What is the history of Texaco gas?
In 1915, Texaco moved to new 13 story offices on 1111 Rusk St., Houston, Texas. In 1928, Texaco became the first U.S. oil company to sell its gasoline nationwide under one single brand name in all 48 states. In 1931, Texaco purchased Indian Oil Company, based in Illinois.
What is Texaco known for?
Texaco was founded in Beaumont, Texas as the Texas Fuel Company in 1902. In 1905, it established an operation in Antwerp, Belgium, under the name Continental Petroleum Company, which it acquired control of in 1913. The next year, Texaco moved to new offices in Houston on the corner of San Jacinto and Rusk.
What was the future restructuring of Texaco?
Future restructuring would merge Producers Oil Company and The Texas Fuel Company as Texaco when the company needed additional funding which J.W. Gates provided in the amount of around $590,000.00 in return for company stock.
What is the history of the Texas Company?
On 1 May 1902, the Texas Company was formed from the assets of Texas Fuel assets, and additional capitalization. In 1905, it established an operation in Antwerp, Belgium, under the name Continental Petroleum Company, which it acquired control of in 1913.
What was Texaco originally called?
1902 - 1931 Texaco was born in Beaumont, Texas in 1902. Back then we called ourselves The Texas Company, but when a salesman saw the abbreviation "Texaco" in a telegram, it became our favorite nickname.
What year did Texaco go out of business?
2001TexacoFormerlyThe Texas Company (1902–1959) Texaco (1959–2001) ChevronTexaco (2001–2005)FateAcquired by Chevron Corporation in October 2001, changed to "ChevronTexaco" until 2005, when it became a brand of itHeadquartersSan Ramon, California , U.S.Number of locations2,000+ (2006)Area servedWorldwide11 more rows
When did Texaco change to Chevron?
On Oct. 16, 2000, the two companies announced that they had reached an agreement to merge. Nearly one year later, on Oct. 9, 2001, the shareholders of Chevron and Texaco voted to approve the merger, and ChevronTexaco Corp. began doing business that same day.
When did the Texas company became Texaco?
1959Texaco Inc., original name (1902–59) Texas Company, former U.S.-based petroleum corporation that was, during the late 20th century, one of the world's largest oil companies in terms of sales. The name Texaco was officially adopted in 1959.
Is Texaco good gas?
Texaco sells a Top Tier detergent gasoline that reduces carbon buildup and increases your gas mileage. They have been around for many years, and there is a reason for it. Their gasoline is top-notch, and their customer service is great as well.
How much did Pennzoil actually get from Texaco?
A Texas jury yesterday awarded Pennzoil Corp. $10.53 billion in damages against Texaco Inc., finding that Texaco beat out Pennzoil in their 1984 battle to buy Getty Oil Co. by unlawfully subverting a binding contract between Pennzoil and Getty.
Who owns largest oil company?
Big Oil: The Largest Oil and Gas Companies by Market CapRankCompanyCountry1Saudi AramcoSaudi Arabia2ExxonMobilU.S.3ChevronU.S.4ShellNetherlands6 more rows•Oct 25, 2021
Is Chevron in Russia?
Chevron (CVX) had no sizable operations in Russia and was the least affected major oil company by the invasion of Ukraine, but BP, Shell and Exxon all said they would exit the country, and oilfield services firms Halliburton, Baker Hughes and Schlumberger said they would suspend new investments in Russia.
Is Shell and Chevron the same?
Royal Dutch Shell (now Shell) Standard Oil Company of California (SoCal, later Chevron) Gulf Oil (now merged into Chevron) Texaco (now merged into Chevron)
Are texacos only in Texas?
How many Texaco locations are there in the United States in 2022? There are 1,345 Texaco locations in the United States as of August 23, 2022. The state with the most number of Texaco locations in the US is Texas, with 477 locations, which is 35% of all Texaco locations in America.
What was the name of the first oil company in Texas?
Spindletop, 1901 A. F. Lucas. This was the first salt dome oil discovery, and thousands of barrels of oil flowed before the well could be capped. Spindletop created a sensation throughout the world and encouraged exploration and drilling in Texas that has continued since.
Why did Texaco go out of business?
Texaco was forced into bankruptcy as a result of a 1985 decision by a Houston jury that Texaco had illegally interfered with Pennzoil's plan to acquire Los Angeles-based Getty Oil Co. The jury awarded Pennzoil damages of $10.5 billion plus interest, the largest such award in U.S. history.
Why did Texaco go out of business?
Texaco was forced into bankruptcy as a result of a 1985 decision by a Houston jury that Texaco had illegally interfered with Pennzoil's plan to acquire Los Angeles-based Getty Oil Co. The jury awarded Pennzoil damages of $10.5 billion plus interest, the largest such award in U.S. history.
Is Texaco oil still in business?
Texaco was an independent company until its refining operations merged into Chevron Corporation in 2001, at which time most of its station franchises were divested to the Shell Oil Company.
Who bought out Texaco?
ChevronChevron to Buy Texaco for $35.1 Billion, Creating World's 4th-Biggest Oil Firm. NEW YORK -- Chevron Corp.'s agreement to acquire Texaco Inc. for $35.1 billion in stock comes at a time of increasing concern about oil supply and industry consolidation.
Is Chevron and Texaco the same gas?
Approximately 20 years ago, there were Texaco franchises in the Islands. After the franchisee left Hawai'i in the 1990s, Chevron USA bought Texaco nationally. Today, Texaco is a valued Chevron brand offering the same high-quality Techron gasoline.
When did Texaco expand?
Texaco expanded with the growth of the U.S. automobile industry in the early 20th century and quickly developed international production and marketing interests. By the 1960s it had established the largest sales network of any U.S. oil company, with operations concentrated in refining and marketing.
What was the first product of Texaco?
Texaco met this demand with its first consumer product, Familylite Illuminating Oil, introduced in 1907. After 1910, however, the automobile revolutionized the oil industry. Demand for gasoline, formerly considered a waste by-product of kerosene, expanded rapidly. Texaco followed this trend, and by 1914 its gasoline production surpassed that of kerosene. The company went from distributing gasoline in barrels to underground tanks to curbside pumps, and in 1911 it opened its first filling station in Brooklyn, New York. By 1916, 57 such stations were in operation across the country. Powered by the growth of the automobile industry and the high demand for petroleum created by WWI, Texaco quadrupled its assets between 1914 and 1920.
What is Texaco oil?
Texaco is one of the world's largest oil companies, with exploratory, manufacturing, and marketing operations across the globe. Its primary petroleum-based products include automotive gasoline and oils, as well as aviation and heating fuels. Texaco expanded with the growth of the U.S. automobile industry in the early 20th century and quickly developed international production and marketing interests. By the 1960s it had established the largest sales network of any U.S. oil company, with operations concentrated in refining and marketing. The oil crisis of the 1970s cut off many of its international sources of crude oil and left it with limited reserves. Texaco was poised for recovery in 1984 when it entered into a court battle with Pennzoil Company over the acquisition of Getty Oil. Since settling with Pennzoil in 1988, Texaco has pursued an almost constant restructuring effort in an attempt to recapture its former profitability and prominence in the oil industry.
How did Texaco rebuild its market position?
With the Pennzoil case and the takeover attempt behind it, Texaco rebuilt its market position under the leadership of chairman and CEO James Kinnear by selling off assets and undertaking new joint ventures. From 1987 to 1989 it sold its operations in Germany and Canada, as well as fixed assets in the United States (including 2,500 gas stations) and the Middle East, raising $7 billion in the process. It also expanded drilling operations in the North Sea and offshore California, while continuing its exploration efforts in Asia, Africa, and South America.
How did DeCrane help Texaco?
Starting in 1993, DeCrane guided Texaco through yet another restructuring intended to improve its competitiveness. Like almost every other U.S. oil company going through restructuring at the time, Texaco reduced its work force. A cut of 2,500 workers, or eight percent, over a one-year period contributed to a $200 million reduction in overhead in 1994. DeCrane also wanted Texaco to focus on its core oil and gas operations, so he divested the company of its chemical business. In 1994 Texaco sold the Texaco Chemical Company to the Huntsman Corporation for $850 million. That year the company also sold more than 300 scattered, unprofitable oil- and gas-producing properties to Apache Corporation for $600 million.
What was the impact of WWI on Texaco?
Powered by the growth of the automobile industry and the high demand for petroleum created by WWI, Texaco quadrupled its assets between 1914 and 1920. After WWI, Texaco continued to concentrate on its automotive gasoline and oil production, introducing new products and expanding its national sales network.
How many Texaco stations were there in 1987?
These stations were a quick success, with more than 1,200 in the United States by 1987. The company also added a new operating division in 1982, Texaco Middle East/Far East, and made several important acquisitions to bolster its reserve base. By 1985 Texaco's net income was once again above $1 billion.
When did Texas refinery become Texaco?
The Texas Company was renamed Texaco, Inc. in 1959. From modest beginnings in 1902 with the construction of The Texas Company’s first refinery, Port Arthur Works, an international, major oil company was born. On January 1, 1989, Saudi Refining, Inc. purchased 50% of Texaco’s Port Arthur refinery as part of a joint venture with Texaco.
When did Texas Fuel Company go into business?
The Texas Fuel Company went into business on January 2, 1902, with little cash at its disposal. The new company purchased land for a refinery site at Port Arthur, two tanks, and a quantity of pipe for a pipeline from Spindletop to Port Arthur at a cost of $39,695.
What oil was used in the Texas Company?
Technical advances were also being made in developing processes for making better lubricating oils and greases at Port Arthur Works, The Texas Company’s only lube plant. Most of the lubricating oils used in automobiles were made from Pennsylvania crude oils because of its naturally low wax content, but they were comparatively dark in color. Texaco lube oils, made from Texas and South Louisiana crudes, were lighter in color. Oddly, customers preferred darker oils. The Company decided to advertise their lighter oils as "Texaco Motor Oil -- Clean, Clear, Golden", and displayed them in glass bottles at service stations. Customers were quick to see the difference and demand for lubricating oils increased from 266,000 barrels in 1914 to 1,511,000 barrels in 1920.
What happened in October 1929?
In October 1929, there was a serious economic collapse. The ensuing depression, with its ever-increasing debt, brought about the closing of numerous banks, the collapse of industry, and the spread of unemployment. Management could do little else during this period than take a defensive action in order to persevere for its employees. The Texas Company made a profit in 1930; however, it operated at a loss during the next three years. The Company decided to put most of the employees at Port Arthur Works and Port Neches Works on a shorter work schedule rather than enact a layoff.
How many acres of land were acquired in 1902?
Acquisition of land currently totals about 5,000 acres. On November 22, 1902, the first appropriation was made for the construction of a $150,000 refinery and $20,000 asphalt plant at the Port Arthur Works.
How much land was purchased in 1902?
During 1902, a total of 90.1 acres of land had been purchased at an average price of $124.92 per acre. Over the next 18 years, another 3,470 acres were purchased from the Port Arthur Land Co. at an average price of about $27.65 per acre. Acquisition of land currently totals about 5,000 acres.
Who was Stillman in 1904?
When the first lubrication pale oils were produced on the old East Side Lube Stills, Mr. Dellinger was Still Foreman, and Mr. Repschleger was Stillman. Mr.
When did Texaco buy McColl Frontenac?
And then there’s McColl-Frontenac, which was acquired by Texaco in 1941 and sold its products under the Red Indian brand, that was the Canadian brand of Texaco.
What is the green T in a Texaco star?
The green “T” inside the red Texaco star can help date Texaco-branded products. The earliest “T”s featured descending cross bars that turned up at their ends, as well as a pair of serifs at the base of the letter. By 1915, the “T” had taken on its more familiar shape, with the base of the letter mortised by two of the star’s inward-pointing edges.
When did Texas buy Havoline Motor Oil?
Texaco’s history is often confused with that of the Indian Refining Company, which The Texas Company bought in 1931. That buyout included the rights to Havoline Motor Oil, which has since become one of Texaco’s most recognized brands.
When did Texaco introduce the 2000?
To introduce our new System 2000 stations in 1981 , we developed the streamlined star symbol as part of our new corporate identity, retaining the character of earlier logos that have added distinction to the Texaco brand.
When was the Star of Texas logo created?
Created in 1903, the companys original logo was a five-pointed star based on the Star of Texas, our headquarters at that time.
When was the T logo redesigned?
We redesigned the logo in 1913, introducing a 42-inch enameled double-faced sign to display at all company-owned filling stations. In 1936, the green T was back inside the red star in the famous banjo sign at Texaco service stations around the world. We exchanged the circle for a hexagon when we introduced our first corporate identification system in 1963.
When did Texaco start?
On television, continuing a practice long established in radio, Texaco included its brand name in the show title. When the television version launched on June 8 , 1948, Texaco also made sure its employees were featured prominently throughout the hour, usually appearing as smiling "guardian angels" performing good deeds of one or another kind, and a quartet of Texaco singers opened each week's show with the theme song.
Who sponsored Fred Allen?
Photo of Fred Allen for the show's premiere, 1940. Allen's previous sponsor, Bristol-Myers ' Ipana toothpaste and Sal Hepatica laxative, decided to cease their tandem sponsorship of Allen's successful hour, first known as Town Hall Tonight and then, for its final season, The Fred Allen Show.
What was the name of the show that Ed Wynn did in the 1930s?
The roots of Texaco Star Theater were in a 1930s radio hit, Ed Wynn, the Fire Chief, featuring the manic "Perfect Fool" in a half-hour of vaudevillian routines interspersed with music. Wynn's ratings began to slide and the comedian lapsed amidst personal and professional crises, and the show ended in June 1935. Texaco sponsored The Jumbo Fire Chief Program in 1935–36 and The Fire Chief Concert in 1936.
When did the Milton Berle Show start?
The classic 1940–1944 version of the program, hosted by radio's Fred Allen, was followed by a radio series on ABC (the former NBC Blue) in the spring of 1948. When Texaco (now Chevron Corporation) first took it to television on NBC on June 8, 1948, the show had a huge cultural impact. Once Texaco ended its sponsorship in 1953, the show became known as The Milton Berle Show for its final few seasons.
Where is Texaco headquarters?
Kinnear said in a statement issued from Texaco’s headquarters in White Plains, N.Y., that the asset sales would serve to ″de-emphasize our presence in manufacturing and marketing.″
Why did Texaco file bankruptcy?
Texaco had filed for protection from its creditors under Chapter 11 of federal bankruptcy laws to avoid having to post a potentially ruinous multibillion-dollar security bond while appealing a $10 billion damage judgment awarded to Pennzoil by a Houston jury in November 1985. The award stemmed from Texaco’s acquisition of Getty Oil Co. after Getty had agreed to sell part of its assets to Pennzoil.
Is Texaco paying dividends?
NEW YORK (AP) _ Texaco Inc. announced Fri day it will resume paying a quarterly dividend and will sell off an additional $2 billion in assets as part of its restructuring.
Where is Texaco headquarters?
Meanwhile, in Texaco`s headquarters in White Plains, N.Y., the emergence from Chapter 11 bankruptcy protection was seen as an opportunity to get moving on restructuring the company.
When did Texaco go bankrupt?
Texaco entered bankruptcy on April 12, 1987, to avoid having to post a multibillion-dollar appeals bond to carry on its legal fight with Pennzoil. The bankruptcy was the biggest in U.S. history.
When did Pennzoil lose to Texaco?
Supreme Court to hear Texaco`s appeal of a Texas court`s record multibillion-dollar award to Pennzoil for losing Getty Oil Co. to Texaco in 1984.
Who is forcing Texaco to sell?
Oil analysts conjecture that Texaco will be forced by such high-profile investors as financier Carl Icahn to sell more assets, in order to raise more money and to lift the stock price.
Where did the Hanover Trust Co. deposit money?
Neither company marked the settlement with any celebration, though the wire transfer was a media event at Texas Commerce Bank, which received the huge deposits from Manufacturers Hanover Trust Co. in New York via Federal Reserve Banks in New York and Dallas.
