Company Overview
Highlights
The second-largest US integrated oil company (behind Exxon Mobil) has proved reserves of 10.8 billion barrels of oil equivalent and a daily production of 2.6 million barrels of oil equivalent, and it also owns interests in chemicals, pipelines, and power production businesses.
Chevron owns or has stakes in 9,700 gas stations in the United States which operate under the Chevron and Texaco brands. Outside the United States it owns or has stakes in 15,400 gas stations, which also use the Caltex brand.
Chevron Corporation (formerly ChevronTexaco) was formed by a $35 billion merger in 2001, solidifying the company as one of the “super majors.” San Francisco-based Chevron, which started as The Pacific Coast Oil Company and later became the jewel in John D. Rockefeller’s Standard Oil crown, brings to the table extensive oil exploration and production assets. Texaco offers complementary exploration and production assets and significantly increases Chevron’s downstream capabilities (i.e., what happens to the oil and gas after it is extracted from the earth). In the U.S., the company’s exploration and production operations exist mainly in some 700 fields in New Mexico, the Rocky Mountains, California, the Gulf of Mexico, Texas, and Alaska. But it has exploration and production operations everywhere from Thailand, Nigeria, and Denmark to Brazil, Kazakhstan, and Australia. In 2007, BP acquired Chevron's 31-percent stake in a Netherlands-based refinery and other assets for $960 million. That year, it also sold its fuels marketing business in Belgium, the Netherlands, and Luxembourg to Delek Petroleum for $515 million. The company announced plans in 2008 to begin construction on a $3.1 billion natural gas project in the Gulf of Thailand. The project has capacity to meet 14-percent of Thailand's natural gas needs.