Getty Oil: Difference between revisions
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'''Getty Oil''' is an American oil marketing company with its origins as part of the large integrated oil company founded by the father of [[J. Paul Getty]]. |
'''Getty Oil''' is an American oil marketing company with its origins as part of the large integrated oil company founded by the father of [[J. Paul Getty]]. |
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As of 2012, |
As of 2012, a large majority of Getty gas stations have been closed or sold to other brands. |
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==History== |
==History== |
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Revision as of 20:47, 25 October 2016
 | This article needs additional citations for verification. (April 2014) |
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| Company type | Private |
|---|---|
| Founded | 1942 |
| Headquarters | East Meadow, New York |
Key people | J. Paul Getty—founder |
| Products | Gasoline oil and Service Mart |
| Website | www |
Getty Oil is an American oil marketing company with its origins as part of the large integrated oil company founded by the father of J. Paul Getty. As of 2012, a large majority of Getty gas stations have been closed or sold to other brands.
History
Starting in 1949, J. Paul Getty negotiated a series of lucrative oil leases with Saudi Arabia and Kuwait. Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty died in 1976.[1]
In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, heir Gordon Getty struck a dramatic deal to sell the company to Texaco.[2]
On November 19, 1985, in the case of Texaco, Inc. v. Pennzoil, Co., Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. history as a result of the violation of the binding agreement.[3]
While the reserves were sold, only some of the refineries changed hands, and Getty continued to exist as a downstream entity. Getty gas stations in the Northeast were sold off as a condition of the buyout. The company became known as Getty Petroleum Marketing Inc.[citation needed]
Getty Petroleum Marketing was sold to Lukoil and Mobil in certain areas and then in 2011 to Norwegian investors before filing for bankruptcy protection in 2013.[4]
The Australian company Westerhoudt AG, run by Olaf Westerhoudt, acquired the rights to the Getty Oil name in 2007 for an undisclosed amount.
At one point, Getty Oil owned a majority stake of ESPN, before it was sold to the American Broadcasting Company in 1984.
See also
References
- ^ Where the Getty family fortune came from
- ^ Whitefield, Debra. The Deal: How Getty Ended Up With Texaco, LA Times, January 19, 1986. Accessed August 30, 2016.
- ^ Lewin, Tamar. Pennzoil-Texaco Fight Raised Key Questions, The New York Times, December 19, 1987. Accessed August 30, 3016.
- ^ Getty Petroleum Creditors Sue Former Owners for $6 Million
External links
| International | |
|---|---|
| National | |
- Oil companies of the United States
- Automotive fuel brands
- Gas stations in the United States
- Convenience stores of the United States
- Companies based in New York
- Companies based in Tulsa, Oklahoma
- Getty family
- Lukoil
- Texaco
- Energy companies established in 1949
- Non-renewable resource companies established in 1949