Atlantic Petroleum was an oil company in the Eastern United States headquartered in Philadelphia, and a direct descendant of the Standard Oil Trust. It was also one of the companies that merged with Richfield Oil to form ARCO, now part of BP. After an unsuccessful spinoff from ARCO, Atlantic was acquired by Sunoco in 1988.
Atlantic was founded as the Atlantic Petroleum Storage Company in 1866 in the then-fledgling oil business. In 1874, the company, now known as Atlantic Refining, was purchased by John D. Rockefeller and integrated as part of Standard Oil. The acquisition gave Rockefeller a major presence on the East Coast in his growing empire.
Subject ID: 22917
MoreAtlantic Petroleum was an oil company in the Eastern United States headquartered in Philadelphia, and a direct descendant of the Standard Oil Trust. It was also one of the companies that merged with Richfield Oil to form ARCO, now part of BP. After an unsuccessful spinoff from ARCO, Atlantic was acquired by Sunoco in 1988.
Atlantic was founded as the Atlantic Petroleum Storage Company in 1866 in the then-fledgling oil business. In 1874, the company, now known as Atlantic Refining, was purchased by John D. Rockefeller and integrated as part of Standard Oil. The acquisition gave Rockefeller a major presence on the East Coast in his growing empire.
Due to antitrust issues that would eventually lead to the demise of the Trust in 1911, Atlantic absorbed fellow Standards Acme Oil of Pennsylvania and the original, Pittsburgh-based Standard Oil in 1892.
As a result of the Sherman Antitrust Act, the Standard Oil Trust was broken up, and Atlantic was one of 11 companies to acquire rights to the Standard name. (In all, 35 companies were formed from the breakup, the most notable ones without rights to the Standard name being the Ohio Oil Company, which became Marathon and South Penn Oil Company, which though various mergers and acquisitions became Pennzoil.) Atlantic's rights were in the entire states of Pennsylvania and Delaware, as it had given up the southern half of New Jersey to Jersey Standard (later Exxon, now Exxon-Mobil).
Subject ID: 22917
Subject ID: 22917