The Exploration Of The Oil Industry

2217 Words9 Pages
There have been many successful companies that are currently in the oil business and the reason why they have been successful is because of the risks that the company makes to make more money in their industry. This risk in the petroleum world could range from a new piece of equipment, purchased land or expand their production. Pioneer Petroleum is a company that is growing and they are making a conscience decision to determine the rate of return. Like any other company Pioneer has evolved and pivoted to stay in business. They have changed through many different mergers of other companies that refine oil, pipeline transportation and industrial chemical fields. They originally emerged as a company that looks for pieces of land that possibly has crude oil, once they find it they refine, market and produce it. They also have their hands in producing plastic, agricultural chemicals and real estate development. As they went through the years they finally realized their identity in the petroleum business in 1985 as a hydrocarbons-based company. Since then they have focused their attention to oil, gas, coal and petrochemicals. Alaska has been a vital part of the company by being the primary producer of oil and it managed to provide 60% of Pioneer’s petroleum liquid production. To make things even better for the company, they were one of lowest cost refiners on the West Coast with a large marketing network. Since the production of oil from Alaska was immense, it was the largest
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