Magnolia Petroleum Company
The Magnolia Petroleum Company was an early twentieth century petroleum company in Texas founded on April 24, 1911 by the Sealy family of Galveston, as a consolidation of several earlier companies. 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. Socony 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.[1][2]
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Type | Wholly owned subsidiary |
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Industry | Petroleum |
Fate | Incorporated into the Mobil division of Socony-Vacuum |
Founded | April 24, 1911 in Galveston, Texas, United States |
Founder | the Sealy family |
Defunct | 1959 |
Parent | Standard Oil of New York |
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.[3]
See also
- Magnolia Hotel (originally the Magnolia Petroleum Building), Dallas, Texas
References
- "Business & Finance: Socony-Vacuum Corp". Time. August 10, 1931. Retrieved May 4, 2017.
- 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.
- "Magnolia Petroleum". Retrieved May 4, 2017.
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