It’s been a while since I have done a long-term company history.
Time to get back to my roots since that is what I am known for and when people tell me why they sign up for the paid option it is because of the 100-year charts.
And what better way to do that than start with Standard Oil’s California Cousin, Chevron?
This post is a series of charts pulled from 100+ years of annual reports.
If you want a stock recommendation, consult with a professional. If you want 10 decades of history, you are in the right place.
In this post, we will touch upon
The roots of Standard Oil of CA (Chevron) post Standard Oil breakup.
The post-WW2 rise of the companies that make up the present-day Chevron.
Chevron’s earnings and returns on capital cycles.
Where they are in the capex cycle.
They are once again replacing reserves with low F&D costs.
A quick comparison of XOM vs. CVX.
Buckle up we have a bunch of charts this week!
The roots of Standard Oil of CA (Chevron) post Standard Oil breakup.
When Standard Oil was broken up, most history books peg Standard Oil of CA (SOCAL) as a bit of a little brother.
Sure, the epicenter of Rockefeller’s empire lay at 26 Broadway with Standard of NJ but judging by the amount of capital invested (left column) with each company at the time of the breakup, SOCAL was no slouch.
The modern-day observer may wonder how an oil & gas company could have roots in California, presently one of the most anti-oil & gas states in the U.S.
But take a look at this page from their 1924 annual report and you will quickly realize Cali wasn’t always the Cali we know today.
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