Doherty, Henry L.

Doherty, Henry L.

▪ American businessman
in full  Henry Latham Doherty  
born May 15, 1870, Columbus, Ohio, U.S.
died December 26, 1939, Philadelphia, Pennsylvania

      American businessman and utilities expert who formed the holding company Cities Service Company in 1910.

      Doherty's first job came at age 12 with the Columbus Gas Co. in Ohio. By the time he was 20, he had become chief engineer. Because of his knowledge of gas operations, Doherty was next hired by Emerson McMillin & Co., a financial institution with utility holdings. Capitalizing on his business knowledge, Doherty started his own firm, Henry L. Doherty & Co., in 1905, providing technical and financial consultants to utilities. Within five years he had begun Cities Service Company, which served as a holding company for the utility firms that Doherty had purchased. The company had interests in all three energy sources available at the time—petroleum, natural gas, and electricity.

      Doherty's influence on the firm was widespread. He understood the technical aspects of energy production and held almost 140 individual patents. His real fame, however, was gained through his deft manipulations of finances. The Cities Service name was changed to CITGO in 1965. In succeeding years CITGO was acquired by Occidental Petroleum (1983), the Southland Corporation (also in 1983), and Petróleos de Venezuela, S.A. (1990).

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Universalium. 2010.

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