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Following the successful Cuban Revolution (1953–59), a socialist state was established in Cuba. In total, Cuba nationalized roughly 6,000 American owned properties. [4] The many individual oil and gas facilities were compacted into a single, state controlled company, The Cuba Oil Union (Spanish: Unión Cuba-Petróleo).
Cuba has three producing offshore oil fields within 5 km of its north coast. [2] A 2004 partnership between Spanish oil company Repsol-YPF and Cuba's state oil company Cupet estimated Cuba's off-shore reserves to be able to ultimately produce between 4.6 and 9.3 billion barrels of crude oil. [3]
In 2002, the company was separated from Plains Resources Inc. via a corporate spin-off. [3] In 2003, the company acquired 3TEC for $313 million. [4] In 2004, it and acquired Nuevo Energy for $945 million. These acquisitions gave the company petroleum-producing assets in the Southwestern United States and California. [5]
It is organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman. [2] [3] As of 2023, the company owns or operates more than 125,000 miles (201,000 km) of pipelines throughout the U.S., making it one of the largest midstream companies in the ...
The Houston plant was authorized in 1942 as part of the United States Rubber Reserve Program, [2] and opened in 1944 operated by Sinclair Rubber. It was subsequently purchased by a joint venture of Tenneco and FMC Corporation in 1955, and the joint venture was named Petro-Tex Chemical Corporation, also known as PTC Corporation, until sold to Texas Olefins in 1984.
In 1988, the company's annual refinery sales were $1.8 billion. Diamond Shamrock owned and operated 529 stores. 423 of them were in Texas, with 94 of them in Greater Houston. The company owned an additional 64 stores in Colorado. In 1988, the company bought from investor F. Philip Handy 80 Tenneco gasoline stations, with 30 of them in Houston ...
It purchased the small petroleum companies Panhandle Oil Co. in 1956 and the American Liberty Co. of Dallas in 1957, in order to begin actual operations In June 2000, Fina Oil & Chemical Co. was renamed Atofina Petrochemicals Inc. and the headquarters moved to Houston Texas. [1] In 1963, the company acquired Cogsden Petroleum Corp.
UTI Energy was formed in 1986 to purchase Universal Well Services, Union Supply Company, Triad Drilling Company, and International Petroleum Services Company. In 2001, Patterson Drilling acquired UTI Energy and renamed the company Patterson-UTI Energy. [3] In September 2014, the company acquired Texas-based pressure pumping assets. [4]