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The Magnolia Petroleum Company was an early twentieth century
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) 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 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.
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: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...
. 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.
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 theEast 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 ...
. 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".
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) 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 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.
See also
* Magnolia Hotel (originally the "Magnolia Petroleum Building") *Magnolia Service Station
The Magnolia Service Station is a historic service station located on Old U.S. Route 66 in Texola, Oklahoma. The station, an affiliate of the Magnolia Petroleum Company, opened circa 1930. The station was one of the westernmost in Oklahoma and ...
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