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A jury awarded Pennzoil, represented by Joe Jamail and Baine Kerr, $7.53 billion in compensatory damages and $3 billion in punitive damages. Under Texas law, Pennzoil could secure a lien on all of Texaco's property in the state, unless Texaco posted a bond that covered the judgment, interests and costs of the lawsuit (estimated to be $13 ...
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United Gas Corporation was a major oil company from its inception in 1930 to its hostile takeover and subsequent forced merger with Pennzoil in 1968. [6] [7] [8] Headquartered in Shreveport, Louisiana, United and its major subsidiaries, Union Producing Company, United Gas Pipeline Company, Atlas Processing, UGC Instruments, and Duval Mining, performed integrated exploration, production ...
The Pennzoil 250 is a NASCAR Xfinity Series auto race held at the Indianapolis Motor Speedway since 2012. It takes place the Saturday of Kroger Super Weekend . [ 2 ] [ 3 ] This race replaced the Kroger 200 , which had been held at the nearby Lucas Oil Raceway at Indianapolis , formerly known as Indianapolis Raceway Park, for the previous 30 years.
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On November 19, 1985, in the case of Texaco, Inc. v. Pennzoil, Co., Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. history as a result of the violation of the binding agreement. [5]
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