The Termo Company Historical Timeline

Oil Industry Context and Termo Company History (1859-2016)

The Beginning (1859-1911)

In 1859, Edwin Drake drilled the first successful oil well in the United States in Titusville, PA and America would never be the same again. The industry grew quickly, and among the companies born was Standard Oil, formed by JD Rockefeller in 1870, which became the world's largest oil refinery. Eventually oil drilling spread to the west coast, and in 1893 the Los Angeles City Oil Field was developed.

Once the combustion engine was developed in the late 1800's and the automobile industry emerged, the use for oil grew exponentially. In 1907, Royal Dutch Shell was formed through a merger to compete globally with Standard Oil. The following year, the Anglo-Persian Oil Company, which would later become BP, was formed in the middle east after a large reserve was discovered in Persia (now Iran). In 1909, C.J. Berry, a successful gold miner, purchased land in Taft, CA and formed Berry Holding Company, which later became Berry Petroleum. In 1911, Standard Oil was determined by the US Supreme Court to be a monopoly in the refining industry under the Sherman Act and broken up in 34 independent companies.

Discovery (1912-1938)

Oil Industry Events:

  • 1921: First use of Seismic Imaging. Oil discovered on Signal Hill, California. The Santa Fe Springs and Long Beach Oil Fields are discovered.
  • 1923: Dominguez Oil Field is discovered.
  • 1927: Most communities in Southern California had gas service.
  • 1928: Kettleman Hills Oil Field is discovered in Kings County.
  • 1930: The discovery of large oil fields in the Los Angeles Basin caused a flood of oil to reach the market, reducing the price.
  • 1933: Standard Oil of California granted concession to drill in Saudi Arabia.
  • 1938: After several failures, oil is discovered in Saudi Arabia.

Termo Company Events:

  • 1926: EE Combs mortgages his house and drills his first well on Signal Hill - An Oil Man is born.
  • 1928: Hope Well fire - EE forced to seek partners.
  • 1931: EE Combs Fox Well Discovery, East Texas.
  • 1933: EE Partners with Roscoe Oaks, retired Union Carbide executive - The Termo Company is formed.
  • 1935: Termo drills and operates in the Huntington Beach Field, Orange County - Eventually producing from 16 wells in the field.

Growth (1939-2002)

Oil Industry Events:

  • 1947: Kerr McGee completes first producing well on the Outer Continental Shelf off Louisiana.
  • 1960: OPEC formed.
  • 1968: Oil is discovered in Alaska's North Slope.
  • 1969: Oil spill off Santa Barbara, CA causes major backlash and contributes to the formation of the modern environmental movement.
  • 1973: Arab Oil Embargo.
  • 1975: North Sea's oil production begins.
  • 1981: Oil prices increase three fold to $34 a barrel.
  • 1985: California oil production reached an all time high.
  • 1986: Oil prices collapse.
  • 1989: Exxon Valdez Oil Spill.
  • 1997: World's first LNG facility built in Qatar.
  • 1999: Amoco v. Southern Ute Tribe clears way for CBNG production.

Termo Company Events:

  • 1941: US enters WWII. Termo recognized for producing supplies vital to the war effort.
  • 1942: Termo begins participation and operations in the Wilmington Field, Los Angeles.
  • 1953: EE Combs dies - Eldredge Combs becomes president of Termo.
  • 1962: Termo discovers the Brentwood Field, Contra Costa County - At the time, the northern most oil field in California.
  • 1966: David Combs joins Termo.
  • 1969: David Combs forms Termo of Texas to more aggressively explore for oil and gas.
  • 1970: Termo's Schrack #1 well in Kimball County, Nebraska comes on line at 200 bbls a day for two years.
  • 1981: David Combs becomes President of Termo.
  • 1987: Termo and Termo of Texas merge.
  • 1988: Termo begins active acquisition of Rocky Mountain and Appalachian royalty and mineral interests.
  • 1989: Termo purchases and commences multiple year development of the Aliso Canyon Field in the Los Angeles Basin - Continues to be one of Termo's premier properties.
  • 1990: Termo expands operations in Louisiana with purchase of SMLC Section 28 A and B field, Opens regional office in Breaux Bridge - Develops taste for Cajun Food.
  • 1992: Termo purchases and commences development of the Oat Mountain Field adjacent to Aliso Canyon.
  • 1998: Termo discovers the SA Creek Field, Campbell County, WY.
  • 2000: Termo opens its Powder River Basin office in Gillette, WY.
  • 2002: Termo discovers and begins development of the South Joe Creek field with the Brew Well, Campbell County, WY.

Modern Day (2003-Present)

Oil Industry Events:

  • 2008: Oil prices hit record high, then oil price collapse.
  • 2015: Price of oil collapses, again.
  • 2016: Price of oil hits 7 year low, begins recovery.

Termo Company Events:

  • 2003: Termo begins development and operations of 100 CBNG wells in Wyoming.
  • 2004: Purchase of the Oaks interest and consolidation of Termo.
  • 2007: Termo participates with ORX in the White Castle Project, Vermilion Parish, LA. Cumulative production to date of 1.7 MMBO and 5.1 BCFG.
  • 2009: Termo begins active participation North Dakota and Montana Bakken and Three Forks play.
  • 2011: Termo begins acquiring interest in Oklahoma's Granite Wash Play. Termo begins acquiring interest in the Eagle Ford Shale Play, Texas.
  • 2013: Termo celebrates 80 years of challenges and success in the Oil and Gas Industry.
  • 2014: Termo drills two successful discovery wells in Fresno County, CA.