Business: End of an Empire

Since the Teapot Dome scandal 25 years ago, the oil empire of Edward L. Doheny has been in & out of the headlines. Last week the holdings of Doheny, who was acquitted of bribe charges, made news again, perhaps for the last time. The Los Nietos (literally, the relatives) Co., owned by Doheny's five grandchildren,* sold the empire's last oil-producing property. The holdings have oil reserves in the U.S. and Canada of at least 48 million barrels. The buyer: Union Oil Co. of California. The price: $22.4 million plus 600,000 shares (current value: $15 million) of Union Oil stock.

*Timothy M., 23,...

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