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Chevron Corporation(NYSE: CVX) is an American
multinational energy corporation. One of
companies of Standard Oil, it is headquartered
in San Ramon, California, and active
in more than 180 countries. Chevron is engaged in every aspect of the oil, natural gas,
exploration and production; refining, marketing and transport;
chemicals manufacturing and sales; and power generation. Chevron is one of
the world's largest oil companies; as of 2014, it ranked third in the Fortune 500 list of the top US
closely held and public corporations and sixteenth on the Fortune Global
500 list of the top
500 corporations worldwide.
Chevron's downstream operations manufacture and sell products such as fuels, lubricants, additives and
petrochemicals. The company's most significant areas of operations are the west coast of North America, the U.S.
Gulf Coast, Southeast Asia, South Korea, Australia and South Africa. In 2010, Chevron sold an average 3.1
million barrels per day (490×103 m3/d) of refined products like gasoline, diesel and jet
Chevron's alternative energy
operations include geothermal,
hydrogen. In 2011–2013, the company
planned to spend at least $2 billion on research and acquisition of renewable power ventures. Chevron has
claimed to be the world's largest producer of
geothermal energy. In October 2011,
Chevron launched a 29-MW
to produce the steam for
enhanced oil recovery. The project
is the largest of its kind in the world.
One of Chevron's early
Star Oil, discovered oil at
north of Los Angeles in 1876. The 25 barrels of oil
per day well marked the discovery of the Newhall Field, and is considered by geophysicist
as the beginning of the modern oil industry in
has said that while Star Oil's founders were
influential in establishing an oil industry in California, Union Mattole Company discovered oil in the state
eleven years prior.
In September 1879, Charles N. Felton,
Lloyd Tevis, George Loomis and others created the
Pacific Coast Oil Company, which
acquired the assets of Star Oil
with $1 million in funding.
Pacific Coast Oil became the largest oil interest in
by time it was acquired by
for $761,000 in 1900.
Pacific Coast operated independently and retained its
name until 1906, when it was merged with a Standard Oil subsidiary and it became
Standard Oil Company
Another predecessor, Texas Fuel
Company, was founded in 1901 in
as an oil equipment vendor by "Buckskin Joe". The
founder's nickname came from being harsh and aggressive.
Texas Fuel worked closely with Chevron. In 1936 it
formed a joint venture with California Standard named
Caltex, to drill and produce oil
According to energy analyst and activist
the Texas Fuel Company and California Standard were
often referred to as the "terrible twins" for their cutthroat business practices.
The Texas Fuel Company was renamed the Texas Company,
and later renamed
Chevron Corporation was originally known
asStandard Oil of California, or
SoCal, and was formed amid the antitrust breakup of John D.
Oilcompany in 1911. It was one of the"Seven
Sisters" that dominated the
world oil industry in the early 20th century. In 1933, Saudi
Arabia granted 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
Standard Oil of California
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 toChevron Corporation.
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. (formerlyNYSE: NGL). NGC had been an integrated natural gas services company since around
In a merger completed February
1, 2000, Illinova Corp. (formerlyNYSE: ILN) became a wholly owned subsidiary of Dynegy Inc., in which Chevron also took a 28%
stake. 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 acquired Texacoto form
On May 9, 2005, ChevronTexaco announced it would drop the
Texaco moniker and 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 Conoco stations in Mississippi to the Texaco brand a process to be complete at the end of
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.
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