Texaco: 3rd Largest U.S. Oil Company with Global Reach

Article excerpt

Texaco Inc., started 85 years ago by investors hoping to exploit a famous oil discovery in Texas, has since grown to become the third-largest U.S. oil concern, with 55,000 employees conducting operations in 140 nations.

Texaco's revenue totaled $32.6 billion last year, ranking it behind industry leader Exxon Corp., with $76.2 billion in revenue, and Mobil Corp., with $49.4 billion.

Texaco's net income in 1986 totaled $725 million, or $3.01 a share, and its total assets at year end were $34.9 billion, compared with total liabilities of $21.2 billion.

Based in White Plains, N.Y., Texaco says it supplies about 6 percent of the non-Communist world's petroleum needs.

The company was founded in 1902 as The Texas Co., after Texan Joseph Cullinan and New York investor Arnold Schlaet joined the rush that followed the legendary 1901 discovery of oil at Spindletop, near Beaumont, Texas.

Today, Texaco is a lot more than the corner gas station. Its activities include oil exploration and production in the United States and abroad; oil refining and marketing, with about 32,900 company-owned and franchised service stations worldwide including 18,500 in the United States; oil trading and transportation, including a fleet of 56 oil tankers and a large U.S. pipeline network; chemicals and petrochemicals, and research and development.

Texaco's major divisions cover the United States, Europe, Latin America, West Africa, the Middle East, Asia and Canada. …