Phibro

Phibro
Private Company
Industry Commodities Merchanting
Founded 1901
Headquarters Stamford, Connecticut
Key people
 Simon Greenshields (CEO)
Website www.phibro.com

Phibro is an international physical commodities trading firm. Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities, and other products. Phibro’s headquarters are located in Stamford, Connecticut.[1]

History

The company was founded in 1901[2][3][4] as Philipp Brothers.[5] It was later acquired and became the Philipp Brothers Division of Engelhard Minerals & Chemicals Corporation. In 1981 the company was spun off as Phibro Corporation, and that same year the company subsequently acquired Salomon Brothers, creating Phibro-Salomon Inc.[6] Phibro Energy, Inc. was established in 1984, absorbing the oil department of Philipp Brothers. In 1986, the combined company removed the Phibro name from the parent company.[7] In 1993, Phibro Energy, Inc. became the Phibro Energy Division of Salomon Inc.[8] It was renamed to simply "Phibro" in 1996, and in 1997, Salomon was acquired by Travelers Group, which merged with Citicorp to form Citigroup in 1998.[7] With the merger, Salomon became an indirect, wholly owned subsidiary of Citigroup.

Phibro came to the notice of the public when its leader, Andrew J. Hall reportedly was seeking a $100 million bonus from Citigroup, which had been bailed out by U.S. taxpayers in 2009. Reportedly Phibro was the main source of the $2 billion in pretax revenue Citigroup received in commodities trading.[9]

In October 2009, Occidental Petroleum announced it would acquire Phibro from Citigroup, estimating its net investment at approximately $250 million.[10]

In January 2016, it was purchase by Energy Arbitrage Partners for an undisclosed sum.[11]

References

  1. ↑ Phibro, LLC. "Phibro". Retrieved 19 December 2010.
  2. ↑ Tom Cahill and Justin Baer (2006-06-25). "Citigroup Adds More Than 30 to Energy-Trading Unit (Update1)". Bloomberg. Retrieved 24 December 2010.
  3. ↑ Bloomberg. "Phibro LLC: Private Company Information - BusinessWeek". Retrieved 19 December 2010.
  4. ↑ Phibro. "Phibro". Retrieved 24 December 2010.
  5. ↑ Corkery, Michael (October 9, 2009). "10 Things You Didn't Know About Phibro and Andrew Hall". Wall Street Journal.
  6. ↑ "History of Salomon Inc. – FundingUniverse". Fundinguniverse.com. Retrieved 2014-04-29.
  7. 1 2 "FACTBOX: A history of Citi's Phibro unit". Reuters. 2009-10-09. Retrieved 19 December 2010.
  8. ↑ Kenneth N. Gilpin (1993-02-04). "COMPANY REPORTS; Salomon Shows a Turnaround in Earnings". New York Times. Retrieved 19 December 2010.
  9. ↑ Segal, David (August 1, 2009). "$100 Million Payday Poses Problem for Pay Czar". New York Times.
  10. ↑ Occidental Petroleum (2009-10-09). "Occidental Petroleum Announces Acquisition of Phibro". Business Wire. Retrieved 19 December 2010.
  11. ↑ Gregory Meyer (2016-01-26). "Phibro bought by Former Wall Street banker". Financial Times. Retrieved 19 December 2010.

Further reading

External links

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