The Magnolia Petroleum Company was an early twentieth-century petroleum company in Texas. 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.[1][2]
History
The company was founded on April 24, 1911, by John H. Sealy, who named the company after his favorite aunt, Magnolia Sealy.[3] This was part of his investment diversification following the Spindletop gusher in January 1901.[3] The company began with the purchase of the Navarro Oil company (former J. S. Cullinan Company), including its refinery in the East Texas Oil Field, and the Security Oil company. Magnolia became a consolidation of several other companies operating in the Corsicana oil fields.