Tidewater Oil Company

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Tidewater Oil Company (rendered as Tide Water Oil Company from 1887 to 1936) was a major vertically integrated oil company that operated independently from 1887 to 1926, when it was sold to a holding company. Over the decades, it passed through various corporate hands. It sold petroleum and gasoline products and fuel under various brand names, including Tydol, Flying A, and Veedol.

In 2011, Veedol was sold by British Petroleum to Tidewater India. Now it is part of Andrew Yule and Company's Indian group and manufactures automotive oil for the Indian market on the sub-continent of South Asia. Tidewater does not have its own refinery, so it is dependent on base oil suppliers like HPCL and BPCL. It also manufactures a wide range of automotive lubricants. Its corporate headquarters is in Los Angeles, California.

History

Tide Water plant in 1891

Tide-Water Pipe Company

In November 1878, the Tide-Water Pipe Company was founded by Byron D. Benson (ca. 1828-February 1888<ref>Template:Cite news</ref>), Robert E. Hopkins, and David McKelvy (died May 10, 1918<ref>Template:Cite magazine</ref>). Other sources include as founders Samuel Q. Brown (died October 5, 1909<ref name="briefhist">Template:Cite book</ref>Template:Rp) and Alanson Ashford Sumner.<ref>Template:Cite magazine</ref>

The capital at incorporation was $625,000 of which $500,000 was paid in as cash and $125,000 represented the rights-of-way for the Seaboard Pipe Line which were eventually not used. The Reading Railroad Company subscribed to $250,000 of the stock.<ref name="briefhist" />Template:Rp

Benson, Hopkins, and McKelvy had forged a deal with Franklin Gowen, president of the Reading Railroad, to build a pipeline from the new Bradford oil field at Coryville, Pennsylvania, eastward to Williamsport, where the oil would be loaded into Reading tank cars for transport to independent refiners in Philadelphia and New York. Gowen agreed to put up $250,000, half the predicted cost of building the pipeline.

The result was the world's first long-distance oil pipeline: 102.87 miles.<ref>The Prize: The Epic Quest for Oil, Money, and Power, p. 43 (map of pipe line and railroad on p. 44)</ref> The line included 6-inch, 18.5 pounds per linear foot wrought iron pipe joints, ordered from the Reading Iron Company, which began shipments on January 30, 1879, and the National Tube Works, which followed on February 12. Railroads delivered construction materials to 10 shipping points along the route.Template:Efn Laying of the pipe began near Oleona on February 22 and the last joints were put in place on May 22. The line rose 1,200 feet to cross the Allegheny Mountains near Waterville, then descended by gravity 2,100 feet. The cost of laying the line was 15.449 cents per foot, including freight (5.227), hauling (6.4) and joining (3.822). Through May 28, 1880, a total of 1,097,761.06 barrels (3,008 per day) was moved, of which 943,483.02 were transported to eastern refineries.

The pipeline could move 6,000 barrels per day. Starting at Pumping Station No. 1 at Coryville, oil flowed 22.43 miles to No. 2 station at Olmsted near Coudersport, then 80.44 miles to Williamsport. The pumping engines at Coryville began operation at 4 p.m. on May 28; oil arrived at 10:18 a.m. on May 30 at No. 2 station, which began to pump the same day at 3:20 p.m. After a pressure drop was detected, a piece of wood and some rope were removed from the pipe. Olmsted resumed pumping at 5 p.m. on June 2. Oil arrived at the tank farm 1.5 miles east of Williamsport at 7:20 p.m. on June 4. From there the loading station of the railroad could be reached by 12,700 feet of 8-inch gravity-flow pipe. <ref>Template:Cite magazine</ref><ref name="briefhist" />Template:Rp

In 1880, the Equitable Pipe Line was absorbed, the Coryville pumping station was moved a few miles to Rixford and the 4-inch pipe was replaced by 6-inch pipe. The line was extended from Williamsport to Tamanend in the winter of 1881-82 and new pumping stations were built at County Line (No. 3 halfway between Olmsted and Williamsport), Muncy (No. 4 just southeast of Williamsport) and Shumans (No. 5). From Tamanend the New Jersey Central Railroad provided a direct route to New York bypassing Philadelphia in rail shipments. In 1887 the line was extended from Tamanend to Bayonne and pumping stations built at Hudsondale, Pa. (No. 6) and Changewater, New Jersey (No. 7).<ref name="briefhist" />Template:Rp

The company owned a refinery in Bayonne, New Jersey, next to the larger refinery of the Standard Oil Company. On July 20, 1887, a fire that destroyed the Standard Oil Co. refinery at Constable Hook, also destroyed facilities belonging to the Tide Water Pipe Co., the Polar Oil Co., and the Ocean Oil Co.<ref>Template:Cite news</ref>

In 1908 and 1909, the line was extended westward 546 miles from Rixford to Stoy, Illinois. The joints, made of basic steel, were laid from August 1, 1908, to April 13, 1909. Telegraph poles were erected from August 3, 1908, to April 10, 1909. On May 11, 1909, testing of the line with water began. The first oil arrived at Rixford at 7:15 a.m. on July 7, 1909. Seven pumping stations were later added. Pipeline loops were later added to the eastern portion of the lineTemplate:Efn, which at the beginning of 1913 could move more than 10,000 barrels per day.<ref name="briefhist" />Template:Rp

Tide Water Oil Company

The Tide Water Oil Company was incorporated in New Jersey on November 17, 1888.

In July 1916, 26,660 shares were offered to the public at $185 per share.<ref>Template:Cite news</ref>

In June 1917, when the company was first listed on the New York Stock Exchange,<ref name="nyse_1917">Template:Cite news</ref> its main pipeline had grown to include 833.69 miles of 6-inch trunk line from Stoy to Bayonne. Its pipeline system also included 304 miles of 6-inch trunk line loops; 2,000 miles of gathering lines; 20 pumping stations with redundant pump engines; and 92 tanks with a total capacity of 2,672,900 barrels. On one day that year, company pipelines held 1.6 million barrels of oil worth a total of $3,400,000.<ref name="nyse_1917" />

The company held all or controlling interest in nine subsidiaries, including:

Subsidiaries (1917)<ref name="nyse_1917" />
Name Incorporated Date Auth. cap. Par Issued Owned by TWO %
The Tide Water Pipe Co. Ltd PennsylvaniaTemplate:Efn Nov 13, 1878 $6,250,000 $100 $6,250,000 $6,218,000 99.49
Associated Producers Co Pennsylvania Nov 5, 1884 $900,000 $100 $800,000 $797,000 99.69
Tidal Oil CoTemplate:Efn OklahomaTemplate:Efn Sep 27, 1907 $1,000,000 $100 $582,000 $495,000 85.05
Platt & Washburn Refining CoTemplate:Efn New Jersey May 11, 1885 $250,000 $100 $250,000 $250,000 100%
Tide Water Oil Co of MassachusettsTemplate:Efn Massachusetts Jan 2, 1908 $25,000 $100 $25,000 $25,000 100%
American Oil CoTemplate:Efn Rhode Island Feb 7, 1902 $100,000 $10 $50,000 $37,300 74.60
Allegheny Pipe Line Co New York Feb 28, 1903 $9,000 $5 $9,000 $5,350 59.44
East Jersey RR & Terminal Co New Jersey Mar 12, 1901 $300,000 $100 $257,000 $257,000 100%
Currier Lumber Corp Virginia June 5, 1908 $225,000 $100 $225,000 $225,000 100%

Template:Table alignment

History of the Tide Water common stock (par $100)<ref name="nyse_1917"/>
Date Auth. cap Purpose
Nov 17, 1888 $5,000,000 Acquisition of Polar Oil Company, Ocean Oil Company, Chester Oil CompanyTemplate:Efn, Lombard, Ayers & Company and purchase of real estate in Bayonne
May 15, 1907 $20,000,000 acquisition by exchange for stock of the Tide Water Pipe Line Co; for some time this company was the parent company and owned the entire stock of Tide Water Oil Co. until in 1907 the subsidiary took over the parent in a reorganization.
May 6, 1908 $25,000,000 extension of the pipe line to Illinois and purchase of producing lands in Illinois

Illinois oil production boomed in 1906. For a few years it was 3rd largest producing state behind California and Oklahoma.<ref>

Oil Production in ... (x1000 barrels)
Illinois Oklahoma
<1900 negligible negligible
1900 6
1901 10
1902 37
1903 139
1904 1,367
1905 181 ?
1906 4,397 ?
1907 24,282 43,524
1908 33,686 45,799
1909 30,898 47,859
1910 33,143 52,029
1911 31,317 56,069
1912 28,602 51,427
1913 23,894 63,579
1914 21,920 73,632
1915 19,042 97,915
1916 17,714 107.072
1917 15,777 107,508
1918 13,366 103,347
1919 11,960 86,911
1920 10,774 106,206
1921 10,043 114,634
1922 9,383 149,571
1923 8,707 160,929
1924 8,081 173,538
1925 7,863 176,768
1926 7,760 179,195
1927 6,994 277,775
1928 6,462 249,857
1929 6,319 255,004
1930 5,736 216,486
1931 5,039 180,574
1932 4,673 153,244

Template:Cite book</ref>

Mar 15, 1916 $30,000,000 acquisition of oil producing lands in Oklahoma.

Holders of stock were given the right to subscribe at par to 1 share for each 5 shares held from Apr 10 to Jul 6, 1916.<ref>Template:Cite news</ref>

Feb 20, 1917 $40,000,000 in 1917 $2,900,000 issued for a stock dividendTemplate:Efn and $8.1m unissued. Pursuant to a board resolution of May 2, 1919, 11,870 shares were issued and exchanged for the entire remaining stock (870 shares) of the Tidal Oil Co. not already owned by TWO, whose total issue was then 330,870 shares.<ref name="nyse_A-5027">Template:Cite book</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> TWO stock was trading between $236 and $250 in June 1919: each par $100 share of Tidal Oil had a market value of $3,220 to $3,411.
Dec 15, 1919 $100,000,000 Dec 1919 $8,617,400 plant extensions, 1 tanker, 1 power barge, employee stock programTemplate:Efn

Dec 1920, $9,931,500 (failed) Mexican operation, 4 tankers, plant extensionsTemplate:Efn

Template:Nowrap
Year Detail
fiscal year ending December 31
1915<ref name="annual_1915"/> L
1916<ref>Template:Cite news</ref> XL
1918<ref name="annual_1918">Template:Cite news</ref> XL
1919<ref name="annual_1919">Template:Cite news</ref> XL
1920<ref name="annual_1920">Template:Cite news</ref> XL
1921<ref name="annual_1921"/> L
1922<ref name="annual_1922">Template:Cite news</ref> M
1923<ref>Template:Cite news</ref> S
Template:NowrapTemplate:EfnTemplate:Efn
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Volume
1917 High 196 Template:Frac Template:Frac 204 Template:Efn 175 175 3,579
Low Template:Frac 195 Template:Frac 198 170 165
1918 High Template:Frac 185 190 200 186 180 182 190 Template:Frac 1,342
Low 178 185
1919 High 220 221 220 235 250 250 246 242 Template:Frac 265 275 8,102
Low 207 220 Template:Frac 214 Template:Frac 236 240 240 260
1920 High 205 229 215 205 200 210 215 Template:Frac 199 3,019
Low 209 190 Template:Frac 205 210 200 180
1921 High 170 Template:Frac Template:Frac 175 150 125 120 Template:Frac 149 150 9,805
Low 161 162 156 119 123 145 135
1922 High 134 Template:Frac Template:Frac 133 Template:Frac Template:Frac 126 Template:Frac Template:Frac 154 135 Template:Frac 52,030
Low 130 Template:Frac Template:Frac 118 133 127 120 Template:Frac 127 Template:Frac Template:Frac Template:Frac
1923 High 133 Template:Frac 144 Template:Frac 125 120 Template:Frac 102 Template:Frac 104 Template:Frac Template:Frac 60,250
Low 120 128 128 125 116 95 94 98 Template:Frac 99 Template:Frac Template:Frac
1924 High Template:Frac 151 Template:Frac 134 Template:Frac Template:Frac Template:Frac Template:Frac 125 Template:Frac 132 133 91,600
Low 120 134 129 Template:Frac 125 119 Template:Frac 119 120 Template:Frac Template:Frac Template:Frac
1925 High Template:Frac 152 Template:Frac Template:Frac 147 149 Template:Frac 7,800<ref>Template:Cite news</ref>
Low 130 143 122 Template:Frac Template:Frac 141 136
no par
1925 High Template:Frac Template:Frac Template:Frac 36 Template:Frac Template:Frac 217,500
Low 33 Template:Frac Template:Frac Template:Frac 32 34
1926 High Template:Frac Template:Frac Template:Frac Template:Frac 35 Template:Frac 33 Template:Frac 31 Template:Frac Template:Frac Template:Frac 486,300
Low Template:Frac Template:Frac 32 Template:Frac Template:Frac Template:Frac Template:Frac 30 Template:Frac Template:Frac 27 27
1927 High Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 24 24 Template:Frac 24 Template:Frac 23 24 48,700
Low Template:Frac 27 Template:Frac Template:Frac Template:Frac Template:Frac 19 22 23 Template:Frac Template:Frac 22
1928 High Template:Frac Template:Frac 23 27 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 36 Template:Frac Template:Frac 214,400
Low Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 23 Template:Frac Template:Frac Template:Frac Template:Frac 33
1929 High Template:Frac Template:Frac Template:Frac Template:Frac 38 40 Template:Frac 37 35 Template:Frac Template:Frac Template:Frac 137,800
Low Template:Frac Template:Frac 29 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 33 Template:Frac 14 20
1930 High Template:Frac Template:Frac 26 31 Template:Frac Template:Frac Template:Frac 13 8,200
Low Template:Frac 20 Template:Frac 28 Template:Frac 12
1931 High 15 Template:Frac 18 Template:Frac 13 Template:Frac 6,500
Low Template:Frac Template:Frac Template:Frac 12
1932 High 9 Template:Frac 6 Template:Frac 10 10 Template:Frac Template:Frac 4,900
Low 7 Template:Frac 5 6 9
1933 High Template:Frac Template:Frac 16 18 20 20 Template:Frac 26 2,200
Low Template:Frac 19 21
1934 High 31 40 37 38 31 31 Template:Frac 25 1,170
Low 36 31 30 24
1935 High Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 40 41 Template:Frac Template:Frac 40 Template:Frac 48 5,770
Low Template:Frac Template:Frac Template:Frac 37 35 Template:Frac 39 40
1936 High 58 Template:Frac 60 Template:Frac 55 55 55 Template:Frac Template:Frac 50 990<ref>Template:Cite news</ref>
Low 52 58 Template:Frac 51 50 48
Template:Nowrap
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Volume
1925 High 100 100 101 101 Template:Frac
Low 100 99 99
1926 High 103 Template:Frac Template:Frac 94 94 Template:Frac 93 93 Template:Frac Template:Frac Template:Frac 90
Low 99 97 90 Template:Frac Template:Frac Template:Frac Template:Frac 91 Template:Frac Template:Frac Template:Frac Template:Frac
1927 High Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 87 88 Template:Frac Template:Frac Template:Frac 88
Low Template:Frac Template:Frac Template:Frac Template:Frac 87 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 85 Template:Frac
1928 High Template:Frac Template:Frac 89 Template:Frac Template:Frac Template:Frac 89 89 91 Template:Frac Template:Frac Template:Frac 39,900
Low 87 Template:Frac 88 Template:Frac 92 88 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 96
1929 High Template:Frac 94 Template:Frac 95 Template:Frac Template:Frac 93 93 Template:Frac 93 90 89 42,500
Low Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 90 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac
1930 High 90 88 Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 91 86 Template:Frac 82 23,100
Low Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 83 90 87 85 82 68
1931 High Template:Frac 83 83 70 55 59 55 Template:Frac 60 40 45 43 17,700
Low Template:Frac 80 Template:Frac Template:Frac 54 Template:Frac 51 Template:Frac 35 38 30
1932 High Template:Frac 34 41 Template:Frac 40 35 Template:Frac 60 62 50 50 48 10,760
Low Template:Frac 30 35 30 30 31 37 50 51 Template:Frac 49 45
1933 High 49 50 50 60 60 67 68 Template:Frac Template:Frac 75 77 80 13,700
Low Template:Frac 45 47 48 55 Template:Frac 62 63 67 73 74 76
1934 High 82 85 88 Template:Frac Template:Frac Template:Frac Template:Frac 95 Template:Frac 97 Template:Frac Template:Frac 24,000
Low 80 82 Template:Frac 88 88 92 93 Template:Frac Template:Frac 94 95 Template:Frac
1935 High Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac Template:Frac 34,800<ref>Template:Cite news</ref>
Low Template:Frac 100 Template:Frac 103 Template:Frac 105 Template:Frac
Template:Nowrap
Date Common Preferred
1914 240,000 n/a <ref name="annual_1915"/>
1915
May 1923 496,735 <ref name="cfc_1923-05-26"/>
Dec 31, 1924 500,045 <ref>Template:Cite news</ref>
Jun 30, 1925 504,429
Nov 1925 2,017,741 250,598 <ref>Template:Cite news</ref>
Nov 1926 2,138,373 207,061 <ref>Template:Cite news</ref>
May 1927 2,158,047 207,052 <ref>Template:Cite news</ref>
Nov 1927 2,168,285 207,052 <ref name="cfc_1927-11-26"/>
Sep 1931 2,191,821 199,446 <ref name="cfc_1931-09-12">Template:Cite news</ref>
Jun 30, 1934 2,191,823 196,246 <ref>Template:Cite news</ref>
Jun 30, 1935 2,191,860 190,763
Template:NowrapTemplate:Efn
Common Preferred
Regular Extra
1914 8 0 n/a
1915 8
1916 8 1
1917 8 12 + 0.1 share
1918 8 11
1919 8 8
1920 12 4
1921 10 0
1922 0
1923 1
1924 4
1925 2
no par
1925 0.5
1926 1.5
1927 0.975
1928 0.8
1929 0.8
1930 0.8
1931 0.35
1932 1
1933 1
1934 1.25
Template:Nowrap
Year Total Total / day Pennsylvania Illinois Oklahoma Texas Mexico California Misc
1915 3,653,398 10,009 1,297,285 1,658,823 697,288 <ref name="annual_1915"/>
1917 3,997,000 10,951 1,261,000 1,281,000 1,455,000 <ref name="annual_1918"/>
1918 4,606,000 12,619 1,301,000 1,588,000 1,691,000 26,000 <ref name="annual_1919"/>
1919 5,544,674 15,191 1,294,660 893,964 1,613,086 181,691 1,561,273 <ref name="annual_1920"/>
1920 6,576,786 18,019 1,607,376 1,215,243 2,134,879 209,905 1,407,860 1,523
1921 5,650,862 15,482 1,115,183 569,364 1,409,533 111,317 2,412,033 33,432 <ref name="annual_1921"/>
1922 ? 23,358 ? 60% ? <ref name="annual_1922"/>

In May 1925, the common stock was split 4-for-1. Authorized capital was increased from 1,000,000 to 4,000,000 shares and each outstanding $100 par share was exchanged for 4 new shares of no par value.<ref>Template:Cite news</ref>

In August 1925, the company issued $25,221,500 of 5% cumulative (par $100) convertibleTemplate:Efn preferred stock to provide working capital, finance infrastructure, and retire its entire funded debt of $12,000,000.Template:Efn<ref>Template:Cite news</ref> The preferred was called on August 15, 1935 at $105 and the final $1.25 quarterly dividend, using ca. $1,800,000 from the cash reserve and a $19,000,000 3.23% 5-year bank loan dated Aug 15, 1935.Template:Efn<ref>Template:Cite news</ref> Apparently Template:Sfrac or 195,765 shares were called and some 56,450 were converted, but a few seem to also have been bought on the market just prior to the call.

Securities owned by Tide Water Oil
Owned company Date Authorized Issued owned by TWO % TWO Notes
Darby Petroleum Corp 1929 31.06% exchanged for TWO's 51% in Tidal Osage Oil Co in order to avoid internal competition with Tidal Oil Co (100% owned) active in the same area<ref name="twao_annual_1929"/> However on May 14, 1929 631,319 Tidal Osage Oil shares were exchanged for a like number of Darby shares and Tidal Osage was merged into Darby (which now had 1,019,392 shares outstanding).<ref>Template:Cite news</ref>
May 1930 1,250,000 1,019,392 ca. Template:Frac 1-for-2 reverse split<ref>Template:Cite news</ref>
750,000 509,696
Tide Water Oil acquisitions of distribution assets
Date Company Area Served Bulk plants Service stations Dealer outlets/accounts Notes
May 1930 Pioneer Distribution Co Hazleton, Pennsylvania 6 22 180 <ref>Template:Cite news</ref>
Jul 1930 Pittsford Oil Co Pittsford, New York 1 3 225 <ref>Template:Cite news</ref>
Aug 1930 Demmy Oil Co Scranton, Pennsylvania 2 6 125 <ref name="cfc_1930-08-09">Template:Cite news</ref>
Aug 1, 1930 Little & Coffin Oil Co Portland, Maine 12 21 600 <ref>Template:Cite news</ref>

Tide Water Associated Oil Company

In 1926, control of Tide Water Oil was sold to a new holding company, Tide Water Associated Oil Company, which also acquired a controlling interest in California's Associated Oil Company. Soon thereafter, Standard Oil Company of New Jersey took control of the company. Flying A became the primary brand name for the company, though the Tydol and Associated names were also retained in their respective marketing areas.

The Tide Water Associated Oil Company (incorporated in Delaware on March 6, 1926) offered for each share of Associated Oil stock (of which 2,290,412 shares were outstanding) 1 share of no-par common and Template:Frac share of 6% par $100 cumulative preferred. An alternative offer by a syndicate formed by Blair & Co. and Chase Securities Corp. offered $58.50 per share of Associated Oil Company. For each share of no-par stock of Tide Water Oil, Template:Frac share of TWAO was offered. The preferred stock of Tide Water Oil remained unchanged.<ref name="cfc_1926-03-13"/> The Blair/Chase syndicate concurrently offered a block of the 6% convertible preferred of TWAO ("the new $240,000,000 dollar company") to the public.<ref>Template:Cite news</ref> The Justice Department concluded an anti-trust investigation on April 22, 1926, declaring the consolidation legal.<ref>Template:Cite news</ref>

Development of properties of Associated Oil Co<ref name="cfc_1926-03-13">Template:Cite news</ref>
Expenditure of $60,000,000 1920 1925 Increase
Lands owned and leased 75,749 acres 173,210 129%
Crude production (gross) 9,027,724 (24,733bpd) 18,211,030 (49,893bpd) 101%
Pipe Line capacity 37,000bpd 165,000bpd 346%
Refinery capacity 24,000bpd 75,000bpd 212%
Marketing stations 130 315 142%
Tanker fleet 203,209bbl 656,955bbl 223%
Storage capacity 12,671,300 24,294,300 91%
...of Tide Water Oil Co
Expenditure of $45,400,000 1920 1925
Crude production (net) 4,571,674 (12,525bpd) 5,576,858 (15,279bpd) 22%
Number of wells 4,776 6,734 41%
Refinery capacity 25,000bpd 53,000bpd 112%
Storage capacity 4,480,000 7,336,200 63%
Tanker fleet none 319,000bbl
Tank cars 959 1,453 51%
Refined products 5,240,540 (14,358bpd) 11,337,308 (31,061bpd) 116%
Progress of accumulation of subsidiary shares and TWAO shares offered for each subsidiary share during exchange campaigns
From % Until % Sub Offer
Mar 1926 75 TWO (data point) <ref>Template:Cite news</ref>
80 AO
Dec 31, 1928 78.76 Dec 31, 1929 97.5% TWO (summary) <ref name="twao_annual_1929">Template:Cite news</ref>
95.13 97.24 AO
Jun 10, 1929 Jul 10, 1929 TWO Template:Frac <ref>Template:Cite news</ref>
Dec 19, 1929 95.42 Feb 15, 1930 TWO Template:Frac <ref>Template:Cite news</ref>
95.33 AO 3

On May 31, 1930, Tide Water Oil sold the subsidiary Tide Water Oil Export Corp to the Pan American Petroleum and Transport Company, a subsidiary of Standard Oil Company of Indiana.<ref name="cfc_1930-08-09" />

Getty representative H. Paul Grimm (president of Pacific Western Oil Corporation) was elected director on May 3, 1934, succeeding Henry S. Sturgis.<ref>Template:Cite news</ref>

After a board resolution on Sep 17, 1936, TWAO bought the stock of the Terrabella Investment Co (California)Template:Efn for 230,000 new TWAO shares, which brought the total common stock registered with the NYSE to 8,751,985 shares.<ref>Template:Cite news</ref>

In August 1936 TWO (New Jersey) spun off all operations into the new wholly owned subsidiary TWO (Delaware)<ref>Template:Cite news</ref> and on November 30, 1936, Tide Water Oil and Associated Oil were merged into the Tide Water Associated Oil Company,<ref>Template:Cite news</ref> which then held 99.13% of TWO and 98.21% of AO stock. The no-par common stock was exchanged for $10 par common to reduce tax payments. Each residual TWO share not already in the TWAO treasury received 3 shares of TWAO stock; each AO share received Template:Frac, causing the issue of 149,698 new TWAO shares.<ref>Template:Cite news</ref> The merger was likely among the many executed in response to the Revenue Act of 1936.

Tidewater Oil Company operated a fleet of oil tankers. During World War II, it chartered ships to the Maritime Commission and War Shipping Administration and operated T2 tankers to support the war effort.<ref>NavSource MS Veedol II</ref> Ships included: USS Guyandot (AOG-16), SS Byron D. Benson, SS Samuel Q. Brown, Falls of Clyde, and others.

Automobile dealership featuring Tydol gasoline pumps, Template:Circa

During the 1950s, the Associated and Tydol brands gradually fell into disuse, and were dropped entirely in 1956.

Mission Corp

Mission Corp was incorporated at the end of 1934 as a holding company as a means of Standard Oil of New Jersey to distribute its holding of TWAO stock. It had an authorized capital of 1,500,000 shares of which 1,050,000 were initially issued and on March 15, 1935 a stock dividend of Template:Frac shares of Mission Corp was paid per share to holders of par $25 Jersey common stock. Mission Corp owned only a small amount of working cash and 1,128,123 shares of TWAO common stock. Directors were: Edward Shea, Robert McKelvy (both of TWAO) and Herbert Rawl, Lyman Rhoades and John P. Davis.<ref>Template:Cite news</ref>

Tidewater Oil Company

On May 4, 1956, the name of the company was changed to Tidewater Oil Company;<ref>Template:Cite news</ref> distribution continued under the Flying A and Veedol brand names.<ref>Template:Cite news</ref>

In 1966, Phillips Petroleum Company (now ConocoPhillips) purchased Tidewater's western refining, distribution and retailing network. Phillips immediately rebranded all Flying A stations in the region to Phillips 66. On the East Coast that year, American-born British petrol-industrialist J. Paul Getty merged his oil interests into Getty Oil Company, and Tidewater Oil was dropped as a corporate brand. The Flying A brand continued to be used on the East Coast until 1970, when stations and products were renamed Getty.

In 2000, BP acquired the Veedol brand when it bought Burmah-Castrol. In February 2011, BP offered to sell the Veedol brand, which was purchased that October by Tide Water India, part of the Andrew Yule and Company Indian subsidiary.<ref>Tide Water buys rights to Veedol trademark on Live Mint, 2011</ref>

Template:Nowrap<ref>Template:Cite web</ref>
Year Revenue Profits Assets
$millions Rank $millions Rank $millions Rank
1955 459.0 63 34.5 48 395.9 60
1956 478.8 76 37.8 59 485.4 56
1957 522.6 75 38.0 66 679.6 38
1958 596.3 65 34.9 75 797.4 32
1959 552.9 62 2.6 403 810.7 35
1960
1961 583.1 73 35.1 71 897.8 37
1962
1963
1964
1965 675.0 88 48.7 69 1,005.7 43
1966 706.3 98 57.2 70 995.5 50

Tanker fleet

Tankers built for Tide Water Oil
Name Type Keel laid Launched Builder Delivered Notes
Coastal
Veedol 1,800dwt 10kn Aug 18, 1920 Staten Island SB Co. <ref>Template:Cite magazine</ref><ref>Template:Cite magazine</ref>
Tydol 252ft 10kn 1,885ton 2screw motor tank barge Jan 3, 1927 Apr 14, 1927 Sun Shipbuilding May 7, 1927 <ref name="pmr_27_7_346">Template:Cite magazine</ref>
Tidewater
Template:Nowrap		 225ft 10.5kn 2,300dwt Jan 12, 1929 Apr 23, 1929 Pusey & Jones Jul 1, 1929 <ref name="pmr_29_8_351">Template:Cite magazine</ref>
Tidemotor 188ft 6,000bbl tank barge May 20, 1929 Aug 6, 1929 Sun Shipbuilding Aug 17, 1929 <ref name="pmr_29_10_440">Template:Cite magazine</ref>
Veedol No. 2 255ft 1,818grt 8kn Oct 19, 1929 Mar 4, 1930 Pusey & Jones May 15, 1930
Oceangoing
David McKelvy 430ft 10.5kn 10,600dwt Feb 23, 1921 Jun 4, 1921 Sun Shipbuilding Jun 30, 1921 <ref name="pmr_21_7_442">Template:Cite magazine</ref><ref name="pmr_21_8_509">Template:Cite magazine</ref>
Robert E. Hopkins 424ft 10.5kn 10,000dwt Aug 30, 1920 Aug 6, 1921 Merchant Shipbuilding Corporation (Chester) Oct 6, 1921 2 of 4 sister ships: Playa, Puente, Hopkins, Brown<ref name="pmr_21_7_441">Template:Cite magazine</ref><ref name="pmr_21_12_751">Template:Cite magazine</ref><ref name="pmr_21_11_688">Template:Cite magazine</ref>
Template:SS Oct 1, 1920 Oct 15, 1921 Nov 5, 1921
Template:SS 466ft 10.5kn 11,900dwt Jun 29, 1920 Sep 15, 1921 Oscar Daniels (Tampa, FL) built for Standard Oil<ref name="pmr_21_12_751b">Template:Cite magazine</ref><ref>Template:Cite newsTemplate:Free access</ref>
Axtell J. Byles 480ft 13.5kn 13,000dwt Mar 1, 1927 Jun 11, 1927 Sun Shipbuilding <ref name="pmr_27_10_492">Template:Cite magazine</ref>
Tidewater 13,450dwt Jan 29, 1930 Aug 9, 1930 Sun Shipbuilding Aug 16, 1930 2 of 2 sister ships<ref name="pmr_30_10_458">Template:Cite magazine</ref>
Tidewater Associated Feb 12, 1930 Sep 6, 1930
Flying-A-New York 200,000bbl Feb 1954 Newport News Shipbuilding <ref>Template:Cite news</ref>
Flying-A-Delaware Dec 7, 1953 May 3, 1954
Ships acquired from other companies
Name Type Keel laid Launched Builder Acquired as Acquired from Acquired when Notes
William F. Humphrey Aug 27, 1920 May 24, 1921 Fore River Agwibay Agwi 1927 briefly named Axtell J Byles in 1927<ref name="pmr_21_7_137">Template:Cite magazine</ref><ref name="pmr_21_7_440">Template:Cite magazine</ref>
Edward L. Shea 419ft 9,870dwt 10.75kn 74,187bbl Feb 28, 1923 Mar 20, 1924 New York Shipbuilding Priscilla American Brown Boveri Electric Corp Nov 1926 <ref>Template:Cite news</ref><ref name="pmr_24_5_302">Template:Cite magazine</ref>
Byron D. Benson T2 Glorieta United States Maritime Commission
David McKelvy Groveton
Samuel Q. Brown Chesapeake Capes 1947 <ref>Template:Cite magazine</ref>
William F. Humphrey Black Jack
Robert E. Hopkins Camp Charlotte 1947 <ref>Template:Cite news</ref>
Frank Haskell Rich Mountain 1947 <ref name="nyt_1948-01-23">Template:Cite news</ref>

At the end of 1947 the company owned 15 ships (207.500 tons).<ref name="nyt_1948-01-23"/> These were in the Eastern Division:

  • the 6 T-2 tankers
  • Axtell J. Byles
  • Edward L. Shea
  • Mericos H. Whittier

and in the Western Division:

  • Associated
  • Frank G. Drum
  • Solana
  • Paul Shoup
  • Tide Water
  • Tide Water Associated<ref>Template:Cite news</ref>

Trade routes

Veracruz - New York

Veracruz - the state, not the city.

All 4 tankers completed in 1921 had their commercial maiden voyage on the route and it was the only active trade route of the company until the fall of 1922. The round trip time was between 2 and 3 weeks, all 4 tankers had a speed of 10.5 knots. The distance is 2,029 nautical miles.<ref>Template:Cite web</ref> Mexico was the second largest oil producer behind the United States from 1918 until 1926<ref>Template:Cite magazine</ref> and TWO was naturally not the only company to bring oil from Mexico to New York City, nor should it be assumed that all shipments on behalf of TWO were exclusively with their own tankers. Two deliveries to Boston are included in the summary, because the data is not totally consistent anyway.

Template:Table alignment

Template:Nowrap
Departures Barrels
1921
Sep 1 68,550
Oct 3 207,192
Nov 5 344,899
Dec 5 352,833
1922
Jan 4 280,373
Feb 7 483,142
Mar 5 363,645
Apr 6 445,668
May 7 516,465
Jun 7 506,244
Jul 5 356,204
Aug 4 286,323
Template:Nowrap
Ship Departure From From company Barrels Notes
1921
McKelvy Sep 14 Port Lobos Tide Mex Oil Co 68,550 <ref>Template:Cite magazine</ref>
McKelvy Oct 3 Lobos Tide-Mex 70,492 <ref>Template:Cite magazine</ref>
Hopkins Oct 16 Lobos Island Oil & Transport 66,915
McKelvy Oct 21 International Petr. Co. 39,486
Tide Mex 30,299
Hopkins Nov 2 Lobos Tide Mex 68,296 <ref>Template:Cite magazine</ref>
McKelvy Nov 10 Island Oil & Transport 31,606
Nov 11 Cortez Oil Corp 38,818
Brown Nov 12 Tide Mex 68,920
Hopkins Nov 21 Tuxpan Penn-Mex Fuel Co 69,722
Brown Nov 30 Lobos Tide Mex 67,537
McKelvy Dec 2 Tuxpan Penn-Mex 71,920 Template:Efn<ref>Template:Cite magazine</ref>
Hopkins Dec 11 Lobos Tide Mex 69,972
Brown Dec 20 Island Oil & Transport 68,435
McKelvy Dec 28 Tide Mex 73,514
Hopkins Dec 29 68,992
1922
Brown Jan 9 Lobos Transcontinental 69,203 <ref>Template:Cite magazine</ref>
McKelvy Jan 15 72,110
Hopkins Jan 16 68,992
Brown Jan 29 Agwi 70,068
Benson Feb 1 81,058 <ref>Template:Cite news</ref>
McKelvy Feb 2 72,699
Hopkins Feb 7 69,397
Brown Feb 17 38,234
McKelvy Feb 22 71,282
Benson Feb 23 80,449
Hopkins Feb 26 70,023
Brown Mar 6 Lobos Tide Mex 70,073 <ref>Template:Cite magazine</ref>
McKelvy Mar 14 73,060
Benson Mar 15 81,031
Hopkins Mar 16 69,626
Brown Mar 25 69,855
McKelvy Apr 2 Lobos Tide Mex 73,129 <ref>Template:Cite magazine</ref>
Benson Apr 3 80,824
Hopkins Apr 4 68,073
Brown Apr 12 70,414
Benson Apr 21 80,840
McKelvy Apr 24 72,388
Brown May 3 Lobos Tide Mex 70,032 Template:Efn<ref>Template:Cite magazine</ref>
Hopkins May 5 69,646
Benson May 10 80,814
McKelvy May 14 70,886
Brown May 21 69,874
Hopkins May 22 69,638
Benson May 30 Cortez Oil 85,575
McKelvy Jun 3 Lobos Tide Mex 74,131 <ref>Template:Cite magazine</ref>
Brown Jun 6 70,043
Hopkins Jun 7 69,306
Benson Jun 18 80,778
McKelvy Jun 20 Cortez Oil Corp 72,784
Brown Jun 23 Tide Mex 69,651
Hopkins Jun 23 69,551
Benson Jul 4 81,531 <ref>Template:Cite news</ref>
McKelvy Jul 9 72,892
Brown Jul 9 69,856
Hopkins Jul 13 65,407
Brown Jul 27 66,518
Hopkins Aug 10 Tampico Continental Mexican Petr 67,461 <ref>Template:Cite magazine</ref>
McKelvy Aug 12 Lobos International Petr. Co 72,259
Benson Aug 20 80,681
Brown Aug 28 Tampico Freeport & Mexican Fuel Oil 65,922

California - New York

Round trip time was 5 to 6 weeks. The tankers brought only ballast water to Los Angeles.

Fleet activity: California to New York
Ship Departure Barrels Notes Panama Canal
A->P P->A Tons
1922
McKelvy Nov 80,000 <ref>Template:Cite magazine</ref><ref>
Benson 80,000 Oct 30 Nov 24 12,000
Brown 75,000 Nov 8 Dec 3 10,000
Hopkins Nov 18 Dec 12 10,205
McKelvy Dec/Jan 80,000 <ref>Template:Cite magazine</ref> Dec 17 Jan 9 7,500
Benson 80,000 Dec 13 Jan 8 11,430
Brown Dec 21 Jan 14 10,000

See also

References

Template:Reflist Template:Notelist

Template:Phillips 66

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