Humble Oil - Consolidation With Standard Oil of New Jersey

Consolidation With Standard Oil of New Jersey

In the 1950s Standard Oil of New Jersey began to reconsider its relationship with Humble Oil. Though Standard owned almost 88 percent of Humble's stock in 1954, Humble continued to maintain its autonomy for the rest of the decade. In 1958 Standard increased its holdings to some 98 percent of Humble's stock, and the following year Humble and Standard Oil of New Jersey consolidated domestic operations. In September 1959 Humble received a new charter from the state of Delaware. By the end of the year Esso Standard and the Carter Oil Company, other affiliates of Standard of New Jersey, were incorporated into Humble, and in 1960 they were joined by other affiliates including Enjay Chemical, Pate Oil, Globe Fuel Products, and Oklahoma Oil. The restructuring allowed the new Humble company to reduce duplication and costs and to coordinate all of its domestic activities more effectively. The Humble workforce dropped by a quarter in the first five years after the merger, while its profits doubled.