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Job Vaccant at Super Major Oil and Gas Company ! Lets learn about History of Oil and Gas Company

Supermajor is a name commonly used to describe the world's five (and sometimes six) largest publicly owned oil and gas companies. The supermajors are considered to be BP p.l.c., Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell plc and Total S.A., with ConocoPhillips Company also sometimes described as forming part of the group. The history of the supermajors traces back to the "Seven Sisters", the seven oil companies which formed the "Consortium for Iran" cartel and dominated the global petroleum industry from the mid-1940s to the 1970s. The Seven Sisters were Standard Oil of New Jersey (Esso)and Standard Oil Company of New York (Socony) (now ExxonMobil); Standard Oil of California (Socal), Gulf Oil and Texaco (now Chevron);Royal Dutch Shell; and Anglo-Persian Oil Company (now BP). Before the oil crisis of 1973 the members of the Seven Sisters controlled around 85% of the world's oil reserves.
The supermajors began to emerge in the late-1990s, in response to a severe fall in oil prices. Large petroleum companies began to merge, often in an effort to improve economies of scale, hedge against oil price volatility, and reduce large cash reserves through reinvestment.
The following major mergers and acquisitions of oil and gas companies took place between 1998 and 2002:
  • Exxon's merger with Mobil in 1999, forming ExxonMobil;
  • BP's acquisition of Amoco in 1998;
  • Total's merger with Petrofina in 1999 and with Elf Aquitaine in 2000, with the resulting company subsequently renamed Total S.A.;
  • Chevron's acquisition of Texaco in 2001; and
  • the merger of Conoco Inc. and Phillips Petroleum Company in 2002, forming Conoco Phillips.
The result of this trend created some of the largest global corporations as defined by the Forbes Global 2000 ranking, and as of 2007 all are within the top 25. Between 2004 and 2007, the profits of the six supermajors totaled $494.8 billion.
Job Vaccant at Super Major Oil and Gas Company ! Lets learn about History of Oil and Gas Company Reviewed by Anonymous on 1:45 PM Rating: 5

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