MAGNOLIA

00078 – MAGNOLIA – In 1911 the Magnolia Petroleum Company was formed in a consolidation of several earlier Texas oil companies begun from 1898 to 1909. As Magnolia’s business grew in Texas and the Southwest, the Standard Oil Company of New York (SOCONY) began buying Magnolia stock. By 1925, Socony controlled all the Magnolia stock. When Socony merged with Vacuum Oil in 1931, Magnolia became an affiliate of the new company. By 1949, Dallas-based Magnolia had permits to do business in twenty states, and had 12,500 employees. Magnolia merged with Socony Mobil in 1959, and its operations became part of Mobil Oil Company.