In 1883, the Victor works was struck by lightning and burned to the ground, and under Englehart's direction, the company concentrated its refining efforts at Petrolia. In a deliberate move to boost kerosene prices, Imperial closed down ten of the twelve refineries it had acquired through the merger, leaving only the Silver Star refinery in Petrolia and the Victor works in London. The discovery of new oil fields in Pennsylvania and New York drove down the price of oil, and the creation of the Standard Oil Trust resulted in an increase of American oil imports into Canada. ĭespite a smooth start, Imperial Oil struggled to make a profit and issue dividends in the early 1880s. Imperial Oil's charter noted that its goal was to "find, produce, refine and distribute petroleum and its products throughout Canada". Fitzgerald and Englehart were the two largest stakeholders in the company and were named the president and vice president respectively. Together, the shareholders possessed twelve oil refineries and controlled eighty-five percent of the refining capacity in Canada. Fitzgerald, Isaac and Herman Waterman, William Spencer and his sons, William and Charles, Thomas and Edward Hodgins, John Geary, Joseph Fallows, John Minhinnick, William English and John Walker. In addition to Englehart, the original shareholders included Frederick A. Englehart and the refiners established Imperial Oil as a joint-stock company with a capitalized value of $500,000. Although the majority of Ontario's top oil producers agreed to join in the enterprise, notable exceptions were John Henry Fairbank, then Canada's largest oil producer, and James Miller Williams, founder of the Canadian Oil Company. Rockefeller and merge the entire Canadian oil industry into one conglomerate. Englehart was the driving force behind the partnership, hoping to emulate John D. In April 1880, Jacob Lewis Englehart and sixteen prominent oil refiners in London and Petrolia formed Imperial Oil in response to Standard Oil's growing dominance of the oil market.
It is a significant producer of crude oil, diluted bitumen and natural gas, Canada's major petroleum refiner, a key petrochemical producer and a national marketer with coast-to-coast supply and retail networks. It is majority owned by American oil company ExxonMobil with around 69.6 percent ownership stake in the company. It is Canada's second-biggest integrated oil company.
Imperial Oil Limited (French: Compagnie Pétrolière Impériale Ltée) is a Canadian petroleum company.
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