Standard Oil still owned about 54 percent of Standard (Indiana). As a result, only 49.9 billion barrels were produced in 1931, as against 55.1 billion the year before, and the company's 13 domestic facilities operated well below capacity. Since a five-letter name was easier for motorists to note, in 1961 the company began to replace the brand name American with Amoco, the name first coined by American Oil's original owners for the high-octane, anti-knock gasoline that had powered the Charles Lindbergh trans-Atlantic flight.
The italicized word "Amoco" is shown after red, white, and blue horizontal stripes, taken from the
Also in 1994 Amoco joined with rivals Shell Oil and Exxon to finance a $1 billion offshore oil platform in the Gulf of Mexico, to be the world's deepest. Land transportation began on the refinery's grounds, at a railroad terminal belonging to the Chicago & Calumet Terminal Railroad, a company over which a Standard Oil interest had gained control. This logo existed prior to the acquisition, and was used primarily on pumps and service station canopies. Amoco is part of the bp family, so BPme Rewards members and bp credit card holders get the same perks at the red, white and blue pumps, too.
In 1961, the torch and oval was redesigned with a flatter oval and a more contemporary torch design with the logo bearing the Standard or American name in the U.S. and the Amoco name outside the U.S.Concurrently, American Oil introduced in 1932, a logo which was the first to bear the name "Amoco". The new field caused production to rise quickly to a daily average of 300,000 barrels in 1931, glutting the market.
And in 1995 Shell and Amoco created a limited partnership to develop oil fields in the Permian Basin area of west Texas and southeast New Mexico.The market for Standard's chemical products also increased during the mid-1960s. Foreign operations included exploration rights for 13 million acres in Cuba, obtained in 1955; a subsidiary company formed in Venezuela in 1958, for joint exploration of 180,000 acres together with other companies; and 23 million acres obtained for exploration in Libya.In 1961 Standard's total income reached almost $2.1 billion, yielding net earnings of $153.9 million. To obtain a reliable source of crude oil, Stewart acquired 33 percent of Midwest Refining Company of Wyoming, in 1920.
It is visible up to two miles away on the interstate. By 1964 foreign explorations were taking place in Mozambique, Indonesia, Venezuela, Argentina, Colombia, and Iran. Since this required specialized marketing skills, the company divided its chemical operations among four subsidiaries.In 1932 Standard decided to sell Pan American's foreign interests to Standard Oil (New Jersey).
This move spurred the newly independent entrepreneurs, whose increased sales helped to achieve a net profit for Standard of $30.2 million for 1935.On January 1, 1945, Seubert retired as president and chief executive officer of the company. To keep pace with demand for the raw materials used in polyester fiber and film, the company built a new facility at Decatur, Alabama, in 1965, adding another in Texas City, Texas, a year later.
Sinclair's 2,900 miles of pipeline ran from north Texas to Chicago, encompassed almost 6,000 wells, and ran through oil-rich Wyoming.The traditional oil-industry profit arrangement for international activities had been an even split between the company and the host government, though several firms had quietly bent the guidelines.
Familiar within the company since the 1945 organization of the Amoco Chemicals Corporation, "Amoco" was used increasingly on products and by subsidiaries, until, by 1971, major subsidiaries everywhere had "Amoco" in their names.Because only 8 percent of its assets were located overseas, Standard (Indiana) still lacked a large foreign market for crude oil. Amoco was a member of a ten-company consortium that signed an agreement in 1994 with the Republic of Azerbaijan to develop oil fields in the Caspian Sea. To gain more visibility with consumers, Standard (Indiana) began to stress end-product manufacture as well as the production of ingredients used in manufacturing processes.
Loss of manpower and government steel restrictions curbed operations, yet the company produced 47 million barrels of crude and purchased about 102 million barrels from outside sources.
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