Operating assets were transferred to the American Oil Company, into which the Utah Oil Refining Company was also merged. Most surviving BP stations are kept so BP can continue holding the trademarks for Amoco and Standard.In 1961, the torch and oval was redesigned with a flatter oval and a more contemporary torch design with the logo bearing the Standard or American name in the U.S. and the Amoco name outside the U.S.The final Amoco logo simply changed the name on the logo to "Amoco". By 1951, gross income had reached $1.54 billion.At first, Standard (Indiana) had few competitors in the petroleum-product market. China became a prime target area; after establishing an offshore drilling operation in 1987, Amoco signed a deal in 1992 to become the first foreign company to explore the mainland, thought to hold more than 20 billion barrels of oil.Amoco Corporation is active in three main fields within the petroleum, natural gas, and chemical industries: exploration and production, petroleum products, and chemical products. The old, defunct Amoco logo wasn’t great BUT it had the benefit of being old and carrying with it a naive, vintage appeal that is in high demand these days and could have served as a springboard for a beautifully crafted revival.
Other foreign refineries were to be found in West Germany, England, Pakistan, and the West Indies. Stanolind Oil & Gas Company became Pan American Petroleum Corporation, consolidating all Standard Oil (Indiana) crude oil and natural gas exploration and production. Also in 1935, more oil-producing acreage in east Texas came with Stanolind Oil & Gas Company's $42 million purchase of the properties of Beaumont-based Yount-Lee Oil Company, an acquisition that helped Stanolind Oil & Gas to increase its daily average production to 68,965 barrels.With the cost of oil and gas exploration soaring and lean operations not able to withstand the failure of a risky venture, more and more oil companies turned to joint ventures in the early and mid-1990s to spread the risk. In 1985 Standard Oil Company (Indiana) changed its name to Amoco Corporation. The company therefore turned back leased stations to their owners, and leased company-owned stations to independent operators, to be operated as separate outlets. Since this required specialized marketing skills, the company divided its chemical operations among four subsidiaries.In 1932 Standard decided to sell Pan American's foreign interests to Standard Oil (New Jersey). Even worse conditions threatened after the largest oil field in history was found in east Texas in late 1930. The italicized word "Amoco" is shown after red, white, and blue horizontal stripes, taken from the divided ellipse of the former Amoco logo. Joint ventures in Brazil, Mexico, South Korea, and Taiwan met the growing demand for polyester fibers, helping to generate about 35 percent of business overseas.The late 1950s also saw domestic reorganization. This consolidation allowed the company to develop a national image and provided more efficiency in staff use and storage and transport flexibility.