Getty Oil

Getty Petroleum Marketing
Private
Headquarters East Meadow, New York
Key people
 J. Paul Getty—founder
Website www.gettyoil.com

Getty Oil is an American oil company founded by J. Paul Getty in 1964. In 1971, the Getty Realty division was formed to manage the real estate needs of Getty stations. The division was later spun off, but now owns the rights to the Getty brand.[1] The Russian oil company Lukoil bought Getty in 2000. Lukoil sold Getty Petroleum Marketing to a private investment group in 2011. GPM filed for bankruptcy shortly thereafter.[2]

History

Soon after 1970, the Getty Oil Company sold its European activities to Burmah Oil. The sale consisted of rights to the Veedol name and a refinery in Gaeta, Italy (which had an associated Getty branded service station).[3] Burmah kept Veedol separate from its main Castrol brand. The Veedol name was still in use in several countries after BP bought Burmah in 2000. In 1984, Texaco bought Getty Oil of Los Angeles, California. By General Assignment, Conveyance, Bill of Sale and Transfer dated December 31, 1984, Getty Oil Company transferred its upstream interests to Texaco. On November 19, 1985, Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. history. (Texaco established a signed contract to buy Getty Oil after Pennzoil had already entered into an unsigned, yet still binding, buyout contract with Getty.)

In the end, only some of the refineries changed hands, and Getty continued to exist as a downstream entity. Getty gas stations in the Northeast were sold off as a condition of the buyout. At one time, some were co-branded with Mid-Atlantic convenience store chain Uni-Mart, which now sells its own brand of gasoline. The company became known as Getty Marketing.

Subsidiaries

Cheshire Getty

In November 2000, Russian oil company Lukoil purchased Getty Marketing, which had been spun off of Getty Realty, and in 2003 converted a small number of Getty stations to Lukoil. In 2004, Lukoil bought many Mobil stations from ConocoPhillips, which had bought the stations from ExxonMobil in 2000. ExxonMobil sold these stations off due to an antitrust settlement soon after Exxon and Mobil merged. These stations were converted to Lukoil quickly for legal reasons.

According to Getty Realty's 2006 annual report, Getty Realty owns the Getty trademark and trade name in the United States and licenses them to Getty Marketing (owned by Lukoil). In Europe the trademark was owned by Texaco before Olaf Westerhoudt acquired the rights in 2007 for an undisclosed amount.

At one point, Getty Oil owned a majority stake of ESPN, before it was sold to the American Broadcasting Company in 1984.

As of August 2009, many Getty stations in New England have been converted to BP or are in the process of doing so. Evidence of converted stations can could be found in Providence, RI, Athol, MA, Fall River, MA, New Bedford, MA, Woburn, MA, Bloomfield, CT, Southington, CT, Watertown, CT, Danbury, CT, Salem, NH, Lowell, MA, Woonsocket, RI, and Middletown, CT.

See also

References

  1. ↑ http://www.virginia.edu/igpr/APAG/apagoilhistory.html
  2. ↑ Getty Trustee Settles With Feds Over $700M Cleanup Bill
  3. ↑ "The Fixed Income Investor". Standard and Poor's Corporation. January 1973. p. 585.

External links