Traditionally, Chevron Corporation is traced to the
discovery of Pico Canyon (now referred to as Canyon Oilfield) in the north of
Los Angeles. The discovery of 'Canyon Oilfield' led to the formation of Pacific
Coast Oil Company in 1879, which is known to be Chevron's oldest
predecessor i.e. "another side of the genealogical chart point of
the founding of the Texas fuel company in 1901". It was formerly known as
Texas, and later changed to Texaco. Chevron Corporation itself was originally
known as Standard Oil of California (SoCal); it was formed during the
"antitrust breakup of John D. Rockefeller Standard Oil Company in 1911,
which was among the top world's oil industries in the early 20th century.
However, a concession granted by the Saudi Arabian government in 1933, gave
SoCal the permission to seek for oil on its land; in which in 1938, it
discovered oil . More to this, during the 1950s, SoCal also discovered the
world's largest oil field in Saudi Arabia (Ghawar). Californian-Arabian
Standard Oil Company developed over the years, which later become the
Arabian-American Oil Company (ARAMCO) in 1944. In the early 1970s, the Saudi
government began to invest in ARAMCO; by 1984 it became the largest in history.
During that period."SoCal divested many of its Gulf' operating subsidiaries,
sold some of its Gulf stations and a refinery in the eastern United States.
Another major branch of the family tree is the 'Texas Fuel Company' that was
formed in Beaumont, Texas. During the early 1990s, however, later became
'Chevron-Texaco Corp' in 2001. Both companies merged In 2005; the acquisition
of Unocal Corporation also strengthened and positioned Chevron Corporation as
it is today as one of the leaders in energy industry.
Chevron Coporation maintained its leadership
position in the Oil Industry, its exploration rate success from 2002 through
2007 averaged 42 percent. Chevron's exploration program added an average of 1
billion barrels to its resource base over that same time period. In 2005, the
company changed its name to Chevron Corp. The acquisition of Unocal Corp,
further enhance its position as a leading energy provider. it was a strong
strategic fit, strengthening the company's exploration and production portfolio
in the Asia-Pacific region, the U.S. Gulf of Mexico and the Caspian
region.
Mission Statement
"Our Company's foundation is built on our
Values, which distinguish us and guide our actions. We conduct our business in
a socially responsible and ethical manner. We respect the law, support
universal human rights, protect the environment, and benefit the communities
where we work"