Who Owns Caltex?

Caltex was founded in 1936 as the California Texas Oil Company, a 50/50 joint venture between Standard Oil of California (Socal, later renamed Chevron) and The Texas Company (Texaco). The joint venture was created to combine Socal's oil production assets in the Middle East and Asia with Texaco's marketing and distribution networks in those regions, creating a powerful international petroleum company.

The California Texas Oil Company operated under the Caltex brand name in markets across Asia, Africa, and the Middle East, where neither Socal nor Texaco had established strong individual presences. The brand grew rapidly through the mid-20th century, establishing refineries, distribution terminals, and retail stations across dozens of countries. By the 1960s and 1970s, Caltex had become one of the most recognized fuel brands in Asia-Pacific, with strong market positions in Australia, South Africa, Singapore, the Philippines, and other markets.

The joint venture structure remained in place for decades, with both Socal/Chevron and Texaco maintaining equal ownership of Caltex. This arrangement was unusual in the petroleum industry and reflected the complementary nature of the two companies' assets in the regions where Caltex operated.

In 2000, Chevron Corporation and Texaco merged to form ChevronTexaco (later renamed Chevron in 2005). As a result of the merger, Caltex became a wholly-owned subsidiary of the combined company rather than a joint venture. This gave Chevron full control over the Caltex brand and its international operations.

Following the merger, Chevron began a gradual process of rationalizing its international brand portfolio. In some markets, Caltex stations were rebranded to Chevron, while in others the Caltex brand was retained due to its strong local recognition. Australia was a significant market where Caltex maintained a strong independent identity, with Caltex Australia operating as a publicly listed company until Chevron sold its stake. In 2020, Caltex Australia rebranded to Ampol, ending the Caltex brand's presence in Australia.