Who Owns Texaco?

Texaco was founded in 1901 as the Texas Fuel Company by Joseph "Buckskin Joe" Cullinan, a former Standard Oil executive, and Arnold Schlaet, a New York financier, in Beaumont, Texas. The company was established to capitalize on the Spindletop oil field discovery in January 1901, which was one of the most significant oil discoveries in American history and triggered the Texas oil boom.

The company grew rapidly and was renamed the Texas Company (later shortened to Texaco) as it expanded beyond Texas. Texaco became one of the first oil companies to operate in all 48 contiguous states and was known for its aggressive expansion and marketing. The company pioneered the concept of standardized gasoline stations with consistent architecture, signage, and service standards, helping to establish the modern gas station format.

Texaco's distinctive red star logo, introduced in the early 20th century, became one of the most recognized corporate symbols in America. The company's marketing campaigns, including the "You can trust your car to the man who wears the star" slogan, built strong consumer loyalty.

In 1984, Texaco acquired Getty Oil Company for $10.1 billion in what was then the largest corporate acquisition in American history. However, the acquisition led to a legal dispute with Pennzoil, which had a prior agreement to acquire Getty. A Texas jury awarded Pennzoil $10.53 billion in damages, and Texaco filed for bankruptcy protection in 1987 to manage the liability. The case was eventually settled for $3 billion.

Texaco recovered from the bankruptcy and continued operating, but faced ongoing challenges including environmental liabilities and competitive pressures. In 2001, Chevron Corporation merged with Texaco in a $45 billion deal, creating ChevronTexaco. The combined company reverted to the Chevron name in 2005, while maintaining the Texaco brand for fuel retail operations in certain markets.