Magnolia Petroleum Company

The Magnolia Petroleum Company was from 1911 to 21 December 1925, an independent oil company. It was founded on 24 April 1911 as Aktiengesellschaft. In the company several predecessor companies brought in their capital.

Predecessor and founding

1901 was the George A. Burt Refining Company, the crude oil from the oil field " Spindletop Hill " at Beaumont (Texas ) processed and was renamed the Security Oil Company. It was founded in 1909 together with the Navarro Refining Company purchased by the John Sealy Company. This was in 1911 under President John Hutchings Sealy - renamed Magnolia Petroleum Company (1870 1926). Their shares originally had a par value of $ 2.45 million, ie 24.5 thousand shares each USD 100.

The oldest of the predecessor company, the JS Cullinan Company, since December 25, 1898 operated a refinery at Corsicana (Texas ). 1899 was established as crude oil conveyor for Corsicana Petroleum Company, the Cullinan system and then renamed Navarro Refining Company. It was sold at the price of USD 185 million to the Magnolia Petroleum Company in 1925.

Subsidiaries and successors

The Magnolia Pipe Line Company, was founded in November 1925 as a transport subsidiary of Petroleum Company.

The Magnolia Petroleum Company increasingly gained market share in the southwestern states of the U.S. and shares were purchased by the Standard Oil Company of New York. In December 1925 all shares were exchanged for shares of Magnolia the Standard Oil Company and transfer the property by Texan law 21 November 1925 on the new company. As this 1931 with the Vacuum Oil Company Socony -Vacuum Oil Company for merged, Magnolia became a branch of the new company.