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The History Of Chevron And Ethical Controversy

1678 words - 7 pages

Chevron Corporation is an American global energy corporation that is head office in San Ramon, California. Chevron Corporation can be dated to 1870 when it was known as the Pacific Oil Coast Company. Following successive mergers with various oil firms, they finally changed their name in 1911 to Standard Oil Company. Due to the U.S. Supreme Court ordering the Pacific Oil Coast Company (POCC) to be liberated into various oil companies because it violated the Sherman Antitrust Act (New York Times). Later on name they would change their name to Standard Oil Company of California (SoCal) because of the acquisition of Pacific Oil Company. After a decade, the firm agreed upon a contract with Texas Oil Company which resulted in the formation of the Caltex Corporations. Furthermore, with successful tactical mergers with companies such as The Standard Oil Company of Kentucky, Standard Oil Company of California acquired 2,000 retail stations, increased its channel and market equity in southern region of the United States (Mattera, n.d).
Chevron have business in over 180 countries. Some of the countries the company has processes are Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, Chad, China, Colombia, Democratic Republic of the Congo, Denmark, Indonesia, Kazakhstan, Myanmar, Netherlands, Nigeria, Norway, the Saudi Arabia, Kuwait, Philippines, Republic of the Congo, Singapore, South Africa, South Korea, Thailand, Trinidad and Tobago, United Kingdom, United States, Venezuela and Vietnam. (Chevron)
In 1984, the term Chevron Corporation was assumed after the acquisition of the Gulf Oil Company which at the time in history was the largest merger of oil corporations. This union doubled Chevron Corporation fuel and gas undertakings, as well as congealing placing them in the one of the top spots in the oil industry. Also, the agreement between Chevron Corporation and Kazakhstan, resulted in Chevron creating huge refinery in the country. Kenning to expand its stake in global market, Chevron acquired Petrolera Argentina San Jorge and Rutherford-Moran in 2000. As the rest of the industry merged, Chevron discussed merging with Texaco, but the dialogs was not there. In 2000 Chevron formed a joint venture with Phillips Petroleum (later ConocoPhillips) that combined the companies' chemicals businesses as Chevron Phillips Chemical. That year talks with Texaco were revived and Chevron agreed to acquire its Texaco for $36 billion in stock (Sorkin & Barnerjee, 2000). The deal, completed in 2001, formed ChevronTexaco. Later on ChevronTexaco announced it was forsaking the term to become Texaco Chevron Corporation. Texaco is a registered under the brand Chevron Corporation. This resulted in Chevron Corporation becoming the second largest U.S. based oil company.
Chevron acquired Unocal in 2005 for more than $16 billion, boosting its proved reserves by about 15%. Equally attractive to Chevron was the strategic position of Unocal's operations; at...

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