Ultramar plc
Encyclopedia
Ultramar plc was a leading British
oil
and gas
exploration
and production
business. It was listed on the London Stock Exchange
and was a constituent of the FTSE 100 Index
.
n goldmining concerns in 1935 to explore for oil
in Venezuela
and initially traded as the Ultramar Exploration Co. Ltd. It changed its name to the Ultramar Co. Ltd in 1940.
It established an operation in Canada
, now known as Ultramar Corporation
, in 1961.
In 1988 it substantially expanded its operations in California
acquiring a large refinery
in Los Angeles
from Union Pacific Corporation for $440m.
The Company was acquired by LASMO
in 1991.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
exploration
Exploration
Exploration is the act of searching or traveling around a terrain for the purpose of discovery of resources or information. Exploration occurs in all non-sessile animal species, including humans...
and production
Production, costs, and pricing
The following outline is provided as an overview of and topical guide to industrial organization:Industrial organization – describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions...
business. It was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was founded by four South AfricaSouth Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
n goldmining concerns in 1935 to explore for oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
in Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
and initially traded as the Ultramar Exploration Co. Ltd. It changed its name to the Ultramar Co. Ltd in 1940.
It established an operation in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, now known as Ultramar Corporation
Ultramar
Ultramar is a Canadian oil refining and marketing company formerly known as Golden Eagle or Aigle d'or. Its head office is in Montreal...
, in 1961.
In 1988 it substantially expanded its operations in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
acquiring a large refinery
Refinery
A refinery is a production facility composed of a group of chemical engineering unit processes and unit operations refining certain materials or converting raw material into products of value.-Types of refineries:Different types of refineries are as follows:...
in Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
from Union Pacific Corporation for $440m.
The Company was acquired by LASMO
Lasmo
Lasmo plc was a leading British oil and gas exploration and production business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
in 1991.
Further reading
- Atterbury, Paul and MacKenzie, Julia A Golden Adventure: the First 50 Years of Ultramar, London, Hurtwood Press, 1985 ISBN 0903696355