Chevron Corp., the state's largest refiner of gasoline and a close second to Atlantic Richfield Co. in gallons sold at the pump, solidified its position as the state's leader in total sales in 1996, thanks to higher oil prices and expanding international operations.
Chevron reported $43.9 billion in sales, an 18% jump from the previous year.
The San Francisco-based company realized an average price of $18.80 per barrel of oil produced in 1996, up 22% from an average price of $15.34 per barrel realized in 1995.
Higher prices for gasoline and other refined products also boosted sales.
Chevron's worldwide petroleum volume reached its highest level in 11 years, highlighted by activity in the former Soviet Union and Africa.
Also contributing to revenue growth was a joint venture to market natural gas that Chevron formed in early 1996 with NGC Corp.
