Gulf Oil

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Gulf Oil International Ltd
Type of Company	Private : Amas Holding SA (Luxembourg) ultimate holding company
Founded	1985
Headquarters	Cayman Islands
Key people	Alain Dujean (London) - Vice President Richard Hoare (London) - Legal Counsel Camille Nehme (London) - CFO Richard Pinchin (London) - Vice President Operations Paul Stannard (London) - Business Development Manager Aakash Andrews (London) - Marketing Manager Abhijit Mukhopadhyay (London) - Director and Company Secretary Dr YP Rao (Mumbai) - Director of Research and Development
Industry	Petroleum
Products	Fuels, lubricants, greases
Revenue	$689m USD (2004/05)
Employees	280
Slogan	Your Local Global Brand
Website	www.gulfoilltd.com

Gulf Oil was a major global oil company from the 1900s to the 1980s. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called Seven Sisters oil magnates. Gulf was one of the chief instruments of the legendary Mellon fortune. Both Gulf and the Mellon Bank had their respective headquarters in Pittsburgh, Pennsylvania.

The Gulf Oil Corporation (GOC) ceased to exist as an independent company in 1984, when it merged with Standard Oil of California (otherwise known as SOCAL or Chevron). However, the Gulf brand name and a number of the constituent business divisions of GOC survived. Gulf has experienced a significant revival since 1990. It has emerged as a flexible network of allied business interests based on partnerships, franchises and agencies. The network trades worldwide using the slogan "Your Local Global Brand".

Gulf, in its present incarnation, is a "New Economy" business. It employs very few people directly and its assets are mainly in the form of intellectual property: brands, product specifications and scientific expertise. The corporate vehicle at the centre of the Gulf network outside of North America is Gulf Oil International Ltd (GOI), a company registered in the Cayman Islands since 1985. The ultimate holding company of GOI is Amas Holding SA (Luxembourg)—an investment trust. Gulf's research and product development base is in Pittsburgh. Its business development function is run from London, United Kingdom. The company's focus is primarily in the provision of downstream products and services to a mass market through joint ventures, strategic alliances, licensing agreements and distribution arrangements.^[1]

Contents 1 History 2 Demise 3 Aftermath 4 Revival 5 Case Studies in current use of the Gulf brand 5.1 Independent filling stations in the UK 5.2 Pennsylvania Turnpike 6 Gulf products 7 Trivia 8 References 9 External links

[edit] History

The business that became Gulf Oil started in 1901 with the discovery of oil at Spindletop, Texas. A group of investors came together to promote the development of a modern refinery at nearby Port Arthur to process the oil. One of the investors was William Larimer Mellon of the Pennsylvania Mellon banking family. Thereafter, the Mellon Bank and Gulf Oil were closely associated. The Gulf Oil Corporation itself was formed in 1907 through the amalgamation of a number of oil businesses, principally the J.M. Guffey Petroleum and Gulf Refining companies of Texas.^[2]

Output from Spindletop peaked at around 100,000 barrels per day just after it was discovered and then started to decline.^[3] Later discoveries made 1927 the peak year of Spindletop production, ^[4] but Spindletop's early decline forced Gulf to seek alternative sources of supply to sustain its substantial investment in refining capacity. This was achieved by constructing the 400-mile-long (640 km) Glenn Pool pipeline connecting oilfields in Oklahoma with Gulf's refinery at Port Arthur. The pipeline opened in September 1907. Gulf later built a network of pipelines and refineries in Eastern and Southern United States. All of this required heavy capital investment. Thus, Gulf Oil provided Mellon Bank with a secure vehicle for investing in the oil sector.^[5]

Gulf promoted the concept of branded product sales by selling gasoline in containers and from pumps marked with a distinctive orange disc logo. A customer buying Gulf-branded gasoline could be assured of its quality and consistent standard.^[6] (In the early 20th century, non-branded gasoline in the US was often contaminated and/or of unreliable quality).

Gulf Oil grew steadily in the inter-war years, with its activities mainly confined to the USA. The company was characterised by its vertically integrated business activities. Gulf was active across the whole spectrum of the oil industry —exploration, production, transport, refining and marketing. It also involved itself in associated industries such as petrochemicals and automobile component manufacturing. It introduced significant commercial and technical innovations, including the first drive-in service station (1911), complimentary road maps, drilling over-water at Ferry Lake and the catalytic cracking refinery. It installed the world's first fully commercial catalytic cracking unit at its Port Arthur, Texas refinery complex in 1951. Gulf established the model for the integrated, international "oil major". The oil majors were a group of very large companies that assumed influential and sensitive positions in the countries they operated in.

Gulf had extensive exploration and production operations in the Gulf of Mexico area and in Kuwait. The company played a major role in the early development of oil production in Kuwait, and through the 1950s and 60s apparently enjoyed a "special relationship" with the Kuwaiti government.^[7] This special relationship attracted unfavourable attention since it was associated with "political contributions" (see below) and support for anti-democratic politics, as evidenced by papers taken from the body of a Gulf executive killed in the crash of a TWA aircraft at Cairo in 1950.^[8]

In 1934 the Kuwait Oil Company was formed as a joint venture by British Petroleum and Gulf. Both BP and Gulf held equal shares in the venture.^[9] KOC pioneered the exploration for oil in Kuwait during the late 1930s. Oil was discovered at Burgan in 1938 but it was not until 1946 that the first crude oil was shipped out. Oil production started from Rawdhatain in 1955 and Minagish in 1959. KOC started gas production in 1964. It was the cheap oil and gas being shipped from Kuwait that formed the economic basis for Gulf’s diverse petroleum sector operations in Europe, the Mediterranean, Africa and the Indian sub-continent. These last operations were coordinated by Gulf Oil Corporation (Eastern Hemisphere) from an office at Portman Street, London.

Gulf expanded on a worldwide basis from the end of the war until the mid 1970s. Much of the expansion was through the acquisition of privately owned chains of filling stations in various countries. These allowed Gulf outlets to sell product (sometimes through 'matching' arrangements) from the oil that it was lifting in the Gulf of Mexico and Kuwait. Some of these acquisitions were to prove less than resilient in the face of economic and political developments from the 70s on. Gulf invested heavily in product technology and developed many speciality products, particularly for application in the maritime and aviation engineering sectors. It was particularly noted for its range of lubricants and greases.^[10]

Gulf Oil reached the peak of its development in around 1970. In that year, the company processed 1.3 million barrels of crude daily, held assets worth $6.5 billions, employed 58,000 employees worldwide and was owned by 163,000 shareholders. In addition to its petroleum marketing interests, Gulf was a major producer of petrochemicals, plastics and agricultural chemicals. Through its subsidiary Gulf General Atomic Inc it was active in the nuclear energy sector.^[11] Gulf abandoned its involvement in the nuclear sector after a failed deal to build atomic power plants in Romania in the mid 1970s.

In 1974 the Kuwait National Assembly took a 60% stake in the equity of KOC with the remaining 40% being divided equally between BP and Gulf. The Kuwaitis took over the rest of the equity in 1975, giving them full ownership of KOC. This meant that GOC(EH) then had to start supplying its downstream operations in Europe with crude bought on the world market at commercial prices. ^[12] The whole GOC(EH) edifice now became highly marginal in an economic sense. Many of the marketing companies that Gulf had established in Europe were never truly viable on a stand alone basis.

Gulf was at the forefront of various projects in the late 1960s intended to adjust the world oil industry to developments of the time including closure of the Suez canal after the 1967 war. In particular, Gulf undertook the construction of deep water terminals at Bantry Bay in Ireland and Okinawa in Japan capable of handling Ultra Large Crude Carrier (ULCC) vessels serving the European and Asian markets respectively. In 1968 the Universe Ireland was added to Gulf's tanker fleet. At 312,000 dwt this was the largest vessel in the world and incapable of berthing at most normal ports.^[13]

Gulf also participated in a partnership (with other majors including Texaco) to build the Pembroke Catalytic Cracker refinery at Milford Haven and the associated Mainline Pipelines fuel distribution network. The eventual reopening of the Suez canal and upgrading of the older European oil terminals (e.g. those at Europoort and Marchwood) meant that the financial return from these projects was not all that had been hoped for. The Bantry terminal was devastated by the explosion of a Total tanker, the Betelgeuse, in January 1979 (the Betelgeuse incident) and it was never fully reopened. The Irish government took over ownership of the terminal in 1986 and held its strategic oil reserve there.^[14]

In the 1970s Gulf participated in the development of new oilfields in the UK North Sea and in Cabinda, although these were high cost operations that never compensated for the loss of Gulf's interest in Kuwait. A mercenary army had to be raised to protect the oil installations in Cabinda during the Angolan civil war.^[15] The Angolan connection was another "special relationship" that attracted comment. In the late 1970s Gulf was effectively funding a Soviet bloc regime in Africa while the US government was attempting to overthrow that regime by supporting the UNITA rebels lead by Jonas Savimbi.

In 1975 several senior Gulf executives (including Chairman, Bob Dorsey) were implicated in the making of illegal "political contributions" and were forced to step down from their positions.^[16] This loss of senior personnel at a critical time in Gulf's fortunes may have had a bearing on the events that followed.

Gulf operations worldwide were struggling financially in the recession of the early 1980s and Gulf management devised the "Big Jobber" strategic realignment in 1981 along with a programme of selective divestments in order to maintain viability. The Big Jobber strategy recognised that the day of the integrated, multi-national oil major might be over—since it involved concentrating on those parts of the supply chain where Gulf had a competitive advantage. But, this may have been a case of too little, too late.

[edit] Demise

By 1980, Gulf exhibited many of the characteristics of a giant corporation that had lost its way. It had a huge but poorly performing asset portfolio, associated with a depressed share price. The stock market value of Gulf started to drop below the break-up value of its assets. Such a situation was bound to attract the interest of corporate raiders.

Its undoing as an independent company began in 1982 when T. Boone Pickens ^[17] , an Amarillo, Texas oilman and corporate raider (or greenmailer), and owner of Mesa Petroleum made an offer for the much larger Cities Service Company from Tulsa, Oklahoma. Gulf offered to be a white knight and take over Cities Service (more generally known by the name Citgo) to keep them out of the clutches of Mesa. Gulf terminated the Cities Service acquistion over a dispute regarding accuracy of Cities Service's reserves and Cities Service was ultimately sold to Occidental Petroleum, and the retail operations were resold to Southland Corporation, the operators of 7-Eleven stores.^[18] Gulf's termination of the Cities Service acquistion resulted in more than 15 years of shareholder litigation against Gulf (and later Chevron).^[19]

Mesa and a group of associated investors then turned on Gulf. They quickly acquired 11% of the company's stock and engaged in a proxy war to get control of its board. Pickens made loud criticisms of the existing Gulf management and offered an alternative business plan intended to release shareholder value through a drastic slimming down of the Gulf operation. Pickens had acquired the reputation of being a corporate raider whose skill lay in making profits out of bidding for companies but without actually acquiring them. During the early 1980s alone, he made failed bids for Cities Services, General American Oil, Gulf, Phillips Petroleum and Unocal. The process of making such bids would promote a frenzy of asset divestment and debt reduction in the target companies. This is a standard defensive tactic calculated to boost the current share price—but possibly at the expense of long term strategic advantage. The target shares would rise sharply in price, at which point Pickens would dispose of his interest at a substantial profit.^[20]

Gulf management and directors took the view that the Mesa bid represented an undervaluation of the Gulf business as a going concern and that it was not in the interest of Gulf shareholders. Gulf therefore sought to resist Pickens by various means, finally turning to Chevron to act as their white knight in 1984. Gulf divested many of its worldwide operating subsidiaries then merged with Chevron. The Mesa group of investors were reported to have made a $760m profit when they assigned their Gulf shares to Chevron.

The forced merger of Gulf and Chevron was a controversy that was widely discussed and was referred to the Federal Trade Commission (FTC). The FTC only approved the deal subject to strict conditions.^[21] Never before had a "small operator" successfully taken apart a Fortune 500 company. The $13bn merger with Chevron would become the largest corporate merger in world history up to that time and at 2006 it still remains the second largest.^[22] Chevron, to settle with the government antitrust requirements, sold some Gulf stations, a refinery in the eastern United States and some international operations variously to British Petroleum (BP) and Cumberland Farms in 1985.

[edit] Aftermath

BP, Chevron, Cumberland Farms and other companies that acquired former Gulf operations continued to use the Gulf name through the early 1990s. This caused consumer confusion as the parent companies would not accept each others' credit cards. All former Gulf stations franchised by BP and Chevron in the United States have since been converted to those names. Gulf Oil Limited Partnership ('GOLP'), based in Chelsea, Massachusetts, has bought a license for North American rights to the Gulf brand from Chevron. Chevron still owns the Gulf brand but by 2006 makes almost no direct use of it. GOLP operates a distribution network reaching from Maine to Ohio. Most Gulf-branded filling stations in North America are owned by Cumberland Farms of Canton, Massachusetts, which owns a two-thirds interest in GOLP.^[23] In addition there are some independently-owned franchises still operating under the Gulf brand within North America, such as the American Refining Group which is licensed by Chevron to blend and distribute Gulf branded lubricants.^[24]

Gulf Oil International ('GOI') is a surviving business division of the old Gulf Oil Corporation and is based in London. It is owned by an anonymous Luxembourg investment trust and functions as an independent business. GOI's own literature claims that it is a part of the Hunduja group.^[25] GOI trades mainly in lubricants, oils and greases and has exclusive rights to the Gulf brand outside North America. GOI is also involved in franchising the Gulf brand to operators in the petroleum and automotive sectors. GOI has direct and indirect interests in a number of businesses that use the Gulf brand under license.

The Canadian exploration and production arm of Gulf Oil continued as an independent oil company (Gulf Canada Resources) until its acquisition by Conoco in 2002.

Most Gulf downstream operations in Europe were sold to the Kuwait Petroleum Company in early 1983. The associated Gulf filling stations were converted to trade under the Q8 brand name by 1988.^[26] However, attempts to sell Gulf Oil (Great Britain) to KPC failed—because of irrevocable GOC guarantees given earlier in respect of bonds issued to finance the construction of refinery facilities in the UK. GO(GB) was taken over by Chevron and its stations continued to use the Gulf brand name and insignia until 1997 when the network was sold to Shell, although by this stage a fairly large proportion of Gulf stations were supplied by jobbers rather than Gulf Oil (GB). Gulf completely withdrew from the UK in 1997.^[27] This represented the end of the last major direct use of the Gulf brand by Chevron.

[edit] Revival

GOI continues to sell Gulf branded lubricants worldwide through a network of country subsidiary companies.^[28] Some of these subsidiaries franchise use of the Gulf brand to local independent petroleum retailers ("affiliates"). Hence, Gulf branded products and filling stations can be found in many countries.

Several former GOC subsidiaries were sold to local owners (e.g. Gulf Oil India to a partnership including GOI, Ashok Leyland and the Hinduja group) where the current owners continue to use the Gulf name and insignia.^[29] Gulf Oil India (GOIn) has raised the market profile of the Gulf brand in recent years. It has introduced the whole range of Gulf international products into South Asia through toll blending arrangements. In 1995 GOIn set up its first blending plant at Silvassa with technical assistance from GOI, in order to produce Gulf branded lubricants locally. These local lubricants are produced to Gulf specifications and sell at a premium to the products of wholly local competitors. In 2002, GOIn merged with the explosives manufacturer IDL to form Gulf Oil Corporation Ltd—an Indian Company described as a member of the Hinduja Group.^[30] The direct GOI interest in this company is limited to 20% of GOCL's equity held by Gulf Oil International (Mauritius) Inc. GOCL claims to have gained a 6% share of the Indian automotive lubricant market and a 3% share of the industrial market. GOCL exports to South Asian countries including Bangladesh, Nepal, Indonesia, the Philippines and Taiwan. It also provides Gulf product licensing and technical support to local affiliates in the region including a major manufacturing operation in China.^[31]

GOI has now licensed the Gulf brand and logo in the UK to the Bayford group, one of the largest independent fuel distributors. Starting in 2001, a new Gulf network of independent stations is slowly reappearing across the UK. At present many of these stations are notable for offering genuine leaded 4 star petrol, which Bayford has a special dispensation ^[32] to sell. At the same time, Gulf Lubricants (UK) Ltd was set up to market Gulf products (mostly manufactured by the Gulf Netherlands operation) in the UK. This Gulf return to the UK after a four year absence used the slogan "The Return of the Legend".^[33] The post-2001 Gulf presence in the UK is a wholly network based operation. It involves almost no direct Gulf investment in fixed assets, corporate infrastructure or manufacturing capability. This is a complete contrast to the pre-1997 presence.

GOLP has been expanding use of the Gulf brand in the Northeast USA, and it has become conspicuous at major sporting events in the area with ads for Gulf in New York City, Boston, Philadelphia, and Pittsburgh. To take one case as an illustrative example of the Gulf revival—after Texaco's 2001 merger with Chevron, many former Texaco stations in Pittsburgh switched to Gulf since Chevron does not service Pittsburgh. As a result, the Texaco brand name has all but disappeared from the area. One of the other stakeholders in the Texaco brand, Shell, already had an agreement with a multiple-station owner in the area and was therefore unable to fill the gap.

The Gulf logo shown at the head of this page is still used all around the world by a large number of business interests. It is a widely recognised brand and many independent operators are willing to pay for the franchise to use it. Although GOLP, GOCL and GOI are principal stakeholders in the Gulf brand, others do have rights to use it. Attempts have been made to coordinate the marketing strategies of those with an interest in the Gulf brand, but this has not produced a result to date.

During the period 1980 to 2000, Gulf moved from being a monolithic, vertically integrated multinational corporation to being more of a network of allied business interests. This has given the whole Gulf business a high degree of strategic and operational flexibility. It is a move that reflects fundamental change in the economics of international business.

Alliances represent yet another shift in the organization of economic transactions—from organizational hierarchies to networks; from mass to flexible production; from large vertically integrated organizations to disintegration and horizontal networks of economic units; from "Fordist" to "post-Fordist" companies.

Stephen J Kobrin, Globalisation and multinationals (Pitman), 1997

[edit] Case Studies in current use of the Gulf brand

[edit] Independent filling stations in the UK

In 1970 there were nearly 25,000 filling stations in the UK, of which around 10,000 were 'independents' (typically, privately owned stations supplied by a major or jobber while using a brand under licence). By end 1999 the number of filling stations had dropped to 13,700 and this figure dropped further to 9,700 at end 2005.^[34] In recent years, filling stations have been closing at a rate of around 50 per month. Many of the smaller and independent stations have succumbed to competition from out of town supermarkets which are able to undercut local opposition through sheer volume of sales and shared overheads.^[35]

The Gulf brand in the UK is franchised by GOI to the Bayford group, which specialises in operating service stations on minor trunk roads in rural areas. Bayford currently supplies about 150 Gulf branded filling stations in the UK, all of which are independently owned. The Gulf filling stations provide outlets for Gulf branded oils and lubricants.

The illustration shows a typical Bayford/Gulf filling station in the UK. Note that it is associated with garage, restaurant and retailing facilities. It is in an isolated location, being 5 miles south of Wooler in the Cheviot Hills. It caters to both local residents and passing tourist traffic. It is not vulnerable to competition from supermarkets and provides something of a local community centre.

[edit] Pennsylvania Turnpike

For decades, Gulf operated filling stations on the Pennsylvania Turnpike toll highway system alongside the Howard Johnson's restaurants at the Turnpike's travel plazas (which correspond to European motorway service areas). This began in 1950 with the opening of the Philadelphia Extension, and Gulf added more filling stations as the system was extended. The Standard Oil Company of Pennsylvania (now part of Exxon) had exclusive rights to provide filling station services on the sections of the system that opened prior to 1950, principally the Irwin-to-Carlisle section.

In the 1980's, Sunoco was awarded the franchise to operate the filling stations at the Hempfield and Sideling Hill travel plazas. This lead to a three-way bidding war between three of Pennsylvania's most recognizable gasoline brands every time a travel plaza franchise came up for renewal.

Gulf had the opportunity to become the exclusive provider of filling stations at travel plazas along the Pennsylvania Turnpike after Exxon withdrew from the Turnpike in 1990. GOLP submitted a bid to the Pennsylvania Turnpike Commission but the Commission preferred a bid submitted by Sunoco. The Commission’s decision in this regard may have been influenced by the recent unstable history of the Gulf brand. By 1993, the Gulf filling stations on the Turnpike (as with the Exxon ones before it) had converted to Sunoco. All the travel plaza filling stations are now Sunoco branded.

[edit] Gulf products

The current industry norm is not to give distinctive branding to fuels. Most filling stations in Europe sell three types of fuel - Unleaded, LRP and Diesel. These products lack any real brand differentiation. But this has not always been the case. Until well into the 1970s, Gulf (in common with other oil companies) sold distinctive brands of petrol/gasoline - including Good Gulf regular, subregular Gulftane, Gulf No-Nox premium, and Gulf Super Unleaded. Gulf petrol was sold using the slogans "Good Gulf Gasoline", and "Gulf - the Gas with Guts". Gulf service stations would often supply customers with pens and key rings bearing these slogans.

This loss of brand differentation reflects the modern reality of petroleum distribution and marketing. For example, none of the Gulf branded petrol sold in the UK actually comes from a Gulf refinery. Petrol/gas retailers compete mainly on price and outlet convenience. Petrol sold through supermarkets is generally unbranded.

GOI still produces and sells a wide range of branded oil based products including lubricants and greases of all kinds.^[36] These include products for a whole variety of applications ranging from metal working oils through to refrigeration oils. Car engine oils include the Gulf Formula, Gulf MAX and Gulf TEC ranges. Heavy duty diesel engine lubricants include the Gulf Supreme and Gulf Superfleet ranges. The sale of lubricants is one area where product specification and quality assurance are vital elements. Therefore, brand differentiation remains a feature of the marketplace. Gulf's product catalogue includes a very well-developed portfolio of over 400 distinctive products.

[edit] Trivia

• There used to be a Gulf station in the town of Mexico, New York that was affectionately known as "The Gulf of Mexico"

• Gulf Oil sponsored broadcast television coverage of the NASA space launches and voyages in the 1960's. One commercial had a Celtic musical group singing a raucous maritime song ("oil" is pronounced "ail" throughout):

[verse:]

I'm an able-bodied sailor and I've often crossed the line,

On whalin' ships and sailin' ships and ships of e-ve-ry kind.

But now I have the very best job I've had in many a day,

'A workin' on a tanker bringin' oil to Bantry Bay!

Refrain:

<Hey!>

Bringin' home the oil, me boys, bringin' home the oil!

Sailing all around the world, bringin' home the oil!

A workin' on a giant ship, it's very hard we toil,

Sailin' into Bantry Bay, bringin' home the oil!

[verse:]

She is the finest ship, me lads, that ever sailed the sea.

As graceful as a swan she goes; we sail her at our ease.

From Africa around Cape Hope we proudly make our way,

To keep all Europe movin' from our base at Bantry Bay!

(Refrain)

[verse:]

They're building other tankers now to speed more oil to you,

The Universe Kuwait, me boys; Japan and Portugal, too.

Also the Universe Ireland, I'm very proud to say,

Is among the giant ships a bringin' oil to Bantry Bay!

(Refrain)

• On 17 June 1974 Gulf Oil's Pittsburgh headquarters was bombed by the Weathermen to protest against Gulf's operations in Angola, Vietnam, and elsewhere. Nobody was hurt and damage to property was minimal.

• Gulf Oil is most synomonous for its association with auto racing, as it famously sponsored the John Wyer Automotive team in the sixties and early seventies. The signature light blue and orange color scheme which is associated with its Ford GT40 and Porsche 917, is one of the most famous corporate racing colors and has been replicated by other racing teams who are sponsored by them and car owners. Gulf Oil at the same era also sponsored Team McLaren during the Bruce McLaren days, but without its color scheme.

[edit] References

1. ^ GOI website: - extract from Gulf Oil mission statement
2. ^ Handbook of Texas : Early history of Gulf Oil
3. ^ Gulf Oil official 50th anniversary history publication, (1967), p4
4. ^ Handbook of Texas : Spindletop Oilfield
5. ^ Handbook of Texas : see para 1
6. ^ Gulf Historical Society:early Gulf gas pumps
7. ^ US Department of State Briefing Paper :Kuwait, 1994 - see section on Oil
8. ^ GOC memo 1950 : GOC internal appreciation of the Kuwait government
9. ^ KOC: history of Gulf involvement in KOC
10. ^ American Refining Group publicity statement :2004
11. ^ Handbook of Texas : see para 3
12. ^ KOC history :the end of Gulf's involvement in Kuwait
13. ^ Scripophily history vignette :see para 11
14. ^ Byrne O Cleiregh consultants report: report on Whiddy Island oil terminal
15. ^ Reformed Theology essay : Gulf/Chevron involvement in Angola
16. ^ Vanderbilt TV archive :Gulf's Dorsey testifies to Senate Foreign Relations Committee
17. ^ NNDB :outline bio
18. ^ Financial Management article, 9/2002 Gulf's wealth loss from Cities Services white knight project - see Section C and footnote 15
19. ^ NY Times report on litigation 1999 award to Occidental
20. ^ Famous Texans: outline history of Pickens and Mesa, see para 5
21. ^ The New York Times report : "FTC approves merger", October 1984
22. ^ Multinational profile: Chevron profile
23. ^ GOLP website : details of GOLP operation
24. ^ American Refining Group :lubes website
25. ^ GOI website :history of GOI
26. ^ 1983 NYT article : sale of Gulf operations to KPC
27. ^ Company News report, 1997 :Gulf Oil (GB) sold to Shell
28. ^ GOI website: full details of GOI operations
29. ^ Gulf Oil India :website
30. ^ The Economic Times: report on Gulf Oil Corporation Ltd, May 2006
31. ^ Establishment of Gulf Oil Corporation Ltd :Gulf Oil press release
32. ^ Bayford-Gulf: sale of leaded (4 star) petrol
33. ^ Bayford Gulf website: Gulf filling stations in the UK
34. ^ Guardian report on Energy Institute annual market survey
35. ^ Energy Institute : press release on 2004 marketing survey
36. ^ GOI product and services product list

[edit] External links

• Gulf Oil Limited Partnership (largely Cumberland Farms owned) website: GOLP
• Gulf Oil International website: GOI
• GOI UK subsidiary: GOUK
• GOI Netherlands subsidiary: GONED
• Gulf Oil Corporation Ltd (was Gulf Oil India) website: GOCL
• Gulf Oil Historical Society: GOHSoc
• Oil UK (provides sales, marketing, technical services and logistics support to Gulf Lubricants (UK) Ltd): OilUK