Word: texaco
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Dates: during 1930-1939
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...basis with Socony-Vacuum for its development (TIME, May 4). Last week Captain Rieber struck another foreign deal with another Standard company, Standard Oil of California. In a terse joint statement from Captain Rieber and Standard's Kenneth Kingsbury it was revealed that Texaco will market all oil produced and refined by California Standard "east of Suez...
...this case "east" meant nearly everything from Egypt to California, from Palestine to Capetown, including Australia and New Zealand. Texaco at present has no commercial production outside the U. S., though foreign business accounts for about 20% of its total sales. California Standard has no retail marketing system "east of Suez." But on the island of Bahrein in the Persian Gulf it does have a great potential supply of crude (see p. 21). Development was started in 1931 and a big refinery is under construction. Yet last year California Standard was able to sell only...
...east of Suez" agreement provides assured markets for California's Kingsbury, assured sources of supply for Texaco's Rieber...
...bridge of a steam tanker Captain Rieber sailed into Texaco in 1905, the company having bought the vessel he commanded. For four years he sailed for Texaco, was brought ashore to superintend the conversion of a peach orchard in Bayonne, N. J. into a great Texaco terminal. Today such a job would probably be given to a trained engineer. At that time it was given to Captain Rieber because he had horse sense, a command of men and the driving force of a triple-expansion engine...
...upward push within the company was interrupted just after the War, when he joined Joseph Stephen Cullinan, Texaco's first robustious president, in another oil venture. Mr. Cullinan had quit the company a few years before in one of those periodic management eruptions which have given Texaco such a peculiarly individualistic tang ever since it was founded in 1902. Mr. Cullinan had called for the usual showdown with the board of directors. A loser, he picked up his hat and walked out, with no hard feelings, to start what he hoped would be another Texaco. When he needed...