Pacific Petroleums

Pacific Petroleums Limited

Industry	Petroleum
Founded	1939 (1939)
Defunct	1979 (1979)
Fate	Acquired by Petro-Canada
Headquarters	Pacific 66 Plaza, 700 6 Ave SW, Calgary, Alberta

Pacific Petroleums Limited was a Canadian integrated petroleum company that existed between 1939 and 1979. The company was founded and built by Frank McMahon, a wildcat driller from British Columbia. Pacific was also the largest shareholder of McMahon's other main venture, Westcoast Transmission. Until 1958 the company operated at an annual loss, but from that time on was one of the most profitable oil companies in the country. In 1960, Phillips Petroleum became Pacific's largest shareholder with a 39 per cent stake, and Pacific began selling retail gasoline under the "66" brand. Between 1978 and 1979, the crown corporation Petro-Canada purchased Pacific for $1.5 billion in what was then the most expensive corporate takeover in Canadian history.^[1]