Merger between chevron and texaco companies

1. A power milestone: the chevrontexaco principle

Taken from the Chevron Texaco website

Welcome to the new world of ChevronTexaco Corp. A world forged in society, filled with promise and flowing with potential. A highly competitive global company across all energy sectors, the newly formed company brings together an abundance of talents, shared values, and mutual commitment to developing vital energy resources around the globe.

ChevronTexaco aims to set the standard not only for the goals achieved but for how we achieve them. As important as our financial and operating performance is - our goal is to be No. 1 among our competitors in total shareholder return - our underlying values, more than anything, define who we are.

Integral to everything that it does, it is a consolidation to value the uniqueness of the individual, to harness the forces of a diverse workforce, and to respect them and learn from the communities in which we operate. As we are successful, so too if our partners in Nigeria and Kazakhstan and Venezuela.

The people of ChevonTexaco demonstrate a commitment to partnerships, performance and environmental excellence. They know first-hand that today's energy industry promises more opportunities than ever before. Opportunities for people in large cities and remote villages. For people who speak English or Yoruba, Portuguese or Mandarin. For people who have fully shared in beyond economic progress and for those who do not have.

2. Chevron's history

Business

Chevron Global Lubricants & Technology Marketing (CGL) is a division of Chevron Products Company, a subsidiary and property of Chevron Corporation based in San Francisco, California. Chevron Global Lubricants is a leader in the marketing of finished lubricants, basic oils and their technology. While holding a strong share of the North American market (USA, Mexico, and Canada), CGL has separate business units to serve the emerging lubricant market in Latin America and Eastern Europe, using the support of comprehensive services.

Chevron takes pride not only in its products and services, but also in the way it conducts its operations around the world. Its principles and values are embodied in Chevron Style, which provides an integrated structure for its strategies and goals.

History

Chevron Corporation is a Fortune 100 company with a turnover of more than $ 42 billion and nearly 100 years of lubrication experience. Chevron is a member of the original Standard Oil family, and to date remains connected to its roots. Chevron has more than 8,000 service stations and convenience centers in North America and proudly counts a number of Standard gas stations among this network.

In 1989 Chevron Products Company established the Lubricants Division for the long term by creating separate business units with its own identity. In 1996 Chevron Lubricants grew in response to the global business climate by combining the lubricants division of Chevron International Oil Company with these units, and formed Chevron Global Lubricants & Technology Marketing. Now with more than 39,600 employees and a growing global presence, CGL offers lubrication and business solutions for the industrial, food processing and agriculture, construction, mining, forestry, paper, natural gas, marine, automotive, generators, and energy, rail and heavy duty vehicles.

Distribution network

Chevron Global Lubricants has an extensive worldwide distribution network. Most of Chevron's businesses are supplied through lubricant merchants, thus establishing a dynamic, and a national expert network. With over 300 products, Chevron has a complete line of lubrication solutions designed to meet OEM specifications, specialized equipment requirements, and customer needs. To respond to the particular demands of multinational clients, Chevron has a well-established Strategic Accounts division.

Environment and Community Involvement

As interest in environmental conservation grows, the importance of Chevron's reputation for successful design, construction, and operation of major projects that meet or exceed environmental requirements grows. Chevron's technologies are at the forefront of the global movement toward fuels that maintain a pollutant-free environment.

At Chevron, nature conservation begins with honoring our heritage, culture, and the environment in which we work. Including recognition of the wonderful diversity of the people that make up our company and the wealth of the communities where they live. As much as possible this means adding value to places such as: community involvement provided by the voluntary efforts of employees and the use of company resources.

Brand value

Being one of the main lubrication merchants, Chevron Global Lubricants recognizes the importance of the value of our brand and is committed to increasing customer profits by sharing with them its product knowledge, industrial experience, and services that add value to its business.. Chevron has established considerable value with its battle products such as Delo® and Clarity® Oils for the heavy duty vehicle markets.

Chevron's brand value is legendary - seasoned with an impressive list of "industry firsts" - which has given Chevron its famous reputation. Since the beginning of the 20th century, Chevron Lubricants has amassed a wide range of credentials in the industry, thus increasing the value that the brand enjoys today. Considering the interests of its clients, Chevron has introduced many technological advances, here are some:

1935

First to launch the first diesel engine lubricant (RPM Diesel Eng Lubricating Oil) on the market, achieving better performance of large capacity engines. Delo® was born in 1939.

1941

First in the world to develop a lubricant for use in any diesel engine - adopted by the United States Navy, making the operation of long-lasting submarines possible.

1953

First in the world to successfully develop a multigrade lubricant.

1958

First in the world to develop an ashless detergent lubricant for 2-cycle engines.

1960

First in the world to develop a complete line of ashless detergent motor lubricants.

1971

First to develop a grease capable of extending the lubrication intervals of heavy-duty automotive equipment to 20,000 miles.

1973

First to develop a borate-based "ultra" extreme pressure gear lubricant for applications

automotive and industrial.

1974

First to develop polyurea acetate grease for multiple applications.

1977

First to develop the world's first polyurea thickened grease for the food industry that prolongs bearing life and provides rust protection - Chevron Poly FM Grease.

1980

First to develop low-wear hydraulic fluid for tractors with bronze wet braking performance on Ford / Massey / Ferguson engines, and composite paper brakes on John Deere engines.

1984

Pyromers in developing hydroprocessed basics that set performance standards for other basics in the industry.

1989

First to document a million miles on a Carterpillar 3406B engine without major overhauls.

1993

First to introduce Isodewaxing Technology, resulting in basic minerals with the same capacities obtained by synthetics.

nineteen ninety six

First to document a million miles on engines for America's top three manufacturers - Caterpillar, Cummins, and Detriot Diesel.

3. History of texaco

Texaco Inc.'s history dates back to 1902, when it was founded as The Texas Company by Joe Cullinan and Arnold Schlaet. Initially, Texaco had a capital of 3 million dollars, now the company has more than 29,000 employees and 22,000 service stations through its operations in more than 150 countries around the world.

The first oil discovery was made in 1903, that same year the first Texaco refinery was built in Port Artur, Texas.

Two years later, Texaco became the first American oil company to enter the European market. In 1930, Texaco projected itself to the international market in strategic alliances together with the oil companies Standard Oil of California and Arabian American Oil Company.

Texaco began operations in Uruguay in 1932, although its products were already imported into our country by the firm Taranco y Cía. Currently our company has a total of 90 service stations in the country, 40 of them in Montevideo, which are constantly being remodeled to meet Texaco's quality standards worldwide.

Currently, 20 service stations have been converted to the new "Star 21" system, which involves a convenient and modern design with the aim of better serving the consumer customer.

Texaco lubricants are imported into Uruguay from its manufacturing plants in the United States and Argentina. For more than twenty years they have been the best-selling imported lubricants in our country.

The fuels it distributes are purchased from ANCAP. In 1989 Texaco moved its headquarters from its former location in the Cristal Gallery in downtown Montevideo, to the premises of its terminal and warehouse, located in the port area, on the Rambla Baltasar Brum.

4. Chevron Texaco

Worldwide, ChevronTexaco is the fourth largest publicly traded company in terms of oil and gas reserves, with some 11.5 billion barrels of oil and provides equivalent gas. It is the fourth largest producer, with daily production of 2.7 million barrels. The company also has 22 refineries and more than 25,000 qualified gasoline stations worldwide.

ChevronTexaco's businesses extend beyond producing and refining, with chemicals venture, Phillips Co. M chemicals an equity interest in 47 power projects worldwide. The company also looks to the future with the development and commercialization of various advanced energy technologies such as fuel cells, hydrogen storage, and gas-to-liquid.

Company Roots

The corporation traces its roots to an oil discovery in 1879 in Pico Canyon, north of Los Angeles. This finding led to the formation, in the same year, of the oil company of the Pacific coast. Another side of the genealogical chart points to the 1901 foundations of the Texas Fuel Company, a modest venture that started out in three rooms of a corrugated iron building in Beaumont, Texas.

These two companies, the forerunners of Chevron Corp. and Texaco Inc., respectively, were both instrumental in transforming a novice oil business into the high-tech energy industry.

Global reach

Active in more than 180 countries, ChevronTexaco has reserves of 11.5 billion barrels of oil and gas equivalent and daily production of 2.7 million barrels. In addition, it has a global refining capacity of more than 2.2 million barrels a day and operates more than 25,000 gasoline stations around the world. The company also has interests in 47 power projects now operating or developing.

World View - Operation Countries

The map provides insight into operations by region and by major business segment.

Performance

Focusing on 4 + 1: As a business and as a member of the world community, shareholders, customers, partners, employees and the countries in which they operate are committed to creating superior value.

To be successful, they must achieve world class performance and exceed the capabilities of the strongest competitors. The focus is on five critical drivers of business success, which they call "4 + 1" averages delivering industry-leading performance in four key areas:

• Operational excellence with safe, reliable, efficient and environmentally sound operations

• Cost reduction by lowering unit costs with innovation and technology

• Capital management investing in the best project opportunities and executing them successfully (safer, faster, at a lower cost)

• Profitable growth with management developing new business opportunities in existing and new markets.

People

The »1» in »4 + 1» is organizational capacity, which means building a world-class system that combines people, processes and culture to achieve and sustain industry-leading performance in all four dominant areas.

Dynamic leaders embody our values, set bold and competitive visions, and deliver results urgently. They clearly spell out strategies, embrace the rate and the need for change, inspire superior performance from innovation and shape. They take personal responsibility for functioning and growth.

Skilled employees have the knowledge, skills and critical behaviors to achieve our goals and provide customer solutions. They are committed to and used in personal development.

Innovation & learning is constant. We learn from the best, we innovate, we share knowledge and we quickly apply new ideas throughout the company and for the benefit of the client.

Acknowledgment & responsibility define expectations, measure and evaluate performance, and achievement of reward superior.

Processes and Organization at the International Level powerful elements of superior functioning. We rapidly develop and deploy critical processes to our strategic attempts. We have a licensed, decentralized organization to enhance execution speed and customer sensitivity.

Partnerships & technology help us expand our capabilities. We win and apply technology and leverage partnerships.

Values

The base of the company is built on values, which distinguish us and direct our actions. We conduct our business in a responsible and ethical social manner. We respect the law, we use universal human rights, we protect the environment, and we benefit the communities where we work.

Integrity. We are honest with ourselves and with others. We meet the highest ethical standards of all business dealings. We do what we say we will do.

Trust. We trust, respect and support each other, and strive to earn the trust of our colleagues and partners.

Diversity. We learn from and respect the cultures in which we work. We value and demonstrate respect for the uniqueness of individuals and the varied perspectives and talents they provide. We have an inclusive work environment and actively embrace a diversity of people, ideas, talents and experiences.

Society. We have a constant commitment to being a good partner, focused on building productive, collaborative, trusting and beneficial relationships with governments, other companies, our clients, our communities and.

High performance. We are committed to excellence in everything we do, and strive to continually improve. We are passionate about achieving results that exceed our own expectations and those of others.

Responsibility. We take responsibility - as individuals and as teams - for our work and our actions, and we are recognized for doing so. We welcome scrutiny, and hold ourselves accountable.

Increase. We embrace change and encourage innovation. We seek and pursue elegant, challenging opportunities that contribute to personal and business growth.

Address. Strive for world class operation by institutionalizing a rigorous system (Operational Management System of Excellence) for driving safety, health and environmental affairs. Assess and manage risks to our employees, contractors, the public, and the environment of our operations and products.

Incident-Free Security & Operations. Ultimately design, build, operate, maintain and decommission our assets to prevent injury, illness and incidents.

Defending. Ethical work and constructive influencing proposed laws and regulations, and discussion of emerging issues.

Conformity Assurance. Verify compliance with company policy and government regulations. Make sure employees and contractors understand your safety, health, and environmental responsibilities.

Conservation. Conserve the company and natural resources by continually improving our processes and measuring our progress.

Product Management. Manage the potential risks of our products with everyone involved through the life cycles of the products.

Contamination prevention. Continuously improve our processes to minimize pollution and waste.

Transfer of Property. Evaluate and manage our environmental defects prior to any property transaction.

The Community Exceeds. Reach out to the community and engage in open dialogue to build trust.

Emergency Management. Prevention is a first priority, but be prepared for any emergency and mitigate any incident quickly and effectively.