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interest of 25.6 per cent. In 1956, Gulf merged its
Canadian subsidiary with British American in a deal the gave the illusion of the Canadian company acquiring the American. To merge the companies, British American issued 8.3 million shares (valued at $ 55.6 million) to the Gulf Oil Corporation, and then used the money to acquire Canadian Gulf Oil. Gulf Oil held a 59.8 per cent stake in the new merged entity. Recent changes to Canadian tax law allowed buyers to access unused tax write-offs of companies they acquired. Canadian Gulf had considerable unused write-offs, and thus British American was able to decrease its income tax by $ 29.7 million.
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279:, which had the previous year purchased Gulf Oil, Gulf Canada's parent company, announced a series of transactions for the sale of its shares in Gulf Canada. This was done in part to fulfill promises to the Canadian government as part of its approval for Chevron's purchase of Gulf Canada. In August 1985, Gulf Canada bought 90% of
197:, began exploration in Western Canada in 1942 through a subsidiary called Gulf Research and Development. On 23 March 1944, Gulf incorporated the Canadian Gulf Oil Company as a Delaware corporation. Canadian Gulf was owned by the American International Fuel and Petroleum Company, which was a Delaware subsidiary of
334:
alleged in
Parliament that the deal cost Canadian taxpayers $ 1 billion in lost tax revenue. Others estimated the cost at $ 500 million. Allegations of conflict of interest were made against a former federal deputy minister of finance who resigned from the government to work for the Reichmann family
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Following the merger, Gulf Oil continued to increase its stake in
British American. In 1958, as part of an issuance of 2 million shares, it grew its holdings to 57.8 percent. Then in 1962 Gulf purchased another 1.8 million shares, bringing its ownership to 62.2 percent. By 1968 it owned 68.9 per cent
405:
GW Utilities Ltd., whose assets included a 49% percent stake in distilling company Hiram Walker-Gooderham and Worts Ltd.; 83% of
Consumers Gas Company (Canada's largest natural gas distributor); and 41% of pipeline operator Interprovincial Pipe Line Ltd. (IPL). (In 1992, IPL purchased Consumers and
231:
The
British American Oil Company Limited was founded in Toronto in 1906 by Albert Leroy Ellsworth (1876–1950). Over the ensuing decades it became one of Canada's largest integrated petroleum companies. In the 1940s Gulf Oil began acquiring shares of British American, and by 1956 held the controlling
291:
Developments bought 49.9% of GC from
Chevron Corp. At the time, the $ 2.2 billion takeover was the largest corporate takeover in Canadian history. O&Y later purchased the remaining production, refining, and distribution assets through its new wholly owned subsidiary, Gulf Canada Corporation
394:
In 1992, GCC's parent company O&Y faced collapse due to an overwhelming debt burden and was taken over by a group of creditor banks with assistance from the
Canadian government. As part of the subsequent restructuring, GCC, with assets of C$ 6.6 billion (US$ 5.5 billion) was split into three
201:. Canadian Gulf Oil made several discoveries in the late 1940s and early 1950s including at Pincher Creek in 1948, Fenn-Big Valley in 1950, Westernore in 1952, and Boundary Lake in 1955. The company also made investments in several pipelines including an 8.7 per cent stake in the
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In 1988, GCC purchased
Asamera Inc., an oil, natural gas and gold producer, for C$ 512 million, or about US$ 413 million. Calgary, Alberta-based Asamera had interests in oil- and gas-producing properties in Indonesia; exploration properties in Canada, the North Sea,
292:(GCC). At the time of purchase, GCC owned 2,500 service stations across Canada, was the third-largest oil producer and sixth-largest gas producer in the country, owned three Canadian refineries outright and has a half interest in a fourth, was also active in the
329:
O&Y's complex purchase utilized an accounting strategy, known as the Little Egypt Bump, designed to take advantage of
Canadian federal tax rules governing partnerships. The deal became publicly controversial and Leader of the Opposition
259:, shareholders voted to merge British American, Royalite, and Shawinigan into a single company called Gulf Oil Canada Limited. The new entity was officially incorporated on 1 April 1969. In 1978, the company was renamed Gulf Canada Limited.
425:
The 2000 purchase of
Crestar Energy Inc. substantially increased GCR's production assets, raised it to the top 5 Canadian producers and top 10 independent producers in North America, and gave it a significant stake in oil fields in eastern
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In 1986, GCC discovered the largest oil field then discovered in the Beaufort Sea and a few months later shut its operations there because of the high cost of operating in the harsh Arctic environment and the depressed price of oil.
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In March 1986, GCC launched a takeover bid for Hiram Walker Resources (HWR), a distillery company (Gooderham & Worts) with significant assets in the oil and gas industry: Home Oil Company Ltd., with major assets in
172:
purchased Gulf Canada for C$ 6.7 billion in what was then the largest oil and gas transaction in Canadian history. The company then became Conoco Canada Resources Limited. Since Conoco's merger with the
145:(of which Gulf Oil was the controlling shareholder) and until 1969 operated under the British American name. In 1969, British American amalgamated with its subsidiaries into a new company called
217:. By the end of 1955, Canadian Gulf's assets included 300 million barrels of oil reserves, three trillion cubic feet of natural gas reserves, and nine million acres of land for exploration.
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Gulf retail operations in Canada re-emerged beginning in 2015 with conversion of XTR Energy Company stations to the Gulf brand under a licensing agreement with
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In 2015, Gulf-branded gas stations returned to Canada through a licensing deal between XTR Energy Company Limited and Gulf Oil International U.K. Limited.
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located west of Quebec (including its refining, transportation, and marketing assets, but excluding the Edmonton refinery) for C$ 900 million to
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on three continents, GCC was ultimately successful in purchasing HWR. HWR's liquor distillation business was later sold to Allied Lyons.
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Since 2009, Teklub Canada Ltd is the official distributor of Gulf Oil International Ltd for Gulf branded lubricants in Canada.
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In May 2001, Gulf Canada Resources Ltd. was purchased by Conoco Northern Inc., an indirect wholly owned subsidiary of
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315:. On January 1, 1986, Gulf Canada sold its remaining downstream business located east of Ontario to
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During the 1970s and 1980s, Gulf Canada was one of the country's "big four" oil companies along with
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In 1962, British American made a series of acquisitions of major Canadian companies. These included
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for C$ 86 million. This included the Montreal East Refinery which was closed almost immediately.
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Gulf Canada Resources Ltd. (GCR), formerly GCC, was restructured into a pure oil and gas company.
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164:. However, in 1986 Gulf Canada sold its retail operations, which included 900 gas stations, to
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began operating in Canada in 1942, and two years later formed a Canadian subsidiary called the
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Inc. for C$ 6.7 billion (US$ 4.33 billion). It was known as Conoco Canada Resources Limited.
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Narayanan, V.G. and Huddard, Steven. School of Business, Stanford University, April 1988
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was a Canadian integrated petroleum company that existed between 1944 and 2001.
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in 2002, the company has been called ConocoPhillips Canada Resources Limited.
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In 1996, GCR formed the Athabasca Oil Sands Trust with an 11.74% interest in
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At a special meeting of the shareholders held on 15 November 1968 at the
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Montreal refinery closure approved, The Ottawa Citizen, December 7, 2005
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326:. In July 1987, Gulf Canada Ltd. was renamed Gulf Canada Resource Ltd.
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of British American, bringing its total investment to $ 440 million.
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during O&Y's purchase and tax negotiations with the government.
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Gulf Canada Square in Calgary, the company's headquarters after 1980
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Gulf Canada Shuts Operations In Beaufort Sea, August 25, 1986
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In early 1986 the corporate offices of GCC were relocated to
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538:"Gulf brand gas stations returning to Canada after 30 years"
287:-based Reichmann family at the same time as the Reichmann's
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771:
Conoco Reaches Deal to Buy Gulf Canada for $ 4.33 Billion
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History of Hiram Walker Resources, Reference For Business
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onoco's takeover of Gulf Canada leads latest merger wave
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Abitibi-Price, then the world's largest newsprint maker.
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companies with shares offered to existing shareholders:
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Controlling Interest: The Canadian Gas and Oil Stakes
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Controlling Interest: The Canadian Gas and Oil Stakes
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785:Canadian Corporate Reports, McGill Digital Archive
753:Gulf Canada-Crestar tops Canadian M&A frenzy
567:. Toronto: McClelland and Stewart, 1982, p. 117.
554:. Toronto: McClelland and Stewart, 1982: p. 116.
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387:; and a 51% stake in the Cannon gold mine in
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307:On September 30, 1985, Gulf Canada sold its
141:. In 1956 Canadian Gulf Oil merged with the
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515:History of the petroleum industry in Canada
858:Canadian subsidiaries of foreign companies
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25:
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813:Gulf brand gas stations returns to Canada
629:Petro-Canada Will Buy Part of Gulf Canada
601:Article Excerpt of UPI story May 24, 1985
719:Gulf Canada Resources To Acquire Asamera
479:Dr Avelette M. "Jerry" McAfee, 1969–1976
878:Defunct oil and gas companies of Canada
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359:, and legal action involving GCC, HWR,
221:Merged with British American, 1956–1969
682:The Montreal Gazette, October 23, 1985
247:Reformed as Gulf Oil Canada, 1969–1985
418:. The trust was later merged to form
406:the combined company is now known as
107:Gulf Canada Square, 401 9 Avenue SW,
7:
540:. The Globe and Mail. June 11, 2015.
815:on The Globe and Mail, 11 June 2015
801:, Oil and Gas Journal, June 4, 2001
773:, Wall Street Journal, May 30, 2001
646:, New York Times. December 4, 1985
193:The Gulf Oil Corporation, based in
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755:, Oil and Gas Journal, 10/09/2000
489:Richard H. Auchinleck, 1998–2001
721:, New York Times, March 29, 1989
883:Natural gas companies of Canada
16:Canadian subsidiary of Gulf Oil
497:Clarence D. Shepard, 1969–1979
1:
868:Companies established in 1944
616:Chicago Tribune, May 24, 1985
614:Chevron To Sell Gulf Canada,
501:S. Keith McWalter, 1985–1990
487:James P. Bryan Jr, 1995–1998
485:Charles E. Shultz, 1990–1995
483:S. Keith McWalter, 1985–1990
296:off Newfoundland and in the
241:Royalite Oil Company Limited
227:British American Oil Company
205:, 7.1 per cent stake in the
143:British American Oil Company
733:Canadian Oil Sands, History
631:, LA Times, August 14, 1985
505:H. Earl Joudrie, 1993–2001
503:Robert J. Butler, 1990–1993
499:John C. Phillips, 1979–1985
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863:Companies based in Calgary
461:International UK Limited.
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175:Phillips Petroleum Company
213:, and 33 per cent in the
203:Interprovincial Pipe Line
139:Canadian Gulf Oil Company
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481:John L. Stoik, 1976–1985
207:Trans-Mountain Pipe Line
757:. Retrieved 2015-04-07
742:. Retrieved 2-15-04-08
723:. Retrieved 2015-04-07
708:. Retrieved 2015-04-07
696:. Retrieved 2015-04-07
684:. Retrieved 2015-04-07
672:. Retrieved 2015-04-07
648:. Retrieved 2015-04-04
633:. Retrieved 2015-04-09
618:. Retrieved 2015-04-07
591:. Retrieved 2015-04-05
450:Return of Gulf stations
357:"white knight" defenses
209:, 10.3 per cent in the
147:Gulf Oil Canada Limited
47:23 March 1944
873:Gas stations in Canada
803:. Retrieved 2015-04-07
775:. Retrieved 2015-04-07
660:. Retrieved 2015-04-08
603:. Retrieved 2015-04-07
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263:Later years, 1985–2001
215:Trans-Canada Pipe Line
211:Alberta Gas Trunk Line
189:Early years, 1942–1956
73:16 July 2001
57:1 April 1969
787:Retrieved 2015-04-07.
670:Gulf Canada Resources
493:Chairman of the Board
434:Acquisition by Conoco
369:TransCanada Pipelines
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135:Gulf Oil Corporation
309:downstream business
277:Chevron Corporation
55:(Canadian Gulf Oil)
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738:2013-09-07 at the
420:Canadian Oil Sands
294:Hibernia oil field
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65:(Gulf Oil Canada)
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104:Headquarters
88:Acquired by
644:Gulf Canada
576:Crane, 118.
332:John Turner
168:. In 2001,
131:Gulf Canada
20:Gulf Canada
847:Categories
521:References
465:Leadership
365:Elders IXL
195:Pittsburgh
77:2001-07-16
61:1969-04-01
51:1944-03-23
470:President
353:Australia
349:Indonesia
345:North Sea
283:from the
96:Successor
38:Petroleum
736:Archived
509:See also
459:Gulf Oil
416:Syncrude
408:Enbridge
381:Colombia
317:Ultramar
285:Montreal
154:Imperial
34:Industry
442:-based
428:Ecuador
324:Calgary
300:in the
257:Toronto
184:History
162:Chevron
117:Website
75: (
70:Defunct
59: (
49: (
44:Founded
477:, 1969
444:Conoco
367:, and
351:, and
343:, the
302:Arctic
170:Conoco
90:Conoco
440:Texas
385:Italy
383:and
199:Gulf
85:Fate
255:in
849::
762:^
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797:C
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