Getty Oil

History

J. Paul Getty incorporated Getty Oil in 1942. 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.

Starting in 1949, J. Paul Getty negotiated a 30-year concession in the neutral zone between Saudi Arabia and Kuwait. Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty died in 1976.

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.

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.

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.

In 1997, Getty Petroleum spun off a new company of its petroleum marketing and distribution segments. This new unit 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.

At one point, Getty Oil owned a majority stake of ESPN, before Getty's purchase by Texaco which then sold ESPN to ABC in 1984.

Leadership

President

1. William C. McDuffie, 1929–1932
2. H. Paul Grimm, 1932–1937
3. William Grove Skelly, 1937–1947
4. D. T. Staples, 1947–1948
5. Jean Paul Getty, 1948–1976
6. Harold E. Berg, 1976–1979
7. Sidney R. Petersen, 1979–1980
8. Robert N. Miller, 1980–1984

Chairman of the Board

1. Harold E. Berg, 1979–1980
2. Sidney R. Petersen, 1980–1984

References

References

1. (20 March 2018). "John Paul Getty III: The True Story Behind 'Trust'".
2. (April 1, 2015). "Where the Getty family fortune came from".
3. Wong, Amelia. (2016-10-18). "The Never-Boring Life of J. Paul Getty, World's Richest Man".
4. Whitefield, Debra. (January 19, 1986). "The Deal: How Getty Ended Up With Texaco".
5. Lewin, Tamar. (December 19, 1987). "Pennzoil-Texaco Fight Raised Key Questions". The New York Times.
6. Markus, Stuart. (2002-03-10). "A New Era at Getty Marketing". The New York Times.
7. Brickley, Peg. (December 10, 2013). "Getty Petroleum Creditors Sue Former Owners for $6 Million".
8. Klienfeld, N.R.. (May 1, 1984). "ABC to acquire ESPN as Texaco sells its 72%". The New York Times.