Company: Chevron Corporation
Industry: Chevron Corporation is an energy company, the fifth largest in the world. Its operations are in the gas and oil industries, including production, exploration, marketing and transport, refining, power generation and chemicals manufacturing and sales.
Chevron Corporation initially operated under the name Standard Oil of California or SoCal, which was formed out of the 1911 breakup of then predominant Standard Oil, an oil-producing, refining, transporting, and marketing company, which was co-founded by John D. Rockefeller. It was one of the “Seven Sisters,” the collective term labeled to the seven companies that dominated the oil industry in the early 20th century.
Chevron’s enjoyed success early on. In 1938, just five years after Saudi Arabia gave the company access permission to find oil, the company discovered the largest oil field on the planet. This gave way to the establishment of a SoCal’s subsidiary, the California-Arabian Standard Oil Company, which later evolved into the Arabian American Oil Company (ARAMCO). The subsidiary however, was renamed as the Saudi Arabian Oil Company when in 1988 it was owned wholly by the Saudis, seven years after they began to continuously buy into its shares.
In 1984, the Chevron-Gulf Oil merger transpired; this was the biggest merger to have happened in history at the time. Due to its size, Gulf Oil laid off its subsidiaries from all over the world and sold a refinery in the United States and some of its stations to meet the U.S.’ antitrust requirements. SoCal was renamed as Chevron Corporation as part of the merger.
In 2001, the company merged with Texaco to form ChevronTexaco. Four years later, on May 9, the label was changed back to simply Chevron to present a more defined, unified presence on a global basis.
On August 9, 2005, Chevron once again merged with another company, this time with Unocal Corporation. Due to Unocal Corp’s extensive South East Asian geothermal facilities, this move made Chevron as the biggest supplier of geothermal energy in the planet.