It was bought, in , by the vast industrial empire of the Standard Oil Co. It would emerge, 11 years later, with the breakup of the empire, when Standard Oil of California became an independent company. In , it bought Gulf Corp.
In , it took the lead in a merger with Texaco, changing its name to Chevron Texaco Corp. By the time it acquired Unocal Corp. Chevron said its worldwide proven reserves of oil and natural gas amount to the equivalent of more than 11 billion barrels and production of about 2.
The company said it has 1. Oil industry operations carry large-scale risks. About 15, people in the surrounding communities sought medical attention during and after the incident.
Chevron continues to defend itself in a long-running legal case in Ecuador alleging environmental and social harm. Chevron inherited the case when it acquired Texaco. Slow economies are a constant threat to earnings. Global demand for oil has also been declining at a time of surging crude production in the United States, according to the U.
As of September 18, , the company is ranked at 11 on Fortune's Global List. Chevron's two primary business divisions are upstream and downstream operations. The upstream division is involved in the exploration and production of oil and natural gas, while the downstream operations cover refining, transportation, and marketing.
Chevron is also involved in debt financing, insurance, real estate, and technology development. Chevron announced its Q2 profit report on August 2, Chevron's three largest individual shareholders are all members of the company's board of directors. Below are their stories. John S. Watson is Chevron's former chief executive officer and chair of the board.
Watson joined Chevron in as a financial analyst before becoming the company's Chief Financial Officer in Starting in , Watson served as vice chair on Chevron's Board of Directors, a position that he held until becoming CEO and chair in The former CEO remains Chevron's single largest shareholder as of March 13, , beneficially owning 76, shares of the company.
Wirth, the current chair, owns 33, shares, and is the fifth-largest individual shareholder. Robert Denham has served on Chevron's board of directors since and is a member of the Audit and Management Compensation Committees. With 49, shares of Chevron as of May 31, , Denham is the company's second-largest individual shareholder. Ronald D. Sugar served as CEO of Northrop Grumman from to , focusing the company's efforts in cyberspace development. According to Sugar's latest filing with the SEC on May 29, , the Chevron director owns 44, shares of the company.
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