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The company then developed a pipeline system, tapping dozens of gas pools. Using designs developed by Cities Service and the Kellogg Co.
Predecessor Warner-Quinley Asphalt's principal business was competition to the "Asphalt Trust" by means of a bitumen resources concession it held in Venezuela. Cities Service elected to remain in the petroleum business. Gulf Oil litigation, see Gulf Oil Demise.
Ironically, two years later, Gulf Oil itself would collapse as a result of a Pickens-initiated takeover attempt. He began by acquiring gas-producing properties in the mid-continent and southwest.
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The destabilized economy resulted in hyperinflationan economic depressionshortages in Venezuela and drastic increases in poverty, disease, child mortality, malnutrition, and crime.
PDVSA inwhich acquired the remainder inresulting in the current ownership structure. During this time CEOs such as W. Gas station in Bergen, NY In the years that followed, Cities Service grew into a fully diversified oil and gas company with global operations.
The first steps to liquidate investments in its public utilities were taken in and affected over different utility corporations. That same year, Mda dating Service Company transferred all of the assets of its Refining, Marketing and Transportation division which comprised its refining and retail petroleum business into the newly formed Citgo Petroleum Corporation subsidiary, to ease the divestiture of the division, which Occidental had no interest in retaining.
Cities Service Company located what they thought would be a "white knight" to give them a better deal and entered into a merger agreement with Gulf Oil Corporation. Citgo responded by offering to buy Mesa, which was the first use of what became known as the " Pac-Man defense " take-over defense; i.
Cities Service also threatened to dissolve itself by incremental sales rather than being taken over by Mesa, stating that it believed that the pieces would Mda dating for more than Pickens was offering for the whole.
Alton Jones and Burl S. Thus, gas could be conveniently and inexpensively withdrawn during peak demand times.