The History of Chevron
May 2, 2014 by admin
Filed under Finance & Loans
Written by Phin Upham
Chevron is the fifth largest energy supplier in the world. Its operations include oil and gas production, prospecting, marketing and refining. It also manufactures chemicals, and it is the largest supplier of geothermal energy currently in existence.
Standard Oil was an American oil company co-founded by John D. Rockefeller. By the time it became an established corporation in 1870, it was America’s largest oil corporation. However, Standard Oil was dissolved as an illegal monopoly in 1911. At the time, it was called one of the “Seven Sisters” of oil production.
Chevron’s history has been successful since a 1938 agreement in Saudi Arabia that allowed the company to prospect there. They ended up finding the world’s largest oil fields, which forced them to open a subsidiary. The company was American owned until 1988, when Saudis purchased shares in the subsidiary and transferred ownership.
But Chevron was already growing larger by then. In 1984, the company merged with Gulf Oil. The deal was so big that Gulf Oil had to sell off all of its subsidiaries and an entire refinery based in the United States. Once it had met the US antitrust requirements to complete the deal, they formed the largest corporate merger of the time.
The company grew again when it merged with Texaco, creating a new entity called ChevronTexaco. The name changed back to Chevron shortly after the merger, to try and represent unity in the company’s values.
Phin Upham is an investor from NYC and SF. You may contact Phin on his Phin Upham
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