1927 The Texas Almanac and State Industrial Guide Page: 2
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MAGNOLIA PETROLEUM COMPANY.
HISTORY OF MAGNOLIA
Shortly after the discovery of oil at Corsicana, Texas, a
refinery was built at that point during the year 1898; there-
after the Spindle Top field in South Texas was brought in and
a refinery was built at Beaumont, Texas; both of these were
small and pioneer refineries. These properties were sold by a
Receiver of the State of Texas on December 7th, 1909. Mr.
John Sealy of the banking firm of Hutchings, Sealy & Company,
Galveston, Texas, for himself and associates purchased these
refinery properties at said Receiver's sale. The properties
were operated by the firm of John Sealy & Company until
April 24, 1911, when the owners organized the MAGNOLIA
PETROLEUM COMPANY, a joint stock association. The
Magnolia Petroleum Company, a joint stock association as
such, owned and operated these properties and others until
December 15th, 1925, at which date the pipe line department
was separated from the producing, sales and refining depart-
ments and two corporations were organized under the laws of
the State of Texas, one known as Magnolia Petroleum Com-
pany, which carries on the business .of producing, manufactur-
ing and selling oils and by-products therefrom, while the other,
1Magnolia Pipe Line Company, is a common carrier of crude oil.
The two companies are Texas corporations and managed by
Texas people. The capital stock of Magnolia Petroleum Com-
pany outstanding is $185,000,000.00; that of the Magnolia Pipe
Line Company outstanding is $24,000,000.00. The Magnolia
Petroleum Company has in operation five refineries in Texas
located at Beaumont, Magpetco, Fort Worth, Luling and Corsi-
cana, with a daily crude capacity of 74,000 barrels. Practically
all of the various products of petroleum are manufactured by
said Company, including gasoline, kerosene, lubricating oil, cup
and axle greases, road oil, asphaltum and paraffin wax. It
produces crude oil in Texas, Oklahoma, Kansas, Arkansas and
Louisiana. At this date it has in operation 5,739 oil wells and
264 gas wells and is now drilling about 175 wells. It owns and
operates 43 casinghead gasoline plants. It owns and operates
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1927 The Texas Almanac and State Industrial Guide, book, 1927~; Dallas, Texas. (texashistory.unt.edu/ark:/67531/metapth123785/m1/6/: accessed November 18, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.