It became part of the " Seven Sisters", which dominated the world oil industry in the early 20th century. In 1911, the federal government broke Standard Oil into several pieces under the Sherman Antitrust Act. Formation of the Chevron name Ī Chevron station branded under the Standard name in Las Vegas, pictured in 2009 The Texas Fuel Company was renamed the Texas Company, and later renamed Texaco. According to energy analyst and activist shareholder Antonia Juhasz, the Texas Fuel Company and California Standard were often referred to as the "terrible twins" for their cutthroat business practices.
In 1936, it formed a joint venture with California Standard named Caltex, to drill and produce oil in Saudi Arabia. The founder's nickname came from being harsh and aggressive. Īnother predecessor, Texas Fuel Company, was founded in 1901, in Beaumont, Texas as an oil equipment vendor by "Buckskin Joe". 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 (California)" or "California Standard". Pacific Coast Oil became the largest oil interest in California by the time it was acquired by Standard Oil for $761,000 in 1900. 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. Energy analyst Antonia Juhasz 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. The 25 barrels of oil per day well marked the discovery of the Newhall Field, and is considered by geophysicist Marius Vassiliou as the beginning of the modern oil industry in California. One of Chevron's early predecessors, "Star Oil", discovered oil at the Pico Canyon Oilfield in the Santa Susana Mountains north of Los Angeles in 1876. Due to accusations of Donziger bribing the Ecuadorian court and the subsequent disbarment and criminal contempt charges against Donziger, Chevron was accused by environmentalists and human rights groups of jailing Donziger and compelling the US government to deny Donziger due process of law. Chevron and Texaco's activities were the subject of a lawsuit Chevron lost to Ecuadorian residents defended in Ecuadorian court by Steven Donziger. Ĭhevron has been subject to numerous controversies arising out of its activities, the most notable of which being related to its activities and inherited liabilities from its acquisition of Texaco in the Lago Agrio oil field, which include allegations of both Chevron and Texaco collectively dumping 18 billion tons of toxic waste and spilling 17 million gallons of petroleum. The company is also the last-remaining oil and gas component of the Dow Jones Industrial Average since ExxonMobil's exit from the index in 2020. Chevron ranked 16th on the Fortune 500 in 2022 with revenues of $162.5 billion USD, which also ranked it 37th on the Fortune Global 500. Ĭhevron is one of the largest companies in the world and the second largest oil company based in the United States by revenue, only behind fellow Standard Oil descendant ExxonMobil. In 2018, the company produced an average of 791,000 barrels of net oil-equivalent per day in United States. Gulf Coast, Southeast Asia, South Korea and Australia. Today, Chevron manufactures and sells fuels, lubricants, additives, and petrochemicals, primarily in Western North America, the U.S. In 1985, Socal merged with the Pittsburgh-based Gulf Oil and rebranded as Chevron the newly-merged company later merged with Texaco in 2001. Socal was one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s to the 1970s. The company grew quickly after the breakup of Standard Oil by acquiring companies and partnering with others, especially Texaco. Chevron is engaged in every aspect of the oil and natural gas industries, including hydrocarbon exploration and production refining, marketing and transport chemicals manufacturing and sales and power generation.Ĭhevron traces its history back to the 1870s. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened to Socal or CalSo), it is headquartered in San Ramon, California, and active in more than 180 countries. Chevron Corporation is an American multinational energy corporation.
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