Chevron Corporation, an American multinational energy company, is in the third position on the Fortune 500 list. It is also a successor of Standard Oil and has its headquarters in San Ramon, California. The energy company has operations in over 180 countries around the world. Chevron’s operations involve every aspect of the energy industry (oil, natural gas, and geothermal energy) and include hydrocarbon exploration, production, refining, marketing, transport, manufacture and sales of chemicals, and power generation. Chevron, one among the Seven Sisters that controlled the petroleum industry from the 1940s to 1970s, is the second largest oil company in North America.
The oil company is most significantly active in areas in North America’s west coast, the Gulf Coast in the US, Southeast Asia, Australia, South Korea and South Africa. Chevron sells more than 3.1 million barrels of oil per day, which includes products such as gasoline, jet fuel and diesel. Alternative energy operations of the company include geothermal, wind power, solar, biofuel, hydrogen and fuel cells. According to Chevron, they are the largest geothermal energy producer in the world.
Key Financials (as of last fiscal year)
- Revenues in billion: $ 203.784 (a decline of 7 percent from the previous year)
- Profits in billion: $ 19.241 (a decline of 10 percent from a year ago)
- Total stockholder equity in billion: $ 155.028
- Number of employees: 64,700
- Market value (as of 31 March 2015) in billion: $197.381
The US energy giant continued to remain in position number three in the Fortune 500 list despite the fact that its revenues and profits have slipped for yet another year. Further, crashing crude oil prices have only increased Chevron’s woes. It has in fact forced the oil company to a cut its capital as well as exploratory expenditure by as much as 13 percent. However, the company did achieve some amount of encouraging success as far as exploration is concerned in 2014 as it added the equivalent of over one billion barrels of oil because of the discoveries in Gulf of Mexico, Permian basin in the US, Australia as well as Canada. The company is also expecting gains in the future from the liquefied natural gas project that has been started off in Western Australia.
The history of Chevron Corporation can be traced back to establishment of the Pacific Coast Oil Company by a group of explorers as well as merchants way back in September 1879. The name of the company has changed several times and over the years many other companies, each with its own history, strength and character, has merged with Chevron.