Tidewater Oil Company

Last updated
Tidewater Oil Company
Company typePrivately held company
Industry Petroleum
Founded1887;138 years ago (1887) in New York City
Founder E. W. Marland
Defunct(original company) 1966;59 years ago (1966)
FateAcquired by Phillips Petroleum Co., then sold to others
Headquarters Tidewater Building,
Los Angeles, California
Brands
  • Veedol
  • Tydol
  • Flying A
Owner Andrew Yule & Co.
Parent Tide Water India

Tidewater Oil Company (rendered as Tide Water Oil Company from 1887 to 1936) was a major vertically integrated oil company that operated independently from 1887 to 1926, when it was sold to a holding company. Over the decades, it passed through various corporate hands. It sold petroleum and gasoline products and fuel under various brand names, including Tydol, Flying A, and Veedol.

Contents

In 2011, Veedol was sold by British Petroleum to Tidewater India. Now it is part of Andrew Yule and Company's Indian group and manufactures automotive oil for the Indian market on the sub-continent of South Asia. Tidewater does not have its own refinery, so it is dependent on base oil suppliers like HPCL and BPCL. It also manufactures a wide range of automotive lubricants. Its corporate headquarters is in Los Angeles, California.

History

Tide Water plant in 1891 US-NJ(1891) p564 BAYONNE, THE TIDE-WATER OIL COMPANY.jpg
Tide Water plant in 1891

Tide-Water Pipe Company

In November 1878, the Tide-Water Pipe Company was founded by Byron D. Benson (ca. 1828-February 1888 [1] ), Robert E. Hopkins, and David McKelvy (died May 10, 1918 [2] ). Other sources include as founders Samuel Q. Brown (died October 5, 1909 [3] :32) and Alanson Ashford Sumner. [4]

The capital at incorporation was $625,000 of which $500,000 was paid in as cash and $125,000 represented the rights-of-way for the Seaboard Pipe Line which were eventually not used. The Reading Railroad Company subscribed to $250,000 of the stock. [3] :11

Benson, Hopkins, and McKelvy had forged a deal with Franklin Gowen, president of the Reading Railroad, to build a pipeline from the new Bradford oil field at Coryville, Pennsylvania, eastward to Williamsport, where the oil would be loaded into Reading tank cars for transport to independent refiners in Philadelphia and New York. Gowen agreed to put up $250,000, half the predicted cost of building the pipeline.

The result was the world's first long-distance oil pipeline: 102.87 miles. [5] The line included 6-inch, 18.5 pounds per linear foot wrought iron pipe joints, ordered from the Reading Iron Company, which began shipments on January 30, 1879, and the National Tube Works, which followed on February 12. Railroads delivered construction materials to 10 shipping points along the route. [a] Laying of the pipe began near Oleona on February 22 and the last joints were put in place on May 22. The line rose 1,200 feet to cross the Allegheny Mountains near Waterville, then descended by gravity 2,100 feet. The cost of laying the line was 15.449 cents per foot, including freight (5.227), hauling (6.4) and joining (3.822). Through May 28, 1880, a total of 1,097,761.06 barrels (3,008 per day) was moved, of which 943,483.02 were transported to eastern refineries.

The pipeline could move 6,000 barrels per day. Starting at Pumping Station No. 1 at Coryville, oil flowed 22.43 miles to No. 2 station at Olmsted near Coudersport, then 80.44 miles to Williamsport. The pumping engines at Coryville began operation at 4 p.m. on May 28; oil arrived at 10:18 a.m. on May 30 at No. 2 station, which began to pump the same day at 3:20 p.m. After a pressure drop was detected, a piece of wood and some rope were removed from the pipe. Olmsted resumed pumping at 5 p.m. on June 2. Oil arrived at the tank farm 1.5 miles east of Williamsport at 7:20 p.m. on June 4. From there the loading station of the railroad could be reached by 12,700 feet of 8-inch gravity-flow pipe. [6] [3] :23

In 1880, the Equitable Pipe Line was absorbed, the Coryville pumping station was moved a few miles to Rixford and the 4-inch pipe was replaced by 6-inch pipe. The line was extended from Williamsport to Tamanend in the winter of 1881-82 and new pumping stations were built at County Line (No. 3 halfway between Olmsted and Williamsport), Muncy (No. 4 just southeast of Williamsport) and Shumans (No. 5). From Tamanend the New Jersey Central Railroad provided a direct route to New York bypassing Philadelphia in rail shipments. In 1887 the line was extended from Tamanend to Bayonne and pumping stations built at Hudsondale, Pa. (No. 6) and Changewater, New Jersey (No. 7). [3] :29

The company owned a refinery in Bayonne, New Jersey, next to the larger refinery of the Standard Oil Company. On July 20, 1887, a fire that destroyed the Standard Oil Co. refinery at Constable Hook, also destroyed facilities belonging to the Tide Water Pipe Co., the Polar Oil Co., and the Ocean Oil Co. [7]

In 1908 and 1909, the line was extended westward 546 miles from Rixford to Stoy, Illinois. The joints, made of basic steel, were laid from August 1, 1908, to April 13, 1909. Telegraph poles were erected from August 3, 1908, to April 10, 1909. On May 11, 1909, testing of the line with water began. The first oil arrived at Rixford at 7:15 a.m. on July 7, 1909. Seven pumping stations were later added. Pipeline loops were later added to the eastern portion of the line [b] , which at the beginning of 1913 could move more than 10,000 barrels per day. [3] :33

Tide Water Oil Company

The Tide Water Oil Company was incorporated in New Jersey on November 17, 1888.

In July 1916, 26,660 shares were offered to the public at $185 per share. [9]

In June 1917, when the company was first listed on the New York Stock Exchange, [10] its main pipeline had grown to include 833.69 miles of 6-inch trunk line from Stoy to Bayonne. Its pipeline system also included 304 miles of 6-inch trunk line loops; 2,000 miles of gathering lines; 20 pumping stations with redundant pump engines; and 92 tanks with a total capacity of 2,672,900 barrels. On one day that year, company pipelines held 1.6 million barrels of oil worth a total of $3,400,000. [10]

The company held all or controlling interest in nine subsidiaries, including:

Subsidiaries (1917) [10]
NameIncorporatedDateAuth. cap.ParIssuedOwned by TWO %
The Tide Water Pipe Co. LtdPennsylvania [c] Nov 13, 1878$6,250,000$100$6,250,000$6,218,00099.49
Associated Producers CoPennsylvaniaNov 5, 1884$900,000$100$800,000$797,00099.69
Tidal Oil Co [d] Oklahoma [e] Sep 27, 1907$1,000,000$100$582,000$495,00085.05
Platt & Washburn Refining Co [f] New JerseyMay 11, 1885$250,000$100$250,000$250,000100%
Tide Water Oil Co of Massachusetts [g] MassachusettsJan 2, 1908$25,000$100$25,000$25,000100%
American Oil Co [g] Rhode IslandFeb 7, 1902$100,000$10$50,000$37,30074.60
Allegheny Pipe Line CoNew YorkFeb 28, 1903$9,000$5$9,000$5,35059.44
East Jersey RR & Terminal CoNew JerseyMar 12, 1901$300,000$100$257,000$257,000100%
Currier Lumber CorpVirginiaJune 5, 1908$225,000$100$225,000$225,000100%
History of the Tide Water common stock (par $100) [10]
DateAuth. capPurpose
Nov 17, 1888$5,000,000Acquisition of Polar Oil Company, Ocean Oil Company, Chester Oil Company [h] , Lombard, Ayers & Company and purchase of real estate in Bayonne
May 15, 1907$20,000,000acquisition by exchange for stock of the Tide Water Pipe Line Co; for some time this company was the parent company and owned the entire stock of Tide Water Oil Co. until in 1907 the subsidiary took over the parent in a reorganization.
May 6, 1908$25,000,000extension of the pipe line to Illinois and purchase of producing lands in Illinois

Illinois oil production boomed in 1906. For a few years it was 3rd largest producing state behind California and Oklahoma. [15]

Mar 15, 1916$30,000,000acquisition of oil producing lands in Oklahoma.

Holders of stock were given the right to subscribe at par to 1 share for each 5 shares held from Apr 10 to Jul 6, 1916. [16]

Feb 20, 1917$40,000,000in 1917 $2,900,000 issued for a stock dividend [i] and $8.1m unissued. Pursuant to a board resolution of May 2, 1919, 11,870 shares were issued and exchanged for the entire remaining stock (870 shares) of the Tidal Oil Co. not already owned by TWO, whose total issue was then 330,870 shares. [11] [17] [18] TWO stock was trading between $236 and $250 in June 1919: each par $100 share of Tidal Oil had a market value of $3,220 to $3,411.
Dec 15, 1919$100,000,000Dec 1919 $8,617,400 plant extensions, 1 tanker, 1 power barge, employee stock program [k]

Dec 1920, $9,931,500 (failed) Mexican operation, 4 tankers, plant extensions [l]

Annual reports
YearDetail
fiscal year ending December 31
1915 [25] L
1916 [26] XL
1918 [27] XL
1919 [28] XL
1920 [29] XL
1921 [23] L
1922 [30] M
1923 [31] S
Timeline of common stock price [m] [n]
JanFebMarAprMayJunJulAugSepOctNovDecVolume
1917High196202+12206+12204 [o] 1751753,579
Low194+18195204+12198170165
1918High178+12185190200186180182190200+141,342
Low178185
1919High220221220235250250246242238+122652758,102
Low207220219+12214234+34236240240260
1920High205229215205200210215200+121993,019
Low209190199+34205210200180
1921High170165+14171+12175150125120151+141491509,805
Low161162156119123145135
1922High134133+12131+12133137+14133+34126129+18148+34154135129+7852,030
Low130127+12109+34118133127120123+12127131+34125+14115+14
1923High133138+38144131+14125120103+14102101+58104123+12122+7860,250
Low12012812812511695949895+129999+34112+58
1924High142+78151141+78134128+12124+78126+34127+78125123+7813213391,600
Low120134129120+12125119118+14119120116+14121+14123+12
1925High148+34152149+78134+34147149142+187,800 [76]
Low130143122125+18131+14141136
no par
1925High36+1433+1433+343636+5836+78217,500
Low3330+1230+1430+123234
1926High39+1438+3438+3432+783534+383331+123129+7828+3429+18486,300
Low34+1435+123230+1431+1832+1231+183029+1227+142727
1927High29+1827+7827+1825+1824+78242424+342422+12232448,700
Low27+122724+3423+1822+3422+1219222321+3421+5822
1928High22+1420+12232727+1825+1424+1827+3830+583638+3441+12214,400
Low20+5819+7819+5822+1224+1422+142324+3825+3429+1433+3833
1929High37+5833+1234+1235+12384035+18373533+3423+1222+12137,800
Low30+1227+182931+3433+1234+1833+3832+143329+341420
1930High21+7821+34263125+1221+1415+12138,200
Low19+122019+122815+1812
1931High1515+181817+78139+786,500
Low10+1212+1216+1212
1932High97+1867+1210109+349+124,900
Low75+18569
1933High9+1415+121618202024+18262,200
Low11+121921
1934High31403738313125+18251,170
Low36313024
1935High27+1227+1227+1428+3432+12404142+1443+124043+12485,770
Low26+3428+1228+34373537+123940
1936High5859+126058+3455555554+7854+3850990 [77]
Low525858+12515048
Par $100 preferred price range
JanFebMarAprMayJunJulAugSepOctNovDecVolume
1925High100100101101100+14
Low1009999
1926High103102+58102+18949494+12939392+5890+3890+1490
Low99979091+1292+1493+1491+349190+1288+1287+1488+14
1927High89+1288+3488+1289+3488+1488+18878890+1889+1487+3888
Low88+1287+1287+1287+128787+1286+1286+1288+1286+128585+34
1928High90+3490+128993+1494+1292+1489899195+1496+14100+1839,900
Low8788+128888+34928886+3486+3487+1291+1294+3496
1929High97+129492+129595+3497+12939395+7893908942,500
Low94+1490+1890+1493+1292+1292+389090+3490+7888+3885+1887+12
1930High908891+3494+7894+1493+1286+7892+12918685+128223,100
Low86+7886+1886+1490+1890+7885+12839087858268
1931High78+1283837055595567+126040454317,700
Low69+148070+1466+345450+345148+34353830
1932High35+18344135+34403544+12606250504810,760
Low31+38303530303137505146+124945
1933High4950506060676865+1272+1275778013,700
Low46+144547485564+34626367737476
1934High82858896+1296+1295+7894+129596+129797+34100+1224,000
Low808284+188888929392+1293+12949597+58
1935High103+18102+12104+18105+14105+34106+38106+14106+1834,800 [78]
Low100+58100101+12103104+12105106+18
Outstanding shares
DateCommonPreferred
1914240,000n/a [25]
1915
May 1923496,735 [79]
Dec 31, 1924500,045 [80]
Jun 30, 1925504,429
Nov 19252,017,741250,598 [81]
Nov 19262,138,373207,061 [82]
May 19272,158,047207,052 [83]
Nov 19272,168,285207,052 [84]
Sep 19312,191,821199,446 [85]
Jun 30, 19342,191,823196,246 [86]
Jun 30, 19352,191,860190,763
Tide Water Oil dividends ($/share) [p]
CommonPreferred
RegularExtra
191480n/a
19158
191681
1917812 + 0.1 share
1918811
191988
1920124
1921100
19220
19231
19244
19252
no par
19250.5
19261.5
19270.975
19280.8
19290.8
19300.8
19310.35
19321
19331
19341.25
Crude runs to Bayonne refinery
YearTotalTotal / dayPennsylvaniaIllinoisOklahomaTexasMexicoCaliforniaMisc
19153,653,39810,0091,297,2851,658,823697,288 [25]
19173,997,00010,9511,261,0001,281,0001,455,000 [27]
19184,606,00012,6191,301,0001,588,0001,691,00026,000 [28]
19195,544,67415,1911,294,660893,9641,613,086181,6911,561,273 [29]
19206,576,78618,0191,607,3761,215,2432,134,879209,9051,407,8601,523
19215,650,86215,4821,115,183569,3641,409,533111,3172,412,03333,432 [23]
1922 ?23,358 ?60% ? [30]

In May 1925, the common stock was split 4-for-1. Authorized capital was increased from 1,000,000 to 4,000,000 shares and each outstanding $100 par share was exchanged for 4 new shares of no par value. [90]

In August 1925, the company issued $25,221,500 of 5% cumulative (par $100) convertible [q] preferred stock to provide working capital, finance infrastructure, and retire its entire funded debt of $12,000,000. [r] [94] The preferred was called on August 15, 1935 at $105 and the final $1.25 quarterly dividend, using ca. $1,800,000 from the cash reserve and a $19,000,000 3.23% 5-year bank loan dated Aug 15, 1935. [s] [95] Apparently $20,800,000/$106.25 or 195,765 shares were called and some 56,450 were converted, but a few seem to also have been bought on the market just prior to the call.

Securities owned by Tide Water Oil
Owned companyDateAuthorizedIssuedowned by TWO % TWONotes
Darby Petroleum Corp192931.06%exchanged for TWO's 51% in Tidal Osage Oil Co in order to avoid internal competition with Tidal Oil Co (100% owned) active in the same area [96] However on May 14, 1929 631,319 Tidal Osage Oil shares were exchanged for a like number of Darby shares and Tidal Osage was merged into Darby (which now had 1,019,392 shares outstanding). [97]
May 19301,250,0001,019,392ca. 131-for-2 reverse split [98]
750,000509,696
Tide Water Oil acquisitions of distribution assets
DateCompanyArea ServedBulk plantsService stationsDealer outlets/accountsNotes
May 1930Pioneer Distribution Co Hazleton, Pennsylvania 622180 [99]
Jul 1930Pittsford Oil Co Pittsford, New York 13225 [100]
Aug 1930Demmy Oil Co Scranton, Pennsylvania 26125 [101]
Aug 1, 1930Little & Coffin Oil Co Portland, Maine 1221600 [102]

Tide Water Associated Oil Company

In 1926, control of Tide Water Oil was sold to a new holding company, Tide Water Associated Oil Company, which also acquired a controlling interest in California's Associated Oil Company. Soon thereafter, Standard Oil Company of New Jersey took control of the company. Flying A became the primary brand name for the company, though the Tydol and Associated names were also retained in their respective marketing areas.

The Tide Water Associated Oil Company (incorporated in Delaware on March 6, 1926) offered for each share of Associated Oil stock (of which 2,290,412 shares were outstanding) 1 share of no-par common and 13 share of 6% par $100 cumulative preferred. An alternative offer by a syndicate formed by Blair & Co. and Chase Securities Corp. offered $58.50 per share of Associated Oil Company. For each share of no-par stock of Tide Water Oil, 1+13 share of TWAO was offered. The preferred stock of Tide Water Oil remained unchanged. [103] The Blair/Chase syndicate concurrently offered a block of the 6% convertible preferred of TWAO ("the new $240,000,000 dollar company") to the public. [104] The Justice Department concluded an anti-trust investigation on April 22, 1926, declaring the consolidation legal. [105]

Development of properties of Associated Oil Co [103]
Expenditure of $60,000,00019201925Increase
Lands owned and leased75,749 acres173,210129%
Crude production (gross)9,027,724 (24,733bpd)18,211,030 (49,893bpd)101%
Pipe Line capacity37,000bpd165,000bpd346%
Refinery capacity24,000bpd75,000bpd212%
Marketing stations130315142%
Tanker fleet203,209bbl656,955bbl223%
Storage capacity12,671,30024,294,30091%
...of Tide Water Oil Co
Expenditure of $45,400,00019201925
Crude production (net)4,571,674 (12,525bpd)5,576,858 (15,279bpd)22%
Number of wells4,7766,73441%
Refinery capacity25,000bpd53,000bpd112%
Storage capacity4,480,0007,336,20063%
Tanker fleetnone319,000bbl
Tank cars9591,45351%
Refined products5,240,540 (14,358bpd)11,337,308 (31,061bpd)116%
Progress of accumulation of subsidiary shares and TWAO shares offered for each subsidiary share during exchange campaigns
From %Until %SubOffer
Mar 192675TWO(data point) [106]
80AO
Dec 31, 192878.76Dec 31, 192997.5%TWO(summary) [96]
95.1397.24AO
Jun 10, 1929Jul 10, 1929TWO1+34 [107]
Dec 19, 192995.42Feb 15, 1930TWO1+34 [108]
95.33AO3

On May 31, 1930, Tide Water Oil sold the subsidiary Tide Water Oil Export Corp to the Pan American Petroleum and Transport Company, a subsidiary of Standard Oil Company of Indiana. [101]

Getty representative H. Paul Grimm (president of Pacific Western Oil Corporation) was elected director on May 3, 1934, succeeding Henry S. Sturgis. [109]

After a board resolution on Sep 17, 1936, TWAO bought the stock of the Terrabella Investment Co (California) [t] for 230,000 new TWAO shares, which brought the total common stock registered with the NYSE to 8,751,985 shares. [110]

In August 1936 TWO (New Jersey) spun off all operations into the new wholly owned subsidiary TWO (Delaware) [111] and on November 30, 1936, Tide Water Oil and Associated Oil were merged into the Tide Water Associated Oil Company, [112] which then held 99.13% of TWO and 98.21% of AO stock. The no-par common stock was exchanged for $10 par common to reduce tax payments. Each residual TWO share not already in the TWAO treasury received 3 shares of TWAO stock; each AO share received 2+14, causing the issue of 149,698 new TWAO shares. [113] The merger was likely among the many executed in response to the Revenue Act of 1936.

Tidewater Oil Company operated a fleet of oil tankers. During World War II, it chartered ships to the Maritime Commission and War Shipping Administration and operated T2 tankers to support the war effort. [114] Ships included: USS Guyandot (AOG-16), SS Byron D. Benson, SS Samuel Q. Brown, Falls of Clyde, and others.

Automobile dealership featuring Tydol gasoline pumps, c. 1952 Fitzpatrick's Inc., De Soto -- Plymouth. Factory Street, Ansonia, Conn. Phone 4-3118. We make service a science (85017).jpg
Automobile dealership featuring Tydol gasoline pumps, c.1952

During the 1950s, the Associated and Tydol brands gradually fell into disuse, and were dropped entirely in 1956.

Mission Corp

Mission Corp was incorporated at the end of 1934 as a holding company as a means of Standard Oil of New Jersey to distribute its holding of TWAO stock. It had an authorized capital of 1,500,000 shares of which 1,050,000 were initially issued and on March 15, 1935 a stock dividend of 125 shares of Mission Corp was paid per share to holders of par $25 Jersey common stock. Mission Corp owned only a small amount of working cash and 1,128,123 shares of TWAO common stock. Directors were: Edward Shea, Robert McKelvy (both of TWAO) and Herbert Rawl, Lyman Rhoades and John P. Davis. [115]

Tidewater Oil Company

On May 4, 1956, the name of the company was changed to Tidewater Oil Company; [116] distribution continued under the Flying A and Veedol brand names. [117]

In 1966, Phillips Petroleum Company (now ConocoPhillips) purchased Tidewater's western refining, distribution and retailing network. Phillips immediately rebranded all Flying A stations in the region to Phillips 66. On the East Coast that year, American-born British petrol-industrialist J. Paul Getty merged his oil interests into Getty Oil Company, and Tidewater Oil was dropped as a corporate brand. The Flying A brand continued to be used on the East Coast until 1970, when stations and products were renamed Getty.

In 2000, BP acquired the Veedol brand when it bought Burmah-Castrol. In February 2011, BP offered to sell the Veedol brand, which was purchased that October by Tide Water India, part of the Andrew Yule and Company Indian subsidiary. [118]

Fortune 500 rankings [119]
YearRevenueProfitsAssets
$millionsRank$millionsRank$millionsRank
1955459.06334.548395.960
1956478.87637.859485.456
1957522.67538.066679.638
1958596.36534.975797.432
1959552.9622.6403810.735
1960
1961583.17335.171897.837
1962
1963
1964
1965675.08848.7691,005.743
1966706.39857.270995.550

Tanker fleet

Tankers built for Tide Water Oil
NameTypeKeel laidLaunchedBuilderDeliveredNotes
Coastal
Veedol1,800dwt 10knAug 18, 1920Staten Island SB Co. [120] [121]
Tydol252ft 10kn 1,885ton 2screw motor tank bargeJan 3, 1927Apr 14, 1927 Sun Shipbuilding May 7, 1927 [122]
Tidewater
Tydol No. 21930
225ft 10.5kn 2,300dwtJan 12, 1929Apr 23, 1929 Pusey & Jones Jul 1, 1929 [123]
Tidemotor188ft 6,000bbl tank bargeMay 20, 1929Aug 6, 1929 Sun Shipbuilding Aug 17, 1929 [124]
Veedol No. 2 255ft 1,818grt 8knOct 19, 1929Mar 4, 1930 Pusey & Jones May 15, 1930
Oceangoing
David McKelvy430ft 10.5kn 10,600dwtFeb 23, 1921Jun 4, 1921 Sun Shipbuilding Jun 30, 1921 [125] [126]
Robert E. Hopkins424ft 10.5kn 10,000dwtAug 30, 1920Aug 6, 1921 Merchant Shipbuilding Corporation (Chester)Oct 6, 19212 of 4 sister ships: Playa, Puente, Hopkins, Brown [127] [128] [129]
Samuel Q. Brown Oct 1, 1920Oct 15, 1921Nov 5, 1921
Byron D. Benson 466ft 10.5kn 11,900dwtJun 29, 1920Sep 15, 1921Oscar Daniels (Tampa, FL)built for Standard Oil [130] [131]
Axtell J. Byles480ft 13.5kn 13,000dwtMar 1, 1927Jun 11, 1927 Sun Shipbuilding [132]
Tidewater13,450dwtJan 29, 1930Aug 9, 1930 Sun Shipbuilding Aug 16, 19302 of 2 sister ships [133]
Tidewater AssociatedFeb 12, 1930Sep 6, 1930
Flying-A-New York200,000bblFeb 1954 Newport News Shipbuilding [134]
Flying-A-DelawareDec 7, 1953May 3, 1954
Ships acquired from other companies
NameTypeKeel laidLaunchedBuilderAcquired asAcquired fromAcquired whenNotes
William F. HumphreyAug 27, 1920May 24, 1921 Fore River AgwibayAgwi1927briefly named Axtell J Byles in 1927 [135] [136]
Edward L. Shea419ft 9,870dwt 10.75kn 74,187bblFeb 28, 1923Mar 20, 1924 New York Shipbuilding PriscillaAmerican Brown Boveri Electric CorpNov 1926 [137] [138]
Byron D. Benson T2 Glorieta United States Maritime Commission
David McKelvyGroveton
Samuel Q. BrownChesapeake Capes1947 [139]
William F. HumphreyBlack Jack
Robert E. HopkinsCamp Charlotte1947 [140]
Frank HaskellRich Mountain1947 [141]

At the end of 1947 the company owned 15 ships (207.500 tons). [141] These were in the Eastern Division:

and in the Western Division:

Trade routes

Veracruz - New York

Veracruz - the state, not the city.

All 4 tankers completed in 1921 had their commercial maiden voyage on the route and it was the only active trade route of the company until the fall of 1922. The round trip time was between 2 and 3 weeks, all 4 tankers had a speed of 10.5 knots. The distance is 2,029 nautical miles. [143] Mexico was the second largest oil producer behind the United States from 1918 until 1926 [144] and TWO was naturally not the only company to bring oil from Mexico to New York City, nor should it be assumed that all shipments on behalf of TWO were exclusively with their own tankers. Two deliveries to Boston are included in the summary, because the data is not totally consistent anyway.

Fleet activity: Mexico to New York (summary)
DeparturesBarrels
1921
Sep168,550
Oct3207,192
Nov5344,899
Dec5352,833
1922
Jan4280,373
Feb7483,142
Mar5363,645
Apr6445,668
May7516,465
Jun7506,244
Jul5356,204
Aug4286,323
Fleet activity: Mexico to New York
ShipDepartureFromFrom companyBarrelsNotes
1921
McKelvySep 14 Port Lobos Tide Mex Oil Co68,550 [145]
McKelvyOct 3LobosTide-Mex70,492 [146]
HopkinsOct 16LobosIsland Oil & Transport66,915
McKelvyOct 21International Petr. Co.39,486
Tide Mex30,299
HopkinsNov 2LobosTide Mex68,296 [147]
McKelvyNov 10Island Oil & Transport31,606
Nov 11Cortez Oil Corp38,818
BrownNov 12Tide Mex68,920
HopkinsNov 21 Tuxpan Penn-Mex Fuel Co 69,722
BrownNov 30LobosTide Mex67,537
McKelvyDec 2TuxpanPenn-Mex71,920 [u] [148]
HopkinsDec 11LobosTide Mex69,972
BrownDec 20Island Oil & Transport68,435
McKelvyDec 28Tide Mex73,514
HopkinsDec 2968,992
1922
BrownJan 9LobosTranscontinental69,203 [149]
McKelvyJan 1572,110
HopkinsJan 1668,992
BrownJan 29Agwi70,068
BensonFeb 181,058 [150]
McKelvyFeb 272,699
HopkinsFeb 769,397
BrownFeb 1738,234
McKelvyFeb 2271,282
BensonFeb 2380,449
HopkinsFeb 2670,023
BrownMar 6LobosTide Mex70,073 [151]
McKelvyMar 1473,060
BensonMar 1581,031
HopkinsMar 1669,626
BrownMar 2569,855
McKelvyApr 2LobosTide Mex73,129 [152]
BensonApr 380,824
HopkinsApr 468,073
BrownApr 1270,414
BensonApr 2180,840
McKelvyApr 2472,388
BrownMay 3LobosTide Mex70,032 [v] [153]
HopkinsMay 569,646
BensonMay 1080,814
McKelvyMay 1470,886
BrownMay 2169,874
HopkinsMay 2269,638
BensonMay 30Cortez Oil85,575
McKelvyJun 3LobosTide Mex74,131 [154]
BrownJun 670,043
HopkinsJun 769,306
BensonJun 1880,778
McKelvyJun 20Cortez Oil Corp72,784
BrownJun 23Tide Mex69,651
HopkinsJun 2369,551
BensonJul 481,531 [155]
McKelvyJul 972,892
BrownJul 969,856
HopkinsJul 1365,407
BrownJul 2766,518
HopkinsAug 10 Tampico Continental Mexican Petr67,461 [156]
McKelvyAug 12LobosInternational Petr. Co72,259
BensonAug 2080,681
BrownAug 28TampicoFreeport & Mexican Fuel Oil65,922

California - New York

Round trip time was 5 to 6 weeks. The tankers brought only ballast water to Los Angeles.

Fleet activity: California to New York
ShipDepartureBarrelsNotesPanama Canal
A->PP->ATons
1922
McKelvyNov80,000 [157] [158] Nov 6Nov 2910,780
Benson80,000Oct 30Nov 2412,000
Brown75,000Nov 8Dec 310,000
HopkinsNov 18Dec 1210,205
McKelvyDec/Jan80,000 [159] Dec 17Jan 97,500
Benson80,000Dec 13Jan 811,430
BrownDec 21Jan 1410,000

See also

References

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  15. Oil Production in ... (x1000 barrels)
    IllinoisOklahoma
    <1900negligiblenegligible
    19006
    190110
    190237
    1903139
    19041,367
    1905181 ?
    19064,397 ?
    190724,28243,524
    190833,68645,799
    190930,89847,859
    191033,14352,029
    191131,31756,069
    191228,60251,427
    191323,89463,579
    191421,92073,632
    191519,04297,915
    191617,714107.072
    191715,777107,508
    191813,366103,347
    191911,96086,911
    192010,774106,206
    192110,043114,634
    19229,383149,571
    19238,707160,929
    19248,081173,538
    19257,863176,768
    19267,760179,195
    19276,994277,775
    19286,462249,857
    19296,319255,004
    19305,736216,486
    19315,039180,574
    19324,673153,244
    Statistical Appendix to Minerals Yearbook 1932-33. U.S. Department of the Interior, Bureau of Mines. 1934. p. 306.
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  89. "Tide Water Oil Co. - Smaller Common Dividend". Commercial and Financial Chronicle. Vol. 140, no. 3636. 2 March 1935. p. 1501.
  90. "Tide Water Oil Co. - Par Value Changed". Commercial and Financial Chronicle. Vol. 120, no. 3124. 9 May 1925. p. 2413.
  91. "Tide Water Oil Co. - Bonds Sold". The Commercial and Financial Chronicle. Vol. 112, no. 2902. 5 February 1921. p. 569.
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  95. "Tide Water Associated Oil Co. - Semi-Annual Report". The Commercial and Financial Chronicle. Vol. 141, no. 3659. 10 August 1935. p. 936.
  96. 1 2 "Tide Water Associated Oil Co. - Annual Report FY ended Dec 31, 1929". Commercial and Financial Chronicle. Vol. 130, no. 3378. 22 March 1930. p. 2017.
  97. "Tidal Osage Oil Co. - Merger Approved". Commercial and Financial Chronicle. Vol. 128, no. 3337. 8 June 1929. p. 3850.
  98. "Darby Petroleum Corp. - Reduced Capital Stock". Commercial and Financial Chronicle. Vol. 130, no. 3388. 31 May 1930. p. 3885.
  99. "Tide Water Oil Co. - Acquisition". Commercial and Financial Chronicle. Vol. 130, no. 3387. 24 May 1930. p. 3734.
  100. "Tide Water Oil Co. - Acquires Pittsford Oil Co". Commercial and Financial Chronicle. Vol. 131, no. 3396. 26 July 1930. p. 644.
  101. 1 2 "Tide Water Oil Co. - Sale of Export Subsidiary - Acquires Retail Unit". Commercial and Financial Chronicle. Vol. 131, no. 3398. 9 August 1930. p. 957.
  102. "Tide Water Oil Co. - Acquires Filling Company". Commercial and Financial Chronicle. Vol. 131, no. 3400. 23 August 1930. p. 1272.
  103. 1 2 "Tide Water Associated Oil Co. - Formed to Affiliate Tide Water Oil Co and Associated Oil Co of California, Exchange of Stock etc". Commercial and Financial Chronicle. Vol. 122, no. 3168. 13 March 1926. p. 1468.
  104. "Tide Water Associated Oil Co. - Stock Offering in Prospect". Commercial and Financial Chronicle. Vol. 122, no. 3169. 20 March 1926. p. 1625.
  105. "Tide Water Associated Oil Co. - Merger Legal". Commercial and Financial Chronicle. Vol. 122, no. 3174. 24 April 1926. p. 2343.
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  114. NavSource MS Veedol II
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  116. "Tide Water Associated Oil Co. - Name Changed". Commercial and Financial Chronicle. Vol. 183, no. 5531. 7 May 1956. p. 52.
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  118. Tide Water buys rights to Veedol trademark on Live Mint, 2011
  119. "Fortune 500 Companies by Year: T". Archived from the original on 7 December 2023.
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  131. "Large Crowd Witnesses Launching of Twelfth Ship at Daniels Yard". The Tampa Tribune. 16 September 1921. p. 11. Retrieved 8 January 2019 via Newspapers.com. Lock-green.svg
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  133. "Progress of Construction - Sun SB Co". Pacific Marine Review. October 1930. p. 458.
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  135. "News of Eastern Yards - Bethlehem". Pacific Marine Review. July 1921. p. 437.
  136. "Eastern Yard Reports". Pacific Marine Review. July 1921. p. 440.
  137. "American Brown Boveri Electric Corp. - Sells Tanker". Commercial and Financial Chronicle. Vol. 123, no. 3202. 6 November 1926. p. 2393.
  138. "Progress in Construction - New York SB Corp". Pacific Marine Review. May 1924. p. 302.
  139. "Tide Water Gets Tanker". The Oil and Gas Journal. Vol. 45, no. 42. 22 February 1947. p. 101.
  140. "Completes Tanker Fleet". World Petroleum. Vol. 18, no. 4. April 1947. p. 64.
  141. 1 2 "Shipping News and Notes - Tanker Named for Haskell". The New York Times. Vol. 97, no. 32871. 23 January 1948. p. 45.
  142. "Exclusive Log Preview of the World's Merchant Fleets - American Owned Fleets". The Log. Vol. 44, no. 8. 25 July 1949. p. 113.
  143. "Archived copy" (PDF). Archived from the original (PDF) on 2023-03-29.{{cite web}}: CS1 maint: archived copy as title (link)
  144. "World Crude Oil Production, by Countries, by Years". The Oil Weekly. Vol. 88, no. 8. 31 January 1938. p. 28.
  145. "Mexican Shipments". The Oil and Gas Journal. Vol. 20, no. 24. 11 November 1921. p. 40.
  146. "News of Mexican Oil Fields". The Oil and Gas Journal. Vol. 20, no. 28. 9 December 1921. p. 44.
  147. "News of Mexican Oil Fields". The Oil and Gas Journal. Vol. 20, no. 33. 13 January 1922. p. 40.
  148. "Mexican Shipments During December". The Oil and Gas Journal. Vol. 20, no. 36. 3 February 1922. p. 83.
  149. "Mexican Oil Shipments in January". The Oil and Gas Journal. Vol. 20, no. 42. 17 March 1922. p. 90.
  150. "Cargo Sailings From Tampico, February 1922". Gulf Ports Magazine. Vol. 3, no. 4. April 1921.
  151. "March Mexican Shipments Decrease". The Oil and Gas Journal. Vol. 20, no. 49. 4 May 1922. p. 92.
  152. "April Mexican Petroleum Shipments". The Oil and Gas Journal. Vol. 21, no. 2. 8 June 1922. p. 97.
  153. "Mexican Shipments for Month of May". The Oil and Gas Journal. Vol. 21, no. 5. 29 June 1922. p. 89.
  154. "Mexican Shipments Show Decrease". The Oil and Gas Journal. Vol. 21, no. 10. 3 August 1922. p. 76.
  155. "Oil Cargo Sailings From Tampico, July 1922". Gulf Ports Magazine. Vol. 3, no. 9. September 1922. p. 50.
  156. "Mexican Oil Shipments for August". The Oil and Gas Journal. Vol. 21, no. 18. 28 September 1922. p. 78.
  157. "California Field Operations". The Oil and Gas Journal. Vol. 21, no. 29. 14 December 1922. p. 38.
  158. "California Field Operations". The Oil and Gas Journal. Vol. 21, no. 32. 4 January 1923. p. 44.
  1. Williamsport, Newberry (Reading Railroad); Linden, Jersey Shore, Hyner, North Bend (Philadelphia & Erie RR); Keating Summit, Port Allegany, Turtle Point (Buffalo, New York & Philadelphia RR); Frisbee (Buffalo Creek RR)
  2. company was not a corporation, but a Pennsylvania "partnership association" under the act of the General Assembly of the Commonwealth of Penn. of June 2, 1874: "An Act authorizing the formation of partnership associations, in which the capital subscribed shall alone be responsible for the debts of the association, [...]"
  3. formerly Okla Oil Co, until renamed July 7, 1916; [11] producing subsidiary west of the Mississippi, whereas the Associated Producers Co was the production subsidiary east of the Mississippi [12]
  4. originally Indian territory
  5. Marketing subsidiary. Engaged in the selling of oil (mostly lubricants) to the consumer trade. Business was small until 1913 when more concentrated efforts were made to gain market share. The Veedol brand was created. After being part of Tide Water for 29 years, the company was dissolved and as of Dec 31, 1917 the business was continued seamlessly as the Veedol Department, [13] which retained all current personnel and management as well as contracts, orders, accounts, notes, etc. of the former subsidiary. [14]
  6. 1 2 Marketing subsidiary
  7. 1885 map of plant at 39°49′33″N75°23′45″W / 39.8257°N 75.3959°W , in 1891 (map) belonged to Atlantic Refining Co
  8. $1m of this dividend issued out of authorized but unissued capital of 1907 and 1908 increases
  9. depicted on the 1912 Sanborn map
  10. Dec 1919: 66,174 shares offered at par to existing stockholders (1 new share for each 5 held), 20,000 shares sold to trustee at par and reserved for distribution among employees, bringing the total amount listed on NYSE to $41,704,400 (330,870 + 330,870/5 + 20,000 shares). Proceed were used for cash amount of $7,500,000 in real estate, equipment, tank cars, 1 tanker and 1 self-propelled barge and rest for other plant extensions. [19] [20] TWO bought the adjoining property of the General Chemical Co. [j] to dismantle their plant and reuse the land. [21]
  11. Dec 1920: 99,315 shares offered at par to existing shareholders (1 new share for each 4 held), proceeds of which were used to finance the Mexican operation (estimated to cost more than $12,000,000): expansion of Bayonne refinery to process 15,000bpd domestic and 10,000bpd Mexican oil, $8,000,000 for 4 tankers delivered in 1921, development of properties in Amatlan and Zacamixtle districts (Veracruz) including a railway, a pipeline and a terminal. [22] President R. D. Benson admitted the failure of the Mexican operation in the 1921 annual report, this was amidst a decline in demand for refined products that began in the last quarter of 1920 and made 1921 a "distressful" year for the oil industry. [23] TWO signed a contract with the Associated Oil Co. in 1923 for delivery of ca. 9,000bpd from California to replace oil formerly produced or purchased in Mexico. [24]
  12. 1917 [32] 1918 [33] 1919 [34] 1920 [35] 1921 [36] 1922 [37] 1923 [38] 1924 [39] 1925 [40] 1926 [41] 1927 [42] 1928 [43] 1929 [44] 1930 [45] 1931 [46] 1932 [47] 1933 [48] 1934 [49] 1935 [50] 1936 [51]
  13. Volume: 1917 [52] 1918 [53] 1919 [54] 1920 [55] 1921 [56] 1922 [57] 1923 [58] 1924 [59] 1925 [60] 1926 [61] 1927 [62] 1928 [63] 1929 [64] 1930 [65] 1931 [66] 1932 [67] 1933 [68] 1934 [69] 1935 [70] 1936 [71]
  14. Trading was slow for a few years. For example for 1917 the volume was:
    • July: 881 [72]
    • August: 1,125 [73]
    • September: 598
    • October: 0
    • November: 200 [74] [75]
  15. Common:
    • 1914-1915: [25]
    • 1916-17: [79]
    • 1918 to Sep 1927 [84]
    • Jun 1927 to Mar 1931: 20c quarterly; Jun 1931: 15c; Sep 1931: suspends [85]
    • Mar 1932 resumes 25c [87]
    • 1932, 1933, 1.25 till Sep 34: [88]
    • 1932-1934, 35c Mar 1935: [89]
  16. Preferred convertible at rate depending on the order of surrender:
    • First block of $5,000,000: one share of no-par common for each $37.50 par value of preferred or 2+23 common shares for each preferred share
    • Second block of $5,000,000: one share for each $40 (2+12)
    • Third block of $5,000,000: one share for each $42.50
    • For the remainder: one share for each $45 (2+29)
  17. $12,000,000 of 6.5% 10-year bonds dated Feb 15, 1921 and subsequently listed on the NYSE. At the time of issue was the only funded debt of the company. [91] [92] Redeemed Aug 15, 1925 at 101+34 and interest. [93]
    • $2,000,000 at 1.5% due Aug 15, 1936
    • $2,000,000 at 2% due Aug 15, 1937
    • $2,000,000 at 2.5% due Aug 15, 1938
    • $2,000,000 at 3% due Aug 15, 1939
    • $11,000,000 at 3.5% due Aug 15, 1940
    • average interest over 5 year period: 3.23%
    • saved on average $496,230 per year compared to the 5% rate of the preferred
  18. had interests in oil lands in Fresno and King counties and a 2.6797% interest (corresponding to an estimated 6,300,000 recoverable barrels) in the Kettleman North Dome Association
  19. Dec 20 Brown to Boston
  20. McKelvy May 14 to Boston
  1. 1 2 3 4 5 Jones, Christopher F. (2009). Energy Landscapes: Coal Canals, Oil Pipelines, Electricity Transmission Wires in the Mid-atlantic, 1820-1930 (Thesis). Publicly Accessible Penn Dissertations.
  2. "(pipeline map)". The Oil and Gas Journal. Vol. 28. 29 August 1929.