Plenty of men can do good work for a spurt and with immediate promotion in mind, but for promotion you want a man in whom good work has become a habit.--- Henry L. Doherty
Doherty, Henry Latham (born May 15, 1870, Columbus,Ohio, U.S.—died December 26, 1939, Philadelphia, Pennsylvania).
He was an American financier and oilman who in 1910 created his own organization, Cities Service Company which later became CITGO Petroleum Corporation. Forced by family circumstances to leave school
at age 12, he started working as an office boy for the Columbia Gas.
By the time he was 20, he had become chief engineer. Because of his knowledge of gas operations, Doherty was next hired by Emerson McMillin & Co.,
the New York banking firm that owned several utilities including Columbia Gas. He was made chief engineer and general
manager of all the McMillin properties. In 1900 Doherty, capitalizing on his business knowledge, started his own firm, Henry L. Doherty & Co., in 1905, providing technical and financial consultants to utilities. Within five years he had begun Cities Service Company, which served as a holding company for the utility firms that Doherty had purchased. The company had interests in all three energy sources available at the time—petroleum, natural gas, and electricity. The holding company was an acquisitions,numbering 53 companies in 1913 alone. He continued his
engineering innovations in natural gas development and oil production, earning 140 patents in his lifetime,
and he was equally ingenious in his financial transactions.
Doherty’s
influence on the firm was widespread. He understood the technical
aspects of energy production and held almost 140 individual patents. By the time he was 20, he had become chief engineer. Because of his knowledge of gas operations, Doherty was next hired by Emerson McMillin & Co.,
the New York banking firm that owned several utilities including Columbia Gas. He was made chief engineer and general
manager of all the McMillin properties. In 1900 Doherty, capitalizing on his business knowledge, started his own firm, Henry L. Doherty & Co., in 1905, providing technical and financial consultants to utilities. Within five years he had begun Cities Service Company, which served as a holding company for the utility firms that Doherty had purchased. The company had interests in all three energy sources available at the time—petroleum, natural gas, and electricity. The holding company was an acquisitions,numbering 53 companies in 1913 alone. He continued his
engineering innovations in natural gas development and oil production, earning 140 patents in his lifetime,
and he was equally ingenious in his financial transactions.
When Cities Service determined that it needed to change its marketing
brand, it introduced the name CITGO in 1965, retaining the first
syllable of its long-standing name and ending with “GO” to imply power,
energy and progressiveness.
Occidental Petroleum bought Cities Service in 1982, and CITGO was incorporated as a wholly owned refining, marketing and transportation subsidiary in the spring of the following year. Then, in August, 1983, CITGO was sold to The Southland Corporation to provide an assured supply of gasoline to Southland’s 7-Eleven convenience store chain.
In September, 1986, Southland sold a 50 percent interest in CITGO to Petróleos de Venezuela, S.A., (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. PDVSA acquired the remaining half of CITGO in January, 1990 and the company is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary. With a secure and ample supply of crude oil, CITGO quickly became a major force in the energy arena.
Since 1985, CITGO has sold its various products through independent marketers. In succeeding years CITGO was acquired by Occidental Petroleum (1983), the Southland Corporation (also in 1983), and Petróleos de Venezuela, S.A. (1990).
Occidental Petroleum bought Cities Service in 1982, and CITGO was incorporated as a wholly owned refining, marketing and transportation subsidiary in the spring of the following year. Then, in August, 1983, CITGO was sold to The Southland Corporation to provide an assured supply of gasoline to Southland’s 7-Eleven convenience store chain.
In September, 1986, Southland sold a 50 percent interest in CITGO to Petróleos de Venezuela, S.A., (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. PDVSA acquired the remaining half of CITGO in January, 1990 and the company is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary. With a secure and ample supply of crude oil, CITGO quickly became a major force in the energy arena.
Since 1985, CITGO has sold its various products through independent marketers. In succeeding years CITGO was acquired by Occidental Petroleum (1983), the Southland Corporation (also in 1983), and Petróleos de Venezuela, S.A. (1990).
Doherty, Henry Latham was awarded the Franklin Institute's Walton Clark Medal in 1931.
More Quotes
Get over the idea that only children should spend their time in study. Be a student so long as you still have something to learn, and this will mean all your life.
Henry L. Doherty
Make a better friend of every man with whom you come in contact.
Henry L. Doherty Those who do the most for the world’s advancement are the ones who demand the least.
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