Imperial Oil Oil discovered the Leduc Woodbend Devonian oil reef in 1947, marking the beginning of the contemporary period in Canadian oil and gas development. Drilling began on the landmark discovery well Leduc No. 1 on November 20, 1946. In 1989, Imperial Oil acquired Texaco's Canadian operations. From the 1934-35 season through the 1975-76 season, Imperial Oil was a sponsor of the Canadian Broadcasting Corp. program "Hockey Night in Canada" for both radio and television broadcasts. In February 2013, Richard Kruger, President of ExxonMobil Production Co. and a Vice President of Exxon Mobil Corp., was appointed to be Chief Executive of Imperial
History of oil in California through 1930 from $9.60 per barrel in 1860 to $0.25 per barrel in 1895. American oil companies including Union Oil Company became concerned with this development because oil prices had fallen too low for oil companies to maintain high profit margins. Union Oil Company and other oil companies lobbied local and federal governments to regulate the overproduction in the oil market. Their attempts, however, were futile and no regulation was passed. Oil prices remained around $1 through the end of the 19th century. At the turn of the century, oil production in California continued to rise at a booming rate. In 1900,