Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), announced today the signing of definitive agreements to form
a joint venture with Mercuria Energy Trading (Mercuria), one of the
world’s largest integrated energy and commodities companies, to own
and operate American Natural Gas LLC (ANG) and its network of 60
compressed natural gas (CNG) stations across the United States.
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Chevron is building a large-scale, vertically integrated
renewable natural gas business in the United States. Through its
partnerships with Brightmark and California Bioenergy, Chevron is
developing projects to produce renewable natural gas from dairy
digesters across the country. The creation of this joint venture
will allow Chevron to rapidly grow its renewable natural gas value
chain, complementing its previously announced plan to open more
than 30 Chevron-branded CNG stations by 2025.
“Chevron is committed to producing a tenfold increase in
renewable natural gas volumes by 2025 compared to 2020 as part of
our higher returns, lower carbon strategy,” said Andy Walz,
Chevron’s president of Americas Fuels & Lubricants. “This
acquisition will advance our renewable natural gas business in
support of customers who want to reduce their carbon
footprint.”
“Mercuria is pleased to partner with Chevron and ANG founder
Andrew West in growing ANG’s fueling network and continuing to
provide a best-in-class decarbonization solution to the medium- and
heavy-duty vehicle market,” said Chief Investment Officer Brian A.
Falik. “Chevron’s excellent reputation of customer service, and
their like-minded commitment to investment in the energy
transition, make them the perfect partner to expand the ANG
footprint.”
The transaction is subject to customary closing conditions.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.com.
About Mercuria
Founded in 2004, Mercuria is one of the largest independent
energy and commodity groups in the world. As an integrated group,
Mercuria is present all along the commodity value chain with
activities forming a balanced combination of trading flows,
strategic assets and structuring solutions. With more than USD 100
billion in turnover, Mercuria has become one of the most active
players in the energy and renewables markets. Over the next five
years, the company will direct half of its investment towards the
energy transition. For more information, visit
www.mercuria.com.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management's current
expectations, estimates and projections about the petroleum,
chemicals and other energy-related industries. Words or phrases
such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,”
“believes,” “approaches,” “seeks,” “schedules,” “estimates,”
“positions,” “pursues,” “may,” “can,” “could,” “should,” “will,”
“budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,”
“goals,” “objectives,” “strategies,” “opportunities,” “poised,”
“potential” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ materially from those in the
forward-looking statements are: changing crude oil and natural gas
prices and demand for our products, and production curtailments due
to market conditions; crude oil production quotas or other actions
that might be imposed by the Organization of Petroleum Exporting
Countries and other producing countries; public health crises, such
as pandemics (including coronavirus (COVID-19)) and epidemics, and
any related government policies and actions; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; changing refining, marketing and
chemicals margins; the company’s ability to realize anticipated
cost savings, expenditure reductions and efficiencies associated
with enterprise transformation initiatives; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; technological developments; the results of
operations and financial condition of the company’s suppliers,
vendors, partners and equity affiliates, particularly during
extended periods of low prices for crude oil and natural gas during
the COVID-19 pandemic; the inability or failure of the company’s
joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected
net production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats, terrorist acts, or other natural or human causes beyond
the company’s control; the potential liability for remedial actions
or assessments under existing or future environmental regulations
and litigation; significant operational, investment or product
changes undertaken or required by existing or future environmental
statutes and regulations, including international agreements and
national or regional legislation and regulatory measures to limit
or reduce greenhouse gas emissions; the potential liability
resulting from pending or future litigation; the company's ability
to achieve the anticipated benefits from the acquisition of Noble
Energy, Inc.; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to pay future dividends; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 18 through 23 of the company's 2020
Annual Report on Form 10-K and in other subsequent filings with the
U.S. Securities and Exchange Commission. Other unpredictable or
unknown factors not discussed in this news release could also have
material adverse effects on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210909006117/en/
Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com t. (925) 549-8686
Matthew Lauer, Mercuria Communications
MLauer@Mercuria.com t. (703) 463-1841
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