ChevronTexaco Corporation (CVT)
Definition - What does ChevronTexaco Corporation (CVT) mean?
Chevron Texaco Corporation (CVT) came into being in 2000-2001 after Chevron acquired Texaco in a $45 billion deal. Formerly Chevron was Standard Oil Co. of California (Socal) which was Pacific Coast Oil Co. formed in 1879 when oil was discovered at Pico Canyon, north of Los Angeles. In 1984 Gulf Oil Corp. was also acquired by Chevron in a $13.2 billion takeover.
Texaco Inc. was born from The Texas Co., originally The Texas Fuel Co. from Beaumont, Texas. ChevronTexaco began its existence as the number two U.S. based integrated oil company, and number four in the world. The daily production of the company was 2.7 billion barrels with about 11.5 billion barrels of oil and gas reserves.
The gulf of Mexico, Texas, Canada, Argentina, Thailand, and the Middle East were among its major producing areas. It operated about 22 refineries around the world and had more than 25,000 service stations on six continents. ChevronTexaco Corp. changed its name to Chevron Corp and now has subsidiaries in 180 countries.
According to the company, the vision of CVT is to be the global energy company most admired for its people, partnership, and performance by providing energy products and services vital to society's quality of life. They strive to earn the admiration of their stakeholders such as investors, customers, host governments, local communities as well as their employees for the goals they achieve and the way they achieve them.
Trenchlesspedia explains ChevronTexaco Corporation (CVT)
ChevronTexaco Corporation was created after the merger of California-based Chevron Corporation and Texaco Inc.
The history of Texaco Inc. traces back to the early boom years of the Texas oil industry. The two firms first intertwined in the 1930s with the formation of Caltex and Aramco ventures in the Middle East. The end of the last millennium saw many major mergers and joint ventures between different petroleum companies. Chevron combined its chemical operations with Philips Petroleum Company with a 50-50 joint venture known as Chevron Phillips Chemical Company LLC.
Later Chevron merged with Chevron and Texaco, which were longtime Caltex partners. CVT began its existence as the second-largest U.S. based integrated oil company. It began with a market capitalization of $97 billion, enabling it to join the ranks of supermajor oil firms including Exxon Mobil Corporation, BP and Royal Dutch/ Shell. CVT’s refineries and service stations around the world existed under brands such as Chevron, Texaco, Caltex, Delo, and Havoline.
ChevronTexaco Corp. becomes Chevron Corp.
On May 9, 2005, ChevronTexaco dropped Texaco from its name and became Chevron Corp., though Texaco remained as a brand under the Chevron Corp. The oil and gas exploration and production operations of Chevron are primarily in the US, Kazakhstan, Gulf of Mexico, Nigeria and Australia.
Chevron's focus areas are the deepwater US Gulf of Mexico, offshore western Australia, West Africa, and shale and tight resource play in the US, Canada, and Argentina. The company operates approximately 11,000 oil and natural gas wells across the Permian Basin in West Texas and Southeastern New Mexico. Chevron's portfolio spans across all forms of energy and has its presence in most of the world’s key basins.
Chevron’s Downstream and Alternative Energy Operations
The downstream operations of Chevron manufacture and sell products like lubricants, additives, petrochemicals, and fuels. Its major operations are on the west coast of North America, the US Gulf Coast, Southeast Asia, South Korea, Australia, and South Africa. The alternative energy operations by Chevron include solar, wind, geothermal, hydrogen, and fuel cells. It claims to be the largest producer of geothermal energy.