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Exxon - Kingwood

Exxon - Kingwood

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Exxon manages vast oil and gas interests in the United States. Exxon U.S.A. traces its descent from the Humble Oil Company, which was chartered in Texas in February 1911. The company was reorganized in 1917 and incorporated on June 21 as the Humble Oil and Refining Company with a capitalization of $1 million. The original company resulted from the collaboration of Ross S. Sterling and Walter William Fondren with Robert L. Blaffer and William Stamps Farish and others. In February 1919, Humble doubled the number of shares authorized and sold 50 percent of its stock to Standard Oil Company of New Jersey. This initiated Humble's long-term connection with the company that eventually absorbed it as Exxon Company, U.S.A. Standard Oil of New Jersey was identified as the particular target of antitrust enforcers in Texas in the early decades of the twentieth century, and the corporation found it much easier to do business in the state through Humble, its partially owned but autonomously directed affiliate.

In 1960 Humble constructed one of the world's largest gas-processing systems near the King Ranch, with extensive storage facilities for natural gas.

The Friendswood Development Company, which shaped the development of the master-planned Kingwood community, is an Exxon subsidiary.

In the 1970s and 1980s, residents had often referred to Kingwood as "Exxon-town" because of the many Exxon executives, managers and employees who lived there. Since then the population of Kingwood has grown and diversified, and the term "Exxon-town" is outdated and no longer commonly used.



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