Word: co
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Dates: during 1950-1959
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...becoming an oil major-leaguer by buying into oil companies. He took over the Pacific Western Oil Corp., then liquidated its $12 million investment portfolio, sold some of its leases, and borrowed heavily to raise cash for bigger game. Quietly he bought shares in the big Tidewater Oil Co. at depression prices...
Large blocks of Tidewater were held by Standard Oil Co. (N.J.), which created Mission Corp. as a holding company for Standard's stock in Tidewater and Skelly Oil. So Getty started to buy into Mission. By 1936 Getty owned 46% of Mission's stock, by far the biggest share, and elected all but one of his directors in a bitter proxy fight. That gave him control of Skelly Oil, but not quite enough to pocket Tidewater. After three years of knee-and-gouge battle, Tidewater made peace with
...showing of oil come up from 3,500 ft. to indicate that his gamble would pay. That year the zone produced 7,559 bbl. of crude. In 1954 it zoomed to 2,977,094 bbl., in 1955 to 4,351,741 bbl., and by last year Getty Oil Co. alone was transporting 25,000 bbl. a day to the Persian Gulf through its 10¾-in. pipeline...
Such bold expansion has sent up the market value of the stock of all Getty's interests. Getty Oil Co., which issues only stock dividends on its common so that all profits can be put back into expansion, has climbed from 11 in 1950 to last week's 45¼. Still Paul Getty is dissatisfied. As one of his few close friends explained: "Getty is not content being one of the richest men in the world; he wants to be the richest...
...These holdings spread-eagle over a fantastic corporate maze. Getty Oil Co. owns 14% of Tidewater. It also holds 42% of Mission Development Co., which in turn owns 47% of Tidewater. And Getty Oil owns 47% of the separate Mission Corp., which itself owns 10% of Mission Development Corp. and 3½% of Tidewater...