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About Texaco Inc.

Chevron has earned its stripes as the #2 integrated oil company in the US, behind Exxon Mobil. Its global operations explore for and produce oil and oil equivalents, refines them into various fuels and other end products, and sells them through gas stations, airport fuel depots, and industrial channels. Chevron boasts approximately11.4 billion barrels of proved reserves, produces about 3.1 million barrels of oil per day, and has refining capacity for nearly 1.7million barrels per day. The company sells refined products branded under the Chevron, Texaco, and Caltex names through approximately 7,900 gas stations in the US and around 5,100 outside the US. 


Chevron's operations are grouped into two business segments: Downstream and Upstream.

Downstream operations (more than 75% of revenue) include the refining of crude oil into petroleum products; marketing oil and refined products; transporting products by pipeline, ship, truck, and rail; the making and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. Also reporting results as part of Downstream are transportation services (pipelines, LNG ships, etc.) and Chevon's 50% partnership in Chevron Phillips Chemical, which produces polymers, aromatics, specialty chemicals, and plastics.

The Upstream segment (about a quarter of revenue) explores for, develops, and produces crude oil and natural gas. It liquefies, transports, and regasifies liquefied natural gas (LNG), transports crude oil by major international pipelines, and operates a gas-to-liquids plant. It also processes, transports, stores, and markets natural gas. The segment operates more than 47,000 productive oil and gas wells (net) worldwide. About 65% of its production volume comes from some 25 countries outside the US.

Chevron has an ownership in roughly 58,700 oil wells (the sum of its interests equates to roughly 40,000 fully owned wells) and more than 6,600 gas well (more than 4,000 net gas wells).

Geographic Reach

San Ramon, CA-headquartered Chevron has substantial Upstream operations in the Americas and Asia and a lesser presence in Africa, Europe, and Australia. Chevron's Upstream portfolio contains hundreds of assets, including LNG assets in Australia, legacy crude oil assets in Kazakhstan, unconventional assets (shale, oil sands) in the United States, Canada and Argentina, and deep-water assets in Nigeria, Angola and the U.S. Gulf of Mexico. Upstream sees about 75% of its revenue come from non-US sources.

The Downstream segment operates five refineries in the US, one in Thailand, and has interests in another three affiliated (non-owned) facilities. It sells product through nearly 13,000 gas stations and around 70 airports worldwide. Chevon's chemical operations own or have joint-ventures in some 30 manufacturing plants and two R&D centers worldwide. Downstream revenue comes more from non-US sources than US ones.

All in all, the company generates about 45% of revenues domestically.

Sales and Marketing

Chevron's customers include organizations such as heavy industry firms, utility companies, airlines, and car-driving consumers. The company sells crude oil, natural gas, and natural gas liquids from its producing operations under a variety of contractual arrangements. In addition, Chevron also makes third-party purchases and sales of crude oil, natural gas, and natural gas liquids in connection with its trading activities. The company markets an extensive line of lubricant and coolant products under product names such as Havoline, Delo, Meropa, Rando, Clarity, Taro, and Ursa in the US and Chevron, Texaco, and Caltex brands worldwide.

Financial Performance

Chevron has struggled to attain meaningful revenue growth in recent years while profits have fluctuated.

In 2019, sales fell 12% to $139.9 billion. The decreased in 2019 mainly due to lower refined product, crude oil and natural gas prices, and lower crude oil and refined product volumes.

Net income fell 80% to $2.9 billion due to decrease sales in its revenue and higher operating expenses.

Chevron's cash on hand fell slightly during 2019 ending the year $3.6 billion lower at $6.9 billion. The company's operations generated $27.3 billion, while investing activities used $11.5 billion and financing activities used $19.8 billion. Chevron's main cash uses in 2019 were capital expenditures, long-term debt repayments, and dividends.


Chevron's primary objective is to deliver industry-leading results and superior shareholder value in any business environment. In the upstream, the company's strategy is to deliver industry-leading returns while developing high-value resource opportunities. In the downstream, the company's strategy is to grow earnings across the value chain and make targeted investments to lead the industry in returns. In support of the company's approach to the energy transition, Chevron is focused on lowering carbon intensity cost efficiently, increasing the use of renewables in its business, and investing in future breakthrough technologies.

Mergers and Acquisitions

In 2020, Chevron Australia Downstream, a wholly-owned subsidiary of Chevron, acquired Puma Energy Asia Pacific B.V. of all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd for the amount of AU$425 million. The acquisition adds a network of more than 360 company-owned and retailer-owned service stations, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots to Chevron's Australian portfolio.

In 2019, Chevron had an agreement to buy Anadarko Petroleum for $33 million. However, Occidental Petroleum swooped in with a $38 million offer, which Anadarko accepted. Chevron ended up with a $1 billion termination fee paid by Anadarko.

In mid-2019, Chevron acquired Pasadena Refining System and PRSI Trading from Petrobras America for $350 million. PRSI's 466-acre complex in Pasadena, Texas, adds a second refinery to Chevron USA's Gulf Coast downstream business, which also includes a refinery in Pascagoula, Mississippi.

Company Background

Chevron's earliest predecessor was the Pacific Coast Oil Company of San Francisco incorporated in 1879. This was thirty years after the California gold rush, and a small firm began digging for a new product -- oil. The crude came from wildcatter Frederick Taylor's well located north of Los Angeles. In 1879 Taylor and other oilmen formed Pacific Coast Oil, attracting the attention of John D. Rockefeller's Standard Oil. The two competed fiercely until Standard took over Pacific Coast in 1900.

Another predecessor, the Texas Fuel Company, was founded in 1901 in Beaumont, Texas.

In 1911, the federal government broke up Standard Oil into several pieces as per the Sherman Act. One of those pieces, Standard Oil Co. (California), went on to become Chevron when in 1977, a major organizational change led to the formation of Chevron USA merging six US oil and has operations into one. That name stuck since.

In 1985, Gulf Oil merged with Chevron, and the modern brand got even more recognition as the company became the top refiner and marketer of oil and gas liquids in the US.

Texaco Inc.

6001 Bollinger Canyon Rd
San Ramon, CA 94583-2324
Phone: 1 (925) 842-1000

Firm Stats

Employer Type: Privately Owned
Project Manager: Esther Jimenez
Chairman: David O'Reilly
Employees (This Location): 800
Employees (All Locations): 19,011

Major Office Locations

San Ramon, CA

Other Locations

Leesburg, AL
North Little Rock, AR
Douglas, AZ
Bakersfield, CA
Chula Vista, CA
Lancaster, CA
Englewood, CO
Meeker, CO
Fort Myers, FL
Titusville, FL
Gainesville, GA
Morgan City, LA
Tallulah, LA
Hickory, NC
Kernersville, NC
Lincoln, NE
Lovington, NM
North Las Vegas, NV
Marietta, OK
East Greenwich, RI
Florence, SC
Hartsville, SC
Smyrna, TN
Amarillo, TX
Austin, TX
Forest Hill, TX
Pyote, TX
San Antonio, TX
Texas City, TX
Davenport, WA
Seattle, WA