Getty Oil

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Getty Oil
TypePrivate
IndustryOil and fuel
Founded1942
FounderJ. Paul Getty
Defunct2012
Headquarters
East Meadow, New York
,
U.S.
Number of locations
1,115 (2011)
ProductsGasoline oil and service mart
Total assetsUS$ 50-100 billion (2011)
Number of employees
597 (2012)
SubsidiariesGasway Inc., Getty Terminals Corp., PT Petro Corp.
Websitegettyoil.com

Getty Oil was an American oil marketing company with its origins as part of the large integrated oil company founded by J. Paul Getty.

History[]

In Cheshire, Connecticut, a Cheshire Getty roadside gasoline station.

J. Paul Getty incorporated Getty Oil in 1942.[1] He had previously worked in the oil fields of Oklahoma along with his father George Getty. When George died, he left J. Paul with $500,000 and a projection that he would destroy the family business.[1]

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.[2]

In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, Gordon Getty struck a dramatic deal to sell the company to Texaco.[3]

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.[4]

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 in 2000, and Lukoil sold it to Cambridge Securities LLC in February 2011. Getty Petroleum filed for bankruptcy protection (Chapter 11) on December 5, 2011.[5]

At one point, Getty Oil owned a majority stake of ESPN, before it was sold to ABC in 1984.

See also[]

References[]

  1. ^ Jump up to: a b McDonell-Parry, Amelia (20 March 2018). "John Paul Getty III: The True Story Behind 'Trust'". Rolling Stone. Retrieved 5 March 2019.
  2. ^ Where the Getty family fortune came from
  3. ^ Whitefield, Debra. The Deal: How Getty Ended Up With Texaco, Los Angeles Times, January 19, 1986. Accessed August 30, 2016.
  4. ^ Lewin, Tamar. "Pennzoil-Texaco Fight Raised Key Questions", The New York Times, December 19, 1987. Accessed August 30, 3016.
  5. ^ Getty Petroleum Creditors Sue Former Owners for $6 Million

External links[]

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