Groundwork for The Termo Company was laid in 1921 when oil was discovered on Signal Hill in Southern California. Intrigued by the find, local businessman and The Termo Company founder E.E. Combs mortgaged his home to purchase three Signal Hill lots. Though not an oilman by trade, E.E. followed his impulse in the hopes the site would be productive, and it was highly successful. Due to a disastrous oil well fire in 1928, E.E. was forced to look for outside financing. He eventually found the support of recently retired Union Carbide executive Roscoe Oakes and a loose partnership was formed. In 1933, E.E. incorporated and The Termo Company was officially formed.
The Termo Company, for many years, operated properties and enjoyed many successes in the Los Angeles Basin area including active involvement as operator in the Huntington Beach, Wilmington and Long Beach Fields. Termo also was involved in the discovery and development of the Brentwood Field in Contra Costa County which, at the time, was the northern-most oil field in California.
In 1953, at the age of 71, E.E. Combs died and management of the company shifted to his sons. Picking up where their father left off, Frende and Eldredge Combs continued to build and strengthen the oil and gas assets through increased exploratory and development adventures. In 1969, David E. Combs, E.E. Combs’ grandson, expanded on his grandfather’s original dream and formed an affiliate company, Termo Company of Texas. Twelve years later, he succeeded his father at The Termo Company and, for a brief period, served as President of both companies. In December 1987, the two companies were successfully merged as a private California corporation.
In 1989, David Combs launched The Termo Company on a program to acquire and operate California oil and gas properties. Eighteen acquisitions were made, mostly from major oil companies. During this time, Termo also made a number of significant royalty package purchases.
