The Magnolia Petroleum Company was an early twentieth century

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...

company in

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

. The company was established in 1911, being later acquired by the

Standard Oil of New York Mobil is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil. The brand was formerly owned and operated by an oil and gas corporation of the same name, which itself merged with Exxon to form ExxonMobil in 1999. ...

, which operated it as a wholly-owned

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

until its demise in 1959.

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 The East Texas Oil Field is a large oil and gas field in east Texas. Covering and parts of five counties, and having 30,340 historic and active oil wells, it is the second-largest oil field in the United States outside Alaska, and first in tot ...

("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 Vacuum Oil Company was an American oil company known for its ''Gargoyle'' 600-W steam cylinder motor oil. After being taken over by the original Standard Oil Company and then becoming independent again, in 1931 Vacuum Oil merged with the Standar ...

in 1931, becoming "Socony-Vacuum Oil Company". 1st Visitor Center P6190094

Magnolia Petroleum continued to operate as a

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 Mobil is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil. The brand was formerly owned and operated by an oil and gas corporation of the same name, which itself merged with Exxon to form ExxonMobil in 1999. ...

. In 1999, Mobil merged with

Exxon ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, ...

to form

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, ...

, 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) were some of the largest share holders 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 in to one of the largest refineries in the world. 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 Magnolia's Brand of ‘Red Flying Horse’ petroleum products a.k.a. red

Pegasus Pegasus ( grc-gre, Πήγασος, Pḗgasos; la, Pegasus, Pegasos) is one of the best known creatures in Greek mythology. He is a winged divine stallion usually depicted as pure white in color. He was sired by Poseidon, in his role as hor ...

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.

References

Defunct oil companies of the United States Petroleum in Texas 1910s in Texas Energy companies established in 1911 Non-renewable resource companies established in 1911 Non-renewable resource companies disestablished in 1959 1911 establishments in Texas 1959 disestablishments in Texas Defunct companies based in Texas Former ExxonMobil subsidiaries 1925 mergers and acquisitions {{petroleum-company-stub

History

See also

References