Trade Imperial Oil Limited
Imperial Oil Limited (French: Compagnie Pétrolière Impériale Ltée) is a Canadian oil company. It is the second largest integrated oil company in Canada. ExxonMobil owns 69.6 percent of the company's shares. It is an important producer of crude oil, diluted bitumen and natural gas, and a major oil refinery in Canada, a major petrochemical producer and national marketer with coast-to-coast supply and retail networks. It supplies Esso-branded service stations. It is also known for its holdings in Alberta's oil sands. Imperial owns 25 percent of Syncrude, one of the world's largest oil sands operations. The empire is also in a joint oil sands mining operation with ExxonMobil, called Kearl Oil Sands.Imperial Oil headquarters in Calgary, Alberta. It was based in Toronto, Ontario, until 2005. Most of Imperial's production is from its vast natural resource holdings in alberta oil sands and the Norman Wells oil field in the Northwest Territories. In April 1880, Jacob Louis Engelhardt and 16 prominent oil refineries in London and Petroleum formed Imperial Oil in response to Standard Oil's growing dominance of the oil market. Engelhardt was the driving force behind the partnership, hoping to emulate John Rockefeller and merge the entire Canadian oil industry into a single conglomerate. Although the majority of Ontario's major oil producers agreed to join the corporation, notable exceptions were John Henry Fairbank, Canada's largest oil producer at the time, and James Miller Williams, founder of The Canadian Oil Company. Engelhardt and refineries have been established Imperial Oil as a joint stock company with a capital value of $500,000. In addition to Engelhardt, the original contributors included Frederick A. Fitzgerald, Isaac And Herman Waterman, William Spencer and Sons, William and Charles, Thomas and Edward Hodgins, John Geary, Joseph Falloz, John Mennick, William English and John Walker. The shareholders jointly own 12 oil refineries and control 85 per cent of Canada's refining capacity. Fitzgerald and Engelhardt were the company's two largest stakeholders and were respectfully appointed president and vice president. Imperial Oil's charter noted that its goal was "to find, produce, refine and distribute oil throughout Canada". Despite a smooth start, Imperial Oil struggled to make a profit and make a profit in the early 1980s. The discovery of new oil fields in Pennsylvania and New York pushed down oil prices, and the establishment of the Standard Oil Trust resulted in increased U.S. oil imports to Canada. In a deliberate move to boost kerosene prices, Imperial closed 10 of its 12 refineries through the merger, leaving only the Silver Star refinery in Petrolia and Victor's in London. In 1883, Victor's works were struck by lightning and burned to the ground, and under Engelhardt's guidance, the company focused its refining efforts in Petrolia.