Chevron Corporation Company Profile
Industry: Oil and gas
Founded: 1879 as pacific coast oil as Chevron Corporation in 1984.
Headquarters: San Ramon, California, U.S.
Revenue: US$ 110billion (2016).
Number of employees: 61,000+
Chevron Corporation is an American Multinational Oil and Gas Company and one of the companies that succeeded standard Oil.
John S. Watson is the chairman and CEO. Over the years, Chevron has proven to be a giant in the Oil and gas industry.
The company earned its place as the second integrated Oil Company in the US, behind ExxonMobil. In 2015, the company was reported to have about 11.2 billion barrels of oil and a daily production of 2.6million barrels of oil, 5,550 miles of oil and gas pipeline with a refining capacity of 1.8million barrels of oil daily.
The company also has stakes in about 7,860 gas stations across the US and 6,090 across other nations of the world.
In 1984, chevron was formally founded as an independent governing and management corporation. Its early predecessors were Texas Fuel Company and Star Oil. In 1911 the federal government broke down Standard Oil under the Sherman Antitrust Act.
As a result of this, Standard Oil Co. was also separated from the parent company and merged with the ‘seven sisters’ which dominated the Oil industry in the early 20th century.
Few years after, the company was renamed and was referred to as SoCal- Standard Oil Co. of California. However, the dissolution of Standard metamorphosed to the new brand Chevron to remain independent.
The Chevron name came into use for some of its retail products in the 1930s. The name Calso was also used from 1946 to 1955 in states outside its native West Coast territory.
Standard Oil of California and Gulf Oil merged in 1984, which was the largest merger in history at that time.
SoCal got a grant from KSA in 1933 to explore prospective oil locations. The company however found the largest oil reserve, the Gharwar field.
In 1984, Standard oil of California and Gulf oil merged. SoCal dislodged some of its Gulf subsidies and surrendered them to the US to act in accordance with the US antitrust law. SoCal also went further to rename the company Chevron Corporation that same year.
Chevron enjoyed 25% of the equity stake of NGC in exchange for their operating, natural gas and marketing division.
Chevron Merge with Texaco
On October 15, 2000, Chevron declared acquisition of Texaco in a deal estimated at $45 billion, making the second-largest oil company in the United States and the world’s fourth-largest publicly traded oil company with a combined market worth of approximately $95 billion. \
The merged company was named ChevronTexaco. On May 9, 2005, ChevronTexaco made it public that it would drop the Texaco moniker and return to the Chevron name. Texaco remained as a brand under the Chevron Corporation.
On October 10, 2001, Texaco acquired General Motors’ share in GM Ovonics, which in 2003, was remodeled into Cobasys, a 50/50 joint venture between Chevron and Energy Conversion Devices Ovonics.
In 2009, both Chevron and Energy Conservation Devices sold their stakes in Cobasys to SB LiMotive Co. To get more information regarding the company visit their website direct – https://www.chevron.com/