ChevronTexaco Corporation
ChevronTexaco Corporation is the creation of the 2001 merger of California-based Chevron Corporation, one of the many progeny of the Standard Oil Trust, and Texaco Inc., a company whose history traces back to the early boom years of the Texas oil industry. The two firms' histories previously began to intertwine in the 1930s with the formation of the Caltex and Aramco ventures in the Middle East. ChevronTexaco began its existence as the number two U.S.-based integrated oil company (behind Exxon Mobil Corporation) and number four in the world, behind Exxon Mobil, BP p.l.c., and Royal Dutch/Shell Group. The company had some 11.5 billion barrels of oil and gas reserves and had daily production of 2.7 million barrels. Major producing areas included the Gulf of Mexico, California, Texas, Canada, Kazakhstan, Argentina, Angola, Nigeria, Republic of Congo, Venezuela, Australia, Indonesia, Thailand, China, Papua New Guinea, the North Sea, and the Middle East. On the downstream side, ChevronTexaco operated 22 refineries around the world and more than 25,000 service stations on six continents under such brands as Chevron, Texaco, Caltex, Delo, and Havoline. Within the United States, the company's marketing operations were strongest in the western, southwestern, and southern regions of the country. Among the company's other operations and interests were a 50 percent interest in Chevron Phillips Chemical Company LLC, a major petrochemical manufacturer (the other 50 percent was held by Phillips Petroleum Corporation); equity interests in 47 power projects worldwide; and a 27 percent stake in Dynegy, Inc., a marketer and trader of energy products, including electricity, natural gas, and coal.
The Chevron side of the corporation grew from its modes ...