Chevron U.S.A. Inc., through its Chevron New Energies division,
and a subsidiary of Enterprise Products Partners L.P. (NYSE: EPD)
announced a framework to study and evaluate opportunities for
carbon dioxide (CO2) capture, utilization, and storage (CCUS) from
their respective business operations in the U.S. Midcontinent and
Gulf Coast. The companies expect the initial phase of the study in
which they will evaluate specific business opportunities to last
about six months.
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“This joint effort has the potential to advance our ongoing work
to grow our lower carbon businesses with commercial scale using the
industry expertise both companies bring to the project,” said Jeff
Gustavson, president of Chevron New Energies. “International
climate change scientists working with the United Nations have
identified carbon capture as a critical technology needed to help
the global energy system transition to a lower carbon future.”
The companies have successfully worked together on prior
business opportunities and believe they bring complementary
capabilities to successfully pursue CCUS. Projects resulting from
the evaluation would seek to combine Enterprise’s extensive
midstream pipeline and storage network with Chevron’s sub-surface
expertise to create opportunities to capture, aggregate, transport
and sequester carbon dioxide in support of the evolving energy
landscape.
“The joint study with Chevron is part of our growing focus on
developing and utilizing new technologies and leveraging our
transportation and storage network in order to better manage our
own carbon footprint and provide customers with new midstream
services to support a lower carbon economy,” said A.J. “Jim”
Teague, co-chief executive officer of Enterprise’s general partner.
“Our success in upgrading and repurposing existing assets will be
important to the success of any initiative we move forward
with.”
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.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and export and import terminals; crude oil gathering,
transportation, storage and export and import terminals;
petrochemical and refined products transportation, storage, export
and import terminals and related services; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 50,000 miles of pipelines; 260 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 Bcf of natural gas storage capacity.
Please visit www.enterpriseproducts.com for more information.
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.
Enterprise Forward-looking
Statement
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise their respective
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210913005157/en/
Chevron contact: Sean Comey +1 925-842-5509
Enterprise contacts: Randy Burkhalter, Investor Relations
713-381-6812 or 866-230-0745 Rick Rainey, Media Relations
713-381-3635
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