Sinclair, A Great Name In Oil (1916-1969)
During September 1919, Harry F. Sinclair restructured Sinclair Oil & Refining Corporation , Sinclair Gulf Corporation, and 26 other related entities into Sinclair Consolidated Oil Corporation.[3] In 1932, this new entity was renamed as Consolidated Oil Corporation. In 1943, it was renamed for the last time, as Sinclair Oil Corporation.[4]
Near the beginning of the Great Depression, Sinclair sold the remaining interest in their pipeline subsidiary to Standard Oil Company (Indiana) for US$72.5 million (Standard Oil had purchased a 50% interest in the pipeline subsidiary in 1921).[5] With these funds, including an additional US$33.5 million from an additional common stock issue, Sinclair retired a number of bank notes and prepared to weather the depression with the remaining supply of cash.
During the Great Depression, Sinclair saved a number of other petroleum companies from receivership or bankruptcy and acquired others to expand its operations. In 1932, Sinclair purchased the assets of Prairie's pipeline and producing companies in the Southern United States, and the Rio Grande Oil Company in California. The purchase of Prairie also gave Sinclair a 65% interest in Producers & Refiners Corporation (or Parco), which Sinclair subsequently acquired when Parco entered receivership in 1934. Lastly, in 1936, Sinclair purchased the East Coast marketing subsidiary of Richfield Oil Company which had operated in receivership for several years. Richfield then underwent a reorganization which resulted in the creation of Richfield Oil Corporation. Sinclair was instrumental in transferring capital and managerial assets into Richfield. Thirty years later, Richfield merged with Atlantic, located on the East Coast, forming Atlantic Richfield.[6]
At the Chicago World's Fair of 1933-34, Sinclair sponsored a dinosaur exhibit meant to point out the correlation between the formation of petroleum deposits and the Age of Dinosaurs, and included a two-ton animated model of a brontosaur. The exhibit proved so popular it inspired a promotional line of rubber brontosaurs at Sinclair stations, complete with wiggling heads and tails, and the eventual inclusion of the brontosaur logo. Later, inflatable dinosaurs were given as promotional items and an anthropomorphic version appeared as a station attendant in advertisements. Some locations have a life-size model of the mascot. People can walk under the dinosaur and into the building
At the New York World's Fair of 1964/65, Sinclair again sponsored a dinosaur exhibit, "Dinoland", featuring life-size replicas of nine different dinosaurs, including their signature brontosaurus. Souvenirs from the exhibit included a brochure ("Sinclair and the Exciting World of Dinosaurs") and molded plastic figurines of the dinosaurs featured. After the Fair closed, Dinoland spent a period of time as a traveling exhibit.
Two of the replicas are still on display to this day at Dinosaur Valley State park.[7][8] near Glen Rose, Texas.
In 1955, Sinclair was #21 on the Fortune 500, but by 1969, it had fallen to #58.[9]