Payroll Thesis

Topics: Chevron Corporation, Petroleum, Texaco Pages: 4 (1150 words) Published: February 18, 2010
History: More Than 85 Years of Philippine Partnership
Caltex gained its foothold in the Philippines in 1917 when Texas Company (as Texaco was then known) began marketing the products in the Philippines through a local distributor, Wise and Co. Four years later, Texaco (Philippines) was formally established and opened its office in Binondo, Manila. Eleven years later, its Pandacan warehouse depot was converted into a key distribution terminal to bring products by barge to nearby provinces. By 1936, Texaco joined forces with the Standard Oil Company (California) to form Caltex (Philippines) Inc. On the same year, Caltex improved its position dramatically—it increased its capitalization from an initial PHP 2 million to PHP 200 million—transferred to a new office, and opened depots and service stations nationwide, making it the country’s number one oil company. But three years of plunder and neglect during the Second World War wreaked havoc on the company’s facilities. The Pandacan Terminal was destroyed and the Caltex network of depots and service stations were rendered inoperative. After the Liberation, Caltex was able to rebuild and reestablish its distribution and service station facilities. In 1951, the construction of a Caltex Refinery in San Pascual, Batangas began on a 125-hectare lot. No less than then Philippine President Ramon Magsaysay was present when the US$60-million Caltex refinery was inaugurated in 1954, becoming the first petroleum refinery in the Philippines. On the same year, Caltex affiliates California Asiatic Oil and Texaco Overseas Petroleum explored the Cagayan Valley for oil deposits. In 1956, Caltex moved its main offices into its own building on Padre Faura Street in Ermita, Manila. The roaring 1960s were marked with a series of milestones that helped Caltex reestablish itself as the country’s premier oil company. The year 1960 saw Caltex introducing Boron gasoline to meet technical advances of automotive engineering. By 1961, Caltex...
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