Getty Oil

Getty Oil Company

Company type	Private
Industry	Petroleum
Founded	1942
Founder	J. Paul Getty
Defunct	2012
Fate	Sold to Texaco in 1984; operations discontinued in 2012
Headquarters	Tulsa, Oklahoma and New York, New York , United States
Products	Oil marketing, petroleum products, fuel stations

Getty Oil Company was a U.S.-based oil marketing enterprise that evolved from the integrated petroleum corporation established by J. Paul Getty. The business discontinued its operations in 2012.

History

Established by J. Paul Getty in 1942, Getty Oil traced its roots back to his earlier experience working in Oklahoma oil fields alongside his father, George Getty. Upon George Getty's passing, he bequeathed $500,000 to J. Paul Getty and foresaw that his son would eventually break up the family enterprise.

Starting in 1949, Getty secured a 30-year concession within the neutral zone situated between Saudi Arabia and Kuwait. After J. Paul Getty passed away in 1976, a 40% ownership share transferred to Gordon Getty and his family.

In 1984, although an agreement was initially made to sell Getty Oil along with its proven reserves of 2.3 billion barrels to Pennzoil, Gordon Getty ultimately sold the company to Texaco instead.

On November 19, 1985, the case Texaco, Inc. v. Pennzoil, Co. resulted in Pennzoil obtaining a $10.53 billion judgment against Texaco for violating the contract—marking the largest civil verdict recorded in U.S. history. Following prolonged legal proceedings and Texaco’s subsequent bankruptcy filing, a settlement of $3 billion was reached with Pennzoil.

Although the oil reserves were divested, certain refineries remained under Getty’s ownership as it persisted as a downstream business segment. The Northeast-based Getty fuel stations were sold off during this transaction, leading to the formation of Getty Petroleum Marketing Inc.

In 1997, Getty Petroleum separated its marketing and distribution operations into a distinct entity, which was acquired by Lukoil in 2000; later, Lukoil sold this unit to Cambridge Securities LLC in 2011. On December 5, 2011, Getty Petroleum filed for Chapter 11 bankruptcy protection.

At one point, Getty Oil held a controlling interest in ESPN, which Texaco sold to ABC after acquiring Getty in 1984.

Presidents

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

Chairmen of the Board

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