Magnolia Petroleum Company
Type
IndustryPetroleum
FoundedApril 24, 1911 (1911-04-24)
FounderSealy family
Defunct1959 (1959)
FateIncorporated into the 'Mobil' division of Socony-Vacuum Co. in 1959
Headquarters
Galveston, Texas
,
United States
ProductsGasoline
ParentStandard Oil of New York

The Magnolia Petroleum Company was an early twentieth century petroleum company in Texas. The company was established in 1911, being later acquired by the Standard Oil of New York, which operated it as a wholly-owned subsidiary until its demise in 1959.[1][2]

History

The company was founded on April 24, 1911, by the Sealy family of Galveston, as a consolidation of several earlier companies, including J. S. Cullinan Company and its refinery in the East Texas Oil Field. Standard Oil of New York ("Socony") exchanged its stock for all of the Magnolia stock (except seven shares for the Directors) in December 1925 though it continued to operate as an affiliate of Socony. The firm then merged with Vacuum Oil Company in 1931, becoming "Socony-Vacuum Oil Company".

Former Magnolia service station in Little Rock, Arkansas, photographed in 2018

Magnolia Petroleum continued to operate as a subsidiary of Socony-Vacuum. In 1959, Magnolia was fully incorporated into the Mobil division of Socony-Vacuum, which later changed its name to 'Socony Mobil' and, ultimately to Mobil Oil Corporation. In 1999, Mobil merged with Exxon to form ExxonMobil, one of the largest oil companies in the world. Preferred Magnolia stock was eventually converted to ExxonMobil stock, making the Sealy family (John Sealy Estate, Sealy Foundation) some of the largest shareholders of ExxonMobil.

The acquisition proved to be one of the most important mergers that brought the majors in to develop the Corsican and Beaumont area into one of the largest refineries in the world.[3][4]

The emblem of Magnolia Petroleum Company was originally a magnolia blossom. When Socony merged with Vacuum in 1931, Socony-Vacuum as well as Magnolia began using Vacuum's Brand of ‘Flying Red Horse’ petroleum products a.k.a. red Pegasus logo, as well as the Mobil name for its products (Mobilgas, Mobiloil, etc.).

An unrelated Oklahoma-based company of the same name has been operating since 2008.[5]

See also

References

  1. ↑ tshaonline.org, Joseph S. Cullinan
  2. ↑ The History of the East Texas Oil Field, page 8, by L. Silvey
  3. ↑ "Business & Finance: Socony-Vacuum Corp". Time. August 10, 1931. Archived from the original on November 22, 2008. Retrieved May 4, 2017.
  4. ↑ Linsley, Judith; Rienstrad, Ellen; Stiles, Jo (2002). Giant Under the Hill, A History of the Spindletop Oil Discovery at Beaumont, Texas in 1901. Austin: Texas State Historical Association. p. 202. ISBN 9780876112366.
  5. ↑ "Magnolia Petroleum". Retrieved May 4, 2017.
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