Getty Oil

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Getty Petroleum Marketing, Inc.
Private
Founded 1942
Founder J. Paul Getty
Defunct 2012
Headquarters ,
Number of locations
1,155 (2011)
Products Gasoline oil and service mart
Total assets US$ 50-100 million (2011)
Number of employees
597 (2012)
Subsidiaries Gasway Inc., Getty Terminals Corp., PT Petro Corp.
Website gettyoil.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 Franklin 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]

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 ABC in 1984.

See also

References

  1. ^ 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

  • Getty's Official Site
  • Westerhoudt's Official Site
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