When did Chevron become Chevron Corporation?
Standard Oil of California acquired Standard Oil of Kentucky in 1961 and was renamed Chevron Corporation in 1984. Standard Oil Company (New Jersey) changed its name to Exxon Corporation in 1972.
When did Standard Oil Change its name?
Standard Oil (Indiana) absorbed Standard Oil of Nebraska in 1939 and Standard Oil of Kansas in 1948 and was renamed Amoco Corporation in 1985. Standard Oil of California acquired Standard Oil of Kentucky in 1961 and was renamed Chevron Corporation in 1984. Standard Oil Company (New Jersey) changed its name to Exxon Corporation in 1972.
What happened to Standard Oil Company?
Standard Oil Company (New Jersey) changed its name to Exxon Corporation in 1972. British Petroleum Company PLC completed the purchase of Standard Oil Company (Ohio) in 1987, and in 1998 British Petroleum (renamed BP) merged with Amoco.
Who bought out Chevron in Pakistan?
In September 2013, Total S.A. and its joint venture partner agreed to buy Chevron's retail distribution business in Pakistan for an undisclosed amount. In October 2014, Chevron announced that it would sell a 30 percent holding in its Canadian oil shale holdings to Kuwait 's state-owned oil company Kuwait Oil Company for a fee of $1.5 billion.
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When did standard become Chevron?
Chevron CorporationChevron's headquarters complex in San Ramon, CaliforniaPredecessorsStandard Oil (1870–1911)FoundedSeptember 10, 1879 as "Pacific Coast Oil Co."HeadquartersSan Ramon, California, U.S.Area servedWorldwide18 more rows
When did Standard Oil go out of business?
Standard Oil Company, Inc., was an American oil production, transportation, refining, and marketing company that operated from 1870 to 1911.
When did Rockefeller leave Standard Oil?
In 1911, the U.S. Supreme Court found Standard Oil in violation of anti-trust laws and ordered it to dissolve. During his life Rockefeller donated more than $500 million to various philanthropic causes.
Does Standard Oil own Chevron?
This company was acquired by Standard Oil Co (part of its parent corporation Standard Oil) who then later rebranded the subsidiary to SoCal. This is when it launched the name Chevron for some of its product lines.
Do the Rockefellers still own Chevron?
John D. Rockefeller Sr. built the Standard Oil empire 150 years ago and became one of the richest Americans in history. An antitrust case in 1911 resulted in the breakup of the trust into the companies that became Exxon, Mobil, Amoco and Chevron, among others.
Do the Rockefellers still own oil companies?
Rockefeller, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM).
Which president broke up Standard Oil?
President Theodore RooseveltWhile publicly attacking Standard Oil and other trusts, President Theodore Roosevelt did not favor breaking them up. He preferred only to stop their anti-competitive abuses.
What oil companies came from Standard Oil?
Standard Oil of New York: Merged with Vacuum Oil, and eventually became Mobil. Standard Oil of California: Acquired Standard Oil of Kentucky, Texaco, and Unocal, and is now Chevron. Standard Oil of Indiana: Renamed Amoco, and was acquired by BP. Standard Oil of Ohio: Acquired by BP.
Was shell part of Standard Oil?
Royal Dutch Shell (now Shell) Standard Oil Company of California (SoCal, later Chevron)...Original seven sisters.CompanyCountryDetailsStandard Oil Co. of New York (Socony)United StatesBecame Mobil, which was acquired by Exxon in 1999 to form ExxonMobil.TexacoAcquired by Chevron in 2001.5 more rows
Does Standard Oil still exist?
Standard Oil Company and Trust does not still exist. It was dissolved in 1911. However, some companies that were part of the trust persisted and, over time, merged with others and became part of such well-known companies as Exxon Mobil Corporation, BP PLC, and Chevron Corporation.
Where does Chevron get its oil from?
Most of the production is from Chevron-operated leases that are part of three major crude oil fields in the San Joaquin Valley – Kern River, Midway Sunset and Cymric.
Which oil company is owned by Venezuela?
Citgo Petroleum Corporation (or Citgo, stylized as CITGO) is a United States–based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products....Citgo.TypePrivateOwnerPetróleos de Venezuela, S.A.Number of employees3,400 (2020)Websitewww.citgo.com8 more rows
Does Standard Oil still exist?
Standard Oil Company and Trust does not still exist. It was dissolved in 1911. However, some companies that were part of the trust persisted and, over time, merged with others and became part of such well-known companies as Exxon Mobil Corporation, BP PLC, and Chevron Corporation.
What companies did Standard Oil turn into?
In 1911, following the Supreme Court ruling, Standard Oil was broken into seven successor companies; Standard Oil of New Jersey, Standard Oil of New York, Standard Oil of California, Standard Oil of Indiana, Standard Oil of Kentucky, The Standard Oil Company (Ohio), and The Ohio Oil Company.
What is Standard Oil Company now?
Standard Oil of California: Acquired Standard Oil of Kentucky, Texaco, and Unocal, and is now Chevron.
Which president broke up Standard Oil?
President Theodore RooseveltWhile publicly attacking Standard Oil and other trusts, President Theodore Roosevelt did not favor breaking them up. He preferred only to stop their anti-competitive abuses.
What is Standard Oil?
Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire...
When was Standard Oil founded?
Standard Oil Company was incorporated in Ohio in 1870, but the company’s origins date to 1863, when John D. Rockefeller joined Maurice B. Clark and...
When was Standard Oil first organized as a trust?
The Standard Oil Company and affiliated companies that were engaged in the production, refining, and marketing of oil were combined in the Standard...
When did Standard Oil break up?
Standard Oil broke up in 1911 as a result of a lawsuit brought against it by the U.S. government in 1906 under the Sherman Antitrust Act of 1890.
Does Standard Oil still exist?
Standard Oil Company and Trust does not still exist. It was dissolved in 1911. However, some companies that were part of the trust persisted and, o...
When was Standard Oil dissolved?
This article is about an oil company that was dissolved in 1911. For successor companies with similar names, see Standard Oil (disambiguation).
How did Standard Oil dominate the oil industry?
Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration; the company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. " Trust-busting " critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses.
What is standard oil?
Standard Oil Co. was an American oil -producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and Henry Flagler as a corporation in Ohio, it was the largest oil refiner in the world at its height. Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled, in a landmark case, that Standard Oil was an illegal monopoly .
Why did Standard Oil break up?
Some economic historians have observed that Standard Oil was in the process of losing its monopoly at the time of its breakup in 1911. Although Standard had 90 percent of American refining capacity in 1880, by 1911, that had shrunk to between 60 and 65 percent because of the expansion in capacity by competitors. : 79 Numerous regional competitors (such as Pure Oil in the East, Texaco and Gulf Oil in the Gulf Coast, Cities Service and Sun in the Midcontinent, Union in California, and Shell overseas) had organized themselves into competitive vertically integrated oil companies, the industry structure pioneered years earlier by Standard itself. In addition, demand for petroleum products was increasing more rapidly than the ability of Standard to expand. The result was that although in 1911 Standard still controlled most production in the older regions of the Appalachian Basin (78 percent share, down from 92 percent in 1880), Lima-Indiana (90 percent, down from 95 percent in 1906), and the Illinois Basin (83 percent, down from 100 percent in 1906), its share was much lower in the rapidly expanding new regions that would dominate U.S. oil production in the 20th century. In 1911, Standard controlled only 44 percent of production in the Midcontinent, 29 percent in California, and 10 percent on the Gulf Coast.
Why did Rockefeller name his oil?
Rockefeller chose the "Standard Oil" name as a symbol of the reliable "standards" of quality and service that he envisioned for the nascent oil industry . Standard Oil Articles of Incorporation signed by John D. Rockefeller, Henry M. Flagler, Samuel Andrews, Stephen V. Harkness, and William Rockefeller.
Where is Standard Oil's headquarters?
In 1885, Standard Oil of Ohio moved its headquarters from Cleveland to its permanent headquarters at 26 Broadway in New York City.
Who was the most influential figure in shaping the oil industry?
In the early years, John D. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry. : 35 He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder. Authority was centralized in the company's main office in Cleveland, but decisions in the office were made cooperatively.
When did Chevron become Standard Oil?
A Chevron station branded under the Standard name in Las Vegas, pictured in 2009. In 1911, the federal government broke Standard Oil into several pieces under the Sherman Antitrust Act. One of those pieces, Standard Oil Co. (California), went on to become Chevron.
Where was Chevron oil discovered?
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.
How much did Chevron make in 2011?
For the fiscal year 2011, Chevron reported earnings of US$ 26.9 billion, with an annual revenue of US$ 257.3 billion, an increase of 23.3% over the previous fiscal cycle. Chevron's shares traded at over $105 per share, and its market capitalization was valued at over US$ 240 billion. As of 2018, Chevron is ranked No. 13 on the Fortune 500 rankings of the largest United States corporations by total revenue.
How many wells does Chevron have?
In the United States, the company operates approximately 11,000 oil and natural gas wells in hundreds of fields occupying 4,000,000 acres (16,000 km 2) across the Permian Basin, located in West Texas and southeastern New Mexico. In 2010, Chevron was the fourth-largest producer in the region.
What is the Chevron industry?
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. Chevron is one of the world's largest companies; as of March 2020.
How many jobs did Chevron cut?
In October 2015, Chevron announced that it is cutting up to 7,000 jobs, or 11 percent of its workforce. Because of the COVID-19 pandemic and 2020 Russia–Saudi Arabia oil price war, Chevron announced reductions of 10–15% of its workforce.
What is chevron in Sri Lanka?
Chevron Sri Lanka. Website. chevron.com. Chevron Corporation is an American multinational energy corporation. It was founded in 1984 and is the third largest oil company in America. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries.
When did Standard Oil acquire Chevron?
Standard Oil of California acquired Standard Oil of Kentucky in 1961 and was renamed Chevron Corporation in 1984.
When did Standard Oil stop being called Standard Oil?
In 1911, after dissolution of the Standard Oil empire, eight companies retained “Standard Oil” in their names, but by the late 20th century the name had almost passed into history.
How much oil did the United States refine in 1880?
By 1880, through elimination of competitors, mergers with other firms, and use of favourable railroad rebates, it controlled the refining of 90 to 95 percent of all oil produced in the United States.
When was the first oil pipeline built?
Overview of the first oil pipeline (1879), which attempted to compete with the Standard Oil Company. The company’s origins date to 1863, when Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business.
When did Standard Oil Company become a company?
By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest refineries in Cleveland, and these and related facilities became the property of the new Standard Oil Company, incorporated in Ohio in 1870. By 1880, through elimination of competitors, mergers with other firms, and use of favourable railroad rebates, ...
When did British Petroleum merge with Amoco?
British Petroleum Company PLC completed the purchase of Standard Oil Company (Ohio) in 1987, and in 1998 British Petroleum (renamed BP) merged with Amoco. Exxon and Mobil merged in 1999, and Chevron merged with Texaco in 2001.
When was Standard Oil of New Jersey founded?
Founded in 1882, Standard Oil of New Jersey was one component of the trust; by design the Standard Oil Trust embraced a maze of legal structures, which made its workings virtually impervious to public investigation and understanding.
How much oil would Chevron produce a day?
The combined company could produce 7 million barrels a day, or roughly 7% of the world's liquid fuel demand (once normality resumes).
When will the US reach peak demand for liquid fuel?
In the chart from the US Energy Information Administration (EIA), you can see that liquid fuel consumption will breach 100 barrels a day by the first quarter of 2022 and reach its 2019 peak demand by the end of next year.
Is the oil conglomerate dead?
Big Energy conglomerates are far from dead, and you better believe that they are looking towards the future. Oil has been and will likely remain a substantial-top and bottom-line driver for energy firms over the next decade. I suspect that LNG will be a growing part of all US energy companies' portfolios. With the US being the largest natural gas producer in the world, American energy is well-positioned for this growing trend.
Will natural gas demand increase over the next decade?
Demand for both natural gas and oil will continue to rise over the next decade with energy needs. Still, there will be mounting worldwide efforts to reduce emissions and transition to alternative & renewable sources of energy. These efforts will likely be enforced by both domestic and global authorities.
Is CVX a long term buy?
CVX and XOM are robust long-term buys at their currently discounted valuations. These shares will continue to rebound as the economy is revived and a resurgence in demand is established. If the merger is pursued, I expect the upside for both stocks to be much more substantial.
Where is Chevron gas station?
One of them currently stands in San Francisco, California.
When did Baby Standards get split up?
John Rockefeller’s petroleum giant was split up by the Supreme Court back in 1911, and by the 1950s each of the 34 regional “Baby Standards” had adopted new brand names and abandoned their claim on the original Standard trademark. All except for one.
Is Standard Oil a familiar brand?
Want to Visit? Standard Oil isn’t a familiar brand to many modern U.S. consumers. John Rockefeller’s petroleum giant was split up by the Supreme Court back in 1911, and by the 1950s each of the 34 regional “Baby Standards” had adopted new brand names and abandoned their claim on the original Standard trademark.
Overview
Breakup
By 1911 the Supreme Court of the United States ruled, in Standard Oil Co. of New Jersey v. United States, that Standard Oil of New Jersey must be dissolved under the Sherman Antitrust Act and split into 34 companies. Two of these companies were Standard Oil of New Jersey (Jersey Standard or Esso), which eventually became Exxon, and Standard Oil of New York (Socony), which eventually became Mobil; those two companies later merged into ExxonMobil.
Founding and early years
Standard Oil's pre-history began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller, his brother William Rockefeller, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. O…
1895–1913
In 1896, John Rockefeller retired from the Standard Oil Co. of New Jersey, the holding company of the group, but remained president and a major shareholder. Vice-president John Dustin Archbold took a large part in the running of the firm. In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. At this time, state and federal laws sought to count…
Legacy and criticism of breakup
Some have speculated that if not for that court ruling, Standard Oil could have possibly been worth more than $1 trillion in the 2000s. Whether the breakup of Standard Oil was beneficial is a matter of some controversy. Some economists believe that Standard Oil was not a monopoly, and argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products. Critics claimed that success in meeting consumer needs was driving other …
Successor companies
Standard Oil's breakup split the company into 34 separate companies. The successor companies form the core of today's US oil industry. (Several of these companies were considered among the Seven Sisters who dominated the industry worldwide for much of the 20th century.) They include:
• Standard Oil of New Jersey (SONJ) – or Esso (S.O.), or Jersey Standard – merged with Humble Oil to form Exxon, now part of ExxonMobil. Standard Trust companies Carter Oil, Imperial Oil (Canada…
Rights to the name
Of the 34 "Baby Standards", 11 were given rights to the Standard Oil name, based on the state they were in. Conoco and Atlantic elected to use their respective names instead of the Standard name, and their rights would be claimed by other companies.
By the 1980s, most companies were using their brand names instead of the St…
See also
• History of the United States (1865–1918)
• Standard Oil Gasoline Station (disambiguation)
• Wamsutta Oil Refinery
Overview
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 and natural gas industries, including hydrocarbon exploration and production; refining, marketing and transport; chemicals manufacturing and sa…
History
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 Oi…
Corporate image
The first logo featured the legend "Pacific Coast Oil Co.", the name adopted by the company when it was established in 1879. Successive versions showed the word 'Standard' (for "The Standard Oil of California"). In 1968, the company introduced the word 'Chevron' (which was introduced as a brand in the 1930s) for the first time in its logo. In July 2014, the Chevron Corporation logo design was officially changed, although it has been used since 2000. By 2015, the logo had been chang…
Operations
As of December 31, 2018, Chevron had approximately 48,600 employees (including about 3,600 service station employees). Approximately 24,800 employees (including about 3,300 service station employees), or 51 percent, were employed in U.S. operations.
In October 2015, Chevron announced that it is cutting up to 7,000 jobs, or 11 p…
Corporate affairs
For the fiscal year 2011, Chevron reported earnings of US$26.9 billion, with an annual revenue of US$257.3 billion, an increase of 23.3% over the previous fiscal cycle. Chevron's shares traded at over $105 per share, and its market capitalization was valued at over US$240 billion. As of 2018, Chevron is ranked No. 13 on the Fortune 500 rankings of the largest United States corporations b…
Niger Delta Partnership Initiative
In 2010 Chevron established the Niger Delta Partnership Initiative (NDPI), a non-profit that works with local organizations to promote economic growth, reduce HIV transmission rates, and empower women. The Initiative was initially funded with a $50 million grant. An additional $40 million was donated in 2013.
Controversies
Texaco and Gulf Oil began operating in the Oriente region of Ecuador in 1964 as a consortium. Texaco operated the Lago Agrio oil field from 1972 to 1993 and the Ecuador state oil company continued to operate the same oil fields after Texaco left. In 1993, Texaco was found responsible for dumping billions of gallons of toxic waste and they spent $40m cleaning up the area during the 19…
Chevron and computer games
In the summer of 1992, Maxis, the creators of SimCity, started a division within their company called Maxis Business Simulations (MBS), which was responsible for making serious professional simulations that looked and played like Maxis games. The first project for MBS was to make a game about an oil refinery for Chevron, eventually named SimRefinery. Since oil refineries are incredibly complicated process plants, Chevron wanted Maxis to make them a game like SimCit…