Pennzoil is an American oil company established in Los Angeles, California in 1913. In 1955, the company was acquired by Oil City, Pennsylvania's Pennsylvania Penn Oil, the former Standard Oil branch. In 1963, South Penn Oil merged with Zapata Petroleum; the combined company takes the name Pennzoil. In 1968 United Gas Corporation became part of Pennzoil. (Although United Gas is a larger company, pre-merger, Pennzoil has successfully used a "leveraged buyout" strategy.) During the 1970s, the company moved its offices to Houston, Texas. In 1977 a spin-off company was formed named Pogo, which stood for Pennzoil Offshore Gas Operators.
Pennzoil was based in Pennzoil Place in downtown Houston during the 1970s. In 1999, Pennzoil E & amp; P (known as PennzEnergy) was acquired by Devon Energy based in Oklahoma City and is now known as Pennzoil-Quaker purchased by Royal Dutch/Shell Group to form SOPUS - S hell O il P roducts US .
Video Pennzoil
Gasoline
Although there is not much emphasis on gasoline, Pennzoil does sell gas. In the early part of the company's history, the gas station was branded as Pennzip, though later converted into Pennzoil. For decades, the Pennzoil gas stations were mostly marketed in western Pennsylvania, western New York, northern and eastern Ohio, and northern West Virginia.
In the 1990s, Pennzoil gas underwent a slight revival when the Pittsburgh department store chain, Cogo, began co-branding itself with Pennzoil. Co-branding lasted only a few years, and the Cogo brand switched to BP and Exxon in 2001.
After the purchase of Shell from Pennzoil, it is likely that the remaining Pennzoil stations - mostly in western PAs - will be converted to Shell as part of the company's aggressive movement to expand nationwide. This has never happened, but three Pennzoil gas stations belonging to the company in New Castle, Pennsylvania began working with 7-Eleven in 2003, with more emphasis on the 7-Eleven brand name than Pennzoil itself.
In June 2009, only one combination of Pennzoil/7-Eleven was left, as others converted to BP in 2006 while maintaining 7-Eleven (Pennzoil in Ambridge, Pennsylvania also converted to BP at the same time). On June 8, 2009, Pennzoil/7-Eleven was sold to private owners and became an independent and unbranded location. There is also a Pennzoil station still in Ashtabula, Ohio, right next to Ohio State Route 11.
Maps Pennzoil
Commercial automotive and motorcycle partnerships
Pennzoil is a long-term authorized motor oil recommended for all Fiat Chrysler automobiles (including all subsidiaries), BMW, Mini, Rolls-Royce, Hyundai, Chevrolet, Ford, Ferrari, Iveco and Opel for cars in the United States. Pennzoil is also the official long-term motorcycle engine oil recommended for motorcycles in the United States.
Motorports
The National Championship racers USAC, Al Unser and Johnny Rutherford were sponsored by Pennzoil on the Chaparral team. Rutherford won the Indianapolis 500 and the championship in 1980. From 1983 to 1990, Pennzoil sponsored Team Penske drivers, Rick Mears during the CART World Series campaign, winning Indianapolis 1984 and 1988 500. IndyCar Series rider Sam Hornish Jr. drove to Pennzoil-sponsored Panther Racing from 2001 to 2003. Since 2011, Tim Penske HÃÆ' Â © lio Castroneves's driver has been sponsored part-time by Pennzoil, especially at the Indianapolis 500. The yellow car pennzo livery has been nicknamed "Yellow Submarine".
In NASCAR Cup Series Energy Monster, Dale Earnhardt, Inc. had Pennzoil's sponsor for Steve Park in their No.1 car from 1998 to 2003. Richard Childress Racing driver Kevin Harvick has sponsored Pennzoil from 2007 to 2010. Penske Racing took over Pennzoil sponsorship in 2011 with Kurt Busch and in 2012, to AJ Allmendinger and to Joey Logano in 2013. By 2018, he will sponsor the spring race race Las Vegas Monster Energy NASCAR Series, Pennzoil 400.
Pennzoil is the main sponsor of the Grand Prix of Houston in 2013.
Pennzoil has also become official motor oil GTLM Team Germany-America Team BMW Rahal Letterman Lanigan Racing since the 2015 season and also the Formula One team of America Haas F1 Team since the 2016 season.
Pennzoil mensponsori NHRA Don Schumacher Racing dan pembalap Matt Hagan (Funny Car) dan Leah Pritchett (Top Fuel)
Pennzoil, Co. v. Texaco, Inc.
In 1984, Pennzoil made an informal but binding contract with Getty Oil to buy most of Getty Oil, to grant Pennzoil the right to Getty's oil reserves. Following the deal, the Texaco oil company, operating under the belief that the deal was not final, violated the complex merger in an attempt to get Getty for himself.
Pennzoil sued Texaco in a Texas state court, alleging that Texaco sadly encouraged Getty to break the contract with Pennzoil. Originally decided by Judge Anthony J.P. Farris; finished by visiting Judge Solomon (Sol) Casseb from San Antonio. The jury awarded Pennzoil, represented by Joe Jamail and Baine Kerr, $ 7.53 billion in compensation and $ 3 billion in compensation. Under Texas law, Pennzoil can obtain a lien on all Texaco properties in the state, unless Texaco posts a bond that covers judgment, interest, and lawsuit fees (estimated at $ 13 billion).
Before a decision could go to a Texas court and Pennzoil could obtain a lien, Texaco filed a lawsuit in US District Court for the Southern District of New York, alleging that Texas's legal process violated Texaco's constitutional right. The District Court found Texaco, and Second Circuit confirmed. Pennzoil appealed a federal court case to the United States Supreme Court. Laurence H. Tribe argued for Pennzoil, while David Boies argued for Texaco. The Supreme Court overturned the ruling of the circuit court, arguing that the New York court must abstain from the decision of the state court.
Texaco also filed an appeal against a Texas state court decision. The Texas Appeals Court upheld the jury's verdict, but found that the court had abused its policy by not suggesting remittitur (damage reduction). This will allow the verdict to stand if Pennzoil filed a two billion dollar remittance, making $ 1 billion in punitive damages. The compensation loss of $ 7.53 billion remains unaffected. Pennzoil paid Mr. Jamail $ 335 million and Mr. Kerr $ 10 million for victory.
After Texaco filed for bankruptcy, Pennzoil agreed to settle the case for $ 3 billion.
See also
- Getty Oil
- Jiffy Lube
- Shell Oil Company
- Windmill Quaker State
References
External links
- Official website
Source of the article : Wikipedia
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