Magnolia Petroleum Company
The Magnolia Petroleum Company was from 1911 to December 21, 1925 an independent mineral oil company. It was founded on April 24, 1911 as a stock corporation . Several predecessor companies contributed their capital to the company.
Predecessor and foundation
In 1901 the George A. Burts Refining Company was established , which processed crude oil from the "Spindletop Hill" oil field near Beaumont, Texas and was renamed the Security Oil Company . It was bought out in 1909 by the John Sealy Company along with the Navarro Refining Company . This was renamed in 1911 under the President John Hutchings Sealy (1870-1926) in Magnolia Petroleum Company . Their shares originally had a par value of $ 2,450,000, or 24,500 shares of $ 100 each.
The oldest of the predecessor companies, the JS Cullinan Company , operated a refinery in Corsicana (Texas) since December 25, 1898 . In 1899, the Corsicana Petroleum Company was founded as a crude oil producer for the Cullinan plant and then renamed the Navarro Refining Company . It was sold to Magnolia Petroleum Company in 1925 for $ 185 million.
Subsidiaries and successors
The Magnolia Pipe Line Company was founded in November 1925 as a transport subsidiary of the Petroleum Company.
Magnolia Petroleum Company continued to gain market share in the southwestern United States and shares were acquired by Standard Oil Company of New York. In December 1925, all shares in Magnolia were exchanged for shares in the Standard Oil Company and ownership was transferred to the new company under Texas law on November 21, 1925. When it merged with the Vacuum Oil Company to form the Socony-Vacuum Oil Company in 1931 , Magnolia became a subsidiary of the new company.
