Chevron is at it again
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Re: Chevron is at it again
You do know the largest oil company in the world is government owned…Saudi Aramco. They also own the largest refinery in the US outside of Houston.
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Re: Chevron is at it again
As someone who still has his red toy Texaco truck that his parents bought him as a Christmas gift in 1966 or 1967, keeping the toy truck really is the most important thing!
PS: I can no longer ride on the truck.
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Re: Chevron is at it again
Chevron is still headquartered in California legally (aren't they?) so this moves additional business into the state?veteran+ wrote: ↑October 23rd, 2023, 8:25 am https://www.reuters.com/markets/deals/c ... 023-10-23/
Will this stuff ever stop?
Or did they move to Texas too?
I think Chevron is one of the better players in this industry. Many good companies but Chevron is definitely one of the best.
Hess divested its stations to Speedway a number of years ago. I'm not surprised to see Hess selling the rest of itself off. Hess supposedly was/is a very well run company but I never followed them so cannot validate that.
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Re: Chevron is at it again
Most of the Chevron employees have moved to Texas. Chevron has only a small number of employees left in San Ramon, California at the token corporate office.
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Re: Chevron is at it again
My point is the continuing consolidation of everything around us.
This is not good in any way.
This is not good in any way.
Last edited by veteran+ on October 24th, 2023, 11:59 am, edited 1 time in total.
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Re: Chevron is at it again
Of course, Hess had already sold off their retail locations (to Speedway), but even when those existed I don't think there was much, if anything Chevron in the same areas.
So, a bit different that two chains that have more overlapping areas combining like the supermarket situation
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Re: Chevron is at it again
If this fossil fuel industry is to go away over the next few decades we are going to see a lot more consolidation as that happens.. big IF.
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Re: Chevron is at it again
Hess overlapped with Chevron's operations in the mid-Atlantic (derived from Gulf among others). Further North, BP took over most Gulf stations.BillyGr wrote: ↑October 24th, 2023, 8:32 amOf course, Hess had already sold off their retail locations (to Speedway), but even when those existed I don't think there was much, if anything Chevron in the same areas.
So, a bit different that two chains that have more overlapping areas combining like the supermarket situation
Exploration is the more profitable end of the business, so it's not surprising that the consolidation is there, esp. since an existing company with know reserves means you don't have to invest in new reserves (even though there are tax benefits).