Oil Career
After the war, Stewart again tried to drill for oil, but he was still unsuccessful. In 1877, Stewart was introduced to Californian Wallace Hardison (a relative of one of his friends). Hardison agreed to financially support Stewart, so they purchased some land where they hoped to find oil. They enjoyed some moderate success. When John D. Rockefeller started to consolidate oil holdings in the eastern U.S., Hardison and Stewart sold their interests to Standard Oil and moved to California.
Stewart and his partner found the success they sought in California. By 1886, the Hardison and Stewart Oil Company was responsible for 15% of all oil production in California. In 1890, they merged their interests with those of Thomas Bard and Paul Calonico to form the Union Oil Company. As president of Union Oil, Stewart heavily invested in new wells and expanded his company's market capitalization from $10 million in 1900 to over $50 million in 1908.
Read more about this topic: Lyman Stewart
Famous quotes containing the words oil and/or career:
“Opinions are to the vast apparatus of social existence what oil is to machines: one does not go up to a turbine and pour machine oil over it; one applies a little to hidden spindles and joints that one has to know.”
—Walter Benjamin (1892–1940)
“They want to play at being mothers. So let them. Expressing tenderness in their own way will not prevent girls from enjoying a successful career in the future; indeed, the ability to nurture is as valuable a skill in the workplace as the ability to lead.”
—Anne Roiphe (20th century)