Dome Petroleum

Dome Petroleum Limited "was a Canadian energy company with head offices in Calgary. Started in 1950 as Dome Exploration (Western) Ltd, the company became Dome Petroleum Limited in 1958 and grew by making acquisitions in the energy industry. Most famous was the 1981 acquisition of Hudson's Bay Oil and Gas Company Limited: Dome acquired a 52.9% interest through its wholly owned subsidiary, Dome Energy Limited. However, with increasing debts from past takeovers and a changed economic situation, Dome made history in 1982-83 by receiving substantial loans from 4 Canadian chartered banks and by having the federal government intervene in its affairs.

"The company's activities were divided between 2 entities: Dome Petroleum explored for, developed, produced and marketed crude oil, natural gas and natural gas liquids in Canada and the US, and HBOG handled natural resource exploration and development. The company explored mainly in Western Canada, the Beaufort Sea and the Arctic islands. In 1983 its revenues were $2.6 billion, dropping to $1.6 billion in 1986; 1983 assets were $8.2 billion, dropping to almost $5 billion in 1986. The number of employees dropped from 6500 in 1983 to 3800 in 1986. Foreign ownership of the company, 42% in 1983, stood at 60% in 1986. Dome's problems worsened as a result of the 1986 drop in world oil prices. In November 1987, after months of negotiation, an agreement in principle was reached to enable Amoco Canada Petroleum Co Ltd to buy Dome for $5.5 billion. The purchase was finally completed 1 September 1988."

Books

 * Jim Lyon, Dome : The Rise and Fall of the House That Jack Built (Macmillan of Canada, 1993).

Related Sourcewatch articles

 * Jack Gallager
 * Frederick B. Whittemore
 * Vic Zaleschuk
 * Harold N. Kvisle