlands A/S Kalundborg Olieraffinderi (55.17%) Smedly Sc Mehl Co. (Del.) Esso Tankvaart Maatschappij N. V., Nether Esso Afrique Occidentale S. A. Francaise-- Stanco, Inc.--Inactive lands France Esso A. G.--Germany--Refining and market ing in West Germany Vereinigte Asphalt-und Teerprodukten- Tuscarora Pipe Line Co,, Ltd. (99.97%), Pa. --Pipe lines Esso Standard Oil Co. (Uruguay), S. A, Uruguay--Marketing in Uruguay Esso Standard Algerie S. A., Algeria (99.9%) --Marketing in Algeria Esso Standard Maroc S. A. (3) (Morocco) (20.46%) Fabriken Gjn.b.H. Esso Belgium--Refining and marketing in Belgium Esso Congo Beige Esso Marine (Belgium) Esso Standard (Luxemborg) S. A. Esso (Cuba). Inc., Delaware Esso Exploration, Italia. Inc.. Delaware--In active Esso Export Corp., Del.--Worldwide whole Esso Standard (Switzerland)--Marketing in Switzerland. . Esso Standard (Turkey), Ine.--Organized in 1934 to undertake exploration work in Tur- Esso Tankers, Inc., Delaware--Manages af filiates engaged in marine operation Esso Tankschlif Reederei Gm.b.H., Germany Esso Trading Co. of Iran--Del. Esso Transportation Co. Ltd.--Great Britain Esso Standard Maroc S. A, (3) Morocco (79.44%) Esso Limitada (99.67%) (1)--Chile Esso Standard Oil Co. (Chile) S. A. C. (2) (26%) Esso Standard Oil Co. (Chile) SAC. (2) (75%)--Chile--Marketing in Chile Esso Standard Tunisie S. A. (98%)--Tunisia --Marketing in Tunisia European Gas Sc Electric Co.. Del. (81.68%) sale marketer and coordinator of retail, --In liquidation bunkering and aviation sales activities. General Automatic Corp.. Md. Esso Export Ltd.--Wholesale Marketing in Gilbert & Barker Mfg. Co., Mess.--Manufac European Gas Sc Electric Co. von Oesterreich G.m.b.H.--Inactive Magyar Amenkai Olaiipari Reszvenytarsasag Eastern Hemisphere countries Esso Hellenic, Inc.. Del. , Esso Iberia. Inc., Del. Esso Mediterranean. Inc., Del.--Marketing in eastern Mediterranean area. North and tures and sells oil burners and service Imperial Oil. Ltd. jj (70.05%) Canada -- station equipment Producing, refining, marketing and trans Flexflam A. G., Switzerland Giibarco Limited, Great Britain Gilbert Sc Barker Mte. Co Ltd.. Canada portation in Canada Aquila Petroleum Ltd.--Canada Atlas Supply Co. of Canada. Ltd. West Africa and the Iberian Peninsula Esso Standard Espanola, S. A., Panama Esso Standard (near East), Inc.. Del. Esso Standard Portugal. Inc., Del. Esso Supply Co., Inc'., Panama Esso West Africa, Inc.. Del. Esso Mexicana. S- A. de C. V.. Mexico Esso Petroleum Co. Ltd., England--Refining, transportation and marketing in United Kingdom and Eire . British Mexican Petroleum Co.. Ltd.-- Tankers Cleveland Petroleum Co., Ltd. England--Marketing British Oil Storage Co., Ltd.--Marketing National Filling Stations Ltd.--inactive Esso Pension Trust Ltd., Great Britain Esso Petroleum Co. (Ireland) Ltd. Esso (Ireland) Pension Trust Lt. (Ireland) Purfleet Deep Wharf & Storage Co., Ltd. Redline--Glico Ltd.--Inactive Standard Candle Co.. Ltd.--Inactive Esso Research & Engineering Co.. Dei. Esso Research Ltd., Great Britain international Catalytic Oil Processes Corp., Del. (75%) . Jasco. Inc.. DelStandard Catalytic Co., DeL Esso (Sahara) Inc.. Del. Esso Services. S- A, Panama--Formed in 1959 to finance construction of pipeline under terms of agreement between Esso (Argentina) Inc. and Argentine govern ment oil company. Esso Sirte Inc.. Del. Esso Standard (Guatemala) Inc.--Exploration in Guatemala Esso S. A Petrolera Argentina--Producing, exploring, marine transportation, refining transportation. & marketing in Argentina Esso (Argentina), Inc., Delaware Esso Standard (Austria) A.G.--Marketing in Austria Gasolin G.m.b.H., Austria 1 Esso Standard do Brasil Inc., W. Va.--Market ing in BraziL Name changed to Esso Brasileira de Petroles, S. A., in Jan. 1960 Esso Standard (Cuba). Inc., Delaware Esso Standard (Inter-America) Inc., Del.-- In Jan.. 1950 acquired 16.6% interest in Anglo-Ecuadorean. Oil Fields Ltd., an inte grated producer with over 300 sq. miles of concessions in Ecuador for about S2.000.000 for just under 750,000 shares ac quired from South American Gold Sc Platinum Co. Another big block of AngloEcuadorean stock is owned by Lobitos Oil Globe Fuel Products. Inc., 111. Humbie Oil & Refining Co. (Del.)--Integrated oil activities in the U. S. Its principal divi sions and present locations of their oper ations are: Carter Division--Exploration, producing, refining, and marketing in central United States. Pacific Northwest, and Rocky Mountain areas. Esso Standard Division--Refining, trans portation. and marketing in certain east ern seaboard and southern states. Humble Division--Exploration and/or pro ducing in southeast, southwest. Gulf Coast, Pacific Coast areas, and Alaska: refining and transportation in Texas: marketing in Tex.. N. M. and Ariz. Interstate Oil Pipe Line Co.. Del.--Pipeline transportation. Louisiana. Mississippi, Illi nois and Montana Yellowstone Pipe Line Co. (40%)--Or ganized in 1953. In 1954 completed a 540 mile products pipeline from Billings, Mont, to Spokane. Wash. "La Columbia" Societa Marittlma per Azloni (4) (63.48%) Italy Lago Oil Sc Transport Co.. Ltd., Canada-- Refining in Aruba. N.WA Medqatar, Inc., Panama Mediterranean Standard Oil Co., DeL--Pur chase and sale of Middle East crude and products. Mediraq Ltd.--Iraq Medkuwait. Inc.. Panama Medqatar. Inc.. Panama Oklahoma Oil Co.. 111.--Marketing in Ky., Wise., Ind., Mich.. Ill and la. To be ab sorbed by Humbie Oil Sc Refining Co. (DeL) Bonded Oil Co., Inc., Md. Gaseteria Corp.. Md. Oy Esso Ab--Marketing in Finland . Panama Transport. Co.. Panama -- Marine transportation Pate Oil Co.. DeL--Marketing in Milwaukee area. To be absorbed by Humble Oil Sc Refining Co. Romano-Americana, Houmanla "Neo-Petrol" S.A. ' Sociedade Tecnica e Industrial de Lubrificantes Solutec S. A. Standard Oil Co. of Canada. Ltd. Standard Oil Co. (Nfld.) Ltd.--Inactive Standard Oil Co of Egypt, S. A, Egypt-- (98.33%)--Inactive Standard Tankers (Bahamas) Co. Limited, Bahamas (99.98%) Jersey Production Research Co., DeL--Or Caribbean Oil & Transport. Inc. Chatlon Oil Sc Gas Co., Limited Devcan Petroleum Ltd., Canada Devon Estates Ltd., Canada Devonian Natural Gas Co.. Ltd.--Canada Eron Oil Sc Gas Co. Limited Esso of Canada LimitedImperial Oil Shipping Co.. Ltd.--Inactive Imperial Pipe Line Co.. Ltd.. The loco Townsite. Ltd., Canada Lowlands Exploration Ltd.--Canada Maple Leaf Petroleum Ltd.. Canada Nisku Products Pipe Line Co., Ltd. Northwest Co.. Ltd. Oval Natural Gas Co. Limited Padol Petroleum Ltd.. Canada Palcan Petroleum Ltd., Canada Seaway Bunkers Limited. Canada St. Clair Processing Corp., Ltd.--Inactive St. Lawrence Tankers. Ltd. Canada (50%) Stanmount Pipe Line Co. (inactive) Stromo Petroleum Ltd.. Canada Tercol Petroleum Ltd.. Canada Transit Co.. Ltd.. Canada Winnipeg Pipe Line Co. Ltd. International Petroleum Co.. Ltd. E96.75%) Canada--Producing, refining, transporta tion and marketing in Peru and Colom bia and producing interest in Venezuela and marketing in Ecuador. Note: In Jan., 1960, Esso Standard (InterAmerica) Inc., (see above) purchased out standing shares (96.8%) of International Pe troleum Co.. Ltd., at S45 per share from par ent. Andian National Corp. Ltd. E(98.42%)--Can ada Compania Peruana de Gas SA, Peru (77.87%) Esso Colombiana S. A (6) (74.7%)--Colom bia International Petroleum (Colombia) Ltd.-- Canada Esso Colombiana S. A (6) (25%) Tropical Oil Co.--Inactive United Petroleum Securities Corp. (7744%) Esso Standard S.A.F.--France (81.55%)-- Refining, transportation and marketing in France Soc. Immoblliere Paris--Niel, S. A-- Inactive ' , Soc. Esso de Recherches et D'Exploita- tion Petrolieres Esso Ren. (88.97%)-- Exploring and producing in southwest France . (PSee separate statement following Standard Oil Co. (N. J.). fields, Ltd. Lobitos and Standard holdings ganized in 1958 to direct geological, geo GGSee Moody's Transportation Manual. combined come to just over 50% of Anglo- physical and production research. Note: Numbers In parentheses Indicate same MOODY'S INDUSTRIAL MANUAL 2545 company with split ownership. See other identical numerals similarly enclosed for total Refining Co. Exploration and producing ac tivities are conducted throughout the United , _ Creole Petroleum Corp. loco, B. C. Sarnia, Ont. Interest of company and subsidiaries. States and offshore Gulf Coast and Califor Calgary, Alta. Surnia, Ont. Affiliates: As of Dec. 31, 1939 company held nia. Principal producing properties are in Edmonton. Alta. Montreal E., Que. 50% or minority interest in following: Texas, Louisiana and Illinois. Exploration Regina. Sask. Halifax. N. S. Ethyl Corp. (50%--balance held by General program continued along Gulf Coast and in Winnipeg, Man. Norman Wells. N.W.T. Motors Corp.): Manufactures and sells an Rocky Mountain area. Although 11% fewer Imperial Oil Ltd. antiknock compound in United States. exploration wells were drilled more oil was Amuay Bay_ Caripito Standard-Vacuum Oil Co. (50%--balance found than in 1958. Major discoveries were Logo. O. Sc T. Int'lPetroleum owned by Socony-Mobil Oil Co. Inc.)-- in Bayou Sale field, La., in Red Fish Reef Aruba, N.W.I. Talara, Peru Producing, transportation, refining and on Texas coast, and on King Ranch in south Note: In Apr., 19o9 Esso Standard Oil Co., marketing in Far East, Australasia* and west Texas. S. A. stated that it planned to construct a Africa. See under "Far East" below. Imperial Oil Ltd. operates In Canada, the refinery to cost S18-20.000.000 at Kingston, Near East Development Co. (50%)--balance most important properties being in the Jamaica, under agreement with Jamaican owned by Socony-Mobil Oil Co., Inc. Prairie Provinces, British Columbia and On- government. Plant will have 25.000 bbl. dally Iran Petroleum Co.. Ltd. (23%%)--Pro ario. Exploration drilling in Ontario, Prince capacity when completed 2 years after site ducing in Iraq and Qatar, transporta Edward Island and New Brunswick has not selection. tion in Iraq, Qatar, Syria and Lebanon yet resulted in any significant discovery. Western Hemisphere refinerv om and refining in Lebanon. See "Middle Creole Petroleum Corp. operates In Vene statistics fin thousand bbls. daily): East" below. zuela. In 1956 and 1957 acquired from the Crude Oil Runs: 1959 1958 1957 Arabian American Oil Co. (30%)--Producing Venezuelan Government new oil concessions United States__ 861 749 760 refining and transportation in Saudi Arabia. on 471.700 acres for 377,000,000. Canada _______ 289 269 267 See "Middle East" below. Production in 1959 averaged 942,000 bbls. Venezuela 364 308 321 Trans-Arabia Pipe Line Co. (30%)--Pipeline daily. Peru 42 43 43 42 transportation from Saudi Arabia to International Petroleum Co., Ltd., operates Aruba, N.W.I. ,, 412 399 412 439 Mediterranean terminal in Lebanon. See in Peru and Colomba and through contractual Other _ 133 130 95 76 "Middle East" below. arrangement with Mene Grande Oil Co. Ltd. Gewerkschaft Brigitta (50%)--Producing in in Venezuela. Company obtained new conces Total ______ 2,101 1,898 1,898 1.934 West Germany sions in Venezuela on 225,700 acres for S34,- end of 1959 were: N. V. Nederlandse Aardolie Mi). (50%)--Pro 400,000 in 1956 and 1957. In 1959 company Petrochemicals: Company's revenue from ducing in Netherlands produced 108,000 bbls. daily. petrochemical sales world-wide was $256,000, Stanic-Industria Petrolifera S.p.a. (50%-- Esso S.A. Petrolera Argentina produces rel 000 in 1959. balance owned by Italian Government)-- atively small quantities of crude in Argentina Sales in the United States, are made pri Befining in Italy and in carrying out exploration and develop marily through Enjay chemical Co. Such oil- Iranian Oil Participants Ltd. (7%)--Producing ment latter activities on over 1.250.000 acres. derived products include plastics, resins, syn and refining in Iran. See "Iran" below. Plantation Pipe Line Co. (48.83%)--See In 1959 plans were announced to build a 400 mile crude pipeline under contract with the thetic rubbers, fibers, and detergents. Atlas Bucron tires, made of butyl rubber, Moody's Transnortatian Manual. Argentine government oil company. were introduced in domestic market in sum Interprovincial Pipe Line Co. (23%)--See Moody's Transportation Manual. Pipeline In 1956 Esso Standard (Guatemala) Inc., a new company, began exploration of conces mer of 1959. Butyl, which company developed and is currently producing, has been the transportation from Alberta to Sarnia, Ont. sions granted in Guatemala. principal rubber used in inner tubes for a Trans-Mountian Oil Pipe Line Co. (6%)--See Pipe Line Department: Subsidiaries owned number of years and, now, is also used as Moody's Transportation Manual. Pipeline and operated at end of 1959. 7,777 miles of oil wire and cable insulation, hoses, and indus transportation from Edmonton. Alta., to trunk pipe lines in the United States. In 1959 trial belts. Sales increased by 35% in 1959, Vancouver, B. C. and Ferndale, Wash. the lines carried 1,094.000 bbls. daily of crude and manufacturing capacity is being expand BUSINESS & PRODUCTS and other refined products. ed. Is primarily a holding company, subsidiaries engaging in the acquisition, exploration and exploitation of oil and gas lands: in buying and selling crude oil; in transporting oil by pipe line; in refining crude oil: in transporting refined products by pipe line, boat and auto mobile: in marketing petroleum products at wholesale and retail. Subsidiaries also engage in producing, buy ing, selling, transporting and distributing of natural gas. An allied activity is the licensing of patent rights relating to the oil industry. Subsidiaries also manufacture and/or sell gas oline and oil storage and dispensing equip Details of comDany's principal domestic pip* line subsidiaries are as follows: Humble Pipe Line Co. operated 5.810 miles of trunk lines and 3.9S2 miles of gathering lines in Texas and New Mexico, which de liver to the Baytown refinery in Texas and to Gulf ports. Interstate Oil Pipe Line Co. operated about 1.967 miles of trunk lines in Louisiana, Arkansas. Mississippi. Montana. Illinois and Wyoming, which deliver to connecung car riers in Anchorage, end Baton Rouge. La and Billings and Laurels. Mont. In 1959 company delivered 468.000 (1958, 434.000; In May, 1960, opened a polypropylene plant at Baytown, Tex., with an annual capacity of 40.000.000 lbs. This new plastic is used to make fibers, films, pipe, and a variety of molded products. Plants abroad, for which substantial capital outlays were made in 1959, now constitute more than a third of the company's total petrochemical investments. Major additions to capacity were made in Germany and France; a second project for Germany was announced; and Standard-Vacuum has begun construction of the first major petrochemical installation in Australia. ment. oil heating equipment, insecticides, etc. Subsidiaries also produce special lines of 1957, 461.000) barrels a day. Owns 40% in In 1959 research continued in the develop terest in Yellowstone Pipe Line Co. which ment of new plastics, synthetic rubbers, and chemical products consumed by the petroleum industry and general lines of chemical prod operates a 574 mile products pipeline from basic organic chemicals. In addition to the Billings, Mont, to Spokane, Wash, (trans polypropylene, processes were developed to ucts made from by-products of the Industry. Incidental to marketing operations, subsidi ported 27,000 bbls. daily in 1959). manufacture chlorinated butyl and latex, two Not included in aoove are statistics of those important additions to line of butyl rubbers, aries sell tires, batteries and ether automo tive accessories. General references to the types of activity carried on in various geographical areas will systems in which company has a minority interest, i. e.. Plantation Pipe Line Co. (49% owned) (see MoodVs Transportation Manual) operated 2.425 miles of line (delivered 290, and to make a new family of resins called Butons, which are useful as surface coatings and in manufacture of pipes and structural forms. be found under "Principal Plants & Prop 000 bbls. daily in 1959), the Portland-Mon- Marketing Department: In connection with erties." treal system which transported 231.000 bbls. the sale of products in the various parts of PRINCIPAL PLANTS A PROPERTIES Production Statistics--World Wide ^Estimated Oil and Natural Cas Liquid Reserves at Dec. 31,1959 (in millions of bbls.): Gross Net United States___ 4.370 3,754 Canada______ 831 760 Venezuela_______ 9.S62 8.181 Oth. West. Hem. ,, 202 252 Europe & Africa _ 802 725 Middle East_____ 16.193 . 15.502 Par East _____ 135 155 daily in 1959 through its 490 miles of trunk line nipe: the Lakehead Pipe Line Co. trans ported 247,000 bbls. daily in 1959 on its 1.292 miles of trunk line. ,, , In Canada Imperial Oil owns three pipe lines: Imperial Pipe Line Co. Ltd. which gathers oh in Alberta: Winnipeg Pipe Line Co., Ltd. which has a 77 mile truiuc line from Gretna Manitoba to Winnipeg: Sarnia product line which consists of 235 miles from Sarnia to Toronto. Imperial Oil also has minority In terest in Trans Mountain Pipe Line which completed in 1953 a line from Edmonton to the world in which subsidiaries do business, they own or lease from others and operate terminals, bulk plants, service stations, tank wagons and other equipment. Nearly all the 23.000 service stations owned or leased by subsidiaries in the United States are operated by others under lease. Subsidiaries sell prod ucts at wholesale and retail. Note: For product sales on world-wide basis see Statistical Tabulation below. The principal marketing subsidiaries of the company in Western Hemisphere at the end of 19a9 were: Total________ 32.325 29.389 VNet Acreage and Producing Wells at Dec. 31.1939: Proved Total Wells ---- Ner Acreage-- fTNet United States __ 1,141,000 21,176.000 19.307 Canada ___ ____ 255.000 16.895.000 2.477 Venezuela___ __ 495.000 3,537.000 3.586 Oth. West Hem. 64.000 25.081.000 2,343 Europe & Africa 46.000 51.841.000 527 Middle East___ 335.000 98.367.000 115 Par East 18.000 35.814.000 466 Total_______2354,000 252.711,000 28,821 EJThese statistics include 100% of holdings and operations of those affiliates in which company owns more than 50% of the shares. For companies in which company owns 50% or less of shares, the figures include only that percentage of each company's holdings or operations as corresponds to percentage of company's ownership. ENet oil and gas condensate wells capable of producing. Drilling Operation: In 1959. company's Worldwide affiliates drilled 332 (1958. 428) net exploratory wells. Drilling in proved areas, 941 (1938, 981) net wells. Most of the reduc tion in drilling was in Venezuela, where spare producing capacity continues to grow. WESTERN HEMISPHERE OPERATIONS Producing Department: Within the United States the producing subsidiaries were -merged at end of 1959 into Humble Oil & Vancouver; Interprovincial Pipe Line Co. which operates a line from Edmonton to Sar nia, Peace River Oil Pipe Line Co., Ltd. operates a gathering system in Sturgeon Lake arep of Alberta and 107 mile trunk line to Trans Mountain station at Edson, Alta.; Westspur Pipe Line Co. operates a 109 mile trunk line connecting southeastern Saskatchewan fields with the Interprovincial line. In Colombia, South America, Andian Na tional Corp., Ltd., owned 670 miles of crude oil pipe line from De Mares fields to Barrancabermeja refinery and to seaboard terminal near Cartagena. Contract expires Oct. 1, 1973. In Venezuela. Creole Petroleum Corp. has interest In 800 miles of trunk line pipe in cluding a 143 mile line from Lake Maracaibo to Amuay Bay. Marine Transportation: At Dec. 31. 1959, subsidiaries owned 183 tankers totaling 3. 300,000 dwt. Of these 34 vessels (775,000 dwt.). sail under American flag. Remainder are owned by foreign affiliates and operate un der respective national flags. Besides owned fleet, affiliates had ICO tankers under term charter. In addition. Standard-Vacuum Oil Co. owned 13 vessels aggregating 402,000 dwt. Refining Department: Subsdiaries operate the refineries as follows: Humble Oil & Refining Co. Bayonne. N. J. Charleston. S. C. Boway. N. J. Humble O. 8c R. Everett. Mass. Baytown. Tex. Baton Rouge. La. Carter Oil Co. Baltimore. Md. Billings, Mont. Subsidiary Humble OU & Re fining Co. Esso Standard Div. Humble Div. Carter Div. mPate Oil Co. (^Oklahoma Oil Co. Imperial Oil Ltd. . Brasileira de Pe- troleo S. A. Esso Standard OU S. A. Esso Standard OU S. A. C. Inti Petroleum Co., Ltd. Creole Petroleum Corp. Esso, S. A. Pefro- lera Argentina Esso Standard OU Co. (Uruguay) S. A. Marketing In United States Canada BrazU West Indies and Cen tral America. Chile Peru, Colombia & Ecuador Venezuela . Argentina Uruguay - ElOperates in Wisconsin. (^Operates in Ind., HI., la., Mich., Wise, and Ky. The marketing subsidiaries obtain most of their petroleum products from their own re fineries or from refineries of other subsidi aries. However, substantial quantities of such products are purchased from outsiders both in the United States and abroad. Research: Principal research centers are lo cated at Abingdon, England; Baton Rouge, 2546 3IOODY'S INDUSTRIAL MANUAL La.: Linden and Florham Park. N. X; Tulsa. oleted a well at Zelten. a 100 miles from were approved by Iranian parliament in Oct.. Okla.: Baytown, Tex.: and Sarnia. Ont. Over Mediterranean coast, tested at 17.500 bbls. a 1954. 3,970 were active in research work. Research day. Subsequent drillings indicated this to be Consortium members have set up two com expenditures were 567,000.000 in 1959: S62.000,- a major find as a result a pipeline to coast panies under the laws of the Netherlands: one 000 in 1958; 555,500,000 in 1957; 544.000,000 in and a tanker loading terminal are being plan to explore for and produce crude oil In Iran 1956 and 535,200,000 in 1955. Research activities are directed toward de ned. Company also acquired a half interest in three large concessions in Libya held by within the area covered by the agreement; the other to operate the Abadan refinery The velopment of new or improved methods ot other companies. Three discoveries have al two companies exercise managerial controls finding, producing, and refining crude oil. the ready been made on these properties, which necessary to ensure successful operation. The improvement of product performance and de Esso Sirte Inc. will operate. National Iranian Oil Co. 1 owned by Iranian velopment of new products. About 25% ot Elsewhere in Africa, company is conduct Government) nas sole responsibility for all research costs are conserned with develop ing exploration on concessions held jointly marketing within Iran and for producing and ment of processes for production from with two French participants in Algeria, and Terming operations outside the area of the petroleum of chemical intermediates and fin ished chemical products such as plastics and synthetic rubbers. In 1959 long-range search for new products exploration continues on a concession held In Portugese Guinea. In 1959, company acquired exploration rights on 800.000 acres in Spain and has ap agreement. Iran is to receive one-half of net profits of the consortium. A British company called Iranian Oil Par ticipants Ltd., was formed which holds the and processes was centralized in a new group plied for exploration rights on 1.000,000 acres shares of the two Netherlands companies. In Esso Research and Engineering Co. m Greece. Each consortium member subscribed to shares Esso Research continued work on high- Middle East: On Dec. 2, 1948, Jersey ac in this company equivalent to its Interest energy solid propellants for rockets under an quired a 30% stock Interest In Arabian Amer under the applicable agreements, British expanded, nonprofit contract with U. S. De partment of Defense. Results include success ful firings of laboratory-scale rocket motors powered by experimental fuels. ican Oil Co. (Aramco). Remaining interest is held 30% by Standard Oil Co. of Calif, and Texas Co. and 10% by Socony Vacuum Oil Co. Company has extensive concessions in Saudi Petroleum holds 40% interest, the American firms share 40%, Royal Dutch Shell, 14% and Compagnie Francais des Petroles. 6%. Each member takes its oil at the border of Iran Other accomplishments included the de Arabia and a refinery at Ras Tanura. and markets it Independently. velopment. for jet aircraft, of a fuel yielding In Saudi Arabia Aramco constructed in 1958. In Apr., 1955. the 5 American companies re more energy per gallon and of a lower cost synthetic lubricant giving better performance at high temperatures. Also developed were a lubricant for diesel locomotives that reduces engine wear and two engine-cleaning addi tives for motor oils. See also "Petrochemicals" above. Miscellaneous: Gilbert Sc Barker Mfg. Co owns a plant at West Springfield. Mass., for manufacture of eauipment for dispensing and storing oil and gasoline, of oil heating and air conditioning eauipment, and of miscel a large-scale gas injection plant at its Ain Dar field, and development drilling to delineate new Khurais field and new offshore Manifa field was continued. At Ras Tanura refinery new alkylation facilities for production of aviation gasoline were under construction. Statistics (bbls. daily) Crude Oil Refinery Production Runs 1959______________ 1,095.400 174,300 1958______________ 1,015.000 168,000 1957_______________ 992.000 193,000 ferred to above reduced their interest from 40% to 35% by turning over a 5% interest to Iricon Agency. Ltd. organized to administer interests of Standard Oil Co. (Ohio). Atlantic Refining Co.. Hancock Oil Co., Pacific Western Oil Corp., Richfield Oil Corp.. Signal Oil & Gas Co., Tide Water Associated Oii Co., American Independent Oil Co. and San Jacinto Petrol eum Corp Production in Iran in 1959 continued to rise, with an averaged 923,000 bbls. a day (1958, 820,000). -, laneous articles. Subsidiaries and certain companies in which 1956_______________ 1955_______________ 986.000 199.000 965,000 203,000 company has investments are engaged in 1954_______________ 953,000 220,000 licensing of various patent rights relating Trans-Arabian Pipe Line Co. completed its directly or indirectly to oil business and in 1.067-mile pipeline in Saudi Arabia in Dec.. the manufacture of general and special lines 1950. Operation of the TAPiine system began of chemical products made from by-products Dec. 2. 1950. Deliveries at terminal at Sidon of the petroleum industry. in eastern Mediterranean totalled (bbls EAEt(TFSuoTrorEpRpeNr:odHuEcMtioISnPsHtaEtRisEticsO,PeEtcR.AsTeIeONbSelow). 3d109a8Im5ni.6l0y.0)031:.490517,90.5090.cC;o3o3m1m89.t5o0i5a0a,0nn;3y2129a,50ad80.ad0e;36ad189.0p504o0,:w31e19r85,70t.0o03;4m81.09a05i03n;, CAPITAL EXPENDITURES Of the total 1959 expenditures, those for additions to property, plant and equipment amounted to 3729,146,000 distributed as fol lows (in thousands of dollars)^ Producing_____ Refining Marketing_____ Transportation . Other...... U. S. 187.895 50.458 46.764 18.487 11.406 Foreign 78.361 130.933 102.830 97.567 4.425 Total 266.256 1S1.411 149.594 116.054 15 831 r ; stations and built remotely controlled booster to 220.0001 barrels daily. Manutacture ot petro-t sootaqtiotons420w.OhOiOchbbralsis. ead ditasy.caTphaicsitywafrsompar3t20o.-f cherotcols was being expanded through the ; a project to raise capacity to 460.000 bbls. addition of a new plant. Chiet among prod- j which was completed in 1958. it0 "e jpdnufaetured are butadiene and 1 Iraq Petroleum Co.. Ltd., and its associates, ethylene, which will supply basic chemicals j ;n which company has an approximately 12% Total ______ 315.010 414.136 729.146 In addition to the expenditures capitalized, other amounts spent in the search for oil dur ing 1959 by consolidated companies totaled S137.203.000; (1958, 3212,536,000; 1957, 246,000, 000). for the manufacture of synthetic rubber and r interest, vh..a. d no interruptions to production MANAGEMENT plastics by other, nonaffiiiates now building and transportation of oil in 1958 despite polit facilities near the refinery. Construction began in 1958 on a new re ical disturbances. The pipeline which was blown up during Suez crisis was restored to finery at Milford Haven, on deep water on the coast of Wales. In 1959 a 40,000 bbl. daily refinery at White- full previous capacity by middle of 1958. The Basrah Petroleum Co. Ltd., in Iraq, prepared to construct a new island loading terminal gate, Ireland went on stream. for large tankers in Persian Gulf, in conjunc Officers L. O. Welch, Chairman M. J. Rathbone. Pres. & Chief Exec. Off. L. W. Elliott. Exec. Vice-President D. A. Shepard. Exec. Vice-President E. E. Soubry. Exec. Vice-President S. P. Coleman. Vice-President In France Esso Rep. a producing, affiliate of Esso Standard S.A.F.. continued develop ment of its Parentis and Cazaux fields. In 1959. a 32.000 bbl. daily refinery in the Bor deaux area went on steam. tion with expansion of producing facilities in Rumaila field. Far East: Standard-Vacuum Oil Co. (50% owned) operates from the Philippines to East Africa. Crude production averaged: 84.000 M. W. Boyer. Vice-Pres.--Invest. M. L. Haider, Vice-Pres.--Lat. Aaier. P. T. Lamont, Vice-Pres.--Eur. Sc Med. W. R. Stott. Vice-Pres.--Eur. & Med. H. W. Rage, Vice-Pres.--Middle East West German affiliate. Esso A. G.. in 1958 I195S. 77.000: 1957. 63.000: 1955. 66.00U: 1955. 72. placed in operation 68.500 bbl. daily refinery 000; 1951, 69.800) barrels a day in 1959. Most of E. G, Collado. Treasurer A. O, Savage, Comptroller at Cologne. Also a petrochemical plant is to this was from fields in Sumatra. Is also ex J. O. Larson, Secretary be built at this site. This affiliate also has a ploring in India. Pakistan. Philippines and Directors refinery at Hamburg with a capacity of 50.000 bbls. daily. A refinery is to be built at Karls- Australia. A 10.300-square-mile concession was obtained in Somalia. East Africa, where it M. W. Boyer. New York C. L. Burrill ruhle. In 1958 Nord-West Oelleitung GmbH began to explore In 1958. S. P. Coleman, New York in which Esso A.G. has a 47% interest, com pleted a 245 mile crude oil pipeline from Wholly-owned refineries are located in In donesia. Australia. South Africa and India E. G. Collado L. W. Elliott, New York Wilhelmshaven to Cologne. Company's 50% and 2 refineries in Japan in which company H. W. Fisher owned affiliate Gewerkschaft Brigitta owned has a majority interest processed 207.000 bbls. M. L. Haider producing fields in Oldenburg. a day in 1958. The largest refinery is at Palem- P. T. Lamont New York Dutch affiliate Esso-Nederland N. V. is a bang. in Sumatra. Subsidiary pians to invest H. W. Page, New York new refinery in Rotterdam with a capacity of S35.700.000 in Melbourne's proposed petro M. J. Rathbone. New York 95,000 bbls. daily, to go on stream in 1960. chemical industry and S33.600.000 in a refinery D. A. Shepard. New York N. V. Nederlandsche Aardolie Mil. a 50% own near Adelaide, bringing total Australian in E. E. Soubry, New York ed affiliate produces oil in the Netherlands. vestment to S229.600.000 bv 1962. W. R. Stott In Italy Stanic-Industria Petrolifera. S.PA., At Dec. 31. 1959. Stanvac owned tankers L. D. Welch, New York a 50% owned refining company has refineries with a deadweight tonnage of 402.000 tons. J. R. White at Bari and Leghorn. Esso Standard Italians Consolidated Earnings, years to Dec. 31 (in M. A. Wright expanded its marketing activities Another newly formed affiliate. Esso Stand ard (Libya) Inc., intensified search for oil in Libya. 31000) of Stanvac: Gross Oper. rev. 1956-------- 856.000 Net Income 32.070 General Counsel: T. E. Monaghan. New Div. York. Paid Auditor: Price Waterhouse & Co. 14.000 Annual Meeting: Last Wednesday in May. In Belgium, company's 100% owned affiliate 1*157_____ 946 000 40.900 13.001' No. of Stockholders: Feb. 8, 1980. 591.179. Esso Standard Refinery had a refinery at 1958 958.000 26.716 9.000 General Office: 30 Rockefeller Plaza. N. Y. Antwerp which was placed tn operation in 1959_____ 1.024.550 2S.256 10.000 Payrolls and Employees: Wages 1954 and processed 35.000 bbls. daily in 1957. Consolidated net assets, Dec. 31, 1959, $456. Employees Sal. * nenef. In Norway, A-S Esso-Raffineriet. Norge 648.000. 1959_____________ 146.000 3969.000.000 (organized in 1957) a new 40.000 bbls. refinery Iran: Company, together with Socony- 1938_____________ 154.000 933.000.000 about 60 miles south of Oslo is scheduled to Mobil Oil Co.. Inc.. Standard Oil Co. (N. J.l. 1957'___ 160.000 993.000,000 go on stream in 1960. When comnleted. it will Standard Oil Co. of Cal.. Texas Co.. Gulf Oil 1956_____________ 156.000 906.000.000 not only supply the needs of A/S Norske Esso Corp.. Anglo-Iranian Oil Co. (now British 1955_____________ 153.000 839.000.000 but will also furnish products to Svensko Esso Petroleum Co.. Ltd ). Royal Dutch Shell and 1954_____________ 155.000 803.900.000 A/B. in Sweden. Compagnie Francais des Petroles. formed a 1953_____________ 156.000 778.600.000 Search for oil continued in Turkey. consortium to restore Iranian oil to world Consolidated. Including European and North In 1959. Esso Standard (Libya) Ine. com. commerce. Agreements, to run for 40 years Africa affiliates. OPERATING STATISTICS COMPARATIVE OPERATING STATISTICS. YEARS ENDED DEC. 31 BGross Production United States____ Canada Latin America____________________ Total Western Hemisphere___ Europe & North Africa________ -- Middle East & Far East__________ Total World-wide --_________ (Consolidated and non-consolidated companies) (Barrels per day) 1958 472.000 88.000 1.219.000 1957 538.000 112.000 1.289.000 1958 546.1100 122.000 1.208.000 1.779.000 42.000 508.000 1.939.000 42.000 451.000 1,876.0000 33.000 457.000 2,464,000 2.329.000 3.432.000 2,366,000 1955 520.000 110.000 1.094.000 1.724.000 24.000 437.000 2.185.000 1954 484.000 98.000 932.000 1.514.000 14.000 405,000 1.933.000 1953 516.000 92.000 893.000 1.507.000 10.000 361.000 1.878.000 CAPITAL STRUCTURE STANDARD OIL COMPANY (A New Jersey Corporation) LONG TERM DEBT Issue r. Debenture 23,aS, 1971 2. Debenture 2%s, 1974 3. 3% notes due 1979 .. 4. Subsidiary debt____ Rating Aaa Aaa Amount Outstanding $85,000.0001 150,000.0001 [375,000,ooor 481.032.167J Charges Earned 1959 1958 22.65 24.36 Interest Dates [M&N15 J&J15 Call Price miOOVa E102 Price Range 1959 1932-59 SUx-W'* S993,4-78>A 863.4-80` X1033;-8<H'e E---------- &--------------- CAPITAL STOCK Issue 1. Capital stock ______ Par Amount Earned per Sh. Value Outstanding 1959 1958 $7 @216,532,661 shs. ECS2.91 3352.62 Divs. per Sh. 1959 1958 $2.25 $2.25 CaU Price ... Price Range 1959 1932-59 59Va-455J X68V'a-45% ESubject to change; see text. j_Based on average no. of shares outstanding: 1959, S2.93; 1958, 52.72. ERange since 1946. ^Placed pri vately. SRange since 1949. isjRange since 3-for-l split in 1956; range from 2-for-l split in 1951 and to the 3-for-l split in 1956, 169-58%; from 1932 and to the split in 1951, 12%-19%. @As of Mar. 15, 1960, including reacquired shares. HISTORY On April 30, 1932. entered into a contract of N. J. (DeL). In exchange, parent company Incorporated in New Jersey, Aug. 5,1882, as Standard Oil Company of New Jersey by the trustees of the Standard Oil Trust to acquire from the trustees in exchange for stock the property of The Standard OU Co. (Ohio). In March, 1892, in exchange for additional stock acquired from the trustees of the Standard Oil Trust the stocks of other companies and properties of other companies which had pre viously been held by the trustees. (Standard Oil Trust was thereupon dissolved). On March 19,1892, name of the company was changed to Standard Oil Company. In May, 1911, the United States Supreme Court sustained a lower court decision that the company was a combination in violation of the Sherman Anti-Trust Law. In accordance with a dissolution decree the company, in December, 1911, and in January. 1912, distrib uted pro rata among stockholders its shares in the 33 companies listed below. Anglo-American OU Co. Ltd. Atlantic Refining Co. Borne-Scrymser Co. Buckeyw Pipe Line Co. Chesebrough Manufacturing Co. Colonial Oil Co. Continental OU Co, , Crescent Pipe Line Co. Cumberland Pipe Line Co. Eureka Pipe Line Co. Galena-Signal OU Co. Indiana Pipe Line Co. National Transit Co. New York Transit Co. Northern Pipe Line Co. The Ohio Oil Co. Prairie Oil &-Gas Co. Solar Refining Co. South Penn OU Co. Southern Pipe Line Co. South West Penna. Pipe Lines Standard OU Co. (California). Standard OU Co. (Indiana) Standard Oil Co. (Kentucky) Standard Oil Co. (Nebraska) ` Standard Oil Co. (New York) Standard Oil Co. (Ohio) Standard OU Co. (Kansas) Swan & Finch Co. Union Tank Line Co. Vacuum Oil Co. with Standard OU Co. (Indiana) to purchase from the latter 971,897 shares of Class "A" stock and 2301,400 shares of Class "B" stock in Pan American Foreign Corp. for a con sideration of $47,910,107 cash and 1,778,973 shares of company stock, to be paid over a cour-year period. In November, 1932, ended patent litigation with Petroleum Chemical Corp. (which was controlled by National Distillers Products Corp. and by Barnsdal] Corp.) by selling its ousiness in the manufacture of alcohol from oetroleum to the newly organized Standard Alcohol Co. in which Petroleum Chemical Corp. took a minority stock Interest and the company a majority stock interest. In 1933, company transferred its entire inter est in Nederlandsche Koloniale Petroleum Maatschappij, Gilbert & Barker Mfg. Co. (Australia) Ltd. and Union Atlantic Co. to Standard Vacuum OU Co. for a 50% stock interest. The Socony Vacuum OU Co. Inc.. also transferred various assets to Standard Vacuum Oil Co. in exchange for the other 50% interest. Standard Vacuum OU Co. be came an important producer, refiner and marketer in the Far East, Australia and parts of Africa. 1 In March, 1935. distributed as a stock divi dend shares in Mission Corp. which had been organized to acquire company's shareholdings in Tide Water Associated OU Co. and m Skelly OU Co. In June, 1936, made avaUable to a subsidiary, Standard Oil Export Corp., approximately $82. 444.800 which was applied to the retirement of the latter's preferred stock, following which this subsidiary was dissolved and its assets distributed to the company as the sole com mon stockholder. Also, in 1936. the Pan American Foreign Corp. and the Mexican Petroleum Co. Ltd. (of Delaware) were liquidated. Standard Pipe Line Co. was merged with Standard OU Co. of Louisiana. In March, 1938, the Mexican properties of the following subsidiaries were expropriated by the Mexican government: Buasteca Petroleum Co., Mexican Petroleum Co.. Comoania Transcontinental de Petroleo, S. A., Compania Petrolera Minerva, S. A,. Compania Petrolera Ulises, S. A., Tuxpan Petroleum Co., transferred to its subsidiary all of the stock of Standard-Oil Co. of La. , As of Dec. 31. 1944. pipeline properties and operations of Standard Oil Co. of Louisiana were acquired by Interstate Pine Line Co. (formerly Oklahoma Pipe Line Co.), another wholly-owned subsidiary, in exchange for 104.000 shares of latter company's stock. Im mediately thereafter Standard Oil Co. of Louisiana was merged into Standard Oil Co. of N. J. (Del.) (now Esso Standard Oil Co.) In Apr., 1946. company sold entire outstand ing stock of Montreal Pipe Line Co.. Ltd., a subsidiary, to British-American Oil Co., Ltd., Imperial Oil, Ltd.. McColl-Frontenac OU Co., Ltd., and Shell OU Co. of Canada, Ltd., an affUiate of SheU Union OU Corp. Montreal Pipe Line owns and operates a pipe line from the international boundary, near North Troy, to Montreal East. In addition, the oil com panies through a newly formed subsidiary, Portland Pipe Line Corp., have acquired from Standard Oil (New jersey) all assets of Port land Pipe Line Co. which owns and operates a pipe line running from Portland. Me., to the international boundary, where It connects with the Montreal line, providing a continuous sys tem from Portland to Montreal. The share in terest in both companies is 40% by Imperial OU and 20% held by each, of the other com panies. In Jan.. 1948. Domestic Coke Corp. a wholly owned subsidiary engaged in manufacture of coke and by-products at Fairmont. W. Va. sold its fixed assets to a steel manufacturer for $3, 955.000. Name was changed in 1949 to Esso Shipping Co. and on Jan. 1. 1950 acquired the parent company's U. S. flag ocean going fleet. In Mar.. 1948 sold Daggett & RamsdeU, a cosmetic subsidiary. In June, 1948. Imperial OU Ltd., offered to sell to its stockholders, in proportion to their holdings, its entire stock interest in Interna tional Petroleum Co., Ltd. As a stockholder of Imperial, company thus acquired 6.239.359 shares of International stock at S9.20 per share. At same time company (S. O. N J.) offered to aU other stockholders of International 3 shares of its stock in exchange for each 20 shares of International. As of Jan. 31.1949. the date when exchange offer terminated, com pany had acquired 5.755.023 additional shares of International stock in exchange for 862. gWashington Oil Co. J. A. Brown. S. en C., Doheny. Bridge y Com Waters-Pierce OU Co. pania. Green y Compania. Tamiahua Petro In 1922, company acquired additional stock leum Co. This expropriation resulted from which gave it control of The West India Oil a controversy over labor decrees. The prop Refining Co. erties of company's subsidiaries .(as well as In Aug., 1924. announced a joint ownership with General Motors Corp. in the Ethyl Gaso those of other foreign oU companies) have since been operated by the Mexican govern line Corp. which had just been formed to take over the business of General Motors Chemical ment. On Dec. 28, 1943 subsidiaries received from U. S. Secretary of Treasury a first pay Co. in the development and distribution of ethyl fluid, a chemical compound added to ment in amount of $9,807,748 toward settlement of their claims. Total award amounted to $22, gasoline to improve the anti-knock quality. 332.486 including interest, aU of which has During 1927. company divested itself of all hysieal property and became exclusively a olding company. In this process it organized Standard Shipping Co. which, in August. 1927 acauired all company's vessels and other equipment of its marine department and also organized Standard OU Co. of N. J. (now Esso Standard Oil Co.) which, in September. 1927 acquired all company's manufacturing and marketing plants and equipment. beep paid. In December, 1937. International Petroleum Co., Ltd., which was then a subsidiary of Imperial OU, Ltd., contracted with Mene Grande Oil Co. C. A., (an indirect sub sidiary of Gulf OU Corp.) which owned petro leum ngnts in eastern and western Venezuela, for the purchase of half the oU recovered and for the purchase of an undivided half interest in the producing equipment and facili 336 shares of its own stock and as a result it now held 82.58% interest in International Petroleum. In May, 1958, company (S. O. N. J.) offered 9 shares for each 10 shares of International Petroleum Co.; acquiring 1.997.900 additional shares in exchange for 1.798.HO Jersey shares (increasing interest to 96.8%). In Jan.. 1960 Esso Standard (Inter-America) Inc., a whol ly owned subsidiary purchased this stock at $45 per share. In Sept., 1948, purchased for $6,600,000 Societe du Naphte, S. A. (Switzerland) en gaged in marketing operations in various Middle East countries. In Dec., 1948 acquired 30% interest in Ara bian American OU Co. for $74,133,000. For de tails see under "Middle East Activities" below. In Dec., 1948, Stanco Inc. was merged with Esso Standard OU Co. In 1948 sold its 22% interest in Mississippi River Fuel Corp. for $3,446,000. In July. 1928, acquired shares in Creole Petroleum Corp. (formerly The Creole Syndi cate) in exchange for its shares in Standard OU Co. of Venezuela, to which latter company had previously been transferred all outstand ing shares of American British OU Co. Com pany also purchased additional shares in Creole Petroleum Corp.. making its interest a majority of stock. (Subsequently increasing interest to 95%). 5 i ties. International Petroleum also obtained an option to purchase at cost an undivided half interest in aU oU concessions in Venezuela hereafter acquired by Mene Grande. Interna tional made an advance cash payment to Mene Grande of $25,000,000 on Dec. 15. 1937, and gave non-interest bearing notes due in 1938. 1939 and 1945 for an additional $75,000,000 International was to share equaUy with Mene Grande in the expenses of development and operation. In 1938. International sold at cost In January. 1929, purchased for S19.10 per a one half interest in its contract (with the share 350,000 shares of treasury stock in the sale made retroactive to Dee. 15. 1937) to N. Beacon Oil Co. and offered holders of the out- V. Nederlandsche Olie Maatschappij, a sub standtag common stock one share of company sidiary of N V de Bataafsche Petroleum stock for each 2*/* shares of Beacon common Maatschappij (Batavian Petroleum Co.) which, Offer which expired Jan. 19. 1929. resulted in in turn, is 60% owned by N. V. Koninklijke the acquisition of about 448.771 additional Nederlandsche Maatschappij tot Exploitatie shares and gave company majority control van Petroleumbronnen in Nederiandsch Indie In 1936, made a new offer for stock of this com (Royal Dutch Co. for the Working of Petro pany which was then known as Colonial Bea leum Wells in the Netherlands Indies). con Oil Co (name having been changed in In June. 1944. merged Lago Petroleum Corp. 1930), on the basis of 1 share of company and Pan Foreign Corp. and issued 50,155 shares stock for each 2% shares of Colonial Beacon to minority Interests of these companies. Offer expired Oct. 15, 1936. The assets and On June 30, 1944, company acquired direct In Jan., 1950, company's U. S. flag ocean going fleet and related marine assets were transferred to Esso Shipping Co., a wholly owned subsidiary. In Apr., 1952 sold 50% interest in Attapulgus Clay Co. On Aug. 6, 1953 sold 54% interest in Inter state Natural Gas Co. for about S23.000.000. In 1956 acquired by exchange of 265.000 shares entire stock of Pate Oil Co., Perfect Power Corp. and Oklahoma Oil Co. Perfect Power Corp. was subequently merged with Oklahoma Oil Co. Early in 1958 acquired Lehigh Realty, Inc. (Conn.) by issuance of 52.571 shares and Gaseteria, Inc. (Ind.) by issuance of 108.500 shares. Humble Oil & Refining Merger: In 1959 a new Humble OU & Refining Co. was formed in Delaware to acquire assets of Humble Oil & Refining Co. (Texas) (minority stockhold ers received 1% SONj shares for each Humble share). On Dec. 1. 1959 Humble (Tex as) was merged and on Dec. 31, 1959 Carter business of Colonial Beacon were transferred to Standard OU Co. of N. J. (now Esso Stand ownership of ocean-going tankers and inci dental marine properties formerly held by Oil Co. and Esso Standard Oil Co., both 100% owned by SONJ were merged into ard OU Co.) on Dec. 31. 1347. its wholly-owned subsidiary. Standard OU Co. new Humble company. Natural Cat Holdings Segregated: Stock holders of record Nov. 15. 1943 received on Dec. 15 one share of Consolidated Natural Gas Co. for each lo shares of Standard Oil Co. of _Jana<.1_9_6s0hpaurerschaAslesdo cionmpSatnainedsahrdoldOinilgsInitnernational Ltd.--Gre3a11t11Br5it3-16 ot Mlddle East International Petroleum Co. Ltd. (see be- N. J. The Consolidated Natural Gas Co. was Azioni JPSSt organized to acquire Standard Oil Co. (N. J.) holdings in the following companies: East Ohio Gas Co., River Gas Co., Hooe Natural Gas Co., and Peoples Natural Gas Co. Segregation of these resulted from an SEC ruling that Standard Oil Co. was a holding company within the meaning of the Holding --Italy--Marketing and refining in Italy "La Columbia" Soc. Marittlma per Azioni (6) (31.52%) , Esso Standard (Libya), Inc., Del.--Explora tion in Libya Esso Standard (Malta). Ltd.--Great Britain Svenska Esso Aktiebolag, Sweden--Marketing in Sweden ^ Esso Rederi Aktiebolag (99.85%) Skandinavisk-Amerikanska Petroleum Aktiebolaget Standard Petroleum Aktiebolag--Inactive Company Act as long as it retained interest Esso Standard Paraguay, Paraguay Note: Numbers in parentheses indicate same in these natural gas utility companies. Esso Standard Oil. S. A.--Panama--Refining company with split ownership. See other SUBSIDIARIES exploring, producing and marketing in identical numerals similarly enclosed for to Caribbean area and Central America tal Interest of company and subsidiaries. Company Is predominately a holding com Esso Standard Oil Co. (Puerto Rico) (100%) Also owned, as of Dec. 31, 1958, less than pany, owning as of Dec. 31, 1959, 100% voting --Marketing in Puerto Rico and Virgin 100% voting control of the following sub control of the following: Islands , sidiaries: - Name, place of incorporation and business: Esso Gas Co. of Puerto Bico--Del.--Inactive Name, place of incorporation and business; Ancon Insurance Co.. S. A.. Panama Lands Exploitation Co., Ltd., Surinam A/S Norske Esso (77.99%)--Refining and mar Anbal Co., N. V. (Neth. Antilles) Balhoa Insurance Co., S. A., Panama Stemco S. A. F.--France keting in Norway Esso Standard Oil Co.--Delaware--(Merged Aktieselskapet Tiger (98%) A/S Esso-Raffineriet, Norge, Norway--Re with Humble Oil & Refining Co. Dec. 31, A/S Christiana Kui-Vedboiag fining in Norway 1959) Atlantic Barrere, S. A., Uruguay--Marketing Colonial Beacon Oil Co. (Del.)--Inactive Ancon, Ltd. (Bermuda) (99.9%) Cle Esso-Saharienne (France) (99.2%) Baltisch-Amerikanische Petroleum-Import Enjay Co., Inc.--Merged into Humble Oil Creole Petroleum Corp. 2(95.40%), Del.--Pro G. m. b. H. Danzig Butterworth System. Inc.. Delaware & Refining Co., effective May 31, 1960. Name changed to Enjay Chemical Co., ducing, refining, transportation and mar keting in Venezuela Carter Oil Co., W. Va.--(Merged into Humble Oil & Refining Co., Dec. 31. 1959) Marketing and coordination of Humble's Compania de Petroleo Lago (100%) chemical product activities in U. S. and Standard Oil Co.. C.A. (100%)--Inactive ComDanhia Maritima Brasileira. Brazil sells chemicals to Esso Export Corp. for Esso Exploration Guine Inc.. Del. (80% di- Danish American Prospecting Co., Fla.--In distribution in foreign markets. liquidation Esso Incorporated rectly and indirectly)--Exploration in Portuguese Guinea Dansk Esso A/S--Marketing in Denmark and Kesbes, Inc., New York--Inactive. Esso-Nederiand N. V. (99.9%), Netherlands- Marine Transportation Penola Oil Co. (Del.) Marketing in Netherlands A/S Kalundborg Olieraffinderi (55.17%) Smedly Sc Mehl Co. (Del.) Esso Afrique Occidentale S. A. Francaise-- Stanco, Inc.--Inactive Esso Tankvaart Maatschappij N. V., Nether lands France Esso A. G.--Germany--Refining and market ing in West Germany "Vere'ini'g*te A' sp'ha"lt-u--nd' Teerprodukten- Tuscarora Pipe Line Co., Ltd. (99.97%), Pa. --Pipe lines Esso Standard Oil Co. (Uruguay), S. A., Uruguay--Marketing in Uruguay Esso Standard Algerie S. A,, Algeria (99.9%) --Marketing in Algeria Esso Standard Maroc S. A. (3) (Morocco) (20.46%) Fabriken G-m.b.H. Esso Standard (Switzerland)--Marketing in Esso standard Maroc S. A.,- (3) Morocco Esso Belgium--Refining and marketing in Switzerland. (79.44%) Belgium Esso Congo Beige Esso Marine (Belgium) Esso Standard (Luxemborg) S. A. Esso (Cuba). Inc., Delaware Esso Standard (Turkey), Inc.--Organized in 1934 to undertake exploration work in Tur key Esso Tankers, Inc., Delaware--Manages af filiates engaged in marine operation. Esso Limitada (99.67%) (1)--Chile Esso Standard Oil Co. (Chile) S. A. C. (2) (25%) Esso Standard Oil Co. (Chile) SA.C. (2) (75%)--Chile--Marketing in Chile Esso Exploration, Italia, Inc., Delaware--In active Esso Export Corp., Del.--Worldwide whole sale marketer and coordinator of retail, bunkering and aviation sales activities. Esso Export Ltd.--Wholesale Marketing in Eastern Hemisphere countries Esso Hellenic. Inc.. Del. . Esso Iberia, Inc., Del. Esso Mediterranean, Inc., Del.--Marketing in eastern Mediterranean area, North and Esso Tankschiff Reederei G-m.b.H., Germany Esso Trading Co. of Iran--Del. Esso Transportation Co. Ltd,--Great Britain --In liquidation General Automatic Corp., Md. Gilbert & Barker Mfg. Co., Mass.--Manufac- tures and sells oil burners and service station equipment Flexflam A. G., Switzerland Gilbarco Limited, Great Britain Gilbert & Barker Mte. Co L,ta,, Canada Esso Standard Tunisie S. A. (98%)--Tunisia --Marketing in Tunisia European Gas fie Electric Co.. Del. (81.68%) European Gas Sc Electric Co. von Oesterreich G.m.b.H.--Inactive Magyar Amenkai Olajipari Reszvenytarsasag Imperial Oil. Lr ttdel. tjj: (t7rf0\n.0s5n%r\) Canada -- Producing, refining, marketing and trans portation in Canada Aquila Petroleum Ltd.--Canada Atlas Supply Co. of Canada, Ltd. West Africa and the Iberian Peninsula Globe Fuel Products. Inc., HI. Caribbean Oil fie Transport. Inc. Esso Standard Espanola, S. A., Panama Humble Oil & Refining Co. (Del.)--Integrated 1 Chatlon Oil fie Gas Co.. Limited Esso Standard (near East), Inc.. Del. oil activities in the U. S. Its principal divi Devcan Petroleum Ltd., Canada Esso Standard Portugal. Inc., Del. sions and present locations of their oper Devon Estates Ltd.. Canada Esso Supply Co., Inc., Panama ations are: Devonian Natural Gas Co.. Ltd.--Canada Esso West Africa, Inc.. Del. Esso Mexicans, S. A. de C. V.. Mexico Esso Petroleum Co. Ltd., England--Refining, transportation and marketing in United Carter Division--Exploration, producing, refining, and marketing in central United States. Pacific Northwest, and Rooky Mountain areas. Eron Oil fie Gas Co. Limited Esso of Canada LimitedImperial Oil Shipping Co., Ltd.--Inactive Imperial Pipe Line Co., Ltd., The Kingdom and Eire British Mexican Petroleum Co., Ltd.-- Tankers ' Cleveland Petroleum Co.. Ltd. England--Marketing British Oil Storage Co.. Ltd.--Marketing National Filling Stations Ltd.--inactive Esso Pension Trust Ltd:. Great Britain Esso Petroleum Co. (Ireland) Ltd. Esso (Ireland) Pension Trust Lt. (Ireland) Purfleet Deep Wharf & Storage Co.. Ltd. Hedline--Glico Ltd.--Inactive Standard Candle Co.. Ltd.--Inactive Esso Research & Engineering Co.. DeL Esso Research Ltd., Great Britain International Catalytic Oil Processes Corp., Del. (75%) Jasco. Inc.. Del. Standard Catalytic Co., DeL Esso (Sahara) Inc., Del. Esso Services, S. A., Panama--Formed in 1959 to finance construction of pipeline under terms of agreement between Esso (Argentina) Inc. and Argentine govern ment oil company. Esso Sirte Inc., Del. Esso Standard (Guatemala) Inc,--Exploration in Guatemala Esso S. A. Petrolera Argentina--Producing, exploring, marine transportation, refining transportation & marketing in Argentina Esso (Argentina), Ine,, Delaware EAustrtfandard tAustria> A.G.-Marketing in Esso Standard Division--Refining, trans portation. and marketing in certain east ern seaboard and southern states. Humble Division--Exploration and/or pro ducing in southeast, southwest. Gulf Coast. Pacific Coast areas, and Alaska: refining and transportation in Texas; marketing in Tex.. N. M. and Ariz. Interstate Oil Pipe Line Co., Del.--Pipeline transportation, Louisiana. Mississippi, Illi nois and Montana Yellowstone Pipe Line Co. (40%)--Or ganized in 1953. In 1954 completed a 540 mile products pipeline from Billings, Mont, to Spokane. Wash. "La Columbia" Societa Marittlma per Azioni (4) (68.48%) Italy Lago Oil Sc Transport Co., Ltd., Canada-- Refining in Aruba. N.WJ. Medqatar, Inc., Panama Mediterranean Standard Oil Co.. DeL--Pur chase and sale of Middle East crude and products. Mediraq Ltd.--Iraq Medkuwait. Inc.. Panama: Medqatar. Inc.. Panama Oklahoma Oil Co.. 111.--Marketing in Ky., Wise.. Ind., Mich.. Ill and la. To be ab sorbed by Humble Oil fie Refining Co. (DeL) Bonded Oil Co., Inc., Md. ,, G--a_-se- t-e--rit.a..o...C..."o..r..p....,.,...-M.i.v.d~.o. .. p,,K,. a,.- Marine loco Townsite. Ltd., Canada Lowlands Exploration Ltd.--Canada Maple Leaf Petroleum Ltd.. Canada Nisku Products Pipe Line Co.. Ltd. Northwest Co.. Ltd. Oval Natural Gas Co. Limited Padol Petroleum Ltd.. Canada Palcan Petroleum Ltd., Canada Seaway Bunkers Limited. Canada St. Clair Processing Corp., Ltd.--Inactive St. Lawrence Tankers, Ltd. Canada (50%) Stanmount Pipe Line Co. (inactive) Stromo Petroleum Ltd.. Canada Tercol Petroleum Ltd.. Canada Transit Co.. Ltd.. Canada Winnipeg Pipe Line Co. Ltd. International Petroleum Co.. Ltd. 096.75%) Canada--Producing, refining, transporta tion and marketing in Peru and Colom bia and producing interest in Venezuela and marketing in Ecuador. Note: In Jan., I960, Esso Standard (InterAmerica) Inc., (see above) purchased out standing shares (96.8%) of International Pe troleum Co.. Ltd., at $45 per share from par ent. Andian National Corp. Ltd. 0(98.42%)--Can ada Compania Peruana de Gas S_A_, Peru (77.87%) Esso Colombiana S. A. (6) (74.7%)--Colom _ bia ,, , ,, , , International Petroleum (Colombia) Ltd.-- Austria Gasolin G.m.b.H., Austria ' Esso Standard do Brasil Inc., W. Va.--Market ing in Brazil. Name changed to Esso Bra sileira de Petroles, S. A., in Jan. 1960 Esso Standard (Cuba), Inc., Delaware Esso Standard (Inter-America) Inc., Del.-- In Jan.. 1960 acquired 16.6% interest in Anglo-Ecuadorean Oil Fields Ltd., an inte grated producer with over 300 sq. miles of concessions in Ecuador for about S2.000.000 for just under 750.000 shares ac qulred from South American Gold fie Platinum Co. Another big block of Anglo- transportation , Pate Oil Co.. Del.--Marketing in Milwaukee area. To be absorbed by Humble Oil & Refining Co. Romano-Americana, Roumania "Neo-Petrol" S.A. Sociedade Tecnlca e Industrial de Lubrificantes Solutec S. A. Standard Oil Co. of Canada. Ltd. Standard Oil Co. (Nfld.) Ltd.--Inactive Standard Oil Co of Egypt, S. A., Egypt-- (98.33%)--Inactive StBaanhdaa_mrda__sT(a9n9.k9e8r%s) (Bahamas) Co. Limited, Canada Esso Colombiana S. A. (6) (25%) . Tropical Oil Co.--Inactive United Petroleum Securities Corp. (7744%) Esso Standard SA.F.--France (81.55%)-- Refining, transportation and marketing in France Soc. Immobiliere Paris--Niel, S. A.-- Inactive ' Soc. Esso de Recherches et D'Exploita- tion Petrolleres Esso Rep. (88.97%)-- Exploring and producing in southwest France . 0See seDarate statement following Standard Ecuadorean stock'is'owned'by'Lobtio's Oii- Jersey Production Research Co., Del.--Or- 01i__ . .. , fields. Ltd. Lobitos and Standard holdings ganized in 1938 to direct geological, geo- SJSee Moody's Transportation Manual, combined come to just over 50% of Anglo- physical and production research. Note: Numbers in parentheses Indicate same 3IOOBY'S INDUSTRIAL MANUAL 2545 company with split ownership. See other identical numerals similarly enclosed for total interest of company and subsidiaries. Affiliates: As of Dec. 31, 1959 company held 50% or minority interest in following: . Ethyl Corp. (50%--balance held by General Refining Co. Exploration and producing ac tivities are conducted throughout the United States and offshore Gulf Coast and Califor nia. Principal producing properties are in Texas, Louisiana and Illinois. Exploration program continued along Gulf Coast and in _ _ Creole Petroleum Corn, loco, B. C. Sarnia, Ont. Calgary, Alta. Sumia, Ont. Edmonton, Alta. Montreal E,, Que. Regina, Sask. Halifax. N. S. Winnipeg, Man. Norman Wells, N.W.T. Motors Corp.): Manufactures and sells an Rocky Mountain area. Although 11% fewer . ,, Imperial Oil Ltd. antiknock compound in United States. exploration wells were drilled more oil was Amuay Bay Caripito Standard-Vacuum Oil Co. (50%--balance found than in 1958. Major discoveries were Logo, O. & T. Int'l Petroleum owned by Socony-Mobil Oil Co. Inc.)-- in Bayou Sale field. La., in Red Fish Reef Aruba, N.W.I. Talara, Peru Producing, transportation, refining and on Texas coast, and on King Ranch in south Note; In Apr., 19a9 Esso Standard Oil Co., marketing in Far East, Australasia, and west Texas. S. A. stated that it planned to construct a Africa. See under "Far East" below. Imperial Oil Ltd. operates in Canada, the refinery to cost S18-20.000.000 at Kingston. Near East Development Co. (50%)--balance most important properties being in the Jamaica, under agreement with Jamaican owned by Socony-Mobil Oil Co., Inc. _ Prairie Provinces, British Columbia and On- government. Plant will have 25,000 bbl. daily Iraq Petroleum Co.. Ltd. (23%%)--Pro ario. Exploration drilling in Ontario, Prince capacity when completed 2 years after site ducing in Iraq and Qatar, transporta Edward Island and New Brunswick has not selection. tion in Iraq, Qatar, Syria and Lebanon yet resulted in any significant discovery. Western Hemisphere refinery operating and refining in Lebanon. See "Middle Creole Petroleum Corp. operates in Vene e+a+i*+te> 41% ***-3 vm _ East" below. _ . , zuela. In 1956 and 1957 acquired from the Crude Oil Runs: 1959 1958 1957 Arabian American Oil Co. (30%)--Producing Venezuelan Government new oil concessions United States... 861 749 760 827 refining and transportation in Saudi Arabia. on 471.700 acres for 377,000,000. . Canada ......... 289 269 267 275 See "Middle East" below. Trans-Arabia Pipe Line Co. (30%)--Pipeline Production daily. in 1959 averaged 942,000 bbls. Venezuela ______ Peru ... 364 42 308 43 321 43 275 42 transportation from Saudi Arabia to International Petroleum Co., Ltd., operates Aruba, N.W.I. .. 412 399 412 439 Mediterranean terminal in Lebanon. See in Peru and Colomba and through contractual Other _ 133 130 95 76 "Middle East" below. , , arrangement with Mene Grande Oil Co. Ltd. Gewerkschaft Brigitta (50%)--Producing in in Venezuela. Company obtained new conces Total _______ 2,101 1,898 1,898 1,934 West Germany _. _ sions in Venezuela on 225,700 acres for S34,- end of 1959 were: N. V. Nederlandse Aardolie Mij. (50%)--Pro 400,000 in 1956 and 1957. In 1959 company Petrochemicals: Company's revenue from ducing in Netherlands produced 108,000 bbls. daily. petrochemical sales world-wide was $256,000, Stamc-mdustria Petrolifera S.p.a. (50%-- Esso S.A. Petrolera Argentina produces rel 000 in 1959. balance owned by Italian Government)-- atively small quantities of crude in Argentina Sales in the United States, are made pri Refining in Italy , and in carrying out exploration and develop marily through Enjay Chemical Co. Such oil- Iranian Oil Participants Ltd. (7%)--Producing ment latter activities on over 1,250.000 acres. derived products include plastics, resins, syn and refining in Iran. See "Iran" below. In 1959 plans were announced to build a 400 thetic rubbers, fibers, and detergents. Plantation Pipe Line Co. (48.83%)--See mile crude pipeline under contract with the Atlas Bucron tires, made of butyl rubber, Moody's Transportation Manual. _, _ Argentine government oil company. were introduced in domestic market in sum Interprovincial Pipe Line Co. (23%)--See In 1956 Esso Standard (Guatemala) Inc., a mer of 1959. Butyl, which company developed Moody's Transportation Manual. Pipeline new company, began exploration of conces and Is currently producing, has been the transportation from Alberta to Sarnia, Ont. sions granted in Guatemala. principal rubber used in inner tubes for a Trans-Mountian Oil Pipe Line Co. (6%)--See Pipe Line Department: Subsidiaries owned number of years and, now. is also used as Moody's Transportation Manual. Pipeline and operated at end of 1959. 7,777 miles of oil wire and cable insulation, hoses, and indus transportation from Edmonton. Alta., to trunk pipe lines in the United States. In 1959 trial belts. Sales increased by 35% in 1959, Vancouver. B. C. and Ferndale, Wash. the lines carried 1,094.000 bbls. daily of crude and manufacturing capacity is being expand BUSINESS & PRODUCTS Is primarily a holding company, subsidiaries engaging in the acquisition, exploration and exploitation of oil and gas lands; in buying and selling crude oil; in transporting oil by pipe line; in refining crude oil; in transporting refined products by pipe line, boat and auto mobile: in marketing petroleum products at wholesale and retail. Subsidiaries also 'engage in producing, buy ing, selling, transporting and distributing, of natural gas. An allied activity is the licensing of patent rights relating to the oil industry. Subsidiaries also manufacture and/or sell gas oline and oil storage and dispensing equip ment. oil heating equipment, insecticides, etc. Subsidiaries also produce special lines of chemical products consumed by the petroleum industry and general lines of chemical prod ucts made from by-products of the industry. Incidental to marketing operations, subsidi aries sell tires, batteries and ether automo tive accessories. . General references to the types of activity carried on in various geographical areas will and other refined products. Details of company's principal domestic pipe line subsidiaries are as follows: Humble Pipe Line Co. operated 5.810 miles of trunk lines and 3.9S2 miles of gathering lines in Texas and New Mexico, which de liver to the Baytown refinery in Texas and to Gulf ports. Interstate Oil Pipe Line Co. operated about 1.967 miles of trunk lines in Louisiana, Arkansas. Mississippi. Montana, Illinois and Wyoming, which deliver to connecting car riers in Anchorage, and Baton Rouge. La and Billings and Laurels. Mont. In 1959 company delivered 468,000 (1958, 434.000; 1957, 461.000) barrels a day. Owns 40% in terest in Yellowstone Pipe Line Co. which operates a 574 mile products pipeline from Billings, Mont, to Spokane, Wash, (trans ported 27,000 bbls. daily in 1959). Not included in aDove are statistics of those systems in which company has a' minority interest, L e.. Plantation Pipe Line Co. (49% owned) (see Moody's Transportation Manual) operated 2.425 miles of line (delivered 290. ed. In May, 1960, opened a polypropylene plant at Baytown, Tex., with an annual capacity of 40,000,000 lbs. This new plastic is used to make fibers, films, pipe, and a variety of molded products. Plants abroad, for which substantial capital outlays were made in 1959. now constitute more than a third of the company's total petrochemical investments. Major additions to capacity were made in Germany and France; a second project for Germany was announced; and Standard-Vacuum has begun construction of the first major petrochemical installation in Australia. In 1959 research continued in the develop ment of new plastics, synthetic rubbers, and basic organic chemicals. In addition to the polypropylene, processes were developed to manufacture chlorinated butyl and latex, two important additions to line of butyl rubbers, and to make a new family of resins called Butons, which are useful as surface coatings and in manufacture of pipes and structural forms. be found under "Principal Plants Sc Prop erties." PRINCIPAL PLANTS & PROPERTIES Production Statistics--World Wide TEstimated Oil and Natural Gas Liquid Reserves at Dec. 31,1959 (in millions of bbls.): Gross Net United States____ Canada ,,_-______ Venezuela _______ Oth. West. Hem. .. Europe & Africa _ Middle East _____ Far East _____ 4.370 881 9.862 262 802 16.193 155 3,754 *60 8,181 252 72o lo.562 lao 000 bbls. daily in 1959), the Portland-Mon- treal system which transported 231,000 bbls. daily in 1959 through its 490 miles of trunk line Pipe: the Lakehead Pipe Line Co. trans ported 247,000 bbls. daily in 1959 on its 1.292 miles of trunk line. , In Canada Imperial Oil owns three pipe lines: Imperial Pipe Line Co. Ltd. which gathers on in Alberta: Winnipeg Pipe Line Co., Ltd. which has a 77 mile trunk line from Gretna Manitoba to Winnipeg; Sarnia product line which consists of 235 miles from Sarnia to Toronto. Imperial Oil also has minority in terest in Trans Mountain Pipe Line which completed in 1953 a line from Edmonton to Marketing Department: In connection with the sale of products in the various parts of the world in which subsidiaries do business, they own or lease from others and operate terminals, bulk plants, service stations, tank wagons and other equipment. Nearly all the 23,000 service stations owned or leased by subsidiaries in the United States are operated by others under lease. Subsidiaries sell prod ucts at wholesale and retail. Note: For product sales on world-wide basis see Statistical Tabulation below. The principal marketing subsidiaries of the company in Western Hemisphere at the end of 1959 were: Total _________ 32,525 29.389 IT Net Acreage and Producing Wells at Dec. 31, 1959: Proved Total Wells --Ne~Acreage-- (ENet United States__ 1,141.000 21,176.000 19.307 Canada ________ 255.000 16.895.000 2,477 Venezuela______ 495.000 3.537.000 3.586 Oth. West Hem. 64.000 25.081.000 2,343 Europe & Africa 46.000 51.841.000 527 Middle East____ 335.000 98.367.000 115 Far East 18.000 35.814.000 466 Vancouver: Interprovincial Pipe Line Co. which operates a line from Edmonton to Sar nia, Peace River Oil Pipe Line Co., Ltd. operates a gathering system in Sturgeon Lake area of Alberta and 107 mile trunk line to Trans Mountain station at Edson, Alta.; Westspur Pipe Line Co. operates a 109 mile trunk line connecting southeastern Saskatchewan fields with the Interprovincial line. In Colombia, South America, Andian Na tional Corp., Ltd., owned 670 miles of crude oil pipe line from De Mares fields to Barran- Subsidiary Humble Oil Sc Re- fining Co. Esso Standard Div. Humble Div. Carter Div. EPate Oil Co. (D Oklahoma Oil Co. Imperial Oil Ltd. Brasileira de Pe- troleo S. A. Esso Standard Oil Marketing in ' United States Canada Brazil West Indies and Cen cabermeja refinery and to seaboard terminal S. A. tral America. Total_______ 2,354.000 252,711,000 28,821 EThese statistics include 100% of, holdings and operations of those affiliates m which company owns more than 50% of the shares. For companies in which company owns 50% or less of shares, the figures include only that percentage of each company's holdings or operations as corresponds to percentage of company's ownership. ENet oil and gas condensate wells capable of producing. Drilling Operation: In 1959, company's worldwide affiliates drilled 332 (1958. 428) net tploratory wells. Drilling in proved areas, 41 (1958, 981) net wells. Most of the reduc tion in drilling was in Venezuela, where spare producing capacity continues to grow. WESTERN HEMISPHERE OPERATIONS Producing Department: Within the United States the producing subsidiaries were merged at end of 1959 into Humble Oil Sc near Cartagena. Contract expires Oct. 1, 1973. In Venezuela, Creole Petroleum Corp. has interest in 800 miles of trunk line pipe in cluding a 143 mile line from Lake Maracaibo to Amuay Bay. . _ ,, ____ Marine Transportation: At Dec. 31. 1959, subsidiaries owned 183 tankers totaling 3. 300,000 dwt. Of these 34 vessels (775,000 dwt.), sail under American flag. Remainder are owned by foreign affiliates and operate un der respective national flags. Besides owned fleet, affiliates had 160 tankers under term charter. In addition. Standard-Vacuum Oil Co. owned 13 vessels aggregating 402,000 dwt. Refining Department: Subsdiaries operate the refineries as follows: Humble Oil & Refining Co. Bayonne. N. J. Charleston, S. C. Boway, N. J. Humble O. Sc R. Everett. Mass. Baytown. Tex. Baton Rouge. La. Carter Oil Co. Baltimore, Md. Billings, Mont. EsSs.o Standard Oil Chile Int'l Petroleum Co., Ltd. Creole Petroleum Corp. Esso, S. A. Petro lera Argentina Esso Standard OU Co. (Uruguay) S. A. Peru. Colombia Sc Ecuador Venezuela Argentina Uruguay UlOnerates in Wisconsin. [^Operates in Ind., HI., la., Mich., Wise. and Ky. The marketing subsidiaries obtain most of their petroleum products from their own re fineries or from refineries of other subsidi aries. However, substantial quantities of such products are purchased from outsiders both in the United States and abroad. Research: Principal research centers are lo cated at Abingdon, England; Baton Rouge, 2546 MOODY'S INDUSTRIAL MANUAL La.: Linden and Florham Park. N. X; Tulsa, pleted a well at Zelten. a 100 miles from were approved by Iranian parliament In Oct- Okla.; Baytown. Tex.: and Sarnia. Ont. Over Mediterranean coast, tested at 17.500 bbls. a 1954. 3,970 were active in research work. Research day. Subsequent drillings indicated this to be Consortium members have set up two com expenditures were $67,000,000 in 1959: $62,000. a major find as a result a pipeline to coast panies under the laws of the Netherlands: one 000 in 1953; $55,500,000 in 1957; $44,000,000 in and a tanker loading terminal are being plan to explore for and produce crude oil in Iran 1956 and $35,200,000 in 1955. ned. Company also acquired a half interest within the area covered by the agreement; Hesearch activities are directed toward de in three large concessions in Libya held by the other to operate the Abadan refinery The velopment of new or improved methods of other companies. Three discoveries have al two companies exercise managerial controls finding, producing, and refining crude oil. the ready been made on these properties, which necessary to ensure successful operation. The improvement of product performance and de Esso Sirte Inc. will operate. National Iranian Oil Co. (owned by Iranian velopment of new products. About 25% of Elsewhere in Africa, company is conduct Government) has sole responsibility for all research costs are conserned with develop ing exploration on concessions held jointly marketing within Iran and for producing and ment of processes for production from with two French participants in Algeria, and renning operations outside the area of the petroleum of chemical intermediates and fin ished chemical products such as plastics and exploration continues on a concession held in Portugese Guinea. agreement. Iran is to receive one-half of net profits of the consortium. synthetic rubbers. In 1959 long-range search for new products In 1959, company acquired exploration rights on 800.000 acres in Spain and has ap A British, company called Iranian Oil Par ticipants Ltd., was formed which holds the and processes was centralized in a new group plied for exploration rights on 1,000,000 acres shares of the two Netherlands companies. in Esso Research and Engineering Co. in Greece. Each consortium member subscribed to shares Esso Research continued work on high- Middle East: On Dec. 2, 1948, Jersey ac in this company equivalent to its interest energy solid propellants for rockets under an quired a 30% stock'interest in Arabian Amer under the applicable agreements. British expanded, nonprofit contract with U. S. De ican Oil Co. (Aramco). Remaining Interest is Petroleum holds 40% interest, the American partment of Defense. Results include success held 30% by Standard Oil Co. of Calif, and firms share 40%. Royal Dutch Shell, 14% and ful firings of laboratory-scale rocket motors Texas Co. and 10% by Socony Vacuum Oil Co. Compagnie Francais des Petroles, 6%. Each powered by experimental fuels. Other accomplishments included the de Company has extensive concessions in Saudi Arabia and a refinery at Ras Tanura. member takes its oil at the border of Iran and markets it independently. velopment. for jet aircraft, of a fuel yielding more energy per gallon and of a lower cost In Saudi Arabia Aramco constructed in 1958. 3 large-scale gas injection plant at its Ain Dar In Apr., 1955. the 5 American companies re ferred to above reduced their interest from synthetic lubricant giving better performance field, and development drilling to delineate 40% to 35% by turning over a 5% interest to at high temperatures. Also developed were a new Khurais field and new offshore Manifa Iricon Agency, Ltd. organized to administer lubricant for diesel locomotives that reduces engine wear and two engine-cleaning addi tives for motor oils. See also "Petrochemicals" above. field was continued. At Ras Tanura refinery new alkylation facilities for production of aviation gasoline were under construction. Statistics (bbls. daily) interests of Standard Oil Co. (Ohio). Atlantic Refining Co., Hancock Oil Co., Pacific Western Oil Corp.. Richfield Oil Corp.. Signal Oil & Gas Co., Tide Water Associated Oil Co., American Miscellaneous: Gilbert & Baricer Mfg. Co owns a plant at West Springfield. Mass., for manufacture of eauipment for dispensing and storing oil and gasoline, of oil heating and air conditioning equipment, and of miscel 1959_______________ 1958_______________ 1957________________ Crude Oil Refinery Production Runs 1,095.400 174,300 1.015.000 168,000 992.000 193.000 Independent Oil Co. and San Jacinto Petrol eum Corp Production in Iran in 1959 continued to rise, with an averaged 923,000 bbls. a day (1958, 820.000). -. laneous articles. Subsidiaries and certain companies in which company has investments are engaged in licensing of various patent rights relating directly or indirectly to oil business and in the manufacture of general and special lines of chemical products made from by-products of the petroleum Industry. EASTERN HEMISPHERE OPERATIONS (For production statistics, etc. see below). Europe: 1956________________ 1955________________ 986.000 199.000 965,000 203.000 1954________________ 953,000 220.000 Trans-Arabian Pipe Line Co.- completea it* 1,067-mile pipeline in Saudi Arabia in Dec- 1950. Operation of the TAPline system began Dec. 2, 1950. Deliveries at terminal at Sidon in eastern Mediterranean totalled (bbls daily): 1959. 338.000; 1958. 368.000; 1957. 348.000; 1956. 340,000; 1955, 322.000; 1954, 318,000; 1953, 308.000. CAPITAL EXPENDITURES Of the total 1959 expenditures, those for additions to property, plant and equipment amounted to $729,146,000 distributed as fol lows (in thousands of dollars): . U. S. Foreign Total Producing______ 187.895 78.361 266.256 Refining__________ 50.458 130.953 181.411 Marketing______ 46.764 102,830 149.594 Transportation _ 18.487 97.567- 116.054 Other______________ 11,406 4,425 15.831 In the United Kingdom. Esso Petroleum Co.; stifionl ai,dChS?t Ltd., the Fawley rehnerv capacity was raised j Stations which ^raised"hs ^aD?ei&Ufrnm Total _______ 315.010 414.136 729.146 to 220.000 barrels daily. Manutacture of petro- I ooo to Vo S bbis a dav S llfmrr.2 nf In addition to the expenditures capitalized, chemicals was being expanded through the; a nroiect to raise caoaeitvto 460 ooo^hiV other amounts spent in the search for oil dur addition of a new plant Chief among prod- j fvft^h'was complIted^lMS. to ' bblS' ing 1959 by consolidated companies totaled ucts to be manufactured are butadiene and j pprrnienm rn t m m for^heliianufa^ture n^svnthefic.^ru^h^r'and 'in wilich company has an "approximately 12%' for the manufacture of sy nthetic rubber and; interest, had no interruptions to production plastics bv other, nonaffiliates now building facilities near the refinery. * Construction began in 1958 on a new re finery at Milford Haven, on deep water on the coast of Wales. In 1959 a 40.000 bbl. daily refinery at White- gate. Ireland went on stream. In France Esso Rep. a producing, affiliate of Esso Standard S.A.F.. continued develop ment of its Parentis and Cazaux fields; In 1959. a 32.000 bbl. daily refinery in the Bor deaux area went on steam. West German affiliate. Esso A. G.. in 1958 placed in operation 68.500 bbl. daily refinery at Cologne. Also a petrochemical plant is to be built at this site. This affiliate also has a refinery at Hamburg with a capacity of 50.000 bbls. daily. A refinery is to be built at Karls- ruhle. In 1958 Nord-West Oelleitung GmbH in which Esso A.G. has a 47% interest, com pleted a 245 mile crude oil pipeline from Wilhelmshaven to Cologne. Company's 50% owned affiliate Gewerkschaft Brigitta owned and transportation of oil in 1958 despite polit ical disturbances. The pipeline which was olown up during Suez crisis was restored to full previous capacity by middle of 1958. The Basrah Petroleum Co. Ltd., in Iraq, prepared to construct a new island loading terminal for large tankers in Persian Gulf, in conjunc tion with expansion of producing facilities in Rumaila field. Far East: Standard-Vacuum Oil Co. (50% owned) operates from the Philippines to East Africa. Crude production averaged; 84.000 11958. 77.000; 1957. 65,000: 1956. 66.00U: 1955. 72. 000; 1954, 69.S00) barrels a day in 1959. Most of this was from fields in Sumatra. Is aiso ex ploring in India. Pakistan. Philippines and Australia. A 10.300-square-mile concession was obtained in Somalia. East Africa, where it began to explore in 1958. Wholly-owned refineries are located in In donesia. Australia. South Africa and India and 2 refineries in Japan in which company has a majority interest processed 207.000 bbls. producing fields in Oldenburg. a day in 1958. The largest refinery is at Palem- Dutch affiliate Esso-Nederland N. V. is a bang. in Sumatra. Subsidiary plans to invest new refinery in Rotterdam with a capacity of S35.700.000 in Melbourne's proposed petro 95.000 bbls. daily, to go on stream in 1960. chemical industry and S33.600.000 in a refinery N. V. Nederlandsche Aardolie Mij. a 50% own ed affiliate produces oil in the Netherlands. In Italy Stanic-Industrla PetroUfera, SJP-A.. a 50% owned refining company has refineries at Bari and Leghorn. Esso Standard Italiana expanded its marketing activities. Another newly formed affiliate. Esso Stand ard (Libya) Inc., intensified search for oil in Libya. near Adelaide, bringing total Australian in vestment to S229.600.000 by 1962. At Dec. 31, 1959. Stanvac owned tankers with a deadweight tonnage of 402.000 tons. Consolidated Earnings, years to Dec. 31 (in S1000) of Stanvac: Gross Net Div. Oper. rev. Income Paid 1956 856.000 32.070 14.000 In Belgium, company's 100% owned affiliate 1957______ 946 000 40.900 l3.om Esso Standard Refinery had a refinery at 1958--------- 958.000 26.716 9.000 Antwerp which was placed in operation in 1959______ 1.024,550 ' 28.256 10.000 1954 and processed 35.000 bbls. daily in 1957. Consolidated net assets. Dec. 31, 1959, $456,- In Norway. A'S Esso-Raffineriet. Norge 648.000. (organized in 1957) a new 40.000 bbls. refinery Iran: Company, together with Socony- about 60 miles south of Oslo is scheduled to Mobil Oil Co., Inc.. Standard Oil Co. (N. J.). go on stream In 1960. When completed. It will Standard Oil Co. of Cal.. Texas Co.. Gulf Oil not only supply the needs of A/S Norske Esso Corp.. Anglo-Iranian Oil Co. (now British but will also furnish products to Svensko Esso Petroleum Co.. Ltd ). Royal Dutch Shell and A/B. in Sweden. Compagnie Francais des Petrolea. formed a Search for oil continued in Turkey. consortium to restore Iranian oil to world In 1959. Esso Standard (Libya) Inc.' com commerce. Agreements, to run for 40 years S197.203.000; (1958, 5212,536,000; 1957, 246,000, 000). - MANAGEMENT ;; - Officers ' L. O. Welch, Chairman M. J. Rathbone. Pres. Chief Exec. Off. L. W. Elliott. Exec. Vice-President D. A. Shepard. Exec. Vice-President E. E. Soubry. Exec. Vice-President S. P. Coleman. Vice-President M. W. Boyer, Vice-Pres.--Invest. M. L. Haider, Vice-Pres.--Lat. Amer. P. T. Lamont, Vice-Pres.--Eur. & Med. W. R. Stott. Vice-Pres.--Eur. & Med. H. W. Page. Vice-Pres.--Middle East E. G. Collado. Treasurer ' A. O. Savage, Comptroller J. O. Larson, Secretary Directors M. W. Boyer. New York C. L. Burrill S. P. Coleman, New York E. G. Collado I- W. Elliott, New York H. W. Fisher M. L. Haider P. T. Lamont New York H. W. Page, New York M. J. Rathbone, New York D. A. Shepard. New York E. E. Soubry, New York . W. R. Stott L. D. Welch, New York J. R. White . M. A. Wright ' General Counsel: T. E. Monaghan, New York* , Auditor: Price Waterhouse & Co. Annual Meeting: Last Wednesday in May. No. of Stockholders: Feb. 8, 1960. 591,179. General Office: 30 Rockefeller Plaza. N. Y. Payrolls and Employees: ~ Wages * Employees Sal. * oenef. L959______________ 146.000 5969.000.000 1958_____:________ 154.000 953.000.000 L957--------------- -___ 160.000 993.000.000 1956 156.000 906.000.000 1955______________ 153.000 839.000.000 1954 155.000 803.900.000 1953______________ 156,000 778.600.000 Consolidated, including European and North Airica affiliates* OPERATING STATISTICS COMPARATIVE OPERATING STATISTICS. YEARS ENDED DEC. 31 0Gross Production United States____ Canada ________ Latin America Total Western Hemisphere-----Europe & North Africa__________ _ Middle East & Far East....----- --- (Consolidated and non-consolidated companies) (Barrels per day) 1959 1958 1957 1956 507.000 472.000 538.000 546.1)00 96.000 88.000 112.000 122.000 1.259.000 1,219.000 1.289.000 1.208.000 "1,862.000 45.000 557.000 1,779.000 42.000 508.000 1,939.000 42.000 451.000 1,876.0000 33.000 457.000 1955 520.000 110,000 1,094.000 1,724.000 24.000 437,000 1954 484.000 98.000 932.000 1,514.000 14,000 405.000 1953 516.000 92.000 809.000 1,507.000 10.000 361.000 Total World-wide------- ---------- 2,464,000 2,329,000 2,432,000 2,366,000 2,185,000 1,933,000 . 1,878,000