10:30The Magnolia Petroleum Company was founded on April 24, 1911 as an expansion of the J.S. Cullinan Company. It quickly grew into a major regional producer, refiner, and marketer of petroleum products, with operations centered in the southwestern United States. In 1925, Magnolia became a subsidiary of Standard Oil of New York (Socony), which later merged with Vacuum Oil Company to form Socony-Vacuum in 1931. The Magnolia brand remained prominent in Texas and surrounding states for several decades, known for its red Pegasus logo, which later became associated with Mobil. By 1959, Magnolia was fully absorbed into Socony Mobil, which later became Mobil Oil Corporation. The company's legacy lives on through Mobil and its successor, ExxonMobil, one of the world's largest oil companies. Magnolia played a crucial role in the early development of the petroleum industry in Texas and the broader southwestern United States.