GETTY PETROLEUM AND GETTY REALTY
In 1985, Power Test capitalized on an antitrust dispute involving the proposed acquisition of the Getty Oil Company by Texaco, Inc. and acquired all of Getty Oil Company’s Northeastern petroleum distribution and marketing assets. The transformational acquisition included gasoline stations, terminals and retail supply contracts, along with the Getty® name and trademark, and the Company changed its name to Getty Petroleum Corp.
In 1997, the Company executed a spin-off of all the petroleum marketing and distribution assets owned by Getty Petroleum to a new public company which, only a few years later, was taken private in a well-publicized sale to Lukoil, one of Russia’s largest integrated oil companies.
The real estate assets retained after the spin-off became Getty Realty and laid the foundation for the nationwide portfolio of convenience and automotive retail assets that the Company owns today.