Chevron Corporation

Inside Chevron

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• published: 05 Mar 2017
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Chevron Corporation is an American multinational energy corporation. One of the successor 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, and geothermal energy industries, including hydrocarbon 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. It was also one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s to the 1970s. 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 fuel. Chevron's alternative energy operations include geothermal, solar, wind power, biofuel, fuel cells, and 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 thermal solar-to-steam facility in the Coalinga Field to produce the steam for enhanced oil recovery. The project is the largest of its kind in the world. Chevron is also one of the first two fuel brands to be Top Tier certified. The other is Tulsa, Oklahoma based QuikTrip. 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. 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. 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. 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[6] with $1 million in funding. Pacific Coast Oil became the largest oil interest in California, by time it was acquired by Standard Oil 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 (California) or California Standard. Another predecessor, Texas Fuel Company, was founded in 1901 in Beaumont, Texas 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 in Saudi Arabia. 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. The Texas Fuel Company was renamed the Texas Company, and later renamed Texaco.