 The Amerada Hess Corporation NYSE: AHC is an integrated oil company based in New York City. The company explores, produces, transports, and refines oil. Vertically completing the logistical chain, over 1200 filling stations market gas to consumers primarily on the East Coast of the United States. Although towered over in size by enormous global players in the same industry, Amerada Hess places a formidable #139 in the 2004 Fortune 500 ranking. Jump to: navigation, search Image File history File links Amerada_Hess. ...
Jump to: navigation, search New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is the largest stock exchange in the world, although its trading volume was exceeded by that of NASDAQ (historic comparison graph {pdf}) during the 1990s. ...
New York City, officially named the City of New York, is the most populous city in the United States, the most densely populated major city in North America, and is at the center of international finance, politics, entertainment, and culture. ...
Oil Exploration is the search by petroleum geologists for hydrocarbon deposits beneath the Earths surface. ...
View of the Tosco (ex Valero, originally Shell) Martinez oil refinery An oil refinery is an industrial process plant where crude oil is processed and refined into useful petroleum products. ...
Jump to: navigation, search Modern filling station A filling station, gas station or petrol station is a facility that sells fuel and lubricants for road motor vehicles – usually gasoline (petrol) or diesel fuel. ...
The East Coast, Eastern Seaboard, or Atlantic Seaboard are terms referencing the easternmost coastal states in the United States of America. ...
Jump to: navigation, search 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ...
History
Formed in 1919, the Amerada Corporation was a holding company for its principal subsidiary, the Amerada Petroleum Corporation. The oil producer experienced solid growth during most of the 1920s, hitting a peak in 1926 with a net income of USD 4.9 million. However, in the years leading to the Great Depression, weakness in the oil markets contributed to sluggish profits. The aftermath of the market crash aggravated the unsteady oil industry. In the first quarter of 1930, the company experienced a minor loss. The early years of the Depression was a struggle against wavering demand and overproduction in some regions. Later into the 1930s, the financial forecast became more sanguine for Amerada. Jump to: navigation, search 1919 was a common year starting on Wednesday (see link for calendar). ...
Jump to: navigation, search Sometimes referred to as the Jazz Age or primarily in North America as the Roaring Twenties . In Europe it is sometimes refered to as the Golden Twenties. ...
Jump to: navigation, search 1926 was a common year starting on Friday (link will take you to calendar). ...
Jump to: navigation, search USD redirects here. ...
Jump to: navigation, search This article is about the worldwide economic crisis of the 1930s; for other uses of the term, see The Great Depression (disambiguation). ...
Jump to: navigation, search 1930 is a common year starting on Wednesday. ...
Jump to: navigation, search // Events and trends The 1930s were described as an abrupt shift to more radical lifestyles, as countries were struggling to find a solution to the global depression. ...
In December 1941, the company reorganized by merging the holding company with the principal operating subsidiary, Amerada Petroleum Corporation, into a simplified operating company. The new entity also adopted the former subsidiary's name. Jump to: navigation, search December is the twelfth and last month of the year in the Gregorian Calendar and one of seven Gregorian months with the length of 31 days. ...
Jump to: navigation, search 1941 was a common year starting on Wednesday (link will take you to calendar). ...
Robust postwar growth rocketed the company past USD 100 million in sales in 1955. Jump to: navigation, search 1955 is a common year starting on Saturday of the Gregorian calendar. ...
Hess Oil and Chemical, an oil refiner and marketer, in 1966 acquired 10% of the company for USD 100 million after the British government sold its stake, which was amassed during WWII. Hess and Amerada would announce plans for a merger in December 1968. Some Amerada stockholders led by Morton Adler criticized the arrangement as being too favorable for Hess. Adler argued Amerada's oil reserves would contribute the lion's share of assets for the proposed company, so Amerada stockholders should retain more control of the new company. Before the stockholder vote on the matter, Phillips Petroleum, an integrated oil firm, approached Amerada with its own merger proposal, but the offer was declined in March. Still interested, Phillips nonetheless stated it would not carry out a proxy fight against the proposed Hess deal. Hess fearing such a strategy, cash tender offered USD 140 million for an additional 1.1 million shares of Amerada, which would double its holding in the company. The new shares would be employed in a May stockholder vote deciding the merger's fate. The vote took place amidst shareholder rancor that in addition to echoing Adler's arguments, objected to Amerada's financing of the recently completed tender offer. Hess planned to cancel the shares and the cost of the acquisition would be absorbed by the newly formed company. One shareholder at the meeting quipped, "It looks to me as if Hess is buying Amerada with Amerada's money." Proponents of the deal won, and the USD 2.4 billion merger combining a purely production company with a refinery and marketer operation was completed. Although, controversy was not yet extinguished by the stockholder confirmation. A shareholder filed a class action federal lawsuit in 1972 claiming the proxy vote information was misleading. In 1976, a court agreed that the company falsely claimed to have considered each company's assets as a reason for the merger. 1966 was a common year starting on Saturday (link goes to calendar) // Events January January 1 - In a coup, Colonel Jean-Bédel Bokassa ousts president David Dacko and takes over the Central African Republic. ...
German soldiers at the Battle of Stalingrad World War II was the most extensive and costly armed conflict in the history of the world, involving the great majority of the worlds nations, being fought simultaneously in several major theatres, and costing tens of millions of lives. ...
Jump to: navigation, search 1968 (MCMLXVIII) was a leap year starting on Monday (the link is to a full 1968 calendar). ...
ConocoPhillips (NYSE: COP) was founded by the merger of the Conoco Inc. ...
Proxy fight is an event that may occur when opposition develops to a corporation management among its stockholders. ...
Tender offer is a term typically used in corporate finance to mean a public, open offer by an entity to buy stock from the existing stockholders of a publicly traded corporation under specific terms in effect for a specific period. ...
In law, a class action is an equitable procedural device used in litigation for determining the rights of and remedies, if any, for large numbers of people whose cases involve common questions of law and fact. ...
Jump to: navigation, search 1972 (MCMLXXII) was a leap year that started on a Saturday. ...
Jump to: navigation, search 1976 (MCMLXXVI) is a leap year starting on Thursday (link will take you to calendar). ...
References - Benedict, Roger W. (May 16 1969). "Merger of Amerada Petroleum, Hess Oil, Valued at $2.4 Billion, Voted by Holders". Wall Street Journal, pg 4.
- "Court Rules Amerada's Holders Were Misled In Merger With Hess" (August 2, 1976). Wall Street Journal, p. 4.
The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ...
External links -
|
Feeds |
Contact