5. Texaco Inc; $35.89 billion
Founded in 1901 in Beaumont, Texas by Joseph S Cullinan, Thomas J Donoghue, Walter Benona Sharp and Arnold Schlaet upon discovery of oil at Spindletop, Texaco began its journey as the Texas Fuel Company.
For many years, Texaco was the only company selling gasoline in all the 50 states of America.
Its logo features a white star in a red circle (a reference to the lone star of Texas).
On November 19, 1985 Pennzoil, another oil company, won a $10.53 billion verdict from Texaco. over the later's controversial acquisition of Getty Oil. It was the largest civil verdict in US history.
To obtain the billions required to pay the verdict, Texaco sold 50 per cent of its interests in marketing east of the Mississippi and Texas and its three Gulf Coast refineries to Saudi Aramco.
Texaco also withdrew from marketing gasoline in the Chicago area by selling its service stations and distribution facilities to Mobil in an exchange agreement.
On April 12, 1987, Texaco filed for bankruptcy, but continued to function under protection of US bankruptcy laws.
Texaco was an independent company until it merged into Chevron Corporation in 2001. The curreent CEO is David J O'Reilly.
Image: A Texaco petrol station
Also read: Growth: Can India catch up with China?
Advertisement
