Show I I Standard Oil Of Calif Approaches Anniversary Standard Oil Company of California California Cal Cal- has a significant birthday birthday birthday birth birth- day coming up in 1954 1934 This leader of the petroleum Industry industry indus indus- try observes the anniversary anniversary sary of its corporate history on September 9 the date on which a small group of visionary oilmen oilmen oilmen oil oil- men organized the original predecessor pre pre- pre predecessor i company of the present present pre pre- sent firm flim i President T. T S. S Petersen Peterson who has been with Standard since sine 1922 described the anniversary to be he celebrated this year as asa asa asa a milestone in the growth and matin maturity ity that has hns been achieved by the company and declared In the years that this firm firmand firmand and its predecessors have been In Iii operation we have been to be a t part of one of the most amazing industrial de developments developments developments de- de of all time From modest beginnings western western western wes wes- tern oil companies such as ours have flourished expanded and have e gone on to additional successes successes successes suc suc- in many other parts of America and the world Today our operations are in international international international in- in in scope we can no longer be considered a 3 purely regional concern But we continue continue continue con con- to take great pride in our oui western origins I sincerely believe the healthy healthy healthy heal heal- thy economic climate of the West Vest has been a key factor ii in all of our progress and I would woul not hesitate to predict our long long- range pattern of growth will be continued to the benefit of althe al all the companies and customers concerned Standard of California which traces its lineage to both t the h e original Standard Oil Company and the first native California oil industry dates its corporate history from the founding o of Pacific Coast Oil Company in 1879 Pacific Coast Oil was later purchased by the Standard Oil Oi interests and andt in 1906 was merged merged merged mer mer- ged with with another Rockefeller I company Standard Oil Company Iowa to form Standard Oi Company California The latter firm became a 3 completely completely completely com com- independent company with its own directors and stock stockholders stockholders stockholders holders when the vast Standard Oil Company holdings were broken broken broken bro bro- ken up by the Supreme Court dissolution decree of 1911 Continuing to operate entirely entire entire- ly independent of other major i Standard Oil companies to this day Standard Oil Company of California acquired its present name in in 1926 evolving out of ofa a corporate reorganization of Standard California An acknowledged leader lender in inthe inthe inthe the petroleum economy of the West Vest and of the world Standard Standard Stan Stan- dard of California has some significant firsts to its credit Drilling of Pico No 4 California's California's Cali CaU- fornias fornia's first commercially successful successful successful suc suc- oil well in 1876 and erection n of one of the tile earliest refineries in the state at Newhall Newhall New- New hall a n few months later Standard laid the first major pipe line up the San Joaquin Valley to its Richmond Refinery in 1903 and established the first automobile station In America Am- Am erica crien at nt Seattle in 1907 Probably the most interesting of all the company's firsts was the discovery disco of oil on Bahrain Island in the Persian Gulf in 1932 and in Saudi Arabia in 1938 Irrespective of its past ac accomplishments accomplishments accomplishments ac- ac however Standard Standard Stan Stan- dard of California continues to maintain a 3 policy of planned expansion In the budget for forthe forthe forthe the current year approximately has hns been earmarked earmark earmark- ed cd for capital and exploratory purposes Nearly two-thirds two of the total or about will be spent to find new oil reserves and for the development of production production production pro pro- in existing fields The balance will be spread throughout through through- out other operations The 1954 spending program an all time all-time record high for the company will exceed 1953 expenditures ex expenditures expenditures ex- ex by abo about t It will be financed by funds on hand and those generated by operations o a |