Texaco
Founded : 1902
Primary industry/service : Petroleum
Total revenue : $31.7 billion
Net revenue : $578 million
Current CEO : Peter I. Bijur (until October 16th, 2000 when
Texaco and Chevron merged. The CEO of Chevron became the CEO of ChevronTexaco.
CEO salary : $3.4 million plus $2.8 million of stock options
exercised.
Philanthropy : According to representative Kieran Murray Texaco
spent $23 million on charitable programs worldwide in 1999 (4% of net revenue).
Exactly what constitues a charitable program was not specified in this
figure, but according to Texaco's website, their donations go towards education
and community events such as the opera and auto racing.
Checklist :
The Good
[ ] one of top 50 best companies for minorities
[ ] one of top 100 companies for working
mothers
[X] Has a non-discrimination policy that includes
sexual orientation
To Be Improved
[X] - sites in non-democratic nations
[ ] - child labor violations in last five years
[X] - environmental violations in last five years
Environment
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Texaco, along with Amoco and Mobil, owns shares in Colonial
Pipeline, the operator of the largest hazardous liquid pipeline in the
world. Colonial Pipeline pled guilty in March, 1999 to criminal charges
concerning a spill of almost one million gallons of oil into South Carolina’s
Reedy River. Their fine was $13 million. For a description,
see www.corporatepredators.org/top100.html/#Annotated
-
1993- U.S. lawyers in New York filed a lawsuit against Texaco
on behalf of over 30,000 members of an indigenous people of Ecuador.
They sued over the widespread contamination of their water and land.
The plantiffs claim that a subsidiary of Texaco dumped an estimated 30
billion gallons of toxic waste into their environment while extracting
oil from the Ecuadoran Amazon between 1964 and 1992. The case is
still unresolved. To read articles about the dispute, go to NewsBank
at infoweb4.newsbank.com and
search for ‘Texaco and Ecuador’ to find out more. For Texaco's side
of the story see their webiste at http://www.texaco.com/investor/index.html
and under Topics of Interest click "Texaco and Ecuador."
-
Texaco acknowledges that global warming is a concern and
has invested in techologies that will improve energy efficiency and reduce
greenhouse gas emissions. For more information, see their website
at http://www.texaco.com/investor/index.html,
and under Topics of Interest click "Climate Change Initiatives."
Labor
-
October 16, 2000 : Due to the recent merger of Chevron with
Texaco, "the new company will trim about 7 percent of its work force -
about 4000 workers - to help it achieve what it estimates to be an annual
savings of $1.2 billion." -The Associated Press, October 16 2000
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October 14, 1999 - Texaco Named to List of "America's Top
Corporations for Women's Business Enterprises" by the Women's Business
Enterprise National Coalition (WBENC), the nation's leading third-party
certifier of businesses owned and operated by women. See: www.texaco.com/aboutus/index.html
for more.
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November, 1996. The New York Times revealed the existence
of a tape on which Texaco executives were heard making racist remarks.
Texaco was forced by the Rainbow Coalition, the NAACP, and others to settle
a discrimination suit in 1997, for over $175 million. Go to NewsBank
at infoweb4.newsbank.com and
search for ‘Texaco and discrimination’ to find out more.
-
On July 30, 1999, a demonstration was sponsored by the AFL-CIO
and the International Federation of Chemical, Energy, Mine and General
Workers’ Unions (ICEM) to protest on-going labor and human rights violations
at an Indonesian oil facility owned jointly by Texaco and Chevron Corp.
At issue is a strike by 8,000 oil workers at an oil rig owned by Caltex
Petroleum Corp., a joint venture between Texaco and Chevron, located in
central Sumatra, Indonesia. The workers are employed by a Caltex subcontractor,
PT Tripatra, which violated Indonesian labor law when it refused to make
those of the workers with more than two years seniority permanent employees
and pay them the compensation due to them. To read a related article, go
to www.corpwatch.org and search
for ‘Texaco.’
-
September 25, 1997. Texaco sold its stake in a natural
gas project just off the coast of Burma in response to President Clinton’s
decision to bar new investments in the militant Burmese government, in
the interest of human rights, democracy and counter-narcotics efforts.
Supporters saw this as a major win for the Burmese democracy movement.
To read a related article, go to www.corpwatch.org
and search for ‘Texaco.’
Other
-
Texaco and its affiliates have donated over $85,000 in soft
money during the 1999-2000 campaign, in 10 contributions, with $20,000
going to Democrats and over $65,000 to Republican candidates. This
is not listed among the big contributors nationally in any available ranking.
See www.opensecrets.org/pubs/bigpicture2000/index.htm
For more information
This information sheet was last updated Oct. 16,
2000
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