172:, "The unusual complaint was brought by the Securities and Exchange Commission, which contends that Triton officials not only made payments that violated the Foreign Corrupt Practices Act, but also falsified their records to make the bribes appear to be routine business payments." Triton settled the case for US$ 300,000.
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and Triton announced an agreement under which Hess would purchase all outstanding ordinary shares of Triton for $ 45.00 per share; 50% over Triton's closing stock price the day before. According to press releases, the purchase would greatly increase Hess's production growth and exploration potential
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By the mid 1980s the entire oil industry was suffering setbacks due to a glutted oil market and plunging gas prices, and Triton was no exception. Despite increasing revenues and doubling sales, Triton posted losses of $ 7.8 million in 1988 and, in an effort to mitigate its oil losses, diversified
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Finally, in 1991 a major oil discovery in
Colombia turned the company's stock around. Despite the new oil reserve the company continued to post losses each year because the Colombian drilling operations would not produce a positive cash flow until 1995. Triton reorganized the corporation and in
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At the same time that Triton's oil and gas reserves were increasing, the company began divesting its non-oil subsidiaries and reducing its working operations. The company continued to focus its attention on exploration and development, and entered the new millennium, posting annual net profits.
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1992 moved
William Lee, who had been president since 1966, to the position of chairman of the board and replaced him with Thomas G. Finck, a petroleum engineer and industry veteran. Within a year, Finck became chief executive officer and, in 1995, became chairman.
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147:. Ignoring potentially low-return domestic opportunities for higher risk, but much more lucrative overseas exploration, Triton offset its expensive exploration costs with large finds in Thailand, France, and Australia.
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exploration and production companies in the United States. Triton was founded in Dallas, Texas by E.R. Wiley in 1962, and had total proved reserves of almost 300 million barrels of oil equivalent when
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oil companies of its day. However, unlike many other U.S. based oil companies, Triton spent much of the 1960s and early 1970s scouring the globe for large reserves of oil and
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purchased it in 2001 for $ 3.2 billion. At the time, Triton had operations in North and South
America, West Africa, Southeast Asia, Europe, Australia and New Zealand.
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into other energy-related industries, including seismic equipment manufacturing, domestic pipeline systems and airport services operations.
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Profile in
International Directory of Company Histories, Vol. 11. St. James Press, 1995 (via fundinguniverse.com)
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and would make Hess one of the world's largest independent energy exploration and production companies.
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prior to March 25, 1996) was one of the largest independent oil and
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Triton Energy began business in 1962 in much the same way as other
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Companies formerly listed on the New York Stock
Exchange
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Non-renewable resource companies disestablished in 2001
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complaint, which alleged that Triton had violated the
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Non-renewable resource companies established in 1962
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160:In 1997, Triton notably became the subject of a
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323:, March 31, 1986. Accessed April 12, 2007.
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372:American companies disestablished in 2001
327:Triton Energy Corporation Company History
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367:American companies established in 1962
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357:Energy companies established in 1962
215:Hess Corporation: 2001 Press Release
71:Acquired by Amerada Hess Corporation
241:"Putting a Value on Triton Energy"
201:Triton Energy Limited 10K 12/31/96
162:Securities and Exchange Commission
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382:2001 disestablishments in Texas
119:: OIL) (formerly known as
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166:Foreign Corrupt Practices Act
377:1962 establishments in Texas
317:"Which oil stocks and when?"
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352:Companies based in Dallas
121:Triton Energy Corporation
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181:Amerada Hess Corporation
129:Amerada Hess Corporation
80:Amerada Hess Corporation
113:Triton Energy Limited
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18:Triton Energy Limited
315:McFadden, Michael.
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168:. According to the
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141:wildcatter
76:Successor
101:Products
42:Industry
321:Fortune
135:History
60:Defunct
52:Founded
82:(now
117:NYSE
68:Fate
63:2001
55:1962
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