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Chevron Company History Timeline

1879
In September 1879, Charles N. Felton, Lloyd Tevis, George Loomis and others created the Pacific Coast Oil Company, which acquired the assets of Star Oil with 1 million in funding.
1885
Iowa Standard had been active in northern California since 1885, selling both Eastern oil of Standard's own and also large quantities of kerosene purchased from Pacific Coast and the other local oil companies.
1900
Pacific Coast Oil became the largest oil interest in California by the time it was acquired by Standard Oil for 761,000 in 1900.
1901
Another predecessor, Texas Fuel Company, was founded in 1901, in Beaumont, Texas as an oil equipment vendor by Buckskin Joe . The founder's nickname came from being harsh and aggressive.
1906
Chevron was founded in 1906 and is headquartered in San Ramon, CA.
Pacific Coast operated independently and retained its name until 1906, when it was merged with a Standard Oil subsidiary and it became Standard Oil Company California or California Standard.
1911
In 1911, the federal government broke Standard Oil into several pieces under the Sherman Antitrust Act.
1919
From a base of about 3 percent of the state's production in the early part of the century, Socal rode a series of successful oil strikes to a remarkable 26 percent of nationwide crude production in 1919.
1928
Iraq Petroleum was then the chief cartel of oil companies operating in the Middle East, and its members were restricted by the Red Line Agreement of 1928 from engaging in oil development independently of the entire group.
1930
In 1930 Socal geologists struck oil in Bahrain, and within a few years, the California company had joined the ranks of international marketers of oil.
1933
None was interested except the now-adventurous Socal, which in 1933 won a modest bidding war and obtained drilling rights for a 5,000 annual fee and a loan of 50,000.
1936
In 1936, it formed a joint venture with California Standard named Caltex, to drill and produce oil in Saudi Arabia.
1939
Once the oil started flowing in 1939, King Saud was so pleased with his partners and the profits they generated for his impoverished country that he increased the size of their concession to 440,000 square miles, an area the size of Texas, Louisiana, Oklahoma, and New Mexico combined.
1944
California Standard's subsidiary, California-Arabian Standard Oil Company, grew over the years and became the Arabian American Oil Company ARAMCO in 1944.
1948
In 1948, California Standard discovered the world's largest oil field in Saudi Arabia, Ghawar Field.
1949
On the domestic scene, Socal by 1949 had grown into one of the few American companies with 1 billion in assets.
1957
By 1957, for example, Socal was selling 1.7 billion worth of oil products annually and ranked as the world's seventh-largest oil concern.
1961
By 1961 Socal was drawing 27.9 million barrels per year from Marchand and had bought Standard Oil Company of Kentucky to market its gasoline in the southeastern United States.
1967
The firm's European gas stations, owned jointly with Texaco until 1967, numbered 8,000.
1970
By 1970, 20 percent of Socal's 4 billion in sales was generated in the Far East, with Japan again providing the lion's share of that figure.
The world oil picture had changed fundamentally by 1970, however.
1971
But the added domestic production only masked Socal's increasing reliance on Saudi Arabian oil, which by 1971 provided more than three-quarters of Socal's proven reserves.
1981
In 1981 the company made a 4 billion bid for AMAX Inc., a leader in coal and metal mining but had to settle for a 20 percent stake.
1984
Also in 1984, after a decade of sporadic attempts to lessen its dependence on the volatile Middle East, Chevron Corporation met its short-term oil needs in a more direct fashion it bought Gulf Corporation.
Standard Oil of California and Gulf Oil merged in 1984, which was the largest merger in history at that time.
1989
Chevron's 1989 results were poor, and in that year's annual report, Chairman Kenneth Derr announced a program to upgrade the company's efficiency and outlined as well a five-year goal a return on stockholders' investment that exceeds the performance of our strongest competitors.
1993
In 1993, while transporting nearly 625 million barrels of crude oil, Chevron Shipping spilled an amount equaling less than four barrels.
In 1993 Chevron entered into a partnership with the Republic of Kazakhstan to develop the Tengiz oil field, one of the largest ever discovered in the area.
1994
In 1994, five years after Derr's announcement, Chevron had met its goal for stockholders, largely through restructuring and efforts to cut costs and improve efficiency.
1995
The company helped reduce its refining capacity by selling its Port Arthur, Texas, refinery in February 1995.
In December 1995 the company announced a restructuring of its United States gasoline marketing.
1996
These measures seemed to improve the company's fortunes, as its earnings jumped in 1996 to more than 2.6 billion, an all-time high.
1997
One example of the company's new efforts toward marketing was a joint initiative with McDonald's Corp.. In April 1997, as a response to one-stop shopping marketing trends, Chevron and McDonald's together opened a new gas station and food facility in Lakewood, California.
2000
On October 15, 2000, Chevron announced acquisition of Texaco in a deal valued at 45 billion, creating the second-largest oil company in the United States and the world's fourth-largest publicly traded oil company with a combined market value of approximately 95 billion.
2001
The acquisition was completed on October 9, 2001.
2005
On May 9, 2005, ChevronTexaco announced it would drop the Texaco moniker and return to the Chevron name.
In 2005, Chevron purchased Unocal Corporation for 18.4 billion, increasing the company's petroleum and natural gas reserves by about 15 . Because of Unocal's large South East Asian geothermal operations, Chevron became a large producer of geothermal energy.
2009
In 2009, both Chevron and Energy Conservation Devices sold their stakes in Cobasys to SB LiMotive Co.
2010
In July 2010, Chevron ended retail operations in the Mid-Atlantic United States, removing the Chevron and Texaco names from 1,100 stations.
2011
In 2011, Chevron acquired Pennsylvania based Atlas Energy Inc. for 3.2 billion in cash and an additional 1.1 billion in existing debt owed by Atlas.
2013
In September 2013, Total S.A. and its joint venture partner agreed to buy Chevron's retail distribution business in Pakistan for an undisclosed amount.
Among the assets sold off were Gulf's retail outlets in Gulf's home market of Pittsburgh, where Chevron lacks a retail presence but does retain a regional headquarters there as of 2013, partially for Marcellus Shale-related drilling.
2014
In October 2014, Chevron announced that it would sell a 30 percent holding in its Canadian oil shale holdings to Kuwait's state-owned oil company Kuwait Oil Company for a fee of 1.5 billion.
2016
In 2016, Chevron announced to exit South Africa, where it has had a presence for over a century.
2019
In April 2019, Chevron announced their intention to acquire Anadarko Petroleum in a deal valued at 33 billion, but decided to focus on other acquisitions shortly afterwards when a deal could not be reached.
2020
In February 2020, Chevron joins Marubeni Corporation and WAVE Equity Partners in investing in Carbon Clean Solutions, a company that provides portable carbon capture technology for the oil field and other industrial facilities.
On July 20, 2020, Chevron announced that it would acquire Noble Energy for 5 billion.
Because of the COVID-19 pandemic and 2020 Russia Saudi Arabia oil price war, Chevron announced reductions of 10 15 of its workforce.
Founded
1879
Company Founded
Headquarters
San Ramon, CA
Company Headquarter

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