Coastal Corporation

The Coastal Corporation

Industry	Oil
Fate	Acquired by El Paso Corporation
Founded	1955
Defunct	2001
Headquarters	Greenway Plaza Houston, Texas

Coastal was an oil company headquartered in 9 Greenway Plaza (Coastal Tower) in Greenway Plaza, Houston, Texas.^[1] The Fortune 500 oil company, founded in 1955, produced natural gas, electricity, and coal, but its main business was its gas stations.^{[citation needed]}

In 1988, Coastal purchased the Derby Oil Company of Wichita, Kansas. Coastal 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^[update], 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.^[2]

Gallery

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  Greenway Plaza, which contained the Coastal headquarters.

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  5 gallon bucket of Coastal brand motor oil.

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  An abandoned Coastal gas station in 2011.

Notes

1. ^ Lipton, Martin and Erica H. Steinberger. Takeovers and Freezeouts, Volume 2. Law Journal Press, 1978. "C-71." Retrieved from Google Books on August 23, 2010. ISBN 1588520056, 9781588520050
2. ^ "Sunoco Reports Sharp Increase in First Quarter Earnings.". Sunoco press release via PR Newswire. April 24, 2001. http://www.highbeam.com/doc/1G1-73571345.html. Retrieved 2008-07-24. 

References

	Houston portal
	Companies portal
	Energy portal

• "The El Paso Energy Corp. to purchase the Coastal Corp. for 1.32 times revenue". [Weekly Corporate Growth Report. 2000-01-24. http://www.allbusiness.com/finance/887384-1.html. Retrieved 2008-07-24. 
• "Coastal Corp". Reuters Business Insight. June 1, 2001. http://www.alacrastore.com/storecontent/markintel/REUTERS_BUSINESS_INSIGHTS-5289111. Retrieved 2008-07-24. 
• Barboza, David (May 21, 2002). "Big Shareholder Mounts Attack On Energy Industry Accounting". The New York Times. http://query.nytimes.com/gst/fullpage.html?res=9F03E3D91238F932A15756C0A9649C8B63. Retrieved 2008-07-24. 
• "Oil Concerns Say U.S. Underpaid Them". The New York Times. March 24, 2001. http://query.nytimes.com/gst/fullpage.html?res=9F0DE7DD123CF937A15750C0A9679C8B63. Retrieved 2008-07-24.