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 ...
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...to pay 15 billion dollars to the Ecuadorian State to end the conflict. Chevron which has never had a refinery in Ecuador, must be acknowledgeable of the acts of its subsidiary (The Independent)
Works Cited
(2014, April 29). Retrieved from learning.blogs.nytimes.com/2012/05/15/may-15-1911-supreme-court-orders-standard-oil-to-be-broken-up/?
Mattera, P. (n.d.). Chevron : The Big Oil Boys. Retrieved from http://www.multinationalmonitor.org/hyper/issues/1992/04/mm0492_11.html
Sorkin, A. R., & Barnerjee, N. (2000, October 16). Chevron Agrees to Buy Texaco For Stock Valued at $36 Billion - New York Times. Retrieved from http://www.nytimes.com/2000/10/16/business/chevron-agrees-to-buy-texaco-for-stock-valued-at-36-billion.html http://www.multinationalmonitor.org/hyper/issues/1992/04/mm0492_11.html http://www.hoovers.com/company/Chevron_Corporation/rfyxkki-1-1njhxk.html
Imperial Oil ltd. Limited (Esso) is a Canadian public corporation that produces crude oil and natural gas. Currently the headquarters are based out of Calgary, Alberta employing over 5000 people, with Exxon Mobil owning 69.6 percent of the company. Imperial Oil ltd. was previously located in Toronto and has recently moved all main facilities over to the Calgary, Alberta headquarters.1 Esso was incorporated in London, ON in 1880 and became a land mark in the development of crude oil and natural gases.1 Its retail business consists of service stations and "On the Run Express and Tiger Express-brand" convenience stores. Esso also owns a 25% portion of Syncrude, which are the world’s largest oil sands.1
The oil industry began to expand because of the use of kerosene lamps. Rockefeller renamed the business to Standard Oil Company when his brother William, Andrews, Henry M. Flagler, S.V. Harkness, and others joined his partnership. The company reached a capitol of $1million.
As America’s first billionaire, few individuals in history can compare with John D. Rockefeller Sr. His wealth around the turn of the 20th century would be worth roughly twenty-two billion dollars in modern United States dollars. It is undeniable that Rockefeller changed the landscape of the American petroleum industry by defining the nature of oil production. By 1883, Rockefeller was laying the foundations for what we now know as the vertically integrated company and the modern multinational. The fruit of Rockefeller’s labor, the Standard Oil companies, controlled ninety five percent of petroleum refining and transport by 1880. It would not come as a surprise, given Rockefeller’s opulence, to find Standard Oil and its business practices under close scrutiny by his competition as well as the federal government. Rockefeller’s ruthless and legally questionable business tactics threatened the well-being of the United States’ capitalistic economy. Although the federal government had a prepared response to monopolies, the Sherman Antitrust, it was not enforced to its fullest potential because of the overwhelming influence possessed by Rockefeller due to his wealth. At the time of Standard Oil’s dissolution, their prominence was already waning, providing an entry point for powerful trust busters, such as Theodore Roosevelt and influential writer, Ida M. Tarbell. Standard Oil was allowed to exist for over a decade because of the economical, political, social, and legal complications in separating Rockefeller’s companies and the oil industry. The proper environment for a dedicated antitrust effort existed only after Standard Oil’s initial decline in influence.
On April 20, 2011, an oil rig in the Gulf of Mexico exploded on British Petroleum’s (BP) Deepwater Horizon. As a result, of the 126 BP crew members aboard, 11-15 were reported missing. Six days later, underwater robots reveal at least two leaks are dumping 1,000 barrels of oil into the Gulf per day. Consequently, this would become one of the worst oil spills in the history of the United States and perhaps the petroleum industry. This recent Oil Spill portrays one of many dilemmas BP has faced as it scrambles to expand and globalize itself as a transnational corporation in the world economy against other oil and gas companies. Although this disastrous event has affected BP negatively, the company has found a way to overcome it, while still becoming the 6th largest in the world; it continues to do this by offshoring, outsourcing, and merging with other oil and gas companies, three key strategies BP has been using since its establishment in 1909.
...mpanies, it eventually came to the point where they couldn’t keep up and eventually became a part of Standard Oil. By the time Rockefeller had reached the age of 40, his company had controlled all national oil refining by 90% and about 70% of international export of said oil.
Standard Oil’s moves were quick to sweep control of almost all of the refineries in Cleveland within two years. With Standard Oil’s size and control, in the region, it made favorable contracts with railroad business. At the same time, Standard got into another business with a purchase of terminals and pipelines which set up a system to transport its own product. The business got bigger and Standard Oil acquired competitors in other regions, soon being an industry player going coast to coast in America. Later, the U.S. Congress noticed Standard Oil and their seemingly unstoppable determination. In 1890, with The Sherman Antitrust Act, the Ohio Supreme Court deemed Standard Oil as a monopoly that violated Ohio laws. Today the Standard Oil Company is required to be broken into independent, smaller companies such as ExxonMobil and
In the 1920 Standard Oil acquired partial interest in companies that owned Midwestern oil fields and pipeline networks in order to add production to its refining and marketing operations. In the 1950s Standard Oil became active in oil exploration and production ventures in South America and the Middle East. In 1961 most of the company’s U.S. operating activities were unified in the American oil company, for which Standard Oil (Indiana) served as a holding company. The byname Amoco was increasingly used as a brand and corporate name. In 1985 the Standard Oil Company (Indiana) became officially the Amoco Corporation.
In 1870, Rockefeller, along with Samuel Andrews and Henry M. Flager incorporated the Standard Oil Company (The Editors of Encyclopædia Britannica). Rockefeller’s Standard Oil began prospering and soon began buying out competitors. In 1872, the company had almost complete control over all the refineries in Cleveland. With such power, the company could negotiate...
The Standard Oil Trust of Ohio was and American oil producing, refining, and transporting company. It was founded in 1863 by John D. Rockefeller and lasted until 1911. During 1868, Rockefeller expanded the oil company to become the largest oil refining company in the world. In 1870, the company was renamed Standard Oil Company. After it was renamed, Rockefeller purchased most of the oil companies that were currently in business to make one large company.
Since its discovery back in the year 1858 crude oil has been become one of the most sought after resources on the face of the planet. It is due to this fact that the oil industry has fallen into a rather odd category in the case of globalization and seeking out new markets, new labor and new customers. The reason being that the need for crude oil and fuel is always present therefore the product of oil in its basic sense sells itself and the companies do not have to go out and publicly advertise it in the sense that clothing lines and other commodities do. Oil companies must focus more on the matter of why an individual should buy their oil and along with other alternative fuels over their competitors even though in the end the companies products are the same thing. The company ExxonMobil has been the superior company in the oil industry for quite sometime now, and had plenty of success as individual companies before their merger in 1999. The reason for there success is partially due to the power they wield as the most successful company, leading to many new refineries around the world, making deals with smaller companies to gain access to new markets and are leading the world in alternative fuel research. However these things all come naturally to the biggest oil company in the industry, the real question is how they became the powerhouse they are now. That question can be answered by the way in which the company has not focused in globalizing their product of fuel and oil, but globalizing the image of the company company. This is achieved by focusing on charity in which they donate hundreds of millions of dollars, Foreign Direct Investment in areas in which they wish to expand by attempting to provide these impoverished areas wit...
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
The Gilded Age refers to a period in which things were fraudulent and deceitful; the surface was clinquant while underneath that lustrous coat laid corruption. During the Gilded Age companies recruited to corrupt methods to further increase profits, leading to an increase in power, rapid economic prosperity, and domination of industries, leading to monopolistic corporations. As a result, antitrust laws to regulate business began to emerge in the late 19th and early 20th century known as the Progressive Era. Among these companies was Standard Oil, which was founded in 1870 by John D. Rockefeller; in 1880, Standard Oil was responsible for refining 90 percent of America’s oil and between 1880-1910, dominating the oil industry (Marshall). The lack of intervention from the government and regulations impeding monopolistic practices allowed Standard Oil to
When John D. Rockefeller merged with the railroad companies, he had gained control of a strategic transportation route that no other companies would be able to use. Rockefeller would then be able to force the hand on the railroads and was granted a rebate on his shipments of oil. This was a kind of secret agreement between the two industries. None of the competition knew what the rates were for the rebates or the rates that Rockefeller was paying the railroad. This made it hard for the competition to keep up with the Standard Oil Company. The consequences led to many oil companies getting bought out by Rockefeller secretly. All in all, 25 co...
One of the Gilded Age’s most prominent well-known philanthropist’s, John D. Rockefeller, had a lasting effect in the United States. He was America’s first ever billionaire. Rockefeller entered the oil business by first investing on an oil refinery in Cleveland, Ohio in 1863. He established his own oil company named “Standard Oil”, which controlled nearly 90 percent of America’s oil refineries by the 1880’s. At first, Rockefeller borrowed money from some of his buddy’s to buy out some stocks and take control of his first refinery in Ohio. He then formed the “Standard Oil Company” along with his brother William Rockefeller and other groups of men, John D. Rockefeller was the largest shareholder of the company. Standard oil was a monopoly in the oil industry for buying other refineries who were competition to Standard oil in order to distribute and market there oil around the globe. Standard oil even went as far as making their own oil barrels and employed scientists to develop other uses for kerosene and petroleum products. John D. Rockefeller was viewed as a target of “muckraking” by journalists, who viewed him as a monopoly giant setting up a monopolistic company in America which helped build his vast oil empire. Critics accused Rockefeller of engaging unethical practices such as competitive pricing when it came to products and negotiating with railroads to eliminate his competitors. The United States Supreme Court wou...
The largest world supplier oil company is Saudi Aramco. It is the most profitable company on the earth. Since it is the most powerful oil company, it has a great impact on the world economy. As a result, a strong international relationship was built with the Kingdom of Saudi Arabia. In addition, the strong developing of international relationship with other industrial countries resulted in massive contributions to the politics, economy, and many different aspects. In 1933, Saudi government bestowed oil concession to California Arabian Standard Oil Company (Chevron). The main factor for this grant was to explore the oil in the eastern region of the Kingdom of Saudi Arabia. After discovering a huge amount of oil, part of the grant was sold to other American oil companies in order to cooperate with each other to do more exploration and to deal with such a big job. In 1948, all these American companies were incorporated into Arabian American Oil Company (Aramco) shared 50% of its profits with Saudi government. Furthermore, the company’s shares had been acquiring by Saudi government to gain 100% of its ownership. In 1988, the name changed to Saudi Aramco. The Headquarter of Saudi Aramoc is located in Dhahran, a city in eastern region of Saudi Arabia. Saudi Aramco produces 10 million barrels of oil each day. The history of Saudi Aramco went through three major periods: exploring oil, interconnecting with the USA, and contributing to other many universal events.