My take on 'TITAN' book

Finished reading this book

This is the biography of 19th century oil baron, John D Rockefeller Sr, who was the founder of Standard Oil. Many of the today's oil exploration, refinery & distribution companies were once subsidiaries of Standard Oil. Exon Mobil, Royal Dutch/Shell, Chevron, British Petroleum etc. were all subsidiaries of Standard Oil.

Rockefeller had a trouble childhood because of his father who was a vagabond, bigamist and a con medical practitioner. Rockefeller's mother brought up the children. Rockefeller started as an accountant keeping books at a trading firm. Then he slowly moved into oil exploration. He bought oil wells, started oil refineries. At one point, he had the world’s largest oil refinery in Cleveland. He was accused of monopolizing and cartelization of oil refining industry. Increased capacity started building up both on the oil exploration (production) and refining side. Rockefeller started buying oil wells as well as refiners by giving sellers option to either take cash or standard oil stock. Many chose cash, which was a mistake because Standard Oil shares went up multifold and created enormous wealth for shareholders. Standard Oil remained profitable despite low oil prices and too much capacity in refining and production because of the efficient processes at Standard Oil.

Rockefeller consolidated rail roads that carry oil and also started pipeline companies to carry oil and consolidated pipelines too. He managed the Standard Oil finances conservatively with a moderate dividend policy and always maintained high cash reserves to handle any uncertainty or to take advantage of any opportunity to acquire a struggling refinery, oil producer, railways or pipelines company.

He led a remarkable life except for the allegations that he forcefully bought out rivals or forced them out of business. He is an example of how much a person can achieve in one’s life time. He did lots of philanthropy and donated lavishly to universities and medical centers.

Over all a good long read.