The Coastal Corporation

Coastal was a Fortune 500 oil company, founded in 1955. It produced natural gas, electricity, and coal, but its main business was its gas stations. It was acquired by El Paso Corporation in 2001, which has phased out the brand slowly over the years. Its website was closed immediately upon the buyout. El Paso has gradually sold off its retail gasoline business, and very few of its stations still exist under the Coastal brand as of 2008, many having been converted to other major brands or generic brands. Sunoco acquired 245 service stations from Coastal on February 9, 2001 for approximately $40 million. [cite news |first= |last= |authorlink= |coauthors= |title=Sunoco Reports Sharp Increase in First Quarter Earnings.
Copyright information |url=http://www.highbeam.com/doc/1G1-73571345.html |work=Sunoco press release via PR Newswire |publisher= |date=April 24, 2001 |accessdate=2008-07-24 ]

References

*cite news|url=http://www.allbusiness.com/finance/887384-1.html|title=The El Paso Energy Corp. to purchase the Coastal Corp. for 1.32 times revenue|date=2000-01-24|work= [Weekly Corporate Growth Report|accessdate=2008-07-24
*cite news |first= |last= |authorlink= |coauthors= |title=Coastal Corp |url=http://www.alacrastore.com/storecontent/markintel/REUTERS_BUSINESS_INSIGHTS-5289111 |work=Reuters Business Insight |publisher= |date=Jun 01, 2001 |accessdate=2008-07-24
*cite news |first=David |last=Barboza |authorlink= |coauthors= |title=Big Shareholder Mounts Attack On Energy Industry Accounting |url=http://query.nytimes.com/gst/fullpage.html?res=9F03E3D91238F932A15756C0A9649C8B63 |work=The New York Times |publisher= |date= May 21, 2002 |accessdate=2008-07-24
*cite news |first= |last= |authorlink= |coauthors= |title= Oil Concerns Say U.S. Underpaid Them
url=http://query.nytimes.com/gst/fullpage.html?res=9F0DE7DD123CF937A15750C0A9679C8B63 |work=The New York Times |publisher= |date=March 24, 2001 |accessdate=2008-07-24