Chevron Corporation


Chevron Corporation
Chevron Corporation
Type Public
Traded as NYSECVX EuronextCHTEX
Dow Jones Component
S&P 500 Component
Industry Oil and gasoline, Mining
Predecessor Standard Oil of California
Gulf Oil[1]
Founded 1984 (1984)
Headquarters San Ramon, California, U.S.
Area served Worldwide
Key people John S. Watson (Chairman & CEO)
Products See list of Chevron products
Revenue increase US$ 204.928 billion (2010)[2]
Operating income increase US$ 032.055 billion (2010)[2]
Net income increase US$ 019.024 billion (2010)[2]
Total assets increase US$ 184.769 billion (2010)[2]
Total equity increase US$ 105.081 billion (2010)[2]
Employees 62,000 (2010)[2]
Website Chevron.com
Chart of the major energy companies dubbed "Big Oil" sorted by latest published revenue
Entrance to Chevron's headquarters complex in San Ramon, California
One view of the sprawling Chevron headquarters complex
One of 16 Chevron stations branded as "Standard" to protect Chevron's former trademark; this one is in Las Vegas, Nevada

Chevron Corporation (NYSECVX) is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. Chevron is one of the world's six "supermajor" oil companies. For the past five years, Chevron has been continuously ranked as one of America's 5 largest corporations by Fortune 500.[3] In 2011 it was named the 16th largest public company in the world by Forbes Global 2000.[4][5]

Contents

History

Chevron Corporation was originally known as Pacific Oil Company(California). It was then bought out by Standard Oil Co. (Iowa) and was formed amid the antitrust breakup of John D. Rockefeller's Standard Oil company in 1911. It was one of the "Seven Sisters" that dominated the world oil industry in the early 20th century. In 1926, the company was renamed Standard Oil Co. of California or Socal.[6][7] In 1933, Saudi Arabia granted SoCal a concession to find oil, and oil was found in 1938. In 1948, SoCal discovered the world's largest oil field (Ghawar) in Saudi Arabia.[8] SoCal's subsidiary, California-Arabian Standard Oil Company, developed over years, to become the Arabian American Oil Company (ARAMCO) in 1944. In 1973, the Saudi government began buying into ARAMCO. By 1980, the company was entirely owned by the Saudis, and in 1988, the name was changed to Saudi Arabian Oil Company (Saudi Aramco).

Standard Oil of California and Gulf Oil merged in 1984, the largest merger in history at that time. Under the antitrust regulation, SoCal divested many of Gulf's operating subsidiaries, and sold some Gulf stations and a refinery in the eastern United States. SoCal changed the name to Chevron Corporation.[1]

In January 1996, NGC (formerly NYSE: NGL) and Chevron announced plans to merge Chevron’s natural gas and natural gas liquids business with NGC. On May 23, 1996, the companies reached an agreement in principle to merge their business. Under the agreement, Chevron transferred its natural gas gathering, operating and marketing operation to NGC in exchange for a roughly 25 percent equity stake in NGC. On August 30, shareholders approved the deal creating North America’s largest natural gas and gas liquids wholesaler. In 1998, NGC Corporation was renamed Dynegy (NYSEDYN).[9][10]

In a merger completed February 1, 2000, Illinova Corp. (formerly NYSEILN) became a wholly owned subsidiary of Dynegy Inc., in which Chevron also took a 28% stake.[11] However, Chevron in May 2007 sold its roughly 12 percent (at the time) Class A common stock in the company for approximately $985 million, resulting in a gain of $680 million.[12][13]

On October 15, 2000 Chevron announced it would acquire Texaco (NYSE: TX) creating the second largest oil company in the United States and the world’s fourth-largest publicly traded oil company with a combined market value of approximately $95 billion. On October 9, 2001, the shareholders of Chevron and Texaco voted to approve the merger creating ChevronTexaco. The deal was valued at $45 billion.[14][15][16]

On May 9, 2005, ChevronTexaco announced it would drop the Texaco moniker and return to the Chevron name. Texaco remains as a brand under the Chevron Corporation.

On April 4, 2005, Chevron announced it planned to purchase Unocal Corporation (NYSE: UCL) for $18.4 billion increasing the company’s petroleum and natural gas reserves by about 15 percent. On August 10, 2005, Unocal Corporation shareholders approved Chevron’s acquisition of the company. The deal was valued at $18 billion.[17][18] Because of Unocal's large South East Asian geothermal operations, Chevron became the world's largest producer of geothermal energy.[19]

In July 2010, Chevron ended retail operations in the Mid Atlantic US, removing the Chevron and Texaco names from 1,100 stations in Delaware, Indiana, Kentucky, North Carolina, New Jersey, Maryland, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Washington, D.C., and parts of Tennessee.[20]

On November 9, 2010, Chevron announced it would acquire Pennsylvania based Atlas Energy Inc. (NASDAQ: ATLS) for $3.2 billion in cash and an additional $1.1 billion in existing debt owed by Atlas. On February 18, 2011, the shareholders of Atlas energy voted to approve the merger. The deal was valued at $4.3 billion.[21][22]

Overview

Chevron employs approximately 62,000 people worldwide (of which approximately 30,000 are employed in U.S. operations). As of December 31, 2010, Chevron had 10.545 billion barrels (1.6765×109 m3) of oil-equivalent net proved reserves. Daily production in 2010 was 2.763 million net oil-equivalent barrels per day. The company has a worldwide marketing network in 84 countries with approximately 19,550 retail sites, including those of affiliate companies. The company also has interests in 13 power generating assets in the United States and Asia. Chevron also has gas stations in Western Canada[23] and operates the Burnaby Refinery.

Chevron was headquartered in San Francisco for nearly a century before it relocated across the bay to San Ramon, CA. The headquarters at 555 and 575 Market Street, built in the mid-1960s, in San Francisco were sold in December 1999.[24] Its original headquarters were at 225 Bush St., built in 1912.[25] Now, their headquarters are at 6001 Bollinger Canyon Road, San Ramon, CA.

Chevron is the owner of the Standard Oil trademark in 16 states in the western and southeastern U.S. To maintain ownership of the mark, the company owns and operates one Standard-branded Chevron station in each state of the area.[26] Additionally, Chevron owns the trademark rights to Texaco and CalTex fuel and lubricant products.[27] [28]

Several automakers, including General Motors and Toyota, use gasoline often from Chevron when they test vehicles. Ford uses Chevron gas also in North America, despite its strategic alliance with BP. Chevron also has often had one of the highest brand loyalty for gasoline in America, with only Shell and BP (through Amoco) having equally high loyalty.[citation needed]

Chevron Shipping Company is a wholly owned subsidiary company which provides the maritime transport operations, marine consulting services and marine risk management services for Chevron Corporation. The CSC operated fleet comprises crude oil and product tankers, crude lightering ships and liquefied natural gas (LNG) carriers. The fleet is divided into two sections: The US fleet consists of four product tankers which transport oil product between Chevron refineries and oil products from Chevron refineries to US supply terminals. The ships are manned by US citizens and are flagged in the US. The International fleet vessels are primarily flagged in the Bahamas and have officers and crews from many different nations.[29] The largest ships are 320,000 tonne Very Large Crude Carriers VLCCs which carry 2 million barrels (320,000 m3) of crude oil. The job of the international fleet is to transport crude oil from the oilfields to the refineries. The international fleet mans one LNG tanker.[30]

Chevron ships historically had names beginning with "Chevron", such as the Chevron Washington and Chevron South America, or were named after former or serving directors of the company. Samuel Ginn, William E Crain, Kenneth Derr, Richard Matzke and most notably Condoleezza Rice were amongst those honored, but the ship named after Rice was subsequently renamed as Altair Voyager.[31] All the ships were renamed in 2001 following the corporate merger with Texaco. Ships in the international fleet are all named after celestial bodies or constellations, such as Orion Voyager and Altair Voyager and Capricorn Voyager. The US flagged ships are named after the states in the country, as in Washington Voyager and Colorado Voyager, Mississippi Voyager, Oregon Voyager and the California Voyager.[32] [33]

Chevron is a signatory participant of the Voluntary Principles on Security and Human Rights.[34]

Upstream Energy Production

U.S. Gulf Of Mexico

Chevron is one of the leading producers in the deepwater Gulf of Mexico. Key producing assets include Tahiti and Blind Faith, the company's deepest operated offshore production facility. Two major capital projects—Jack/St. Malo and Big Foot—reached final investment decision in 2010.

Blind Faith, which began production in 2008 is located in 6500 feet of water and is capable of producing up to 65,000 barrels of oil and 55 million cubic feet of natural gas each day.[35] Blind Faith is named after Eric Clapton’s short lived band of the same name.[36]

Chevron’s Tahiti project began operations in 2009 after Chevron spent $4.7 billion developing the project following the discovery of the Tahiti field in 2002.[37] The Tahiti project has total estimated recoverables of 400-500 million barrels of oil and gas equivalent and can produce up to 125,000 barrels of oil and 70 million cubic feet of gas a day.[38] The Tahiti field is located almost 200 miles from New Orleans and is located in 4,100 feet of water.

In 2010, Chevron sanctioned development plans for Big Foot, located in approximately 5,200 feet of water about 225 miles south of New Orleans. The Big Foot project may produce up to 75,000 barrels of oil and 25 million cubic feet of natural gas per day once it begins operations in 2014.[39] [40]

Also in 2010, Chevron sanctioned the Jack/St. Malo project, the company’s first operated project located in the Lower Tertiary trend in the deepwater U.S. Gulf of Mexico. The Jack and St. Malo fields are located within 25 miles of each other in the Gulf of Mexico, about 280 miles southwest of New Orleans in water depths of 7,000 feet. The initial development of the project will require an investment of approximately $7.5 billion. It will be comprised of three subsea centers tied back to a hub production facility with a capacity of 170,000 barrels of oil and 42.5 million cubic feet of natural gas per day.[41]

In 2009, Chevron announced an oil discovery at the Buckskin prospect in the deepwater Gulf of Mexico about 190 miles southeast of Houston. The well is located in approximately 6,920feet of water and was drilled to a depth of 29,404 feet. In 2011, the company announced an oil discovery at the Moccasin prospect in the deepwater U.S. Gulf of Mexico.[42] The well is located approximately 216 miles off the Louisiana coast in 6,759 feet of water and was drilled to a depth of 31,545 feet. In addition to its deepwater Gulf of Mexico activities, Chevron is one of the largest producers of oil and natural gas on the Gulf of Mexico shelf.

Kazakhstan

Chevron is the largest private oil producer in Kazakhstan and is involved in two of the largest projects in the country, Tengiz and Karachaganak, which together produce 831,000 barrels of oil and 1.7 billion cubic feet of natural gas a day.[43]

The Tengiz project was developed as part of a 40-year joint venture with ExxonMobil, KazMunayGas and LukArco: Chevron is the major stakeholder in project. The operation recently expanded its sour gas injection and second generation plant facilities to increase production and recovery levels.[44]

The Karachaganak Field in northwest Kazakhstan is one of the world's largest oil and gas condensate reserves. Chevron has a 20 percent nonoperated working interest in the field. In 2010, total daily production from the Karachaganak Field averaged 220,000 barrels of liquids (39,000 net) and 840 million cubic feet of natural gas (149 million net).[45]

Chevron has expanded its investment in Kazakhstan in recent years. In 2010, Chevron invested in a multi-billion dollar expansion of the Caspian Pipeline Consortium pipeline. The company is the largest private shareholder in the project. The pipeline connects in Kazakhstan with marine terminals in Russia.[46]

Alternative energy

The company is developing alternative energy sources, including geothermal, solar, wind, biofuel, fuel cells, photovoltaics, advanced and hydrogen fuel for transport and power technologies through Chevron Energy Solutions and Chevron Technology Ventures. The company plans to spend at least $2 billion on renewable power ventures and research between 2010 and 2013.[47] [48] [49] [50]

In addition to developing its own technologies, Chevron has cut its energy use by a third since 1992 by utilizing hydrogen fuel cells and solar panels at its facilities.

Geothermal

Chevron is the world’s largest producer of geothermal energy. The company’s geothermal operations are primarily located in Southeast Asia where steam from underground deposits of boiling water is tapped and piped to the surface to turn generators, producing 1,273 MW of electricity.[51] [52] [53]

Chevron operates numerous geothermal wells in Indonesia, helping to provide power to Jakarta and the surrounding area, and plans to potentially open a 200 MW geothermal facility in South Sumatra. In the Philippines, Chevron also operates geothermal wells at Tiwi field in Albay province, the Makiling-Banahaw field in Laguna and Quezon provinces.[54]

Electric Vehicles

Chevron Technology Ventures once held the patent for a certain type of nickel metal hydride battery (NiMH), and also had at 50% stake - with Energy Conservation Devices (ECD) holding the other 50% - in Cobasys, a company which produced Lithium Ion Batteries. In 2009, both Chevron and Energy Conservation Devices sold their stakes in Cobasys to SB LiMotive Co. Ltd and today, neither Chevron nor Energy Conservation Devices have any relationship with Cobasys. Chevron no longer holds the patent for NiMH technology, the rights to which are held between Energy Conservation Devices and SB LiMotive as a result of the Cobasys sale. Chevron was once rumored to be limiting access to large NiMH batteries through its control of patent licenses in order to remove a competitor to gasoline. This culminated in a lawsuit against Panasonic and Toyota over production of the EV-95 battery used in the RAV4 EV.[55] [56]

However, with the Lithium-ion battery, it appears there will be plenty of gas and electricity for all interested parties for the foreseeable future. Chevron once owned a minority share of Energy Conservation Devices, the leading producer of Lithium Ion Batteries. Chevron-Texaco purchased a stake in an ECD subsidiary from GM in 2001, reportedly so Chevron-Texaco could expand their business into the emerging hybrid market. But, some in the alternative energy field see an ulterior motive, so Chevron-Texaco can suppress the development of Lithium Ion Batteries. They feel this way because ECD has shown little interest in selling Lithium Ion Batteries to electric vehicle enthusiasts since Chevron became a partial owner. Nevertheless, ECD does continue to work with commercial manufacturers.[57] [58] [59] ;p

Biofuels

Chevron Technology Ventures (CTV) is investing between $300M and $400M USD a year into alternative fuel sources and environmentally sustainable technologies. CTV contains a biofuels business unit.[60]

In 2007, Chevron and US-DOE's National Renewable Energy Laboratory (NREL) announced that they had entered into a collaborative agreement to produce biofuels from algae. Chevron and NREL scientists would develop algae strains that can be economically harvested and processed into transportation fuels, such as jet fuel.[61]

In 2008 Chevron and Weyerhaeuser Company jointly created Catchlight Energy LLC which researches the conversion of cellulose-based biomass into biofuels.[62]

Between 2006 and 2011 Chevron contributed up to $12 million to a strategic research alliance with the Georgia Institute of Technology to develop cellulosic biofuels and to create a process to convert biomass like wood or switchgrass into fuels. Additionally, Chevron holds a 22% ownership stake in Galveston Bay Biodiesel LP, which produces up to 110 million US gallons (420,000 m3) of renewable biodiesel fuel a year.[63] [64]

Solar Power

Chevron is exploring the possibility of powering its operations with solar energy. In 2010, the company announced Project Brightfield, an effort to identify solar technologies capable of powering Chevron’s facilities. Set on 8 acres (32,000 m2) of land which once held a refinery, Project Brightfield consists of 7,700 solar panels using advanced photovoltaic technologies from seven companies, which Chevron is evaluating for large scale use.[65]

Chevron has invested in Solar Power such as the 500 kW Solarmine photovoltaic solar project in Fellows, California, as well as the 1000 kW concentrated photovoltaic solar field in Questa, New Mexico.

In Questa, Chevron Technology Ventures and Chevron Mining have built a one megawatt solar farm on the site of a former mine. The concentrating photovoltaic solar facility generates one megawatt of power, enough to power the town of Questa. The 20-acre (81,000 m2) Questa facility comprises 173 solar arrays which use Fresnel lenses to focus sunlight on small, highly efficient photovoltaic cells.[66]

Chevron Energy Solutions (CES), one of the largest energy service companies in the US, helps customers increase energy efficiency, reduce energy use and integrate distributed renewable power. CES projects are expected to save more than $1 billion in energy costs for customers and reduce GHG by more than 3 million metric tons.[67]

Controversies

Great American streetcar scandal

In 1950 three companies, General Motors, Firestone and Chevron, then known as "Standard Oil", were charged and convicted of criminal conspiracy for their part in the Great American streetcar scandal. The scandal involved purchasing streetcar systems throughout the United States and dismantling and replacing them with buses,[68] in order to increase their sales of petroleum, automobiles and tires.

Tax evasion

Chevron was found to have evaded $3.25 billion in federal and state taxes from 1970 to 2000 through a complex petroleum pricing scheme involving a project in Indonesia.[69] [70] Chevron and Texaco, before they merged in 2001, each owned 50 percent of a joint venture called Caltex, which pulled crude oil from the ground in a project with the Indonesian state oil company, Pertamina. Chevron was accused of reducing its tax liabilities in the U.S. by buying oil from Caltex at inflated prices. One internal Chevron document set the price it paid Pertamina for oil at $4.55 a barrel higher than the prevailing market price. Chevron was then able to overstate deductions for costs on its U.S. income tax returns. Indonesia appeared to levy tax on this oil at 56%, a rate far higher than the corporate tax rate in the U.S. Because the United States gives companies a credit for taxes paid to foreign governments, tax paid to the Indonesian government reduces tax to the U.S. government.

Caltex transferred fund out of the U.S. to Indonesia, because the Indonesian government compensated Caltex for the excessively priced oil and the extra taxes paid by giving oil for free. Because Caltex had to pay taxes on that oil, too, the Indonesian government gave it even more oil to cover the taxes.

Blocking of NiMH battery technology for automobiles

ECD Ovonics founder, Stan Ovshinksy, and Dr. Masahiko Oshitani of the Yuasa Company, invented the NiMH technology used in hybrid vehicles .[71][72] In 1994, General Motors acquired a controlling interest in Ovonics's battery development and manufacturing business. On October 10, 2001, Texaco purchased GM's share in GM Ovonics, and Chevron completed acquisition of Texaco six days later. In 2003, Texaco Ovonics Battery Systems was restructured into Cobasys, a 50/50 joint venture between Chevron and Energy Conversion Devices (ECD) Ovonics.[73] Chevron's influence over Cobasys extends beyond a strict 50/50 joint venture. Chevron holds a 19.99% interest in ECD Ovonics.[74] In addition, Chevron maintains the right to seize all of Cobasys' intellectual property rights in the event that ECD Ovonics does not fulfill its contractual obligations.[75] On September 10, 2007, Chevron filed a legal claim that ECD Ovonics has not fulfilled its obligations. ECD Ovonics disputes this claim.[76] Since that time, the arbitration hearing was repeatedly suspended while the parties negotiate with an unknown prospective buyer. No agreement has been reached with the potential buyer.[77] Cobasys's patents relating to NiMH batteries expire in 2015.

Sometimes gas stations have restaurants in them, such as this one in Chilliwack, British Columbia, which has a White Spot inside it.

In her book, Plug-in Hybrids: The Cars that Will Recharge America, published in February 2007, Sherry Boschert argues that large-format NiMH batteries are commercially viable but that Cobasys refuses to sell the batteries or license the technology to small companies or individuals. Boschert argues that Cobasys accepts only very large orders for the batteries. Major automakers showed little interest in placing large orders for large-format NiMH batteries. However, Toyota complained about the difficulty in getting smaller orders of large format NiMH batteries to service the existing 825 RAV-4EVs. Because no other companies were willing to place large orders, Cobasys was not manufacturing or licensing large format NiMH battery technology for automobiles. Boschert concludes that "it's possible that Cobasys (Chevron) is squelching all access to large NiMH batteries through its control of patent licenses in order to remove a competitor to gasoline. Or it's possible that Cobasys simply wants the market for itself and is waiting for a major automaker to start producing plug-in hybrids or electric vehicles."[78]

In an interview with Economist, Ovshinsky subscribed to the former view. "I think we at ECD we made a mistake of having a joint venture with an oil company, frankly speaking. And I think it’s not a good idea to go into business with somebody whose strategies would put you out of business, rather than building the business."[79]

In December 2006, Cobasys and General Motors announced that they had signed a contract under which Cobasys provides NiMH batteries for the Saturn Aura hybrid sedan.[80] In March 2007, GM announced that it would use Cobasys NiMH batteries in the 2008 Chevrolet Malibu hybrid as well.

In October 2007, International Acquisitions Services and Innovative Transportation Systems filed suit against Cobasys and its parents for refusing to fill an order for large-format NiMH batteries to be used in the electric Innovan.[77]

In August 2008, Mercedes-Benz U.S. International filed suit against Cobasys, on the ground Cobasys did not tender the batteries it agreed to build for Mercedes-Benz’s planned hybrid SUV.[81]

Environmental damage in Ecuador

From 1972 to 1993, Texaco operated development of the Lago Agrio oil field in Ecuador. Ecuadorian farmers and indigenous residents accused Texaco (now Chevron), of making residents ill and damaging forests and rivers by discharging 18 billion US gallons (68,000,000 m3) of formation water into the rainforest, without any remediation. They sued Chevron for extensive environmental damage caused by these operations, which have sickened thousands of Ecuadorians and polluted the Amazon rainforest. The Ecuadorian court could have imposed a legal penalty of up to $28 billion in a class action lawsuit filed on behalf of Amazonian villagers in the region. Chevron claimed that agreements with the Ecuadorian Government exempted the company from any liabilities.[82][83][84] A documentary on the issue, Crude, premiered in September 2009.

From 1977 until 1992 Texaco (Texpet), a subsidiary of Texaco Inc., was a minority member of this consortium with Petroecuador, the Ecuadorian state-owned oil company, as the majority partner. Since 1990, the operations have been conducted solely by Petroecuador. At the conclusion of the consortium and following an independent third-party environmental audit of the area, Texaco formally agreed with the Republic of Ecuador and Petroecuador to conduct a three year remediation program at a cost of $40 million. The government subsequently granted Texpet and all related corporate entities a full release from any and all environmental liability arising from its operations.[82] Based on the history above, Chevron believes that "this lawsuit lacks legal or factual merit." However, water and soil samples taken by an Ecuadorean scientific team after Texaco departed in 1998 found almost half still contained unsafe levels of petroleum hydrocarbons.[85]

On 15 February 2011, a court in Ecuador fined Chevron $8.6 billion over pollution to the country's Amazon region by Texaco between 1972 and 1992, with campaigners claiming loss of crops and farm animals as well as increased local cancer rates.[85][86][87] The action was brought against Chevron by 30,000 Ecuadorean people, and is the first time that indigenous people have successfully sued a multinational corporation in the country where the pollution took place.[85][86] The trial had begun in 2003.[88] The total penalty imposed on Chevron is $9.5 billion as it was ruled that the oil company must pay an additional 10 per cent legally mandated reparations fee.[86] $27 billion was the sum total requested by plaintiffs, $18.4 billion more than was eventually granted by the court.[87] The Ecuadoreans expressed happiness that Chevron was declared guilty, though also expressed dismay that the award of $8.6 billion would not be enough to make up for the damage caused by the oil company.[89] However, environmental activists wish this case to serve as a precedent against pollution causing business being carried out by firms in developing countries.[86] Nonprofit organization Amazon Watch described the outcome of the case as "unprecedented".[89] Chevron described the lawsuit as an "extortion scheme" and refused to pay the fine.[85] Chevron has no international obligation to pay, and no assets in Ecuador for the government to seize.

Pollution in Richmond, California

Chevron’s activities at its century-old Richmond refinery have been the subject of ongoing controversy. The project generated over 11 million pounds of toxic materials and caused more than 304 accidents.[90] The Richmond refinery paid $540,000 in 1998 for illegally bypassing waste water treatments and failing to notify the public about toxic releases.[91] Overall, Chevron is listed as potentially liable for 95 Superfund sites, with funds set aside by the EPA for clean-up.[92] In October 2003, the state of New Hampshire sued Chevron and other oil companies for using MTBE, a gasoline additive that the attorney general claimed polluted much of the state's water supply.[93] The pollution created by the refinery has also had adverse health effects on the residents of Richmond, including relatively high rates of respiratory diseases and cancer when compared to the state and national averages, and the health issues related to emergency spills.[94]

Oil spills in Angola

Chevron's operations in Africa have also been criticized as environmentally unsound.[95] In 2002, Angola became the first country in Africa ever to levy a fine on a major multinational corporation operating within its borders, when it demanded $2 million in compensation for oil spills allegedly caused by Chevron.[96]

Violation of the Clean Air Act in the USA

On October 16, 2003, Chevron U.S.A. settled a charge under the Clean Air Act, which reduced harmful air emissions by about 10,000 tons a year.[97] In San Francisco, Chevron was filed by a consent decree to spend almost $275 million to install and utilize innovative technology to reduce nitrogen and sulfur dioxide emissions at its refineries.[98] After violating the Clean Air Act at an offline loading terminal in El Segundo, California, Chevron paid a $6 million penalty as well as $1 million for environmental improvement projects.[99] Chevron also had implemented programs that minimized production of hazardous gases, upgraded leak detection and repair procedure, reduced emissions from sulfur recovery plants, and adopted strategies to ensure the proper handling of harmful benzene wastes at refineries.[97] Chevron also spent about $500,000 to install leakless valves and double-sealed pumps at its El Segundo refinery, which could prevent significant emissions of air contaminants.[99]

Defenders of Chevron's environmental record point to recent changes in the corporation, particularly its pledge in 2004 to combat global warming.[100]

Niger Delta shootings

On May 25, 1998, over 100 activists staged a demonstration and occupied a barge servicing a company oil platform in the Niger Delta, Nigeria.[101] After demanding a meeting with the managing director of the company to express their grievances, they were eventually met by a Nigerian employee whose job was to liaise with the local communities. After speaking to the elders of the community on shore, the representative then informed the activists that Chevron would offer more jobs to local people on the project but as to their other demands he would have to get back to them in a few days.[101] Four days later, on May 28, 1998, activists saw Chevron helicopters flying in and, in the words of one activist, "We were looking at all these helicopters thinking that probably people inside these helicopters might have been Chevron reps who are actually coming to dialogue with us here."
In fact, the helicopters contained members of the Nigerian navy and police, who immediately began teargassing and shooting at the activists and subsequently two activists, Jola Ogungbeje and Aroleka Irowaninu, died from their wounds.[101] Chevron describes the situation as "a violent occupation of private property by aggressors seeking to extort cash payments from the company."[102] The Nigerian government is reportedly 80% dependent upon oil production and is condemned by many for its reported treatment of environmentalists.[103] The documentary "Drilling and Killing" covers these and other topics.

U.S. District Judge Susan Illston, in allowing a lawsuit brought by victims and their families against Chevron to proceed, said that there was evidence that Chevron had hired and provided transportation to Nigerian military forces known for their "general history of committing abuses."[104] In March 2008, the plaintiffs' lawyers, without explanation, "quietly moved to withdraw half of their claims" against Chevron.[105]

On December 1, 2008, a federal jury cleared Chevron of all charges brought against them in the case. The jury deliberated for almost two days. Chevron had claimed that the military intervention was necessary to protect the lives of its workers and considers the jury's decision vindication for the accusations of wrongdoing.[106]

Destruction of natural forest in Bangladesh

On 26 June 2008, a fire in Lawachhara (a natural forest; known to be highly rare of its kind in the region) had broken out as Chevron Corp. carried out a 3D seismic survey that was to be six-months long. The company had violated the conditions of government’s environment clearance certificate by not informing the ministry about the cracks that had previously occurred in nearby residents' properties due to explosions caused by the activities.[107]

Investment in Iran

One of the U.S. Embassy cables published by WikiLeaks, concerns a conversation which took place on March 19th, 2009, between the Iraqi Prime Minister, Nouri al-Maliki, and the U.S. chargé d'affaires.[108] One of the subjects discussed was the negotiation between the Iraqi Prime Minister and Chevron concerning a cross-border oilfield (Iran-Iraq), despite strict U.S. sanctions which state "US persons may not perform services, including financing services, or supply goods or technology that would benefit the Iranian oil industry." Chevron asserted that they had not engaged in any negotiations that would violate U.S. law.[109] This document was intended to have been kept secret until 2029.[108]

New policy and development

Chevron's 500kW Solarmine photovoltaic solar project in Fellows, California

Chevron has taken steps to reduce emissions of greenhouse gases and pursue cleaner forms of energy.[110] It has scored highest among U.S. oil companies for investing in alternative energy sources and setting targets for reducing its own emissions[110] and is the world's largest producer of geothermal energy, providing enough power for over 7 million homes.[111]

Chevron is currently considering an floating liquefied natural gas facility to develop offshore discoveries in the Exmouth Plateau of Western Australia.[112]

Board of directors

[113]

Condoleezza Rice is a former member of the board of directors, and also headed Chevron's committee on public policy until she resigned on January 15, 2001, to become National Security Advisor to President George W. Bush.

On September 30, 2009, John Watson, age 52, was elected Chairman of the Board and CEO, effective at the December 31, 2009 retirement of David J. O'Reilly

Marketing brands

The typical Chevron gas station design that was used until 2006.
In 2006, Chevron began phasing in this gas station design.

Fuel

  • Chevron
  • Standard Oil (in limited circumstances to hold trademark on the name)
  • Texaco
  • Caltex
  • Unocal (Upstream Business Only - Fuel stations are owned by Conoco Phillips[114])

Convenience stores

  • Star Mart
  • Extra Mile
  • Redwood Market
  • Town Pantry

Lubricants

  • Delo (sold by Caltex and Chevron)
  • Havoline (sold by Caltex and Texaco)
  • Revtex (sold by Caltex)
  • Ursa (sold by Texaco)

Fuel additives

  • Techron - Chevron, Texaco (phased in during 2005), Caltex (phased in during 2006 and later)
  • Clean System 3 - Texaco (phased out during 2005 in favor of Techron)

See also

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Portal icon Energy portal

References

  1. ^ a b "Company Profile". Chevron.com. http://www.chevron.com/about/leadership/. Retrieved August 9, 2011. 
  2. ^ a b c d e f "2010 Form 10-K, Chevron Corporation". United States Securities and Exchange Commission. 2011-02-24. http://www.sec.gov/Archives/edgar/data/93410/000095012311017688/f56670e10vk.htm. 
  3. ^ Fortune 500, 2010 "America's Largest Corporations"CNNmoney.com
  4. ^ "The World's Biggest Public Companies". Forbes. http://www.forbes.com/global2000/. Retrieved June 6, 2011. 
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