Word: oiling
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Dates: during 1950-1959
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Getty's everyday pleasures are munching maple sugar candy and talking over big-wheeler deals in English, French, Arabic, German, Spanish or Italian. He has plenty to talk about. Besides his $300 million interest in Getty Oil, he controls 64½% of Tidewater Oil*($460 million worth), 59% of Skelly Oil (worth $335 million). He also has .417% of the Iranian Oil Consortium (worth about $8,000,000) and Oklahoma's $15 million Spartan Aircraft Co., $10 million worth of real estate from Acapulco to Manhattan's plush Hotel Pierre...
...About 90% of it went to Paul Getty's mother, $1,000 to charity and only $500,000 to Getty because the father disapproved of his marital escapades. Nevertheless, Getty persuaded his mother to wager the family's stake on the chance of 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
...Gamble. During these early skirmishes, oil executives looked down upon J. Paul Getty as a "stock man" rather than an "oil man." But Getty proved he was an "oil man" in the Middle East, where he felt he needed reserves to mold an integrated oil empire. In 1949 he bought the oil rights to Saudi Arabia's 50% interest in the Neutral Zone. The price: a sky-high $9,500,000 plus a minimum $1,000,000 a year for three years -against royalties of 55? a bbl. Then Getty pumped $3,000,000 into exploration and development...
...Richest? Now Getty is taking the last step toward a fully integrated oil empire that will run from producing field to gas pump. Tidewater will soon finish a $200 million refinery on the Delaware coast, and by May the plant will be producing 130,000 bbl. of gasoline and fuel daily. It will also have one of the world's biggest single fluid catalytic crackers (processing...