History of Texaco Oil Company

Texaco began as The Texas Fuel Company, formed in Beaumont, Texas, in 1901 by Joseph S. Cullinan, Thomas J. Donoghue, and Arnold Schlaet upon the discovery of oil at Spindletop. The Spindletop wells led to the rapid establishment of more than 200 oil companies, pumping out as much as 100,000 barrels a day.

April 1902 the Texas Fuel Company's major investors obtained a new charter for a corporation-to be known as the Texas Company-which authorized the company to engage in storage and transportation of mineral solutions.

With Joseph Stephen Cullinan's oil expertise and the financing of his New York backers, The Texas Company soon became one of the nation's most prominent oil companies. Cullinan continued to drill wells in the southwest region, building more pipelines to connect them with Port Arthur.

The first Texaco star arrived in 1903, when a 19-year-old Italian refinery worker suggested to the company embrace the five-pointed symbol of Texas. He later added a green "T" - a color scheme he probably picked up from the Italian flag.

In 1905, the company established an operation in Antwerp, Belgium, under the name Continental Petroleum Company, which it acquired control of in 1913. In 1915, Texaco moved to new 13 story offices on 1111 Rusk St., Houston, Texas. By 1911 the company had a presence in Mexico and Africa.

From 1929 to 1934, during the Great Depression, the company was operating at a loss and shut down some refineries. But its recovery was rapid as it expanded its international activities.

In 1936 the Texas Company established exploration and production interests in the Middle East through a joint venture with Standard Oil Company of California.

In 1932, Texaco introduced Texaco Fire Chief gasoline, followed by Sky Chief gasoline in 1938 - bringing higher-octane options to pumps across America.

In October 2000, Chevron Corporation agreed to buy Texaco for $ 36 billion. The merger was completed October 9, 2001.
History of Texaco Oil Company

Origin Of Caltex

In 1935 Standard Oil of California marketed first compounded diesel engine oil (RPM Diesel Engine Lubricating Oil) making high-speed diesel engines feasible.

In 1911, using Sherman Antitrust Act, the federal government broke Standard Oil into several companies. One of those companies, Standard Oil Co. (California), went on to become Chevron.

On July 2, 1936 Caltex Group was form from joint venture between Chevron and Texaco, Inc. which each having equal ownership. The group was established for marketing operation in east of Suez (including Asia, East Africa, and Australasia). The group was founded as outlet for future oil production in Bahrain and Saudi Arabia.

Caltex was renamed as Caltex Petroleum Crop in 1968. In October 2001 Chevron and Texaco was merged to establish new identity known as ChevronTexaco and Caltex became part of the family.

In May 2005 ChevronTexaco Corporation changed its name to Chevron Corporation.
Origin Of Caltex

Chevron Corporation

Chevron Corporation
Chevron Corporation is one of the world’s largest integrated petroleum companies.

It is involved in every aspect of the industry, from exploration and production to transportation, refining and retail marketing, as well as chemical manufacturing and sales.

It operates in more than ninety countries and employs about 28 000 people worldwide.

The company turns crude oil into a variety of products, including motor gasoline, diesel and aviation fuels, lubricants, asphalt and chemicals.

Chevron Corporation started business in Los Angeles in 1879 as the Pacific Coasts Oil Company.

In 1900, the thriving company was acquired by John D. Rockefeller’s Standard Oil Trust.

In the 1920s and 1930s, the company began investing in international exploration and made the first major discoveries in Bahrain and Saudi Arabia.

In 1936, in partnership with Texaco, it formed Caltex, bringing in new markets in Asia, Africa and Europe.

After the Second World War, continued expansion led to major discoveries in Indonesia, Australia, the UK North Sea and the Gulf of Mexico.

In 1984, the company nearly doubled its size by acquiring Gulf Oil Corporation in what then was the largest corporate merger in US history.

That same year, Standard also changed its name to Chevron, the well-known brand name of many of its products.

In 1993, Chevron achieved another milestone when it joined the Republic of Kazakhstan in the largest joint venture between a Western company and a member of the former Soviet Union.

A new company, Tengizchevroil, was formed to develop the Tengiz oil field the largest discovery in past thirty years.

By 1999 Chevron’s net income was $2.070 billion (up to 55 percent from 1998), and opening earnings were $2.3 billion (up from $1.9 billion in 1998).
Chevron Corporation