Texaco Texaco Petroleum

Posted by adminNY on March 06, 2017

Texaco Texaco Petroleum Co is an American oil company based in New York. Founded in 1902 under the name of The Texas Company, adopted the present name in 1959. Is now a subsidiary of Chevron Corp. Its social objective is the production and marketing of petroleum and petroleum products. Sales by volume (31,613 million), took third place in 1986 among the largest U.S. oil companies. In that year it earned net profits of 725 million and employed 51,978 employees. In February 1984, acquired ownership of the oil company Getty Oil. Texaco extracted oil as a monopoly in the Ecuadorean Amazon from 1967 to 1990 (next to the local Petroecuador).Following significant public health problems caused by pollution, indigenous peoples of Ecuador represented by local lawyer Pablo Fajardo filed a multimillion lawsuit against the company. This claim used as evidence the report called San Miguel Yana Curi Sebastian. A U.S. district court ruled against Chevron for Petroecuador and releasing the claim to this court, arguing that it was not responsible for the conditions of a contract that did not sign. This verdict was upheld by the appeals court of second instance in New York. Finally, the U.S. Supreme Court rejected a final appeal by Chevron, leaving him firmly fixed in the previous instance for Petroecuador. In 2001 it merged with Chevron to form ChevronTexaco Corporation and in 2007 was named only with the Chevron Petroleum Company name

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