& # 8211 ; Exxon Co. A Case Study Essay, Research Paper
I. EXXON CORPORATE HISTORY
+ 1870 & # 8211 ; Standard Oil Company formed
John D. Rockefeller foremost entered the oil concern in 1863. Seven old ages subsequently, he and others formed the first Standard Oil Company in Ohio. The & # 8220 ; Standard & # 8221 ; name was chosen to bespeak high, unvarying quality. The company was the largest refiner and seller of kerosine in Cleveland.
+ 1882 & # 8211 ; Standard Oil Trust formed
Early on in 1882, the Standard Oil Trust was formed under the leading of John D. Rockefeller. The Trust organized the involvements of 40 separate crude oil companies into one orderly system.
+ August 5, 1882 & # 8211 ; Standard Oil Company of New Jersey incorporated
The company & # 8217 ; s chief installation was the Bayonne refinery, which could treat 2,000 barrels of oil per twenty-four hours. Initial capitalisation was $ 3 million.
+ 1888 & # 8211 ; Anglo-American Oil Company organized
1890 & # 8211 ; Interest acquired in Deutsch-Amerikanische Petroleum & # 8211 ; Gesellschaft, Germany
Anglo-American was Standard & # 8217 ; s first international venture, formed to market merchandises, chiefly kerosene, in England. Two old ages subsequently a 40 per centum involvement was acquired in DAPG, a new German company. Marketing enlargement proceeded quickly to many other states around the universe.
+ 1892 & # 8211 ; Standard Oil Trust dissolved
Standard Oil Interests formed
The new group consisted of 20 holding/operating companies, including Jersey Standard. In 1899, Jersey became the keeping company for all, with Rockefeller as President. The organisation had by so expanded into an industrial pool of more than 70 companies.
+ 1898 & # 8211 ; Imperial involvement acquired
1904 & # 8211 ; First foreign oil production
When Imperial needed funding to spread out in Canada, Anglo-American purchased a bulk involvement. Six old ages subsequently Jersey organized its first affiliate for foreign oil production, in Rumania.
+ 1906 & # 8211 ; U.S. Government files anti-trust suit 1911 & # 8211 ; U.S. Court orders break-up
The tribunal divided Jersey criterion into 34 unrelated companies, seven of which kept & # 8220 ; Standard Oil & # 8221 ; in their name. Jersey was left with 43 % of its original assets, largely polishing and selling operations, but small production or entree to former research and proficient activities.
+ 1914 & # 8211 ; Peru operations begin
1919 & # 8211 ; 50 % of Humble Oil & A ; Refining Company purchased
After the disintegration, Jersey needed production, which led to enlargement into new states and countries. Humble in 1919 established the first broadly-based research and development section in the oil industry.
+ 1921 & # 8211 ; Venezuela operations begin
1928 & # 8211 ; Purchase of Creole Petroleum
Initial operations in Venezuela were greatly expanded with the purchase of Creole Petroleum & # 8217 ; s retentions in that state.
+ 1934 & # 8211 ; Standard-Vacuum Oil Co. formed
The new company was formed by unifying the Far Eastern affiliates of Jersey and Socony-Vacuum.
+ 1959 & # 8211 ; Domestic decentalisation
1966 & # 8211 ; Foreign decentalisation
Rapid growing for many old ages resulted in an organisation excessively big and complex for cardinal
direction. Get downing in 1959, Jersey & # 8217 ; s major U.S. affiliates were consolidated into wholly-owned Humble Oil & A ; Refining Company. Efficiency was greatly increased, and Humble became the largest U.S. manufacturer, transported, and seller. Foreign decentalisation began in 1966, by set uping four regional organisations to organize the work of affiliate companies in each country. Creole, Imperial, and Humble were left as separate parts.
+ 1972 & # 8211 ; Exxon Corporation name adopted
1975 & # 8211 ; Venezuelan assets nationalized
The name alteration was needed so that the company could run in the U.S. under a individual countrywide hallmark, alternatively of regional trade names.
When Venezuela nationalized the assets of Creole Petroleum and other affiliates in 1975, the action duplicated the ictuss by Bolivia in 1937, Mexico in 1938, Iran in 1951, Peru in 1968, and Iraq in two phases, 1972 and 1976.
+ 1986 & # 8211 ; Corporation-wide reorganisation
Restructuring really began in some countries of the company in the early 1980s, but the major alterations began in 1986. The aims included: 1 ) re-focusing on the primary crude oil concern, and closely related activities ; 2 ) making a streamlined, more flexible organisation, better aligned with altering energy markets. The alterations have resulted in improved fiscal returns and the ability to rapidly react to chances as they emerge.
+ 1989 & # 8211 ; Imperial purchases Texaco Canada
The purchase, at a cost of $ 4.1 billion, was made chiefly to implement Imperial & # 8217 ; s downstream scheme of greater accent on transit fuels, particularly gasolene. Texaco Canada Inc. was renamed McCoU-Frontenac Inc.
II. EXXON Today
+ Business Objective
Exxon & # 8217 ; s overall aim is & # 8220 ; to stay the universe & # 8217 ; s most profitable oil company. & # 8221 ; This nonsubjective includes excellence in the oil and gas concern, and in chemicals, coal and minerals. The nonsubjective involves accomplishing sound fiscal consequences ( profitableness and sweetening of stockholder value ) while supplying clients with a systematically dependable supply of energy and merchandises at competitory monetary values. Each key concern section is expected to be a top rival and do an of import part to corporate profitableness.
+ Present Environment
Exxon & # 8217 ; s competition comes from other private companies and from assorted government-owned organisations. Oil and gas supply excesss, plus extra capacity in refinement and selling, escalate the competition. Exxon employs all methods of competition which are legal and appropriate ; nevertheless the company emphasizes the highest criterions of ethical behaviour and quality in all its activities.
Unstable conditions are mostly created by cyclic fluctuations in supply and demand. In 1994 an upturn related to increased economic activity in most major markets stimulated turning demand for rough oil and crude oil merchandises worldwide. Many factors may lend to the fluctuations, including geographic expedition success, engineering developments, general economic conditions, Torahs and ordinances, and political state of affairss. The political fluctuations are possibly most terrible, such as the rise in monetary values after the oil trade stoppage of 1973, the monetary value prostration of 1986, and 1991 oil monetary value swings related to the struggle in the Middle East
+ Future Environment
Slow Demand Growth
Continued Competition and Instability
Overall growing in demand is expected to be slow, although some parts such as Asia-Pacific will go on to be more rapid. If present tendencies are declarative of the hereafter, rough oil militias will likely diminish in many states as production continues and happening new militias becomes more hard. Unless major finds are made elsewhere, control of petroleum production will progressively belong to oil exporting states where big militias have already been found. The chance is that current competitory and unstable conditions will go on into the hereafter. Overall, the lone future certainty is alteration.
+ Exxon Strengths
Resource Base Functional Diversity Geographic Diversity
To thrive in a hard nowadays and hereafter concern environment, Exxon has some important assets. One is a really big and turning natural resource base distributed around the universe. The company & # 8217 ; s operations are diverse, including all major maps of the crude oil concern plus chemicals, coal and minerals, and other activities. Geographic diverseness sustains overall profitableness even though regional economic systems change. Numerous operations have profited from a broad scope of engineerings developed by Exxon research plans. Other company research has significantly lowered costs.
+ Exxon Strengths
Quoting Mr. L. G. Rawl, former Chairman, Exxon Corporation, & # 8221 ; . . . for the continued success of our world-wide operations, our most valued resource & # 8211 ; as ever & # 8211 ; is the quality and character of the people we employ. & # 8221 ; This quotation mark appears on the screen of the 1989 Annual Report. In subsequent Annual Reports, and in many other statements, the high quality of its people is given as one of Exxon & # 8217 ; s primary strengths.
The present corporate construction has enabled Exxon to keep its place among the oil industry & # 8217 ; s most cost-efficient operations in determination, developing, and selling crude oil. The consequence is really healthy fiscal resources, combined with the flexibleness to react well to quickly altering conditions and chances. Over the past 10 old ages, internal hard currency generated from operations provided more than $ 1 00 billion ; the sum in 1994 was $ 9.9 billion.
+ Business Schemes
As you may remember from the overview class, the operations of the oil concern are divided into & # 8220 ; upstream & # 8221 ; and & # 8220 ; downstream & # 8221 ; sectors. Upstream includes Exploration, Land, Drilling, and Production. Transportation occurs as portion of upstream operations and besides in connexion with Refining and Selling in the downstream group. Some types of Land work are required downstream every bit good.
The concern schemes used to accomplish the corporation & # 8217 ; s nonsubjective vary geographically harmonizing to market conditions and concern environments. Selectivity and flexibleness are two cardinal elements incorpo-rated into the concern programs. After determinations are made and programs implemented, the consequences air, carefully compared with outlooks.
Another cardinal component is uninterrupted betterment of Exxon merchandises, operations and service to clients, utilizing advanced engineering. Exxon maintains an on-going focal point on upgrading the overall assets of the corporation. In the decennary of the 1980s more than $ 90 billion was invested in undertakings which met the standards of quality, attractive returns, compatibility with overall ends, and betterment in competitory place. Other assets, which no longer fulfill those standards, have been sold. Asset gross revenues over the past five old ages average more than $ 1 billion per twelvemonth, with $ 1.4 billion in 1994. Most gross revenues have come from mature North American operations.
Overall, the best chances are sought to use Exxon & # 8217 ; s capital for maximal profitableness.
+ Upstream Schemes
Superior Tax returns
New Gas Markets
Maximize Profitability of Existing Production
Upstream schemes include militias replacement through chase of all attractive geographic expedition chances worldwide, and development of new finds and other undertakings that will present superior returns even at comparatively low energy monetary values. These schemes emphasize development and application of superior engineering for geographic expedition and production. The plus mix will be continuously upgraded. Natural gas is the fastest turning energy beginning, and new markets are being sought for Exxon & # 8217 ; s big undeveloped gas militias worldwide. Another scheme centres on maximising the profitableness of bing oil and gas production through cost decreases, increased volumes, and other betterments. Advanced attacks are sought to guarantee that all operating systems are dependable, cost effectual, and run into the highest environmental and safety criterions.
+ Downstream Schemes
Focus on Best Markets
Emphasize Profitable Merchandises
Optimize Raw Materials
Ascent Refineries and Service Stations
Maintain Competitive Advantage
Downstream schemes include accent on spread outing high-voltage markets where Exxon can run competitively and productively, such as the Asia-Pacific part, Latin America and Eastern Europe. Exxon besides focuses on the more profitable transit fuels, lubricators, and forte merchandises for which demand is turning. Natural stuffs will go on to be optimized by careful gross revenues, purchases and trades, and the effectual usage of refinery upgrading procedure units. Both refineries and selling installations will go on to be upgraded to run into consumer and environmental demands. Attempts to cut down unit operating costs and better efficiency are on traveling, as is the accent on safe, dependable operations. Large investings in research will be made to accomplish or keep merchandise distinction and competitory advantage.
Exxon has several countries of competitory advantage in downstream operations. There are efficient, integrated refinement installations worldwide. The company is one of the largest makers of lubricators in the universe, which are some of the highest value merchandises made from crude oil. Exxon has been a leader in change overing to leadless and reformulated gasolene s and the debut of new retail engineering such as the machine-controlled Express Pay system. Strong acknowledgment of the Esso trade name in many states is another advantage.
Strengthen and Commercialize Proprietary Technology
Expand Profitable Businesss
Improve Synergy s
Ascent Business Portfolio
Exxon is outstanding in a broad scope of petrochemicals. These include aromatics, ethene and polythene ( some of the basic edifice blocks of petrochemicals ) ; a dynamic scope of plastics, complexs and other polymers ; and forte merchandises such as fuel and lubricant additives, all right dissolvers, vinyl and oil field chemicals. Strengthening and commercializing proprietary engineering enables the company to keep or better its competitory place. The focal point is on higher value-added merchandises combined with support services tailored to client demands. Where there is a good lucifer with Exxon & # 8217 ; s strengths and accomplishments, the company will spread out profitable concerns into turning markets such as the Asia-Pacific part. When extra works capacity is needed, low cost techniques such as & # 8220 ; debottlenecking & # 8221 ; will be used, whenever possible, instead than new building. Several chemicals operations have achieved significant nest eggs and increased production by change overing excess refinery procedure units to chemicals industry. Lower mom unit production costs are continuously sought, while heightening safety and dependability. Other important benefits can be achieved by go oning to better synergisms with Exxon refinement and bring forthing operations. The company maintains an on-going attempt to upgrade its concern portfolio by depriving non-strategic assets, and by selective investings, acquisitions and joint ventures.
+ Corporate Activities
Oil and Gas
Coal and Minerals
Exxon Corporation concentrates on its basic concerns and is dedicated to being a leader in those concerns. Most of Exxon & # 8217 ; s operations are related to oil and natural gas in one manner or another. The company & # 8217 ; s other basic concern involves coal, Cu and other minerals. Extensive research is conducted in support of chief concerns to keep or increase competitory advantage. There are besides operations in electric power coevals and existent estate. Additionally, Exxon sponsors a assortment of plans for the benefit of communities and states in which the company operates.
+ Exxon Worldwide
Exxon presently operates or markets merchandises in more than 100 states, and employs about 86,
000 people, less than half the peak degree in 198 1. About 36 % are employed in the United States. Oil and gas operations account for good over one-half. The company’s operations are approximately two-thirds international and one-third in the United States with the tendency toward increasing the international focal point. Over 98 % of the employees are citizens of the states where they work.
+ Corporate Elementss
Board of Directors
Compensation and Executive Development Committee
Operating Divisions and Affiliates
These corporate elements give the corporation general way, set up policies, proctor public presentation, and carry out the schemes selected to run into Exxon & # 8217 ; s aim. We & # 8217 ; ll look at each of these elements.
+ Board of Directors
3 Inside Directors
9 Outside Directors
Exxon presently has twelve places on the board of managers. Three are besides officers of Exxon Corporation. The first two outside managers were elected to the board in 1966. The outside managers today represent a assortment of other concerns ( seven ) , instruction ( one ) , and research ( one ) . The employee managers are Exxon & # 8217 ; s Chairman and Chief Executive Officer, L. R. Raymond ; President, C. R. Sitter, and R. E. Wilhelm, Senior Vice President.
The board of managers is responsible for giving general way to the full corporation.
+ Management Committee
Broad Policy Guidance
The members of the direction commission are the main executive officer, president, and the senior frailty presidents. The present members are besides identified in your packages.
Under the way of the board of managers, the direction commission establishes policies which give wide counsel to the full corporation. The commission decides on long-range concern schemes and develops related fiscal programs and budgets for capital disbursement. The activities of all elements of the corporation are reviewed with regard to runing consequences. Each member of the commission serves as a contact executive for a major corporate division or affiliate.
+ Compensation and Executive Development Committee
The same persons who constitute the direction commission besides form the compensation and executive development commission. This commission deals with issues associating to human resources and the organisation whereas the direction commission trades with fiscal issues.
+ Corporate Management
The work of the two corporate commissions is supported by assorted officers of the corporation and their sections.
+ Corporate Military officers
Chief Executive Officer
Senior Vice Presidents
The frailty presidents function either as caputs of corporate sections and offices or as caputs of chief corporate divisions. These persons and their places are identified in your stuff.
+ Headquarters Departments
Treasurer & # 8217 ; s
Controller & # 8217 ; s
Environment and Safety
Investor Relations and Office of the Secretary
Medicine and Occupational Health
These sections, each headed by a corporate frailty president, back up the two corporate commissions in wide countries refering to the full organisation. All are located at corporate central offices except for Medicine and Occupational Health, which is located in Florham Park, New Jersey. Exxon maintains an office in Washington, D.C. , headed by a frailty president.
+ Headquarters Location
Where is Irving, Texas?
After many old ages in New York City, corporate central office was relocated to Irving, Texas, in 1990. Prior to the move, legion locations were evaluated and the Dallas country was selected as offering the best combination of desirable factors. These included life costs, transit, concern substructure and clime, and the cost of making concern.
Construction started in December 1993 on a lasting central office office edifice in the Las Colinas composite in the metropolis of Irving. The site is close Dallas/Fort Worth International airdrome and about 10 stat mis from business district Dallas. Temporary offices are located about a stat mi from the lasting site.
+ Operating Elementss
Widening from the board of managers, the direction commission, and other corporate officers and sections, the world-wide operations of Exxon Corporation are carried out by assorted affiliates and divisions.
Within the guidelines of overall corporate scheme, the line directors of these organisations have the authorization to carry on operations as required by their geographic countries or peculiar map.
+ Divisions of Exxon Corporation
Exxon Company, USA
Exxon Company, International
Exxon Exploration Company
Exxon Chemical Company
Exxon Coal and Minerals Company
Exxon Upstream Technical Computing Company
Exxon Computing Services Company
These are the chief divisions of Exxon Corporation, although a figure of other organisations are besides corporate divisions. The main executive officers of the first five are besides corporate frailty presidents.
+ Affiliated Companies
Imperial Oil Limited
Exxon Production Research Company
Exxon Research and Engineering Company
Together with the above divisions these companies conduct the bulk of Exxon & # 8217 ; s operations.
III. DIVISIONS AND AFFILIATES
+ Exxon Company, U.S.A.
Headquartered in Houston, Texas, Exxon USA handles the corporation & # 8217 ; s domestic oil and gas operations ( except for geographic expedition ) . There are now about 16, 100 employees.
+ Exxon Company, International
This organisation has been assigned a assortment of operations, working with 20 chief affiliates and more than 600 associated companies. Business is conducted in some 80 states, in at least 20 linguistic communications, and more than 35 currencies. ECI presently employs about 34,200 people.
+ ECI Functions
Strategic Guidance and Stewardship
International Crude and Product Trading
From its central offices in Florham Park, Now Jersey, Exxon Company, International conducts operations worldwide. For affiliates outside the U.S. and Canada, ECI advises on affairs of policy, scheme, investing programs, engineering, and direction development. ECI does more than advise ; the company besides has stewardship of operating and fiscal consequences for affiliates outside North America. When a undertaking involves more than one affiliate, ECI acts as coordinator.
Exxon & # 8217 ; s national affiliates exhibit considerable assortment in their character. Some are major crude oil concerns with a long history of their ain. For illustration, affiliates in 13 states in the Far East, Europe, and the Caribbean have been associated with Exxon for 100 or more old ages. During 1993 and 1994, the affiliates in Malaysia, Singapore, Norway, Thailand, Switzerland, Hong Kong and Japan celebrated centenaries.
Many Exxon operations use natural stuffs and merchandises from other states. ECI operates the complex international supply and transit web responsible for run intoing affiliates & # 8217 ; demands. In add-on, ECI has direct operating duty for international petroleum and merchandise trading.
+ Exxon Chemical Company
Exxon Chemical Company is composed of geographic and other divisions, plus merchandise and industry groups. We & # 8217 ; ll look at this organisation in more item in the subdivision on Petrochemicals. Headquarterss for the company was moved to Houston in 1991. Exxon Chemical employs about 15,950 people.
+ Exxon Coal and Minerals Company
From central offices in Houston, Exxon Coal and Minerals Company handles all of the corporation & # 8217 ; s coal and other excavation operations except for Canada. Electric power coevals in Hong Kong is besides managed by this section of the corporation. There are about 8,100 employees.
+ Exxon Upstream Technical Computing Company
Exxon Computing Services Company
In 1991, a new Exxon division was formed to consolidate operations of four Exxon upriver computing machine centres in the Houston country. Exxon Upstream Technical Computing Company ( EUTEC ) provides computing machine services to the corporation and its affiliates in the countries of geographic expedition and production. There are about 280 employees.
Exxon Computing Services Company was formed in 1992 to supply cost-efficient direction for a major portion of Exxon & # 8217 ; s computer science, networldng and telecommunications activities. Headquarters is in Houston, Texas. There are about 313 employees.
+ Exxon Exploration Company
This company was formed in 1992 to consolidate all of Exxon & # 8217 ; s geographic expedition activities worldwide, except for Canada. Headquarters is in Houston, Texas. European union operates through four concern units responsible for different geographic countries, and has approximately 1,600 employees.
+ Imperial Oil Limited
Imperial Oil Limited, a major Canadian company with central offices in Toronto, is owned 69.6 per centum by Exxon. This company is responsible for the corporation & # 8217 ; s Canadian concerns, and now has about 8,250 employees.
+ Exxon Production Research Company
Exxon Production Research Company is an attached company responsible for geographic expedition and production research, the & # 8220 ; upstream & # 8221 ; sector. Headquarters is located in Houston with about 1,000 employees.
+ Exxon Research and Engineering Company
This affiliated company handles downstream research in refinement and selling. Exxon Research
and Engineering Company besides performs cardinal scientific research which may hold applications upriver or downstream, and supplies technology expertness for new workss, enlargements, and other undertakings. ER & A ; E conducts research in alternate fuels and chemicals. There are about 3,000 employees, with central offices in Florham Park, New Jersey.
Together with the above divisions these companies conduct the bulk of Exxon & # 8217 ; s operations.
Research related to the company & # 8217 ; s 100th day of remembrance in 1982 identified more than 4,000 entities which are soon, or have in the yesteryear, been portion of Exxon.
IV. EXXON OPERATIONS & # 8211 ; PETROLEUM
Production Transportation Refining/Gas Plants Marketing
These are the functional sections of the oil and natural gas concern that we spent most of the clip analyzing in the overview class. We & # 8217 ; ll look at them in visible radiation of Exxon & # 8217 ; s operations in each country.
+ Raw Materials & # 8211 ; Hydrocarbons
First, allow & # 8217 ; s reexamine some basic information from the overview class. The natural stuffs of the crude oil industry are hydrocarbons, natural substances composed of widely changing combinations of C and H atoms. They are formed below the Earth & # 8217 ; s surface, mostly from organic stuff, over changing periods of clip.
Once formed, the hydrocarbons, either as liquids or gases, frequently migrate through the stone beds toward the Earth & # 8217 ; s surface. In some countries local conditions such as anticlines ( creases in the stone beds ) stop the n-migration and pin down the hydrocarbons underground. In other countries migration continues until the rough oil and natural gas reach the surface.
+ The Early & # 8220 ; Oil Business & # 8221 ;
The human race has been utilizing hydrocarbons for 1000s of old ages, for a assortment of intents & # 8211 ; lubrication, medical specialties, sealing, and many others. Until comparatively recent times, supplies were mostly obtained from surface oil seeps and natural gas blowholes, which were most likely found by accident.
Finally efforts began to increase supplies by turn uping new beginnings of oil. Although some of the early methods are no longer in usage, the aim remains the same: to detect important measures of economically producible hydrocarbons trapped below the Earth & # 8217 ; s surface, in order to keep militias for future production.
The work of modem geographic expedition can be divided into two stages, informations acquisition and informations reading.
+ Data Acquisition
These are the chief methods used today for geting information about countries of involvement. Surface surveies include scrutiny of stones exposed at the surface, geochemical sampling, satellite exposures and other techniques. Geophysical methods include gravitation, magnetic and seismal studies. Exploratory boring provides information from good logs, nucleuss and production or bore root trials.
+ Data Interpretation
Datas acquired from field surveies and studies is processed, frequently utilizing sophisticated computing machines. The informations are analyzed and integrated with antecedently acquired information of all types, including readying or alteration of assorted types of maps and cross subdivisions. The work of reading besides is often conducted by utilizing complex computing machine systems. A drumhead study is normally prepared with decisions and recommendations.
+ Jersey Standard
In its early decennaries Standard Oil was focused on production and downstream operations. For Jersey Standard, involvement in geographic expedition was stimulated after the tribunal ordered dissolution in 1911, since Jersey was left largely with downstream sections and needed petroleum for its refineries. World War I limited the countries and the attempt, but after the war Jersey & # 8217 ; s geographic expedition plan became worldwide.
+ Exxon Exploration Organizations
Exxon Production Research
Today Exxon Corporation & # 8217 ; s worldwide geographic expedition for oil and gas takes topographic point in 28 states on six continents plus seaward countries. The work is divided geographically between two organi-zations. Exxon Exploration Company is responsible for Exxon & # 8217 ; s geographic expedition work in all countries of the universe except Canada which is handled by Imperial. This division of the corporation consolidates geographic expedition operations once assigned to Exxon USA and ECI.
Exxon Production Research conducts the research undertakings needed to back up and heighten the attempts of the other two companies. We & # 8217 ; ll speak about Exxon & # 8217 ; s geographic expedition methods when we discuss EPR.
+ Exxon Exploration Company
In discoursing Exxon & # 8217 ; s geographic expedition activities we & # 8217 ; ll utilize geographic parts, get downing with the United States. Let & # 8217 ; s get down with Exxon USA & # 8217 ; s predecessor, Humble Oil.
+ Humble Oil & A ; Refining Company
Wallace E. Pratt
In 1918, Humble hired Wallace E. Pratt as the company & # 8217 ; s first professional geologist. The undermentioned twelvemonth Jersey Standard acquired 50 % of Humble, including the services of Mr. Pratt. Later events proved his services to be one of the most signifi