Pennzoil Co., headquartered in Houston, Texas is a large oil producing, refining, and marketing company. Pennzoil traces its origins back to two companies, Zapata Petroleum and South Penn Oil Company. In 1983 Pennzoil signed an agreement with Getty Oil for the purchase of Getty. Several days after public announcement of the agreement, Texaco purchased all of Getty Oil. Pennzoil reacted by bringing a suit against Texaco for interfering with its agreement with Getty Oil. After four years of trial, Pennzoil was awarded a $10.3 billion settlement in 1988. At the time the settlement was the largest in history. A major part of the Texaco settlement was used by Pennzoil to purchase shares of the Chevron Corporation in subsequent years.
From the guide to the Pennzoil Co. V. Texaco Inc. Case Records 88-208; 88-377; 92-428; 93-469; 96-156., 1883, 1934-1988, (Dolph Briscoe Center for American History, The University of Texas at Austin)
Pennzoil Co., headquartered in Houston, Texas is a large oil producing, refining, and marketing company. Pennzoil traces its origins back to two companies, Zapata Petroleum and South Penn Oil Company. In 1983 Pennzoil signed an agreement with Getty Oil for the purchase of Getty. Several days after public announcement of the agreement, Texaco purchased all of Getty Oil. Subsequently, Pennzoil filed a lawsuit against Texaco for interfering with its agreement with Getty Oil. After four years of trial, Pennzoil was awarded a $10.3 billion settlement in 1988. At the time the settlement was the largest in history.
From the guide to the Pennzoil-Texaco Dispute Oral History Collection 94-150; 97-311., 1990-1993, (Dolph Briscoe Center for American History, The University of Texas at Austin)
