User:CBuiltother/Phibro

Phibro LLC is an international commodities trading firm and a subsidiary of Occidental Petroleum Corporation (Oxy). Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities and other products. Phibro’s headquarters are located in Westport, Connecticut, with additional offices in London, Ireland and Singapore.

History
Founded in 1901 as Philipp Brothers, through mergers it later became the Philipp Brothers Division of Engelhard Minerals & Chemicals Corporation. In 1981, the company acquired Salomon Brothers, creating Phibro-Salomon Inc. Phibro Energy, Inc. was established in 1984, absorbing the oil department of Philipp Brothers. In 1986, the combined company removed the Phibro name from the parent company. In 1993, Phibro Energy, Inc. became the Phibro Energy Division of Salomon Inc. It was renamed to simply "Phibro" in 1996, and in 1997, Salomon was acquired by Travelers Group, which merged with Citicorp to form Citigroup in 1998. With the merger, Salomon became an indirect, wholly-owned subsidiary of Citigroup.

Phibro came to the notice of the public when its head Andrew J. Hall reportedly was seeking a $100 million dollar bonus from Citigroup which had been bailed out by US taxpayers in 2009. Reportedly Phibro was the main source of the $2 billion in pretax revenue Citigroup received in commodities trading.

In October 2009, Occidental Petroleum announced it would acquire Phibro from Citigroup, estimating its net investment at approximately $250 million. Phibro is now part of Oxy's "Midstream, Marketing and Other segment", which includes Oxy’s gas plant, pipelines, marketing and trading and power generation operations. Hall continues to run Phibro and also heads Astenbeck Capital Management, of which 80% is owned by Hall and 20% by Occdiental.