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Coastal States Gas Transmission Company history
Coastal States Gas Transmission Company company history timeline
In 1878, Standard Oil Co. opened a three-person, second-story office in San Francisco.
Chevron's earliest predecessor, Pacific Coast Oil Co., was incorporated in 1879 in San Francisco.
By 1885, it consolidated its Western interests under its subsidiary, the Standard Oil Co. (Iowa), which controlled distribution stations throughout the West Coast.
In 1895, the company initiated its enduring marine history when it launched California’s first steel tanker, the George Loomis, which could ship 6,500 barrels of crude between Ventura and San Francisco.
Lacking Iowa Standard’s marketing savvy and financial clout, Coast Oil had been struggling, despite its successful record of exploration and production. As a result, in 1900, Coast Oil agreed to be acquired by Iowa Standard, while retaining the name of Pacific Coast Oil Co.
After buying 500 acres of rolling lands on the northeast shore of San Francisco Bay in 1901, Standard completed the Richmond Refinery a year later.
In 1906, a consolidation between Pacific Coast Oil and Iowa Standard created a new entity, Standard Oil Co. (California), finalizing an integration that had existed for six years.
The company’s expertise in searching for oil became increasingly important as a May 1911 Supreme Court decision separated Standard Oil Co. (California) from its parent, a giant New York-based corporation.
Fortunately, Standard had the right person for the job in Fred Hillman, who became director of the Producing Department in 1911.
Standard Oil Co. (California) scored big in December 1913 when it purchased the Murphy Oil Co. holdings in West Coyote and East Whittier.
In addition, the opening of the Panama Canal in August 1914 gave the company greater access to Eastern United States and European markets.
In this 1915 photo, a horse-drawn wagon loaded up at a Standard Oil Co. (California) station in Sausalito, Calif., for delivery of Red Crown Gasoline and Pearl Oil to customers in the San Francisco Bay area.
In 1916, Standard became the first company in the industry to adopt an eight-hour day for all salaried and contract employees.
By 1917, Standard had added two other great Southern California discoveries in the Montebello and Baldwin No.
Following upon the success of Red Crown automobile gasoline, Standard introduced Red Crown aviation fuel in 1918, promoting the product through advertisements and through wider commitment to the growth of the aviation industry.
In January 1919, the company had the first of several discoveries in Elk Hills in California’s San Joaquin Valley.
And by 1919, Standard’s production had grown to more than one-quarter of the state’s total.
The search began in December 1920, when a 25-person exploratory team sailed from San Francisco to Bondoc Peninsula in the Philippines, followed by a freighter carrying 1,000 tons of equipment.
In 1925 alone, the company’s three refineries at Richmond, El Segundo and Bakersfield produced more than 56 million barrels of petroleum products as well as 13.6 million pounds of greases and 340,000 tons of asphalt.
By 1926, the fleet grew to 40 vessels, including 22 ocean-going tankers as well as stern-wheelers, launches, barges and tugs.
In 1926, Standard boosted its production capacity by almost 50 percent when it acquired Pacific Oil Co., an organization that handled the oil properties of Southern Pacific Railroad.
The company gained its first foothold in the region in 1928 when Gulf Oil Corporation offered its Bahrain concession to Socal (in a move that unknowingly foreshadowed the merger with Gulf by more than half a century).
The long, intrepid quest would take more than 10 years before the company made its first international discovery in June 1932.
In June 1932, Socal began a year-long series of negotiations with the Saudi government before the two sides signed a concession agreement providing the company with exploration rights for the next 60 years over an area of about 360,000 square miles.
In November 1932, the company assigned the concession to its newly formed subsidiary, California Arabian Standard Oil Co. (Casoc), later to become Arabian American Oil Co., or Aramco.
The joint-venture partners also agreed to share exploration rights in Central Sumatra, Java and Dutch New Guinea, which had been granted to Socal in 1935.
The company entered the Canadian market in 1935 when Standard Oil Co. of British Columbia was launched in a two-room suite of the Hotel Vancouver.
During the 1930s, Socal expanded its operations in Central America, building upon its leadership position in Mexico. It added a road-surfacing plant and constructed a bulk plant in El Salvador in 1935 before expanding into Guatemala, Nicaragua, Honduras and Costa Rica.
Socal had already found a potential market for its Middle Eastern oil by creating a historic partnership with Texaco in 1936.
During the pre-war years, Socal’s aggressive exploration program extended to the Southeastern United States, where the California Company, a Socal subsidiary, made its first discovery at Bayou Barataria, Louisiana, in 1939.
With the entry of the United States into the war in December 1941, Socal became a key supplier of crude oil and refined products for the Allies in the Pacific.
After the United States government gave Socal special priority to build the nation's first synthetic detergent plant in 1945, the company had a solid footing to produce a wide array of industrial chemicals such as detergents, plastics and synthetic fabrics.
After acquiring the Perth Amboy Refinery in 1945, the company used it as a manufacturing base a couple of years later when it launched an expanded marketing network in 12 Eastern states through its subsidiary, California Oil Co.
And in Saudi Arabia, when drilling resumed in 1947, the company learned that its concession area in the Enala Anticline contained the largest oil pool in the world—105 miles of productive sands.
Reflecting Socal’s growth in these postwar years, revenues surpassed $1 billion for the first time in 1951.
In 1955 Wyatt founded Coastal States Gas Producing Company in Corpus Christi, Texas.
The practice enraged other pipeline owners, but the arrangement worked to Coastal's advantage, and by 1960 revenues exceeded $17.6 million.
United States expansion continued in 1961 when the company merged with Standard Oil Co. (Kentucky), the market leader in petroleum products in five Southeastern states.
In 1962 Coastal purchased 800 miles of crude oil pipeline from Sinclair Oil Corporation, including a major refinery in Corpus Christi with a capacity for almost 30,000 barrels of oil per day.
To serve this market with crude oil from fields in the Gulf of Mexico, the company constructed the 100,000-barrel-a-day refinery at Pascagoula, Mississippi, in 1963.
At the Richmond Refinery in 1965, the company launched the world’s largest Isomax hydrocracking complex, which converted heavy petroleum oils to light stocks used to make gasoline and other products.
To manage a share of the divided operations, the company created Chevron Oil Europe in 1967.
In 1968 Coastal acquired a 965-mile system from United Pipeline Company.
In 1969, Standard completed a 150,000-barrel-a-day expansion of its refinery at Pernis in the Netherlands, and a year later brought onstream a new 250,000-barrel-a-day refinery at Freeport in the Bahamas.
In June 1970 the company announced plans to link its west Texas natural gas reserves to the Dallas area.
Standard expanded its fleet in 1970 by adding six new very large crude carriers (VLCCs), supertankers of 250,000 or more tons.
In 1973 Coastal entered the coal mining field with the acquisition of Southern Utah Fuel Company.
By 1975 revenues had reached $1.9 billion.
Coastal's expansion continued in 1976 with the purchase of Pacific Refining Company's plant in Hercules, California, which increased Coastal's refining capacity to about 300,000 barrels per day.
With these discoveries, Socal achieved a production record of more than 3.5 million barrels of oil equivalent in 1976, a year in which the world rebounded from an economic recession.
In 1977 Coastal acquired Miami-based Belcher Oil Company, one of the largest marketers of fuel oils in the Southeast.
In 1977, the company made a major organizational change when it formed Chevron United StatesA. Inc., merging six domestic oil and gas operations into one.
The spinoff, Valero Energy Corporation, which was formed on December 31, 1979, from LoVaca and other Coastal assets, had annual revenues of about $1 billion.
In 1980 Wyatt changed the company's name to Coastal Corporation, and in the same year revenues exceeded $5 billion.
Economic recession and an oversupply of oil and natural gas, as well as conservation by consumers, led to Coastal's first loss, which amounted to $96.4 million for the year 1981.
In 1983, for example, Coastal's attempt to secure Texas Gas Resources failed, yet Coastal's initial investment in the company generated a total of $26.4 million in profits.
On March 5, 1984, Keller made a bid of $80 per share, roughly $13.3 billion, and hours later received a phone call from Gulf Chairman James Lee, telling him that Socal had won the bidding.
Wyatt's unsuccessful attempt to take over Houston Natural Gas in 1984 yielded a similar return of $42 million.
In addition to its world-class assets and strong corporate culture, Texaco had the experience of integrating Getty Oil Co.’s operations and people following the 1984 acquisition of Getty.
In 1985 Wyatt set about acquiring American Natural Resources (ANR), one of the most profitable natural gas pipelines in the Midwest.
By late 1985, the merger was complete.
Chevron’s revised environmental policy added an important new mandate: risk management, which involved identifying potential problems and solving them before they became real problems. It also expanded a far-sighted program, Save Money and Reduce Toxics, which had already cut hazardous waste disposal by 60 percent since 1986.
1987: Despite United States economic sanctions against Libya, CEO Wyatt negotiates a deal with Libyan dictator Muammar Qaddafi.
In 1988 Coastal concluded an agreement with China National Chemicals Import and Export Corporation (Sinochem) for joint ownership of Coastal's Pacific Refining Company.
By 1988, when the company acquired $2.5 billion in properties from Tenneco, Chevron became the leading oil and gas producer in the United States Gulf of Mexico.
The United States government took action against Coastal's agreement with Libya in 1991 by prohibiting United States citizens from working for the venture.
The agreement was part of the United Nation's oil-for-food deal, in which the proceeds of the sales would be used to purchase food and medicine for Iraqi citizens, who had suffered significantly from economic sanctions in place against Saddam Hussein since 1991.
In 1992 Coastal shut down its refinery in Kansas when its refining and marketing division reported an operating loss of $192 million, but the company continued to grow, seeking acquisitions and joint ventures to streamline operations.
Also in 1993 the company acquired Soldier Creek Coal Co. and Sage Point Coal Co., both subsidiaries of Sun Co., Inc.
1993: Coastal completes construction on the Empire State Pipeline, a joint venture.
In 1993, Chevron became the first major Western oil company to enter the newly independent Kazakhstan.
1995: Wyatt retires as CEO.
When Wyatt stepped down as chairman in 1997, Arledge gained the additional post.
In 1997 Coastal entered into discussions with Venezuela's national oil company, Petróleos de Venezuela S.A. (PDVSA), regarding a venture involving Coastal's Corpus Christi refinery facilities.
The Wet’suwet’en legal system predates Canada’s, and the community won in the first Aboriginal title case in Canadian history in 1997, defining Aboriginal title in a case to stop clear-cut logging.
The company announced plans to start exploration in Australia, and in October 1998 Coastal signed a deal with Petrobras, Brazil's national oil company.
Coastal acquired oil and gas assets in northeastern Utah and western Colorado in late 1998.
In the Gulf of Mexico region, Coastal built five drilling and production platforms in 1998.
Coastal's refinery in Eagle Point, New Jersey, was busy in 1998 as well.
In other 1998 developments, Coastal sold or closed nearly 100 retail stores, including 64 Coastal Mart stores in the Midwest, to adhere to the company's decision to dispense with nonessential businesses.
In 1999 Coastal announced plans to develop a 700-mile pipeline running from Mobile, Alabama, to Tampa Bay, Florida.
In early 1999 Coastal purchased a 24.5 percent stake in a hydroelectric plant in Panama and also began operations at its Nicaragua plant.
The company acquired a 66.7 percent interest in a power plant in Bangladesh and continued work on two projects in Pakistan, which were scheduled to be operational in 1999.
In 1999, Chevron initiated a series of talks with Texaco, which proved unsuccessful.
16, 2000, the two companies announced that they had reached an agreement to merge.
9, 2001, the shareholders of Chevron and Texaco voted to approve the merger, and ChevronTexaco Corp. began doing business that same day.
In that year Coastal acquired an 11 percent interest in the 1,900-mile Alliance Pipeline, designed to move natural gas from western Canada to the Chicago region. It was projected that the pipeline would be completed by 2002.
That same year, Valero expands in Corpus Christi with the purchase of a second refinery (later named the Corpus Christi Refineries East Plant), and acquires two asphalt refineries on the West Coast. *Divested in 2005
The deal also gives Valero a stake in a midstream logistics business, later named Valero LP, which was spun off in 2006 and renamed NuStar Energy LP.
That same year, Valero acquires three new refineries from Basis Petroleum, two in Texas (Houston and Texas City) and one in Louisiana (Krotz Springs*), becoming the largest independent refining company on the Gulf Coast. *Divested in 2008
Also in the United States Gulf of Mexico, Chevron achieved first oil from the Tahiti Field in May 2009.
The Tengiz expansion and the ramp-up of the deepwater Agbami Field offshore Nigeria were two projects that added significant production volumes in 2009.
In addition, according to Coastal, by 2010 the demand for natural gas was expected to grow considerably, from 22 trillion cubic feet to 30 trillion cubic feet per year.
Valero becomes the second-largest independent refining company in the U.S with its purchase of Paulsboro Refinery* in New Jersey, its first transaction with a major oil company (Mobil). *Divested in 2010
Chevron’s development of oil and natural gas from shale and tight rock formations has intensified since the company entered the Marcellus Shale through its acquisition of Atlas Energy in 2011.
2012 — TC Energy is selected by LNG Canada to design, build, own and operate Coastal GasLink.
The deal elevates Valero to one of the top five asphalt producers in the nation, and marks the company’s entry into the retail*, branded wholesale and marketing sectors. *Retail business divested in 2013
The company has also become a leading global producer of premium base oil since the 2014 completion of a base oil facility at the Pascagoula, Mississippi, refinery.
In late 2014, Coastal GasLink initiated a program to provide local First Nations groups with the opportunity to participate in field study activities, information sharing and intergenerational transfer of traditional and cultural knowledge along sections of the Coastal GasLink pipeline corridor.
Valero Renewables grows to 10 ethanol plants with the purchase of three more sites (Bloomingburg, Ohio; Linden, Indiana; and Jefferson, Wisconsin), and one additional site in Mount Vernon, Indiana in 2014.
2015 — Field work continues, along with development of plans and strategies to fulfill regulatory conditions.
Valero extends its international reach with the acquisition of El Paso Corporation’s Aruba Refinery* plus related marine, bunkering and marketing operations. *Divested in 2016
And the achievement of several commercial milestones added impetus to the Wheatstone project, due to start up in mid-2017.
Coastal GasLink announced it will proceed with construction on the project following a positive Final Investment Decision from its partner, LNG Canada, on October 2, 2018.
RAN published the original “Who’s banking the Coastal GasLink pipeline?” blog in January 2019.
15, 2019, the B.C. Environmental Assessment Office approved a five-year extension to the previously issued Environmental Assessment Certificate.
On May 25 2020, TC Energy announced that Coastal GasLink had secured a project finance package that would cover up to 80% of the pipeline’s construction costs.
In fact, in light of increasing attention on insurance companies providing coverage for destructive fossil fuel projects, in May 2021 TC Energy petitioned the Canada Energy Regulator to let it keep its insurers secret — a petition that was granted in September 2021.
KKR is a publicly-traded American global investment firm headquartered in NYC, with USD $429 billion in assets under management as of June 2021.
In September 2021, Coastal GasLink bulldozed an ancient Wet’suwet’en village site, despite consistent calls to action and legal requirements to respect the site from Wet’suwet’en hereditary chiefs and archeologists alike.
2021 chevron annual report pdf opens in new window
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