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In the summer of 1936 Meadows, Peters and Trippett united with J. W. Gilliland, a petroleum expert, to form the General American Oil Company. Meadows became the president and major stockholder of the General American Oil Company in 1941 and was elected chairman of the board in 1950. By 1959 the company had acquired 2,990 oil wells in fifteen states and Canada and was drilling for oil in Spain. Richard Rainwater became a partner in the company in 1969, as did Howard Hughes. In 1971, Peters acquired a minority stake in Howard Hughes' Hughes Tool Company, to which was later sold in 1972. In 1983, Meadows, Trippett, and Peters' son, Eric Woods, sold General American Oil Company to Phillips Petroleum.In memory of the late Henry W. Peters, Woods Family Office/Woods Family Investments is a family company devoted to the preservation of the Woods family's private wealth.