Magnolia Petroleum Company
The Magnolia Petroleum Company was an early twentieth century petroleum company in Texas. The company was established in 1911, being later acquired by the Standard Oil of New York, which operated it as a wholly-owned subsidiary until its demise in 1959. History. The company was founded on April 24, 1911 by the Sealy family of Galveston, as a consolidation of several earlier companies. Standard Oil of New York ("Socony") exchanged its stock for all of the Magnolia stock (except seven shares for the Directors) in December 1925 though it continued to operate as an affiliate of  Socony. The firm then merged with Vacuum Oil Company in 1931, becoming "Socony-Vacuum Oil Company". Magnolia Petroleum continued to operate as a subsidiary of Socony-Vacuum. In 1959, Magnolia was fully incorporated into the Mobil division of Socony-Vacuum, which later changed its name to 'Socony Mobil' and, ultimately to Mobil Oil Corporation. In 1999, Mobil merged with Exxon to form ExxonMobil, one of the largest oil companies in the world. Preferred Magnolia stock was eventually converted to ExxonMobil stock, making the Sealy family (John Sealy Estate, Sealy Foundation) were some of the largest share holders of ExxonMobil. The  acquisition proved to be one of the most important mergers that brought the majors in to develop the Corsican and Beaumont area in to one of the largest refineries in the world. The emblem of Magnolia Petroleum Company was originally a magnolia blossom. When Socony merged with Vacuum in 1931, Socony-Vacuum as well as Magnolia began using Magnolia's Brand of ‘Red Flying Horse’ petroleum products a.k.a. red Pegasus logo, as well as the Mobil name for its products (Mobilgas, Mobiloil, etc.). An unrelated Oklahoma-based company of the same name has been operating since 2008. Magnolia Petroleum Company