How Standard Oil created Chevron and ExxonMobil

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

Find out how airline mergers created some of today's largest airlines

Four airlines dominate the US commercial airline industry: Delta, United, Southwest, and American. Many of these large companies secured their top spots in the industry via a series of mergers and acquisitions starting in the 1970s, when American acquired Trans Caribbean Airlines.

The Seven Sisters were a dominant midcentury Western oil consortium

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

Even iconic companies can get dropped from the Dow

The Dow’s lineup evolves as the economy changes. General Electric, part of the original 1896 index, was removed in 2018, after 122 years. ExxonMobil, once the world’s largest company, was replaced by Salesforce in 2020.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

The 'Big Four' consulting firms specialize in accounting

The "Big Four" refers to Deloitte, PwC (also known as PricewaterhouseCoopers), KPMG, and EY. They more recently built out their business consulting practices in addition to accounting services.

The original 'four horsemen' of tech were Intel, Dell, Microsoft, and Cisco

These companies became known as the "four horsemen of tech" for the influence the companies had both on other businesses and investors in the late 1990s and early 2000s. The expansion of internet infrastructure throughout the 1990s and the dot-com bubble lifted these companies to incredible heights.

The first lithium-ion battery was invented at ExxonMobil

Initially a side project that became a priority due to the 1973 oil crisis, the battery's flammability risks and manufacturing challenges, along with the waning crisis, led the company to shut down its battery program. Other researchers would gradually improve upon published prototype designs in the next decade.

Coca-Cola operates under an asset-light, divided structure

The "company" manages the brand itself, as well as its secret formula and syrup production. The capital-intensive "system" of independent bottlers, on the other hand, handles manufacturing and distribution.

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

An overview of crude oil, including its constituent hydrocarbons and refinement outputs

The mixture is primarily composed of molecules of carbon and hydrogen atoms bonded into a variety of shapes and lengths, giving each different chemical properties, such as boiling points. Refining can remove elemental impurities—such as sulfur—after hydrocarbons are separated, ensuring the resulting products can be used effectively in other machines, such as car engines.

A 1948 Supreme Court ruling realigned the film industry

1948's landmark United States v. Paramount Pictures found that the "Big Five" studios violated antitrust laws, effectively ending the reign of the vertically integrated system and the golden age of Hollywood.

American Express briefly owned Lehman Brothers

In 1984, Shearson, a retail banking company and American Express subsidiary, bought the investment banking company Lehman Brothers—best known for its historic 2008 collapse—for $360M. The businesses were then called Shearson Lehman/American Express. American Express spun off Lehman Brothers with an IPO in 1994 that attracted nearly $3B in new capital.

See a timeline of S&P Global's history—the company behind the S&P 500

From the 1941 merger of Standard Statistics and Poor's Publishing to the creation of the S&P 500 in 1957, the company that created the famous index has long been a leader in financial intelligence.

BP only makes up about 1% of global oil production after many missteps

BP’s market cap has never recovered from the dive it took following the 2010 Deep Water Horizon oil spill. This video details some of BP’s corporate missteps along the way.

All the products Mukesh Ambani owns in India

The richest person in Asia, Mukesh Ambani, owns dozens of companies in India as part of the conglomerate he inherited from his father and expanded via acquisitions and partnerships. From smartphones and news portals to logistics and video streaming,...

LVMH's roughly 75 brands are categorized into six distinct business groups

The groups are as follows: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, Selective Retailing, and Other Activities.

Learn about the relationship between Thomas Edison and Henry Ford

Despite their 16-year age difference, legendary inventor Thomas Edison and Henry Ford developed a close relationship after meeting at a convention in New York. The two—alongside environmentalist John Burroughs and Harvey Firestone, the founder of Firestone Tire—were known as the "Four Vagabonds" and were famous for their long roadtrips, which were often highly publicized.

Vince McMahon turned wrestling into a consolidated, national enterprise

In 1982, Vince McMahon purchased the World Wrestling Federation, which would later be renamed World Wrestling Entertainment, and quickly wiped out the WWE’s smaller regional promotions. By the late 1990s, he minted superstars like Chyna, Dwayne “The Rock” Johnson, and “Stone Cold” Steve Austin.

The hidden engineering of gas stations

Contemporary gas stations are the result of a century of engineering progress. In the early 1900s, only a few thousand cars drove around, and they used kerosene. As vehicles and cheaper gasoline became more popular, fire hazards grew, forcing the invention of fuel pumps, underground storage tanks, and the automatic shutoff valve—all engineering marvels.

These famous brands used to have different names

Did you know that Nike used to be called Blue Ribbon Sports? Or that Google was originally named BackRub? Getting a brand's name right is a tough job; there's an entire cottage industry of brand naming agencies to prove it. See which brands got it right the first time—and which ones might be better off with their current names—in this article.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

The College Football Playoff included four teams each year from its inception in 2014 to 2023

Replacing the BCS, the four-team College Football Playoff matched semifinal winners for the national title—delivering dramatic upsets, dynastic runs, and some of the sport’s most memorable games over its first decade.

Explore the differences between private equity, venture capital, and hedge funds

Private equity firms focus on buying and improving private companies with the intent to sell them for profit or take them public. Venture capital is technically a form of private equity in which investors focus on startups and generally don't seek majority control of the company. Hedge funds are pooled investments for sophisticated investors that pursue a wide range of often complex strategies.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

How fusion—which releases energy when two lighter atoms combine to form a heavier atom—differs from fission

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Meet the 56 signers of the Declaration of Independence—most of whom didn't put pen to paper until August 2, 1776—and see their original signatures.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

The first image of a black hole was captured by creating an Earth-sized virtual observatory from a network of eight radio telescopes.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Three Ebola species are responsible for most large outbreaks of the disease, yet the only approved Ebola vaccine is known to work against just one of them.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.