A private company with extensive oil and gas exploration and production facilities throughout North America, Hunt Oil has made a reputation for itself by engaging in high-risk overseas ventures in Yemen, China, and Ghana … The Registered Agent on file for this company is Capitol Services, Inc. and is located at 1675 S State St Ste B, Dover, DE 19901. Hunt Consolidated Company History Timeline. Hunt Oil Company was founded in 1934 by H.L. During World War II, the increased demand for oil led to the opening of new offices for Hunt Oil, which produced a total of over 100 million barrels during the period from 1941 to 1945, averaging 60,000 barrels a day. While Hunt Oil acted alone in the exploration and drilling of the Yemeni find, it signed on partners to help with the production. Hunt, the company has grown from its initial success in the East Texas oil fields to become one of the largest and most successful independent oil and gas companies in the world today. Although there were no reports of casualties, millions of barrels of oil were leaking from the broken pipeline, which carried oil from the Safer field in Marie province to a nearby port located on the Red Sea. Today, Hunt Oil Company can point to successes around the world and has evolved to become part of Hunt Consolidated, Inc.—a family of companies that operates in important … Finally, we can read about how these great companies came about with Company Histories.. In response to Hunt Oil's rapidly expanding oil exploration activities, a reorganization of the company was announced in July 1986. Hunt and is one of the largest privately-owned energy companies in the … Wells 20 to 30 years old were declining in production, while additional production from new wells was barely offsetting the depletion of the old fields. A private company with extensive oil and gas exploration and production facilities throughout North America, Hunt Oil has made a reputation for itself by engaging in high-risk overseas ventures in Yemen, China, and Ghana that have brought the company wealth and prestige. In today's society the only constant is change. He serves as the chairman and chief executive officer of Hunt Consolidated Energy. According to the contract's terms, the Yemeni government would initially keep half of the oil, its share increasing as production increased. While one subsidiary, Hunt Oil Company (HOC), operates a capital expense-based business with multiple simultaneous projects spanning years, others would rely on cash flow analysis or waterfall structure calculations. The main contributor to this phenomenal regrowth of Hunt Oil from the late 1970s onward was its good luck with new overseas drilling ventures. 27. For some time already his sons Herbert and Bunker, as vice-presidents, and his nephew Tom Hunt, production manager, had become the real operators of Hunt Oil. He also diversified into the refining business by buying 50 percent of the nearby Excelsior Refinery for $150,000 and renaming it the Parade Gasoline Company. In 1985, Exxon bought a 49 percent share in a venture to build a refinery and a pipeline, while a consortium of South Korean companies purchased another 24.5 percent share. The company's total expenses on a consolidated basis declined to Rs 2,366.13 crore, against Rs 2,752.97 crore a year ago. Free and open company data on Texas (US) company HUNT CONSOLIDATED, INC. (company number 0006959606), 1999 BRYAN ST., STE. Hunt Consolidated Dallas/Fort Worth Area 130 connections. It had incurred a loss of Rs 49.85 crore in 2018-19. The restructuring included the formation of a new holding company, Hunt Consolidated, under which all the firm's profit centers, including Hunt Oil, became subsidiaries. Gas prices and the potential to drill deeper than before were the key to developing such gas fields. St. James Press, 1999. Hunt Oil Company was founded in 1934 by H.L. A strong and positive corporate culture, built upon a foundation of personal values and a work ethic shared by all of its employees, will attract exceptional people to a company. As H. L. Hunt became less involved with the oil business, he began devoting more energy to a food and drug subsidiary of Hunt Oil, HLH Products, which he started in 1960--partly as a means to integrate his vast farmland holdings. Herbert and Bunker decided to form their own independent oil company, Hunt Energy, from the subsidiaries of Hunt Oil they owned, leaving Ray to become president of Hunt Oil in February 1975. The staff at Hunt Consolidated come from unusually diverse demographic backgrounds. Hunt and is one of the largest privately-owned energy companies in the world, … For the full year 2019-20, the company recorded a profit of Rs 197.03 crore on a consolidated basis. Up to this point, all of Hunt Oil's production, unlike that of its former subsidiary Placid Oil, had been only in the United States. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. He introduced new methods of management and operating efficiency, instituted new medical benefits and pension plans for employees, and elevated salary scales. Previous drillers, the company believed, have overlooked major fields that modern technology could uncover, particularly in natural gas. Hunt Consolidated, Inc. is the flagship entity of the entire Ray L. Hunt family of companies, a privately owned group of entities based in Dallas, Texas. After his half-brothers split off from Hunt Oil, Ray Hunt modernized the company, hiring new managers and consolidating the diverse enterprises that remained with his branch of the family: oil and gas, timber and farm properties, H. L. Hunt Sales, and his own real estate companies of Hunt Investment and Woodbine Development Company. Hunt Sales. He is president of Hunt Realty Investments and oversees the operations of Hunt Investment Group and Hoodoo Land Holdings, as well as the operational activities of the holding company. In the early 1960s, Hunt Oil's production began to level off. In 1981 Hunt Oil received a production-sharing contract from the government of North Yemen to drill for oil within a 5,000-square-mile concession. Although the refinery and pipeline operated by Hunt and financed by Exxon would eventually revert to the Yemeni government, Hunt Oil drilled subsequent successful wells in Yemen beyond the Alif Field and offshore in the Red Sea. "We were in the club now. LinkedIn +1 214 978 8000 Company will take 6.12 years to pay off its debt obligations with latest operating cash flow of Rs 16.28 cr. There are five basic characteristics that separate a great company from one that is merely good. Closer to home, H. L. Hunt purchased 7,000 acres of farmland, launching Hunt Oil's continual sideline of agricultural enterprises, which have included a cattle ranch. The following year, Hunt Oil began construction on a $300 million, 263-mile pipeline from the Alif Field refinery to the port of Hodeida on the Red Sea, across three mountain ranges and through territory controlled by sometimes unruly tribes. learn how over 7,000 companies got started! Source: CERAWeek by IHS Markit. Hunt is a company that can act quickly, more quickly than the rest, and that provides a greater advantage over its competitors. Join to Connect. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. Second only to adaptability is the speed with which a company can make decisions and implement them. Ray Hunt (left), executive chairman of Hunt Consolidated, and his son, Hunter Hunt (right), co-chief executive officer of Hunt Consolidated, took the stage at the recent CERAWeek conference by IHS Markit in Houston to share their experiences running their family-owned oil business. Hunt secretly employed an oil scout to monitor test results at a nearby well and, before Joiner realized the full extent of the discovery, persuaded the wildcatter to sell all his leases for $1.34 million. Hunt Consolidated, Inc. is the holding company for Hunt Oil Company, and is run by Ray Hunt, the son of H. L. Hunt, renowned as one of the wealthiest men in the United States in the 1940s. Hunt Consolidated headquarters in Dallas, Texas. Its original investment was returned many times over. It is not easy to do things differently from everyone else. H. L. (Haroldson Lafayette) Hunt was already one of the most successful independent oilmen before founding Hunt Oil. Hunt founded Hunt Oil Company. Hunt Oil Company is one of the largest privately held companies in the United States operating both domestically and internationally. With oil prices rising in the late 1970s the value of this holding grew to more than $500 million. Thus Hunt Oil continued to grow, both domestically and overseas. In the early 1990s, Hunt Oil increased emphasis on exploration in the United States as well as overseas. It opened a refinery in Tuscaloosa, Alabama, and started a chain of gasoline stations in Alabama and Louisiana under the name Parade. Although previous attempts at foreign ventures had been made, it was not until 1976 that Hunt Oil got involved in foreign exploration. Then, after a discovery was made, the company formed joint-venture partnerships to absorb the cost of drilling development wells. The company was even trying to gain an offshore lease from China, although talks broke off without an agreement. Originally a real estate speculator, he first became involved in the oil business in Arkansas and then Louisiana in the 1920s. During the mid- and late 1990s, Hunt Oil Company aggressively pursued its past successful strategy of seeking oil and natural gas reserves in out-of-the-way and exotic locations. Source: International Directory of Company Histories, Vol. By 1980, Hunt Oil's leases overseas had reached 21.9 million acres, including interests in Australia, Portugal, and South Korea. Hunt. In 1996, Hunt Oil signed an exploration and production agreement with the government of Ghana in West Africa, and conducted a seismic shoot in the Western Cape Three Points Basin. Company has spent 6.66% of its operating revenues towards interest expenses and 31.98% towards employee cost in the year ending Mar 31, 2020. Hunt Consolidated, Inc. is the flagship entity of the entire Hunt family of companies, a privately owned group of entities based in Dallas, Texas. Hunt Consolidated. 1984. Moreover, these new wells were being drilled by subsidiary companies and not Hunt Oil itself. The representative first tried to approach Bunker Hunt at Hunt Energy but, not finding him in, went instead to the neighboring office of Ray Hunt, who decided to buy the stake. LinkedIn +1 214 978 8000 Hunt Consolidated, Inc. is the flagship entity of the entire Hunt family of companies, a privately owned group of entities based in Dallas, Texas. With the East Texas oil field no longer the company's only center of activity, Hunt Oil managed operations in Louisiana and Arkansas in addition to other parts of Texas. The Beatrice Field in the North Sea turned out to contain a total of 150 million barrels, more than doubling the reserves belonging to Hunt Oil. With its first well, Hunt Oil in January 1984 discovered the Alif Field, an oil basin measuring more than four million acres in a vast desert containing estimated reserves of 400 million barrels of recoverable oil. This food division continuously lost money, however, due to being overextended with too many product lines (up to 1,340), but also because of problems with salesmanship, management, sponsorship ties to conservative political media, and even embezzlement. Hunt Consolidated Energy. With assets at the time worth about $20 million, Hunt Oil was henceforth solely owned by H. L. Hunt and other members of his family. Initially, Hunt Oil Company's activities were limited to the East Texas oil field, but over the years, the company grew substantially. A representative of the Sabine Corporation, a small Dallas-based oil company, was seeking a buyer for its 15 percent stake in a British North Sea exploration led by Mesa Petroleum for a price of $50,000. Our firm of chartered accountants represents a coalition of specialized skills that is geared to offer sound financial solutions and advices. The partnership continued to explore the region during 1998 and early 1999. By 1997, both Hunt Oil and PanCanadian Petroleum had not yet commented on the commercial viability of the discovery, but indications from the Canadian government seemed to imply that there was less natural gas there than originally anticipated. Hunt Consolidated, Inc. is a Delaware Corporation filed on October 23, 1980. Hunt paid Joiner $30,000 in cash with the rest to be paid out of future production. Under Ray Hunt, Hunt Oil increased its annual revenue by 300 percent to $750 million by 1990. Placid Oil also came to be managed by the children of Hunt's first marriage and, in the early 1960s, had production double that of Hunt Oil. This has led Hunt to find projects and opportunities where others might not. Sales of shares allowed Hunt to recover almost all of its investment costs by early 1988. The purpose of blowing up the pipeline was to force the government to fund development projects in their region. We see them around but we don't know what goes on behind the scenes. In the past, the company was owned by american oil tycoon Haroldson Lafayette Hunt. By 1998 Hunt Oil had moved to 25th in the rankings, and still remained the fourth largest private petroleum firm. Unless a company can demonstrate that it is in some manner “different” from its peers and competitors, it will, by definition, be considered similar to them. Hunt achieved historic success in November 1930 at age 41 when, together with a partner, Pete Lake, he bought 5,000 acres in East Texas belonging to wildcatter Columbus "Dad" Joiner, shortly after a single-well oil discovery of which big oil companies were skeptical. At the end of 1937, Hunt Oil moved its headquarters to downtown Dallas. As a privately held company, Hunt is able to evaluate changing circumstances and adapt to them. He also became involved in other facets of the energy business by making a deal with Dallas-based Energy Resources to provide drilling technology for uranium mining. But what makes Hunt truly successful are the men and women who comprise its family of companies. At this time, Hunt's lead over the smaller independents widened, as his company was large enough to reap the benefits of the Connolly Hot Oil Act of 1935, which regulated pumping output in order to conserve oil reservoirs and ground pressure. Principal Subsidiaries: Hunt Refining Company. By December 1990, Hunt produced more than 100 million barrels of oil from Yemen, and in 1991 had a staff of 220 that produced $100 million for the year. Hunt Oil hoped to duplicate its success in North Yemen with two new oil and gas exploration programs in Jordan and Chile in 1988, signing production sharing agreements with authorities in each country. Two of the latter, Herbert and Bunker, who were still vice-presidents of Hunt Oil, were already becoming increasingly involved in their own business operations, while Ray, who had been employed by Hunt Oil since graduating from college in 1965, had become the one most involved with the management of Hunt Oil. Hunt Consolidated's main competitors include Pioneer Energy, SK innovation, PARCO and PennEnergy Resources. It allowed us the vehicle to quickly establish ourselves in the international arena," Ray Hunt told the New York Times Magazine. Privacy Policy. 900 DALLAS, TX 75201 Elsewhere in South America, Hunt Oil obtained exploration rights to property in Guyana in 1991 after a Canadian competitor actually found oil but withdrew, believing the jungle site lacked commercial potential. Hunt Production, like the major companies, had sufficient acreage leased so that it could pump oil from wells spread apart. "North Yemen will mean as much to Hunt in the 1980s and beyond as the purchase of Dad Joiner's oil rights in East Texas meant to H. L. Hunt in the 1930s," Jim Oberwetter, Hunt Oil government affairs director, told the Dallas Business Courier in 1986. IT Security Analyst Hunt Consolidated. As long as the company continued to engage in exploration and development in remote and exotic areas around the world, there could be little doubt as to its viability and financial success. The company's history goes back to December 18, 1934, when H.L. No other company in the industry is as likely to take the chances that Hunt Oil does when exploring for oil and natural gas in remote and exotic regions around the world. The headquarter's staff increased from 50 to 200 by the end of the 1970s, and within a few years of taking control, Hunt had increased the area of offshore drilling leases from 100,000 to one million acres. It conducts its main oil production activities in the United States, Canada and, as of 1984, in Yemen. LinkedIn (214) 978-8000 The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. Each Hunt company strives for the following. The value of domestic oil reserves under Hunt's control increased from $100 million to $300 million in five years, also due in part to the sudden increase in oil prices caused by the Arab oil embargo of 1973. First, it was large enough to finance its own exploration operations without help from the larger oil corporations. 1980. Hunt Consolidated, Inc. is the flagship entity of the entire Ray L. Hunt family of companies, a privately owned group of entities based in Dallas, Texas. Hunt Consolidated, Inc. is the holding company for Hunt Oil Company, and is run by Ray Hunt, the son of H. L. Hunt, renowned as one of the wealthiest men in the United States in the 1940s. By 1980, Hunt Oil's leases overseas had reached 21.9 million acres, including interests in Australia, Portugal, and South Korea. During this time, the company also became involved in international marketing, making a barter deal with Germany of oil for steel drill pipe and exporting oil to Japan through a California trading company. A company that can adapt the quickest has a distinct advantage in the marketplace. Hunt Consolidated, Inc. Chris Kleinert is CEO and president of Hunt Consolidated Investments, LLC, and co-CEO of its holding company, Hunt Consolidated, Inc. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. A new president was named for Hunt Oil--the first nonmember of the Hunt family--while Ray Hunt, owner of Hunt Consolidated, remained as chairman. Hunt Refining processes international and domestic crude oils and supplies products—diesel, gasoline and asphalt—to the southeastern region of the country and international markets. Founded in 1934 by H.L. The organization is a congregation of professionally qualified and experienced persons who are committed to add value and optimize the … In yet another advantage over major corporations, foreign governments in some cases were reluctant to work with large corporations perceived to represent the "Western monopoly.". He oversees the operations of Hunt Oil Company, Hunt Power, and the other energy activities of the Ray L. Hunt family of Dallas, Texas. Hunt Consolidated, Inc. is one of the largest privately held companies in the United States. As consumers, we often take for granted all the hard work that goes into building a great company. Hunt Refining Company is a petroleum refining and marketing company headquartered in Tuscaloosa, Alabama. In spite of the attack, Hunt Oil remained unwavering in its commitment to explore for oil in the more remote regions around the globe. About the Project. For years, Dallas was home to countless private, family-owned oil and gas … Beginning in the 1950s, H. L. Hunt began to entrust more responsibility to top associates and to his sons from his first marriage. De Campos will report to John Burkhart, the Chief Operating Officer of the Hunt Oil Company, and he will be based out of the company’s Dallas, Texas headquarters. All rights reserved. (Source: Consolidated Financials) Debt Coverage Capability. Another revenue boost at the beginning of the 1970s was the company's participation in the five-member consortium headed by Getty Oil, which in 1969 won a lease on Alaska's North Slope. Hunter L. Hunt is an American heir and businessman. Kleinert's affiliation with Hunt Consolidated … Hunt Oil was one of the few companies to do well in out-of-the-way foreign sites, due to several factors. Although no oil was found in either country by 1992, Hunt Oil continued to drill in new places near the border of Bolivia and Peru into 1993. One reason for decreased drilling by Hunt Oil was its financial obligation to cover the losses of HLH Products, which by 1969 had totaled more than $30 million&mdash…eraging $4 million per year. Breaking News. Copyright (c) 2019 Company-Histories.com. By 1934, Hunt Production Company, which already had 229 wells and was still drilling on its 5,000 acres, had produced 7.5 million barrels. Ownership of Penrod Drilling, which possessed about 25 drilling rigs and was worth over $25 million by the 1960s, had been transferred to three of his sons in 1948. He oversees the operations of Hunt Oil Company, Hunt Power, and the other energy activities of the Ray L. Hunt family of Dallas, Texas. Within a month after the Joiner deal, he founded Panola Pipeline Company and was already supplying crude petroleum from his new oil wells. Hunt Consolidated, Inc. is one of the largest privately held companies in the United States. Ted Cruz Tweet About Mask-Wearing Senator’s ‘Fake Virtue’ Falls Flat On Its Face; Trump’s just-announced troop drawdown from Afghanistan and Iraq, explained; Biden builds out White House senior staff with top campaign advisers; Trump Asked About Attacking Iran’s Nuclear Site: … With the newly acquired valuable property, Hunt was able to secure a bank loan to expand and upgrade his equipment to make the land productive. With financing from the U.S. Export-Import Bank, the company received $253 million for the drilling and completion of wells, pipelines, and platforms. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. At the end of 1998, Ghana's first offshore gas project was progressing according to plan. The company's File Number is listed as 901555. Hunt Consolidated, Inc. is the flagship entity of the entire Hunt family of companies, a privately owned group of entities based in Dallas, Texas. In another distant country and after several years of negotiations, Hunt Oil received exploration rights with a production sharing agreement to more than seven million acres in southern Laos. The line, with a 200,000-barrel-per-day capacity, was completed in December 1987, whereupon Hunt Oil made the first oil shipments out of the country after an investment of more than $600 million. Hunt seeks to be a growth-oriented industry leader respected throughout the world for the quality and competency of its people, the efficiency and scope of its operations, and its rich heritage of honesty and integrity. The company also acted as an umbrella corporation that provided accounting and other services for the rest of the Hunt family enterprises, which encompassed scores of separate entities, companies, partnerships, and trusts in several states, and which were spread out among the members of H. L. Hunt's families. His strategy was to drill in already known areas, jumping into lease-buying action immediately after a discovery was made. "A maze of interlocking and interdependent relationships, the Hunt corporate structure was confusing even to employees hired to help operate it," wrote Hunt biographer Harry Hurt. In December 1998, Yemeni men from the Jahm tribe sabotaged one of the major pipelines operated by Hunt Oil in Yemen. The company's order book stood at Rs 16,857 crore as on March 31, 2020. LinkedIn (214) 978-8000 Over time, we have grown to be one of the largest private independent oil and gas companies in the world. In 1984, with what was called the rankest wildcat the company ever drilled, the Alif No. Hunt Oil explored for oil under the names Hunt Oil and its subsidiary Placid Oil Company, drilled for oil under the name Penrod, and transported oil under the name of the Panola Pipeline. Hunt Global Partnerships is Hunt Oil Company's corporate social responsibility program. Hunt Oil and PanCanadian Petroleum Ltd. formed a partnership in 1994 to explore for natural gas on the Port au Port Peninsula in western Newfoundland. Hunt Consolidated, Inc. is the flagship entity of the entire Ray L. Hunt family of companies, a privately owned group of entities based in Dallas, Texas. The areas of activity of the different Hunt companies include oil and gas exploration and production, refining, LNG, power, real estate, investments, ranching and infrastructure. 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