User:CBuiltother/Phibro
Phibro LLC is an international commodities trading firm and a subsidiary of Occidental Petroleum Corporation (Oxy). Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities and other products. Phibro’s headquarters are located in Westport, Connecticut, with additional offices in London, Ireland and Singapore.[1]
History
Founded in 1901 as Philipp Brothers, through mergers it later became the Philipp Brothers Division of Engelhard Minerals & Chemicals Corporation. In 1981, the company acquired Salomon Brothers, creating Phibro-Salomon Inc.[2] Phibro Energy, Inc. was established in 1984, absorbing the oil department of Philipp Brothers. In 1986, the combined company removed the Phibro name from the parent company.[3] In 1993, Phibro Energy, Inc. became the Phibro Energy Division of Salomon Inc.[4] It was renamed to simply "Phibro" in 1996, and in 1997, Salomon was acquired by Travelers Group, which merged with Citicorp to form Citigroup in 1998.[3] With the merger, Salomon became an indirect, wholly-owned subsidiary of Citigroup.
Phibro came to the notice of the public when its head Andrew J. Hall reportedly was seeking a $100 million dollar bonus from Citigroup which had been bailed out by US taxpayers in 2009. Reportedly Phibro was the main source of the $2 billion in pretax revenue Citigroup received in commodities trading.[5]
In October 2009, Occidental Petroleum announced it would acquire Phibro from Citigroup, estimating its net investment at approximately $250 million.[6] Phibro is now part of Oxy's "Midstream, Marketing and Other segment", which includes Oxy’s gas plant, pipelines, marketing and trading and power generation operations.[7] Hall continues to run Phibro and also heads Astenbeck Capital Management, of which 80% is owned by Hall and 20% by Occdiental.[8]
References
- ^ Phibro, LLC. "Phibro". Retrieved 19 December 2010.
- ^ http://www.fundinguniverse.com/company-histories/Salomon-Inc-Company-History.html
- ^ a b "FACTBOX: A history of Citi's Phibro unit". Reuters. 2009-10-09. Retrieved 19 December 2010.
- ^ Kenneth N. Gilpin (1993-02-04). "COMPANY REPORTS; Salomon Shows a Turnaround in Earnings". New York Times. Retrieved 19 December 2010.
- ^ Segal, David (August 1, 2009). "$100 Million Payday Poses Problem for Pay Czar". New York Times.
- ^ Occidental Petroleum (2009-10-09). "Occidental Petroleum Announces Acquisition of Phibro". Business Wire. Retrieved 19 December 2010.
- ^ Occidental Petroleum. "Oxy". Retrieved 19 December 2010.
{{cite web}}: Text "Chairman's Letter - Midstream, Marketing, And Other" ignored (help) - ^ Gregory Zuckerman (06-25-2010). "Commodities Star Absorbs Loss". Wall Street Journal. Retrieved 19 December 2010.
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