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.
* 1 History * 2 See also * 3 References * 4 External links
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.
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 .
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.