Texaco Logo – Texaco Petroleum Co is a company Oil States based in New York . Founded in 1902 under the name of The Texas Company, adopted its current name in 1959 . He is currently a subsidiary of Chevron Corp.
Its social purpose is the production and marketing of oil and derivatives. By volume of sales (31,613,000 of U.S. dollars ), held in 1986 in third place among the largest oil companies in the United States . In that year a net profit of $ 725 million and employed 51,978 employees. In February of 1984 acquired ownership of the oil company Getty Oil .
Texaco extracted oil as a monopoly in the Ecuadorian Amazon (in the Lago Agrio oil fields ), from 1967 to 1990 (next to the local Petroecuador ). Following major problems of public health due to pollution , the people indigenous to Ecuador represented by local attorney Pablo Fajardo filed a multimillion-dollar lawsuit against the company.This claim used as evidence called Yana Curi report of San Miguel Sebastian . A U.S. district court ruled against Chevron, and in favor of Petroecuador, freeing it of the legal claim, arguing that it was not responsible for the conditions of a contract that did not sign. This verdict was supported by the Court of Appeals on appeal from New York. Finally, the United States Supreme Court rejected the final appeal of Chevron, upholding the decision in the previous instance in favor of Petroecuador.
In 2001 it merged with Chevron to form ChevronTexaco and in 2007 was called only by the name of Chevron Petroleum Company.