One of the successors of John D. Rockefeller's original Standard Oil Company, Chevron Corporation (NYSE: CVX) was founded in 1879. Chevron has since grown to become one of the world's largest multinational oil and gas industry companies, with operations in about 200 countries. As of November 2, 2018, the company is ranked at #13 Fortune's 500 Global List.
Chevron's two primary business divisions are upstream and downstream operations. The upstream division is involved in exploration and production of oil and natural gas, while the downstream operations cover refining, transportation, and marketing. Chevron is also involved in debt financing, insurance, real estate, and technology development. Chevron announced its Q3 2018 earnings on November 2, 2018. The oil and gas company reported $43.99 billion in revenues this quarter, compared to $34 billion over the same period last year.
Chevron's three largest individual shareholders are all members of the company's board of directors. Here are their stories.
John S. Watson
John S. Watson is Chevron's former chief executive officer and chairman of the board. Watson joined Chevron in 1980 as a financial analyst before becoming the company's Chief Financial Officer in 2001. Starting in 2009, he served as Vice Chairman on Chevron's Board of Directors, a position that he held until becoming CEO and chairman in 2010. Watson retired as CEO and chairman of Chevron on February 1, 2018 and was replaced in both capacities by former Vice Chairman and Executive Vice President Michael K. Wirth. The former CEO remains Chevron's single largest shareholder as of March 13, 2017, beneficially owning 76,794 shares of the company.
Watson received an MBA from the University of Chicago Booth School of Business.
Robert Denham has served on Chevron's board of directors since 2004 and is a member of the Audit and Management Compensation Committees. He is a partner in the law firm of Munger, Tolles & Olson LLP, and also serves on the board of directors for Fomento Económico Mexicano SAB de CV (FMX), the New York Times Company (NYT), and Oaktree Capital Group LLC. Denham previously worked as general counsel and then as chairman and CEO of Salomon Inc.from 1992 until 1998. With 49,279 shares of Chevron as of May 31, 2018, Denham is the company's second-largest individual shareholder.
Denham graduated from the University of Texas and received a Juris Doctor degree from the Harvard Law School and an M.A. in Government from Harvard University.
Ronald D. Sugar
The former CEO of Northrop Grumman, Ronald D. Sugar serves as the Chairman of the Board Nominating and Governance Committee for Chevron. He is a senior advisor to many businesses and organizations including Apple, Ares Management, and Bain & Company. Sugar served as CEO of Northrop Grumman from 2001 to 2010, focusing the company's efforts on cyberspace development. According to Sugar's latest filing with the SEC on May 30, 2018, the Chevron director owns 40,943 shares of the company.
Sugar received Bachelor of Science degree in Electrical Engineering from the University of California at Los Angeles and Master of Science and Doctorate Degrees in Electrical Engineering from the University of California at Los Angeles.