Oil & Gas Sector
1971 Sun Oil
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Stock Code SOC01
Certificate dated 30th
for 100 shares of common stock of $1 each in this oil company. Printed signatures of
Robert S Dunlop, President,
together with that of the company secretary. Vignette of two figures
either side of a Sun Oil logo. Ornate brown border. The certificate was
issued to Cede & Co.
Certificate size is 20.5 cm
high x 30 cm wide (8" x 12").
Framed Certificate Price : £57.50
Certificate Only Price : £17.50
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About This Company
Sunoco got its start
on March 27, 1886, when Joseph Newton Pew and Edward O. Emerson, partners in
The Peoples Natural Gas Company in Pittsburgh, Pa., made a bold move to
diversify their business. Looking to the promising new oil discoveries in
Ohio and Pennsylvania, the partners paid $4,500 for two oil leases near
Lima, Ohio. Within a few years the company had acquired pipelines, leases,
storage tanks -- and was emerging as one of Ohio's leading suppliers of
crude oil. On March 17, 1890, it became The Sun Oil Company of Ohio and was
producing, transporting and storing oil as well as refining, shipping and
marketing petroleum products. Through the purchase of the Diamond Oil
Company in 1894, Sun acquired a refinery in Toledo, Ohio, and began
operations there in 1895. The partnership ended in 1899, when Mr. Pew bought
out Mr. Emerson's interest.
In May 1901, the
company headed by Mr. Pew was incorporated in New Jersey as Sun Company and
began securing leases and crude oil in the new Spindletop field in Texas.
With business growing, Mr. Pew in 1901 purchased 82 acres in Marcus Hook,
Pa., as the site for a second refinery to process crude oil shipped by
tanker from Spindletop. Marcus Hook went on stream on March 20 that year.
In 1912, the year
after Sun Company celebrated its 25th anniversary, Joseph Newton Pew died
and was succeeded as President by his 30-year-old son, J. Howard Pew, whose
brother, Joseph N. Pew, Jr., became Vice President.
Years of Innovation
The Pew brothers pioneered innovation and expansion of the company. In 1916
they established Sun Shipbuilding and Dry Dock Company, a subsidiary that
took the company into the shipbuilding business. In 1920 Sun opened its
first service station in Ardmore, Pa., and then another in Toledo, Ohio. The
name changed to Sun Oil Company in 1922 to better identify the company with
its business. On November 12, 1925, Sun went public -- its stock appearing
for the first time on the New York Stock Exchange.
Before the decade was
over, Sun was in the oil field equipment business with the 1929 formation of
Sperry-Sun, a joint venture with Sperry Gyroscope. One of the most dramatic
events of the 1930s for the company -- and the refining industry -- took
place when Sun placed on stream the world's first large-scale, commercial
catalytic cracking plant in Marcus Hook in 1937.
The mining business
attracted Sun in 1941, when Sun formed the Cordero Mining Company in Nevada
to supply mercury for Sunoco motor oils. The metal proved vital during the
World War II effort. So too did Sun Shipbuilding and Dry Dock Company --
which turned out 40 percent of all wartime tankers built or reconverted.
By 1947 J. Howard Pew
was 65 years old and resigned as President, to be succeeded on March 18 of
that year by Robert G. Dunlop. Mr. Pew remained a director, and his brother
Joseph N. Pew, Jr., was named Chairman of the Board.
Expanding North and South
The company was expanding north and south by the 1950s. In Canada Sun
started a 15,000 barrels per day refinery in Sarnia, Ontario, in 1953. And
in Venezuela beginning in 1957 Venezuelan Sun Oil Company produced more than
one billion barrels of oil from Lake Maracaibo before ceasing operations
when the Venezuelan government nationalized Sun's holdings in 1975.
Back in the States, 1956 was the year Sun introduced the Custom Blending
Pump, a novel system for dispensing a choice of several octane grades of
gasoline from a single pump. It revolutionized the method of marketing
gasoline, and a model of the pump is on display at the Smithsonian
Joseph N. Pew, Jr., son of the founder and Chairman of the Board, died in
1963. His brother, J. Howard Pew, became Chairman.
A bold venture began for Sun in 1967 in the Athabasca oil sands of Canada,
with Sun's Great Canadian Oil Sands Limited subsidiary completing its
processing facility in northern Alberta. The plant had the capacity to
produce 45,000 barrels per day of synthetic crude oil from the estimated 300
billion barrels of recoverable oil locked in the sands.
Sun Reshapes --and Later Renames
Sun grew by merger in 1968. On October 25 Sun Oil Company and
Sunray DX Oil
Company, headquartered in Tulsa, Oklahoma., merged to form a new Sun Oil
Company. Two years later Robert G. Dunlop replaced J. Howard Pew as Chairman
of the Board and H. Robert Sharbaugh was elected President and Chief
Operating Officer of the company. Having been based in downtown Philadelphia
for many years, Sun Oil Company moved to a new headquarters building in St.
Davids, Pa., in 1971. That year, on November 17, J. Howard Pew died --
having just celebrated his 70th year with Sun Oil Company.
reshaped the company in 1975, when it organized into fourteen operating
units, two property companies and a non-operating parent company, and moved
to a major new corporate headquarters in Radnor, Pa. H. Robert Sharbaugh,
President and CEO of Sun Oil Company, was elected Chairman of the Board.
Reflecting the diversification of the company, Sun Oil Company was renamed
Sun Company in 1976. There were changes in management that year too with
Theodore A. Burtis being elected President and Chief Operating Officer and
Mr. Sharbaugh continuing as Chairman and CEO. In 1978, Mr. Burtis would take
the post of CEO.
A Major Expansion
In a dramatic acquisition in 1980, Sun purchased the U.S. oil and gas
properties of Texas Pacific Oil Company, Inc., a subsidiary of The Seagram
Company, Ltd., for $2.3 billion. At the time this was the second largest
acquisition in the history of U.S. business. Also bought that year: Viking
Oil Limited, owner of a 20 percent interest in promising production blocks
in the North Sea. The year before, in 1979, Sun had also taken a wider
position in coal by acquiring eastern reserves from Elk River Resources,
Sun sold Sperry-Sun in 1981 and Sun Ship in 1982. The latter ended the
company's 65 years in the shipbuilding business. It was a new look in 1981
when the word SUN in blue block letters on a white sunburst became the
identifying symbol of the company. Keeping its familiar Sunoco Diamond and
DX symbols at the pump, Sun intensified its marketing push in 1983 with the
introduction of Sunoco ULTRA, the highest octane premium unleaded gasoline
available from a major U.S. refiner.
The early 1980s brought expansion on a number of fronts. Internationally,
Sun signed on to develop interests in the North Sea and offshore China.
Domestic reserves were added with the acquisition of Exeter Oil Company,
Victory Oil Company and interests of Petro-Lewis Corporation in 1984. The
coal business grew too with the acquisition of Whitaker Coal Corporation in
Kentucky in 1983. At the same time, responding to the market, Sun began to
reduce its lube oil business.
On July 3, 1985, Robert McClements, Jr., President of the company, became
CEO as well, with Theodore A. Burtis continuing as Chairman of the Board.
The following year Mr. Burtis resigned that post, but remained a director.
Mr. McClements took over as Chairman and Robert P. Hauptfuhrer was made
President and Chief Operating Officer.
Focus on Refining and Marketing
In 1988 Sun's board approved a major restructuring of the company, disposing
of all domestic oil and gas exploration and production through the
distribution of Sun Exploration and Production Company, a wholly owned
subsidiary, to the common shareholders of Sun Company, Inc., and focusing on
the "downstream" part of the business -- refining and marketing.
The renewed focus on refining and marketing began immediately with the
acquisition of Atlantic Petroleum Corporation, bringing to Sun another
refinery, a network of service stations and a pipeline system. Six years
later, the company acquired Chevron's Philadelphia Refinery, immediately
adjacent to the former Atlantic facility, and set to work combining the two
into a single, more efficient refining complex that was linked directly to
the Marcus Hook Refinery, just 12 miles away.
In the early 1990s, the company moved its headquarters from Radnor to
downtown Philadelphia and exited the international exploration business. In
February 1991 the board elected Robert H. Campbell (formerly an executive
vice president with the company) as President and Chief Operating Officer.
By the end of 1992 the board made Mr. Campbell Chief Executive Officer as
well, with Mr. McClements still Chairman of the Board. Mr. McClements
retired from that position in 1992, with Mr. Campbell replacing him.
Sun's strategic direction would now focus on the value added businesses:
branded gasoline marketing in the northeastern U.S.; lubricants; chemicals;
and logistics. Part of that new strategic focus called for divesting Sun's
interest in the real estate business, a process that began in 1991, and in
Suncor, the Canadian subsidiary, a process that was completed in 1995.
Cordero Mining Company was sold in 1993 and Sun's international oil and gas
production business was sold in 1996.
Sun's management made a major departure from tradition in 1996 when the
board elected John G. (Jack) Drosdick President and Chief Operating Officer.
The first Sun President ever to come to that position from outside the
company, he had previously been President and COO of Ultramar Corporation
and had also served as President and CEO of Tosco Refining Company. Mr.
Drosdick succeeded Mr. Campbell as Chairman, CEO and President following Mr.
Campbell's retirement on May 4, 2000.
The steps taken by Sun in recent years have prepared the company to succeed
in a new environment for the petroleum industry, and on November 6, 1998,
the company's name was again changed to more clearly reflect its principal
business. Having become one of the largest independent U.S.
refiner-marketers, Sun Company, Inc. became Sunoco, Inc. -- a company with a
history that spans half of the American experience, but one fully prepared
for the 21st Century.