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In September 2016, the company acquired Yates Petroleum for 26 million shares of common stock valued at $2.3 billion and $37 million in cash. The acquisition increased the company's holdings by 176,000 net acres in the Delaware Basin, 200,000 net acres in the Powder River Basin, and 138,000 net acres on the Northwest Shelf in New Mexico. [21] [22]
Founded in 1853 in New York, the Swan & Finch company started its activity in the sector of high quality lubricants. As of 1920, it turned to the international markets by exporting some of its portfolio brands like Aerul, Textul, Motul.
By the 1890s, Valvoline oil was associated with winning race cars. [8] During the early 20th century, Valvoline was the recommended motor oil for the Ford Model T. [4] In 1949, Ashland Inc. purchased the Freedom-Valvoline Company. [9] By 2016, Ashland's Valvoline subsidiary accounted for about 37% of the parent company's annual revenue. [4]
Motor oil may be composed of only a lubricant base stock in the case of mostly obsolete non-detergent oil, or a lubricant base stock plus additives to improve the oil's detergency, extreme pressure performance, and ability to inhibit corrosion of engine parts.
The current German Federal Oil Reserve and the Erdölbevorratungsverband (EBV) (the German stockholding company) mandates that refiners must keep 90 days of stock on hand, giving Germany an approximate reserve size of 250,000,000 barrels (40,000,000 m 3) as of 1997. [51] The German SPR is the largest in Europe.
Despite Humble's attempts to tie Enco and Esso brands together as a nationwide gasoline marketer during the 1960s, the company was not wholly successful at competing with truly national brands such as Texaco which was then the only oil company selling its gasoline under the same brand name in all 50 states, and Shell, as Humble's strongest markets remained the Esso territory in the eastern U.S ...