Richfield Oil Corporation
Richfield Oil Corporation began in 1915 as the Rio Grande Oil Company of El Paso, Texas.
The company profited by supplying U.S. military forces with gasoline in support of operations against Pancho Villa.
By 1936, Rio Grande had reorganized and merged with other companies to become Richfield Oil Corporation.
Twenty years later, Richfield discovered the Alaska Territory’s first commercial oilfield.
Two years before Alaska statehood, Richfield Oil completed its Swanson River Unit No. 1 well, which produced 900 barrels of oil per day from a depth of 11,150 feet to 11,215 feet.
Richfield had leased 71,680 acres of the Kenai National Moose Range, now the 1.92 million acre Kenai National Wildlife Refuge. More discoveries followed and by June 1962 about 50 wells are producing more than 20,000 barrels of oil per day. Today’s Atlantic Richfield Company is better known as ARCO.
“The U.S. Congress viewed that discovery as the foundation for a secure economic base in Alaska, and statehood was granted two years later,” explains the Alaska Resources Council.
A decade later, the discovery of the giant Prudhoe Bay oilfield on Alaska’s North Slope will make Alaska a world-class oil and natural gas producer – a status reaffirmed in 1969 with the discovery of the nearby Kuparuk field, the second largest in North America after Prudhoe Bay.
Four of the ten largest U.S. oilfields have been discovered on Alaska’s North Slope. In 1973, the Trans-Alaska Pipeline Authorization Act authorized construction of the 789-mile Trans-Alaska pipeline system from Prudhoe Bay to the port of Valdez.
Richfield Oil Corporation merged with the Atlantic Refining Company to form Atlantic Richfield Company (ARCO) in 1966.
In 1999 BP Amoco purchased ARCO for $26.8 billion in stock, making BP Amoco the world’s second-largest petroleum company.
Regarding the certificate’s potential value, if the shareholder named on the certificate failed to surrender it during a change of ownership (merger, sale, etc.), the stock shares would have been cancelled on the books and any remaining value turned over to the Unclaimed Property Division of the owner’s state.
Obsolete Richfield Oil Corporation stock certificates are offered online for about $10.
For more detailed history, see From the Rio Grande to the Arctic: The Story of the Richfield Oil Corporation, by former CEO Charles S. Jones.
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