Transcontinental Oil

 The Transcontinental Oil Company was set up in June 1919, in Pittsburgh, Pennsylvania, with Foster Parriott, president, Michael Late Benedum, executive of the board, and Levi Smith, a chief liable for field activities. In 1895 Benedum, a rent man for South Penn Oil, met Joseph Clifton Trees, a free driller. The two shaped an association, headquartered in Pittsburgh, that went on until Trees passed on, on May 20, 1943. By 1918 Benedum-Trees intrigues included treatment facilities, skimming plants, and rents all through Louisiana, Illinois, Kansas, Pennsylvania, and Texas, just as in Colombia, Mexico, and Romania. Benedum considered merging these property and doling out course all things considered, from the well to the retail client, to Transcontinental. Numerous investors in the different organizations, including Trees and a Dallas geologist, William E. Wrather, dismissed this proposition and were paid money for their possessions, which remembered Wrather's enthusiasm for the Desdemona (Texas) oilfield. Cross-country was sorted out and recorded on the New York Curb Exchange, and albeit general workplaces were in Pittsburgh, Parriott built up the primary office in Tulsa, Oklahoma.    In 1920 Desdemona field creation, the new organization's wellspring of raw petroleum, out of nowhere declined, from 2,283 to 212 barrels for every day. To supplant this misfortune Transcontinental bored fruitlessly in Texas and California before making a little strike close Craig, Colorado, and finding, in 1926, the Nigger Creek pool west of Mexia in Limestone County. In spite of these turns of events, the requirement for more oil remained. Since 1923 the organization had controlled leases in West Texas, ashore claimed by Ira Yates in Pecos County. In spite of the fact that wildcatters ordinarily minimized the territory west of the Pecos River, Transcontinental chose to penetrate. Since financing was an issue, the Ohio Oil Company, a Standard Oil partner, was approached to bore four wells as an end-result of half enthusiasm for any revelations. Ohio concurred and assigned its auxiliary, Mid-Kansas Oil and Gas Company (initially a Benedum-Trees enterprise), to do the boring. The initial three gaps on Transcontinental leases in Reagan County were dry. Mid-Kansas at that point moved to Yates' farm, and on October 5, 1926, an all around was spudded at an area close to the Yates Dome, an upfolding of rock that contained oil stores. The arch had been mapped in 1923–24 by Ray Hennen and Arthur M. (Jack) Hagan, Transcontinental geologists. On October 28, 1926, the revelation well of the marvelous Yates oilfield started streaming. Before the finish of 1929 Transcontinental and Mid-Kansas had gotten thirty makers on the disclosure rent and more on connecting leases. At midyear they were the third-positioning makers in the Permian Basin. This colossal creation didn't, be that as it may, unravel Transcontinental's requirement for unrefined, since the current agreement gave Ohio Oil control of all creation. The need of buying rough stressed the organization's assets to the degree that in 1930 Transcontinental stopped to exist when Benedum traded the entirety of its advantages for 1,848,051 portions of stock in Ohio Oil. Remembered for the understanding were 376 filling stations under the name of Marathon, an organization sorted out by Transcontinental to secure its exchange name of Marathon and its logo, the gallant Greek sprinter, Pheidippides.