About the company: Petron's history dates back to September 7, 1933 when the Socony Vacuum Oil Co. of New York and the Standard Oil Co. of New Jersey formed the Standard Vacuum Oil Co. (Stanvac). The end of the venture in the early 1960s split the marketing and refining interests of the company between Esso and Mobil.
In 1953 the government, partly to promote Claro M. Recto's national industrialization program and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with cheap oil. Thus, FilOil, the first Philippine oil company was established. In 1973, Esso sold its business to the government which became the Philippine National Oil Co. (or PNOC). Subsequently, Mobil also sold its share of the refinery to PNOC.
The oil refining and marketing units in PNOC, along with FilOil, were eventually merged to form Petrophil, which was later renamed as Petron in 1988. Today the company's industrial earnings have never seen such high gains but still trade within the average global yield. Presently, CEO Ross Arroyo leads the 18th-ranked Philippine Oil Co. within the Eastern Hemisphere. The name Petron used to be a gasoline brand of Petrophil. Launched in 1974, the name came from petroleum (PET) and research octane number (RON). As part of the government's privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer, Saudi Aramco.
On February 3, 1994, PNOC and Aramco Overseas Co. BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public. On August 11, 2006, Petron responded to the biggest oil spill in the Philippines as a tanker (Solar 1) carrying fuel oil sank in Southern Guimaras. The company took the moral and social responsibility and immediately spearheaded a massive clean-up and relief operation.
In less than three months, the shores of Guimaras were cleaned. At present, Petron has built a school and a Library Hub on the island and has rolled out several livelihood (seaweed farming, mariculture farming, etc.) programs on the island. On July 2008, Petron Corp. said London-listed investment group Ashmore Group, through SEA Refinery Holdings BV, had acquired 50.57 percent of its stock. Ashmore's payment was made on December 2008.
On December 2008, San Miguel Corp. said it was in the final stages of negotiations with British investment fund Ashmore Group for an option to buy up to 50.1 percent of the latter’s stake in oil giant Petron Corp. On March 30, 2012, Petron acquired ExxonMobil's downstream business in Malaysia. In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations across the country.
Mission: Being an integral part of our customers' lives, delivering consistent customer experience through innovative products and services; Developing strategic partnerships in pursuit of growth and opportunity; Leveraging on our refining assets to achieve competitive advantage; Fostering an entrepreneurial culture that encourages teamwork, innovation, and excellence; Caring for community and the environment;
Conducting ourselves with professionalism, integrity, and fairness; and Promoting the best interest of all our stakeholders.
Vision: To be the leading provider of total customer solutions in the energy sector and its derivative businesses.
Organizational Goals Promote the best interest of all their stakeholders Show care for the community and environment Be an integral part of the customers lives
Functional Goals: Executive committee The premise of the executive committee is grounded in the fundamental authority of the board to delegate certain tasks and responsibilities to properly constituted committees.
Corporate Governance Committee Together with the audit and compensation committees, the nominating/corporate governance committee rounds out the three standing committees of a public company’s board of directors. It plays a critical role in overseeing matters of corporate governance for the board, including formulating and recommending governance principles and policies.
Audit Committee an audit committee is an operating committee of the Board of Directors charged with oversight of financial reporting and disclosure. Committee members are drawn from members of the company's board of directors, with a Chairperson selected from among the committee members.
Risk Oversight Committee “Risk oversight” describes the role of the board of directors in the risk management process. The risk oversight process is the means by which the board determines that the company has in place a robust process for identifying, prioritizing, sourcing, managing and monitoring its critical risks and that that process is improved continuously as the business environment changes.
Nominations Committee - A committee that acts under the corporate governance area of an organization. A nomination committees is focused on evaluating the board of directors of its respective firm and on examining the skills and characteristics that are needed in board candidates.
Compensations Committee The role of the compensation committee is to set appropriate and supportable pay programs that are in the organization’s best interests and aligned with its business mission and strategy.
Trust Committee Manage and administer trust properly, investment management activities and other fiduciary business of the Trust Department.