This post is part of a series on some of the most memorable companies that have disappeared.
Standard Oil (1870 - 1911) was the dominant oil company in the world until it was felled by the Sherman Anti-Trust Act of 1890. John D. Rockefeller was a business genius of the first order. He used his control over train routes and refineries to buy up oil wells and block competitors from taking market share.
Thanks to journalist Ida Tarbell, Rockefeller's rough business tactics got plenty of publicity. In 1911, the Supreme Court ruled that Standard Oil had violated the Sherman Anti-Trust Act through its tactics of using low prices to wipe out competitors. The result, as chronicled in one of my favorite books, Ron Chernow's Titan, was a breakup of the company into what is now Chevron (NYSE: CVX), Exxon Mobil (NYSE: XOM), and ConocoPhillips (NYSE: COP).
The lesson: What didn't kill Standard Oil made its offspring stronger.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.
Let us know in the comments what you miss about Standard Oil. And be sure to check out other Companies That Have Vanished.











Reader Comments (Page 1 of 2)
6-07-2008 @ 9:12PM
dave said...
A little more research into this would have put Texaco as Standard Oil of Texas, Amoco as Standard Oil of Indiana.
Exxon was Standard of N.J. but Exxon was also Standard of California.
Wasn't Mobil standard of New York?
Yahoo search, don't leave home without it!
6-08-2008 @ 8:08AM
Steve Jones said...
I believe Standard Oil of New York a.k.a. SOCONY
and the Vacuum Oil Company became Socony Vacuum (flying Red Horse trademark) then Socony Mobil in the 60's then just Mobil.
6-08-2008 @ 8:32AM
Kitty said...
I have several thousand shares of Standard Oil stock for long ago. Are they worth anything of just as a collectable?
Anyone know?
6-08-2008 @ 5:01PM
ric said...
Conoco was founded in1875, long before
the anti-trust bill.
Phillips was founded in1927.
check your history.
6-08-2008 @ 11:40PM
Guido8232 said...
I wish I knew the Kitty person and could recieve a finders fee for the stock certs he has. It seems they could be worth a substantial amount of money. That is if my reseach is correct. See the following link; www.usatoday.com/money/wealth/making/mmw189.htm
6-09-2008 @ 1:10PM
John said...
Just a little quiz. What was the Standard Oil Trust's dominant product. How was it delivered to market?
6-09-2008 @ 1:59PM
Frank said...
Texaco was originally The Texas Company, not Standard of Texas. That was a different (and much smaller) company. Chevron was Standard Oil of California. Check oiltrash.com for additional trivia.
6-09-2008 @ 4:34PM
Ben said...
The Original Standard oil company was broken into 32 different companies. Does anyone remember, SO of Indiana(Amoco),Standard of Kentuckey, SO of New Jersey(Esso) SO of Ohio (Sohio) SO of California (Socal/Chevron) SO of New York (Mobil-Socony vacuum)
just to mention a few. The current surviving SO oil companies are all larger than the original, but have a very small share of the world market. Until recent years US oil companies were the envy of the world and we still lead in oil producing technology. Western oil companies have done a great job of finding oil and providing energy around the world. Governments are forcing our US Oil companies out of business and I am afraid that our own Government is leading the way through more regulations and higher taxes. Won't it be great when we have to depend on foreign Government owned companies for most of our enery needs? I am sure that they will be willing to give us a real price break and really care about our national well being. Our government/people had better wake up and start to develop all the many energy projects that are available to us. i.e. clean Coal, coal gasification, oil shales, Oil tar sands, Atomic power, LNG,offshore drilling. Alaska oil reserves , wind, Bio fuels, steam generation, new/espanded refineries,etc.. It will take many years and trillions of dollars to develop our US energy resource base. In the short term we are going to remain very dependent on petroleum , Natural gas,and coal.....We had better get some leadership in Washington that understands the dangers that face our country.
6-16-2008 @ 7:36AM
Paul Jellinek said...
I have written a one-man play about Henry M. Flagler - partner of John D. Rockefeller. I will tell you that it was Henry M. Flagler, not John D. Rockefeller, who created Standard Oil. Flagler was the one who negotiated with the railroads to obtain substantial rates concessions. It was Flagler who was the genius to incorporate Standard Oil. As a matter of fact, Rockefeller was asked if Standard Oil was the result of his thinking, he responded and I quote, "No sir I wish I had the brains to think of it, it was Henry M. Flagler."
I would be happy to discuss this anyone. I can be reached at - pjjelli@aol.com
6-16-2008 @ 12:24PM
William said...
Actually the true GENIUS behind Standard Oil and by Rockefeller's own admission was HENRY M. FLAGLER. Flagler was the architect for the Standard Oil Trust which enabled Standard Oil to cross state lines and do business in different states, which prior to the trust wasn't possible due to state and federal laws. When buying out or including other oil companies in the trust, each new member was issued shares in the trust and then subsequently dividends. In many ways, the trust was similar to a mutual fund of oil companies. United they stood as a powerful force to negotiate terms and rates, divided they would be crushed if they didn't join.
6-18-2008 @ 9:25AM
R R Rockefeller said...
God bless JDR Sr. (no relation), Henry M. Flagler, and all the other giants of the gilded age who were the brains (providing jobs for the brawn) behind attaining the good ole USA to our former glory. But alas, how far this once mighty nation has fallen, our anemic financial institutions now dependant on cash transfusions from sovereign wealth funds, and our government (us) dependant on the likes of communist China’s continued support of our ever increasing debt ... Who’da ever thunk it – Communist-Capitalist … I could only wish that we as a nation still had the problem of watch dogging the dominance of one American company in its realm over others, instead of now having to watch out for foreign companies swallowing up America(n) ... Sad to say, and personally I find it scary, that in so many aspects of American greatness, this is no longer even our grand-father's America ...
6-23-2008 @ 12:00PM
Bruno said...
RE: to #2, Steve Jones: Correct! Socony-Vaccuum Oil Co., indeed! I also seem to remember the still-earlier name and moniker was the Gargoyle Oil Co., with the big, red gargoyle head. And, the Pegasus was indeed for the Mobil-Oil Co. What a shame that we've lost the "romance" of oil companies and their products, back when they were just "another-company"...!
6-26-2008 @ 1:48AM
mike said...
Does anybody remember when it was ENCO before it was exxon? mike
6-26-2008 @ 11:07AM
tom said...
was ESSO gas stations part of Standard Oil? Didn't they have a tiger in the tank slogan?
6-27-2008 @ 12:03PM
Mark K said...
ESSO took its name from Standard (ESS) Oil (O) and was the local brand in NJ, NY etc.
6-28-2008 @ 8:36AM
al said...
Chevron was Standard Oil of Calif.
6-28-2008 @ 6:44PM
jim said...
I heard years ago that the company name SONY stood for Southern Oil of New York. That it was one of the first American companies to go international. Anyone know if this is true?
7-15-2008 @ 12:04PM
Lionel Ripepe said...
GENIUS , MAYBE, ALSO THE BIGGEST CRIMINALS ON THE PLANET !
7-15-2008 @ 11:04PM
J.H. said...
Actually, ESSO stood for (E)astern (S)eaboard (S)tandard (O)il. It became Exxon in the early 1970's in The U.S. but remained ESSO everywhere else.
8-04-2008 @ 8:52AM
Robert said...
There was only one "The Standard Oil Company" and that was Standard Oil of Ohio (SOHIO) which was sold to BP. Standard Oil was founded in Cleveland, Ohio and sadly BP America moved there American Headquarters to Chicago but it's only a matter of time before those offices close as well.
Strangely enough the area around where Rockefeller founded Standard Oil in Cleveland is experiencing a boom in natural gas and oil well drilling.