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(NYSE: CVX Euronext: CHTEX) is an American
multinational energycorporation. Headquartered in San Ramon, California, and active in more than 180 countries, it is engaged in every aspect of
industries, including explorationand production; refining,
marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world's six
companies. For the past five years, Chevron has been continuously ranked as one of America's 5 largest
corporations by Fortune
Chevron traditionally traces its roots to
an oildiscovery in Pico
Canyon (now the Pico Canyon Oilfield) north of Los Angeles. The discovery led
to the formation, in 1879, of the Pacific Coast Oil Company, the oldest predecessor of Chevron
In 1895, the company initiated its
enduring marine history when it launched California's first steel tanker, the George Loomis, which could ship 6,500
barrels of crude between Ventura and San Francisco. Another side of the
genealogical chart points to the founding of The Texas Fuel Company in 1901, a modest enterprise that started out
in three rooms of a corrugated iron building in Beaumont, Texas. This
company was known as the Texas Company and later Texaco.
Chevron Corporation was originally known
as Standard Oil of
California, or SoCal, and was formed amid the antitrustbreakup
of John D. Rockefeller's Standard Oilcompany in 1911. It was one of the "Seven
Sisters"that dominated the world
oil industry in the early 20th century. In 1933, Saudi
Arabiagranted SoCal a concession to find oil, and oil was found in 1938. In the early 1950s, SoCal
discovered the world's largest oil field (Ghawar) in Saudi Arabia. SoCal's subsidiary, California-Arabian Standard Oil
Company, developed over years, to become the Arabian American Oil Company (ARAMCO) in 1944. In 1973, the
Saudi government began buying into ARAMCO. By 1980, the company was entirely owned by the Saudis, and in
1988, the name was changed to Saudi Arabian Oil Company (Saudi Aramco).
Standard Oil of California and Gulf
Oil merged in 1984, the
largest merger in history at that time. Under the antitrust regulation, SoCal divested many of Gulf's
operating subsidiaries, and sold some Gulf stations and a refinery in the eastern United States. SoCal
changed the name to Chevron
In June 1992, Dynegy, Inc.(NYSE: DYN) was created from
the merger of Chevron's former natural gas and natural gas liquids business with Dynegy's predecessor, NGC Corp.
(formerly NYSE: NGL). NGC had been an integrated natural gas services company since around
In a merger completed February 1, 2000, Illinova Corp.
(formerly NYSE: ILN) became a wholly owned subsidiary of Dynegy Inc., in which Chevron also took a 28%
stake.[ 4] However, Chevron in 2007 sold its 19
percent (at the time) common stock investment in the company for approximately $940 million, resulting in a gain
of $680 million. In 2001, Chevron
Corporation acquiredTexacoto form
On May 9, 2005, ChevronTexaco announced it would drop the
Texaco monikerand return to the
Chevron name. Texaco remains as a brand under the Chevron Corporation. On August 19, 2005, Chevron acquired
the Unocal Corporation. Because of Unocal's large South East Asian geothermal operations,
Chevron became the world's largest producer of geothermal energy. On mid-2007,Chevron Corporation sold all Conocostations in
Mississippi to the Texaco brand a process to be complete at the end of 2007.
In July 2010, Chevron ended retail
operations in the Mid Atlantic US, removing the Chevron and Texaco names from 1,100 stations in Delaware, Indiana,
Kentucky, North Carolina, New Jersey, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia,
Washington, D.C., and parts of Tennessee.
In November123 2010, Chevron Corp.
(NYSE:CVX) acquired Pennsylvania based Atlas Energy Inc. (NASDAQ:ATLS) for $3.2 billion in cash and additional $1.1
billion in existing debt owed by Atlas.