Standard Oil and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. Of the initial 10,000 shares, John D. Rockefeller received 2,667; Harkness received 1,334; William Rockefeller, Flagler, and Andrews received 1,333 each; Jennings received 1,000, and the firm of Rockefeller, Andrews & Flagler received 1,000. Rockefeller chose the "Standard Oil" name as a symbol of the reliable "standards" of quality and service that he envisioned for the nascent oil industry. In the early years, John D. Rockefeller dominated the combine; he was the single most important
Pan American Petroleum and Transport Company Company, Gulf Oil, the Pan-American Petroleum and Transport Company, and Atlantic Refining. The remaining 5% share went to an Armenian businessman, Calouste Gulbenkian, who had previously owned shares within TPC. Pan American sold out its shares in NEDC to Jersey Standard and Socony (later Mobil) in 1930. In 1932 Pan American sold its foreign properties to Standard Oil of New Jersey for about $100 million. With this acquisition, Standard Oil of New Jersey became Mexico's largest oil producer. The deal also included large oil concessions in Venezuela and Pan-American's UK subsidiary Cleveland Petroleum Products. However, a few years later the