In the competition between Socal and the Iraq Petroleum Company, Socal enjoyed the advantage of Twitchell's support (whom Ibn Saud trusted). This advantage (and the colonial associations which the Iraq Petroleum Company inevitably carried with it) weighed heavily in Socal's favor. In the end, Lloyd N. Hamilton, a senior Socal executive, succeeded in negotiating for Socal a concession for exclusive rights to exploit the oil resources of al-Hasa. When Abdullah Suleiman read out the terms of the agreement, Ibn Saud is reported to have said: "Put your trust in God and sign." The agreement which had a sixty year life received royal assent on 7th July, 1933 and became effective a week later.
In addition to giving Socal exclusive rights in al-Hasa, the agreement also accorded Socal "preferential" rights to most of the rest of the Kingdom of Saudi Arabia. The "preferential" element guaranteed Socal the concession in these other areas of the Kingdom on condition that Socal matched the terms offered by any other bidders.
This agreement between the Kingdom of Saudi Arabia and Socal broke Britain's virtual monopoly of Middle East oil.
