Gulf Canada Resources Limited

ARTICLE CONTENTS:  |  Links to Other Sites
Gulf Canada Resources Limited was incorporated in 1906 as the British American Oil Company Limited. In 1969 Gulf Oil Corp of the US bought BA, which became Gulf Oil Canada Limited. The name, Gulf Canada Ltd, was adopted in 1978 and in July 1987 the company became Gulf Canada Resources Limited. In May 1985, in the second-largest takeover in Canadian history, the Reichmann brothers, through Olympia and York Developments Ltd of Toronto, acquired San Francisco-based Chevron Corp's 60% interest in Gulf. In 1985 Gulf acquired majority interest in Abitibi-Price Inc and by mid-1987 had 83%. In October 1986 it acquired Hiram Walker Resources Inc; by mid-1987 it had 49%.

Today Gulf has diverse interests: forest products, natural gas distribution, distilled spirits and pipelines. It has consolidated its interests in Consumers Gas Co, Hiram Walker-Gooderham & Worts and Interprovincial Pipe Line into GW Utilities. O&Y held 75% of Gulf; however, in 1992 O&Y placed these holdings in the custody of the Toronto Dominion Bank as collateral for a $2.5 billion (US) loan. O&Y's problems led to the TD and other creditors of O&Y taking over Gulf through a new entity, A&G Resources. The banks managed to sell a portion of their share to help re-capitalize the company but they remain the largest shareholder with 52%. In 1995 Gulf had revenues of $718 million, assets of $2.9 billion and 700 employees.

Author DEBORAH C. SAWYER


Links to Other Sites
ConocoPhillips Canada
The website for ConocoPhillips Canada. This company acquired Gulf Canada Resources Limited in 2001. Find out about company history and operations. Features an overview of the technology being used to recover oil from some of Alberta's vast oil sands deposits.

Reuters
Search the Reuters website for the latest news and reports about specific Canadian companies and business sectors.

0
0
Absolutely free, with over 40,000 articles in French and English, The Canadian Encyclopedia is the ultimate online resource for all things Canadian, from history, sports, arts, science, technology, and much, much more. Get started at www.TheCanadianEncyclopedia.com
Feature Articles
The Formation of the RCMP

The Dominion government's advertisement asked for volunteers "able to read and write either the English or French language" with "good antecedents" who were good horsemen...

INSIDE TCE

Gallery
Browse the rich visual resources of The Canadian Encyclopedia through thematic galleries of Canadian Art, History, Nature, People, and Science and Technology.
Interactive Resources
Illustrations, lively text, animations, sounds and games help make learning about Canadian history, art, geography, architecture and other topics entertaining as well as informative.
Canucklehead
The ultimate test of your knowledge of Canada, trivial and otherwise. You can choose from more than 60 dynamic quizzes with visual or text clues. Your scores depend on the speed with which you answer and the number of clues you need. Results are sent to you by email and high scores are posted on the site.
Timeline
This unique resource includes more than 6000 events from Canadian and world history. It can be searched by era, subject, keyword or date. To find out what happened on your birthday, select the month and day of your birth.
100 Greatest Events
This selection of the 100 "greatest" events in Canadian history was made by editor in chief James H. Marsh to draw attention to events that have left an indelible memory in the minds of later generations.