history as a result of the violation of the binding agreement. Pennzoil, Co., Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. On November 19, 1985, in the case of Texaco, Inc. In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, Gordon Getty struck a dramatic deal to sell the company to Texaco. Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty negotiated a 30-year old concession in the neutral zone between Saudi Arabia and Kuwait. Paul with $500,000 and a projection that he would destroy the family business. He had previously worked in the oil fields of Oklahoma along with his father George Getty. Paul Getty incorporated Getty Oil in 1942. History A Getty roadside gasoline station in Cheshire, Connecticut (2011) Getty Oil Company was an American oil marketing company with its origins as part of the large integrated oil company founded by J.
Gasway Inc., Getty Terminals Corp., PT Petro Corp.
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