Chevron Corporation
History
Chevron Corporation is a US base multinational energy corporation with its headquarters in San Ramon, California. It traced its history back to the 1870s and grew immediately at a fast pace after the breakup of Standard Oil. Chevron Corporation is one of the seven sisters that dominated the global petroleum industry from the mid-1940s to the 1970s.
Currently, Chevron is manufacturing and selling many products, from fuels to lubricants, additives, and petrochemicals. It is one of the largest companies in the world and the second-largest oil company based in the United States. The Company engages in the oil and natural gas industries and works in over 180 countries. Its significant operations areas are North America's west coast, the U.S. Gulf Coast, and Southeast Asia.
In 2022, it ranked 16th on the Fortune 500 with $ 162.5 billion USD revenues. It also ranked Chevron 37th on the Fortune Global 500. Because of the exit of ExxonMobil from the index in 2022, Chevron is the last remaining oil and gas component of the Dow Jones Industrial Average.
The Chevron name came into use due to its retail products in the 1930s. Calso was used from 1946 to 1955 in States outside its native West Coast territory. The Company Chevron introduced the Word Chevron in 1968, but it was introduced as a brand in the 1930s. By 2015, the company's logo could be seen changing multiple times. Three different color schemes were applied; the first logo was gray, then blue, and then turned red before returning to the silver gray as it is today. Standard Oil of California also took the opportunity to change its legal name to 'Chevron Corporation' as it was already using Chevron for decades. In 1996, Chevron transferred its natural gas gathering, operating, and marketing operation to NGC Corporation in exchange for a roughly 25% equity stake in NGC.
On October 15, 2000, when Chevron announced the acquisition of Texaco in a deal for $45 billion, it became the 2nd largest company in the United States and the 4th largest publicly traded oil company.
Market share and Current Stage
Customers of Chevron have recorded an increase in their cost of revenue by 19.19 % in the 3 quarter of 2022 year on year, sequentially costs of revenue grew by 6.57 %; for the same period, Chevron Corp recorded a revenue increase by 49.06 % year on year, sequentially revenue fell by -3.08 %. The Company’s revenue for the year 2022 is $156.3B.
With an estimated 42,595 employees, the Company includes a reputable market share in 4 industries i.e. oil drilling & gas extraction, petroleum refining, gasoline and petroleum bulk stations, and oil change services. Their largest share can be seen in the petroleum refining industry. Here, they account for an estimated 14.2% of total industry revenue.
The company’s intense competition exists in all sectors of the petroleum and petrochemical industries. It competes with fully integrated, major global petroleum companies and independent and national petroleum Companies.
In Q3, 2022, contrary to strong revenue growth of 49.06% in the overall company, Chevron Corp lost market share within this segment. It is among one of the largest companies in the World and 2nd largest oil Company in the United States by revenue. The Company is working continuously with the aim to cop up with the world’s growing demand for energy.
Competitor Analysis
When comparing Chevron's results compared to its competitors, Chevron Corporation reported a Total Revenue increase in the 3 quarter of 2021 by 82.86 % year on year. The sales growth was above Chevron's competitors' average revenue growth of 77.42 %, recorded in the same quarter. The Company Chevron has been seen achieving higher profitability than its competitors with a net margin of 13.68 %.
Net Income Comparison
The Company's net Income in the 3 quarter of 2022 grew year on year by 83.78 %, slower than its competitor's income growth of 278.97 %.
Chevron Corporation's competitors include Koch Industries, Phillips66, ConocoPhillips, and BP. Chevron Corporation ranks 1st in Employee Net Promoter Score Comparably vs its competitors.
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Company Name
Chevron Corporation
Head Quarter
San Ramon, California, United States
Founders
Charles N. Felton, Lloyd Tevis, George Loomis
CEO
Michael K. (Mike) Wirth
Inception Date
September 10, 1879
Most Heard Brand
Chevron
Total assets
US$239.54 billion (2021)