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Pennzoil
Pennzoil
is an American oil company founded in Los Angeles, California in 1913. In 1955, it was acquired by Oil City, Pennsylvania
Oil City, Pennsylvania
company South Penn Oil, a former branch of Standard Oil. In 1963, South Penn Oil merged with Zapata Petroleum; the merged company took the Pennzoil name. In 1968 United Gas Corporation
United Gas Corporation
became part of Pennzoil.[1] (Although United Gas was a larger company, pre-merger, Pennzoil
Pennzoil
had successfully used a "leveraged buyout" strategy.) During the 1970s, the company moved its offices to Houston, Texas. In 1977 a spin-off company was formed called Pogo, which stood for Pennzoil
Pennzoil
Offshore Gas Operators.[2] Pennzoil
Pennzoil
was headquartered in Pennzoil Place
Pennzoil Place
in Downtown Houston during the 1970s.[3] In 1999 Pennzoil's E&P business (known as PennzEnergy) was acquired by Oklahoma City-based Devon Energy
Devon Energy
and the now known as Pennzoil-Quaker was purchased by Royal Dutch/Shell Group to form SOPUS—Shell Oil Products US.

Contents

1 Gasoline 2 Commercial automotive and motorcycle partnerships 3 Motorsports 4 Pennzoil, Co. v. Texaco, Inc. 5 See also 6 References 7 External links

Gasoline[edit] Though not much emphasis has ever been placed on gasoline, Pennzoil does sell gas.[4] In the early parts of the company's history, the gas stations were branded as Pennzip, though they were later changed to Pennzoil. For decades, Pennzoil
Pennzoil
gas stations were mostly marketed in western Pennsylvania, western New York, northern and eastern Ohio, and northern West Virginia. In the 1990s, Pennzoil
Pennzoil
gas experienced a bit of a revival when Pittsburgh
Pittsburgh
area convenience store chain Cogo's began co-branding themselves with Pennzoil. The co-branding lasted only a few years, and Cogo's switched brands to BP and Exxon
Exxon
in 2001. After Shell's purchase of Pennzoil, there was the possibility that the remaining Pennzoil
Pennzoil
stations—mostly in western PA—would be converted to Shell as part of the company's aggressive movement to expand nationally. This hasn't happened, but the three company-owned Pennzoil
Pennzoil
gas stations in the New Castle, Pennsylvania
New Castle, Pennsylvania
area began co-branding themselves with 7-Eleven
7-Eleven
in 2003, with more emphasis placed on the 7-Eleven
7-Eleven
brand name than Pennzoil
Pennzoil
itself. As of June 2009, only one Pennzoil/ 7-Eleven
7-Eleven
combination remains, as another converted to BP in 2006 while retaining 7-Eleven
7-Eleven
(a Pennzoil in Ambridge, Pennsylvania
Ambridge, Pennsylvania
also converted to BP at the same time). On June 8, 2009, the other Pennzoil/ 7-Eleven
7-Eleven
was sold to private owners and became an independent, unbranded location. There is also a surviving Pennzoil
Pennzoil
station in Ashtabula, Ohio
Ohio
right off of Ohio
Ohio
State Route 11. Commercial automotive and motorcycle partnerships[edit] Pennzoil
Pennzoil
is an official long-term recommended motor oil of all FIAT Chrysler Automobiles companies (including all of subsidiaries), BMW, Mini, Rolls-Royce, Hyundai, Chevrolet, Ford, IVECO
IVECO
and Opel
Opel
for automobiles in United States. Pennzoil
Pennzoil
is also an official long-term recommended motorcycle engine oil of Ducati
Ducati
for motorcycles in United States. Motorsports[edit] USAC National Championship
USAC National Championship
drivers Al Unser
Al Unser
and Johnny Rutherford
Johnny Rutherford
were sponsored by Pennzoil
Pennzoil
in the Chaparral team. Rutherford won the Indianapolis 500
Indianapolis 500
and the championship in 1980. From 1983 to 1990, Pennzoil
Pennzoil
sponsored the Team Penske
Team Penske
driver Rick Mears
Rick Mears
during his CART World Series campaign, winning the 1984 and 1988 Indianapolis 500. IndyCar Series
IndyCar Series
driver Sam Hornish Jr.
Sam Hornish Jr.
drove for Pennzoil-sponsored Panther Racing
Panther Racing
from 2001 to 2003. Since 2011, Team Penske
Team Penske
driver Hélio Castroneves
Hélio Castroneves
hast been sponsored part-time by Pennzoil, most notably at the Indianapolis 500. Pennzoil's yellow car livery has been nicknamed the "Yellow Submarine". In the Monster Energy
Monster Energy
NASCAR
NASCAR
Cup Series, Dale Earnhardt, Inc.
Dale Earnhardt, Inc.
had a Pennzoil
Pennzoil
sponsorship for Steve Park
Steve Park
in their No.1 car from 1998 to 2003. Richard Childress Racing
Richard Childress Racing
driver Kevin Harvick
Kevin Harvick
had a Pennzoil sponsorship from 2007 to 2010. Penske Racing
Penske Racing
took over the Pennzoil sponsorship in 2011 with Kurt Busch
Kurt Busch
and in 2012, it was moved over to A. J. Allmendinger
A. J. Allmendinger
and to Joey Logano
Joey Logano
in 2013. In 2018, it will sponsor the Las Vegas Monster Energy
Monster Energy
NASCAR
NASCAR
Cup Series spring race, Pennzoil
Pennzoil
400. Pennzoil
Pennzoil
was the title sponsor of the Grand Prix of Houston
Houston
in 2013. Pennzoil
Pennzoil
also has been the official motor oil of German-American GTLM team BMW
BMW
Team Rahal Letterman Lanigan Racing
Rahal Letterman Lanigan Racing
since 2015 season and also American Formula One
Formula One
outfit Haas F1 Team
Haas F1 Team
since 2016 season. Pennzoil, Co. v. Texaco, Inc.[edit] In 1984, Pennzoil
Pennzoil
made an informal but binding contract with Getty Oil to purchase a large portion of Getty Oil, in order to give Pennzoil rights to Getty's oil deposits.[5] Following the deal, the Texaco
Texaco
oil company, operating under the belief the deal was not yet final, encroached on the complex merger in an attempt to acquire Getty for itself.[6] Pennzoil
Pennzoil
sued Texaco
Texaco
in Texas
Texas
state court, alleging that Texaco tortiously induced Getty to breach the contract with Pennzoil. At first it was adjudicated by Judge Anthony J.P. Farris; it was finished by visiting Judge Solomon (Sol) Casseb of San Antonio. A jury awarded Pennzoil, represented by Joe Jamail and Baine Kerr, $7.53 billion in compensatory damages and $3 billion in punitive damages. Under Texas law, Pennzoil
Pennzoil
could secure a lien on all of Texaco's property in the state, unless Texaco
Texaco
posted a bond that covered the judgment, interests and costs of the lawsuit (estimated to be $13 billion).[7] Before judgment could be entered in the Texas
Texas
court and Pennzoil
Pennzoil
could obtain a lien, Texaco
Texaco
filed a suit in the U.S. District Court for the Southern District of New York, alleging that the Texas
Texas
proceedings violated Texaco's constitutional rights. The District Court found for Texaco, and the Second Circuit affirmed.[8] Pennzoil
Pennzoil
appealed the federal court case to the United States
United States
Supreme Court. Laurence H. Tribe argued for Pennzoil, whereas David Boies
David Boies
argued for Texaco. The Supreme Court reversed the circuit court decision, on the grounds that the New York court should have abstained interfering with the decision of a state court.[9] Texaco
Texaco
also appealed the Texas
Texas
state court decision. The Texas
Texas
Court of Appeals upheld the jury verdict, but found that the trial court had abused its discretion by not suggesting a remittitur (reduction of damages). It would allow the verdict to stand if Pennzoil
Pennzoil
filed a remittitur of two billion dollars, making the punitive damages award $1 billion.[10] Compensatory damages of $7.53 billion remained unaffected. Pennzoil
Pennzoil
paid Mr. Jamail $335 million and Mr. Kerr $10 million for the victory. After Texaco
Texaco
filed for bankruptcy, Pennzoil
Pennzoil
agreed to settle the case for $3 billion. [11] See also[edit]

Houston
Houston
portal Companies portal Energy portal

Getty Oil Jiffy Lube Shell Oil Company Windmill Quaker State

References[edit]

^ "PENNZOIL". Texas
Texas
State Historical Association (together with the University of North Texas's "University Libraries"). Retrieved December 19, 2013. In 1965 the Liedtke brothers achieved the dramatic takeover of United Gas Corporation, a company five times the size of Pennzoil. Among United Gas Corporation's affiliates were the United Gas Pipeline Company of Shreveport, [...] Union Producing Company; Duval Corporation, [...] and Atlas Processing Company. In 1968 United Gas was merged into Pennzoil, and the firm was renamed Pennzoil United, Incorporated.  ^ "W.C. Liedtke; Co-Founder of Pennzoil". Los Angeles
Los Angeles
Times. 4 March 1991.  ^ "General Conditions and Legal Notices." Pennzoil. February 14, 1998. Retrieved on January 17, 2010. ^ http://articlesguidance.org/the-complete-history-of-pennzoil-y7h4s/ ^ Petzinger, Jr., Thomas (1988). Oil and Honor The TEXACO-PENNZOIL Wars. New York, New York: Berkley. ISBN 0-425-11172-5.  ^ Beatty, Jeffrey (2008). Legal Environment. Mason, Ohio: South-Western Cengage Learning. p. 144. ISBN 978-0-324-78654-5.  ^ Pennzoil
Pennzoil
Co. v. Texaco
Texaco
Inc., 481 US 1, 5 (1987). ^ Pennzoil
Pennzoil
Co. v. Texaco
Texaco
Inc., 481 US 1, 5,6 (1987). ^ Pennzoil
Pennzoil
Co. v. Texaco
Texaco
Inc., 481 US 1, 10-18 (1987). ^ Texaco, Inc v. Pennzoil
Pennzoil
Co., 729 SW 2d 768, 785, 866 (1987). ^ Lewin, Tamar (December 19, 1987). "Pennzoil- Texaco
Texaco
Fight Raised Key Questions". New York Times. Retrieved March 3, 2013. 

External links[edit]

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