HistoryChevron Corporation is one of the world’s largest integrated petroleum companies. It is involved in every aspect of the industry, from exploration and production to transportation, refining and retail marketing, as well as chemical manufacturing and sales. It operates in more than ninety countries and employs about 28 000 people worldwide.
The company turns crude oil into a variety of products, including motor gasoline, diesel and aviation fuels, lubricants, asphalt and chemicals. Chevron Corporation started business in Los Angeles in 1879 as the Pacific Coasts Oil Company.
In 1900, the thriving company was acquired by John D. Rockefeller’s Standard Oil Trust.
In the 1920s and 1930s, the company began investing in international exploration and made the first major discoveries in Bahrain and Saudi Arabia.
In 1936, in partnership with Texaco, it formed Caltex, bringing in new markets in Asia, Africa and Europe. After the Second World War, continued expansion led to major discoveries in Indonesia, Australia, the UK North Sea and the Gulf of Mexico.
In 1984, the company nearly doubled its size by acquiring Gulf Oil Corporation in what then was the largest corporate merger in US history. That same year, Standard also changed its name to Chevron, the well-known brand name of many of its products.
In 1993, Chevron achieved another milestone when it joined the Republic of Kazakhstan in the largest joint venture between a Western company and a member of the former Soviet Union. A new company, Tengizchevroil, was formed to develop the Tengiz oil field the largest discovery in past thirty years. By 1999 Chevron’s net income was $2.070 billion (up to 55 percent from 1998), and opening earnings were $2.3 billion (up from $1.9 billion in 1998). Chevron Corporation