Diamond Shamrock

This article is about the company. For the building formerly known as the Diamond Shamrock Building, see Oswald Centre.

Diamond Shamrock Corp. or Diamond Shamrock Refining and Marketing was a refinerer and gas station company in the United States, headquartered in San Antonio, Texas.

History

In 1985 the company had a $604.7 million loss. It restructured itself in the year before December 1986. On Wednesday December 3, 1986 T. Boone Pickens offered to buy Diamond Shamrock for $2 billion. Kit Freiden of the Associated Press stated "some analysts predicted the giant energy company would reject the offer."[1]

In 1988 the company's annual refinery sales were $1.8 billion. Diamond Shamrock owned and operated 529 stores. 423 of them were in Texas, with 94 of them in Greater Houston. The company owned an additional 64 stores in Colorado. In 1988 the company bought from investor F. Philip Handy 80 Tenneco gasoline stations, with 30 of them in Houston. According to the plans, the Tenneco stores would be rebranded as Diamond Shamrocks.[2]

In 1995 Diamond Shamrock had 2,000 stores, with most of them in Texas, Colorado, New Mexico, and Louisiana. Of them, over 170 stores were in Houston. That year, Diamond Shamrock bought the National Convenience Stores Stop N Go chain for $260 million. The plans called for the combined company to be headquartered in San Antonio. The combined company was to have two refineries in Texas, 11,000 employees, and 2,600 stores.[3]

In 1996, Canadian company Ultramar bought Diamond Shamrock for $1.96 billion in stock and assumed debt.[4] The combined company was renamed "Ultramar Diamond Shamrock".[4]

Valero Energy Corporation acquired Ultramar Diamond Shamrock in 2001.[5]

References

  1. ↑ Freiden, Kit. "Diamond Shamrock may reject Mesa bid." Associated Press at the Houston Chronicle. Thursday December 4, 1986. Business p. 2. Available at NewsBank, Record Number HSC1204425523. Available at the Houston Public Library website with a library card.
  2. ↑ Pearson, Anne. "Diamond Shamrock to buy gas stations." Houston Chronicle. Tuesday December 6, 1988. Business p. 3. Available at NewsBank, Record Number 12*06*588337. Available at the Houston Public Library website with a library card.
  3. ↑ Hassell, Greg (9 November 1995). "Diamond Shamrock buys Stop N Go chain". Houston Chronicle. p. Business 1. - Available at NewsBank, Record Number HSC11091306995. Available at the Houston Public Library website with a library card.
  4. ↑ 4.0 4.1 "Ultramar to Buy Gas Retailer for $1.96 Billion". Los Angeles Times. Bloomberg Business News. September 24, 1996. Retrieved May 12, 2014.
  5. ↑ "Company Overview of Ultramar Diamond Shamrock Corporation". Bloomberg Businessweek. Retrieved May 12, 2014.

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