Chevron eventually rid itself of Gulf's Canadian operations and all of Gulf's gas stations in the northeastern and southeastern United States, paring 16, jobs in the meantime, but oil analysts pointed to such key figures as profit per employee and return of capital as evidence of Chevron's continued poor performance. In the early s Chevron began publicizing its environmental programs, a response in part to public pressure on all oil companies for more responsible environmental policies.
From to Chevron Shipping Company had the best overall safety record among major oil companies. In , while transporting nearly million barrels of crude oil, Chevron Shipping spilled an amount equaling less than four barrels.
During this same period, Chevron utilities supervisor Pete Duda recognized an opportunity to convert an abandoned wastewater treatment pond into a acre wetland. Fresh water and new vegetation were added to the site, and by the area was attracting a variety of birds and other wildlife, as well as the attention of the National Audubon Society, National Geographic, and the California Department of Fish and Game.
Financially the company began the s with less than glowing returns. Chevron's results were poor, and in that year's annual report, Chairman Kenneth Derr announced a program to upgrade the company's efficiency and outlined as well a five-year goal: "a return on stockholders' investment that exceeds the performance of our strongest competitors.
In Chevron entered into a partnership with the Republic of Kazakhstan to develop the Tengiz oil field, one of the largest ever discovered in the area. In , five years after Derr's announcement, Chevron had met its goal for stockholders, largely through restructuring and efforts to cut costs and improve efficiency.
The company celebrated this achievement by giving 42, of its employees a one-time bonus of 5 percent of their base pay. After meeting its five-year goal, Chevron continued its cost-cutting and efficiency efforts. In December the company announced a restructuring of its U. It combined regional offices, consolidated support functions, and refocused the marketing unit toward service and sales growth. One example of the company's new efforts toward marketing was a joint initiative with McDonald's Corp..
In April , as a response to "one-stop shopping" marketing trends, Chevron and McDonald's together opened a new gas station and food facility in Lakewood, California. The two companies shared the space and customers could order food and pump gas at the same time. They could pay for the order with a Chevron card. Chevron also cut its refining capacity, where margins were especially low in the early s.
Capacity dropped by , barrels a day from to The company helped reduce its refining capacity by selling its Port Arthur, Texas, refinery in February The company controlled Stockholder return for the year was High gasoline prices also contributed to Chevron's huge profits.
The company was able to take advantage of high crude prices by increasing production at their Kazakhstan and West African facilities. Production Company; Chevron U. Toggle navigation.
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Introduction to Oil and Gas Industry. Oil and gas industry on the cusp? Hurricane Irma threatens Florida and US oil demand. Why are we still surprised by industrial catastrophes? Improving efficiency, agility, and cost performance through efficient ALEM. AR in oil and gas: digital work instruction. Augmented reality with remote guidance. While US oil companies have been far more reluctant than their European rivals to shift away from their cash cows , even Chevron CEO Michael Wirth concedes his company may look different in Will it be the biggest part?
The Chevron CVX boss pointed specifically to expansions into cleaner alternatives such as green hydrogen, renewable natural gas and carbon capture and storage. Read More. The comments, from one of the captains of Big Oil no less, underscore the identity crisis facing the fossil fuels industry.
Chevron is not banking on solar and wind. In recent years they've announced plans to gradually retreat from fossil fuels, slash emissions and embrace clean energy including electric vehicle charging and renewable energy.
By contrast, ExxonMobil XOM is making a far different bet by expanding its footprint in the oil business, including accelerating its investments in shale oil and offshore drilling in Guyana. Oil companies are facing the moment of truth. The stakes couldn't be higher. Neither company has made major investments in solar and wind beyond supporting their own power needs -- and Wirth indicated that won't change.
Plenty of companies already excel at selling solar and wind power to the electric grid, but Chevron will stay focused on areas where it can have a unique advantage. Even so, Wirth realizes Chevron may need to change to meet the times. But our company looks quite different today than it did 20 years ago," he said in the interview. The Downstream segment consists primarily of refining crude oil into petroleum products; marketing of crude oil and refined products; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
Chevron was founded in and is headquartered in San Ramon, CA. Our company has a long, robust history, which began when a group of explorers and merchants established the Pacific Coast Oil Co. Over the years, we joined with other companies, each with their own history, strengths and character. Apache Corp. The company has exploration and production in
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