On this day November 19, 1985

Pennzoil wins a $10.53 billion USD verdict against Texaco, in the largest civil verdict in the history of the United States, stemming from Texaco executing a contract to buy Getty Oil after Pennzoil had entered into an unsigned, yet still binding, buyout contract with Getty.

To obtain the billions required to pay the verdict, Texaco sold 50% of its interests in marketing east of the Mississippi and Texas and its three Gulf Coast refineries to Saudi Aramco, which in turn formed a holding company called Saudi Refining that held the 50% ownership in the new venture called Star Enterprise.

Texaco also withdrew from marketing gasoline in the Chicago area by selling its service stations and distribution facilities to Mobil in an exchange agreement for which Texaco acquired former Mobil outlets in the Oklahoma City area.


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